非银金融行业周报：3季度险企权益配置提升明显，积极备战开门红-20251116

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The insurance index increased by 2.63%, outperforming the CSI 300 index which decreased by 1.08%, indicating a positive outlook for the insurance sector as companies prepare for the 2026 "opening red" [5] - The insurance sector's equity asset allocation has significantly increased in Q3, with a total investment balance reaching 37.46 trillion, a quarter-on-quarter increase of 3.4% and a year-on-year increase of 16.5% [6] - The brokerage sector continues to show high performance, with daily average stock fund turnover reaching 2.50 trillion, a year-on-year increase of 77.2% [7] Summary by Sections Insurance Sector - In Q3, the balance of stocks and funds reached 5.59 trillion, a year-on-year increase of 35.9% and a quarter-on-quarter increase of 18.3%, with equity investments now accounting for 15.5% of total assets [6] - Major life insurance companies have launched new products for 2026, with dividend insurance being a market leader, comprising 45.9% of new life insurance products [6] - The long-term interest rates are stabilizing, which is expected to improve the profitability of insurance companies, leading to a potential increase in return on equity (ROE) and valuation recovery [6] Brokerage Sector - The average daily turnover for stock funds is 2.50 trillion, with a year-to-date average of 2.03 trillion, reflecting strong market activity [7] - The China Securities Regulatory Commission is planning strategic tasks for the capital market during the 14th Five-Year Plan, aiming for a more resilient and attractive market [7] - The brokerage sector is expected to see improved profitability driven by core businesses such as public funds and investment banking, with a focus on strategic allocation opportunities [7]