行 业 及 产 业 非银金融 2025 年 07 月 20 日 建议重视香港 RWA 业务发展对估 行 业 研 究 / 行 业 点 评 值的正向催化作用 看好 —— 非银金融行业周报（2025/7/14-2025/7/20） 本期投资提示： 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 研究支持 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 相关研究 - ⚫ 保险：本周申万保险 II 指数收跌 1.35%，跑输沪深 300 指数 2.44pct。7 月 17 日，协鑫 科技发布公告称，拟就 RWA 全球发行与太保资管香港达成战略合作，合作领域包括： 1）共建 R ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report emphasizes that the macroeconomic policy in the second half of the year will focus on addressing price issues, which could significantly alter the pricing logic of domestic assets and impact market trends [5][6]. - The ongoing "involution" phenomenon in both supply and demand sides is contributing to downward price pressures, necessitating policy interventions from both sides to alleviate these pressures [3][4]. - The introduction of the Science and Technology Innovation Bond ETF is seen as a significant development, with a rapid expansion of the market for science and technology bonds, indicating strong support for technological innovation financing [10][11]. Summary by Sections Macroeconomic Analysis - The likelihood of achieving a 5% economic growth target for the year is high, but the need for additional policies to stimulate growth is decreasing [2]. - Price levels are under pressure, leading to negative growth in prices, which affects the normal circulation of the national economy [2][3]. Supply and Demand Dynamics - The report identifies that excessive working hours among employees are suppressing reasonable consumer demand, contributing to an oversupply situation [3]. - It suggests that addressing the "involution" requires measures on both supply and demand sides, including the orderly exit of inefficient production capacities [3][4]. Science and Technology Innovation Bonds - The launch of the Science and Technology Innovation Bond ETF is part of a broader policy initiative to support technological innovation, with significant growth in the issuance of science and technology bonds [10][11]. - The report highlights that the current market for science and technology bonds has expanded rapidly, with a total issuance exceeding 620 billion yuan as of early July [10][11]. Banking Sector Analysis - The report discusses the importance of evaluating bank asset quality, emphasizing the need for a comprehensive assessment of various indicators to gauge the health of banks [19][20]. - It introduces new metrics such as "broad non-performing asset ratio" and "excess provision profit multiple" to provide a more accurate picture of banks' asset quality [22][23]. Securities and Investment Strategy - The report notes that the securities market is entering a phase of stock competition, with a focus on long-term investment strategies and the importance of adapting to regulatory changes [26][27]. - It suggests that the brokerage sector is poised for growth, particularly in the context of ongoing market reforms and the increasing role of institutional investors [25][28].

目前来看，全年经济增速完成 5%左右的目标可能性较高。下半年出于增长 目标而出台增量政策的必要性和力度在下降。但另一方面，今年以来价格水 平继续承压，持续的价格负增长影响了国民经济的正常循环。因此，我们认 为下半年的宏观政策将着力治理价格问题，主要手段可能跟传统的宏观经济 调控政策有别。若成效显著，这将改变当前资产价格的定价逻辑，对市场走 势造成重大影响。 电话会议纪要（20250713） 研究部/总量研究 【宏观】反内卷不仅仅去产能；【策略】港股 IPO 的抽水效应如何；【固收】 科创债 ETF 启航；【银行】如何评估银行资产质量；【非银】牛市旗手券商 有望起飞；【地产】板块观点重申：主要房企估值或已进入投资区间；【基金 评价】美国主动基金业绩比较基准研究 q 【宏观 张一平】反内卷不仅仅去产能 证券研究报告| 行业定期报告 2025 年 07 月 18 日 招商证券丨总量的视野 推荐（维持） 相关报告 1、《电话会议纪要—招商证券总量 的视野》2025-07-04 2、《招商证券总量的视野电话会议 纪要（20250622）》2025-06-24 当前价格问题与企业间和企业内部内卷式竞争有明确的关系，内卷从 ...

