Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the recovery of financial technology holdings as traditional brokerage and insurance holdings decline, indicating a shift in investment focus [3] - The report highlights the expected benefits from the central government's supportive policies aimed at stabilizing the economy and capital markets, which are anticipated to create investment opportunities [4] - The first quarter earnings reports are expected to exceed forecasts, particularly for companies like Jiangsu Jinzhong, which reported a 20% growth in revenue and pre-provision profit [4] Summary by Sections Industry Overview - The non-bank financial sector is experiencing a significant shift with a 24% decline in traditional brokerage and insurance holdings, while financial technology holdings are on the rise [2] Brokerage Sector - The brokerage sector is benefiting from a year-on-year increase in trading volume, with daily average stock fund turnover reaching 1.38 trillion, up 2% week-on-week [5] - Key financial technology companies reported strong first-quarter earnings, with notable profit increases such as 39% for Dongfang Caifu and 726% for Zhinanzhen [5] - The brokerage sector is viewed positively due to low valuations and strong first-quarter performance, with a focus on retail-oriented brokers and financial technology [5] Insurance Sector - The insurance sector faced challenges in the first quarter due to market volatility affecting net profits, with some companies reporting declines [5] - New regulations on universal insurance are expected to lower liability costs and mitigate risks associated with interest rate fluctuations [5] - The report suggests monitoring the impact of capital market fluctuations on insurance companies' net assets and profits [5] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong, China Pacific Insurance, and Hong Kong Stock Exchange, among others [6] - Beneficiary stocks include Guoxin Securities, Jiu Fang Zhitu Holdings, and China Galaxy Securities [6]