行业周报 | 金融 投资驱动保险券商利润高增，息差企稳助推银行业绩改善 证券研究报告 2026 年 03 月 29 日 金融行业周报（2026/03/29） 3）银行：本周银行（申万）涨跌幅为-0.71%，跑赢沪深 300 指数 0.7pct。 本周已有 13 家上市银行披露 2025 年年报，实现营收/归母利润同比增长 0.85%/1.08%，样本银行经营基本面边际改善。展望 2026 全年业绩表现， 银行净利息收入增速或企稳，财富管理类中收回暖债券估值收益拖累预计减 弱，不良对公小幅改善、零售中位企稳。板块选股上我们推荐四条主线：具 备盈利高弹性的优质城商行、高股息大行、具备转债强赎预期催化的银行， 以及先前估值折价较多、后续有望依赖行业 beta 迎来补涨的股份行。 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为-3.98%， 跑输沪深 300 指数 2.57pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金 融指数涨跌幅分别为-3.61%、-5.52%、-0.24%。2）本周银行（申万）涨跌 幅为-0.71%，跑赢沪深 300 指数 0.7pct。其中，国有行、股份行、城商行、 农商行本周 ...

YIXIN GROUP LIMITED 易鑫集团有限公司 （於開曼群島註冊成立的有限公司， 以「Yixin Automotive Technology Group Limited」的名義於香港經營業務） （股份代號：2858） 本代表委任表格相關 之股份數目 1 本人╱吾等 2 地址為 為Yixin Group Limited易鑫集团有限公司（「本公司」）股本之登記股東，茲委任 3 地址為 或（如其未克出席）大會主席為本人╱吾等之代表，代表本人╱吾等出席本公司將於2026年4月23日（星期四）上午十時三十分假座香港中區 法院道太古廣場港島香格里拉大酒店5樓A廳舉行之股東週年大會（「股東週年大會」）及其任何續會，並代表本人╱吾等投票。本人╱吾等 指示受委代表在適當方格內加上「✓」號，以表示本人╱吾等對特定決議案的投票意向。如無作出任何指示，受委代表可酌情投票贊成或反 對有關決議案。 倘委任多於一名受委代表，以舉手方式於股東週年大會表決時有 權對決議案投票之受委代表姓名 3 | | 普通決議案* | 贊成 4 | 反對 4 | | --- | --- | --- | --- | | 1. | 省覽本公司截至202 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 YIXIN GROUP LIMITED 易鑫集团有限公司 （於開曼群島註冊成立的有限公司， 以「Yixin Automotive Technology Group Limited」的名義於香港經營業務） （股份代號：2858） 股東週年大會通告 茲通告Yixin Group Limited易鑫集团有限公司（「本公司」）謹訂於2026年4月23日 （星期四）上午十時三十分假座香港中區法院道太古廣場港島香格里拉大酒店5樓A廳舉 行股東週年大會（「股東週年大會」），藉以考慮下列事項： 普通決議案 – 1 – 1. 省覽本公司截至2025年12月31日止全年之經審計合併財務報表、本公司董 事（「董事」）會報告及本公司獨立核數師報告。 2. (a) 考慮及宣派本公司截至2025年12月31日止年度的末期股息每股10.0 港仙。 (b) 考慮及宣派本公司截至2025年12月31日止年度的特別股息每股4.0港 仙。 ...

此乃要件 請即處理 閣下對本通函任何內容或應採取之行動如有任何疑問，應諮詢證券經紀或其他註冊證券交易商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓所有名下Yixin Group Limited易鑫集团有限公司股份，應立即將本通函及隨附 之代表委任表格送交買家或承讓人，或經手買賣或轉讓之銀行、證券經紀或其他代理商，以便轉交 買家或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 YIXIN GROUP LIMITED 易鑫集团有限公司 （於開曼群島註冊成立的有限公司， 以「Yixin Automotive Technology Group Limited」的名義於香港經營業務） （股份代號：2858） 建議 (1) 重選董事； (2) 購回股份及發行股份之一般授權； 及 股東週年大會通告 Yixin Group Limited易鑫集团有限公司謹訂於2026年4月23日（星期四）上午十時三十分假座香港中 區法院道太古廣場港島 ...

