券商季报业绩强劲，配置价值持续提升

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - Recent declines in global asset risk appetite have led to an overall valuation adjustment in the sector, significantly enhancing the cost-performance ratio for investments. The first quarter performance of brokerage firms has been strong, and the report suggests actively increasing allocations in May, anticipating a dual rise in performance and valuation [2][4] - The report highlights that during earnings disclosure periods, non-bank financial sectors, particularly those focused on insurance, typically exhibit strong relative performance. It recommends focusing on high-growth, undervalued stocks while patiently waiting for catalysts [4] - The acceleration of financial supply-side reforms is particularly evident in the brokerage industry, suggesting that investors can consider participating in thematic investment trends in the short term [4] Summary by Sections Market Performance - The non-bank financial index decreased by 1.0% this week, with an excess return of -0.6% relative to the CSI 300, ranking 21 out of 31 sectors. Year-to-date, the non-bank financial index is down 9.6%, with a relative excess return of -5.4%, ranking 30 out of 31 [5] - The average daily trading volume in the two markets was 11,031.64 billion yuan, down 3.79% week-on-week, with a daily turnover rate of 1.43%, down 5.20 basis points [5] Company Announcements - CITIC Securities reported a 32.00% year-on-year increase in net profit attributable to shareholders for Q1 2025 [6] - New China Life Insurance reported a 19.0% year-on-year increase in net profit attributable to shareholders for Q1 2025 [6] Recommendations - The report recommends specific stocks based on performance elasticity and valuation levels, including New China Life Insurance, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, and Tonghuashun. It also suggests China Galaxy for M&A themes and China Pacific Insurance and Jiangsu Jinzhong for stable dividend options [4]