Undervalued and stagnant, with improving fundamentals, focus on non-bank assets with cost-performance advantages
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Today, the non-bank sector rebounded, with the A-share brokerage index rising by 1.99% and the insurance index rising by 2.68%. With valuations at low levels, pessimistic expectations have been fully priced in, making non-bank assets cost-effective. The dividend yield of Hong Kong brokerages for 2025E is close to or exceeds 5%, with limited downside potential for stock prices. As the fundamentals improve, the overall high prosperity of listed brokerages is expected. If the market continues to break through, non-bank financials have significant elasticity. Related ETFs include E Fund Hong Kong Securities ETF (513090) and Securities Insurance ETF (512070)
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