非银行业周报(2025 年第十九期)：券商积极回购提振市场信心-20250609

Investment Rating - The industry investment rating is "Accumulate," indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [3][40]. Core Views - The securities sector has shown a positive performance, with a 2.39% increase, outperforming the CSI 300 index by 1.51 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.27, which is near historical lows [1][2]. - A total of 6 brokerages have implemented share buybacks this year, repurchasing a total of 129 million shares for 1.31 billion yuan. This trend reflects a shift towards "cancellation buybacks" aimed at enhancing shareholder returns [2][3]. - The regulatory environment is encouraging industry consolidation, and mergers and acquisitions are seen as effective means for brokerages to achieve external growth [3][6]. Summary by Sections Securities Weekly Data Tracking - The average daily trading volume of A-shares reached 12,089 billion yuan, with a week-on-week increase of 10.51%. The daily turnover rate was 3.60%, up by 0.12 percentage points [12]. - As of June 6, 2025, the total equity financing scale for the year reached 1810.05 billion yuan, with IPOs contributing 296 billion yuan and additional financing at 1344 billion yuan [14]. Insurance Weekly Data Tracking - As of April 2025, the total assets of insurance companies amounted to 37.84 trillion yuan, with a year-on-year increase of 14.95%. The total assets of life insurance companies were 33.06 trillion yuan, accounting for 87.37% of total assets [28][30]. - The original insurance premium income for the industry in April 2025 was 25,954.45 billion yuan, reflecting a year-on-year growth of 2.25% [30]. Industry Dynamics - The regulatory body has approved the change of actual controllers for several securities firms, indicating ongoing structural changes within the industry [34]. - The insurance sector is gradually increasing its equity market investments, with the market value of stocks held by the life insurance industry reaching 2.65 trillion yuan, a 16.65% increase from the end of 2024 [8].