非银周观点：持续关注宏大叙事效应，把握好非银金融板块节奏-20250708

Investment Rating - The industry investment rating is "Outperform the Market" [3][23]. Core Viewpoints - The report emphasizes the importance of macro narratives in driving market strength, particularly in the non-bank financial sector. It notes that the market is entering a phase of significant domestic and international events that could influence market dynamics [1][9]. - The report highlights the recent performance of the insurance sector, with a 3.77% year-on-year growth in original insurance premium income for the first five months of 2025, amounting to 3.06 trillion yuan [2][10]. - The report suggests a cautious yet optimistic outlook for the insurance sector, indicating potential for valuation recovery due to low current valuations [12]. Summary by Sections 1. Main Points - The report discusses the recent fluctuations in the market, particularly in the banking and insurance sectors, driven by new public fund regulations and macroeconomic factors [1][9]. - It identifies key stocks to watch, including securities firms like Xinda Securities and Huatai Securities, which are expected to benefit from valuation expansion and ETF developments [1][9]. 2. Key Investment Portfolio 2.1 Insurance Sector - The report recommends focusing on companies with strong operational performance, such as China Ping An and New China Life, while also suggesting attention to China Life and China Property & Casualty [12]. 2.2 Brokerage Sector - It highlights the importance of innovative and transforming small to medium-sized brokerage firms, recommending stocks like East Money and Zhejiang Securities. It also suggests focusing on leading firms with diversified revenue structures, such as Huatai Securities and China Galaxy Securities [13][14].