Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights a significant increase in trading volume, with daily stock transactions exceeding 2 trillion yuan, indicating a robust market recovery [4] - The report emphasizes the low allocation of the brokerage sector in actively managed funds, suggesting potential for growth as the sector remains undervalued [4] - The insurance sector is experiencing a reduction in preset interest rates, which is expected to lower liability costs and enhance the competitiveness of traditional insurance products [5] Summary by Sections Non-Bank Financials - The brokerage sector's daily trading volume has reached 2.23 trillion yuan, a 19.4% increase week-on-week, reflecting heightened market activity [4] - The report notes that the allocation of brokerages in actively managed funds is only 0.78%, which is significantly below the average of the past five years, indicating a potential for reallocation and growth [4] Insurance - The preset interest rate for ordinary life insurance has been adjusted down to 1.99%, a decrease of 14 basis points from the previous rate, aligning with market expectations [5] - Major insurance companies are adjusting their new insurance products' preset interest rates, which is anticipated to accelerate the industry's transformation and improve the cost-effectiveness of dividend insurance products [5] Recommended and Beneficiary Stocks - Recommended stocks include Guotai Junan, Dongfang Securities, Hong Kong Exchanges, and others, while beneficiary stocks include Guosen Securities and China Pacific Insurance [6]