非银金融周报：两强两严，提升市场韧性

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The non-bank financial sector has underperformed the CSI 300 index by 2.59 percentage points over the past year, ranking 10th among 31 Shenwan first-level industries. In the recent week, the sector declined by 2.37%, underperforming the CSI 300 index by 2.57 percentage points, ranking 28th [3][4] - The current valuations of various sub-sectors within the non-bank financial industry are at low levels, with the brokerage sector's valuation at 1.16 times PB, below the historical average of 1.67 times PB, and the insurance sector's valuation at 0.92 times PB, below the historical average of 1.84 times PB [3][4] Summary by Sections Market Performance Review - Year-to-date, the non-bank financial index has increased by 0.73%, while the CSI 300 index has risen by 3.32%, indicating a relative underperformance of 2.59 percentage points [3] - In the past week, the non-bank financial sector saw a decline of 2.37%, while the CSI 300 index increased by 0.20%, leading to a relative underperformance of 2.57 percentage points [3] Policy Tracking - The government work report emphasized the need for flexible and effective monetary policy, aiming to lower social financing costs and enhance the stability of the capital market [4][6] - The focus on investor protection and strict regulation of major violations was highlighted, with a commitment to improving the quality of listed companies [6] Industry Dynamics - The brokerage sector is expected to benefit from stricter regulations and potential mergers and acquisitions, with a recommendation to focus on leading brokerages like CITIC Securities and China Galaxy [6] - The insurance sector is noted for its low valuations, with expectations for better-than-expected performance in life insurance and a potential rebound as the equity market stabilizes [6] Investment Recommendations - The report suggests that both the brokerage and insurance sectors are likely to exhibit beta characteristics and may experience a rebound, with specific attention to leading firms and those with merger expectations [6]