国泰海通｜综合金融：非银获增配，重视配置力量带来的非银机会

Group 1: Non-Bank Sector Insights - The non-bank sector is still underweight, with an overall underweight of 4.72 percentage points [1][3] - Institutional funds are increasingly entering the market, with a focus on low-valuation non-bank stocks [3] - In Q2, the brokerage sector saw an increase in allocation, with public funds (excluding passive index funds) raising their holdings from 0.51% to 0.80%, although still underweight by 3.02 percentage points [1] Group 2: Insurance Sector Insights - The insurance sector allocation increased from 0.84% to 1.40%, remaining underweight by 1.23% [2] - The insurance index rose by 11.53% in Q2, indicating positive market performance [2] - Key individual stocks like China Ping An and China Life saw increases in their holding proportions, reflecting growing institutional interest [2] Group 3: Financial Technology and Multi-Financial Sector Insights - The allocation for multi-financial and financial technology sectors increased from 0.176% to 0.182% [2] - Individual stock performance varied, with Tonghuashun seeing a decrease in holdings while Zhinan Compass experienced an 82% increase in institutional shares [2] - The ongoing implementation of policies to attract incremental funds and the continuous rollout of AI-related products are expected to create investment opportunities in financial information service providers [2]