国泰海通｜非银：非银持仓略降，居民增配权益有望促进非银表现活跃——2025年三季度非银板块基金持仓分析

Group 1: Non-Bank Sector Analysis - The non-bank sector is currently under-allocated, with an overall under-allocation of 4.32 percentage points [1][3] - Institutional funds are expected to continue entering the market, with a focus on improving profitability and low valuations in non-bank stocks [1][3] - In Q3, the brokerage sector saw an increase in allocation, with public funds (excluding passive index funds) raising their holdings from 0.80% to 0.85%, although still under-allocated by 2.75 percentage points [1] Group 2: Insurance Sector Insights - The allocation ratio for the insurance sector decreased from 1.41% to 1.03%, indicating an under-allocation of 1.11 percentage points, while the insurance index fell by 1.6% in Q3 [2] - Individual stock movements include China Life's holding increasing from 0.019% to 0.020%, while China Ping An's holding decreased from 0.86% to 0.68% [2] - The expectation of continued inflow of funds and prioritization of low-valuation targets supports a positive outlook for insurance stocks [2] Group 3: Financial Technology and Diversified Finance - The allocation ratio for diversified finance and financial technology increased from 0.182% to 0.204% in Q3 [2] - Notable individual stock increases include Tonghuashun and Zhinan's holdings rising from 0.0626% to 0.0744% and from 0.0243% to 0.0454%, respectively [2] - The number of shares held by Bohai Leasing increased significantly from 0.017 billion shares to 1.96 billion shares, indicating growing interest in financial information service providers [2]