非银金融行业周报：年报业绩亮眼，把握发展基础夯实下的非银板块低位配置机遇

Investment Rating - The industry investment rating is "Overweight" for the non-banking financial sector, indicating a positive outlook compared to the broader market [1][35]. Core Insights - The report highlights a mixed performance in the non-banking financial sector, with a slight decline of 0.1% in the non-banking financial index, while the insurance index showed a positive return of 0.63% [4][8]. - The report emphasizes the expected improvement in brokerage firms' performance driven by investment recovery and the emergence of cross-industry collaborations between brokerages and financial technology [4]. - The introduction of the "20 Articles on Pension Finance" by the financial regulatory authority is expected to guide the development of the pension finance sector, enhancing the financial services available to the elderly population [4][33]. Summary by Sections Market Review - The non-banking financial index decreased by 0.1%, while the brokerage index fell by 0.51% and the insurance index rose by 0.63% [4][8]. - Average daily trading volume in the stock market was 14,950 billion, down 16.5% week-on-week [17]. Brokerage Insights - The securities industry is projected to achieve a net profit of 167.3 billion in 2024, a year-on-year increase of 21.3% [4]. - 28 listed brokerages reported a 15.3% increase in net profit, with a significant 96.6% growth in the fourth quarter, attributed to the recovery in the equity market [4]. - The merger of Xiangcai and Dazhihui is expected to create a new path for brokerage and financial technology collaboration, enhancing user growth and business synergy [4]. Insurance Insights - The "20 Articles on Pension Finance" outlines a five-year plan to establish a pension finance system with Chinese characteristics, focusing on multi-level pension insurance [4][33]. - Listed insurance companies reported significant profit growth in 2024, driven by improvements in the equity market and enhanced product value rates [4]. Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high asset turnover, and return on equity (ROE) improvements, recommending investment in large, financially robust brokerages [4]. - In the insurance sector, attention is drawn to large comprehensive insurance companies with competitive advantages, supported by new regulatory policies [4].