CITIC Securities: Non-bank valuations are at a low level, highlighting the value of sector strategic allocation.

Sina Finance reported on March 31st that the CITIC Securities research report stated that the securities sector is showing triple marginal improvement, and it is expected that the performance in 2026 will exceed expectations. The value of the insurance sector's allocation is evident, and it is recommended to focus on investment opportunities in stocks with high dividends, low valuation, and low performance sensitivity. In the Hong Kong non-banking sector, the long-term allocation value is highlighted under the resonance of low valuation features and expectations of profit improvement. In terms of the diversified financial sector, with stable regulatory logic, clear consumer-oriented promotion, and AI technology efficiency improvement, the consumer finance industry is in a period of dual driving forces of policy dividends and technology dividends.