Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [6]. Core Insights - The insurance industry is expected to benefit from the trend of bank deposits moving to insurance products, with a positive outlook for the liability side performance in 2026 due to successful short-term sales initiatives. The introduction of a tiered product pricing structure is anticipated to significantly alleviate the risk of interest spread losses. The "reporting and operation integration" is expected to promote industry consolidation and enhance the concentration of leading companies [4][31]. - The securities sector is experiencing a rise in market risk appetite and sustained high trading activity, benefiting from both valuation and performance attributes [4][31]. - Key companies to watch include China Ping An, China Life, China Pacific Insurance, Guotai Junan, and Huatai Securities [4][31]. Summary by Sections 1. Industry Dynamics - The insurance sector is undergoing a systematic upgrade in asset-liability management, with new regulations requiring comprehensive coverage, reasonable matching, and robust supervision. The new rules include three mandatory indicators for property insurance companies, all of which must not fall below 100% [1][2]. - The report highlights the performance of listed insurance companies, with New China Life reporting a cumulative premium income of 188.85 billion yuan, a year-on-year increase of 16% [14]. 2. Securities - The public fund performance benchmark reform has been initiated, focusing on the transformation of existing products and ensuring a smooth transition without drastic changes to holdings. The reform aims to enhance the attractiveness of the capital market [18]. - The average daily trading volume of stock funds was 22,219 billion yuan, a decrease of 7.20% week-on-week [22]. 3. Multi-Financial - Nanhua Futures has set the final price for its H-share issuance at 12 HKD per share, with plans to list on the Hong Kong Stock Exchange [30].

智通财经12月16日讯(记者 闫军)公募业绩比较基准改革第一轮摸排结束。 不过也有基金公司表示，旗下需要修改业绩比较基准的产品占比并不多，"公司有锐度的行业主题产品 不多，一定程度上避免了业绩比较基准的修改。" 智通财经记者获悉，公募业绩比较基准改革第一轮摸排在12月15日截止，基金公司向监管上报了摸排情 况。 10月31日，证监会下发了《公开募集证券投资基金业绩比较基准指引》征求意见稿，从基金管理人内部 明确业绩比较基准设定、变更、披露规范，完善内部控制机制方面；到外部加强托管、销售、评价等方 面，全链条、多维度地完善业绩比较基准的监管要求。 征求意见下发后，监管开启了第一轮摸排。从多家公募获悉，此次摸排涵盖：有哪些产品要修改业绩比 较基准、变更情况如何、需要变更标准的产品规模及占比、基准变更是否与原基准差距较大、需要开持 有人大会的产品占比等多方面。 "第一轮摸排中，监管较为重视此次需要变更业绩比较基准的产品规模，规模会不会太大以及会不会影 响市场。"某公募人士向智通财经记者介绍称，监管对于改革推进较为审慎，如果需要变动的产品规模 较大的话，可能会考虑延长调整时间，以减少对市场的冲击。 公募基金业绩比较基 ...

Group 1: Regulatory Changes - On October 31, the China Securities Regulatory Commission (CSRC) released the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)"[2] - The guidelines aim to enhance the stability of public fund investment behavior, clarify product investment styles, and improve investor satisfaction[5] - The guidelines and operational details are a further refinement of the "Action Plan for Promoting High-Quality Development of Public Funds" issued in May 2023[5] Group 2: Impact on Investment and Products - Investment side: The guidelines emphasize the need for a systematic optimization of performance benchmarks linked to fund manager compensation, addressing the historical disconnect between performance assessments and benchmarks[6][20] - Product side: The new regulations advocate for fund managers to select appropriate performance benchmarks first, ensuring that fund managers operate within their "capability circle" to create value[7][21] - The guidelines require that once a benchmark is selected, it should not be changed arbitrarily, ensuring stability in fund management practices[21] Group 3: International Context and Investor Behavior - The report references international practices, noting that 89% of U.S. households with mutual funds compare fund performance to benchmarks, with 36% considering this comparison "very important"[25] - By 2024, this figure is expected to rise to 93%, indicating a growing trend in investor reliance on performance benchmarks[25] - The establishment of a benchmark element library by the fund industry association is planned to guide the selection of representative benchmarks for equity assets[22]