非银金融行业跟踪周报：基本面持续转好，估值低位，期待政策催化-20250608

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The fundamentals of the non-bank financial industry are improving, with low valuations and expectations for policy catalysts [1]. - The non-bank financial sector has outperformed the CSI 300 index recently, with significant gains in the securities and multi-financial sectors [8][9]. - The report highlights the potential for growth in the insurance sector due to recovering premium income and increased equity investments [20][21]. Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors of non-bank financials outperformed the CSI 300 index in the last four trading days, with securities up 2.55%, multi-financials up 2.22%, and insurance up 1.03% [8]. - Year-to-date, the insurance sector has shown the best performance, with a 1.08% increase, while multi-financials have decreased by 3.93% and securities by 8.78% [9]. 2. Insights on Non-Bank Financial Sub-Sectors 2.1 Securities - Trading volume has significantly increased, with June's average daily trading amount reaching 13,631 billion yuan, a 65.74% year-on-year increase [13]. - The China Securities Regulatory Commission (CSRC) is pushing for reforms in the capital market to support technology and innovation [17]. - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2025 [18]. 2.2 Insurance - Life insurance premiums have shown a recovery, with total premiums for the first four months of 2025 reaching 20,966 billion yuan, a 1.8% year-on-year increase [20]. - The insurance sector's investment in equities has increased, with a notable shift towards bonds and stocks [23]. - The insurance sector's valuation is currently between 0.57-0.93 times the expected 2025 embedded value (P/EV), indicating a historical low [27]. 2.3 Multi-Financial - The trust industry saw its assets grow to 29.56 trillion yuan by the end of 2024, but profits fell by 45.5% [31]. - The futures market experienced a significant increase in trading volume and value, with April 2025 figures showing a 21.49% increase in volume and a 23.92% increase in value year-on-year [36]. - The report suggests that innovation in risk management will be crucial for the future development of the futures industry [39]. 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector as the most favorable, followed by securities and other multi-financials [44]. - Key recommended companies include New China Life Insurance, China Pacific Insurance, China Life Insurance, China Ping An, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [44].