HUAXI Securities·2025-10-12 11:08Investment Rating - The industry rating is "Recommended" [5] Core Views - The report indicates that the non-bank financial sector is expected to serve as a stabilizing force amid short-term market fluctuations [1] - The report highlights a significant increase in trading activity, with A-share average daily trading volume reaching 26,030 billion yuan, a 12.5% increase from the previous period and a 10.3% increase year-on-year [1][17] - The report anticipates continued improvement in the brokerage sector's performance, with a notable increase in trading volume and a recovery in equity financing [3][15] Summary by Sections 1. Non-Bank Financial Weekly Insights - The non-bank financial Shenwan index rose by 0.50%, outperforming the CSI 300 index by 1.01 percentage points, ranking 15th among all primary industries [2][14] - The securities sector increased by 0.49%, while the insurance sector rose by 0.73%. In contrast, the diversified finance, internet finance, and fintech sectors saw declines of 0.31%, 0.35%, and 1.55%, respectively [2][14] 1.1. Brokerage Sector - The report predicts a sustained increase in the brokerage sector's performance, with average daily trading volumes for Q1, Q2, and Q3 of 2025 being 15,225 billion, 12,619 billion, and 21,086 billion yuan, respectively, showing year-on-year increases of 71%, 52%, and 213% [3][15] - The report notes a recovery in equity financing, with the number of IPOs, additional issuances, and convertible bonds in Q3 2025 being 28, 43, and 53, respectively, raising funds of 379.715 billion, 883.310 billion, and 155.327 billion yuan [3][15] 1.2. Insurance Sector - A new regulation on non-auto insurance business was released, aiming to optimize assessment mechanisms and strengthen rate management, which is expected to enhance the profitability and service quality of insurance companies [4][16] - The regulation is anticipated to address long-standing issues in the non-auto insurance market, such as low rates and high costs, and to promote rational competition [4][16] 2. Market Indicators - The average daily trading volume in A-shares for the week was 26,030 billion yuan, reflecting a 12.5% increase from the previous week and a 10.3% increase year-on-year [1][17] - As of October 9, 2025, the margin trading balance was 24,455.50 billion yuan, a 0.60% increase from the previous period and a 56.06% increase compared to the average level in 2024 [1][17] 3. Industry News - The Beijing Stock Exchange has transitioned to a new "920" code system for all listed companies, marking a significant step in establishing its independent market identity [40] - The China Securities Regulatory Commission is focusing on deepening reforms in the capital market, particularly through the Sci-Tech Innovation Board and the Growth Enterprise Market [41]