The major financial sector experienced a collective rise. At the time of writing, China Life (02628) was up 4.38%, trading at HK$28.58; NCI (01336) rose 3.4% to HK$56.2; HTSC (06886) increased by 4.36%, reaching HK$19.64; and CITIC SEC (06030) advanced 4.01% to HK$28.5. On the news front, the central bank recently released the "China Financial Stability Report (2025)". The report proposes that the financial system will implement more proactive and effective macro policies to prevent and resolve risks in key areas. It also suggests focusing on improving the institutional and policy environment conducive to "long-term money, long-term investing," aiming to significantly increase the actual scale and proportion of various medium to long-term funds invested in A-shares. Guosen Securities pointed out that the insurance industry is seeing an upcycle in both its liability and asset sides: on the liability side, it benefits long-term from the trend of deposits moving out of banks, with short-term "good start" campaigns progressing smoothly. On the asset side, long-end interest rates are stabilizing, capital markets remain active, and the stepwise reduction of guaranteed interest rates is alleviating spread loss risks. The implementation of "unified reporting and operations" is promoting industry de-internalization and increasing the market concentration of leading companies, maintaining a positive outlook on the insurance sector. With rising market risk appetite and trading activity staying high, the brokerage sector exhibits beta characteristics from both valuation and performance perspectives, benefiting comprehensively.