非银金融行业周报：赚钱效应有望进一步催化资金面，继续战略看多非银-20250824

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report suggests that the profit-making effect is expected to further stimulate the capital market, continuing to strategically favor the non-bank financial sector. The ongoing improvement in the fundamentals indicates that traditional brokerage and insurance sectors are still undervalued, with attention on subsequent trading volumes, mid-year reports, and policy catalysts [4] Summary by Sections Brokerage Sector - The average daily trading volume of stock funds reached 3.01 trillion, up 21% week-on-week, with a cumulative average daily trading volume of 1.75 trillion for 2025, representing a 90% year-on-year increase [4] - The China Securities Regulatory Commission (CSRC) has officially implemented the revised "Securities Company Classification Evaluation Regulations," which encourages concentrated development and differentiated growth among small and medium-sized institutions [4] - The market's trading activity continues to rise, with the expansion of margin trading and the high prosperity of overseas business expected to lead to better-than-expected performance for brokerages [4] Insurance Sector - The confidence survey conducted by the China Insurance Asset Management Association indicates a significant rebound in insurance institutions' confidence in the A-share and bond markets for the second half of the year, with stocks being the preferred investment asset [4] - As of June, the balance of insurance funds reached 36.23 trillion, an increase of 8.9% since the beginning of the year, with a continued allocation increase in stocks and bonds [4] - The long-term interest rates remain stable, alleviating net asset pressure, and the expected improvement in asset returns is anticipated to enhance the ROE of insurance companies [4] Recommended and Beneficiary Stocks - Recommended stocks include Guosen Securities, Dongfang Securities, China Pacific Insurance, China Ping An, Jiangsu Jinzheng, and Hong Kong Exchanges [5] - Beneficiary stocks include CICC H, Tonghuashun, Jiufang Zhitu Holdings, and New China Life Insurance [5]