Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - The non-bank sector has shown strong performance this week, with some companies disclosing 2025 earnings forecasts, continuing a high growth trend. The securities sector is advised to seize allocation opportunities as market trading has rebounded and remains at historical highs. In the insurance sector, the logic of deposit migration, increased equity allocation, and improved new policy costs has been confirmed since the third quarter report, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery. A proactive allocation to insurance is recommended under a healthy slow bull market [4][6] - From the perspective of profitability and dividend stability, recommendations include Jiangsu Jinzhong for stable profit growth and dividend rates, China Ping An for stable dividends and high dividend yield, and China Pacific Insurance for its strong business model and market position. Additionally, based on performance elasticity and valuation levels, recommendations include New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings [4][6] Summary by Sections Market Performance - The non-bank financial index increased by 1.0%, with an excess return of 1.0% relative to the CSI 300, ranking high in the industry. Year-to-date, the non-bank financial index decreased by 0.5%, with an excess return of -2.2% relative to the CSI 300, ranking low [5] - Market activity has rebounded, with an average daily trading volume of 30,632.46 billion yuan, up 9.45% week-on-week, and an average turnover rate of 2.97%, up 28.54 basis points. The margin financing balance has increased to 2.74 trillion yuan, up 0.53% [5][36] Insurance Sector Insights - In November 2025, cumulative premium income reached 57,629 billion yuan, a year-on-year increase of 7.56%. Among this, property insurance income was 16,157 billion yuan (up 3.88%), and life insurance income was 41,472 billion yuan (up 9.06%) [19][20] - As of December 2025, the total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan (up 1.79%) and property insurance companies holding 3.12 trillion yuan (down 0.97%) [23][24] Securities Sector Insights - In January 2026, the equity financing scale rebounded to 1284.56 billion yuan, up 93.7% month-on-month, while bond financing decreased to 62 billion yuan, down 15.6% [46] - The average daily trading volume in the two markets has exceeded the 2025 average, indicating a recovery in brokerage business profitability [36][39] Key Industry News - The China Securities Regulatory Commission held a seminar on the "14th Five-Year Plan" for listed companies, focusing on optimizing issuance and listing systems, enhancing the quality and investment value of listed companies, and promoting long-term capital inflow into the market [56][57]