Group 1: Non-Bank Sector Analysis - The non-bank sector is currently under-allocated, with an overall under-allocation of 4.32 percentage points [1][3] - Institutional funds are expected to continue entering the market, with a focus on improving profitability and low valuations in non-bank stocks [1][3] - In Q3, the brokerage sector saw an increase in allocation, with public funds (excluding passive index funds) raising their holdings from 0.80% to 0.85%, although still under-allocated by 2.75 percentage points [1] Group 2: Insurance Sector Insights - The allocation ratio for the insurance sector decreased from 1.41% to 1.03%, indicating an under-allocation of 1.11 percentage points, while the insurance index fell by 1.6% in Q3 [2] - Individual stock movements include China Life's holding increasing from 0.019% to 0.020%, while China Ping An's holding decreased from 0.86% to 0.68% [2] - The expectation of continued inflow of funds and prioritization of low-valuation targets supports a positive outlook for insurance stocks [2] Group 3: Financial Technology and Diversified Finance - The allocation ratio for diversified finance and financial technology increased from 0.182% to 0.204% in Q3 [2] - Notable individual stock increases include Tonghuashun and Zhinan's holdings rising from 0.0626% to 0.0744% and from 0.0243% to 0.0454%, respectively [2] - The number of shares held by Bohai Leasing increased significantly from 0.017 billion shares to 1.96 billion shares, indicating growing interest in financial information service providers [2]

Group 1: Non-Bank Sector Insights - The non-bank sector is still underweight, with an overall underweight of 4.72 percentage points [1][3] - Institutional funds are increasingly entering the market, with a focus on low-valuation non-bank stocks [3] - In Q2, the brokerage sector saw an increase in allocation, with public funds (excluding passive index funds) raising their holdings from 0.51% to 0.80%, although still underweight by 3.02 percentage points [1] Group 2: Insurance Sector Insights - The insurance sector allocation increased from 0.84% to 1.40%, remaining underweight by 1.23% [2] - The insurance index rose by 11.53% in Q2, indicating positive market performance [2] - Key individual stocks like China Ping An and China Life saw increases in their holding proportions, reflecting growing institutional interest [2] Group 3: Financial Technology and Multi-Financial Sector Insights - The allocation for multi-financial and financial technology sectors increased from 0.176% to 0.182% [2] - Individual stock performance varied, with Tonghuashun seeing a decrease in holdings while Zhinan Compass experienced an 82% increase in institutional shares [2] - The ongoing implementation of policies to attract incremental funds and the continuous rollout of AI-related products are expected to create investment opportunities in financial information service providers [2]