非银金融行业周报：继续看好非银板块-20250622

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry [2][3]. Core Insights - The insurance sector showed resilience with a slight increase in the Shenwan Insurance II Index, outperforming the CSI 300 Index. The report anticipates improved liability growth and a reduction in new liability costs due to expected interest rate cuts [3]. - The brokerage sector faced a decline, with the Shenwan Brokerage II Index dropping, but upcoming regulatory reforms are expected to enhance market competitiveness and support innovation [3][17]. - The report emphasizes the importance of managing liability costs and long-term investment returns as key factors influencing insurance company valuations [3]. Summary by Sections Market Review - The CSI 300 Index decreased by 0.5%, while the non-bank index fell by 1.1%. The brokerage sector declined by 1.7%, whereas the insurance sector saw a slight increase of 0.3% [6]. - Key data points include the average daily stock trading volume of 12,151.66 billion yuan, reflecting a decrease of 11.42% week-on-week [15]. Non-Bank Financial Insights - The report highlights the performance of individual stocks within the insurance sector, noting significant gains for companies like New China Life and Ping An, while others like China Pacific Insurance experienced declines [8]. - In the brokerage sector, top performers included Dongwu Securities and Guotai Junan, while companies like Xiangcai Securities faced notable losses [12]. Important Data Tracking - As of June 20, 2025, the 10-year government bond yield was 1.64%, with a slight decrease of 0.36 basis points. The report also tracks the financing balance, which stood at 18,208.71 billion yuan [13][15].