非银金融行业跟踪周报：寿险保费增速回升，非银配置价值凸显-20250602

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Views - The life insurance premium growth is recovering, and the value of non-bank financial assets is becoming more prominent [1] - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a significant improvement in the liability side and a long-term positive outlook for health and pension insurance [39] - The securities industry is anticipated to see new business growth opportunities due to market recovery and favorable policy environments [39] Summary by Sections Non-Bank Financial Subsector Performance - All non-bank financial subsectors outperformed the CSI 300 index in the recent five trading days, with the insurance sector rising by 0.51% and the multi-financial sector by 0.62% [8] - Year-to-date, the insurance sector has shown the best performance, with a 0.05% increase, while the multi-financial sector has decreased by 6.02% [9] Non-Bank Financial Subsector Insights Securities - Trading volume has significantly increased year-on-year, with May's average daily stock trading volume reaching 1.3741 trillion yuan, up 46.28% from last year [13] - The margin financing balance as of May 29 was 1.8094 trillion yuan, a year-on-year increase of 18.22% [13] - The average price-to-book (PB) ratio for the securities industry is projected at 1.1x for 2025 [18] Insurance - Life insurance premiums have shown a continuous recovery, with original premiums for personal insurance reaching 2.0966 trillion yuan from January to April, a year-on-year increase of 1.8% [19] - The investment allocation of insurance funds has shifted towards bonds and stocks, with the bond proportion rising to 51.2% [23] - The insurance sector's valuation is currently at 0.55-0.93 times the expected 2025 embedded value (P/EV), indicating a historical low [25] Multi-Financial - The trust industry is entering a stable transition period, with total trust assets reaching 27 trillion yuan, a year-on-year increase of 24.5% [26] - The futures market saw a significant increase in trading volume and value, with April's trading volume at 8.09 billion contracts and a transaction value of 70.18 trillion yuan, up 21.49% and 23.92% year-on-year, respectively [31] Industry Ranking and Key Company Recommendations - The recommended ranking for the industry is insurance > securities > other multi-financial sectors, with key recommendations including New China Life Insurance, China Pacific Insurance, China Life Insurance, China Securities, and Tonghuashun [39]