料非银三季报业绩亮眼，关注金融街论坛期间增量政策预期：——非银金融行业周报（2025/10/13-2025/10/17）-20251019

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry [5][6]. Core Insights - The report highlights strong performance in the non-bank financial sector, with significant growth in both the brokerage and insurance segments, driven by favorable market conditions and policy expectations [5][6]. - It emphasizes the potential for policy announcements during the upcoming Financial Street Forum, which could further support market stability and growth [5][6]. - The report notes that the insurance sector is expected to outperform, with several companies already issuing profit increase announcements for the third quarter of 2025 [5][6]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,514.23, with a decline of 2.22% over the week, while the non-bank index fell by 1.34% [8]. - The brokerage sector index decreased by 3.13%, whereas the insurance sector index increased by 3.65% [8]. Non-Bank Financial Data - As of October 17, 2025, the 10-year government bond yield was 1.82%, reflecting a decrease of 1.37 basis points [12]. - The average daily trading volume for the stock market was reported at 21,931.34 billion yuan, a decrease of 15.76% week-on-week [14]. Key Company Announcements - New China Life Insurance reported a projected net profit increase of 45% to 65% for the first three quarters of 2025, with expected profits between 299.86 billion yuan and 341.22 billion yuan [33][34]. - China Pacific Insurance also announced a projected net profit increase of 40% to 60% for the same period, driven by favorable market conditions [35]. Investment Recommendations - The report recommends focusing on leading brokerage firms with strong competitive positions, such as GF Securities and CITIC Securities, as well as insurance companies with high growth potential like China Life and New China Life [5][6].