Investment Rating - The report maintains a "Buy" rating for the non-bank financial sector [2] Core Insights - The report highlights a "slow bull" new cycle, indicating a revaluation of the sector with significant growth in insurance premiums and profits for listed insurance companies in 2025 [7] - The insurance sector is experiencing rapid growth in bank insurance, improved cost structures, and increased allocation to equity assets, reflecting a trend of "deposit migration" and rising industry concentration [7] - Brokerage firms continue to show strong performance, with a notable recovery in investment banking activities and a significant increase in net profits [7] - Financial technology firms are seeing strong revenue elasticity in C-end businesses, while B-end businesses face challenges due to declining downstream demand [7] - The report recommends focusing on companies with strong long-term profitability potential and suggests long-term holdings in leading and high-dividend stocks within the industry [7] Summary by Sections Insurance: Gradual Validation of ROE Revaluation - The 2025 interim report for listed insurance companies shows significant growth in value and premiums, with a focus on bank insurance growth and improved cost structures [12] - The new business value (NBV) increased by 31% year-on-year, and the net investment yield decreased slightly [13] - The allocation to equity assets has increased, with a notable rise in stock and fund exposure [12][13] Brokerage: Stability of Leading Firms' Profitability - In the first half of 2025, brokerage firms achieved a total revenue of 2,518.94 billion and a net profit of 1,036.05 billion, representing year-on-year increases of 11.3% and 65.6%, respectively [41] - The brokerage business continues to show strong growth, particularly in proprietary trading and brokerage services [41] - The average return on equity (ROE) for the sector increased to 3.5%, with leading firms showing significantly higher ROE [47] Financial Technology: Strong Elasticity in C-end Business - C-end business revenues are driven by increased trading demand, leading to improved profit margins, while B-end businesses remain under pressure [7] - The competitive landscape among large platforms remains stable, with revenue primarily driven by trading-related services [7] Investment Recommendations - The report emphasizes the shift in industry valuation from short-term trading risks to long-term profitability potential, recommending companies with strong earnings stability and growth potential [7] - Specific stock recommendations include New China Life Insurance, China Life, and China Pacific Insurance for the insurance sector, and Jiufang Zhitu, Tonghuashun, and CITIC Securities for the brokerage and financial IT sectors [7]

Core Viewpoint - Jiangsu Jinzu (600901) announced plans to hold a semi-annual performance briefing on September 12, 2025, from 14:00 to 15:20 [1] Company Summary - The company is scheduled to conduct a performance explanation meeting for the first half of 2025 [1]

Group 1 - The company will hold a half-year performance briefing on September 12, 2025, from 14:00 to 15:20 [1][2] - The meeting will be conducted in a hybrid format, including both an on-site meeting and a live online broadcast [2] - Investors can submit questions via email to the company before September 10, 2025, and the company will address common concerns during the briefing [1][2] Group 2 - The briefing will feature participation from the company's chairman, senior management, and independent director representatives [2] - Investors can access the live broadcast through a provided link or by scanning a QR code [2] - After the briefing, a video replay will be available for investors to view [2]

证券代码：600901 证券简称：江苏金租 公告编号：2025-045 （二）会议召开方式：现场会议+网络直播 江苏金融租赁股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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个别及连带责任。 重要内容提示： 投资者可于 2025 年 9 月 10 日（星期三）17:00 前将有关问题通 过电子邮件形式发送至公司邮箱 info@jsleasing.cn。公司将在说明 会上对投资者普遍关注的问题进行回答。 一、说明会类型 江苏金融租赁股份有限公司（以下简称"公司"）已于 2025 年 8 月 16 日发布公司 2025 年半年度报告，为便于广大投资者更全面深 入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 12 日下午 14:00-15:20 举行 2025 年半年度业绩说明会，就投 资者关心的问题进行交流。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 12 日下午 14:00-15:20 会议召开时间：2025 年 9 ...

