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

Investment Rating - The industry investment rating is "Overweight" [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] - There are signs of relaxation in the private placement of securities firms, with recent approvals for capital increases focusing on supporting the real economy [4] - The insurance sector is likely 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 of insurance products [5] Summary by Sections Non-Bank Financial - The report maintains a positive outlook on the non-bank financial sector, highlighting the potential for growth driven by market activity and regulatory support [1][3] Securities Firms - Daily average stock fund transaction volume was 1.31 trillion, down 5.6% week-on-week, but up 50% year-on-year, indicating a robust market despite recent fluctuations [4] - The China Securities Association is developing evaluation methods for securities firms to enhance their functions, with a significant focus on technology finance [4] - Valuations and institutional holdings in the securities sector are currently low, suggesting potential opportunities for growth [4] Insurance - The recent adjustments in LPR and deposit rates are expected to lower the cost of liabilities for insurance companies, which may enhance their operational quality [5] - The insurance sector is projected to experience a decline in new business value growth compared to 2024, but overall operational quality is expected to improve [5] Recommended and Benefiting Stocks - Recommended stocks include Jiangsu Jinzhong, Hong Kong Stock Exchange, and China Pacific Insurance [6] - Benefiting stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [6]