Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly focusing on the investment value of brokerage firms and insurance companies [1]. Core Insights - The report highlights that the adjustment expectations for solvency rules will have a limited impact on current insurance asset allocation, while emphasizing the importance of brokerage performance and valuation recovery [1]. - It suggests that 2026 will be a pivotal year for brokerages, driven by policy, capital, and market trading dynamics, with a focus on the upcoming quarterly earnings disclosures and policy reforms [3]. Summary by Sections Market Review - For the week of March 16-20, 2026, the Shanghai Composite Index closed at 4,567.02, with a decline of 2.19%. The non-bank index closed at 1,839.69, down 2.55%. The brokerage, insurance, and diversified financial indices reported declines of 2.79%, 1.99%, and 2.99%, respectively [7]. Non-Banking Sector Insights - The report notes significant net redemptions in equity funds, with a total of 14.91 billion units redeemed, impacting brokerage performance. The geopolitical tensions and inflation expectations have also pressured the market, leading to a defensive investment style [3]. - It emphasizes the undervaluation of brokerage stocks, with current valuations at historical lows, suggesting a mismatch between earnings and valuations [3]. Key Company Announcements - Sunshine Insurance reported a net profit growth of 15.7% for 2025, with total premium income reaching 150.72 billion yuan, a 17.4% increase [13]. - ZhongAn Online announced a remarkable net profit increase of 82.56% for 2025, with total premium income of 35.735 billion yuan, reflecting strong performance in its core insurance business [14]. - China Ping An disclosed a slight decline in net profit of 4.2% for 2025, with total operating income of 131.442 billion yuan, down 10.4% [18]. Investment Recommendations - For brokerages, the report recommends focusing on three investment themes: leading firms benefiting from improved competitive dynamics, brokerages with significant earnings elasticity, and those with strong international business capabilities [3]. - In the insurance sector, the report maintains a positive view on the value re-evaluation trend, recommending stocks like China Ping An, New China Life, and China Life Insurance [3]. Financial Data Tracking - As of March 20, 2026, the average daily stock trading volume was 2,451.723 billion yuan, and the margin trading balance was 2,650.128 billion yuan [36].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The non-bank financial sector index fell by 2.55%, underperforming the CSI 300 index by 0.36 percentage points, ranking sixth among all primary industries [2][13] - The average daily trading volume of A-shares was 22,111 million yuan, a decrease of 11.5% week-on-week but an increase of 38% year-on-year [19] - The draft of the Financial Law was released for public consultation, aiming to strengthen financial regulation and risk management, promoting high-quality financial development [3][15] Summary by Sections Market and Sector Performance - The non-bank financial sector index decreased by 2.55%, with the securities sector down by 2.79%, insurance down by 1.99%, diversified finance down by 2.99%, internet finance down by 5.01%, and financial technology down by 4.86% [2][13] - Notable gainers included *ST Panda (+21.41%) and Zhongyou Capital (+11.71%), while major losers included Bohai Leasing (-12.34%) and Dongwu Securities (-11.84%) [2][13] Regulatory Developments - The Financial Law draft, released by five departments including the Ministry of Justice and the People's Bank of China, aims to comprehensively regulate financial activities and enhance risk management [3][14] - The law is expected to strengthen market-oriented legal risk management and regulatory constraints, optimizing financial market functions and behavior norms [15] Insurance Sector Updates - The self-pricing coefficient range for new energy vehicle insurance has been adjusted from [0.6, 1.4] to [0.55, 1.45], with a third adjustment expected in the second half of 2026 [7][16] - This gradual adjustment aims to minimize market impact while aligning pricing with risk levels, reducing the burden on low-risk customers [16]

