Shenwan Hongyuan Securities·2025-05-18 06:43Investment Rating - The report maintains a "Positive" outlook on the non-banking financial sector, highlighting the potential for reallocation towards undervalued segments [1]. Core Insights - The report emphasizes the significant increase in trading volume within the non-banking sector, driven by new regulations for public funds that may lead to a reallocation of investments towards underweighted non-banking sectors [2]. - The report notes that the non-banking financial index rose by 3.99% on May 14, outperforming the CSI 300 index, which increased by 1.21% [2]. - The report anticipates that the revised regulations will lead to a clearer performance benchmark for active equity funds, potentially increasing their allocation to the non-banking sector [2]. Market Performance - The CSI 300 index closed at 3,889.09 with a weekly change of +1.12%, while the non-banking index closed at 1,759.36 with a weekly change of +1.37% [5]. - The brokerage sector saw a weekly increase of 2.18%, outperforming the CSI 300 by 1.07 percentage points [2]. Non-Banking Sector Insights - The report highlights that as of the end of Q1, the allocation of non-banking sector heavy stocks was only 1.0%, significantly underweight by 9.68 percentage points compared to the CSI 300 index [2]. - The report indicates that the insurance sector also performed well, with the insurance index rising by 3.58%, outperforming the CSI 300 by 2.46 percentage points [2]. Regulatory Changes - The report discusses the revised "Major Asset Restructuring Management Measures" by the CSRC, which aims to encourage high-quality enterprises to grow and strengthen through mergers and acquisitions [2]. - The report notes that over 600 asset restructuring plans have been disclosed in 2025, which is 1.4 times that of the same period last year, indicating a significant increase in market activity [2]. Individual Stock Performance - In the insurance sector, notable stock performances included China Life (+10.20%), China Pacific (+5.03%), and Ping An (+3.17%) in A-shares, while in H-shares, notable performances included ZhongAn Online (+3.17%) and China Re (+2.11%) [7]. - In the brokerage sector, the top performers included Hongta Securities (+13.84%) and Jinlong Shares (+13.18%) [7].