Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The report highlights the regulatory push for high-quality development in health insurance and the implementation of "reporting and operation integration" in non-auto insurance, which is expected to improve industry profitability [1][4] Summary by Sections Non-Bank Financial Subsector Performance - In the recent two trading days (October 9-10, 2025), all non-bank financial sub-sectors outperformed the CSI 300 index, with the securities sector rising by 0.55%, insurance by 0.72%, and diversified finance by 1.68%, while the overall non-bank financial sector increased by 0.71% [9][10] Non-Bank Financial Subsector Views Securities - Trading volume has increased year-on-year, with the average daily trading volume for October 2025 reaching CNY 30,222 billion, a 35.10% increase compared to October 2024 [14] - The margin trading balance as of October 9, 2025, was CNY 24,455 billion, up 58.00% year-on-year [14] - The average price-to-book (PB) ratio for the securities industry is projected at 1.4x for 2025 [19] Insurance - The regulatory body has issued guidelines to promote high-quality development in health insurance, aiming for a multi-tiered health insurance market by 2030 [21] - Health insurance premiums totaled CNY 7,598 billion from January to August 2025, reflecting a 2.4% year-on-year growth [25] - The implementation of "reporting and operation integration" in non-auto insurance is expected to enhance profitability, with total premiums for non-auto insurance reaching CNY 6,195 billion, accounting for 50.8% of total premiums [24] Diversified Finance - The trust industry saw its asset scale reach CNY 29.56 trillion by the end of 2024, a 23.58% increase year-on-year, although profits declined significantly [32] - The futures market recorded a trading volume of 839 million contracts and a turnover of CNY 65.08 trillion in August 2025, marking year-on-year increases of 13.98% and 21.38%, respectively [35] Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and diversified finance, recommending companies such as China Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [48]

Group 1 - The core viewpoint emphasizes the need for high-quality planning and implementation of the "15th Five-Year" capital market strategy, focusing on enhancing market attractiveness, inclusiveness, and competitiveness [1][3] - The "14th Five-Year" period saw significant improvements in China's capital market, with a comprehensive restructuring of foundational systems and regulatory logic, leading to a more robust multi-tiered market system and enhanced market resilience [1][2] - Participants at the meeting proposed specific recommendations for the "15th Five-Year" capital market planning, including reforms in areas such as issuance, refinancing, and mergers and acquisitions to boost market appeal and inclusivity [2] Group 2 - There is a strong emphasis on supporting listed companies to improve their quality and investment value, encouraging higher dividend payouts and share buybacks, and enhancing the role of institutional investors in corporate governance [2][3] - The development of high-quality securities and fund companies is encouraged to create top-tier investment banks and institutions, alongside promoting the high-quality growth of intermediary services like accounting and law firms [2] - The need to enrich the A-share market product service system, including indices, ETFs, and derivatives, is highlighted to better serve the wealth preservation and appreciation needs of residents [2]

Core Insights - The China Securities Regulatory Commission (CSRC) is focusing on high-quality planning for the "14th Five-Year" capital market strategy, emphasizing the need for comprehensive reforms and improvements in market structure and functionality [1][2][3] Group 1: Capital Market Development - During the "14th Five-Year" period, China's capital market has achieved both quantitative and qualitative growth, particularly following the implementation of the new "National Nine Articles" and the "1+N" policy framework [1] - The foundational systems and regulatory logic of the capital market have been comprehensively restructured, leading to a more complete multi-level market system and enhanced market resilience [1] Group 2: Reform Suggestions - Specific suggestions for the "15th Five-Year" capital market planning include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while enhancing policy execution mechanisms to increase market attractiveness and inclusivity [2] - There is a call for greater support for listed companies to improve their performance, encouraging them to increase dividend payouts and share buybacks, and enhancing the role of institutional investors in corporate governance [2] Group 3: Institutional Development - The need to support high-quality securities and fund companies in building top-tier investment banks and institutions is emphasized, alongside promoting the high-quality development of intermediary institutions like accounting and law firms [2] - Enhancing the product service system of the A-share market, including indices, ETFs, and derivatives, is crucial for better serving the wealth preservation and appreciation needs of residents [2] Group 4: Policy and Governance - The CSRC stresses the importance of adhering to the principles of comprehensive leadership, prioritizing people, and promoting high-quality development while implementing the capital market planning [3] - The focus is on leveraging the reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market to deepen comprehensive financing reforms and enhance market competitiveness [3]

