Non-bank financial industry

Non-bank financial industry includes Public Offering of Fund, private equity fund, trust, securities and insurance. Financial institutions that raise funds by issuing stocks, bonds, accepting credit entrustment and providing insurance. And use the raised funds for long-term investment.

Industry trend

Economic transformation has spawned changes in the financial industry. Wealth management and asset management are becoming a new blue ocean under the blessing of regulatory policies and online, digital and intelligent. It is estimated that the investable assets of China residents are expected to rise from 200 trillion yuan to 300 trillion yuan in the next five years.

The securities industry is the direct beneficiary of industrial transformation, the concentration of overlapping industries has increased, and the ROE upper limit space of the head company has been opened. There is still a scarce alpha in the high-end market of life insurance industry, but the whole industry has changed from value logic to elastic logic. Under the change of auto insurance premium, the moat of the head office is widening. Financial technology accelerates industrial clearing in the short term, and the long-term head platform is expected to accelerate iteration.

At the same time, we also need to be alert to risk factors. Macroeconomic growth rate declines, medium and long-term interest rates fall, regulatory policies exceed expectations, stock and bond markets fall, real estate and other asset prices fluctuate beyond expectations, credit asset quality deteriorates, pledged bad debts increase, or business innovation fails to meet expectations, wealth management transformation fails to meet expectations, overseas business development fails to meet expectations, policy sales continue to be sluggish, and a large number of agents are lost.