行业周报：AI冲击担忧造成保险板块承压，回调带来布局机会-20260301

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The report highlights that concerns over AI impacts have pressured the insurance sector, creating opportunities for positioning as the market adjusts. The average PEV valuation for A-share listed insurance companies has dropped to 0.78 times, indicating favorable odds for short-term adjustments. The performance catalyst window for the insurance and brokerage sectors is expected to open gradually in March and April, presenting good opportunities for investment [5] - The brokerage sector is benefiting from an increase in the Hong Kong stock market's activity, with February's average daily stock trading volume reaching 2.83 trillion yuan, a year-on-year increase of 34%. The Hong Kong Stock Exchange reported a revenue increase of 30.3% year-on-year, driven by record trading volumes in various markets [6] - In the insurance sector, a new dividend insurance product with a guaranteed interest rate of 1.25% has been launched, which is lower than the market average of 1.75%. This move is seen as a strategy to manage risk in a low-interest-rate environment, indicating strong demand for dividend insurance products amid bullish market expectations [7] Summary by Sections Non-Bank Financials - The report indicates a positive outlook for the non-bank financial sector, with significant growth in new fund establishments and stock trading volumes [6] Insurance - The introduction of a new dividend insurance product with a 1.25% guaranteed rate reflects a proactive approach by insurers to manage risks and meet market demand. The sector is expected to see improved performance as long-term interest rates stabilize and asset performance improves [7] Brokerage - The brokerage sector is poised for a spring rally, with low valuations and high growth potential in retail and wealth management. Key recommendations include firms with strong wealth management contributions and low valuations [6][8]