非银金融行业跟踪周报：寿险保费8月大幅增长，境外机构开展债券回购业务进一步放开-20250928

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The insurance sector saw a significant increase in premium income in August, while the securities sector benefits from increased trading volumes and supportive policies for foreign investors [1][4] - The non-bank financial sub-sectors have underperformed compared to the CSI 300 index recently, with the insurance sector showing a slight increase while the securities and diversified financial sectors experienced declines [9][10] Summary by Sections Non-Bank Financial Sub-Sector Performance - All non-bank financial sub-sectors underperformed the CSI 300 index in the recent trading period from September 22 to September 26, 2025, with the insurance sector up by 0.46% and the diversified financial sector down by 1.49% [9][10] Non-Bank Financial Sub-Sector Views Securities - Trading volume has significantly increased, with a year-on-year rise of 204.31% in average daily stock trading volume for September 2025, reaching 27,768 billion yuan [14] - The balance of margin financing and securities lending reached 24,444 billion yuan, up 75.29% year-on-year [14] - The average price-to-book (PB) ratio for the securities sector is projected at 1.3x for 2025, indicating potential for growth in leading firms like CITIC Securities and Tonghuashun [18] Insurance - The insurance sector reported a strong growth in premiums, with life insurance premiums in August reaching 4,645 billion yuan, a year-on-year increase of 49.7% [19] - The overall premium income for life insurance from January to August 2025 was 37,999 billion yuan, reflecting an 11.3% increase year-on-year [19] - The sector is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance products [25][44] Diversified Financial - The trust industry is entering a stable transition phase, with total trust assets reaching 29.56 trillion yuan in 2024, a year-on-year increase of 23.58% [26] - The futures market saw a significant increase in trading volume and value, with August 2025 figures showing a year-on-year growth of 13.98% in volume and 21.38% in value [33] Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and diversified financials, recommending companies such as China Ping An, New China Life, and CITIC Securities for investment [44]