Minsheng Securities·2025-06-29 15:12Investment Rating - The report maintains a positive investment rating for the non-banking sector, particularly highlighting opportunities in digital assets and insurance [5]. Core Insights - The Hong Kong government has released the "Policy Declaration 2.0" for digital asset development, aiming to position Hong Kong as a global asset center and enhance its status as an international financial hub [1]. - The approval of the VASP license for Guotai Junan International is expected to open new avenues for brokerage firms in international business, particularly in virtual asset trading [2]. - Regulatory measures are being implemented to ensure reasonable dividend levels in the insurance sector, promoting rational competition among insurance companies [3]. - The overall market sentiment is expected to improve due to proactive policies such as interest rate cuts, which may lead to valuation recovery in the market [4]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index rising by 1.91% and the Shenzhen Component Index by 3.73% during the week [9]. - The non-banking financial index increased by 6.66%, with the securities sector up by 7.62% and insurance by 3.88% [10]. Securities Sector - The total trading volume in the A-share market reached 8.33 trillion yuan, with a daily average of 1.39 trillion yuan, marking a 12.61% increase week-on-week [18]. - The IPO underwriting scale for the year reached 351.44 billion yuan, while refinancing underwriting totaled 778.70 billion yuan [18]. Insurance Sector - The report emphasizes the importance of maintaining a balance between customer interests and insurance company profitability, particularly in the context of dividend policies [3]. - Key insurance companies to watch include China Pacific Insurance, New China Life, Ping An Insurance, China Life, and China Property Insurance [42]. Investment Recommendations - The report suggests focusing on quality listed companies in the insurance sector and leading brokerage firms such as China Galaxy, CITIC Securities, and Huatai Securities [41][42]. - Non-banking institutions are expected to benefit from advancements in digital asset policies, particularly in areas like custody, cross-border payments, and supply chain finance [4][42].