非银行金融行业研究：国新办发布会解读：流动性宽松与融资结构优化下，维持非银板块积极推荐！

Investment Rating - The report suggests a positive outlook for the brokerage sector, indicating a potential for significant profit growth in the upcoming quarters, particularly in the context of the spring market rally [5]. Core Insights - The brokerage sector is expected to benefit from an improved operating environment, with comprehensive advantages across various business lines due to the expansion of direct financing and supportive monetary policies [3]. - The social financing scale is projected to reach 35.6 trillion yuan in 2025, with direct financing accounting for 16.7 trillion yuan, representing 46.9% of the total, which is an increase of 7.8 percentage points compared to 2020 [3]. - The monetary policy remains accommodative, with a year-on-year growth of 8.3% in the social financing stock and an 8.5% increase in the broad money supply (M2) as of December 2025, significantly outpacing nominal GDP growth [3]. - The insurance sector is also expected to benefit from a strengthening pro-cyclical logic, supporting the stabilization of long-term interest rates, which is anticipated to enhance the valuation of insurance stocks [4]. Summary by Sections Brokerage Sector - The brokerage sector is poised for growth due to the expansion of direct financing and a favorable capital market environment, which will provide ample project reserves for investment banking activities [3]. - The report emphasizes the importance of focusing on brokers that excel in wealth management, institutional business, and capital intermediation, as well as those leading in investment banking and asset management [5]. Insurance Sector - The insurance sector is expected to see high growth on the liability side and benefit from the spring market rally, with a low profit base in Q1 [5]. - Long-term expectations of a bull market in investments are likely to provide ongoing support for the valuation uplift of insurance stocks [5].