Group 1 - The non-bank sector experienced a pullback after three consecutive days of gains, while the banking sector continued to fluctuate within a narrow range. The China Securities Bank Index fell by 0.1%, the China Securities Company Index dropped by 1.2%, the CSI 300 Non-Bank Financial Index decreased by 1.4%, and the Hong Kong Securities Index declined by 2.0% [1] - Ping An Securities noted that the National Financial Regulatory Administration issued a notice adjusting the risk factors for insurance companies' related business, which lowered the risk factors for long-term holding assets such as the CSI 300, dividend low volatility, and STAR Market. This adjustment is expected to cultivate patient capital and support technological innovation [1] - The implementation of this policy is anticipated to continuously promote the entry of medium to long-term funds into the market, enhancing the equity allocation capability of insurance funds [1] Group 2 - The CSI 300 Non-Bank Financial Index consists of 27 stocks from the CSI 300 Index that belong to the capital market, other financial sectors, and the insurance industry, with the securities industry accounting for nearly 65%, making it one of the indices with the highest proportion of the insurance industry in the market [4] - The Hong Kong Securities ETF tracks the China Securities Hong Kong Securities Investment Theme Index, which reflects the performance of stocks within the asset management, custody banks, investment banking, and brokerage industries in Hong Kong [5][6]

Group 1 - The non-bank sector continued its upward trend, with the CSI 300 Non-Bank Financial Index rising by 2.2%, the CSI All Share Securities Company Index increasing by 2.0%, and the Hong Kong Securities Index up by 1.8% [1] - The National Financial Regulatory Administration's notification to adjust risk factors for insurance companies has lowered the risk factors for long-term holding assets such as the CSI 300, Dividend Low Volatility, and STAR Market, which is expected to cultivate patient capital and support technological innovation [1] - The implementation of this policy is anticipated to continuously drive medium to long-term capital into the market, enhancing the equity allocation capability of insurance funds [1] Group 2 - The CSI 300 Non-Bank Financial Index consists of 27 stocks from the CSI 300 Index related to capital markets, other financial services, and the insurance industry, with the securities sector accounting for nearly 65% [3] - The Hong Kong Securities ETF tracks the CSI Hong Kong Securities Investment Theme Index, which reflects the performance of stocks within the asset management, custody banks, investment banking, and brokerage sectors [4][5]

Core Viewpoint - The non-bank financial sector is showing strong performance, with significant gains in the securities and insurance indices, indicating potential mid-to-long-term investment opportunities in these sectors as the market stabilizes around the 4000-point mark of the Shanghai Composite Index [1] Group 1: Sector Performance - The non-bank financial sector index rose by 1.71%, the securities company index increased by 1.81%, and the insurance index went up by 1.79% as of 14:00 [1] - The securities and insurance sectors benefit from improved equity beta and increased trading volume, respectively, suggesting a favorable environment for investment [1] Group 2: Earnings Catalysts - China Ping An's Q3 net profit attributable to shareholders increased by 45.4% year-on-year, with a 58.3% year-on-year growth in new business value for life insurance [1] - The upcoming earnings reports for companies like CICC and Xiangcai Securities are expected to further confirm high growth expectations for the sector [1] Group 3: Fund Flow Signals - Public fund reports indicate that current fund holdings in the securities and insurance sectors are underweight, suggesting potential for increased allocation as the equity market improves [1] Group 4: Fundamental Support - The trading activity in the A-share market significantly increased in Q3, with a 191% year-on-year growth in main board trading volume, supporting the performance of both insurance and brokerage firms [1] - The dual drivers of increased trading volume and price in the equity market are enhancing the earnings outlook for the insurance asset investment returns and brokerage revenue [1]