年度報告 2025 該封面的圖像由人工智能利用文本轉圖像提示生成 www.yixincars.com 目錄 | 公司資料 | 2 | | --- | --- | | 董事長致辭 | 4 | | 管理層討論與分析 | 7 | | 董事及高級管理層 | 37 | | 董事會報告書 | 42 | | 企業管治報告 | 88 | | 獨立核數師報告 | 112 | | 合併損益表 | 120 | | 合併綜合收益表 | 121 | | 合併資產負債表 | 122 | | 合併權益變動表 | 124 | | 合併現金流量表 | 126 | | 合併財務報表附註 | 127 | | 五年財務摘要 | 224 | | 釋義 | 225 | 公司資料 董事會 執行董事 張序安先生 （主席兼首席執行官） 曾令祺先生 （副主席） 姜東先生 （聯席總裁）（於2026年3月5日辭任） 高 先生 （總裁）（於2026年3月5日獲委任） 非執行董事 曾偉業先生 獨立非執行董事 袁天凡先生 郭淳浩先生 董莉女士 嚴志雄先生 張序安先生 （主席） 郭淳浩先生 董莉女士 環境、社會及管治委員會 張序安先生 （主席） 姜東先生 （於2026年3 ...

非银金融行业 2026 年一季度业绩前瞻 资本市场稳中向好驱动非银行业向好 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 06069 | 盛业 | 8.97 | 0.48 | 0.61 | 0.76 | 18.81 | 14.59 | 11.86 | 推荐 | | 02588 | 中银航空租赁 | 9.81 | 1.13 | 1.19 | 1.28 | 8.65 | 8.26 | 7.68 | 推荐 | | 03877 | 中国船舶租赁 | 2.08 | 0.34 | 0.35 | 0.39 | 7.05 | 6.68 | 6.01 | 推荐 | | 03360 | 远东宏信 | 6.27 | 0.87 | 0.88 | 0.90 | 7.21 | 7.1 ...

該封面的圖像由人工智能利用文本轉圖像提示生成 2025 環境、社會及管治報告 及氣候信息披露報告 www.yixincars.com | 一、關於氣候報告 | 66 | | --- | --- | | 報告範圍 | 66 | | 編製依據 | 66 | | 報告語言與發布 | 66 | | 前瞻性聲明 | 66 | | 二、治理 | 67 | | 三、策略 | 68 | | （一）氣候相關風險與機遇評估與識別 | 68 | | （二）氣候情景分析 | 71 | | 1. 物理風險 | 71 | | 2. 轉型風險 | 72 | | 轉型機遇 3. | 73 | | 氣候風險情景分析小結 4. | 73 | | （三）氣候韌性與管理應對 | 74 | | （四）把握氣候相關機遇 | 76 | | 1. 拓展新能源汽車融資業務 | 77 | | 2. 參與綠色金融市場 | 78 | | 四、風險管理 | 79 | | 五、指標與目標 | 80 | | 六、未來展望 | 81 | | 附錄香港聯交所ESG指標索引 | 82 | | 附錄詞彙定義 | 101 | 第一部分 環境、社會及管治報告 該封面的圖像由人工智能 ...

