2025Q3非银板块基金持仓点评：券商板块获增配，保险持仓环比回落

Investment Rating - The insurance industry is rated as "Recommended" [1] Core Insights - As of the end of Q3 2025, the allocation of non-bank financial sector in active funds is 1.20%, which is underweight by 8.48 percentage points compared to the total market capitalization of the CSI 300 [1] - The securities sector allocation has slightly increased to 0.41%, but remains significantly underweight by 4.28 percentage points compared to the CSI 300 [2] - The insurance sector's allocation has decreased from 0.75% at the end of Q2 to 0.61% at the end of Q3, underweight by 4.19 percentage points compared to the CSI 300 [3] - The multi-financial sector shows a marginal improvement with an allocation of 0.18%, up by 0.04 percentage points [4] - The report suggests that the current low allocation to the non-bank sector presents a value opportunity, especially with the expected market activity and reforms [5] Summary by Sections Non-Bank Financial Sector - The allocation in active funds is 1.20%, down by 0.06 percentage points from the previous quarter, and underweight by 8.48 percentage points compared to the CSI 300 [1] Securities Sector - The allocation is 0.41%, an increase of 0.04 percentage points, but still underweight by 4.28 percentage points compared to the CSI 300 [2] - Notable increases in holdings for leading firms such as Huatai Securities and Citic Securities, with significant percentage increases in both share quantity and market value [2] Insurance Sector - The allocation decreased to 0.61%, down from 0.75%, underweight by 4.19 percentage points compared to the CSI 300 [3] - Key stocks include China Ping An and China Life, with varying changes in shareholding and market value [3] Multi-Financial Sector - The allocation is 0.18%, showing a slight increase of 0.04 percentage points [4] - Significant increases in holdings for companies like Hong Kong Exchanges and Clearing and Bohai Leasing [4] Investment Recommendations - The report emphasizes the potential for value in the non-bank financial sector due to its current underweight status and the anticipated market developments [5]