非银金融行业周报：港交所受益于资产端扩容，券商定增有松绑迹象-20250602

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The Hong Kong Stock Exchange is expected to benefit from the expansion of the asset side, with an increase in trading activity due to leading A-share companies listing in Hong Kong and quality Chinese concept stocks returning to the Hong Kong market [3][4] - The report highlights the recent relaxation of regulations regarding securities firms' private placements, with a focus on financing for sectors related to the real economy [4] - The insurance sector is anticipated to see a reduction in liability costs due to the recent decrease in LPR and deposit rates, which may lead to a further decline in the preset interest rates for insurance products [5] Summary by Sections Non-Bank Financial - The report indicates a positive outlook for the non-bank financial sector, with a focus on the benefits from the expansion of the asset side in the Hong Kong market [3][4] Securities Firms - The average daily trading volume for stock funds was 1.31 trillion, a decrease of 5.6% week-on-week, but a year-on-year increase of 50% [4] - The China Securities Association is developing a special evaluation method for securities firms, emphasizing support for technology-driven enterprises [4] - The report suggests that the valuation of the securities sector is currently low, and there are opportunities for growth due to continued macroeconomic support for the stock market [4] Insurance - The recent adjustments in LPR and deposit rates are expected to lower the cost of liabilities for insurance companies, potentially leading to improved operational quality [5] - The report anticipates a decline in new business value growth compared to 2024, but an overall improvement in operational quality is expected [5] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong, Hong Kong Stock Exchange, and China Pacific Insurance [6] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [6]