非银行业周报（年第十七期）：监管发布减持新规，强化监管约束力度

Investment Rating - The industry investment rating is "Increase" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [46]. Core Insights - The securities sector experienced a decline of 3.57% this week, underperforming the CSI 300 index by 1.49 percentage points [3]. - The recent regulatory changes, including the new rules on shareholder share reductions, aim to enhance market transparency and protect investors' rights, which is expected to stabilize market expectations and boost investor confidence [3][38]. - The insurance sector has shown resilience, with an 18.35% increase in the insurance index since April 15, driven by favorable asset-side factors such as a recovering equity market and easing real estate policies [8]. Summary by Sections Securities - The average daily trading volume in A-shares was 851.7 billion yuan, with a slight decrease of 0.30% week-on-week [12]. - The PB valuation of the brokerage sector is currently at 1.05 times, which is at a historical low [3]. - The new regulations on share reductions are expected to reduce the likelihood of circumvention methods and enhance market integrity [3][38]. - The total financing scale for equity reached 146.7 billion yuan, with IPOs accounting for 27.1 billion yuan [16]. Insurance - As of March 2024, the total assets of insurance companies reached 32.86 trillion yuan, reflecting a year-on-year increase of 15.84% [31]. - The original insurance premium income for March 2024 was 215.44 billion yuan, showing a year-on-year growth of 10.73% [33]. - The insurance sector's asset allocation includes 45.41% in bonds and 12.02% in stocks and securities investment funds, indicating a diversified investment strategy [33]. Industry Dynamics - The China Securities Regulatory Commission (CSRC) has implemented new rules to regulate shareholder share reductions, which are designed to address market concerns and enhance regulatory oversight [38][40]. - The CSRC also released guidelines for investment research reports to improve the quality and independence of IPO pricing reports, which is crucial for the ongoing registration system reform [3][40].