KAIYUAN SECURITIES·2025-05-08 08:36Core Insights - The report emphasizes the positive stance on macroeconomic growth and stock market stability, which benefits the non-bank financial sector, particularly brokerage firms and financial information services [3] - The insurance sector is expected to see stable growth in liabilities and improved asset performance, with a focus on equity flexibility and economic recovery catalysts [3] Group 1: Brokerage and Multi-Financial Sector - The brokerage sector's net profit for listed firms reached 144.8 billion in 2024, a year-on-year increase of 16%, with Q1 2025 showing a significant 85% increase to 51.7 billion [4] - Brokerage firms with strong retail advantages and high dividend yields are highlighted as having attractive valuations, especially those with a net profit growth driven by brokerage and investment businesses [4] - Recommended stocks include high beta financial information service providers like Guiding Compass and Dongfang Wealth, as well as leading brokerages such as Guosen Securities and China Galaxy [4] Group 2: Insurance Sector - The insurance sector is facing pressure on both the asset and liability sides, but there is potential for stable growth in new business value (NBV) due to improved product offerings and declining liability costs [5] - The report suggests that the insurance sector's valuation remains low, with a focus on companies like China Pacific Insurance and China Life, which are expected to benefit from ongoing economic stabilization measures [5] - The anticipated increase in equity asset allocation by listed insurance companies is expected to enhance performance, particularly in the property insurance segment [5] Group 3: Market Data - The market turnover rate has remained high, with a 32% year-on-year increase in new account openings in Q1 2025, indicating strong retail investor engagement [14] - The margin financing scale reached 1.91 trillion, maintaining a high level, with trading ratios in a reasonable range [18] - New equity fund issuance in Q1 2025 reached 110.2 billion, a 102% year-on-year increase, driven by the popularity of ETF products [22]