According to Zhitong Finance APP, bocom intl released a research report stating that the mainland stock market in 2025 will have certain support while facing potential disturbances, suggesting a balanced allocation. In terms of profit expectations, the securities industry is expected to grow by over 20% year-on-year in 2025, the banking industry will remain stable, and the insurance industry will face downward pressure given the high baseline.

In the insurance industry, both the asset and liability sides of the life insurance sector performed strongly in the first three quarters of this year. By 2025, both asset and liability sides are expected to face a high baseline, but at the current valuation level, they still possess defensiveness and resilience, recommending ping an insurance (02318) and china pacific insurance (02601).

In the banking industry, focus on high dividend stocks while moderately increasing flexibility. The bank expects the profit growth rate of listed banks to remain stable in 2025, with the ability to release provisions continuing to be a key factor in influencing profit growth. It is recommended to keep an eye on symbols with provision release space, paying attention to state-owned banks and cm bank (03968).

In the securities industry, the bank expects a rebound in the various businesses of brokerages by 2025, but valuations are already approaching reasonable levels, recommending leading brokerages with relatively balanced business structures while maintaining buy ratings for citic sec (06030) and htsc (06886).