非银金融行业跟踪周报：险资预计持续增配红利股-20250615

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector has shown resilience, with all sub-sectors outperforming the CSI 300 index in recent trading days. The insurance sector rose by 2.07%, multi-financial by 1.45%, and securities by 0.88% [4][9] - The insurance sector is expected to continue increasing allocations to dividend stocks, driven by a recovery in life insurance premiums and the implementation of new accounting standards [21][23] - The securities sector is experiencing a significant increase in trading volume, with a year-on-year rise of 79.76% in daily average trading volume as of June 13, 2025 [15][20] - The multi-financial sector is entering a stable transition period, with trust assets growing but profits declining significantly [30][34] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors outperformed the CSI 300 index in the last five trading days, with the overall non-bank financial sector rising by 1.28% [4][9] - Year-to-date, the insurance sector has performed the best, with a 3.18% increase, while the securities sector has seen a decline of 7.98% [10] 2. Insights on Sub-Sectors 2.1 Securities - Trading volume has significantly increased, with daily average trading volume reaching 14,783 billion CNY, a 79.76% increase year-on-year [15][20] - The average price-to-book (PB) ratio for the securities industry is estimated at 1.2x for 2025 [20] 2.2 Insurance - Life insurance premiums are recovering, with original premiums for the first four months of 2025 reaching 20,966 billion CNY, a year-on-year increase of 1.8% [24] - The implementation of new accounting standards is expected to enhance the allocation of insurance funds to OCI stocks [23][24] 2.3 Multi-Financial - The trust industry saw its asset scale reach 29.56 trillion CNY in 2024, a year-on-year growth of 23.58%, but profits fell by 45.52% [30][34] - The futures market experienced a decline in trading volume and value in May 2025, with a total transaction volume of 6.79 billion contracts [37][41] 3. Industry Ranking and Key Company Recommendations - The recommended ranking for the industry is insurance > securities > other multi-financial sectors, with key companies including New China Life, China Pacific Insurance, China Life, China Ping An, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [48]