Market Overview - On September 2, the Jiangsu state-owned enterprise reform sector fell by 0.85% compared to the previous trading day, with Lianhuan Pharmaceutical leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - Huami Environmental Energy (600475) with a closing price of 23.86, up 10.00% [1] - Zhongsheng High-Tech (002778) with a closing price of 20.94, up 5.23% [1] - Nanjing Port (002040) with a closing price of 10.03, up 3.62% [1] - Major decliners included: - Lianhuan Pharmaceutical (600513) with a closing price of 21.96, down 6.63% [2] - Tongxingbao (301339) with a closing price of 16.73, down 4.35% [2] - Nanjing Chemical Fiber (600889) with a closing price of 15.16, down 4.29% [2] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 720 million yuan from institutional investors, while retail investors saw a net inflow of 409 million yuan [2][3] - The capital flow for specific stocks showed: - Huami Environmental Energy (600475) had a net inflow of 1.421 billion yuan from institutional investors [3] - Jiangsu Jinzhu (002091) had a net inflow of 12.13 million yuan from institutional investors [3] - Nanjing Travel (600250) had a net inflow of 10.72 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The report highlights strong mid-year performance from 42 listed brokerages, with total revenue and net profit attributable to shareholders reaching CNY 251.89 billion and CNY 103.61 billion, respectively, reflecting year-on-year increases of 11.3% and 65.6% [2][4] - The insurance sector's mid-year disclosures confirm trends of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and potential valuation recovery [4] - Recommendations include focusing on high-performing stocks such as New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Eastmoney, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4] Summary by Sections Industry Overview - The non-bank financial index decreased by 0.8% this week, underperforming the CSI 300 by 3.5%, ranking 23rd out of 31 sectors [5] - Year-to-date, the non-bank financial index has increased by 13.5%, with a relative underperformance of 0.8% against the CSI 300, ranking 19th out of 31 sectors [5] Market Performance - Market activity has shown signs of recovery, with average daily trading volume across both exchanges reaching CNY 298.31 billion, up 15.29% week-on-week [5][36] - The margin financing balance increased to CNY 2.24 trillion, reflecting a week-on-week rise of 4.52% [5][42] Brokerage Data Tracking - The report notes a recovery in trading activity, with the average daily trading volume exceeding the 2024 average, indicating a gradual improvement in brokerage business profitability [36] - The report emphasizes the importance of monitoring the stock and bond market fluctuations for brokerage self-operated income [40] Insurance Sector Insights - The insurance industry reported a cumulative premium income of CNY 420.85 billion in July 2025, marking a year-on-year increase of 6.75% [20][21] - The total assets of the insurance sector reached CNY 39.59 trillion, with a month-on-month increase of 0.95% [25][26] Investment Banking Activity - In July 2025, equity financing decreased significantly to CNY 53.38 billion, down 90.2% month-on-month, while bond financing totaled CNY 783 billion, down 11.3% [44] - The report anticipates an increase in stock underwriting scale due to the advancement of refinancing regulations [47] Asset Management and Derivatives - The report indicates a decline in new issuance of collective asset management products, with July 2025 issuance at 5.489 billion units, down 43.6% [49] - The futures market saw a significant increase in trading volume, with July 2025 transactions reaching CNY 62.23 trillion, up 34.02% [54]

Market Overview - On August 27, the city commercial bank sector fell by 1.48%, with Guiyang Bank leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Chengdu Bank closed at 18.04, up 1.01% with a trading volume of 527,700 shares and a transaction value of 958 million [1] - Guiyang Bank closed at 6.16, down 2.53% with a trading volume of 713,000 shares and a transaction value of 44.5 million [2] - Beijing Bank closed at 6.08, down 2.41% with a trading volume of 2,160,300 shares and a transaction value of 1.329 billion [2] - Jiangsu Bank had a closing price of 10.81, down 1.91% with a trading volume of 1,934,200 shares and a transaction value of 2.11 billion [2] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 911 million from institutional investors, while retail investors saw a net inflow of 502 million [2] - The table of capital flow indicates that Chongqing Bank had a net outflow of 36.1 million from institutional investors, while Chengdu Bank had a net inflow of 9.59 million [3] - The overall trend shows that institutional investors are withdrawing funds while retail investors are increasing their positions in certain banks [2][3]

