非银金融行业周报：市场活跃度保持高位，关注三季报业绩催化带来的配置机遇-20250922

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 [35]. Core Insights - The non-bank financial index experienced a decline of 3.7% last week, underperforming the CSI 300 by 3.3 percentage points, with both brokerage and insurance indices showing synchronized declines of -3.5% and -4.8% respectively [4][8]. - Market activity remains high, with an average daily trading volume of 29,885 billion yuan, reflecting an 8% week-on-week increase, and a year-on-year growth of 108% in average daily stock fund trading volume as of September 19, 2025 [4][16]. - The establishment of a health management company by PICC and the issuance of convertible bonds by China Pacific Insurance are seen as significant developments that enhance capital strength and competitive positioning in the insurance sector [4]. Summary by Sections 1. Market Review - The Shanghai Composite Index fell by 1.3%, while the Shenzhen Component Index rose by 1.1%. The non-bank financial index dropped by 3.7%, with the insurance index declining by 4.8% [8][9]. 2. Market Data Tracking - Average daily trading volume for stock funds reached 29,885 billion yuan, with a 2% increase in margin trading balance to 2.4 trillion yuan. The stock pledge market value decreased by 1.1% to 3.03 trillion yuan [16][4]. 3. Industry News - The China Banking and Insurance Regulatory Commission has approved the establishment of a health management company by PICC, marking a significant step in integrating health management with insurance services [33]. - China Pacific Insurance successfully issued H-share convertible bonds totaling 15.556 billion HKD, enhancing its capital strength and market outlook [4].