CITIC Securities: Market turnover is at a high level, and profit resilience and low valuation support the investment value of non-banking sectors.

CITIC Securities research report pointed out that this week, stock trading volume has decreased compared to the previous week, but it continues to remain at a high level, indicating that market trading sentiment is still at a relatively high level. Currently, the valuation of the insurance sector has a high allocation value. The current stock prices overly reflect the potential performance pressure brought by the high base, but the recovery on the asset side is expected to drive profit growth and stock price recovery in the second quarter. In the long term, the Hong Kong non-bank sector has highlighted its allocation value under the resonance of low valuation characteristics and expectations of profit improvement. With stable regulatory logic, clear guidance on consumer orientation, and the improving efficiency of AI technology, the consumer finance industry is in a period of dual driving forces of policy dividends and technological dividends.