随着政策红利不断释放，资金坚定布局非银板块，成分股迎来基本面改善新动能，截至7月14日，保险 证券ETF近一年份额增长8100万份。 MACD金叉信号形成，这些股涨势不错！ 分析认为，当前政策组合拳正从多维度重塑非银行业生态。（1）证券行业：《关于加强自律管理推动 证券业高质量发展的实施意见》出台，券商财富管理业务、投行业务及资管业务或将迎来扩容，利好行 业整体营收增长；（2）保险行业：《关于引导保险资金长期稳健投资进一步加强国有商业保险公司长 周期考核的通知》或将促使险资加大高股息股票、长期国债等长久期资产的配置比例，释放险企投资端 收益弹性，改善行业估值；（3）《金融机构产品适当性管理办法》（7号令）或将加速非标转标进程， 在当前国债利率不断下行的背景下，资金面流动性宽裕&配置压力较大，或将带动权益市场。利好券商 财富管理业务、自营业务、资管业务等及保险的投资端。 截至2025年7月14日 09:44，中证800证券保险指数(399966)成分股方面涨跌互现，国联民生(601456)领涨 6.70%，华西证券(002926)上涨3.48%，国信证券(002736)上涨2.17%；湘财股份(600095)领 ...

作为全市场首只且唯一跟踪中证港股通非银行金融主题指数的ETF产品，港股通非银ETF（513750）"吸 金"的背后，除了较高的稀缺性，还得益于其较强的收益能力。截至7月8日，该ETF近1年净值增长率达 74.3%，在2402只被动指数型基金（按照Wind投资类型二级分类）中排名前2%。自成立以来，产品最 高单月回报达31.47%，最长连涨月数达4个月，期间累计涨幅38.25%。流动性方面，其近1月日均成交 额达7.58亿元，流动性较好，为投资者提供了便捷的布局工具。 招商、银河等多家券商机构纷纷表示看好当前港股非银板块配置价值。如招商证券表示，在相关政策引 领提振下，自2024年9月以来资本交易市场相对活跃，广泛地利好了保险企业、证券公司和交易所的相 关业务。其中，保险业除了在资产端受益于资本市场以外，其负债端业务近年也保持稳中有进的增长态 势。 结合香港市场部分个股的稀缺性，港股非银股票呈现出一定的投资价值。港股通非银ETF（513750）， 通过紧密跟踪港股通非银指数，可一键式配置香港上市的非银行金融标的，值得投资者关注。 截至7月8日，Wind数据显示，近期资金关注度颇高的港股通非银ETF（513750 ...

Group 1 - The current Hong Kong stock market has abundant liquidity, with a focus on the upward elasticity of the non-bank sector [1] - Since June, the Hong Kong stock market has shown recovery, with the Hang Seng Index up by 4.27% and the Hang Seng Tech Index up by 3.31%, outperforming the MSCI World Index which increased by 3.77% [1] - As of June 27, the overall market capitalization of Hong Kong stocks reached HKD 42.84 trillion, an increase of 6.31% compared to the end of May [1] Group 2 - Trading activity in the Hong Kong stock market has increased, with an average daily turnover (ADT) of HKD 229.44 billion, up by 9.12% month-on-month [1] - Southbound capital's ADT increased by 27.16%, accounting for 26.18% of the total turnover [1] - The trading volume of derivatives has also risen, with futures average daily volume (ADV) at 58,000 contracts, up by 6.30%, and options ADV at 82,000 contracts, up by 11.53% [1] Group 3 - The HIBOR rate has risen again since June, with the 6-month HIBOR reaching 2.38% as of June 27, an increase of 0.22 percentage points month-on-month, and a decrease of 4.2 percentage points year-to-date [1] - With HIBOR remaining high, the investment income of the Hong Kong Stock Exchange is expected to continue to rise [1] Group 4 - The Hong Kong Stock Connect 50 ETF tracks the Hong Kong Stock Connect 50 Index, which is compiled by China Securities Index Co., Ltd., selecting 50 large-cap stocks with good liquidity under the Stock Connect mechanism [1] - The index is calculated using a free-float market capitalization weighting method and sets a 10% weight limit for individual constituent stocks, reflecting the overall market performance of large-cap stocks in Hong Kong [2]

Core Insights - The overall profit growth of listed insurance companies in Q1 2025 shows significant divergence, primarily influenced by base effect differences, while the liability side remains stable. The equity market is identified as a critical factor for performance, with regulatory policies fostering a recovery in market confidence, presenting opportunities in the non-bank sector [1] Group 1: Financial Performance - Q1 2025 net profit on a comparable basis increased by 1.4% year-on-year, with non-annualized ROE slightly declining from 4.2% in Q1 2024 to 4.0% in Q1 2025, which is better than previously pessimistic expectations [1] - The average net assets attributable to shareholders of A-share listed insurance companies remained flat compared to the beginning of the year, with life insurance showing the highest growth at 4.5%, while Xinhua reported a decline of 17.0% [1] - The ratio of other comprehensive income to net profit was -98.0%, with life insurance having the smallest difference at -20.9% [1] - Underwriting profit in Q1 2025 grew by 27.3% year-on-year, mainly due to a low base in the same period last year, with life insurance performing well and property insurance seeing a significant increase in underwriting profit [1] - The average annualized net investment return rate for listed insurance companies in Q1 2025 was 3.08%, slightly down from 3.19% in Q1 2024, while the average annualized total investment return rate was 4.06%, down from 4.08% [1] Group 2: Life Insurance Business - The average NBV growth rate for listed insurance companies in Q1 2025 was approximately 20%, with value rate improvement being the core reason [2] - NBV year-on-year growth rates from high to low were: Xinhua (67.9%), Ping An (34.9%), PICC (31.5%), Taikang (11.3%), and China Life (4.8%) [2] - New single premium growth showed significant divergence, with individual insurance affected by the "opening red" period, while the structure of bank insurance new single premiums improved [2] - The improvement in value rates is attributed to: 1) a reduction in scheduled interest rates leading to a stable decline in overall liability costs; 2) optimization of product and term structures; 3) active cost reduction and efficiency enhancement [2] Group 3: Property Insurance Business - In Q1 2025, listed insurance companies achieved property insurance service revenue of 249.635 billion yuan, a year-on-year increase of 4.0%, with a significant decrease in the combined underwriting cost ratio to 95.7%, down 2.8 percentage points [3] - Underwriting profit under the new standards reached 10.653 billion yuan, nearly doubling year-on-year, primarily due to a low base in the previous year and challenges from adverse weather conditions [3] - The total premium income from auto insurance grew by 3.2% year-on-year, with effective cost control contributing to improved underwriting profits [3] - Data from the Ministry of Emergency Management indicated that natural disasters in Q1 2025 primarily involved geological disasters, with direct economic losses of approximately 10.16 billion yuan, significantly lower than 23.76 billion yuan in Q1 2024, leading to improved claims ratios, especially in February [3]