Soochow Securities·2025-05-11 08:49Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector is experiencing a recovery, with significant policy support and market improvements expected to drive growth in insurance and securities [1][3] - The insurance sector is anticipated to increase equity investments, supported by regulatory changes and economic recovery [23][25] - The securities sector is benefiting from a surge in trading volumes and the introduction of a major reform plan for public funds [13][20] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the recent four trading days (May 6-9, 2025), only the insurance sector outperformed the CSI 300 index, with an increase of 2.89% [8] - Year-to-date, the insurance sector has declined by 3.52%, while the overall non-bank financial sector has decreased by 8.46% [9] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with the average daily trading amount for May reaching 15,242 billion yuan, a 62.27% year-on-year increase [13] - The China Securities Regulatory Commission (CSRC) has introduced a reform plan aimed at enhancing the quality of public funds, including a performance-based fee structure [17][18] 2.2 Insurance - Regulatory bodies are expanding the scope for long-term insurance investments, aiming to inject more capital into the market [23] - The insurance sector's premium income showed a slight year-on-year increase of 0.2% in Q1 2025, indicating a recovery trend [25] 2.3 Multi-Financial - The trust industry is entering a stable transition phase, with total assets reaching 27 trillion yuan, a 24.5% year-on-year increase [26] - The futures market saw a trading volume of 734 million contracts in March 2025, with a 17.28% year-on-year growth [31] 3. Industry Ranking and Key Company Recommendations - The report ranks the sectors as follows: Insurance > Securities > Other Multi-Financial [41] - Key recommended companies include New China Life Insurance, China Pacific Insurance, China Life Insurance, China Ping An, CITIC Securities, and Tonghuashun [41][21]