非银金融行业研究：25Q4主动权益公募持仓：非银配置比例环比提升，低配程度进一步收窄

Investment Rating - The report maintains a positive recommendation for the industry, indicating an upward trend in fundamentals despite short-term fluctuations in performance [4]. Core Insights - The non-bank sector's public active equity allocation ratio has increased quarter-on-quarter, with a reduction in underweight levels [2]. - The insurance sector has seen a significant increase in active equity holdings, with a quarter-on-quarter growth of 117% in A-share active equity public fund heavy positions [3]. - The brokerage sector's active equity holdings have also risen, with a quarter-on-quarter increase of 14% in A-share active equity public fund heavy positions [5]. - Multi-financial companies, particularly Jiufang Zhituo Holdings, have shown a notable increase in allocation ratios [6]. Summary by Sections Non-Bank Sector - The total heavy stock allocation in the non-bank financial sector reached 40.9 billion yuan, with a configuration ratio of 2.51%, up by 1.03 percentage points quarter-on-quarter, and an underweight ratio of 3.87%, narrowing by 0.92 percentage points [2]. Insurance Sector - The A-share active equity public fund heavy positions in the insurance sector reached 28 billion yuan, with a configuration ratio of 1.72%, up by 0.95 percentage points quarter-on-quarter. The underweight ratio is 0.74 percentage points, down by 0.63 percentage points [3]. - Key individual stock allocations include China Life at 0.08%, Ping An at 1.11%, and others, with varying degrees of over- and under-allocation [3]. Brokerage Sector - The A-share active equity public fund heavy positions in the brokerage sector reached 11.8 billion yuan, with a configuration ratio of 0.73%, up by 0.10 percentage points quarter-on-quarter, and an underweight ratio of 2.67 percentage points, narrowing by 0.29 percentage points [5]. - Major holdings include Huatai Securities and CITIC Securities, with slight increases in their respective ratios [5]. Multi-Financial Sector - Jiufang Zhituo Holdings has seen a significant increase in its allocation ratio, while other multi-financial companies are also recommended for their strong performance potential [6].