金融行业周报（2025、11、02）：公募业绩比较基准改革落地，各板块三季报披露完毕-20251102

Investment Rating - The report indicates a positive outlook for the insurance sector, suggesting it is the most growth-oriented direction in the financial industry during structural transformation [1][15] - The securities industry is viewed as relatively undervalued with high year-on-year growth in performance, making it a favorable investment opportunity [2][18] - The banking sector is recommended for selective investment in high-quality banks with strong fundamentals and improving performance [3][21] Core Views - The non-bank financial index decreased by 0.46%, underperforming the CSI 300 index by 0.03 percentage points, while the banking sector saw a decline of 2.16%, underperforming the CSI 300 by 1.74 percentage points [1][9] - The insurance sector experienced a notable increase in new business value (NBV) growth, with significant contributions from improved agent productivity and bancassurance efforts [12][13] - The securities sector's performance is driven by strong growth in brokerage and proprietary trading businesses, with overall earnings exceeding expectations [2][16] - The banking sector's earnings showed steady growth, with a slight improvement in net interest margins and a stable asset quality outlook [19][21] Summary by Sections Insurance Sector - The insurance sector's NBV growth for the first three quarters of 2025 showed significant increases, with notable performances from major companies [12][13] - The sector is expected to benefit from a supportive policy environment and increasing allocations to equity investments [15] - Recommended stocks include Xinhua Insurance A+H, China Ping An A+H, and China Life H [3][15] Securities Sector - The securities sector's PB valuation stands at 1.43x, indicating a favorable entry point for investors [2][18] - The report highlights the recovery in brokerage and proprietary trading as key drivers of performance, with a positive outlook for the sector [16][18] - Recommended stocks include Guotai Junan A+H, Huatai Securities A+H, and Oriental Securities A+H [3][18] Banking Sector - The banking sector's PB valuation is at 0.54x, with earnings growth expected to continue into the fourth quarter [19][21] - The report suggests focusing on banks with strong fundamentals and improving performance metrics, particularly those with low non-performing loan ratios [22][21] - Recommended stocks include Hangzhou Bank and a focus on other quality banks such as China Merchants Bank and Bank of Communications [3][22]