Group 1 - The concept stocks related to stablecoins in the Hong Kong market have continued to rise strongly for three consecutive days [1] - OSL Group (09618.HK) and JD.com (09618.HK) both increased by over 4% [1] - Alibaba (09988.HK) rose by over 3%, while ZhongAn Online (06060.HK) increased by nearly 3% [1] Group 2 - Huaxing Capital Holdings (01911.HK), Yao Cai Securities (01428.HK), and China Merchants Securities (06099.HK) all saw an increase of 1.5% [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 十余年老股民质疑"高额佣金"涉嫌欺诈，招商证券一营业部惊现被告席。 近日，武汉市中级人民法院披露了一则民事判决书，对原告程某与被告招商证券一营业部证券交易合同 纠纷上诉案作出终审判决。原告系在招商证券炒股十余年的老股民，因质疑券商高佣金涉嫌欺诈遂诉至 法院。从判决结果来看，招商证券以不高于监管规定的上限为由抗辩，最终胜诉。一场围绕证券交易佣 金"杀熟"案件"浮出水面"。 券商佣金纠纷屡见不鲜 本案核心争议聚焦证券佣金收取规范。根据证监会等部门规定，证券交易佣金实行 "最高上限向下浮 动" 制度，具体标准由券商与投资者约定并公示。司法实践中，券商在监管框架内公示费率、按约定及 惯例收取佣金的行为，通常被认定为合法合规。 判决书显示，原告程某于2007 年 12 月在招商证券青年路营业部开户，双方先后签订文件，约定营业部 按照公告标准收取佣金。2024 年，程某以营业部佣金收取存在违规及欺诈为由提起诉讼，要求对方赔 偿其支付手续费的三倍金额共计 39491.85 元（其 2012 年 1 月至 2024 年 10 月 15 日交易手续费为 ...

Core Viewpoint - The collaboration between招商证券 and major fund companies aims to enhance investor knowledge of ETFs and promote the healthy development of the ETF market, particularly focusing on the brokerage sector benefiting from favorable policies and improving fundamentals [1][2]. Policy and Market Environment - The recent recovery in the brokerage sector is attributed to favorable policies, particularly the "1+6" reform details for the Sci-Tech Innovation Board, which are expected to benefit brokerage investment banking and private equity direct investment [2][4]. - Key policy focuses include building an international financial center in Shanghai, establishing a digital RMB international operation center, and deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [3]. Brokerage Sector Outlook - The brokerage sector is expected to benefit from a combination of policy, fundamental, and capital market support in the second half of the year, with current valuations being historically low and offering good investment value [1][8]. - Long-term trends indicate that mergers and acquisitions among brokerages will become more certain, with a focus on high-quality leading brokerages or brokerage ETFs for investment [1][12]. Business Performance and Growth Drivers - The brokerage sector's main business components include brokerage services, investment banking, proprietary trading, asset management, and margin financing, all of which are showing positive trends [9][11]. - The brokerage business has seen a significant rebound in trading volume, with daily trading volumes exceeding 1 trillion yuan, indicating a strong recovery compared to the previous year [10]. Investment Opportunities - Investors are encouraged to focus on leading brokerages or consider brokerage ETFs, which provide diversified exposure to the sector and are cost-effective [1][14]. - The approval of new business licenses for brokerages indicates a shift towards embracing new financial technologies, potentially driving growth and changing valuation models in the sector [15][21]. Market Comparison: A-shares vs. H-shares - The brokerage sector in the A-share market is currently valued at around 20 times earnings, while the H-share market is at approximately 15 times, indicating a better valuation opportunity in the H-share market [19][20]. - The concentration of leading brokerages is higher in the H-share market, which may lead to different investment dynamics compared to the A-share market [17][18]. Future Market Trends - The brokerage sector is expected to experience a convergence of policy, fundamental, and capital market support, leading to a positive outlook for the second half of the year [24][25]. - The transition from indirect to direct financing in the domestic capital market is anticipated to provide significant growth opportunities for brokerages, enhancing their long-term investment value [22].

