Investment Rating - The industry rating is "Positive" (maintained) [6] Core Viewpoints - The non-bank financial sector is expected to continue its positive performance in H1 2025, with a narrowing of performance differentiation among insurance companies. The average growth rate of new business value (NBV) for life insurance is projected at 34.1%, and net profit is expected to improve overall, with the securities industry net profit anticipated to grow by 46.4% [1][4] Summary by Sections Insurance Industry Performance Outlook - For H1 2025, major listed insurance companies are expected to see a continued rapid increase in NBV, with an average growth rate of 34.1%. Specific growth rates are projected as follows: New China Life (45.9%) > Ping An (41.8%) > China Pacific Insurance (32.7%) > China Life (16.1%) [2] - Factors driving this growth include lower preset interest rates compared to the same period last year, a decrease in expense ratios due to regulatory requirements, and an optimized business structure focusing on increasing regular premium products while reducing single premium business [2] - The comprehensive cost ratio (COR) for property insurance is expected to improve by 1.4 percentage points to 95.4% due to a normal state of operations compared to the previous year's extreme weather events [3] - Overall net profit for insurance companies is expected to improve, driven by increased investment income, with the equity market performing better than the previous year [3] Securities Industry Performance Outlook - The securities industry is projected to see a net profit growth of 46.4% year-on-year for H1 2025. The brokerage business is expected to benefit from active market trading, with daily average stock fund turnover reaching 1.5 trillion yuan, a year-on-year increase of 57% [4] - The investment banking sector is expected to see significant growth, with equity underwriting volumes increasing over 13 times year-on-year, driven by refinancing activities [4] - Asset management business is projected to see a slight decline in net income due to decreased management fees, despite a small year-on-year increase in public fund scale [4][5] - The credit business is expected to see a decline in net income due to pressure on interest margins, despite a year-on-year increase in average margin financing balances [5] - Investment income is expected to grow by 32% year-on-year, supported by a recovering equity and bond market [8] Investment Recommendations - The report suggests a positive outlook for the non-bank sector in the short term, with both numerator and denominator factors aligning for upward momentum. In the medium to long term, continued policy support and deepening reforms are expected to enhance the strategic allocation value of the sector, which is currently undervalued [9] - Specific stock recommendations include New China Life, China Life Insurance, China Pacific Insurance, GF Securities, Xiangcai Securities, Dongfang Wealth, Guiding Compass, Lianlian Digital, and OSL Group [9]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 （责任编辑：张晓波 ） 东吴证券指出，保险行业受益于经济复苏和利率上行，储蓄类产品销售占比大幅提升，长期看好健 康险和养老险发展空间。证券行业受益于市场回暖和政策环境友好，经纪业务、投行业务、资本中介业 务等均有所改善。中证协发布《实施意见》强化自律管理，推动行业高质量发展，包括完善自律体系、 加强保荐承销业务管理、引导服务功能发挥等。7月交易量同比大幅提升，日均股基交易额同比增长 120%，两融余额同比提升27.9%。 证券ETF跟踪的是证券公司指数，该指数由中证指数有限公司编制，主要从沪深市场中选取业务涉 及证券经纪、承销与保荐、资产管理等领域的上市公司证券作为指数样本，以反映证券行业相关上市公 司证券的整体表现。该指数成分股多为证券类龙头企业，具有显著的行业代表性和市场影响力。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅 ...

Group 1 - The core viewpoint of the report indicates that the market rotation is in a consolidation phase, with a focus on core assets in the Beijing Stock Exchange (北交所) related to technology and new consumption [10][15]. - The North Exchange 50 Index increased by 0.41%, while the specialized index rose by 0.07%. However, the average daily trading volume decreased by 23% [10][22]. - The report highlights a shift in A-share market hotspots from large-cap bank stocks to mid-cap core assets, with significant gains in sectors such as real estate, steel, building materials, and power equipment [10][11]. Group 2 - The report notes that 178 stocks in the North Exchange rose, while 87 fell, resulting in a rise-to-fall ratio of 2.05. The top gainers included Guoyi Bidding (+70.62%) and Benlang New Materials (+35.14%) [41][42]. - The average PE (TTM) for the North Exchange is reported at 96.79 times, with a median of 52.52 times, indicating a higher valuation compared to other exchanges [27][28]. - The trading volume for the North Exchange was 50.89 billion shares, with a trading value of 107.76 billion yuan, both showing a decrease compared to the previous week [28][22]. Group 3 - The report mentions that there were no new listings on the North Exchange this week, with a total of 268 companies currently listed [33][38]. - The new three-board market saw 6 new listings and 2 delistings, with a total of 6063 companies listed as of July 11, 2025 [52][54]. - The report emphasizes the importance of monitoring key companies such as Jinbo Biology, Norseland, and Kangbit, which are considered core assets in the North Exchange [15].

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The industry experienced a pullback this week, with the China Securities Regulatory Commission (CSRC) holding a meeting to discuss specific measures for implementing capital market policies. Broker valuations and institutional holdings are at low levels, while trading volumes remain high. Investment banking and overseas business have shown month-on-month improvements, and the mid-year reports are expected to continue the high prosperity trend, indicating ongoing opportunities in the sector [2][4] - In the insurance sector, current valuations reflect a pessimistic market outlook on long-term investments. However, considering the medium to long-term interest rate spreads, current valuations are still deemed safe. The report favors companies with stable earnings and dividends, recommending Jiangsu Jinzu, China Ping An, and China Pacific Insurance. Additionally, it suggests companies like New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4] Industry Performance - The non-bank financial index decreased by 0.7% this week, with an excess return of -2.3% relative to the CSI 300, ranking 30th out of 31 industries. Year-to-date, the non-bank financial index has increased by 0.3%, with an excess return of -0.9% compared to the CSI 300, also ranking 22nd out of 31 [5] - Market activity has cooled, with an average daily trading volume of 1,441.396 billion yuan, down 3.05% week-on-week, and an average turnover rate of 1.75%, down 8.10 basis points. However, the leverage capital scale has rebounded, with a margin balance of 1.86 trillion yuan, up 1.12% [5] Key Industry News & Company Announcements - The Shenzhen Stock Exchange released guidelines for the recognition standards of "light assets and high R&D investment" for companies listed on the Growth Enterprise Market [6] - The CSRC held a meeting to discuss specific measures for implementing capital market policies, emphasizing the need for a stable market environment and risk prevention [6][62] - Dongxing Securities has received approval from the CSRC for a change in its controlling shareholder to Huijin Company [6]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 继续看好保险股估值修复；期待非银中报较 好表现 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 07 月 06 日 证券分析师 孙婷 东吴证券研究所 1 / 15 执业证书：S0600524120001 sunt@dwzq.com.cn 研究助理 罗宇康 执业证书：S0600123090002 luoyk@dwzq.com.cn 行业走势 -7% 1% 9% 17% 25% 33% 41% 49% 57% 65% 2024/7/8 2024/11/5 2025/3/5 2025/7/3 非银金融 沪深300 相关研究 《权益 ETF 系列：行情轮动较快，存 在结构性机会》 2025-07-06 《2025 年 7 月大类资产配置展望》 2025-07-03 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 06 月 30 日-2025 年 07 月 04 日）非银金融板块各子行业中仅保险行业跑赢沪深 300 指 数。保险行业上涨 1.73%，证券行业下跌 0 ...