Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The insurance sector continues to show high growth despite a high base in Q3, driven by regulatory support for high-quality health insurance development [5][22] - The securities sector has seen a year-on-year increase in trading volume, with significant growth in margin financing balances [5][15] - The multi-financial sector is transitioning into a stable growth phase, with trust assets increasing but profits declining significantly [5][32] Summary by Sections Non-Bank Financial Subsector Performance - In the recent five trading days (October 13-17, 2025), only the insurance sector outperformed the CSI 300 index, rising by 3.73%, while the overall non-bank financial sector declined by 1.09% [10][11] Non-Bank Financial Subsector Views Securities - Trading volume has increased year-on-year, with the average daily trading amount in October reaching 27,366 billion yuan, up 22.33% from the previous year [5][15] - The China Securities Regulatory Commission has revised the corporate governance guidelines for listed companies, enhancing oversight and accountability [17][20] Insurance - Major insurers like New China Life and China Property & Casualty are expected to report significant profit increases for Q3, with New China Life's net profit projected between 30 billion to 34.1 billion yuan, a year-on-year growth of 45% to 65% [5][22] - Regulatory initiatives are promoting the development of health insurance, with a focus on integrating new medical technologies and improving long-term care insurance [26][30] Multi-Financial - The trust industry is experiencing a stable transition, with total trust assets reaching 29.56 trillion yuan by the end of 2024, but profits have dropped significantly [5][32] - The futures market saw a year-on-year increase in transaction volume and value, indicating a potential recovery in trading activity [5][37] Industry Ranking and Key Company Recommendations - The report ranks the sectors as follows: Insurance > Securities > Other Multi-Financial [5][47] - Key company recommendations include China Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings, highlighting the low average valuations and safety margins in the non-bank financial sector [5][47]