资金与政策共振，把握非银板块配置机遇

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - In the brokerage sector, four listed brokerages recently disclosed their mid-year reports, with total revenue and net profit attributable to shareholders reaching 15.302 billion yuan and 7.476 billion yuan, respectively, reflecting year-on-year increases of 4% and 41%. The report suggests focusing on high-performing stocks in the sector as mid-year performance disclosures approach [2][4] - In the insurance sector, the asset side continues to see an upward trend in equity markets, with expected investment returns and profit growth performing well. The current valuation implies a pessimistic assumption about long-term investments, but the report views the current valuation as safe, considering medium to long-term interest rate spreads [4] - The report recommends several companies based on performance elasticity and valuation levels, including New China Life Insurance, China Life Insurance, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings [4] Summary by Sections Brokerage Sector - Recent mid-year reports from four listed brokerages show combined revenue of 15.302 billion yuan and net profit of 7.476 billion yuan, with year-on-year growth of 4% and 41% respectively [2][4] - The report emphasizes the importance of focusing on high-performing stocks as mid-year performance disclosures approach [4] Insurance Sector - The insurance sector is experiencing a rise in asset-side equity markets, leading to positive expectations for investment returns and profit growth [4] - The report highlights the stability of earnings growth and dividend rates for companies like Jiangsu Jinzu, China Ping An, and China Pacific Insurance, which have clear advantages in business models and market positions [4] Market Performance - The non-bank financial index increased by 2.7% this week, with a year-to-date increase of 14.4%, although it ranks lower compared to the broader market [5] - The report notes a recovery in market activity, with average daily trading volume reaching 25.8748 billion yuan, up 23.1% week-on-week [5][38]