非银周观点：持续关注美联储降息效应，两融增长态势有望延续-20250811

Investment Rating - The industry rating is "Outperform the Market" [3][25]. Core Viewpoints - The report emphasizes the ongoing effects of the Federal Reserve's interest rate cuts, suggesting that the growth trend in margin financing is likely to continue. The market is currently influenced by various factors including public fund assessment regulations, capacity reduction policies, and U.S. tariff policies, leading to fluctuations in the non-bank financial sector, particularly in brokerage and multi-financial sectors [1][11]. - The insurance sector is experiencing adjustments due to new public fund regulations and is expected to see a shift in product pricing, with major companies like China Life and Ping An Life adjusting their product rates by the end of August [2][13]. - The report recommends focusing on specific stocks within the brokerage sector, such as Xinda Securities and China Galaxy, and highlights companies with strong comprehensive capabilities and those benefiting from ETF developments, like Huatai Securities and CICC [1][12]. Summary by Sections 1. Main Points - The report covers the performance of major indices, with the CSI 300 Index at 4104.97 points (up 1.23%), the insurance index at 1304.49 points (up 0.25%), and the brokerage index at 6869.85 points (up 0.8%) [8]. - The report suggests that the non-bank financial sector may experience a volatile trend, influenced by macroeconomic narratives and overseas economic data [1][11]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is viewed as having attractive valuation recovery potential, with recommendations for companies like China Ping An, China Taiping, and New China Life due to their stable operations and strong growth [14]. 2.2 Brokerage Sector - The report highlights mid-sized securities firms benefiting from innovation and market conditions, recommending companies like East Money and Zhejiang Securities. It also suggests focusing on leading firms with diversified revenue structures, such as Huatai Securities and China Galaxy, which have strong earnings outlooks [15][16].