Changjiang Securities·2025-08-10 08:45Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [9] Core Insights - The brokerage sector is experiencing high trading activity, with several firms reporting strong interim results, indicating continued high growth in mid-year performance and an overall increase in valuation [2][6] - In the insurance sector, the expected increase in value rates is driving significant growth in new business value, supported by a rising equity market and favorable investment returns [6] - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, as well as others like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][6] Summary by Sections Market Performance - The non-bank financial index increased by 0.6% this week, with a year-to-date increase of 4.6%, although it ranks lower compared to the broader market [7] - The average daily trading volume in the market decreased by 6.26% to 16,964.10 billion yuan, with a daily turnover rate of 1.94% [7] Brokerage Sector - The brokerage sector shows a rebound in trading activity, with the average daily trading volume exceeding the 2024 average, indicating a gradual recovery in profitability [37][41] - Margin financing balances increased by 1.43% to 2.01 trillion yuan, suggesting a positive trend in credit business [43] Investment Business - The equity market is recovering, with the CSI 300 index rising by 1.23% and the ChiNext index by 0.49% [41] - The report highlights the importance of monitoring the performance of equity and bond markets for brokerage self-operated income [41] Insurance Sector - The insurance industry reported a cumulative premium income of 37,350 billion yuan in June 2025, reflecting a year-on-year growth of 5.31% [21][25] - The total assets of the insurance sector reached 39.22 trillion yuan, with a quarter-on-quarter increase of 2.08% [25] Company Announcements - Guosen Securities announced a major asset restructuring plan to acquire 96.08% of Wanhe Securities, which has been approved by the Shenzhen Stock Exchange [8] - China Ping An announced a cash dividend distribution of 0.37 yuan per share, totaling 33.40 billion yuan [8]