证监会主席吴清近日明确提出对优质券商"适度松绑"，进一步优化风控指标，适度打开资本空间和杠杆 限制。这一表态被市场视为券商行业政策环境转向积极的重要信号。 12月6日，中国证监会主席吴清在中国证券业协会第八次会员大会上表示，各证券公司要立足自身资源 禀赋，发挥好比较优势，从价格竞争加快转向价值竞争。头部机构要保持时不我待、不进则退的紧迫 感，在市场竞争力、客户和投资者服务、风险管理等方面树标杆做表率，要进一步增强资源整合的意识 和能力，用好并购重组机制和工具，实现优势互补、高效配置，力争在"十五五"时期形成若干家具有较 大国际影响力的头部机构。 "需要强调的是，一流投行不是说就是头部机构的专属，中小机构也要把握优势、错位发展，在细分领 域、特色客户群、重点区域等方面集中资源，深耕细作，努力打造'小而美'的精品投行、特色投行和特 色服务商。"吴清说。 吴清表示，证监会将着力强化分类监管、扶优限劣，对优质机构适当松绑，进一步优化风控指标，适度 打开资本空间和杠杆限制，提升资本利用效率；对中小券商、外资券商在分类评价、业务准入等方面， 探索实施差异化监管，促进特色化发展；对少数问题券商要依法从严监管，违法的要依法从 ...

智通财经APP获悉，国泰海通发布研报称，吴清主席致辞提出对优质机构适当"松绑"，进一步优化风控 指标，适度打开资本空间和杠杆限制。优化资本杠杆的背后本质在于推动行业经营从规模导向转向风险 定价，从牌照红利转向专业经营，预计券商未来将更重以专业性实现盈利，这是对于优质头部券商的重 要利好，也是板块估值修复的重要催化。 风险提示：政策落地不及预期；资本市场大幅波动。 我国券商杠杆率显著低于国内外金融同业，除了商业模式的差异外，监管约束也是重要方面(尤其是对 于头部券商)。25H1末上市券商平均杠杆率3.3x，国泰海通、中信证券仅4.5、4.3x，而同期国内银行 业、高盛、大摩杠杆率分别12.2x、14.4x、12.5x。对于头部券商，监管在风控指标、衍生品业务等方面 的约束是限制资本杠杆进一步提升的重要方面。 若资本杠杆优化，有望打开券商业务发展及ROE长期成长空间。现行框架下，券商理论杠杆上限约为 6x(优质头部实际更高)，长远来看，随着两融、衍生品、跨境等资本中介业务的增长，优质头部券商运 用杠杆的能力更强，有望充分受益政策优化带来的ROE成长空间。 国泰海通主要观点如下： 事件：12月6日，吴清主席在中国证 ...

Group 1 - The company has signed a sales agreement with Guotai Junan Securities Co., Ltd. to add this institution as a sales agency for its products starting from December 8, 2025 [1] - Investors will be able to open accounts, subscribe, redeem, invest regularly, and convert funds through the mentioned institutions from December 8, 2025 [2] Group 2 - Investors can enjoy fee discounts when subscribing or regularly investing in the funds through the sales agency, with the discount details determined by the sales agency [4] - The company does not set discount limits on subscription fees, regular investment fees, or conversion fees, and any changes to the sales agency's discount activities will be based on their announcements [4] Group 3 - Regular investment is a method of fund subscription where investors can set up automatic deductions for fund purchases through the sales agency [5] - Fund conversion allows holders to exchange their fund shares for other funds managed by the same fund manager, subject to the rules outlined in the fund contract and effective announcements [5] Group 4 - Investors are encouraged to read the fund contract, prospectus, and other legal documents for detailed information about the fund products [6] - For inquiries, investors can contact Guotai Junan Securities Co., Ltd. or Ping An Fund Management Co., Ltd. through the provided customer service numbers and websites [7]

