Huachuang Securities·2025-04-07 13:12Investment Rating - The report maintains a "Recommended" rating for the insurance sector, expecting it to outperform the market [2][3]. Core Insights - The report highlights that the insurance sector is expected to benefit from a collective improvement in performance, with specific companies like China Ping An showing strong profit growth and dividend increases [10]. - The report suggests a focus on companies such as China Ping An, China Taiping, New China Life, and China Life, with a recommendation to pay attention to China Property & Casualty Insurance [3][10]. Summary by Sections Key Company Earnings Forecast, Valuation, and Investment Ratings - China Taiping: EPS forecast for 2025E is 4.87 CNY, with a PE of 6.62 and a PB of 0.91, rated as "Recommended" [4]. - New China Life: EPS forecast for 2025E is 6.39 CNY, with a PE of 8.05 and a PB of 1.80, rated as "Recommended" [4]. - China Ping An: EPS forecast for 2025E is 7.56 CNY, with a PE of 6.81 and a PB of 0.95, rated as "Strongly Recommended" [4]. - Guangfa Securities: EPS forecast for 2025E is 1.45 CNY, with a PE of 11.19 and a PB of 0.99, rated as "Recommended" [4]. - CITIC Securities: EPS forecast for 2025E is 1.82 CNY, with a PE of 14.49 and a PB of 1.41, rated as "Recommended" [4]. Industry Basic Data - The non-bank financial sector consists of 72 companies, with a total market capitalization of 52,964.03 billion CNY and a circulating market capitalization of 39,161.16 billion CNY [5]. Relative Index Performance - The absolute performance over 1 month is +10.1%, over 6 months is +6.8%, and over 12 months is -13.9% [6]. Market Trends - The report notes a decrease in average daily trading volume to 11,367.50 billion CNY, down 27.90% week-on-week [10]. - The insurance index has outperformed the market, while the securities index has underperformed [10]. Company Recommendations - The report recommends Guangfa Securities, CITIC Securities, and China Ping An, among others, based on their strong fundamentals and market positioning [10].