据公告，中国平安预计于8月27日披露2025年半年报；中国人保、中国人寿预计于8月28日披露2025年半 年报；新华保险、中国太保等预计于8月29日披露2025年半年报。 数据显示，截至2025年二季度，寿险公司的股票投资余额接近2.9万亿元，比2024年同期增长近五成； 财险公司的股票投资余额增长了四成以上。有市场分析认为，对保险公司而言，在低利率环境下加大股 票投资，既有助于提高投资回报，也能为资本市场注入长期资金。 场内ETF方面，截至2025年8月26日 09:34，港股通非银ETF(513750)成交4416.00万元。拉长时间看，截 至8月25日收盘，港股通非银ETF自4月10日年内低点累计上涨超65%。 数据显示，截至2025年7月31日，中证港股通非银行金融主题指数前十大权重股合计占比78.19%。值得 一提的是，该指数前三大重仓股中国平安、友邦保险、香港交易所占比均超13%。 中国银河研究院首席策略分析师表示，上市保险公司2025年上半年业绩数据尚未披露完全。从已披露的 非上市企业数据看，保险板块的业绩分化较为明显，中大型保险机构的业绩显著增长。 行业动态方面，8月21日，友邦保险半年报显示 ...

Summary of Conference Call Notes Industry Overview - The non-bank financial sector is expected to see an increase in allocation, with active equity funds under-allocated by approximately 9.68%, indicating a potential increase of about 130 billion RMB in allocation space [1][3] - The public fund new regulations are expected to have a medium to long-term impact on market style switching, guiding investors to reassess and adjust asset allocation [1][5] - The non-bank financial industry shows strong fundamentals, with brokerage firms reporting a year-on-year earnings growth of 86% and a quarter-on-quarter growth of nearly 20% [1][6] Key Points and Arguments - The valuation repair potential in the non-bank financial sector is significant, with the brokerage index's valuation center below historical averages [1][7] - New regulations are anticipated to reduce market volatility, enhance profitability stability for brokerages and insurance companies, and gradually fill the under-allocation gap [1][8] - Leading companies in the sector are expected to gain market share, with brokerages facing higher under-allocation ratios compared to insurance [1][9] Recommendations - Recommended stocks include CITIC Securities, GF Securities, and China Galaxy Securities, with CITIC as a leading brokerage, GF showing significant fundamental improvement, and China Galaxy having a high retail client ratio [2][10] - GF Securities is highlighted for its significant fundamental improvement and low valuation, while China Galaxy is noted for its forward-looking asset allocation [11][12] Market Dynamics - The recent surge in the insurance and brokerage sectors is primarily driven by the new public fund regulations, which have a profound impact on the entire public fund industry [3][5] - The internal performance of individual stocks within the non-bank financial sector shows significant divergence, with major companies like China Ping An and CITIC Securities being under-allocated [4][13] Future Outlook - The non-bank financial sector's valuation repair space remains substantial, with the brokerage index's valuation center at approximately 1.4 times PB compared to a historical average of 1.6 times PB [7] - The new regulations are expected to lower volatility in the equity market, leading to higher valuation levels for brokerages and insurance companies [8][9] Additional Insights - The insurance sector has shown signs of marginal improvement, with companies like China Ping An and China Life demonstrating strong performance [18] - The recent US-China trade talks have positively impacted the insurance sector, benefiting high-beta stocks [14][15] - The adjustment of preset interest rates may lead to a concentrated release of customer demand, enhancing new business performance [20][21] Conclusion - The non-bank financial sector presents significant investment opportunities due to strong fundamentals, potential valuation repairs, and favorable regulatory changes. Investors are encouraged to focus on leading companies within this sector for potential growth and stability.