GTJA research reports point out that the non-banking financial sector is still underweight. The continuous improvement in liquidity is an important driving force for the performance and valuation improvement of the non-banking sector. The current institutional development will bring improvements to the fundamental aspects of the capital markets and non-banking sector. Bullish on two investment themes: 1) Fintech and brokerages benefiting from the long-term institutional development in the capital markets; 2) Pure life insurance with greater investment flexibility.