行业周报：近期调整带来左侧机会，关注业绩和风格切换催化

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - Recent adjustments in the market present left-side opportunities, with a focus on performance and style switching catalysts. The insurance and brokerage sectors have shown resilience despite geopolitical conflicts, with a positive long-term outlook driven by deposit migration and a slow bull market. The industry is experiencing favorable conditions, with the P/EV valuation of five A-share insurance companies dropping to a low of 0.75 times, and leading brokerages' PB and PE valuations at historical lows [6] - The brokerage sector is witnessing strong sales in mixed-asset funds, particularly in a low-interest-rate environment, indicating a shift in asset allocation for residents. The average daily trading volume for stock funds has increased significantly year-on-year, and the market is expected to maintain high activity levels, benefiting from wealth management and overseas expansion [7] - The insurance sector is benefiting from deposit migration, leading to high growth in individual insurance and bank insurance channels. Despite a temporary decline in new policy growth due to the timing of the Spring Festival, the overall trend remains positive, with major insurance companies expected to outperform the industry average [8] Summary by Sections Brokerage Sector - Daily average trading volume for stock funds is 3.05 trillion, down 6% week-on-week, but up 88% year-on-year. New fund establishment has also seen significant growth [7] - The brokerage sector's fundamentals are expected to remain strong, with low valuations and high potential for return on equity (ROE) improvements driven by wealth management and investment banking activities [7] Insurance Sector - In February 2026, the insurance market saw new single premiums reach 69 billion, a year-on-year increase of 6.9%. The cumulative new single premiums for January-February reached 281.4 billion, up 21.7% year-on-year [8] - The individual insurance channel reported a standard premium of 36.3 billion in January, reflecting a 36% year-on-year growth, indicating robust demand despite short-term fluctuations [8] Recommended Stocks - Recommended stocks include Huatai Securities, Guotai Junan, China Pacific Insurance, Tonghuashun, China Life, China Ping An, GF Securities, CICC, CITIC Securities, and Guosen Securities [9]