非银行业周报(2025年第十七期)：市场活跃度稳健，关注券商投资机会-20250528

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][40]. Core Insights - The securities sector experienced a decline of 2.26% in the recent week, underperforming the CSI 300 index by 2.08 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.33, which is near the 20th percentile of 2020, suggesting it is at a historical low [1][3]. - The recent approval of 26 floating-rate funds by the CSRC marks a new phase in public fund fee reform, aiming to optimize the cost structure for investors and align the interests of fund companies with those of investors [2]. - Regulatory encouragement for industry consolidation is evident, with mergers and acquisitions seen as effective means for brokerages to achieve external growth and enhance overall competitiveness [3][6]. Summary by Sections Securities Weekly Data Tracking - The average daily trading volume for A-shares was 11,733 billion yuan, reflecting a week-on-week decrease of 7.34%. The average turnover rate was 3.80%, showing a slight increase of 0.08 percentage points [11]. - As of May 23, 2025, the total equity financing scale for the year reached 167.604 billion yuan, with IPOs contributing 23.9 billion yuan and additional offerings accounting for 126.6 billion yuan. The bond underwriting scale for April was 1,488.644 billion yuan, marking a year-on-year increase of 56.38% [16]. Insurance Weekly Data Tracking - The insurance sector saw a decline of 0.45%, underperforming the CSI 300 index by 0.28 percentage points. As of May 21, 2025, insurance capital has conducted a total of 7,677 research visits to A-share listed companies, focusing on high-dividend and technology growth sectors [7][8]. - The current strategy for insurance capital is to optimize a "barbell" asset allocation, balancing high-dividend assets for stable returns with investments in technology innovation and green low-carbon sectors for long-term growth opportunities [8].