Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The non-bank financial sector has experienced an excess decline compared to the overall A-share index since late August, with valuations and institutional holdings at low levels. The brokerage sector shows good performance prospects, while the insurance sector has certain dividend attributes. The non-bank financial sector is seen as having both offensive and defensive characteristics, and there are strategic opportunities for investment in the brokerage sector, particularly in undervalued life insurance stocks and high dividend yield companies like Jiangsu Jinzu [5] Summary by Sections Brokerage Sector - The average daily trading volume of stock funds reached 3.19 trillion yuan, up 15.9% month-on-month. In September, 2.94 million new A-share accounts were opened, a year-on-year increase of 61% and a month-on-month increase of 11%. The total number of new accounts opened from January to September reached 20.15 million, up 50% year-on-year [6] - The adjustment of margin financing collateral ratios is a routine measure and primarily affects new financing scales without impacting existing stock. The brokerage sector's performance in Q3 is expected to show a year-on-year growth of 53.1% in net profit attributable to the parent company, with a quarter-on-quarter increase of 1% [6] - The report recommends three main lines of brokerage stocks: Guosen Securities, which benefits from retail advantages and the Hainan cross-border asset management pilot; Huatai Securities and CICC, which excel in overseas and institutional business; and GF Securities and Dongfang Securities H, which have significant wealth management advantages [6] Insurance Sector - The implementation of the "reporting and operation integration" policy for non-auto insurance business is expected to lead to a decline in the comprehensive cost ratio (COR) for property insurance companies. The regulatory measures are anticipated to guide the industry towards more standardized development and lower insurance rates [7] - Long-term interest rates remain stable, alleviating net asset pressures, while the expected return on equity assets is boosted, leading to a potential improvement in the interest margin for insurance companies in the medium to long term. The report recommends undervalued stocks such as China Pacific Insurance and Ping An Insurance [7] Recommended and Beneficiary Stocks - Recommended stocks include Huatai Securities, GF Securities, Guosen Securities, Dongfang Securities H, CICC H, Dongfang Caifu, Guotai Junan; China Pacific Insurance, Ping An Insurance; Jiangsu Jinzu, Hong Kong Stock Exchange [8]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [4][55]. Core Insights - The report highlights strong growth in the brokerage sector, with a significant increase in new A-share accounts and trading volumes, indicating a robust market environment. The net profit for the brokerage sector is expected to show high year-on-year growth for the first nine months of 2025 [4]. - The insurance sector is undergoing regulatory changes aimed at improving profitability, particularly in non-auto insurance, which is expected to benefit leading companies in the industry [4]. - The report identifies three main investment themes in the brokerage sector: 1) Stronger institutions benefiting from improved competition, 2) Brokerages with high earnings elasticity, and 3) Companies with strong international business capabilities [4]. Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage sector saw a rise of 4.42%, while the insurance sector increased by 0.89% [7]. - The average daily trading volume for the Shanghai and Shenzhen stock exchanges reached 26,034.09 billion yuan, reflecting a year-on-year increase of 56.08% [15][31]. Non-Bank Industry Data - As of October 10, 2025, the financing balance in the margin trading market was 24,455.47 billion yuan, showing a year-on-year increase of 31.2% [15]. - The report notes that the average daily trading volume for the first nine months of 2025 was 26,034.09 billion yuan, indicating a vibrant trading environment [31]. Regulatory Developments - The Financial Regulatory Bureau has implemented a new framework for non-auto insurance, focusing on improving underwriting profitability and establishing stricter fee management and compliance measures [4][17]. - The report mentions the central bank's liquidity measures, including significant net injections through various monetary policy tools, which aim to maintain market liquidity [16][19].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector [1] Core Views - The report highlights a continuation of strong growth in the brokerage sector, with a significant increase in net profits expected for the first nine months of 2025. Key metrics include a 61% year-on-year increase in new A-share accounts and a 203% increase in average daily stock trading volume in September 2025 [2][5] - The brokerage sector is currently undervalued, with a price-to-book (PB) ratio of 1.48, placing it in the 47.8th percentile over the past decade [2] - The report notes a favorable market environment supporting continued high growth in brokerage performance, with specific recommendations for leading firms and those with strong international business capabilities [2][7] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage, insurance, and diversified financial sectors reported gains of 4.42%, 0.89%, and 0.52%, respectively [5][6] Non-Bank Sector Insights - The report indicates that the insurance sector is benefiting from the implementation of a "de-involution" policy framework for non-auto insurance, which is expected to improve underwriting profitability for leading firms [2][16] - Specific investment recommendations include firms that are expected to benefit from improved competitive dynamics and those with strong earnings elasticity [2][7] Key Data Tracking - As of October 10, 2025, the average daily trading volume in the stock market was 26,034.09 billion yuan, reflecting an 18.99% increase from the previous period [14][32] - The report also tracks significant metrics such as the balance of margin financing and securities lending, which stood at 24,455.47 billion yuan as of October 9, 2025, marking a 31.2% increase from the end of 2024 [14][39]

Core Viewpoint - Jiangsu Jinzu announced that the company has no overdue guarantee matters, indicating a stable financial position and risk management [2] Company Summary - Jiangsu Jinzu released an announcement on the evening of September 30, stating that there are no overdue guarantee issues [2]

每经AI快讯，江苏金租9月30日晚间发布公告称，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》，为汇广租赁、汇博租赁的有关贷款提供担保，担保额度分 别为1000万元。汇广租赁、汇博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。 每经头条（nbdtoutiao）——前脚消费贷，后脚被银行追讨发票，7天内上传，否则后果严重！有人为此 焦虑，有人却趁机牟利：帮开票包过审 （记者 王晓波） 截至本公告披露日，公司对外担保均为公司为项目公司对外融资提供的担保。按2025年9月30日中国人 民银行公布的汇率中间价折算，公司累计对外担保余额（含本次）为人民币约38.55亿元，占公司2024 年12月31日经审计净资产的15.97%。 ...