Core Viewpoints - The trading activity increased during the week of December 1-5, 2025, with the ChiNext Index leading the gains. The broad market indices saw a comprehensive rise in valuations, with the ChiNext Index also leading in this aspect. [3][51] Index Valuation - Overall valuations increased, with the ChiNext Index leading the rise. The PE-TTM historical percentile for all indices rose, with the ChiNext Index increasing by 1.7 percentage points. The PB-LF historical percentile also saw a comprehensive increase, with the ChiNext Index rising by 1.3 percentage points. [4][52] - In terms of style indices, large-cap stocks led the gains, with the PE-TTM historical percentile for large-cap stocks increasing by 1.4 percentage points and the PB-LF historical percentile rising by 5.1 percentage points. [4][52] Industry Valuation - The PE valuation for the home appliance sector and the PB valuation for non-ferrous metals led the industry gains. The PE-TTM historical percentile for the home appliance sector increased by 3.7 percentage points, while the PB-LF historical percentile for non-ferrous metals rose by 8.9 percentage points. [4][52] - The power equipment and new energy sectors showed good cost-performance ratios. Additionally, banks were noted for their cost-performance in terms of PB-ROE comparison. [4][52] Market Sentiment - Trading activity increased, with turnover rates rising across all indices. The CSI 300 had the smallest increase, leading with a rise of 96.9%. However, the total transaction amount decreased across all indices, with the total A-share market declining by 2.3%. [5][53] - As of December 4, 2025, the margin trading balance was 2.48 trillion yuan, an increase of 0.42% compared to November 28, 2025. The proportion of financing purchases to total A-share transaction amounts was 9.81%, down by 0.23 percentage points from the previous week's average. [5][53] ERP - The ERP saw a slight decrease, with the total A-share risk premium at 4.24%, down by 0.03 percentage points compared to November 28, 2025. [5][53]

Investment Rating - The report indicates a positive outlook for the insurance sector, with a recommendation to focus on strong insurance companies such as New China Life Insurance, China Ping An, China Life Insurance H, and China Taiping [2][17] Core Insights - The non-bank financial sector (Shenwan) index increased by 2.27%, outperforming the CSI 300 index by 0.99 percentage points, while the insurance sector saw a significant rise of 5.08% [1][9] - The insurance sector's growth is attributed to several factors, including a reduction in long-term stock holding risk factors, expected strong performance in dividend insurance products, and improved global liquidity due to anticipated interest rate cuts in the US [2][16] - The brokerage sector is expected to experience a valuation correction, with a current price-to-book (PB) ratio of 1.36x, indicating potential for recovery in profitability and valuation [2][19] - The banking sector has underperformed, with a decline of 1.18%, and is currently undervalued with a PB ratio of 0.55x, suggesting room for future valuation improvement [3][20] Summary by Sections Insurance Sector - The insurance index rose by 5.08%, significantly outperforming the CSI 300 index by 3.80 percentage points, driven by regulatory adjustments that lowered risk factors for long-term stock holdings [1][13] - The sector is expected to benefit from a favorable environment for dividend insurance products, with strong growth anticipated in the coming year [2][16] - Key recommendations include focusing on companies like New China Life Insurance and China Ping An, which are positioned for growth [17] Brokerage Sector - The brokerage index increased by 1.14%, with a current PB ratio of 1.36x, indicating a potential mismatch between profitability and valuation [2][19] - Regulatory changes are expected to enhance capital efficiency for leading brokerages, creating opportunities for investment in firms with strong fundamentals [2][18] - Recommended stocks include Guotai Junan, Huatai Securities, and Orient Securities, particularly those involved in mergers or restructuring [19] Banking Sector - The banking sector saw a decline of 1.18%, with a PB ratio of 0.55x, indicating that banks are currently undervalued [3][20] - Concerns about asset quality, particularly related to real estate and local government debt, have affected market perceptions, but there is potential for recovery as regulatory support continues [23][24] - Recommendations include focusing on high-quality city commercial banks in economically developed regions, such as Hangzhou Bank and Ningbo Bank [20][24]

非银金融 2025 年 12 月 07 日 投资评级：看好（维持） 行业走势图 -29% -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 非银金融 沪深300 数据来源：聚源 相关研究报告 《监管态度转向积极，看好券商板块 行情—吴清主席在中证协大会的致辞 学习》-2025.12.7 《大国崛起需建设金融强国，券商海 外业务迎发展良机—券商海外业务深 度研究》-2025.11.30 《公募 REITs 试点纳入商业不动产， 险企开门红向好 — 行 业 周 报 》 -2025.11.30 券商杠杆上限有望松绑，险企调降风险因子释放资金 ——行业周报 lukun@kysec.cn 证书编号：S0790524040002 周观点：券商杠杆上限有望松绑，险企调降风险因子释放资金 证监会主席吴清表态积极且超预期，保险投资端松绑政策符合预期。券商和保险 行业业务端景气延续，叠加政策端向好和全年相对滞涨，看好非银板块布局机会。 券商：监管表态积极，行业有望进入"政策宽松期"，杠杆上限提升助力 ROE 12 月 6 日证监会主席吴清在中证协第八次会员大会上致辞，表态积极，核心 ...

