Changjiang Securities·2025-07-06 09:11Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The industry experienced a pullback this week, with the China Securities Regulatory Commission (CSRC) holding a meeting to discuss specific measures for implementing capital market policies. Broker valuations and institutional holdings are at low levels, while trading volumes remain high. Investment banking and overseas business have shown month-on-month improvements, and the mid-year reports are expected to continue the high prosperity trend, indicating ongoing opportunities in the sector [2][4] - In the insurance sector, current valuations reflect a pessimistic market outlook on long-term investments. However, considering the medium to long-term interest rate spreads, current valuations are still deemed safe. The report favors companies with stable earnings and dividends, recommending Jiangsu Jinzu, China Ping An, and China Pacific Insurance. Additionally, it suggests companies like New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4] Industry Performance - The non-bank financial index decreased by 0.7% this week, with an excess return of -2.3% relative to the CSI 300, ranking 30th out of 31 industries. Year-to-date, the non-bank financial index has increased by 0.3%, with an excess return of -0.9% compared to the CSI 300, also ranking 22nd out of 31 [5] - Market activity has cooled, with an average daily trading volume of 1,441.396 billion yuan, down 3.05% week-on-week, and an average turnover rate of 1.75%, down 8.10 basis points. However, the leverage capital scale has rebounded, with a margin balance of 1.86 trillion yuan, up 1.12% [5] Key Industry News & Company Announcements - The Shenzhen Stock Exchange released guidelines for the recognition standards of "light assets and high R&D investment" for companies listed on the Growth Enterprise Market [6] - The CSRC held a meeting to discuss specific measures for implementing capital market policies, emphasizing the need for a stable market environment and risk prevention [6][62] - Dongxing Securities has received approval from the CSRC for a change in its controlling shareholder to Huijin Company [6]