非银金融行业周报：券商业务边界拓展至虚拟资产服务，中报业绩预期向好-20250629

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, specifically recommending the brokerage segment as "Overweight" [3][6]. Core Insights - The brokerage sector is expanding into virtual asset services, with notable developments such as Guotai Junan International receiving approval to upgrade its securities trading business to include virtual asset trading [3][6]. - The market environment for Q2 2025 is expected to show significant improvement year-on-year, with brokerages maintaining a high double-digit growth in mid-year performance [3][6]. - The insurance sector is facing valuation challenges, with the average P/EV ratio for listed insurance companies dropping below 1.0x, reflecting concerns over interest rate risks and asset quality [3][6]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,921.76, with a weekly change of +1.95%, while the non-bank index rose by +6.66% [6][10]. - The brokerage, insurance, and diversified financial sectors reported gains of +7.62%, +3.88%, and +10.19% respectively [6][10]. Non-Bank Financial Insights - The brokerage sector's average daily trading volume for A-shares reached 1.26 trillion yuan, a year-on-year increase of +52% [3][10]. - The total margin trading balance as of June 26, 2025, was 1.84 trillion yuan, reflecting a slight increase of +1% compared to the end of 2024 [3][10]. Individual Stock Highlights - In the insurance sector, notable A-share performances included China Life (+2.39%) and Ping An (+4.06%), while H-shares like AIA (+5.53%) also showed strong gains [8][10]. - The top-performing brokerage stocks included Guosheng Securities (+36.02%) and Tianfeng Securities (+28.75%) [8][10]. Investment Analysis Recommendations - The report recommends focusing on three main investment lines within the brokerage sector: leading firms benefiting from competitive landscape optimization, firms with significant earnings elasticity, and those with strong international business capabilities [3][10]. - In the insurance sector, the report suggests that the combination of fundamental and capital market catalysts makes companies like New China Life and China Life Insurance attractive [3][10].