Group 1 - The core message emphasizes the importance of high-quality planning for the "14th Five-Year" capital market, focusing on deepening reforms and enhancing market attractiveness and competitiveness [1][2] - The China Securities Regulatory Commission (CSRC) is committed to implementing the spirit of the upcoming 20th National Congress and ensuring comprehensive leadership and high-quality development in the capital market [1] - The meeting highlighted the need for listed companies and industry institutions to enhance their professional capabilities and market reputation while fostering a culture that respects and rewards investors [1] Group 2 - During the discussion, participants acknowledged that the capital market experienced significant growth in both quantity and quality during the "14th Five-Year" period, particularly after the implementation of the new "National Nine Articles" and the "1+N" policy framework [2] - Suggestions for the "15th Five-Year" capital market planning included deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, as well as enhancing policy execution mechanisms [2] - There is a call for greater support for listed companies to improve their performance, increase dividend payouts, and enhance the role of institutional investors in corporate governance [2]

Core Insights - The meeting emphasized the need for high-quality planning for the "15th Five-Year" capital market strategy, reflecting on the achievements of the "14th Five-Year" period, particularly the implementation of the new "National Nine Articles" and the "1+N" policy framework, which have significantly restructured the foundational systems and regulatory logic of the capital market [1][2] Group 1: Capital Market Development - The capital market has experienced a dual increase in quantity and quality during the "14th Five-Year" period, with enhanced market resilience and a more complete multi-level market system [1] - Participants suggested reforms in areas such as issuance, refinancing, and mergers and acquisitions to enhance the attractiveness and inclusivity of the capital market [2] Group 2: Support for Listed Companies - There is a call for greater support for listed companies to improve their performance, including encouraging higher dividend payouts and share buybacks [2] - The role of institutional investors in corporate governance is highlighted as a means to enhance the quality and investment value of listed companies [2] Group 3: Industry and Institutional Development - The meeting advocated for the development of top-tier investment banks and institutions, as well as the high-quality growth of intermediary services such as accounting and law firms [2] - There is a focus on enriching the product service system of the A-share market, including indices, ETFs, and derivatives, to better serve wealth preservation and growth for residents [2] Group 4: Reform and Governance - Emphasis was placed on the need for comprehensive reforms in the capital market, leveraging the "Science and Technology Innovation Board" and "Growth Enterprise Market" as key reform drivers [3] - The importance of maintaining a market culture that respects and rewards investors was underscored, with a call for listed companies and industry participants to enhance their professional capabilities and market reputation [3]

Group 1: Government Policies - The State Council issued a notice to implement domestic product standards in government procurement, effective from January 1, 2026, aiming to create a unified and competitive procurement market [3] - The notice specifies that products must be produced in China and meet certain cost percentage requirements to qualify as domestic products, with a 20% price evaluation preference for domestic products in procurement activities [3] Group 2: Market Developments - Starting from October 9, 2025, the Beijing Stock Exchange will switch all existing stock codes to the new 920 code, following the China Securities Regulatory Commission's proposal for independent code segments [12] - Several brokerage firms have announced optimizations to their trading terminals in preparation for the code switch, advising investors to use the latest version for trading and inquiries [12] Group 3: Financial Data - As of the end of September, China's gold reserves stood at 7.406 million ounces, marking an increase of 40,000 ounces and continuing a streak of 11 consecutive months of gold accumulation [9] - China's foreign exchange reserves reached $333.87 billion at the end of September, reflecting a $1.65 billion increase and a 0.5% rise from the previous month [10]

Group 1 - The core viewpoint emphasizes the need for comprehensive reform in the capital market, focusing on the "Two Innovation Boards" (Sci-Tech Innovation Board and ChiNext) to enhance investment and financing mechanisms [3][6] - The China Securities Regulatory Commission (CSRC) is actively engaging with various stakeholders to gather insights for the "14th Five-Year" capital market planning, highlighting the achievements in market quality and resilience during the "13th Five-Year" period [4][5] - Specific suggestions for the "15th Five-Year" capital market planning include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, as well as enhancing the attractiveness and inclusiveness of the capital market [5][6] Group 2 - The meeting underscored the importance of supporting listed companies to improve their performance and encouraging them to increase dividends and share buybacks, thereby enhancing corporate governance [5][6] - There is a call for the development of high-quality investment banks and institutions, as well as the improvement of intermediary services such as accounting and legal firms to boost their international competitiveness [5][6] - The need to enrich the A-share market product offerings, including indices, ETFs, and derivatives, is highlighted to better serve the wealth preservation and appreciation needs of residents [5][6]

