非银金融行业周报：开门红展望乐观，人身险产品费用分摊指引发布-20251123

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The non-bank financial sector is under pressure due to overall market adjustments, with the insurance sector outperforming the CSI 300 index [5] - Insurers are preparing for a positive outlook for the 2026 opening, with improvements in new policies and value rates, supported by stable long-term interest rates [6] - The brokerage sector continues to show high performance, with a focus on undervalued leading brokerages [5] Summary by Sections Insurance - The release of the "Guidelines for Expense Allocation of Life Insurance Products" aims to enhance expense management and improve shareholder value [6] - Insurers are expected to see growth in bank insurance channels and a shift towards dividend insurance, with new health insurance regulations likely increasing product ratios [6] - Long-term interest rates are stabilizing, and the cost of liabilities is expected to decrease, improving the overall profitability of insurers [6] Brokerage - CICC plans to merge with Dongxing Securities and Xinda Securities, aiming for economies of scale and improved shareholder returns [7] - The average daily trading volume of stock funds is reported at 23.3 trillion, reflecting a decrease of 6.6% [7] - The brokerage sector is expected to see significant ROE expansion, with continued low valuations presenting strategic investment opportunities [7] Recommended and Beneficiary Stocks - Recommended stocks include China Life H, Ping An, Huatai Securities, Guotai Junan, and others [8] - Beneficiary stocks include Tonghuashun and Jiufang Zhitu Holdings [8]