证券代码：600901 证券简称：江苏金租 公告编号：2025-050 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：汇广（天津）航运租赁有限公司（以下简称"汇 广租赁"）、汇博（天津）航运租赁有限公司（以下简称"汇博租 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。 | 序号 | 被担保人 | 本次担保额度 | | 累计担保余额 | | | --- | --- | --- | --- | --- | --- | | | | | | （含本次） | | | 1 | 汇广租赁 | 10,000,000 | 元 | 10,000,000 | 元 | | 2 | 汇博租赁 | 10,000,000 | 元 | 10,000,000 | 元 | 本次担保金额及已实际为其提供的担保余额： 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 1 近日，公司与中国光大银行股份有限公司南京 ...

江苏金融租赁股份有限公司 2025 年第二次临时股东大会 会 议 资 料 2025 年 10 月 13 日·江苏南京 主 持 人：周柏青董事长 一、宣布会议开始 | 2025 | 年第二次临时股东大会会议议程 | 2 | | --- | --- | --- | | 2025 | 年第二次临时股东大会会议须知 | 4 | | 2025 | 年第二次临时股东大会会议材料 | 7 | | 议案十二：关于修订《内幕信息及知情人管理办法》的议案 | 60 | | 江苏金融租赁股份有限公司 2025 年第二次临时股东大会会议议程 会议时间：2025年10月13日（星期一）14：00 会议地点：江苏省南京市建邺区嘉陵江东街99号金融城1号楼江苏金 融租赁股份有限公司405会议室 召开方式：现场会议+网络投票 召 集 人：公司董事会 二、介绍会议出席人员情况，宣布出席会议股东人数、代表股份数 三、宣读股东大会会议须知 四、审议议案 2 1. 关于不再设立监事会暨修订《公司章程》的议案 2. 关于修订《股东大会议事规则》的议案 3. 关于修订《股权管理办法》的议案 4. 关于修订《股东承诺管理办法》的议案 5. 关于修订《董事 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600901 证券简称：江苏金租 公告编号：2025-046 江苏金融租赁股份有限公司 第四届董事会第十三次会议决议公告 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。 江苏金融租赁股份有限公司（以下简称"公司"）第四届董事会第十三次会议的通知于2025年9月19日以 书面形式发出。本次会议于2025年9月26日以现场会议的方式在公司召开。会议应出席董事11人，实际 出席董事11人。会议由董事长周柏青先生主持。本次会议的召集召开程序符合《公司法》《公司章程》 及《董事会议事规则》等有关规定。本次会议审议通过了以下议案： 一、关于不再设立监事会暨修订《公司章程》的议案 会议同意将本议案提交股东大会审议，并在股东大会审议通过后，将《公司章程》提交至金融监管部门 核准。同时，提请股东大会授权董事会并同意董事会转授权高级管理层，根据监管部门的审核意见对本 次章程修订内容做相应修改。 公司现任监事、监事会将继续履职至《公司章程》获核准生效之日止。届时，《江苏金融租赁股份有限 公 ...

根据《中华人民共和国公司法》、国家金融监督管理总局《关于 公司治理监管规定与公司法衔接有关事项的通知》、中国证监会《关 于新〈公司法〉配套制度规则实施相关过渡期安排》《上市公司章程 指引》等要求，结合公司实际情况，公司不再设立监事会，由董事会 审计委员会行使《公司法》和监管制度规定的监事会职权。 公司根据上述调整同步修订《公司章程》，修订后的《公司章程》 还需经金融监管部门核准后生效。修订内容与监管部门核准意见不一 致的，将依据监管部门意见进行一致性调整。公司拟提请股东大会授 权董事会并同意董事会转授权高级管理层，根据监管部门的审核意见 证券代码：600901 证券简称：江苏金租 公告编号：2025-048 江苏金融租赁股份有限公司 关于不再设立监事会暨修订《公司章程》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。 2025 年 9 月 26 日，江苏金融租赁股份有限公司（以下简称"公 司"）召开第四届董事会第十三次会议，审议通过了《关于不再设立 监事会暨修订〈公司章程〉的议案》，同意将该议案提交股东大会审 议。 对 ...

| 第五章 股东和股东大会 | 第五章 股东和股东会 | | --- | --- | | 第一节 股东 | 第一节 股东 | | 第三十五条 公司依据证券登记机构提供的凭证建立 | 第三十五条 公司依据证券登记结算机构提供的凭证 | | 股东名册，股东名册是证明股东持有公司股份的充分 | 建立股东名册，股东名册是证明股东持有公司股份的 | | 证据。股东按其所持有股份的种类享有权利，承担义 | 充分证据。股东按其所持有股份的类别享有权利，承 | | 务；持有同一种类股份的股东，享有同等权利，承担 | 担义务；持有同一类别股份的股东，享有同等权利， | | 同种义务。 | 承担同种义务。 | | 第三十七条 公司股东享有下列权利： | 第三十七条 公司股东享有下列权利： | | （一）依照其所持有的股份份额获得股利和其他形式 | （一）依照其所持有的股份份额获得股利和其他形式 | | 的利益分配； | 的利益分配； | | （二）依法请求、召集、主持、参加或者委派股东代 | （二）依法请求召开、召集、主持、参加或者委派股 | | 理人参加股东大会，并行使相应的表决权； | 东代理人参加股东会，并行使相应的表决权 ...