Changjiang Securities·2025-10-26 14:45Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The industry is entering a period of concentrated third-quarter report disclosures, with the market remaining at high levels, indicating that brokerage firms are likely to continue their high growth trend, presenting investment opportunities [2][4] - In the insurance sector, profit growth for the top companies in the first three quarters has been significantly revised upward compared to previous expectations, with notable investment returns alleviating short-term concerns. This supports the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery [2][4] - The overall cost-effectiveness of investment is gradually improving, aligning with the judgment of a long-term upward turning point [2][4] Summary by Sections Industry Performance - The non-bank financial index increased by 2.0% this week, with a year-to-date increase of 8.1%, although it ranks lower in relative performance against the CSI 300 index [5] - The market's trading activity has decreased, with an average daily turnover of 17,973.14 billion yuan, down 18.04% week-on-week [5] Insurance Sector - The cumulative premium income for the insurance industry in August 2025 reached 47,999 billion yuan, reflecting a year-on-year increase of 9.63%, with life insurance premiums growing by 11.43% [23][24] - The total assets of the insurance industry as of August 2025 were 40.11 trillion yuan, with a quarter-on-quarter increase of 1.32% [28][29] Brokerage Firms - The report recommends stable profit growth and dividend rates for companies such as Jiangsu Jinzu, China Ping An, and China Pacific Insurance, highlighting their strong market positions [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on their performance elasticity and valuation levels [4] Market Trends - The report notes a recovery in the equity market, with the CSI 300 index rising by 3.24% and the ChiNext index by 8.05% [42][47] - The financing scale for equity and bond markets showed a rebound in September, with equity financing reaching 416.34 billion yuan, up 86.6% month-on-month [54]