非银行业周报(2025 年第二十期)：政策利好，券商有望迎来估值修复-20250616

Investment Rating - The industry investment rating is "Overweight" 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][42]. Core Viewpoints - The securities sector has shown resilience with a weekly increase of 0.82%, outperforming the CSI 300 index by 1.07 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.28 times, which is near historical lows, suggesting potential for valuation recovery [2][3]. - Recent policy initiatives, such as allowing companies from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange, are expected to enhance the connectivity between mainland and Hong Kong capital markets, thereby creating growth opportunities for brokerage firms [2][3]. - The report emphasizes that mergers and acquisitions within the brokerage sector are encouraged by regulators, which can enhance overall competitiveness and resource allocation in the industry [3][6]. Summary by Sections Securities Weekly Data Tracking - The average daily trading volume for A-shares reached 13,717 billion yuan, reflecting a week-on-week increase of 13.47%. The average turnover rate was 4.03%, up by 0.43 percentage points [11]. - As of June 13, 2025, the total equity financing scale for the year reached 1,860.64 billion yuan, with IPOs contributing 322 billion yuan and additional offerings accounting for 1,368 billion yuan [13]. 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 growth of 14.95%. Life insurance companies held 33.06 trillion yuan, representing 87.37% of total assets [30][31]. - The original insurance premium income for the industry in April 2025 was 25,954.45 billion yuan, showing a year-on-year increase of 2.25% [27][31]. Industry Dynamics - The report highlights the recent policy changes aimed at promoting the integration of the securities industry and enhancing its development quality. This includes the encouragement of social responsibility among securities firms [35][36]. - The report suggests that the insurance asset management sector is benefiting from favorable market conditions and regulatory support, which is expected to enhance the scale and concentration of the industry over the long term [7][8].