根据公开资料，陈凯杨是公募基金老将，从业20年，投资经理年限是14年，拿过中国证券报的金牛奖、 中国基金报的英华奖、证券时报的明星基金奖。 陈凯杨职位是MD级别的董事总经理兼固收部公募组投资负责人，博时基金的固收业务，主要负责中长 债基，2022年管理规模约200亿左右。 （公司研究室 曲奇） 近日，一份疑似博时基金的工资单在网上被疯传，博时基金公司内部的工号、部门、姓名、职级、薪酬 等信息被泄露。 从曝光内容来看，涉及从固收、权益到财务、信息等部门数十名员工的工号、姓名、职级、月薪等情 况，其中月薪最高为13.5万元。 | id | login | department | | name | level | monthly_salary | | --- | --- | --- | --- | --- | --- | --- | | 5 | raally | 财务 | | 声 当顺 | S4.1 | 27,500.00 | | 1 | 112 | 财务 | | 11 | S4.1 | 24,300.00 | | - | | 财务 | | 11 82 | S4.1 | 23,500.00 | | | 10 | ...

招商证券指出，2024年全国医保基金运行安全稳健，参保覆盖面稳定在95%以上，基金总收入和总支出 均保持同比增长，累计结余达5.31万亿元，"三医"协同发展成效显著。职工医保参保人数同比增长 2.3%，收入增长3.5%，支出增长7.6%，统筹基金收入增长4.6%，支出增长13.5%，当期结余412亿元。 居民医保收入增长5.78%，支出增长1.9%，当期结余519亿元。医保基金整体运行平稳，为生物医药行 业提供了稳定的支付环境。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 疫苗ETF跟踪的是国证疫苗与生物科技指数，该指数由深圳证券信息有限公司编制，从A股市场中选取 涉及疫苗研发、生产及相关生物科技领域的上市公司证券作为指数样本，以反映疫苗与生物科技相关上 市公司证券的整体表现。该指数聚焦于生物制药行业，特别是疫苗细分 ...

重要提示 1、招商资管中债1-5年政策性金融债指数证券投资基金（以下简称"本基金"）根据中国证券监督管理委 员会2025年4月29日关于准予招商资管中债1-5年政策性金融债指数证券投资基金注册的批复（证监许可 【2025】977号）进行募集。 2、本基金为债券型证券投资基金，运作方式为契约型开放式。 3、本基金的基金管理人为招商证券资产管理有限公司（以下简称"本公司"），登记机构为招商证券股 份有限公司，基金托管人为浙商银行股份有限公司。 4、本基金将自2025年7月21日至2025年8月4日通过基金管理人指定的销售机构公开发售。基金管理人根 据认购的情况可适当调整募集时间，并及时公告，但最长不超过法定募集期限。 5、基金份额分类：本基金根据认购/申购费用、销售服务费收取方式的不同，将基金份额分为不同的类 别。在投资者认购/申购时收取认购/申购费用，而不从本类别基金资产中计提销售服务费的基金份额， 称为A类基金份额；在投资者认购/申购时不收取认购/申购费用，而是从本类别基金资产中计提销售服 务费的基金份额，称为C类基金份额。本基金A类基金份额和C类基金份额分别设置代码。由于基金费 用的不同，本基金A类基金份额 ...

港股稳定币概念股盘中走势分化，金涌投资(01328.HK)涨超7.5%，云锋金融(00376.HK)涨超4.5%，连连 数字(02598.HK)涨1.6%；联易融科技(09959.HK)跌超6%，OSL集团(00863.HK)跌超5%，中国光大控股 (00165.HK)、招商证券(06099.HK)、国泰君安国际(01788.HK)均跌超2%。 ...