Investment Rating - The report maintains a "Recommended" rating for all key companies in the non-bank financial sector [2][4]. Core Insights - The non-bank financial sector is expected to benefit from a stable capital market, with significant improvements in trading activity leading to a recovery in brokerage performance [8]. - The report forecasts a year-on-year increase in brokerage business revenue of 45% for Q1 2026, driven by a substantial rise in average daily trading volume [8]. - The insurance sector is projected to see strong growth in new premium income, although the structure of products may lead to a decline in the margin of new business value (NBV) for life insurance [8]. - The leasing sector is expected to show stable performance, with traditional leasing companies benefiting from lower interest rates, while demand in automotive finance remains strong [8]. Summary by Sections Brokerage Sector - The average daily trading volume for the market is expected to reach 3.3 trillion yuan, representing a year-on-year increase of 88% [8]. - Investment business revenue for the brokerage sector is anticipated to grow by 20% year-on-year in Q1 2026 [8]. - The investment banking business revenue is projected to increase by 70% year-on-year [8]. Insurance Sector - New premium income is expected to grow rapidly due to the shift in deposit behavior and the insurance companies' focus on bancassurance channels [8]. - The year-on-year growth rates for life insurance companies' NBV are forecasted as follows: China Ping An > China Life > New China Life > China Pacific Insurance [8]. - The combined ratio (COR) for property insurance is expected to improve year-on-year due to reduced disaster losses and cost-cutting measures [8]. Leasing Sector - Traditional leasing companies are expected to maintain stable performance, while aircraft leasing faces supply-demand pressures [8]. - The automotive finance sector is projected to continue growing due to strong demand [8]. - The expected year-on-year growth rates for net profit of leasing companies are as follows: Shengye > Yixin Group > Jiangsu Jinzu > Bohai Leasing > Bank of China Aviation Leasing > China Shipbuilding Leasing > Far East Horizon [8]. Investment Recommendations - The report suggests that the non-bank financial sector will benefit from favorable economic conditions and supportive policies, leading to improved market sentiment and valuation recovery [8].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report indicates that low valuations are expected to provide anti-drawdown characteristics, with a focus on performance and style switching catalysts [4] - The insurance and brokerage sectors continue to adjust due to geopolitical conflicts, but the medium-term logic remains unchanged, with positive trends in non-bank business and asset sides driven by deposit migration and a slow bull market [4] - The report highlights that the valuation of five A-share insurance companies has dropped to a low of 0.73 times P/EV, while leading brokerages have PB and PE valuations at historical lows, suggesting potential for anti-drawdown characteristics and left-side opportunities [4] Summary by Sections Brokerage - The average daily trading volume of stock-based funds is 2.74 trillion, down 10% week-on-week; however, the cumulative average daily trading volume for the year is 3.22 billion, up 85% year-on-year [5] - Six brokerages have initiated consolidated regulatory reporting, with a deadline for submitting 2025 annual reports by April 30, 2026 [5] - The report recommends the brokerage sector, focusing on low-valuation firms with high wealth management contributions, such as Huatai Securities and GF Securities, as well as leading brokerages like Guotai Junan and CITIC Securities [5] Insurance - Sunshine Insurance reported a total premium income of 150.72 billion, up 17.4% year-on-year, with a net profit of 6.31 billion, up 15.7% [6] - The self-pricing coefficient for new energy vehicle insurance has been optimized, which is expected to benefit market pricing and the development of new energy vehicle insurance business [6] - The report recommends China Pacific Insurance, China Life H shares, and Ping An, highlighting the high growth potential in the liability side due to deposit migration [6] Recommended and Beneficiary Stocks - Recommended stock combination includes Huatai Securities, Guotai Junan, China Pacific Insurance, Tonghuashun, China Life, Ping An, GF Securities, CITIC Securities, and others [7]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the investment value of insurance and brokerage firms [1]. Core Insights - The "14th Five-Year Plan" is expected to benefit the insurance and brokerage sectors, enhancing their configuration value [1]. - The report emphasizes the importance of the "14th Five-Year Plan" in driving policy, funding, and market trading, which is anticipated to lead to a double boost for brokerages in 2026 [2]. - The report identifies three main investment themes for brokerages: strong comprehensive capabilities of leading institutions, brokerages with significant earnings elasticity, and firms with strong international business competitiveness [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,669.14 with a fluctuation of +0.19%. The non-bank index closed at 1,887.83, down by -1.93%. The brokerage, insurance, and diversified financial indices reported declines of -1.75%, -2.10%, and -2.73% respectively [5]. Non-Banking Industry News and Key Announcements - The "14th Five-Year Plan" emphasizes the need for a robust financial system, focusing on risk prevention, strong regulation, and high-quality development. It aims to enhance financial services for the real economy and promote various financial sectors, including technology and green finance [7][8]. - The report highlights the need for financial institutions to focus on their core businesses and improve governance, supporting the development of first-class investment banks and institutions [8]. Investment Analysis - For brokerages, 2026 is seen as a pivotal year with potential for significant growth driven by policy and market dynamics. Recommended stocks include Guotai Junan, GF Securities, and CITIC Securities for their strong market positions and performance potential [2]. - In the insurance sector, the report suggests a mid-term positive outlook for value reassessment, recommending China Ping An, New China Life, and China Life Insurance among others [2]. Key Data Tracking - As of March 13, 2026, the average daily stock trading volume was 25,719.27 billion [31]. - The margin trading balance reached 26,646.58 billion as of March 12, 2026 [33].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the investment value of the insurance and brokerage segments [1]. Core Insights - The "14th Five-Year Plan" is expected to benefit the insurance and brokerage sectors, enhancing their configuration value [1]. - The report emphasizes the importance of the "14th Five-Year Plan" in driving policy, funding, and market trading, which is anticipated to create a favorable environment for brokerages in 2026 [2]. - The report identifies three main investment themes for brokerages: strong institutions benefiting from improved competitive dynamics, brokerages with significant earnings elasticity, and firms with strong international business capabilities [2]. Summary by Sections Market Review - During the week of March 9-13, 2026, the Shanghai Composite Index closed at 4,669.14 with a slight increase of +0.19%, while the non-bank index fell to 1,887.83, down -1.93% [6]. - The brokerage, insurance, and diversified financial indices reported declines of -1.75%, -2.10%, and -2.73%, respectively [6]. Non-Banking Industry News and Key Announcements - The "14th Five-Year Plan" emphasizes the construction of a modern financial system, focusing on risk prevention, strong regulation, and high-quality development [8]. - The plan aims to enhance financial services for the real economy, promote technological and green finance, and improve the structure of monetary policy tools [8]. - The report notes that the brokerage sector's market share in non-cash fund distribution has increased, with the top 100 brokerages holding a 23% market share, up 2.02 percentage points from the previous half [2]. Investment Analysis - For brokerages, 2026 is seen as a pivotal year with potential for significant growth driven by policy and market dynamics. Recommended stocks include Guotai Junan, Haitong Securities, and Citic Securities for their strong competitive positions [2]. - The insurance sector is expected to undergo a value reassessment, with recommendations for China Ping An, New China Life, and China Life Insurance, among others [2].

证券代码：600901 证券简称：江苏金租 公告编号：2026-011 江苏金融租赁股份有限公司 关于为项目公司提供担保的公告 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： 被担保人名称：汇同（天津）航运租赁有限公司（以下简称"汇 同租赁"），为江苏金融租赁股份有限公司（以下简称"公司"） 在境内保税地区设立的全资项目公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额为 19,250,000 美元；截至公告披露日，公司实际为其提供的担保余额为 19,250,000 美元（含本次）。 本次担保是否有反担保：否 对外担保逾期的累计数量：无 一、担保情况概述 （一）担保基本情况 1 近日，公司与平安银行股份有限公司南京分行签订《保证合同》， 为汇同租赁的有关融资提供担保。汇同租赁是本公司经原中国银保 监会江苏监管局批准后，为开展跨境船舶租赁业务而在境内保税地 区设立的全资项目公司。 公司分别于 2025 年 4 月 25 日、2025 年 5 月 19 日召开了第四届 董事会第十一次会议、2024 年年 ...

