非银金融行业周报：并购重组新规迎修订，第三批险资长投试点落地-20250519

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the non-bank financial sector over the next six months [5][37]. Core Insights - The non-bank financial index increased by 2.5% last week, outperforming the CSI 300 by 1.4 percentage points, with both brokerage and insurance indices showing synchronized growth [6][10]. - The recent revision of merger and acquisition regulations by the China Securities Regulatory Commission (CSRC) aims to enhance capital market activity and support the transformation of the real economy [6][35]. - The third batch of long-term investment trials for insurance funds has been launched, with a notable increase in equity asset allocation in Q1 2025 [6][35]. Market Review - The Shanghai Composite Index rose by 0.8%, while the Shenzhen Component Index increased by 0.5%, and the CSI 300 rose by 1.1% [10]. - The average daily trading volume for stock funds was 15,160 billion yuan, a decrease of 4.4% from the previous week [19]. Industry News - The CSRC has modified the "Major Asset Restructuring Management Measures," introducing mechanisms for phased payment of restructuring shares and simplifying review processes [35]. - The Supreme Court and CSRC jointly issued guidelines to enhance judicial support for high-quality capital market development [35]. Investment Recommendations - For brokerages, the report suggests focusing on M&A activities, high asset returns, and improving return on equity (ROE) as key investment themes [6]. - For insurance companies, attention is drawn to large comprehensive insurers with competitive advantages under the new regulatory framework [6].