非银金融行业2025年中期策略报告：高质量发展引领价值重估，头部公司更具韧性-20250701

Group 1: Insurance Sector - The insurance sector has experienced significant volatility in market performance since 2025, with New China Life leading the sector [2][5][7] - In Q1 2025, listed insurance companies showed a notable decline in net profit growth year-on-year, influenced by market fluctuations and rising interest rates [14][10] - The liability side of the insurance sector is focused on high-quality development, with steady growth in property insurance premiums and improved combined operating ratios (COR) [22][18] - The asset side indicates a preference for high-dividend strategies, as companies may increase allocations to FVOCI high-dividend stocks in a low-interest-rate environment [50][47] Group 2: Securities Sector - The securities sector is undergoing deepening capital market reforms, enhancing internal stability and resource allocation [57][58] - Institutional investors are significantly underweight in the securities sector, with a 6.29% underweight compared to the CSI 300 index [62][64] - The top companies in the securities sector are showing robust performance, with a 78% increase in net profit for listed brokers in Q1 2025, indicating that investment income will be a key performance driver for the year [62][58] Group 3: Investment Recommendations - The report suggests prioritizing investments in the insurance sector, particularly companies with stable fundamentals and beta elasticity, such as China Pacific Insurance and New China Life [2][3] - For the securities sector, it is recommended to focus on leading brokers like CITIC Securities and Huatai Securities, which are expected to benefit from high-quality development policies [2][3]