非银金融行业：改革措施持续落地，非银配置价值提升，维持“买入”评级
机构：广发证券
评级：买入
核心观点：
证券：资本市场改革持续落地。本周市场回升，证监会推进基础设施REITs试点，公司债注册制改革，深圳发布粤港澳大湾区深圳执行方案进一步落实市场开放。1.本周证券II指数（中信）上涨1.56%。2.本周①证监会推进基础设施REITs试点：证监会发布《公开募集基础设施证券投资基金指引（试行）》，明确产品定义、主体责任，明确发售方式以及基金投资运作模式，并对监管职责予以详细规定；②证监会修订《公司债券发行与交易管理办法》：此次明确公开发行公司债券的注册条件、注册程序及相关监管要求，建立健全公开发行公司债券注册制相关制度，加强事中事后监管；③深圳出台执行方案支持粤港澳大湾区发展，预计将进一步深化金融业对外开放、促进粤港澳大湾区跨境贸易和投融资便利化。资本市场改革新政不断落地，证券板块的α属性大大增加，建议关注券商板块投资机会以及龙头企业：中信证券（600030.SH）/（06030.HK）、中金公司（03908.HK）、华泰证券（601688.SH）/HTSC（06886.HK）、国泰君安（601211.SH）/（02611.HK）、海通证券（600837.SH）/（06837.HK）、东方财富（300059.SZ）、招商证券（600999.SH）/（06099.HK）等。
保险：资产端利率持续回升，负债端新一轮景气度上升期有望开启。
资产端方面，截至8月9日10年期国债收益率较上周末再回升3个BP至2.99%，向上冲击3%大关。7月30日政治局会议上强调货币政策合理增长，同时经济数据持续回暖为长端利率提供支撑。负债端方面，上市保险公司纷纷发力增员，调整代理人基本法加大队伍投入，利好销售的同时也为明年开门红储备人力。同时随着经济的修复，居民消费能力提升利好保险销售。参考我们此前发布的报告《复盘寿险承保周期》，驱动承保周期变化的三要素（供给、需求、监管）均朝着积极的方向变化，新一轮景气度上升期有望开启。随着行业资产和负债端景气度双双回暖，考虑到当前2020年PEV估值仍蕴含悲观假设，我们认为保险股后续存在超额收益的可能性。个股建议关注：中国人寿(601628.SH)/（02628.HK)、中国平安(601318.SH)/（02318.HK)、新华保险(601336.SH)/（01336.HK）、中国太保(601601.SH)/（02601.HK）。
港股金融：建议关注（1）中金公司：投行资本化有望显著增厚中报业绩；关注回A前对港股股价带动。（2）中银航空租赁：强资本实力与良好机队管理抵抗短期风险，中长期航空业恢复带动估值修复。
风险提示：经济增速放缓、利率波动影响、公司经营业绩不达预期等。
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