全力巩固资本市场稳中向好，全面看好非银板块

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [4]. Core Viewpoints - The non-bank financial sector is expected to benefit from a stable capital market, with significant improvements in market activity and investor sentiment [1][2]. - The insurance sector is entering a new cycle of growth, supported by stable long-term interest rates and a favorable investment environment, which enhances the competitiveness of insurance products [2]. - The brokerage sector is experiencing a mismatch between fundamentals and valuations, presenting a high cost-performance ratio for investors [3]. Summary by Sections Market Performance - As of early 2026, the average daily trading volume in the A-share market reached nearly 30 trillion, a 72.58% increase compared to the average daily trading volume in 2025 [1]. - The margin trading balance as of February 4, 2026, was 2.56 trillion, reflecting a 30.89% year-on-year increase [1]. - New A-share accounts opened in January 2026 totaled 4.9158 million, a 213% increase year-on-year [1]. Insurance Sector - The insurance sector is characterized by a positive asset-liability resonance, with improved performance expected in 2026 due to strong new business growth [2]. - The shift towards dividend insurance products among leading insurers is anticipated to enhance the sector's competitiveness [2]. Brokerage Sector - The A-share market's average daily trading volume for 2025 was 2.08 trillion, marking a 70.36% year-on-year increase [3]. - The number of IPO approvals surged by 109.43%, with fundraising amounts increasing by 208.01% [3]. - The overall price-to-book ratio for the brokerage sector is currently at 1.36, indicating a significant undervaluation compared to fundamentals [3]. Investment Recommendations - The report suggests a positive outlook for the insurance sector, emphasizing the unchanged long-term asset-liability resonance logic [4]. - For the brokerage sector, the report highlights the benefits from elevated market risk appetite and trading activity [4]. - Specific companies to watch include China Ping An, China Life, New China Life, Guotai Junan, and CITIC Securities [4].