非银周观点：美联储降息与元首通话共振，非银金融板块有望重拾升势-20250922

Investment Rating - The industry investment rating is "Outperform the Market" [3][19]. Core Viewpoints - The non-bank financial sector is expected to regain upward momentum after a period of adjustment, driven by factors such as the Federal Reserve's interest rate cuts, abundant market liquidity, and the impact of economic data [1][8]. - The insurance sector shows potential for value in asset allocation, with stocks being the preferred investment asset for insurance institutions in the second half of 2025 [2][9]. - The report emphasizes the importance of focusing on brokerage and financial IT sectors, recommending specific companies such as Dongfang Securities and Huatai Securities for their growth potential and valuation expansion [1][12]. Summary by Sections 1. Industry Trends - The non-bank financial sector has experienced significant fluctuations, with the market influenced by international factors and domestic economic data [1][8]. - The Shanghai Composite Index and various financial indices have shown slight declines, indicating a period of adjustment [6][7]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently undervalued, presenting opportunities for valuation recovery, with specific recommendations for companies like China Ping An and China Pacific Insurance [11][12]. 2.2 Brokerage Sector - Focus on mid-sized securities firms benefiting from market conditions, with recommendations for companies like Dongfang Wealth and Zhejiang Securities [12]. - Emphasis on leading brokerage firms with diversified revenue structures, such as Huatai Securities and China Galaxy Securities, which are expected to perform well [12]. 3. Market Influences - The Federal Reserve's recent interest rate cut and ongoing discussions between U.S. and Chinese leaders are expected to influence market dynamics positively [6][7][8]. - The report highlights the need to monitor trade tensions and internal economic issues that may affect market performance [1][8].