Group 1 - The China Securities Regulatory Commission (CSRC) emphasizes the importance of listed companies, industry institutions, and intermediaries in enhancing professional capabilities and market reputation to achieve high-quality development in the capital market [1] - CSRC Chairman Wu Qing advocates for deepening comprehensive reforms in investment and financing, focusing on the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance market attractiveness, inclusiveness, and competitiveness [1] - A recent meeting was held to discuss the "14th Five-Year" capital market planning, where representatives provided specific suggestions for further deepening capital market reforms, including supporting high-quality securities firms and enhancing cross-border investment convenience [1] Group 2 - The CSRC is promoting a whistleblower culture to improve the reporting system and respond to market concerns, in line with the decisions of the central government [3] - New definitions and improved reward conditions for whistleblowers have been established, with significant cases that severely disrupt market order or harm investor rights now eligible for rewards [4] - The maximum reward for whistleblowers has been increased to 1 million yuan for cases with substantial national impact or involving large sums of money [4][5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on high-quality planning for the "14th Five-Year" capital market strategy, emphasizing the importance of deepening reforms and enhancing market attractiveness and competitiveness [1][4]. Group 1: Capital Market Reforms - The reform of the Sci-Tech Innovation Board and the Growth Enterprise Market will serve as key drivers for further deepening comprehensive reforms in investment and financing [2][4]. - A new round of capital market reform and opening-up will be fully promoted to enhance the market's appeal, inclusiveness, and competitiveness [2][4]. Group 2: Market Development and Ecosystem - During the "14th Five-Year" period, China's capital market has achieved both quantitative and qualitative improvements, particularly following the implementation of the new "National Nine Articles" and the "1+N" policy framework [2][3]. - The foundational systems and regulatory logic of the capital market have been comprehensively restructured, leading to a more complete multi-level market system and enhanced market resilience [2][3]. Group 3: Specific Suggestions for Future Planning - Suggestions include further deepening reforms in areas such as issuance and listing, refinancing, and mergers and acquisitions, while improving policy execution mechanisms to enhance market attractiveness and inclusiveness [3]. - There is a call for greater support for listed companies to improve their quality and investment value, including encouraging higher dividend payouts and share buybacks [3]. - The development of high-quality securities and fund companies is encouraged to create top-tier investment banks and institutions, while also enhancing the capabilities of intermediary institutions like accounting and law firms [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on high-quality planning for the "14th Five-Year" capital market strategy, emphasizing the need for comprehensive reforms and improvements in the capital market to enhance its attractiveness and inclusivity [1][2][3]. Group 1: Capital Market Development - During the "14th Five-Year" period, China's capital market has achieved both quantitative and qualitative improvements, particularly following the implementation of the new "National Nine Articles" and the "1+N" policy framework [2]. - The market's foundational systems and regulatory logic have been comprehensively restructured, resulting in a more complete multi-tiered market system and enhanced market resilience [2]. Group 2: Recommendations for the "15th Five-Year" Plan - Suggestions for the "15th Five-Year" capital market planning include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while improving policy execution mechanisms [2]. - There is a call for greater support for listed companies to enhance their quality and investment value, including encouraging higher dividend payouts and share buybacks [2]. - The need to support high-quality securities and fund companies in building top-tier investment banks and institutions is emphasized, alongside promoting the high-quality development of intermediary institutions like accounting and law firms [2]. Group 3: Strategic Emphasis - The CSRC Chairman Wu Qing highlighted the importance of adhering to the principles of comprehensive leadership, prioritizing the people, and promoting high-quality development in the upcoming capital market planning [3]. - The focus will be on leveraging the reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market to further deepen comprehensive reforms in investment and financing [3]. - The aim is to enhance the market's attractiveness, inclusivity, and competitiveness while fostering a culture that respects and rewards investors [3].