非银金融行业周报：关注陆家嘴金融论坛表态，港交所受益于金融开放-20250615

Investment Rating - Investment rating: Positive (maintained) [1] Core Views - The non-bank financial sector is expected to benefit from the recovery of public fund benchmarks, while the Hong Kong Stock Exchange is likely to continue benefiting from the expansion of both asset and funding sides [3][4] - The brokerage sector has seen a rebound in trading volume, with daily average stock fund transaction amounting to 1.59 trillion, a week-on-week increase of 11.4% [3] - The insurance sector is allowed to defer the implementation of new accounting standards for certain non-listed insurance companies, which is expected to ease the transition costs [4] Summary by Sections Non-Bank Financial Sector - The sector is anticipated to benefit from the recovery of public fund benchmarks and the expansion of the Hong Kong Stock Exchange [3] - The report highlights the steady growth in profitability and high dividend yields of Jiangsu Jinzu [3] Brokerage Sector - Trading volume has improved, with a daily average stock fund transaction of 1.59 trillion, reflecting a 11.4% week-on-week increase [3] - The sector's valuation and institutional holdings are at low levels, with macro measures supporting the stock market [3] Insurance Sector - The Ministry of Finance and the Financial Regulatory Authority have allowed certain non-listed insurance companies to defer the new accounting standards, which will reduce the difficulty and cost of switching [4] - The insurance sector is expected to see an increase in new business value (NBV) growth in the second half of the year, despite a decline compared to 2024 [4] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzu, Hong Kong Stock Exchange, and China Pacific Insurance [5] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy [5]