非银周观点：两融规模有望破前高，券商、金融IT波动前行-20250721

Investment Rating - The industry rating is "Outperform the Market" [3][23]. Core Viewpoints - The report indicates that the scale of margin trading is expected to surpass previous highs, with brokerages and financial IT sectors experiencing volatility [1]. - The report emphasizes that significant domestic and international events in July may influence market strength, with a focus on internal issues such as capacity reduction and PPI recovery [1][9]. - The report suggests that the insurance sector is currently undervalued, presenting an opportunity for valuation recovery [12]. Summary by Sections 1. Main Points - The report highlights that the Shanghai Composite Index was at 4058.55 points, reflecting a 1.09% increase, while the insurance index decreased by 1.35% [7]. - The report notes that the U.S. core CPI has been below expectations for five consecutive months, which may lead to calls for interest rate cuts [7]. - The report discusses the establishment of a regulatory framework for digital stablecoins in the U.S. [7]. 2. Key Investment Portfolio 2.1 Insurance Sector - The report recommends focusing on companies like China Ping An, China Pacific Insurance, and New China Life for their strong operational performance and growth potential [12]. - It mentions that the insurance sector is currently at a low valuation level, making it attractive for investment [12]. 2.2 Brokerage Sector - The report suggests focusing on mid-sized securities firms benefiting from innovation and market conditions, such as East Money and Zhejiang Securities [13]. - It also highlights the importance of large, stable brokerage firms with diversified revenue structures, recommending Huatai Securities and others [13]. 3. Market Trends - The report indicates that the market is experiencing increased volatility due to factors such as trade relations and new public fund regulations [9]. - It emphasizes the need to monitor the impact of currency fluctuations and upcoming political meetings on market dynamics [8][9].