Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The non-bank financial sector is expected to benefit from the expansion of the Hong Kong stock market and the introduction of floating management fee products, which will enhance trading activity [3][4] - The recent decline in LPR and deposit rates is anticipated to lower the cost of liabilities for the insurance sector, potentially leading to a reduction in preset rates [5] Summary by Sections Industry Trends - The non-bank financial sector is projected to outperform the overall market, with a focus on the positive impact of the Hong Kong market's asset expansion and the introduction of new fund products [3][4] Market Activity - The average daily trading volume for stock funds decreased by 8% week-on-week, while the newly established stock and mixed funds saw a 100% increase in scale [4] Regulatory Environment - The China Securities Regulatory Commission (CSRC) is committed to optimizing the environment for domestic listings of technology companies, which is expected to support the return of quality red-chip technology firms to the domestic market [3] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong, Hong Kong Exchanges and Clearing, and China Pacific Insurance [6] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [6]