证券代码：600901 证券简称：江苏金租 公告编号：2026-010 江苏金融租赁股份有限公司 关于为项目公司提供担保的公告 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： 被担保人名称：汇礼（天津）航运租赁有限公司（以下简称"汇 礼租赁"）、汇淼（天津）航运租赁有限公司（以下简称"汇淼租 赁"）、汇硕（天津）航运租赁有限公司（以下简称"汇硕租赁"）、 汇翔（天津）航运租赁有限公司（以下简称"汇翔租赁"），均为 江苏金融租赁股份有限公司（以下简称"公司"）在境内保税地区 设立的全资项目公司。 本次担保金额及已实际为其提供的担保余额： 单位：美元 | 序号 | 被担保人 | 本次担保额度 | 累计担保余额 | | --- | --- | --- | --- | | | | | （含本次） | | 1 | 汇礼租赁 | 19,800,000 | 19,800,000 | 1 | 2 | 汇淼租赁 | 19,800,000 | 19,800,000 | | --- | --- | --- | --- | | 3 ...

Investment Rating - The report maintains a positive outlook on the brokerage sector, emphasizing the importance of capital market dynamics and regulatory changes to enhance long-term investment opportunities [2][4]. Core Insights - The brokerage sector is currently in a balanced state, with potential for both offensive and defensive strategies. The sector has experienced significant price differentiation from the broader market, primarily due to liquidity constraints and geopolitical disturbances. The valuation of brokerages has decreased to 1.29x PB, with several firms trading below 1.1x PB, indicating potential for recovery as market conditions stabilize [4][10]. - The insurance sector is also viewed positively, with expectations for a continued increase in insurance capital market participation driven by supportive policies. The report highlights a significant undervaluation in the insurance sector, with PEV estimates for 2026 ranging from 0.26x to 0.71x, suggesting a strong investment opportunity [4][10]. Summary by Sections Market Review - For the week of March 2 to March 6, 2026, the Shanghai Composite Index closed at 4,660.44, with a decline of 1.07%. The non-bank index closed at 1,924.99, down 2.54%. The brokerage, insurance, and diversified financial sectors reported declines of 3.18%, 1.44%, and 1.82%, respectively [8][10]. Non-Banking Industry Insights - The government work report released on March 5, 2026, indicated multiple development signals for the financial sector, including a commitment to maintain liquidity and reduce financing costs. The report aims to enhance direct financing's share to 31.97% and emphasizes the importance of stabilizing the capital market [10][11]. - The report also outlines the introduction of new regulations on short-term trading, which are expected to facilitate the entry of long-term capital into the market. This regulatory change is anticipated to improve market ecology by promoting long-term investments [4][14]. Investment Analysis Recommendations - For brokerages, the report suggests focusing on three investment themes: 1. Strong comprehensive capabilities of leading institutions, recommending firms like Guotai Junan and GF Securities. 2. Brokerages with significant earnings elasticity, recommending Huatai Securities and招商证券. 3. Firms with strong international business competitiveness, recommending China Galaxy Securities [4][10]. - In the insurance sector, the report recommends companies such as Ping An, New China Life, and China Life, highlighting the systemic value re-evaluation opportunities in the mid-term [4][10]. Key Data Tracking - As of March 6, 2026, the average daily stock trading volume was 26,449.21 billion yuan, with a notable increase in investor participation, as evidenced by the addition of 995,900 new investors since August 2023 [31][36].

证券代码：600901 证券简称：江苏金租 公告编号：2026-009 江苏金融租赁股份有限公司 关于为项目公司提供担保的公告 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： 被担保人名称：汇百（天津）航运租赁有限公司（以下简称"汇 百租赁"），为江苏金融租赁股份有限公司（以下简称"公司"） 在境内保税地区设立的全资项目公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额为 19,800,000 美元；截至公告披露日，公司实际为其提供的担保余额为 19,800,000 美元（含本次）。 本次担保是否有反担保：否 对外担保逾期的累计数量：无 一、担保情况概述 （一）担保基本情况 1 近日，公司与中国光大银行股份有限公司南京分行（以下简称 "光大银行"）签订《保证合同》，为汇百租赁的有关融资提供担 保。汇百租赁是本公司经原中国银保监会江苏监管局批准后，为开 展跨境船舶租赁业务而在境内保税地区设立的全资项目公司。 2.成立日期：2025年8月27日 3.住所：天津自贸试验区(东疆综合保税区）澳洲路6262号 ...