非银周观点：市场或面临回踩压力，非银金融有望后来居上

Investment Rating - The investment rating for the non-bank financial sector is "Buy" for companies like Dongfang Caifu and Guolian Securities, and "Hold" for China Pacific Insurance [1][2][12]. Core Viewpoints - The market is expected to face some pullback pressure, but non-bank financials are anticipated to perform well. The new chairman of the CSRC is expected to introduce more policies to stabilize the market, which could benefit quality brokers and financial IT companies [1][12]. - The insurance sector is seeing a valuation recovery, with a focus on high-dividend stocks like China Pacific Insurance and China Ping An. The insurance premium data for January 2024 shows a decline in life insurance premiums year-on-year [2][12][13]. Summary by Sections 1. Key Investment Portfolio - Insurance Sector: The insurance sector is currently undervalued, with a focus on high-dividend stocks. Recommended stocks include China Ping An and China Pacific Insurance [14]. - Brokerage Sector: Emphasis on mid-sized securities firms benefiting from innovation and transformation, such as Dongfang Caifu. Recommendations also include large, stable firms like Huatai Securities and China Galaxy Securities [16]. 2. Market Review - The Shanghai Composite Index rose by 3.71% during the week, with the insurance index increasing by 3.39% and the brokerage index by 2.35%. The multi-financial index saw a rise of 4.38% [23][24]. 3. Industry Dynamics - Insurance Industry: The cumulative original insurance premium income for the insurance industry in 2023 was 51,246.71 billion, reflecting a year-on-year increase of 9.13%. The life insurance sector saw a 9.91% increase, while the property insurance sector grew by 7.04% [34]. - Brokerage Industry: The central bank's net cash withdrawal has increased, leading to a tightening of the funding environment. The issuance scale of public funds has decreased significantly [40][44]. 4. Listed Company Announcements - China Ping An reported a 1.44% decline in original insurance premium income for January 2024, while China Pacific Insurance saw a 7.47% decline in the same period [36][37].