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As of 3 PM on March 17, the non-bank sector experienced a volatile rebound, with strong performance in specific sub-sectors. The A-share securities index fell by 0.85%, while the insurance index rose by 2.10%. Related individual stocks performed actively, with Guosen Securities (002736.SZ) rising over 4.77% to lead the sector, followed by GF Securities (000776.SZ), CITIC Securities (600030.SH), Eastmoney (300059.SZ), and Ping An Insurance (601318.SH). Related ETFs performed well, with Hong Kong Securities ETF E Fund (513090) rising by 1.48%, Securities Insurance ETF E Fund (512070) increasing by 1.93%, and Securities ETF E Fund (512570) up by 1.08%. The current non-bank sector is in a state of undervaluation and stagnation, with a clear positive trend in fundamentals, making it an asset with high cost-performance ratio in the market. Related ETFs are actively traded, becoming a quality tool to seize the opportunity for the recovery of the non-bank sector.
For the future development space of the non-bank sector, it can be comprehensively judged from three dimensions: valuation, fundamentals, and potential catalysts, with the configuration value gradually becoming prominent:
First, valuations are at historical lows, and pessimistic expectations are fully priced in. The current valuation advantage of the non-bank sector is significant, making it one of the core assets with high cost-performance ratio in the market: the PB and PE valuations of the A-share brokerage sector are at low levels of the 24% and 7% percentiles over the past 10 years, respectively, and the valuation bubble has been completely digested; in the Hong Kong stock brokerage sector, the expected dividend yield for 2025 is impressive, with many brokerages' dividend yields close to or exceeding 5%, limiting the downward space for stock prices and providing ample safety margins.
Second, the positive trend in fundamentals is clear, and profit resilience is prominent. As of March 13, the average daily trading volume of A-share stock funds in the first quarter of 2026 reached 3.3 trillion yuan, a year-on-year increase of 88%. Supported by a low base effect, it is expected that the performance of listed brokerages will continue to maintain a high prosperity trend in the first quarter of 2026, with profit levels steadily improving; the insurance sector is also gradually welcoming marginal improvements, and the industry's prosperity is expected to continue to warm up.
Third, there is ample upward elasticity, and potential catalysts are expected. The non-bank sector has strong upward elasticity. If there are positive signals such as a sustained upward breakthrough in the market index, the recovery of incremental innovative businesses in brokerages, and alleviation of pessimistic expectations regarding insurance capital investment, it will further release the upward momentum of the sector and drive non-bank assets to start a valuation repair market.
To seize the configuration opportunities in the non-bank sector, key attention can be focused on core ETF products: Hong Kong Securities ETF E Fund (513090), as the only ETF investing in the Hong Kong securities index, has significant advantages, with its latest scale reaching 23.3 billion yuan, adopting a T+0 trading model, exhibiting excellent liquidity, with an average daily trading volume of 10.2 billion yuan over the past year, helping investors conveniently layout core non-bank assets in Hong Kong stocks and capture the dividends of sector recovery
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002736

512900

161720

512000

160625

512880

As of March 17, the non-bank sector has rebounded with fluctuations, showing improved fundamentals, making it an asset with high allocation cost-effectiveness in the market. The A-share securities index fell by 0.85%, while the insurance index rose by 2.10%. Guosen Securities increased by over 4.77%, and related ETFs performed excellently. The valuation of the non-bank sector is at a historical low, with enhanced earnings resilience, and it is expected to have strong upward elasticity in the future, driving a valuation repair market

腾讯新闻 - 财经

GUOSEN SECURITIES

China Southern CSI All Share Investment Banking & Brokerage ETF

China Merchants CSI All Share Investment Banking & Brokerage Index Fund-A

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Penghua CSI 800 Financials(ex Banks) Index Fund(LOF)-A

Guotai CSI All Share Investment Banking & Brokerage ETF

Underestimated stagflation combined with improving fundamentals highlights the cost-effectiveness of non-bank asset allocation