Investment Rating - The report maintains a positive investment rating for the non-bank sector, particularly focusing on insurance and brokerage firms [6]. Core Insights - The report highlights a significant rebound in net profits for major listed insurance companies in 2024, driven by a recovery in equity investments, with notable profit growth percentages for companies like China Life (+108.9%) and New China Life (+201.1%) [2]. - The report emphasizes the importance of investment flexibility and the positive transformation of the liability side for insurance companies, suggesting a favorable outlook for the sector [2]. - The brokerage sector shows a mixed performance in 2024, with a general trend of recovery, although results vary significantly among firms [4][5]. Summary by Sections Market Review - The report notes mixed performance in major indices, with the non-bank financial sector showing resilience, particularly in insurance and diversified financial indices [10]. Securities Sector - The brokerage firms reported a total net profit of 517 billion yuan for the year, reflecting an 11% increase for those that disclosed early, while others showed a 15% increase [4]. - The report indicates a strong recovery in net profits for the fourth quarter of 2024, with a 97% year-on-year increase [5]. Insurance Sector - Major insurance companies are expected to see substantial growth in net profit, with New China Life projected to grow by 201.1% in 2024 [2]. - The report highlights a positive trend in the net premium income (NBV) growth for major insurers, with New China Life showing a remarkable increase of 106.8% [2]. Investment Recommendations - The report suggests focusing on companies like New China Life and China Pacific Insurance, while also keeping an eye on China Life and Ping An Insurance due to their favorable valuations and growth potential [2][6].