非银金融行业周报：沪指一度突破3900点，关注证券板块配置价值-20251013

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights the recovery of the securities sector, with the Shanghai Composite Index recently surpassing 3900 points, marking a significant milestone since August 2015. This indicates a potential for valuation recovery in the securities sector [5][12]. - The report emphasizes the strong performance of the securities sector during market uptrends, showcasing substantial excess returns compared to major indices [12]. - The report notes that the market's trading activity has increased significantly, with average daily trading volumes reaching 2.11 trillion yuan, a year-on-year increase of 211% [13]. - The report suggests that the insurance sector is entering a new phase focused on quality over quantity, driven by recent regulatory changes aimed at enhancing health insurance and non-auto insurance [34][35]. Summary by Sections 1. Securities Business Overview and Weekly Review - The securities sector has shown resilience, with the East Wealth Securities Index outperforming the Shanghai Composite Index by 2.02 percentage points this week [21]. - The report indicates that the average daily trading volume in the A-share market has increased by 19.47% compared to the previous week, reflecting heightened investor activity [18]. - The report projects that the third quarter will see continued strong performance in brokerage firms, supported by increased trading volumes and new account openings [13]. 2. Insurance Business Overview and Weekly Review - The report discusses the implementation of new regulations aimed at improving the quality of health insurance, marking a shift towards prioritizing quality in the insurance sector [34]. - The report highlights the introduction of a new regulatory framework for non-auto insurance, which aims to curb irrational competition and enhance compliance standards [35]. - The report notes that major insurance companies are expected to leverage their advantages in the evolving regulatory landscape to capture market share [34]. 3. Market Liquidity Tracking - The report details the central bank's recent operations, including a net withdrawal of 4.263 billion yuan from the market, indicating a tightening of liquidity conditions [44]. - The report provides insights into the issuance and maturity of various financial instruments, including interbank certificates of deposit and local government bonds, reflecting the current state of market liquidity [46].