China Securities Co., Ltd.: Two new regulations are issued simultaneously to strengthen the system foundations of governance and marketing in sync.

China Securities Co., Ltd. released a research report stating that on April 24, two rules were synchronized to improve the system supply from the governance of listed companies to the financial marketing order, and to promote the deepening and solidifying of the basic institutional construction of the capital market. The value of insurance allocation is evident, and it is recommended to pay attention to investment opportunities in individual stocks with high dividends, low valuations, and low earnings sensitivity. In the Hong Kong stock market, the non-banking sector's long-term value is highlighted under the resonance of low valuation characteristics and expected profit improvement. In terms of diversified financial views, with stable regulatory logic, clear consumer-oriented guidance, and the efficiency improvement of AI technology background, the consumer finance industry is in a period of dual drive of policy dividends and technological dividends. Main points of China Securities Co.,Ltd.: Securities On April 24, two rules were synchronized to improve the system supply from the governance of listed companies to the financial marketing order, and to promote the deepening and solidifying of the basic institutional construction of the capital market. The new rules for the company secretary clearly define their statutory responsibilities and performance guarantees for the first time through specific administrative rules, promoting internal checks and balances through direct reporting mechanisms and independence requirements, and improving the quality of information disclosure; The method of online marketing establishes a standardized full chain, clarifying licensed operating principles and limiting inducement publicity and third-party platform transboundary behavior, promoting the return of financial marketing to compliance and professional essence. For securities firms, compliance consultation and content review requirements have been increased, requiring adjustments to business models in the short term, but in the long term, it helps purify the competitive environment and highlight the market value of professional research and compliance management capabilities. Insurance The China Banking and Insurance Regulatory Commission released the monthly operating situation of the insurance industry in March 2026. In terms of personal insurance, the original insurance premium income in the first quarter of 1-3 months increased by 7.3% year-on-year, with life insurance, accident insurance, and health insurance increasing by 8.7%, -10.4%, and +0.82% respectively; In single March, the original insurance premium income of personal insurance increased by 1.2% year-on-year, with life insurance, accident insurance, and health insurance increasing by 2.5%, -7.5%, and -3.1% respectively. In terms of property insurance, the original insurance premium income for the first quarter of 1-3 months increased by 2.8% year-on-year, with auto insurance and non-auto insurance increasing by 0.4% and 5.3% respectively; In single March, the original insurance premium income of property insurance increased by 1.8% year-on-year, with auto insurance and non-auto insurance increasing by 0.6% and 2.7% respectively. In the first quarter of 1-3 months, the cumulative payout ratio increased by 0.3pct to 48.7% year-on-year; In single March, the payout ratio decreased by 0.2pct to 45.6% year-on-year. Hong Kong Market and HKEX In the Hong Kong stock market, the long-term value of the non-banking sector is highlighted under the resonance of low valuation characteristics and expected profit improvement. Since April, the Hong Kong stock market has seen some recovery, with the Hang Seng Index up 4.80%, the Hang Seng Technology Index up 5.43%, and the overall Hong Kong market underperforming the MSCI World Index by 3.99%. As of April 24, the overall market value of Hong Kong stocks was HKD 48.54 trillion, up 5.65% from the end of March; In terms of funds, the trading activity of Hong Kong stocks has decreased since April; the ADT was HKD 2501.63 billion, down by 17.70% month-on-month. Risk warning: Uncertainty of market price fluctuations, uncertainty of corporate profit forecasts, and technological updates and iterations.