25Q1非银板块公募持仓分析：公募持仓观察：非银各子行业持仓均有所下降

Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector, indicating a positive outlook for the industry in the next 6 to 12 months [4][16]. Core Insights - As of the end of Q1 2025, the total holding of public funds in the non-bank financial sector is 0.83%, which is 9.43 percentage points lower than the industry market capitalization in the CSI 300 index, reflecting a decrease of 0.39 percentage points from the end of 2024 [4]. - The report highlights that the non-bank financial sector is currently experiencing low holding ratios and valuations, which are expected to benefit from an improving market environment [4]. - Key recommended stocks include China Life Insurance, New China Life Insurance, China Ping An, CITIC Securities, CICC, and Tonghuashun [4]. Summary by Sections Public Fund Holdings Analysis - The public fund holdings in the insurance sector decreased to 0.58% by the end of Q1 2025, down 0.05 percentage points from the beginning of the year [4]. - Major insurance companies, except for Ping An, experienced reductions in holdings, with China Pacific Insurance and People's Insurance seeing significant decreases of 24.36 million shares and 19.01 million shares, respectively [4]. - The valuation for the insurance sector is currently at 0.60x PEV, down 0.09 percentage points from the start of the year [4]. Brokerage and Internet Finance Sector - The public fund holdings in the brokerage and internet finance sector are at 0.21%, a decrease of 0.31 percentage points from the end of 2024 [4]. - The valuation for the brokerage sector is currently at 1.4x P/B, down from 1.49x P/B at the end of 2024 [4]. - Among traditional large and medium-sized brokerages, Everbright Securities and招商证券 saw increased institutional holdings, while Huatai Securities and CITIC Securities experienced reductions [4]. Comparative Analysis - The non-bank financial sector's public fund holding ratio is significantly lower than the CSI 300 industry average, indicating a potential undervaluation [4]. - The report provides a detailed comparison of public fund holdings across various segments, including insurance and brokerage, highlighting the overall trend of reduced holdings in these sectors [4].