非银金融行业周报：险资股权投资范围扩容，防范关税政策下的市场冲击-2025-04-07

Investment Rating - The industry investment rating is "Overweight" for the non-banking financial sector, indicating a positive outlook for the next six months [1][33]. Core Insights - The non-banking financial index experienced a decline of 1.3% last week, but outperformed the CSI 300 by 0.1 percentage points. The brokerage and insurance indices also saw declines of 1.8% and 0.7%, respectively, with significant excess returns noted in the securities index [4][8]. - Mergers and acquisitions in the brokerage sector are accelerating, driven by the merger of Xiangcai and Dazhihui, which is expected to enhance business synergy and customer acquisition [4][31]. - The insurance sector is seeing an expansion in the scope of equity investments, allowing insurance funds to invest in technology and modern agriculture, which aligns with national strategic goals [4][31]. Summary by Sections Market Review - The overall market saw declines, with the Shanghai Composite Index down 0.3% and the Shenzhen Component down 2.3%. The non-banking financial index fell 1.3%, while the multi-financial index rose by 0.3% [8][9]. Market Data - Average daily trading volume for stock funds was 13,897 billion yuan, a decrease of 7% week-on-week. The margin trading balance was 1.9 trillion yuan, down 1% from the previous week [17][4]. Industry News - The Financial Regulatory Bureau issued a notice expanding the scope of equity investments for insurance funds, promoting investments in strategic emerging industries [31]. - The China Securities Regulatory Commission held discussions on deepening capital market reforms, focusing on private technology enterprises [31]. Investment Recommendations - For brokerages, it is suggested to focus on mergers and acquisitions, high financial ratios, and improving return on equity. Large, financially robust brokerages are recommended for investment [4]. - In the insurance sector, attention should be given to large comprehensive insurance companies that have competitive advantages under the new regulatory framework [4].