SINOLINK SECURITIES·2025-11-09 12:28Investment Rating - The report suggests a focus on two main lines: (1) Listed securities firms with better-than-expected Q3 performance and (2) multi-financial companies with impressive growth rates, particularly recommending Hong Kong Exchanges and Clearing [2] Core Insights - The average daily trading volume of A-shares in 2025 from January to October reached 2.02 trillion yuan, a year-on-year increase of 92% [1] - The margin trading balance continues to grow, with financing and securities lending balances as of November 6 being 248.05 billion yuan and 183 billion yuan, respectively, marking increases of 33.8% and 75.3% compared to the end of last year [1] - The insurance sector saw a cumulative original premium income of 5.21 trillion yuan in the first nine months of 2025, reflecting a year-on-year growth of 8.8% [36] Summary by Sections Securities Sector - The average daily margin trading balance in 2025 is projected to be 1.999 trillion yuan, a year-on-year increase of 32% [1] - New account openings in October decreased significantly, with 2.31 million new accounts opened, a 66% drop compared to October last year [35] Insurance Sector - The introduction of unified reporting guidelines for non-auto insurance is expected to enhance the profitability and market share of large insurance companies [3] - The report anticipates a double-digit growth in new premium income for the insurance sector in 2026, driven by strong investment performance in 2025 [4] - The insurance asset management sector has seen a 25.1% year-on-year increase in the registration scale of asset-backed securities (ABS) in the first three quarters of 2025 [40]