Investment Rating - Industry rating: Recommended [5] Core Views - The return of the margin balance to 20 trillion yuan signals positive market sentiment, driven by improved policy expectations and a rebound in market risk appetite [3][4][17] - The average daily trading volume of A-shares has shown significant growth compared to previous years, indicating increased market activity [21] - The establishment of private equity funds by insurance capital, such as the approval of Taiping Asset's private equity fund, is expected to enhance long-term capital investment in the capital market [8][18] Summary by Sections 1. Non-Bank Financial Weekly Perspective - The non-bank financial Shenwan index rose by 0.59%, underperforming the CSI 300 index by 0.64 percentage points, ranking 27th among all primary industries [2][15] - The securities sector increased by 0.80%, while the insurance sector rose by 0.25% [2][15] 2. Margin Trading - As of August 5, the margin balance reached 20,002.59 billion yuan, accounting for 2.30% of the A-share market capitalization, with a financing balance of 19,863.11 billion yuan and a securities lending balance of 139.48 billion yuan [3][16] - The last time the margin balance exceeded 20 trillion yuan was on July 1, 2015, when it reached 20,352.90 billion yuan [3][16] 3. Insurance Sector Expansion - Taiping Asset has received approval to establish a private equity fund management company, which will increase the investment capacity of long-term funds in the capital market [8][18] - The total asset management scale of Taiping Asset exceeded 1.5 trillion yuan by the end of 2024, indicating a strong commitment to long-term investment strategies [8][18]