Investment Rating - The report maintains an investment rating of "Outperform the Market" for the non-bank financial sector [9][12]. Core Insights - The economic backdrop of stable growth and continuous supportive policies is expected to improve market sentiment towards equities, benefiting the cyclical financial sector. The resolution of risks in key areas like real estate is also anticipated to alleviate concerns regarding asset quality in the non-bank sector, favoring valuation recovery [4][12]. - The report recommends focusing on investment opportunities within the sector, highlighting specific companies such as New China Life, China Life, Ping An, China Pacific Insurance, China Property Insurance, GF Securities, CICC, CITIC Securities, Huatai Securities, Dongfang Securities, Dongfang Fortune, Jiangsu Jinzhong, Bohai Leasing, and Bank of China Aviation Leasing [4][12]. Summary by Sections Brokerage Sector - The brokerage sector is expected to see a significant recovery, with a projected year-on-year increase of 56% in net profit for the first nine months of 2025. The average daily trading volume in the equity market for Q3 2025 is estimated at 2.1 trillion yuan, reflecting a year-on-year increase of 210% and a quarter-on-quarter increase of 68% [10]. - The anticipated year-on-year growth rates for major brokerage firms' net profits include CICC (+135%), Dongfang Securities (+68%), GF Securities (+56%), and others [10]. Insurance Sector - The insurance sector is projected to experience growth in new business value (NBV) for life insurance companies, with expected growth rates for the first nine months of 2025 as follows: New China Life (+60%), Ping An (+42%), China Pacific Insurance (+33%), and China Life (+25%) [11]. - For property and casualty insurance, the combined ratio (COR) is expected to improve year-on-year, with estimates for major companies such as Ping An Property & Casualty (96.1%, -1.7 percentage points), China Property Insurance (97.0%, -1.2 percentage points), and China Pacific Property Insurance (98.0%, -0.7 percentage points) [11]. Leasing Sector - The aircraft leasing sector is expected to maintain a favorable supply-demand balance, with increasing aircraft values and rental rates. However, the ship leasing sector may face short-term impacts due to the US 301 investigation [12]. - Profit growth rankings for leasing companies are projected as follows: Jiangsu Jinzhong > China Ship Leasing > Bank of China Aviation Leasing > Bohai Leasing, with Bohai Leasing potentially facing challenges due to impairments [12].