Group 1 - The financial industry is experiencing multiple favorable policies, leading to increased market attention and stock rebounds for companies like China Pacific Insurance, China Life Insurance, and Huatai Securities, with the financial ETF (510230) rising over 1.8% during trading [1] - The People's Bank of China has announced a 50 basis point reserve requirement ratio cut and a 10 basis point interest rate cut, along with guiding a reduction in deposit rates, aimed at balancing interest margins and cost reduction, injecting new vitality into the financial sector [1] - The public fund reform plan promotes a shift in the industry focus from scale to investor returns, further enhancing market confidence [1] Group 2 - The financial sector shows strong investment attractiveness, with reports indicating that banks, securities, and insurance sub-sectors benefit from the current policy environment [1] - The banking sector is expected to benefit from the reserve requirement ratio cut, interest rate cut, and reduction in deposit rates; the securities sector benefits from public fund reforms and policy support; while the insurance sector faces uncertainties due to low interest rates, high-quality leading companies still hold investment value [1] - Projections for Q1 2025 indicate that the securities industry's revenue and net profit attributable to shareholders are expected to grow by 24.6% and 83.5% year-on-year, respectively, demonstrating strong performance growth [1] Group 3 - The financial ETF (510230) tracks the Shanghai Stock Exchange 180 Financial Stock Index, which selects listed companies from banking, insurance, securities, and trust industries, reflecting the overall performance of financial sector securities in the Shanghai market [2] - The fund holds major stocks such as Ping An Insurance, China Merchants Bank, and CITIC Securities, which are representative and valuable in the market [2] - Given the current supportive policies and favorable market conditions, the financial ETF is worth attention and allocation by investors [2]

非银金融 行 业 研 究 非银金融 2025 年 05 月 05 日 投资评级：看好（维持） 行业走势图 -24% -12% 0% 12% 24% 36% 48% 60% 2024-05 2024-09 2025-01 非银金融 沪深300 《关注 1 季报超预期标的，万能险新 规 利 于 改 善 利 差 损 — 行 业 周 报 》 -2025.4.27 《传统券商和保险持仓下降，金融科 技持仓回升—2025Q1 主动权益基金 非银重仓股点评》-2025.4.23 《中概股回流预期利好港交所，个险 营 销 体 系 改 革 升 级 — 行 业 周 报 》 -2025.4.20 券商 1 季报业绩同比高增，险企 1 季报投资业绩分化 ——行业周报 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | lukun@kysec.cn 证书编号：S0790524040002 周观点：券商 1 季报业绩同比高增，险企 1 季报投资业绩分 ...