非银行业周报（0414-0420）：寿险代理人渠道改革推进-20250421

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [33]. Core Viewpoints - The report highlights a significant reform in the life insurance agent channel, aimed at enhancing the quality of the insurance industry [28][29]. - The report notes that the non-bank financial sector has shown a mixed performance, with the Shenwan non-bank index increasing by 0.80%, outperforming the CSI 300 index by 0.21 percentage points [9]. - The report emphasizes the importance of regulatory changes, such as the guidelines for personal marketing systems in the insurance sector, which are expected to drive growth and transformation [28][30]. Sub-industry Ratings - The sub-industry ratings are as follows: - Securities: Positive - Insurance: Positive - Diversified Financials: Positive - Recommended companies and their ratings include: - Founder Securities: Buy - Xiangcai Securities: Buy - China Life: Buy - ZhongAn Online: Increase [3][32]. Market Performance - As of April 18, 2025, the securities sector's PE-TTM valuation is 22.04x, and PB-LF valuation is 1.43x, with a trading volume share of 1.60% [5]. - The insurance sector's PEV valuations for major companies are as follows: - China Life: 0.61x - Ping An: 0.58x - China Pacific: 0.47x - New China Life: 0.50x - The trading volume share for the insurance sector is 0.42% [6]. Key Recommendations - The report recommends focusing on retail-oriented securities firms such as Founder Securities and Xiangcai Securities, as well as life insurance companies like China Life and tech-enabled firms like ZhongAn Online [6][32].