非银金融行业跟踪周报：寿险保费持续高增，关注虚拟资产牌照主题机会-20250629

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The life insurance premium continues to grow significantly, with a focus on the virtual asset license theme [1] - The non-bank financial sector has shown resilience, with various sub-sectors outperforming the CSI 300 index recently [9][10] - The insurance sector is expected to benefit from economic recovery and rising interest rates, while the securities sector is poised for growth due to favorable market conditions [44] Summary by Sections Non-Bank Financial Sub-Sector Performance - All sub-sectors of non-bank financials outperformed the CSI 300 index in the recent five trading days, with multi-financials up 9.96%, securities up 7.56%, and insurance up 3.89% [9] - Year-to-date, the insurance sector has performed the best, followed by multi-financials, while the securities sector has seen a decline [10] Securities Sector - Trading volume has significantly increased, with the average daily trading amount for June reaching 15,212 billion yuan, an increase of 84.97% year-on-year [15] - The heat for virtual asset licenses is rising, with major Chinese brokers like Guotai Junan International obtaining licenses to provide virtual asset trading services [19] - The average price-to-book (PB) ratio for the securities industry is estimated at 1.2x for 2025, indicating potential for growth [22] Insurance Sector - Life insurance premiums have shown a positive trend, with total premiums for the first five months of 2025 reaching 24,473 billion yuan, a year-on-year increase of 3.7% [24] - The regulatory focus is on promoting inclusive finance, with initiatives aimed at enhancing the supply of inclusive insurance products [26] - The insurance sector is characterized by a significant cyclical nature, with expectations for improved performance as the economy recovers [28] Multi-Financial Sector - The trust industry is entering a stable transition phase, with total trust assets reaching 29.56 trillion yuan by the end of 2024, a year-on-year increase of 23.58% [29] - The futures market saw a decline in trading volume and value in May 2025, but is expected to recover due to increased demand for risk management [36] - The report suggests that innovative risk management services will be a key growth area for the futures industry moving forward [42] Industry Ranking and Key Company Recommendations - The recommended ranking for the industry is insurance > securities > other multi-financials, with key companies including New China Life, China Pacific Insurance, China Life, China Ping An, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [44]