Donghai Securities·2025-04-07 14:23Investment 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 report highlights the acceleration of mergers and acquisitions in the brokerage sector, 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 by insurance funds, which is anticipated to benefit both the new productive forces and the returns on insurance capital [4][31]. - The report emphasizes the importance of regulatory support for the development of private enterprises and the capital market, which is expected to foster high-quality companies and promote continuous reform [4][31]. Summary by Sections Market Review - The non-banking financial index fell by 1.3% last week, with the brokerage index down 1.8% and the insurance index down 0.7%, while the multi-financial index increased by 0.3% [8][9]. - The average daily trading volume for stock funds was 13,897 billion, a decrease of 7% week-on-week [17]. Brokerage Sector - The brokerage index's decline was offset by Xiangcai's significant increase of 21.8% due to merger expectations, which is expected to enhance customer acquisition and digital transformation [4][31]. - New A-share accounts reached 3.07 million in March, a year-on-year increase of 27%, indicating sustained market enthusiasm despite potential impacts from U.S. tariff policies [4][31]. Insurance Sector - The regulatory authority has expanded the scope of equity investments for insurance funds to include technology and modern agriculture, aligning with national strategic industries [4][31]. - The report predicts that the expansion of equity investments will lead to stable investment returns for insurance funds, enhancing overall yield expectations [4][31]. Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high financial ratios, and improving return on equity (ROE) as key investment themes [4][31]. - In the insurance sector, attention is recommended for large comprehensive insurance companies with competitive advantages under the new regulatory framework [4][31].