Minsheng Securities·2025-07-06 08:54Investment Rating - The report maintains a positive investment rating for the industry, highlighting the potential for recovery and growth in the securities and insurance sectors [5]. Core Insights - The report emphasizes the acceleration of IPO approvals and the importance of leading brokerage firms in benefiting from the upcoming market opportunities [3][4]. - It notes the supportive policies for innovative drug development and the expected increase in funding from commercial health insurance, which will enhance the accessibility of high-end medical products [1][2]. - The report discusses the implementation of the "1+6" policy for the Sci-Tech Innovation Board, which aims to support the financing needs of technology companies and stimulate investment from equity firms [2][3]. Summary by Sections Market Review - Major indices continued to rise, with the Shanghai Composite Index increasing by 1.40% and the Shenzhen Component Index by 1.25% during the week [8]. - The non-bank financial sector showed a slight decline, with the insurance index being relatively resilient [8][9]. Securities Sector - The report indicates that the total IPO underwriting scale for the year reached 357.84 billion yuan, with refinancing underwriting at 7,835.44 billion yuan as of July 4, 2025 [16]. - The average daily trading volume in A-shares was 1.43 trillion yuan, reflecting a 3.33% increase week-on-week and a 129.93% increase year-on-year [16]. Insurance Sector - The report suggests focusing on key insurance companies such as China Pacific Insurance, New China Life, Ping An, China Life, and China Property & Casualty [39]. - It highlights the expected recovery in life insurance premiums, with significant growth anticipated in the coming months [19][20]. Investment Recommendations - The report recommends attention to leading brokerage firms like CITIC Securities, Huatai Securities, and China Galaxy, which are expected to benefit from the recovery in investment banking revenues [39]. - It also suggests monitoring non-bank financial institutions that may benefit from the implementation of stablecoin regulations and related services [39].