非银行业周报（2024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 "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [47]. Core Insights - The securities sector experienced a decline of 3.57%, underperforming the CSI 300 index by 1.49 percentage points. The current PB valuation for the brokerage sector stands at 1.05 times, which is at a historical low [6]. - Recent regulatory changes, including the new rules on shareholder share reductions, aim to enhance market transparency and protect investor rights, which is expected to stabilize market expectations and boost investor confidence [6]. - The insurance sector has shown resilience, with an 18.35% increase in the insurance index since April 15, driven by favorable asset conditions and supportive real estate policies [9]. Summary by Sections Securities - Weekly data shows that the average daily trading volume for A-shares was 851.7 billion yuan, with a slight decrease of 0.30% week-on-week. The daily turnover rate increased by 0.13 percentage points to 2.94% [15]. - The net inflow of northbound funds was 0.8 billion yuan, a recovery from the previous week's outflow of 1.6 billion yuan [16]. - The total scale of equity financing reached 146.7 billion yuan, with IPOs accounting for 27.1 billion yuan and additional issuances totaling 87.5 billion yuan [19][20]. 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% [32]. - The original insurance premium income for March 2024 was 215.44 billion yuan, showing a year-on-year growth of 10.73% [34]. - The insurance sector's asset allocation includes 2.72 trillion yuan in bank deposits and 12.57 trillion yuan in bonds, indicating a diversified investment strategy [34]. Industry Dynamics - The China Securities Regulatory Commission (CSRC) has implemented new regulations to manage shareholder share reductions, which are designed to address market concerns and enhance regulatory oversight [39]. - The CSRC also released guidelines for investment research reports, aiming to improve the quality and independence of these reports, thereby fostering a more stable capital market [41].