2025 年 05 月 18 日 行业周报 看好/维持 非银行金融 非银行金融 非银行业周报（0512-0518）：科技金融体制构建提速 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 ◼ 子行业评级 | 证券Ⅱ | 看好 | | --- | --- | | 保险Ⅱ | 看好 | | 多元金融 | 看好 | | ◼ 推荐公司及评级 | | | 方正证券 | 买入 | | 湘财股份 | 买入 | | 中国人寿 | 买入 | | 众安在线 | 增持 | 相关研究报告 <<众安在线 2024 年年报点评：科技 赋能驱动增长，投资收益大幅提 升>>--2025-05-15 <<非银行业周报（0505-0511）：增量 政策出台稳定市场预期>>--2025- 05-12 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号 ...

地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 国浩律师（杭州）事务所 关 于 湘财股份有限公司 2024 年年度股东大会之 法律意见书 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 湘财股份有限公司 2024 年年度股东大会之 法律意见书 致：湘财股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受湘财股份有限公司（以 下简称"公司"）委托，指派本所律师出席公司 2024 年年度股东大会（以下简 称"本次股东大会"），并根据《中华人民共和国公司法》（以下简称 ...

湘财股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 16 日 (二)股东大会召开的地点：杭州市西湖区曙光路 122 号浙江世贸君澜大饭店会议 厅 证券代码：600095 证券简称：湘财股份 公告编号：临 2025-037 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 600 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,992,314,442 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 69.9571 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，由董事长史建明先生主持。本次会议的召集程序、 表决方式、决议内容，均符合《公司法》等相关法律法规及《公司章程 ...

湘财股份有限公司 2024 年年度股东大会资料 （股票代码：600095） 2025年5月 湘财股份有限公司 2024年年度股东大会资料 股东大会须知 各位股东： 为保证本次会议的顺利进行，以下事项希望得到您的配合与支 持。 一、董事会以维护全体股东的合法权益、维持大会正常秩序和提 高议事效率为原则，认真履行《公司章程》规定的职责，做好召集、 召开股东大会的各项工作。 二、股东参加股东大会依法享有发言权、质询权、表决权等权利。 股东参加股东大会，应认真履行其法定权利和义务，不得侵犯其他股 东的权益，不得扰乱大会的正常秩序。 三、本公司董事会办公室具体负责大会有关程序方面的事宜。 四、投票表决的有关事宜 1、投票办法：同一表决权只能选择现场或网络表决方式中的一 种。同一表决权出现重复表决的以第一次投票结果为准。 股东大会现场会议采用记名方式投票表决。股东（包括股东代理 人）以其所代表的有表决权的股份数额行使表决权，每一股份享有一 票表决权。 出席股东大会的股东，应当对提交表决的议案发表以下意见之 一：同意、反对或弃权。 湘财股份有限公司 未填、错填、字迹无法辨认的表决票、未投的表决票均视为投票 人放弃表决权利， ...

证券代码：600095 证券简称：湘财股份 公告编号：临 2025-036 湘财股份有限公司 关于参加黑龙江辖区上市公司 2025 年投资者 网上集体接待日活动暨召开 2024 年度及 2025 年第一季度网上业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 投资者可以于 2025 年 5 月 8 日（星期四）至 5 月 13 日(星期二)16:00 前登录全景路演网站首页点击"互动平台"栏目或通过公司投资者关系邮箱 ir@600095.com.cn 进行提问，公司将在说明会上对投资者普遍关注的问题进行 回答。 湘财股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布公司 2024 年年度报告及摘要、2025 年第一季度报告。为了进一步加强与投资者的互 动交流，公司计划于 2025 年 5 月 14 日 14:00-16:30 参加由黑龙江省上市公司协 会与深圳市全景网络有限公司联合举办的"黑龙江辖区上市公司 2025 年投资者 网上集体接待日活动"暨召开 2024 年度及 ...

Core Viewpoint - The Shanghai Stock Exchange's main board companies have shown resilience and stability in their performance, supported by a series of incremental policies, reflecting a robust economic structure in China [1] Group 1: Export Market Diversification - In 2024, companies on the Shanghai main board achieved overseas revenue of 6.09 trillion yuan, a year-on-year increase of 7%, with non-US exports accounting for over 80% [2] - Key export destinations include ASEAN, Africa, and countries involved in the Belt and Road Initiative, with significant growth in sales for companies like SANY Heavy Industry and SAIC Motor [2] - Major construction state-owned enterprises have actively expanded overseas, signing new orders worth 1.87 trillion yuan, a year-on-year increase of 15% [2] Group 2: High-Tech Product Exports - High-tech products such as high-end equipment, integrated circuits, smart home appliances, and electric vehicles have accelerated exports, leading to revenue growth in related industries [3] - Companies like Oriental Cable and Zhaoyi Innovation have made significant strides in international markets, with Zhaoyi Innovation achieving record high shipments [3] - The rise of new business models like cross-border e-commerce has boosted overseas sales for various sectors, including light manufacturing and retail [3] Group 3: Mergers and Acquisitions Activity - From 2024 to the first quarter of 2025, over 1,500 new M&A transactions were recorded on the Shanghai main board, with a total transaction value exceeding 1.4 trillion yuan [4] - Notable M&A cases include Guotai Junan's acquisition of Haitong Securities and China Shipbuilding's proposed merger with China CSSC, each exceeding 100 billion yuan [4] - The trend of private acquisitions and the purchase of quality non-profitable assets has emerged, indicating a shift in M&A strategies [4][5] Group 4: Quality Improvement and Efficiency - By 2024, 946 companies on the Shanghai main board disclosed "quality improvement and efficiency return" action plans, with nearly 60% participation [6] - Among the companies that disclosed plans, nearly 90% achieved profitability, and almost 50% reported performance growth [6] - The total cash dividend announced by 1,259 companies reached 1.77 trillion yuan, a year-on-year increase of 6%, with a dividend payout ratio of 39% [7] Group 5: ESG Reporting and Progress - In 2024, 1,068 companies on the Shanghai main board disclosed ESG reports, achieving a disclosure rate of approximately 63%, an increase of 6 percentage points year-on-year [9] - The number of companies included in the MSCI ESG rating increased, with 90 companies receiving upgrades in their ratings [9] - Companies have actively engaged in social responsibility initiatives, contributing to employment and environmental sustainability [10] Group 6: Index Investment Growth - In 2024, net inflows into ETFs on the Shanghai main board reached nearly 840 billion yuan, with significant participation from foreign capital [11] - The trading volume of ETFs ranked first in Asia, with a total trading amount of nearly 30 trillion yuan [11] - Foreign investment preferences are concentrated in sectors such as banking, food and beverage, and public utilities, indicating a strategic focus on stable industries [12] Group 7: Exit Mechanisms and Risk Mitigation - Since 2025, 19 companies on the Shanghai main board have faced various forms of delisting, with a significant portion resulting from financial issues [13] - The introduction of diverse exit channels, including voluntary delisting and asset restructuring, has become more prominent [13] - Companies have actively taken measures to improve operations and mitigate risks, with several successfully lifting delisting warnings [13]

