HUAXI Securities·2025-10-19 09:16Investment Rating - The industry rating is "Recommended" [6] Core Insights - The non-bank financial sector index decreased by 1.34%, outperforming the CSI 300 index by 0.88 percentage points, ranking 9th among all primary industries [2][13] - The average daily trading volume of A-shares was 19,515 billion yuan, a decrease of 25.0% month-on-month but an increase of 10.2% year-on-year [17] - The IPO market remains active, with 81 companies listed in 2025, raising a total of 784.6 billion yuan [19] Summary by Sections 1. Non-Bank Financial Weekly Insights - The securities sector fell by 3.13%, while the insurance sector rose by 3.65% [2][13] - Notable gainers included China Life Insurance (+7.32%) and New China Life Insurance (+6.79%), while Sichuan Shuangma (-11.80%) and Hainan Huatie (-9.57%) were among the biggest losers [2][13] 2. Market Indicators - The average daily trading volume for the fourth quarter of 2025 is projected at 23,100 billion yuan, a 25.3% increase compared to the fourth quarter of 2024 [17] - Margin trading balance reached 24,571.84 billion yuan, up 0.48% from the previous month and 56.80% from the average level in 2024 [19] 3. Industry News - Dongwu Securities reported a projected net profit of 27.48 billion to 30.23 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 50%-65% [3][14] - New China Life Insurance expects a net profit of 299.86 billion to 341.22 billion yuan for the same period, with a year-on-year increase of 45%-65% [8][16] - China Pacific Insurance anticipates a net profit growth of 40%-60% for the first three quarters of 2025, driven by improved operational management and strategic focus [8][16]