非银金融行业周报：严监管下市场风险可控，把握良性发展通道下的配置机遇

Investment Rating - The report rates the non-bank financial industry as "Overweight" [5] Core Insights - The non-bank financial index increased by 6.1%, outperforming the CSI 300 by 0.3 percentage points, with both brokerage and insurance indices showing synchronized growth of 5.98% and 6.94% respectively [6][11] - The report emphasizes that market risks are controllable under strict regulations, with a focus on enhancing the quality of listed companies [6][7] - The insurance sector is seeing improved information disclosure and a solid fundamental support for valuation recovery [7] Summary by Sections Market Review - The non-bank financial index rose by 6.1% during the four trading days before the Spring Festival, with the brokerage index up by 6.0% and the insurance index up by 6.9% [11] - Average daily trading volume for stock funds reached 11,723 billion yuan, a week-on-week increase of 31.1% [18] Securities - The report highlights that the market risks are manageable, with the China Securities Regulatory Commission (CSRC) emphasizing strict penalties for illegal activities and improving the quality of listed companies [6][7] - As of February 8, the average maintenance guarantee ratio across the market was 246%, indicating a stable risk environment [6] Insurance - The CSRC is seeking to enhance information disclosure for listed insurance companies, which is expected to improve investor understanding [7] - The insurance sector is experiencing a solid performance in the "opening red" period, with regulatory improvements supporting the sector's fundamentals [7] Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high "financial inclusion rates," and ROE improvement, recommending large, financially strong brokerages [7] - In the insurance sector, the introduction of a tiered agent system is expected to enhance the quality of the workforce, with optimism for value growth in the "opening red" period [7]