Minsheng Securities·2025-05-18 08:25Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for recovery and growth in various segments [7]. Core Insights - The report emphasizes the ongoing reforms in public fund management fees, which are expected to enhance market participation and investor returns [3]. - The third batch of long-term investment trials for insurance capital has been approved, indicating a shift towards stable, high-dividend stocks, which may bolster market stability [4]. - Recent regulatory changes in merger and acquisition rules are anticipated to stimulate activity in the investment banking sector, leading to a recovery in related revenues [5]. - Overall, the report suggests that favorable policies and market conditions are likely to improve investor sentiment and drive valuation recovery across the sector [6]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index rising by 0.76% and the Shenzhen Component Index by 0.52% during the week [10]. - The non-banking financial sector outperformed, with the insurance index increasing by 3.58% [10]. Securities Sector - The report notes that the total IPO underwriting scale for the year reached 25.81 billion yuan, while refinancing underwriting amounted to 236.59 billion yuan [17]. - Margin trading balances increased by 0.25% week-on-week, totaling 1.81 trillion yuan, reflecting a 17.88% year-on-year growth [17]. Insurance Sector - The total assets of insurance financial institutions reached 37.8 trillion yuan by the end of Q1 2025, marking a 5.4% increase from the beginning of the year [38]. - The report highlights a 0.8% year-on-year growth in original insurance premium income, amounting to 2.2 trillion yuan in Q1 2025 [38]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 486 billion yuan, indicating a tightening of liquidity with a net withdrawal of 475.1 billion yuan [30]. - Bond yields showed an upward trend, with the 10-year government bond yield rising to 1.68% [30]. Industry News and Company Announcements - The report discusses the approval of new floating management fee products by 26 fund management companies, which aligns with the push for high-quality development in public funds [38]. - The establishment of a new fund by China Life Asset Management, focusing on large-cap, liquid stocks, is noted as a significant move in the insurance investment landscape [38].