GOLDEN SUN SECURITIES·2026-03-22 10:24Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [5]. Core Insights - The draft of the Financial Law aims to provide legal support for high-quality financial development, emphasizing the importance of long-term capital market stability and the optimization of financial institutions [1][2]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and pension security, despite short-term market adjustments [3][28]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from favorable valuations and performance [3][28]. Summary by Sections Industry Dynamics - The non-bank financial sector, securities, and insurance indices experienced declines of -2.55%, -2.79%, and -1.99% respectively, while the Shanghai Composite Index fell by -3.38% [11]. - The ten-year government bond yield was reported at 1.8299%, reflecting a slight increase from the previous week [15]. Insurance - The National Financial Supervision Administration is seeking public opinion on a revised complaint handling management method for banking and insurance institutions, aimed at protecting consumer rights [14]. - Key personnel changes include Zhang Jianying being appointed as the general manager of Ping An Asset Management and Zhu Xiaoyun as the president of China Reinsurance [14]. Securities - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year Plan" for capital markets, focusing on enhancing market resilience and investor returns [18]. - As of March 20, 2026, the average daily trading volume of stock funds was 27,438.10 billion yuan, a decrease of 10.03% from the previous week, while the margin trading balance was 26,501.28 billion yuan, down 0.55% [20].