Changjiang Securities·2025-12-22 11:28Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7]. Core Insights - The non-bank sector has shown strong performance this week, with notable developments in the brokerage sector, including the merger plans of China International Capital Corporation (CICC) with Dongxing and Xinda, indicating a further acceleration of supply-side reforms in the industry. The insurance sector is also seeing regulatory advancements with the China Banking and Insurance Regulatory Commission (CBIRC) seeking public opinion on the draft asset-liability management guidelines for insurance companies. The report suggests that the long-term outlook is positive, with improved return on equity (ROE) and valuation recovery expected, making the sector increasingly attractive for investment [2][4]. - The report recommends focusing on companies with stable profit growth and dividend rates, such as Jiangsu Jinzu, China Ping An, and China Pacific Insurance, which have strong market positions and business models. Additionally, it highlights companies like New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on their earnings elasticity and valuation levels [4]. Summary by Sections Market Performance - The non-bank financial index increased by 2.9% this week, outperforming the CSI 300 by 3.2%. Year-to-date, the non-bank financial index is up 9.8%, but underperformed the CSI 300 by 6.3% [5]. - The average daily trading volume in the market decreased to 17,604.84 billion yuan, down 9.86% week-on-week, with a daily turnover rate of 1.83%, down 19.91 basis points [5]. Industry News and Company Announcements - Key announcements include the merger plans of CICC with Dongxing and Xinda, and the CBIRC's public consultation on insurance asset-liability management guidelines. The report also notes the upcoming dividend announcements from Huaxi Securities, CICC, and Shenwan Hongyuan [6][19]. Insurance Sector Insights - In October 2025, the cumulative insurance premium income reached 548.33 billion yuan, a year-on-year increase of 7.99%. Life insurance premiums grew by 9.56%, while property insurance premiums increased by 4.02% [23][24]. - The total assets of insurance companies reached 40.59 trillion yuan, with life insurance companies holding 35.68 trillion yuan, reflecting a 0.68% increase [27][28]. Brokerage Sector Insights - The report highlights a decline in the overall equity market, with the CSI 300 index down 0.28% and the ChiNext index down 2.26%. The brokerage sector's investment assets are primarily in bonds, with equity investments comprising about 10%-30% [40][46]. - Margin trading balances decreased to 2.50 trillion yuan, down 0.34% week-on-week, indicating a cautious approach to stock pledge business due to previous credit risks [49]. Financing and Asset Management - In November 2025, equity financing reached 50.65 billion yuan, while bond financing totaled 706 billion yuan, indicating a recovery in financing activities [53]. - The report notes a rebound in the issuance of collective asset management products, with 4.387 billion units issued in November, up 4.1% from the previous month [55].