Investment Rating - The report maintains a positive outlook on the insurance sector, indicating a high cost-performance ratio for investment opportunities [2][11] Core Views - The insurance sector has experienced significant adjustments due to pessimistic narratives surrounding AI, geopolitical conflicts, and investor concerns about the investment performance of the insurance sector. However, the valuation has dropped to historically low levels, suggesting a high cost-performance ratio for investment [2][11] - The banking sector is expected to see a stabilization in interest margins due to marginal improvements in both assets and liabilities, with non-interest income likely to recover as the equity market rebounds [3][20] Summary by Sections Insurance Sector - The insurance sector's index fell by 2.10%, underperforming the CSI 300 index by 2.28 percentage points. The sector has seen a cumulative decline of over 9% this year, with current valuations indicating significant room for recovery [2][11] - The sector's price-to-earnings value (PEV) is at 0.65x for A-shares and 0.42x for H-shares, indicating potential recovery spaces of 53% and 137% respectively [11] - The long-term core logic of improvement in both assets and liabilities remains unchanged, with expectations for dual recovery in valuation and performance as market sentiment improves [2][11] Brokerage Sector - The brokerage sector index decreased by 1.75%, underperforming the CSI 300 index by 1.94 percentage points. The sector's price-to-book (PB) ratio is at 1.27x, indicating a significant mismatch between earnings and valuation [17][18] - The "14th Five-Year Plan" emphasizes the need for comprehensive reforms in the capital market, which will benefit leading brokerages with strong service capabilities [17][18] - Recommendations include focusing on large brokerages with strong fundamentals and low valuations, as well as those undergoing mergers or restructuring [18][19] Banking Sector - The banking sector index increased by 1.39%, outperforming the CSI 300 index by 1.20 percentage points. The sector's PB ratio is at 0.52x [20][21] - Expected improvements in both asset and liability sides are anticipated to stabilize interest margins, with a projected decrease in the average cost of interest-bearing liabilities by 40 basis points in 2025 [20][21] - The overall asset quality is expected to remain stable, with non-performing loans in corporate real estate and non-real estate consumer credit anticipated to stabilize at high levels [22][23] - Recommendations include focusing on high-dividend large banks and those with strong recovery potential in performance [23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company has demonstrated steady revenue growth and significant results from its strategic transformation, with a projected revenue increase from 9,887.73 million in 2024 to 17,503.71 million by 2028, reflecting a compound annual growth rate (CAGR) of approximately 13% [2] - The adjusted net profit is expected to rise from 809.94 million in 2024 to 2,054.02 million by 2028, with a notable growth rate of 45.9% in 2024 and 16.3% in 2028 [2] - The company is transitioning towards a technology output model, with financial technology revenue expected to grow by 150% year-on-year, indicating a strong shift in business strategy [6] - The company has successfully expanded into international markets, ranking among the top three non-bank auto finance providers in Singapore and achieving rapid market penetration in Malaysia [6] Financial Projections - Revenue projections for the company are as follows: 9,887.73 million in 2024, 11,559.95 million in 2025, 13,404.49 million in 2026, 15,486.69 million in 2027, and 17,503.71 million in 2028, with respective growth rates of 47.9%, 15.5%, 13.0% [2] - The expected net profit figures are 809.94 million for 2024, 1,766.15 million for 2025, 2,054.02 million for 2026, with growth rates of 45.9%, 48.0%, and 19.9% respectively [2] - The earnings per share (EPS) is projected to increase from 0.12 in 2024 to 0.30 in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 18.02 to 8.26 [2] Shareholder Returns - The company has declared a final dividend of 0.10 HKD per share, representing 50% of the net profit per share, along with a special dividend of 0.04 HKD per share [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company has demonstrated steady revenue growth and significant results from its strategic transformation, with a projected revenue increase from 9,887.73 million in 2024 to 17,503.71 million by 2028, reflecting a compound annual growth rate (CAGR) of approximately 13% [2] - The adjusted net profit is expected to rise from 809.94 million in 2024 to 2,054.02 million by 2028, with a notable growth rate of 16.3% in 2028 [2] - The company is transitioning towards a technology-driven model, with financial technology revenue expected to grow by 150% year-on-year, indicating a shift in business strategy [6] - The company has made significant inroads into international markets, particularly in Singapore and Malaysia, enhancing its non-bank automotive finance presence [6] Financial Projections - Revenue projections for the company are as follows: 9,887.73 million in 2024, 11,559.95 million in 2025, 13,404.49 million in 2026, 15,486.69 million in 2027, and 17,503.71 million in 2028, with year-on-year growth rates of 47.9%, 15.5%, 13.0% respectively [2] - The expected net profit figures are 809.94 million for 2024, 1,766.15 million for 2025, 2,054.02 million for 2026, with growth rates of 45.9%, 48.0%, and 19.9% respectively [2] - The earnings per share (EPS) are projected to increase from 0.12 in 2024 to 0.30 in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 18.02 to 8.26 [2] Market Position and Strategy - The company has optimized its transaction structure, with used car financing accounting for 56% of total financing, reflecting a 38% year-on-year increase [6] - The deployment of Agentic AI in pre-loan processes and the introduction of the XinMM-AM1 model signify the company's commitment to leveraging technology for operational efficiency [6] - The company has declared a final dividend of 0.10 HKD per share, representing 50% of the net profit, along with a special dividend of 0.04 HKD per share [6]