Investment Rating - The industry rating is "Recommended" [4] Core Insights - The non-bank financial sector index fell by 2.40%, underperforming the CSI 300 index by 0.65 percentage points, ranking 22nd among all primary industries [2][12] - The average daily trading volume of A-shares was 18,096 million yuan, a decrease of 2.1% week-on-week but an increase of 174.5% year-on-year [17] - The China Futures Association issued a notice to regulate improper competition in futures brokerage, which may impact companies relying on low-price strategies in the short term but could enhance overall industry competitiveness in the long run [13][14] Summary by Sections 1. Non-Bank Financial Weekly Insights - The non-bank financial sector index decreased by 2.40%, with the securities sector down 3.22% and the insurance sector down 0.15% [2][12] - Notable gainers included Xiangyi Rongtong (+3.99%) and Xinhua Insurance (+2.05%), while South China Futures (-9.70%) and Hainan Huatie (-9.38%) saw significant declines [2][12] 2. Market Indicators - The average daily trading volume for the third quarter of 2025 was 16,330 million yuan, up 141.8% from the same period in 2024 [17] - As of July 31, 2025, the margin financing balance was 19,847.91 billion yuan, an increase of 2.20% from the previous month [17] 3. Industry News - The insurance sector showed robust growth, with life insurance premiums increasing by 16.3% year-on-year in June 2025, driven by a shift towards insurance savings products due to bank interest rate cuts [15][16] - The China Insurance Association lowered the maximum preset interest rate for ordinary life insurance products to 1.99%, which may enhance profitability for life insurance companies [15][16]

Core Viewpoint - The China Futures Association has issued a draft regulation to standardize improper competition behaviors in futures brokerage, aiming to maintain a fair competitive environment and protect traders' rights [1][2]. Group 1: Background and Context - Futures brokerage is a fundamental business for futures companies and a major source of revenue. However, the industry faces severe market saturation and intense homogenized competition, leading to aggressive price wars among firms [1]. - Some futures companies have resorted to illegal and improper competition methods, such as "zero commission" offers and misleading promotions, disrupting market order and harming the trading experience for clients [1]. Group 2: Key Provisions of the Draft Regulation - The draft regulation consists of 19 articles focusing on four main areas: defining improper competition behaviors, regulating brokerage fee management, outlining prohibited activities, and enhancing complaint mechanisms [2]. - It specifies that brokerage fees must be scientifically priced, transparently disclosed, and strictly adhered to, while also emphasizing the importance of risk prevention through client follow-ups [2]. Group 3: Implementation and Transition Period - To ensure smooth implementation of the regulation, a one-month preparation period is provided for futures companies to establish internal control systems and assess service costs before the regulation takes effect [3]. - A two-month transition period will follow the regulation's implementation, during which new clients must comply with the rules, and existing clients must rectify any non-compliance [3].