Core Insights - The company reported a net operating income of 3.006 billion yuan, an increase of 14.91% year-on-year, and a net profit attributable to shareholders of 1.564 billion yuan, up 9.04% year-on-year [1] - The company maintains a stable asset quality with a non-performing loan ratio of 0.91% and a provision coverage ratio of 401.49% [2] - The company is focusing on a "retail + technology" dual-leading strategy, targeting core areas such as clean energy and high-end equipment, with projected revenue growth for 2025-2027 [3] Financial Performance - The company achieved a net interest income of 3.041 billion yuan, reflecting an 18.51% increase year-on-year, while maintaining a stable net interest margin of 3.71% [2] - The cost-to-income ratio was 9.68%, up 0.22 percentage points year-on-year, indicating ongoing investments in the "retail + technology" strategy [2] - The total assets reached 156.808 billion yuan, a 14.25% increase from the beginning of the year, with financing lease assets growing by 15.88% [1] Asset Quality and Risk Management - The company reported a stable asset quality with a focus on risk mitigation, as evidenced by a provision for bad debts of 581 million yuan, a 36.73% increase year-on-year [2] - The attention rate decreased to 2.36%, down 39 basis points from the end of the previous year, indicating improved asset quality [2] - The company has optimized its liabilities, with interest-bearing liabilities reaching 126.277 billion yuan, a 19.27% increase from the beginning of the year [1] Strategic Outlook - The company is expected to generate revenues of 6 billion yuan, 6.557 billion yuan, and 7.073 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 3.248 billion yuan, 3.594 billion yuan, and 3.928 billion yuan [3] - The earnings per share (EPS) are forecasted to be 0.56 yuan, 0.62 yuan, and 0.68 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 10.29, 9.30, and 8.51 [3]

Group 1 - Jiangsu Jinzu (600901) will have 504,000 restricted shares unlocked on August 26, accounting for 0.01% of the total share capital [1] - After this unlocking, there will still be 1,927,300 restricted shares remaining, which is 0.03% of the total share capital [1] - The unlocking involves shareholder details, with Xiong Xiangen having 504,000 shares unlocked, valued at approximately 2.9434 million yuan, with a lock-up period of 65 months [2] Group 2 - Jiangsu Jinzu reported a main revenue of 3.006 billion yuan for the first half of 2025, an increase of 14.91% year-on-year [3] - The net profit attributable to shareholders reached 1.564 billion yuan, up 9.04% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.551 billion yuan, an increase of 9.7% [3] - The company maintains a debt ratio of 84.32% and reported investment income of 889,200 yuan [3]

Investment Rating - The report assigns a "Buy" rating for Jiangsu Jinzu (600901) with a target price of 7.18 CNY, compared to the current price of 5.77 CNY [3][11]. Core Insights - Jiangsu Jinzu is positioned as a unique player in the A-share market, focusing on a "retail + technology" dual-leading strategy, and advancing through "manufacturer + regional" dual channels to effectively serve small and micro enterprises [2][12]. - The company benefits from a declining financing cost due to favorable monetary policies, enhancing its core profitability [2][11]. - The net interest margin has improved from 2.75% in 2019 to 3.95% in the first half of 2025, showcasing strong profitability resilience [2][11]. Summary by Sections Company Overview - Jiangsu Jinzu is the only listed financial leasing company in A-shares, controlled by the Jiangsu Provincial State-owned Assets Supervision and Administration Commission [7][25]. - The company was established in 1985 and became a joint-stock company in 2014, listing on the Shanghai Stock Exchange in 2018 [7][25]. Business Model - The core business model combines "manufacturer leasing + regional direct sales," which allows for effective risk management and customer acquisition [34][37]. - The company has established deep partnerships with manufacturers, enhancing its ability to serve small and micro clients [34][37]. Financial Performance - For 2024, the company expects total revenue of 5,278.11 million CNY, with a year-on-year growth of 10.3%, and a net profit of 2,942.74 million CNY, also reflecting a 10.6% increase [9]. - The company achieved a total revenue of 30.1 billion CNY in the first half of 2025, marking a 14.9% year-on-year growth [41]. Asset Quality - As of the first half of 2025, the total asset scale reached 1,568 billion CNY, a year-on-year increase of 17.9%, with net assets growing by 31.9% [51][52]. - The financing leasing asset balance increased by 15.9% year-on-year, indicating robust growth despite a slight decline in asset yield [54]. Profitability and Returns - The company maintains a low non-performing loan ratio below 1%, demonstrating superior asset quality compared to many banks [8]. - Jiangsu Jinzu has a high return on equity (ROE) and a consistent cash dividend policy, with a projected dividend yield of 4.68% for 2024 [8][11].