非银金融行业周报：券商1季报超预期，稳股市政策下看好券商板块机会

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the brokerage sector's Q1 performance exceeded expectations, driven by supportive policies to stabilize the stock market and significant increases in trading volumes and investment returns [4][5] - The report emphasizes the positive impact of government measures to boost market confidence, including increased stock buybacks and higher equity asset allocation limits for insurance companies [4] - The report recommends focusing on brokerage firms with strong performance elasticity, financial technology, and M&A opportunities, while also highlighting specific stocks such as Jiangsu Jinzheng and China Pacific Insurance as key investment targets [4][5] Summary by Sections Market Performance - The average daily trading volume for stock funds reached 19.7 trillion, a 42% increase week-on-week, with new fund establishments rising to 18.155 billion, a 290% increase [4] - The Q1 average daily trading volume for stock funds was 17.7 trillion, a 72.3% year-on-year increase, despite a 15.2% quarter-on-quarter decline [4] Brokerage Sector Insights - As of April 13, ten listed brokerages reported Q1 earnings forecasts, with an overall expected growth rate of 48%, driven by high trading volumes and low investment return baselines [4] - Major brokerages such as CITIC Securities and Guotai Junan are expected to see significant earnings growth, with estimates ranging from 32% to 90% [4] Insurance Sector Insights - The report notes that the China Insurance Regulatory Commission has raised the equity asset allocation limits for certain insurance companies, which is expected to enhance their investment capabilities [4] - The report anticipates a potential decline in the new business value (NBV) growth rate for life insurance in Q1, with a focus on investment opportunities in companies with strong equity asset elasticity [4]