非银金融行业周报：浮动管理费率基金加速推出，LPR下调有望推动预定利率调整Q3落地-20250527

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [4][36]. Core Insights - The non-bank financial index experienced a decline of 1.7% last week, underperforming the CSI 300 by 1.5 percentage points, with both brokerage and insurance indices showing a downward trend [4][8]. - The introduction of floating management fee rate funds is accelerating, which is expected to enhance the investment ecosystem by promoting long-term investment focus and risk-sharing between fund managers and investors [4]. - The insurance sector is seeing a rapid rollout of long-term investment pilot programs, with a total scale of 2.22 billion yuan, which is anticipated to inject more incremental funds into the market [4]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 0.6%, while the Shenzhen Component Index decreased by 0.5%. The CSI 300 index dropped by 0.2%, and the ChiNext Index declined by 0.9% [8][9]. Market Data Tracking - The average daily trading volume of stock funds was 13,901 billion yuan, a decrease of 8.3% from the previous week. The margin trading balance was 1.8 trillion yuan, down 0.3% week-on-week [17]. Industry News - Recent regulatory measures have been introduced to support small and micro-enterprises in financing, focusing on enhancing financing supply and reducing costs [34]. - The first batch of long-term investment pilot programs for insurance funds has been approved, with a total scale of 2.22 billion yuan, indicating a strong commitment to long-term investment strategies [4][34].