Core Insights - The 21st Century Economic Report held its annual securities industry conference and the 2025 Fifth Golden Analyst Awards in Guangzhou, recognizing 25 institutions for their achievements in research and analysis [1] Group 1: Awards and Participants - The awards attracted participation from over 30 institutions, including prominent firms like GF Securities, Changjiang Securities, Guotai Junan, and Tianfeng Securities [1] - A total of 33 industry analyst awards and 8 special awards were established, covering traditional sectors such as banking and real estate, as well as emerging fields like robotics and innovative pharmaceuticals [1] Group 2: Performance of Institutions - Changjiang Securities, Guotai Junan, and GF Securities were the top performers, winning 23, 23, and 22 awards respectively, with GF Securities leading in nine sectors including strategy research and real estate [2] - Other notable institutions such as Dongwu Securities, Shenwan Hongyuan, and Industrial Securities also performed well, each securing over 10 awards [2] Group 3: Special Awards - Over 20 institutions received honors in the institutional category, with GF Securities, Changjiang Securities, Guotai Junan, and CITIC Securities each winning three institutional awards [3] - In the personal awards category, 10 chief economists were recognized as "Best Chief Economist for High-Quality Development 2025," while 25 analysts were awarded "2025 Growth Analyst" titles [3]

Core Viewpoint - The appointment of Zhu Jian as the new chairman of the China Securities Association (CSA) is aimed at enhancing the quality and functionality of the securities industry, aligning it with national strategies [1] Group 1: Leadership Changes - Zhu Jian, chairman of Guotai Junan Securities, has been appointed as the new chairman of the CSA [1] Group 2: Strategic Focus - The CSA will focus on its core business, strengthen its functions, and improve its systems to promote high-quality development [1] - The association aims to effectively leverage the functions of the securities industry and enhance the investment and financing mechanisms [1] Group 3: Implementation and Guidance - The CSA will guide the implementation of the "14th Five-Year Plan" and direct the industry to integrate into national strategies [1]

Core Viewpoint - The chairman of Guotai Junan Securities, Zhu Jian, has been appointed as the new president of the China Securities Association, emphasizing a focus on risk prevention and strong regulation in the securities industry [1] Group 1: Leadership and Governance - Zhu Jian will lead the China Securities Association in aligning with the "14th Five-Year Plan" for the securities industry, focusing on top-level design [1] - The association aims to enhance governance rules through member collaboration, promoting a shared management system within the industry [1] Group 2: Risk Management and Professional Development - The new leadership will prioritize the prevention of systemic risks and the improvement of professional capabilities and core competencies within the industry [1]

Core Points - The 2025 Fifth "21st Century Gold Medal Analyst" awards were announced, covering 33 industry analyst awards and 8 special awards, reflecting trends in traditional and emerging sectors like banking, non-bank finance, real estate, robotics, and innovative pharmaceuticals [1] - The special awards recognize institutions and individuals for their significant contributions in areas such as financial research, think tank studies, ESG research, overseas research, and influential brokerage research [1] Industry Awards - The awards included categories for various sectors, with notable winners such as: - **Banking**: First place went to GF Securities, followed by Zheshang Securities and Dongwu Securities [3][5] - **Strategy Research**: First place awarded to GF Securities, with Guotai Junan Securities and Tianfeng Securities following [3] - **Fixed Income**: Top honors went to Huachuang Securities, with Caitong Securities and Industrial Securities in the next positions [4] - **Real Estate and Construction**: GF Securities ranked first, followed by Shenwan Hongyuan and Changjiang Securities [8] Special Awards - The special awards recognized: - **Best Research Institution for Financial Articles**: Shenwan Hongyuan Research [16] - **Best Think Tank Research Institution**: Guotai Junan Securities Research Institute [17] - **Best ESG Research Institution**: Nanhua Futures Research Institute [17] - **Best Overseas Research Institution**: CITIC Securities Research Development Department [17] Individual Awards - Individual awards included: - **Influential Brokerage Research Institute Director**: Long River Securities [16] - **Best Chief Economist for High-Quality Development**: Li Xunlei from Zhongtai Securities [15] - **Growth Analyst**: Multiple analysts from various firms recognized [15]