非银金融行业周报：公募销售费用改革启动，险企资本保证金管理迎修订-20250908

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [33]. Core Insights - The non-bank financial sector index fell by 5% last week, underperforming the CSI 300 index by 4.2 percentage points, with both brokerage and insurance indices showing a synchronized decline of 5.3% and 4% respectively [4][8]. - The average daily trading volume of stock funds was 30,833 billion yuan, a decrease of 11.7% week-on-week, while the margin trading balance increased by 1.1% to 2.29 trillion yuan [4][16]. - The recent reforms in public fund sales fees are expected to lower investor costs and promote a long-term investment mindset, with new A-share accounts increasing by 165% year-on-year in August [4][31]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 1.2%, while the Shenzhen Component Index fell by 0.8%. The non-bank financial index dropped by 5%, with the brokerage index down by 5.3% and the insurance index down by 4% [8][9]. Market Data Tracking - The average daily trading volume of stock funds was 30,833 billion yuan, down 11.7% from the previous week. The margin trading balance reached 2.29 trillion yuan, reflecting a 1.1% increase [16][4]. Industry News - The China Banking and Insurance Regulatory Commission revised the "Insurance Company Capital Guarantee Management Measures," which includes removing restrictions on the types of banks that can hold capital guarantees and optimizing the conditions for deposit banks [31]. - The China Securities Regulatory Commission released a draft for public comment on the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations," aimed at reducing costs for investors and encouraging long-term holding of funds [31]. Investment Recommendations - For brokerages, the report suggests focusing on opportunities in mergers and acquisitions, wealth management transformation, and innovative licensing, particularly for large brokerages with strong capital [4]. - For insurance companies, the report recommends paying attention to large comprehensive insurers with competitive advantages, especially in the context of high-quality development supported by regulatory policies [4].