——非银金融行业周报（2026/3/2-2026/3/6）：重申重视券商板块配置窗口期-20260308

Investment Rating - The report emphasizes the importance of allocating to the brokerage sector, indicating a favorable investment outlook for this industry [2]. Core Insights - The brokerage sector has shown significant price differentiation from the broader market since August 2025, primarily due to factors such as liquidity pressure and geopolitical disturbances. The current valuation of brokerages has dropped to 1.29x PB, with several firms trading below 1.1x PB, suggesting potential for recovery as these pressures ease [4]. - The insurance sector has experienced a decline, but there is optimism regarding long-term value due to regulatory support for insurance capital entering the market. The report anticipates a continued upward trend in insurance capital market participation [4]. - The report outlines three investment themes for brokerages: 1) Strong institutions benefiting from improved competitive dynamics, 2) Brokerages with significant earnings elasticity, and 3) Firms with strong international business capabilities [4]. Summary by Sections Market Review - For the week of March 2-6, 2026, the CSI 300 index closed at 4,660.44, with a decline of 1.07%. The non-bank index closed at 1,924.99, down 2.54%. The brokerage, insurance, and diversified finance sectors reported declines of 3.18%, 1.44%, and 1.82%, respectively [7]. Non-Banking Industry News - The government work report released on March 5, 2026, highlighted multiple development signals for the financial sector, including a commitment to maintaining liquidity and reducing financing costs. The report also emphasized the need for reforms in the capital market to enhance direct financing and investor protection [9][10]. - The China Securities Regulatory Commission (CSRC) announced new regulations on short-term trading, effective April 7, 2026, aimed at facilitating the entry of long-term capital into the market [13]. Investment Analysis - The report suggests that 2026 will be a pivotal year for brokerages, driven by policy, capital, and market trading dynamics. It recommends focusing on the upcoming Q1 2026 earnings disclosures and the impact of policy reforms on the sector [4]. - For the insurance sector, the report indicates a systemic value reassessment opportunity, recommending several key players such as China Ping An, New China Life, and China Life Insurance [4].