GF Securities research reports indicate that in terms of the securities sector, the valuation of the current securities industry has been somewhat restored, market activity has significantly increased, merger events have attracted incremental fund attention, sensitivity to industry policy bullishness has increased, the industry's valuation restoration space is foreseeable, and with the policy shift, the initial stage of market expectations restoration suggests focusing on the performance valuation of brokerages and securities IT, which have a high degree of flexibility, favorable for policy implementation and the improvement of brokerage performance to enhance the market sustainability. As for the insurance sector, third-quarter reports have all been disclosed, overall performance has exceeded expectations, profits for the third quarter have doubled, value growth remains consistent, and the PBoC's medium-term lending facility is expected to further warm up the equity market and long-term interest rates, with insurance stock valuations expected to continue to rise. It is recommended to actively monitor the insurance sector.