2025Q4非银板块公募持仓点评：非银重仓环比提升，保险获显著增配

Investment Rating - The report rates the insurance industry as "Recommended" [1] Core Insights - As of the end of Q4 2025, the market capitalization of the non-bank financial sector in actively managed funds increased to 1.83%, up by 0.62 percentage points from the previous quarter. The insurance sector's market capitalization share rose to 1.25%, an increase of 0.64 percentage points [1] - The report highlights a significant increase in the allocation to the insurance sector, driven by positive expectations for the 2026 New Year and asset-liability matching [3] - The report notes a slight increase in traditional brokerage holdings, with the market capitalization share rising to 0.49%, while the internet brokerage sector saw a decrease [2][4] Summary by Sections Non-Bank Financial Sector - The non-bank financial sector's market capitalization in actively managed funds is 1.83%, with a quarter-over-quarter increase of 0.62 percentage points [1] - The securities sector's market capitalization share is 0.49%, up by 0.06 percentage points, while the insurance sector's share is 1.25%, up by 0.64 percentage points [1] Securities Sector - Traditional brokerages saw a market capitalization share increase to 0.42%, up by 0.1 percentage points, attributed to improved performance and low valuations [2] - Major traditional brokerage stocks include Huatai Securities, CITIC Securities, and Guotai Junan, with significant increases in both shareholding numbers and market values [2] Insurance Sector - The insurance sector's allocation in actively managed funds rose from 0.61% to 1.25%, with major stocks like China Ping An and China Life seeing substantial increases in holdings and market values [3] - China Ping An's holdings increased by 97.6% to 3.15 billion shares, with a market value rise of 145.2% to 215.44 billion yuan [3] Multi-Financial Sector - The multi-financial sector's market capitalization share decreased to 0.09%, down by 0.09 percentage points, with significant declines in major stocks like Hong Kong Exchanges and Clearing [4] Investment Recommendations - The report suggests that the current allocation to the non-bank sector remains significantly underweight, and with ongoing market activity and reforms, there is a positive outlook for the sector's beta attributes [5]