非银行业周报（2025年第四十五期）：2025政策市场双驱动，证券业有望长期向好-20251229

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][40]. Core Insights - The securities industry is benefiting from a recovery in the A-share market and a "technology bull" market, leading to a significant increase in market activity, with daily average trading volume of stock funds doubling and margin financing reaching a historical high [2]. - The overall return on equity (ROE) for the industry is expected to rebound to a near six-year high, supported by substantial growth in revenue and net profit for listed securities firms [2]. - The industry is entering a "year of mergers and acquisitions," with leading firms consolidating to create "super carriers" and regional firms enhancing collaboration to form local financial platforms [2]. - The focus for 2026 will be on direct financing, with policies encouraging the development of equity, bond, and derivative markets, alongside a rapid growth in standardized products like ETFs [2]. - The insurance sector is also experiencing growth, with a focus on high-quality development, product innovation, and the application of technology to enhance operational efficiency [7]. Summary by Sections Securities Weekly Data Tracking - The securities sector saw a weekly increase of 1.58%, underperforming the CSI 300 index by 0.37 percentage points [1]. - The current price-to-book (PB) ratio for the brokerage sector is 1.41 times [1]. Insurance Weekly Data Tracking - The insurance sector increased by 2.97%, outperforming the CSI 300 index by 1.02 percentage points [6]. - As of October 2025, the total assets of the insurance industry reached 40.59 trillion yuan, with a year-on-year growth of 15.90% [28]. - The original insurance premium income for the industry in October 2025 was 548.33 billion yuan, reflecting a year-on-year increase of 7.99% [29].