非银金融行业周报：证券公司分类评价规定迎修订，分红险监管进一步增强-20250623

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [37]. Core Insights - The non-bank financial index experienced a decline of 1.1% last week, underperforming the CSI 300 by 0.6 percentage points. The securities index fell by 1.7%, while the insurance index rose by 0.3% [4][8]. - The average daily trading volume of stock funds was 14,638 billion yuan, a decrease of 11.3% week-on-week. The margin financing balance was 1.81 trillion yuan, down 0.2% from the previous week [4][17]. - The China Securities Regulatory Commission (CSRC) announced reforms to the Sci-Tech Innovation Board, which includes the introduction of a new growth tier to better serve technology companies with significant breakthroughs and high R&D investments [4][32]. - The CSRC is seeking public opinion on the revised "Securities Company Classification Evaluation Regulations," which aims to enhance the evaluation framework and promote high-quality development in the industry [4][32]. - The insurance sector is seeing increased regulatory scrutiny on participating insurance products, which is expected to alleviate concerns over interest spread losses [4][32]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.5%, while the Shenzhen Component Index dropped by 1.2%. The CSI 300 also decreased by 0.5%, and the ChiNext Index fell by 1.7% [8][9]. Market Data Tracking - The average daily trading volume of stock funds was 14,638 billion yuan, down 11.3% week-on-week. The margin financing balance was 1.81 trillion yuan, a slight decrease of 0.2% [17]. Industry News - The CSRC published guidelines for establishing a growth tier on the Sci-Tech Innovation Board, aimed at enhancing the adaptability of the system for quality technology companies [32]. - The CSRC is soliciting opinions on the revised "Securities Company Classification Evaluation Regulations," which focus on promoting high-quality development and encouraging differentiated operations among smaller institutions [32]. - The China Banking and Insurance Regulatory Commission (CBIRC) has initiated assessments for international active insurance groups, recognizing China Reinsurance (Group) Company as an international active insurance group [32].