CMS·2025-04-23 12:32Investment Rating - The report maintains a recommendation for the securities and insurance sectors, indicating a positive outlook despite potential challenges from trade friction and economic pressures [5][6]. Core Insights - The non-bank financial sector's overall holdings have decreased, with brokerage and insurance holdings at 0.54% and 0.91% respectively, reflecting a decline of 0.10 percentage points and 0.15 percentage points [1][5]. - The total market value of the industry is reported at 554.33 billion, with a circulating market value of 529.29 billion, representing 6.6% and 6.9% of the total market respectively [2]. - The report highlights a shift in investment style towards growth sectors, with significant outflows from high-dividend defensive sectors [16][19]. Summary by Sections Public Fund Market Size - As of Q1 2025, the total fund net value is 31.6 trillion, showing a year-on-year increase of 10% but a quarter-on-quarter decrease of 2% [10]. - The non-monetary fund size is 18.3 trillion, with a year-on-year growth of 12% and a quarter-on-quarter decline of 2% [10][11]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings have decreased to 0.54%, significantly below the benchmark of 4.54%, primarily due to a clear focus on technology-driven growth sectors [20][21]. - The average daily trading volume for stock funds reached 1.75 trillion, a year-on-year increase of 71% [19]. Insurance Sector - The insurance sector's holdings are at 0.91%, down 0.15 percentage points from the previous quarter, indicating a significant gap from the benchmark of 1.99% [23]. - The report notes a contraction in the scale of new insurance products, with a year-on-year decline in original insurance premiums of 2.2% for January-February [22][23]. Investment Recommendations - The report suggests focusing on specific brokerage firms such as CITIC Securities, China Galaxy, and Guotai Junan, as well as insurance companies like China Life and Ping An [6][22].