非银金融行业周报：监管趋严，市场信心修复

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The non-bank financial index has increased by 2.74% year-to-date, outperforming the CSI 300 index by 1.03 percentage points, ranking sixth among 31 Shenwan first-level industries [2] - The non-bank financial sector rose by 2.80% this week, while the CSI 300 index increased by 3.71%, resulting in an underperformance of 0.91 percentage points, ranking twenty-seventh among 31 Shenwan first-level industries [2] - The valuation of the brokerage sector is currently at 1.17 times PB, below the historical average of 1.67 times PB over the past decade, while the insurance sector is at 0.96 times PB, below its historical average of 1.84 times PB [2] Summary by Sections Market Performance Review - The non-bank financial sector has shown a cumulative increase of 2.74% since the beginning of the year, outperforming the CSI 300 index by 1.03 percentage points [2] - This week, the sector's performance was weaker than the broader market, with a rise of 2.80% compared to the CSI 300's 3.71% [2] - Key stocks in the non-bank financial sector include Rendo Holdings, Yalian Development, Jiuding Investment, Huajin Capital, and Shoufang Securities, which have shown significant gains [2][12] Policy Tracking - The China Securities Regulatory Commission (CSRC) is actively engaging with various stakeholders to strengthen market regulation and prevent risks [3] - The CSRC is committed to implementing policies that promote high-quality development in the capital market [3] - Recent measures include stricter trading regulations and enhanced monitoring of quantitative trading practices [5] Insurance Sector Dynamics - The insurance industry has shown stable growth, with total assets reaching 29.96 trillion yuan by the end of Q4 2023, a 10.4% increase from the beginning of the year [5] - The comprehensive solvency adequacy ratio for the insurance industry stands at 197.1%, indicating strong financial health [5] - In January, the life insurance premium income for five listed insurers decreased by 4.2% year-on-year, attributed to ongoing adjustments in business structure [6][8] Investment Recommendations - The report suggests that both the brokerage and insurance sectors are expected to exhibit beta characteristics and rebound as market confidence improves [8] - Key stocks to focus on in the brokerage sector include CITIC Securities and China Galaxy, while in the insurance sector, China Pacific Insurance and New China Life are recommended due to their low valuations and potential for high elasticity [8]