Investment Rating - The industry investment rating is "Positive" indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [3][36]. Core Viewpoints - The report highlights the recent implementation of new regulations for universal insurance, which strengthens liability management [1]. - The overall market performance shows that the Shanghai Composite Index, CSI 300 Index, and ChiNext Index have increased by 0.56%, 0.38%, and 1.74% respectively [9]. - The non-bank financial sector index increased by 1.17%, outperforming the CSI 300 Index by 0.79 percentage points [9]. Sub-industry Ratings - The ratings for sub-industries are as follows: - Securities: Positive - Insurance: Positive - Diversified Finance: Positive [3]. Recommended Companies and Ratings - Recommended companies include: - Founder Securities: Buy - Xiangcai Securities: Buy - China Life: Buy - ZhongAn Online: Increase Holding [3][34]. Market Performance Overview - The brokerage sector's PE-TTM valuation is 21.98x, and PB-LF valuation is 1.44x as of April 25, 2025 [5]. - The insurance sector's PEV valuations for major companies are as follows: - China Life: 0.61x - Ping An: 0.60x - China Pacific: 0.47x - New China Life: 0.50x [6]. Key Market Data - The average weekly stock trading volume in the two markets was 1.32 trillion yuan, a decrease of 31.81% week-on-week [5]. - The total balance of margin financing and securities lending was 1.80 trillion yuan, with a slight decrease of 0.07% [5]. Industry Dynamics - The China Securities Regulatory Commission released new regulations on information disclosure for listed companies, aiming to enhance corporate governance and protect minority shareholders [30]. - The National Financial Regulatory Administration issued guidelines to strengthen the regulation of universal life insurance products, including setting minimum guaranteed interest rates and prohibiting the development of universal insurance products with terms shorter than five years [33].

非银金融 业 研 2025 年 04 月 27 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 60% 2024-04 2024-08 2024-12 非银金融 沪深300 相关研究报告 《传统券商和保险持仓下降，金融科 技持仓回升—2025Q1 主动权益基金 非银重仓股点评》-2025.4.23 《中概股回流预期利好港交所，个险 营 销 体 系 改 革 升 级 — 行 业 周 报 》 -2025.4.20 《券商 1 季报超预期，稳股市政策下 看 好 券 商 板 块 机 会 — 行 业 周 报 》 -2025.4.13 关注 1 季报超预期标的，万能险新规利于改善利差损 ——行业周报 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | lukun@kysec.cn 证书编号：S0790524040002 周观点：关注 1 季报超预期标的，万能险新规利于改善 ...