Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The third quarter reports are expected to exceed expectations, indicating a balanced offensive and defensive stance in the non-bank financial sector [5] - The China Securities Regulatory Commission emphasizes the need to deepen comprehensive reforms in investment and financing, enhancing the capital market's inclusiveness and competitiveness [5] - The upcoming financial forum is anticipated to highlight the positive outlook for the third quarter reports of brokerage and insurance companies [5] Summary by Relevant Sections Brokerage Sector - Daily average trading volume for equity funds is 2.33 trillion, down 16.2% week-on-week, but market recovery is driving new fund launches [6] - Major brokerage firms like CITIC Securities and Oriental Fortune reported strong third-quarter results, with CITIC's net profit up 52% year-on-year and Oriental Fortune's up 78% [6] - The outlook for brokerage firms remains positive, with expected improvements in investment banking, derivatives, and public fund businesses, alongside low valuations and significant institutional underweight [6] Insurance Sector - Recent third-quarter earnings forecasts from major insurers indicate substantial growth, with China Life expecting a net profit increase of 50% to 70% year-on-year [7] - The stabilization of long-term interest rates and improved asset yields are expected to enhance insurers' return on equity (ROE) [7] - Recommended stocks include China Life, China Pacific Insurance, and Ping An, with a focus on undervalued companies [7]