保险负债端高景气度延续，建议关注春季躁动下低估值券商补涨机会

Investment Rating - The report suggests a focus on three main investment lines: undervalued brokerages, companies in the biotechnology sector, and diversified financial firms with strong performance growth [2][4]. Core Insights - The People's Bank of China has introduced a plan to enhance the digital RMB management system, expected to optimize monetary policy transmission and support the internationalization of the RMB, creating opportunities in the payment sector [1][40]. - The China Securities Regulatory Commission has revised regulations on public fund sales fees, encouraging long-term holding by investors and benefiting the public fund industry [1][41][42]. - The insurance sector is expected to see stable net profits and net assets due to high tax-exempt income and deferred tax liabilities, with a low taxable income forecast for 2024-2025 [3][4]. Summary by Sections Securities Sector - The digital RMB is set to officially launch on January 1, 2026, with expectations to enhance monetary policy efficiency and broaden application scenarios, benefiting related industries [1]. - The new fund sales fee regulations are aimed at reducing costs for investors and promoting a healthier ecosystem for public funds [1][41][42]. Investment Recommendations - Focus on undervalued brokerages for potential gains, particularly recommending Guotai Junan and Haitong Securities [2]. - Highlighting Sichuan Shuangma's advantages in the technology sector and its investments in gene therapy, with a strong pipeline of projects [2]. - Recommend diversified financial firms like Yixin Group and Far East Horizon for their impressive performance growth [2]. Insurance Sector - The tax base switch is not expected to significantly impact insurance companies' net profits or net assets, with a high proportion of tax-exempt income [3]. - The report anticipates a favorable environment for insurance stocks driven by high demand in the liability sector and a supportive market for asset management [4]. Market Dynamics - The report notes a recent decline in the A-share market, with the non-bank financial sector underperforming compared to the broader market [10]. - The brokerage and insurance sectors have shown varied performance, with specific recommendations for companies based on their growth potential and market positioning [10][12].