浮动费率基金获批，非对称降息落地

Investment Rating - The report maintains an "Overweight" rating for the banking and securities sectors [11][14]. Core Insights - The approval of floating rate funds and the asymmetric interest rate cut are expected to create investment opportunities, particularly in the banking sector, followed by securities and insurance [2][14]. - The People's Bank of China (PBOC) has lowered the 1-year and 5-year Loan Prime Rate (LPR) by 10 basis points, which, along with a larger cut in deposit rates, is aimed at reducing financing costs for the real economy and alleviating pressure on bank interest margins [3][15]. - The first batch of new floating rate fund products has been approved, with fee rates set at 1.2%, 1.5%, and 0.6%, which strengthens the alignment of interests between fund managers and investors [2][40]. Summary by Sections Banking Sector - The PBOC's interest rate cuts are expected to lower financing costs for the real economy and help banks manage their interest margins better. The report highlights structural opportunities within the banking sector [3][15]. - Key recommended banks include Hangzhou Bank, Chengdu Bank, Shanghai Bank, and China Merchants Bank, with various ratings from "Buy" to "Overweight" [4][49]. - The banking index increased by 0.60%, while the overall market index (CSI 300) rose by 0.77% [15]. Securities Sector - The report indicates that the China Securities Regulatory Commission (CSRC) supports the listing of quality unprofitable tech companies and the return of quality red-chip tech firms to the domestic market, which may gradually alleviate pressure on investment banking operations [3][39]. - Recommended securities firms include CITIC Securities, Guotai Junan, and China Galaxy Securities, with ratings of "Buy" [4][49]. - The approval of floating rate funds is expected to enhance the market's stability and support the growth of quality tech enterprises [39][40]. Insurance Sector - The insurance sector showed mixed performance, with China Pacific Insurance rising by 2% and New China Life Insurance falling by 2% [3][45]. - The report suggests focusing on quality leading insurance companies such as China Pacific Insurance, China Ping An, and AIA Group for potential investment [4][45]. - The overall market sentiment regarding liquidity improvement is expected to continue attracting funds into the insurance sector [45].