非银金融行业周报（2026/2/22-2026/2/28）：2月股基成交保持活跃-20260302

Investment Rating - The investment rating for the non-bank financial sector is "Positive" (maintained) [1] Core Insights - The report highlights that the insurance sector has shown strong performance, with over 50 insurance asset management products achieving an annualized return exceeding 100% since the beginning of 2026. This reflects the excellent investment research capabilities of insurance companies in a structural market environment [5] - The stock investment balance of the insurance industry reached 3.73 trillion yuan at the end of 2025, a year-on-year increase of 53.8%, indicating a significant increase in equity allocation [5] - The report anticipates that the net profit elasticity of insurance companies will continue to improve in a "slow bull" market environment for equities [5] Summary by Sections Securities Industry Data - In February 2026, the average daily trading volume of A-shares was 2.83 trillion yuan, a year-on-year increase of 34.00% but a month-on-month decrease of 22.47% [12] - The margin trading balance at the end of February 2026 was 2.67 trillion yuan, up 40.50% year-on-year but down 1.78% month-on-month, indicating sustained participation of leveraged funds [13] - The report notes a significant year-on-year increase in IPO and refinancing funds raised in February 2026, with IPOs raising 60.76 billion yuan (up 4642.56%) and refinancing raising 342.82 billion yuan (up 439.99%) [13] - The issuance of new public funds in February 2026 was 17.847 billion units, a year-on-year decrease of 79.86% and a month-on-month decrease of 88.92% [13] Key Company Announcements - Zhejiang Securities announced a change in its president, with Qian Wenhai resigning and Cheng Jingdong appointed as the new president [20] - Founder Securities reported that its major shareholder, China Cinda, did not execute its share reduction plan as scheduled [21]