Core Insights - Xiangcai Securities is accelerating growth by enhancing digital services and focusing on customer needs, leading to significant increases in brokerage revenue, operating profit, and market share in Q1 compared to the previous year [1] - The company has launched the "Xiangcai Zhiying" investment advisory product in collaboration with Yimeng Co., which integrates software tools and advisory services to simplify the investment process for clients [2] - Xiangcai Securities has seen a substantial increase in trading volume, with a 96% year-on-year rise, driven by a multi-scenario trading service system catering to various client types [3] Group 1 - Xiangcai Securities' brokerage business has achieved a 42% increase in revenue, a 195% increase in operating profit, and a 15% increase in market share in Q1 year-on-year [1] - The company is focusing on digital transformation and wealth management, utilizing the "Xiang Guanjia" platform to provide differentiated services for various client segments [1] - The investment advisory business is experiencing rapid growth, with a focus on enhancing the capabilities of the advisory team and implementing a comprehensive marketing service mechanism [2] Group 2 - The brokerage trading income has become a major growth point, with a 96% increase in trading volume, significantly outpacing the market's average increase of nearly 50% [3] - The average daily balance of margin trading has increased by over 20% quarter-on-quarter, with a market share increase of 4% [3] - The company is exploring new revenue sources in the context of financial product fee reforms, achieving nearly a sixfold increase in sales of its asset management equity products [3]

证券代码：600095 证券简称：湘财股份 公告编号：临 2025-035 湘财股份有限公司 关于对外担保的进展公告 度的公告》（公告编号：临 2024-015）、2024 年 5 月 7 日披露的《湘财股份 2023 年年度股东大会决议公告》（公告编号：临 2024-030）。 截至本公告披露日，公司实际为海南浙财实业提供担保余额为 9,700 万元人 民币，已单独履行审议程序和披露义务，未使用股东大会批准的担保额度，具体 详见公司于 2024 年 8 月 13 日披露的《湘财股份关于为子公司提供担保的公告》 （公告编号：临 2024-055）。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 被担保人：本次对外担保的被担保方为海南浙财实业有限公司（以下简 称"海南浙财实业"），海南浙财实业为湘财股份有限公司（以下简称"公司"） 全资子公司。 本次担保金额及已实际为其提供的担保余额：公司为海南浙财实业申请 的一般授信额度人民币 1,000 万元的授信业务提供保证担保，已实际为海南浙财 实业提供担保余额为 9, ...

湘财股份吸收合并大智慧正在积极推进中。 与此同时，双方最新业绩均已浮出水面，大智慧2024年净利润由盈转亏，2025年一季度则扭亏为盈。而湘财股 份2024年实现营业总收入21.92亿元，同比下降5.56%；净利润1.09亿元，同比下降8.59%，不过，扣非后的净 利润2.27亿元，同比增长152.92%。 对于两者的吸收合并，业界仍然较为看好，认为这是一次中小券商突破同质化竞争、应对头部集中压力的主动 尝试，两者合并一体化效应下的"AI投顾券商"逐渐出现雏形。 积极推进交易，审计尽调尚未完成 今年3月28日，湘财股份和大智慧双双发布公告，正在筹划由湘财股份通过向大智慧全体A股换股股东发行A股 股票的方式，换股吸收合并大智慧并发行A股股票募集配套资金。双方确认并同意，大智慧与湘财股份的换股 比例为1:1.27，即每1股大智慧股票可以换得1.27股湘财股份新增发行的A股对价股票。 时间走过一个月，目前进展如何？4月28日，湘财股份和大智慧发布类似公告称，自本次交易预案披露以来， 湘财股份及有关各方正在积极推进本次交易相关工作。截至本公告披露日，本次交易相关的审计、尽职调查等 工作尚未完成，湘财股份将在本次交易涉 ...

Group 1 - The core transaction involves Xiangcai Co., Ltd. planning to merge with Shanghai Dazhihui Co., Ltd. through a share exchange, issuing A-shares to Dazhihui's shareholders and raising matching funds [2] - The board of Xiangcai Co., Ltd. approved the merger plan during a meeting on March 28, 2025, and further details were published on March 29, 2025 [3] - As of the announcement date, the audit and due diligence related to the transaction are still ongoing, and the company will convene another board meeting to review the transaction once these processes are completed [3]