——非银金融行业周报（2026/3/8-2026/3/14）：银保新单销售景气度较高，25下半年公募基金保有规模数据出炉-20260315

Investment Rating - The investment rating for the non-bank financial sector is "Positive" (maintained) [1] Core Views - The insurance sector shows a high level of new policy sales, with 79 life insurance companies achieving new premium income of 69 billion yuan in February 2026, representing a year-on-year growth of 6.9%. Cumulatively, the new premium income for January and February reached 281.4 billion yuan, up 21.7% year-on-year [4] - The top seven insurance companies have a cumulative growth rate of approximately 70% in new premium income for the first two months, significantly outperforming the overall industry. The report remains optimistic about the value recovery and market share increase of leading insurance companies under the "insurance and banking integration" and transformation of dividend insurance [4] - The securities sector is expected to benefit from the recovery of investment banking activities and changes in industry dynamics, with recommendations for Huatai Securities and attention to CITIC Securities, GF Securities, and Industrial Bank [5][6] - The multi-financial sector, particularly futures companies, has seen significant performance improvements due to increased volatility in commodity prices, with January 2026 revenues reaching 4.828 billion yuan and net profits at 1.775 billion yuan, marking year-on-year increases of 75% and 215% respectively [7][8] Summary by Sections Insurance Sector - The insurance sector's new policy sales are performing well, with a notable increase in new premium income and a strong performance from leading companies [4] Securities Sector - The revised disclosure standards for public funds are set to enhance transparency and investor confidence, which is expected to promote long-term healthy development in the public fund industry [5] - The top 20 sales institutions for non-monetary market funds have a total holding scale of 8.28 trillion yuan, with a quarter-on-quarter increase of 15% [6] Multi-Financial Sector - Futures companies reported a significant increase in revenue and net profit in January 2026, driven by high volatility in commodity prices and increased demand for hedging and speculation [7][8]