Huachuang Securities·2025-04-16 09:08Investment Rating - The report maintains a "Recommendation" rating for the non-bank financial industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [2][58]. Core Insights - The insurance sector has underperformed the market, with significant declines in stock prices for major companies such as AIA (-15.93%), China Pacific Insurance (-16.17%), and Ping An (-4.14%) [3][10]. - The report highlights a decrease in the 10-year government bond yield to 1.6568%, down 612 basis points from the previous week, which may impact the financial sector [3][10]. - The report suggests a focus on companies like Ping An, China Pacific Insurance, and New China Life, with a recommendation to pay attention to China Reinsurance [3][10]. Summary by Sections Key Company Earnings Forecasts, Valuation, and Investment Ratings - China Pacific Insurance: Current stock price is 30.43 CNY, with projected EPS of 4.87 CNY for 2025, rated as "Recommendation" [4]. - New China Life: Current stock price is 48.16 CNY, with projected EPS of 6.39 CNY for 2025, rated as "Recommendation" [4]. - Ping An: Current stock price is 49.83 CNY, with projected EPS of 7.56 CNY for 2025, rated as "Strong Buy" [4]. - GF Securities: Current stock price is 15.34 CNY, with projected EPS of 1.45 CNY for 2025, rated as "Recommendation" [4]. - CITIC Securities: Current stock price is 25.11 CNY, with projected EPS of 1.82 CNY for 2025, rated as "Recommendation" [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 of the non-bank financial sector over 1 month is +10.1%, while the 12-month performance is -13.9% [6]. Market Trends - The report notes that the securities sector has underperformed the market, with a decline of 5.35% in the securities index, lagging behind the overall market by 2.47 percentage points [3][10]. - The insurance index also fell by 4.77%, underperforming the market by 1.89 percentage points [3][10]. Key Company Logic Analysis - The report provides a detailed analysis of major companies, emphasizing the expected growth in EPS for companies like GF Securities and CITIC Securities, with target prices set at 20.51 CNY and 31.9 CNY respectively [10].