非银行业周报（0505-0511）：增量政策出台稳定市场预期-20250512

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [39]. Core Viewpoints - The report highlights the introduction of incremental policies aimed at stabilizing market expectations, which is expected to support the non-bank financial sector [32][34]. - The report emphasizes the performance of various sub-sectors, with securities, insurance, and diversified financials all rated positively [3][39]. Summary by Sections Market Review - The Shanghai Composite Index, CSI 300, and ChiNext Index experienced weekly changes of 1.92%, 2.00%, and 3.27% respectively [9]. - The Shenwan Non-Bank Index rose by 1.75%, underperforming the CSI 300 by 0.26 percentage points [9]. - Individual stock performances included Jinlong Shares (5.93%), Dongxing Securities (3.68%), and China Pacific Insurance (6.63%) leading their respective sectors [11]. Data Tracking - As of May 9, 2025, the brokerage sector's PE-TTM valuation stands at 18.81x, and PB-LF valuation at 1.34x [5]. - The insurance sector's PEV valuations for major companies are as follows: China Life (0.63x), Ping An (0.60x), and China Pacific Insurance (0.49x) [6]. Industry Dynamics - A joint announcement from the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission introduced a series of financial policies to stabilize the market [32]. - Key measures include a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy interest rates, expected to inject approximately 1 trillion yuan into the market [32][33].