非银金融行业周报：减持新规落地提振市场信心，中期分红推出凸显配置价值

Investment Rating - The report rates the non-bank financial sector as "Overweight" [5][26]. Core Insights - The report highlights that the recent implementation of share reduction regulations has boosted market confidence, which is expected to enhance the stability of the capital market and protect the rights of small and medium investors [6][7]. - The insurance sector is seeing improvements in asset-liability management, with New China Life Insurance planning to implement mid-term dividends, indicating a positive outlook for high dividend opportunities in the financial blue-chip sector [7]. - The report suggests that the capital market's long-term logic remains unchanged, with recommendations to focus on mergers and acquisitions, high financial ratios, and return on equity (ROE) improvements in brokerage firms [7]. Summary by Sections Market Review - The non-bank financial index fell by 3.3% last week, underperforming the CSI 300 by 1.2 percentage points, with brokerage and insurance indices also declining by 3.57% and 2.52% respectively [6][10]. - Average daily trading volume for stock funds was 970.1 billion yuan, a 0.9% increase week-on-week, while the margin trading balance decreased slightly by 0.3% to 1.53 trillion yuan [21]. Brokerage Insights - The implementation of new share reduction regulations is expected to enhance market stability and investor confidence, with stricter rules on major shareholder reductions [6][7]. - The report emphasizes the importance of a mature regulatory framework for the long-term health of the capital market [6]. Insurance Insights - New China Life Insurance's proposal for mid-term dividends aligns with regulatory encouragement for multiple dividend distributions, enhancing investor returns [7]. - The insurance sector is expected to benefit from a decline in deposit rates, which may stimulate savings demand, and improvements in the cost of liabilities due to ongoing reforms [7]. Investment Recommendations - For brokerages, the report suggests focusing on large, financially strong firms with stable operations, particularly in the context of the new capital market policies [7]. - In the insurance sector, the introduction of a tiered agent system is anticipated to improve the quality of the workforce, and the report remains optimistic about the growth potential of major comprehensive insurance companies [7].