Core Viewpoint - The A-share market has seen a strong performance in brokerage stocks, with several companies reaching their daily price limits and significant year-to-date gains reported [1] Group 1: Stock Performance - Huatai Securities (601688) increased by 10.01%, with a total market capitalization of 196.5 billion and a year-to-date gain of 25.90% [2] - Guosheng Financial Holdings (002670) rose by 9.99%, with a market cap of 42.8 billion and a year-to-date increase of 69.06% [2] - GF Securities (000776) saw a rise of 9.25%, with a market cap of 173.3 billion and a year-to-date gain of 43.89% [2] - Dongfang Securities (600958) increased by 6.62%, with a market cap of 97.1 billion and a year-to-date gain of 9.35% [2] - Dongwu Securities (601555) rose by 6.57%, with a market cap of 49.2 billion and a year-to-date increase of 30.68% [2] - CITIC Securities (600030) increased by 5.85%, with a market cap of 450.5 billion and a year-to-date gain of 5.13% [2] - Guoxin Securities (002736) rose by 5.33%, with a market cap of 143.7 billion and a year-to-date increase of 29.24% [2] - Xinda Securities (601059) increased by 4.95%, with a market cap of 62.5 billion and a year-to-date gain of 28.92% [2] - Xiangcai Securities (600095) rose by 4.81%, with a market cap of 38 billion and a year-to-date increase of 84.58% [2] - Changjiang Securities (000783) increased by 4.77%, with a market cap of 46.2 billion and a year-to-date gain of 25.20% [2] - Guotai Junan Securities (601211) rose by 4.12%, with a market cap of 343.4 billion and a year-to-date gain of 5.90% [2] - Guolian Securities (601456) increased by 4.09%, with a market cap of 63.7 billion but a year-to-date decline of 16.64% [2]

Group 1 - The core viewpoint is that the current AI-driven technology cycle is attracting incremental capital into Hong Kong's tech assets, which are fundamentally stronger and more scarce [1] - The Hang Seng Tech Index is expected to rise further, with a potential upside of about 15% if leading tech stocks recover from undervaluation [1] - The top ten constituents of the Hang Seng Tech Index account for approximately 70% of its weight, indicating that progress in AI by leading internet companies could significantly boost the overall index valuation [1] Group 2 - If the Hang Seng Tech Index valuation recovers to its historical average, the potential upside could exceed 30% [1] - Compared to the A-share market, the ChiNext Index and STAR 50 have outperformed the Hang Seng Tech Index since June, with a faster rate of valuation increase [1] - Should the Hang Seng Tech Index valuation align with the average valuation of the A-share ChiNext Index (around 42 times), the potential increase could be approximately 80% [1] Group 3 - Relevant ETFs include the Hang Seng Tech Index ETF, which offers a balanced exposure to the Hong Kong tech sector, focusing on AI, chips, and new energy vehicles [2] - The Hong Kong Stock Connect Tech ETF is highly concentrated on leading companies, with Tencent, Alibaba, and Xiaomi accounting for over 44% of its weight [2]

Group 1 - XCMG Machinery experienced a 5.05% increase in stock price, reaching 11.03 CNY per share, with a trading volume of 764 million CNY and a turnover rate of 0.76%, resulting in a total market capitalization of 129.635 billion CNY [1] - The company, established on December 15, 1993, and listed on August 28, 1996, is located in Xuzhou Economic and Technological Development Zone, Jiangsu Province, and specializes in the research, manufacturing, sales, and service of various types of construction machinery and spare parts [1] - The main business revenue composition includes: earthmoving machinery (31.05%), other construction machinery, spare parts, and others (28.09%), lifting machinery (19.11%), mining machinery (8.64%), aerial work machinery (8.34%), and pile machinery (4.77%) [1] Group 2 - According to data, one fund under Guotai Haitong Asset Management has XCMG Machinery as its top holding, with Guotai Junan High-end Equipment Mixed Fund A (017933) increasing its holdings by 10,300 shares in the second quarter, totaling 103,700 shares, which accounts for 6.42% of the fund's net value [2] - The Guotai Junan High-end Equipment Mixed Fund A was established on March 1, 2023, with a latest scale of 8.0771 million CNY, achieving a year-to-date return of 14.15% and a one-year return of 16.23% [2] - The fund manager, Li Yu, has been in position for 2 years and 214 days, with the fund's total asset scale at 12.5552 million CNY, and the best and worst fund returns during his tenure being -4.95% and -5.93%, respectively [2]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，9月29日上海国泰海通证券资产管理有限公司发布《国泰海通君得利短债债券型证券投 资基金暂停大额申购（含定期定额投资）的公告》。公告中提示，为了保证基金的平稳运作，保护基金 份额持有人利益，自2025年9月29日起国泰海通君得利短债债券型证券投资基金暂停大额申购（含定期 定额投资），申购、定投上限金额为100.0万元，下属分级基金调整明细如下： | 分级基金筒称 | 代码 | 是否暫停（大额）申购 (转入转出、赎回、定投) | 申购限额 转入限额 定投限额 (元) (元) | (元) | | --- | --- | --- | --- | --- | | 国泰海通君得 | 952001 | | | | | 利短债A | | 를 | | | | 国泰海通君得 利短债C | 014705 | 를 | | | ...

