中金并购预案落地，行业整合启新程

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights the recent merger of China International Capital Corporation (CICC) with Dongxing Securities and China Securities, marking a significant step in industry consolidation. This merger is expected to enhance CICC's capabilities and position it as a leading investment bank [11][12]. - The report emphasizes the importance of the central economic work conference, which sets a positive tone for the market and suggests a focus on the effectiveness of future policies and the recovery of economic momentum [4][15]. - The insurance sector is undergoing regulatory changes aimed at improving asset-liability management, which is expected to enhance the industry's resilience and promote high-quality development [37][39]. Summary by Sections Securities Business Overview - CICC's merger with Dongxing and China Securities is a pivotal event, with the combined entity projected to have total assets of approximately 1,009.6 billion CNY and net assets of 174.7 billion CNY, ranking fourth in the industry [12][13]. - The merger is anticipated to create synergies between CICC's investment banking expertise and the extensive client networks of the other two firms, enhancing service offerings [12][14]. Insurance Business Overview - The new asset-liability management regulations are designed to unify existing standards and improve the overall regulatory framework for the insurance industry, focusing on governance, policy procedures, and risk management [38][39]. - The report notes that the new regulations will require insurance companies to enhance their management capabilities to align with the updated standards, thereby reducing mismatch risks and improving operational resilience [39]. Market Liquidity Tracking - Recent market data indicates fluctuations in major indices, with the non-bank financial index showing a weekly increase of 2.70%, reflecting a positive trend in the sector [16][21]. - The report also highlights a decrease in average daily trading volume in A-shares, which fell by 5.37% compared to the previous week, indicating potential market volatility [16][22].