非银金融行业跟踪周报：险资Q3核心权益资产规模大幅提升，市场成交量环比小幅下滑-20251116

Investment Rating - The report maintains an "Increase" rating for the non-bank financial industry [1] Core Views - The non-bank financial sector has shown resilience, with all sub-sectors outperforming the CSI 300 index in recent trading days. The insurance sector rose by 2.62%, while the overall non-bank financial sector increased by 0.17% [9][10] - The insurance industry is expected to benefit from economic recovery and rising interest rates, with a significant increase in the sales of savings-type products [47] - The securities sector is poised for growth due to favorable market conditions and policy support, with a focus on brokerage, investment banking, and capital intermediary services [47] Summary by Sections Non-Bank Financial Sub-Sector Performance - In the recent five trading days (November 10-14, 2025), all non-bank financial sub-sectors outperformed the CSI 300 index, with the insurance sector leading [9] - Year-to-date, the insurance sector has increased by 17.77%, outperforming other sub-sectors [10] Non-Bank Financial Sub-Sector Insights Securities - Trading volume remains high, with November's average daily stock trading volume at 23,682 billion yuan, a year-on-year increase of 10.54% [14] - The margin financing balance reached 25,065 billion yuan, up 35.77% year-on-year [14] - The average price-to-book (PB) ratio for the securities industry is projected at 1.3x for 2025 [19] Insurance - As of Q3 2025, the insurance industry's investment balance reached 37.5 trillion yuan, a 12.6% increase from the beginning of the year [20] - The core equity asset scale has significantly increased, with stocks and funds totaling 5.59 trillion yuan [20] - The insurance sector's premium income for the first nine months of 2025 was 40,895 billion yuan, a year-on-year increase of 10.2% [26] Multi-Financial - The trust industry is experiencing a transition phase, with total trust assets reaching 29.56 trillion yuan in 2024, a 23.58% year-on-year increase [30] - The futures market saw a trading volume of 6.03 billion contracts in October 2025, with a transaction value of 61.22 trillion yuan [35] Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial services, with key companies including China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [47]