保险证券ETF紧密跟踪中证800证券保险指数，中证800证券保险指数是在中证800指数的基础上，选择 证券保险行业内对应的证券作为指数样本，为投资者提供更多样化的投资标的。 截至2025年11月25日 11:30，中证800证券保险指数(399966)强势上涨1.06%，成分股中国人保(601319)上 涨3.73%，中国人寿(601628)上涨2.92%，新华保险(601336)上涨2.35%，中国太保(601601)，国泰海通 (601211)等个股跟涨。保险证券ETF(515630)上涨0.95%，最新价报1.38元。 消息面上，随着个人养老金制度深化，产品供给格局日渐清晰。最新数据显示，在118款在售个人养老 金保险产品中，年金保险以近六成数量占据主导地位；超四成为分红型保险产品，它们通过"保证+浮 动"的收益模式，既为投资者提供了更具弹性的收益空间，又帮助保险公司实现了与投保人的风险共 担。 东海证券指出，新"国十条"聚焦强监管、防风险框架下的高质量发展，并以政策支持优化产品设计、提 升渠道价值，建议关注具有竞争优势的大型综合险企。 数据显示，截至2025年10月31日，中证800证券保险指数(39 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [34]. Core Insights - The report highlights a mixed performance in the non-bank financial sector, with the securities index rising by 0.6% while the insurance index fell by 0.7% [4][8]. - The public fund sales scale continues to grow, with significant increases in equity and non-monetary funds, indicating a positive trend in long-term investment and equity development [4]. - China Pacific Insurance plans to issue HKD 156 billion in convertible bonds to enhance its capital strength and competitiveness [4]. - The report emphasizes the importance of regulatory changes, such as the revised classification evaluation for futures companies, which aims to improve compliance and operational stability [4]. Summary by Sections Market Review - The non-bank financial index increased by 0.3%, while the CSI 300 index saw a rise of 1.4% [8]. - Average daily trading volume for stock funds was CNY 27,680 billion, a decrease of 10.2% week-on-week [16]. Market Data Tracking - Margin trading balance reached CNY 2.35 trillion, up 2.8% from the previous week [16]. - The stock pledge market value was CNY 3.06 trillion, reflecting a 1.9% increase week-on-week [16]. Industry News - The China Securities Regulatory Commission released new evaluation standards for futures companies, focusing on compliance and risk management [32]. - The Asset Management Association of China disclosed the sales data for public funds, showing a robust growth in the top 100 institutions [32].

Group 1: Investment Banking - The new "National Nine Articles" top-level design guidelines clarify the effectiveness and direction of cultivating first-class investment banks, maintaining the long-term logic of an active capital market [1][5] - It is recommended to focus on three main logical lines: mergers and acquisitions, high "financial inclusion rate," and improvement of ROE [1][5] - Investors are advised to pay attention to large securities firms with strong capital strength and stable business operations for potential investment opportunities [1][5] Group 2: Insurance Sector - The new "National Ten Articles" emphasizes high-quality development under a strong regulatory and risk prevention framework, with policy support aimed at optimizing product design and enhancing channel value [1][5] - The insurance premium continues to show steady growth, with cumulative premiums for life insurance companies reaching 19,469 billion yuan from January to April, a year-on-year increase of 1.3%, and a monthly growth rate of 11.6% in April [4] - The first reduction of LPR in May is expected to lead to further adjustments in the predetermined interest rates for new products, potentially catalyzing "speculative suspension" and creating investment opportunities due to lower liability costs and improved asset-liability matching [4][5]