Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [10] Core Insights - The report highlights that the performance of the non-bank sector has lagged behind the broader market since the beginning of 2025, with a slight market correction observed this week. However, the first quarter results for brokerages show stable improvement, suggesting a favorable environment for investment [2][7] - It is recommended to actively increase allocations in April, with a focus on stocks that exhibit both performance and valuation growth. The report emphasizes the importance of patience in waiting for catalysts while continuing to invest in high-growth, undervalued stocks [7] Summary by Sections Market Performance - The non-bank financial index increased by 1.2% this week, outperforming the CSI 300 by 0.8%. However, year-to-date, the non-bank financial index is down 8.6%, underperforming the CSI 300 by 4.9% [8] - The average daily trading volume in the market rose to 11,466.36 billion yuan, a 3.43% increase week-on-week, while the margin trading balance decreased slightly to 1.81 trillion yuan [8][39] Brokerage Performance - The report notes that the brokerage sector's performance is improving, with a recommendation to focus on high-growth, low-valuation stocks during the ongoing market correction [7] - Specific stocks recommended include New China Life Insurance, China Life Insurance, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, and Tonghuashun, with a focus on M&A themes for China Galaxy and stable dividend stocks like China Pacific Insurance and Jiangsu Jinzhong [7] Financial Market Trends - The report indicates that the financial supply-side reform is accelerating, particularly in the brokerage industry, which is progressing rapidly. This environment presents opportunities for thematic investments in the short term [7] - The report also tracks key financial metrics, noting that the average daily turnover and trading volume have shown signs of recovery, indicating a potential upward trend in brokerage profitability [39][45] Insurance Sector Insights - The insurance sector saw a cumulative premium income of 21,745 billion yuan in March 2025, reflecting a year-on-year increase of 0.93%. However, life insurance premiums showed a slight decline [25][29] - The total assets of the insurance industry reached 37.84 trillion yuan, with a net asset scale of 3.52 trillion yuan, indicating a healthy growth trajectory [29][30] Investment Banking Activity - In March 2025, equity financing reached 568.10 billion yuan, a significant increase of 1141.3% month-on-month, while bond financing also saw a rise to 8.69 trillion yuan, up 26.5% [49][50] - The report anticipates an increase in stock underwriting volumes due to the promotion of refinancing regulations and registration systems, while bond underwriting will need to be monitored closely in relation to interest rate fluctuations [50]

3月27日晚间，邮储银行(股票代码：601658.SH，1658.HK)对外披露了2024年年度报告。面对复杂 的经济环境和行业息差收窄压力，邮储银行难得地交出了一份兼具稳健与进取的年度答卷。 公告显示，报告期内，邮储银行资产总额达17.08万亿元，较上年末增长8.64%，负债总额16.05万亿 元，较上年末增长8.69%；实现营业收入3,487.75亿元，同比增长1.83%，增速居国有大行前列；实 现利润总额945.92亿元，在高基数下同样保持了温和增长。与此同时，在"量价险"均衡策略下， 2024年邮储银行实现净息差1.87%，继续保持同业领先。 透过数据可见，邮储银行在巩固传统零售优势的同时，加速布局新赛道，构建起更具韧性的资产负债表 与损益表结构，为长期增长注入新动能。对此，有市场人士分析并表示，邮储银行2024年的经营，成 功实现了"规模增长、结构优化、风险可控"的均衡生长。随着"五篇大文章"战略的纵深推进及数字化 转型红利的持续释放，邮储银行有望在利率市场化与行业分化加剧的背景下，进一步巩固差异化竞争优 势，成为金融供给侧改革与高质量发展的国有大行典范。 传统优势巩固：零售护城河与县域网络深化 作 ...

Core Viewpoint - The reduction in the number of banking institutions in China, particularly rural and small banks, reflects the ongoing trend of consolidation and restructuring in the financial sector, driven by regulatory policies aimed at risk management and market exit strategies [1][2][3]. Group 1: Current Status of Banking Institutions - As of the end of December 2024, there are 4,295 banking institutions in China, a decrease of 195 from the end of 2023 and 307 from the end of 2021 [1][2]. - The number of rural commercial banks, rural credit cooperatives, and village banks has significantly decreased, accounting for over 90% of the total reduction in banking institutions [2]. Group 2: Trends in Small and Medium-Sized Banks - The trend of small and medium-sized banks exiting the market is a result of deeper market-oriented reforms and increased competition, which demands higher sustainability from financial institutions [3][4]. - Regulatory bodies are pushing for the consolidation of rural small banks to optimize resources and improve risk management capabilities [5]. Group 3: Future Outlook and Strategies - The future of small and medium-sized bank reforms is expected to follow three main trends: accelerated consolidation, a return to core functions and specialized development, and continued risk resolution efforts [5]. - Regulatory policies will guide the integration of small banks through mergers and acquisitions, aiming to reduce the number of institutions while enhancing their operational efficiency and risk resilience [5].