Core Insights - The overall sentiment in the securities industry remains optimistic, with expectations for continued profit growth in the third quarter driven by sustained demand for wealth management services [3][4]. Market Performance - As of September 29, 2025, the CSI All Share Securities Company Index experienced fluctuations, with Huayin Securities leading gains at 0.56% [1]. - The broker ETF (512000) saw a significant increase in scale, growing by 336 million yuan over the past week, ranking second among comparable funds [2]. - The broker ETF's latest share count reached 60.7 billion, marking a one-year high and leading among comparable funds [2]. Trading Activity - The broker ETF recorded a turnover of 0.04% during the trading session, with a total transaction value of 14.93 million yuan [2]. - Over the past 22 days, the broker ETF has experienced continuous net inflows, with a peak single-day inflow of 1.262 billion yuan, totaling 7.274 billion yuan in net inflows [2]. Profitability and Valuation - The securities industry is expected to maintain a double-digit profit growth rate year-on-year in the first half of 2025, reflecting a robust fundamental outlook [3]. - Despite a strong equity market performance year-to-date, the broker sector's index has lagged behind the broader market, indicating potential value in large broker valuations [4]. Investor Sentiment - As holidays approach, the topic of "holding cash or stocks" becomes crucial for investors, with many brokerages recommending "holding stocks through the holiday" based on optimistic market outlooks [2].

Core Points - On September 29, a total of 25 listed companies had their restricted shares unlocked, with a total market value of approximately 24.818 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - Luzhou Laojiao (000568) with 102,700 shares from equity incentive restrictions - East China Pharmaceutical (000963) with 215,000 shares from equity incentive restrictions - Taiyuan Heavy Industry (600169) with 11.6502 million shares from equity incentive restrictions - Jinfat Technology (600143) with 7.406 million shares from equity incentive restrictions - Guotai Junan (601211) with 3.2495 million shares from equity incentive restrictions - Guanglian Da (002410) with 3.2334 million shares from equity incentive restrictions - Ningbo Port (601018) with 3.647 billion shares from A-share issuance to legal person allocation - Zhongjin Environment (300145) with 852,070 shares from equity incentive restrictions - Keli Ke (002782) with 768,000 shares from equity incentive restrictions - Yingjie Electric (300820) with 62,500 shares from equity incentive restrictions - Laobaixing (603883) with 868,400 shares from equity incentive restrictions - Zhaoxun Media (301102) with 218 million shares from extended lock-up period - Zhongjing Technology (003026) with 20,000 shares from equity incentive restrictions - Woge Optoelectronics (603773) with 14.8003 million shares from A-share issuance to original shareholders allocation - Hanrui Cobalt (300618) with 104,670 shares from equity incentive restrictions - Fujilai (301258) with 55.362 million shares from extended lock-up period - Wankai New Materials (301216) with 225 million shares from extended lock-up period - Weiteou (301319) with 29.8 million shares from pre-issue share restrictions - Guanshi Technology (605588) with 19,870 shares from equity incentive restrictions - Sanwang Communication (688618) with 13,500 shares - Xidi Micro (688173) with 771,800 shares - Rendu Biology (688193) with 8.4316 million shares - Jinchang Protein (688137) with 7.145 million shares - Jiao Cheng Ultrasound (688392) with 43.8612 million shares - Aike Saibo (688719) with 824,800 shares [1]

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 [58]. Core Insights - The report highlights that the implementation of significant financial policies over the past year has provided strong support for market stabilization and confidence recovery, with a notable increase in A-share market activity [5][17]. - The insurance sector has shown robust growth, with total insurance premium income reaching CNY 4.80 trillion from January to August 2025, reflecting a year-on-year increase of 9.6% [5][12]. - The report emphasizes the importance of regulatory changes in the insurance industry, particularly the ongoing revision of the Insurance Law, which is expected to enhance risk management and improve the competitive landscape [5][10]. Summary by Sections 1. Market Review - The Shanghai Composite Index reported a gain of 1.07% during the week of September 22-26, 2025, while the non-bank index experienced a slight decline of 0.09% [8]. - The insurance sector index increased by 0.46%, although it underperformed compared to the Shanghai Composite [8]. 2. Non-Bank Financial Data - As of September 26, 2025, the average daily trading volume in the stock market was CNY 23,134.62 billion, reflecting an increase of 54.56% year-on-year [13]. - The financing balance in the margin trading market reached CNY 24,443.66 billion, up 31.1% from the end of 2024 [13]. 3. Key Announcements - The report notes that the basic pension insurance fund's investment scale has doubled compared to the end of the 13th Five-Year Plan, now standing at CNY 2.6 trillion [14]. - The introduction of cross-border bond repurchase business is expected to enhance liquidity for foreign institutions in the onshore bond market [15]. 4. Individual Stock Highlights - In the insurance sector, notable stock performances included New China Life (+2.67%) and China Pacific Insurance (+0.89%) in A-shares, while several H-shares experienced declines [10]. - In the brokerage sector, Xiangcai Securities saw a significant increase of 16.87%, while Tianfeng Securities faced a decline of 4.60% [10].

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 2025 年 09 月 28 日 金管局再提保险法修订，预定利率 下调预期带动 8 月保费表现亮眼 看好 ——非银金融行业周报（2025/9/22-2025/9/26） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 相关研究 - ⚫ 券商：本周申万券商 II 指数收跌 0.18%，跑输沪深 300 指数 1.25pct。1）"9·24"一揽子政策 实施一周年，资本市场高质量稳增长态势巩固。根据中证报，截至 9 月 25 日，市场融资融券余额 为 24,443.66 亿元。今年以来 A 股市场有 4 个交易日单日成交额 ...

Report Summary 1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Views of the Report - The spot market for live pigs showed weak performance this week (9.22 - 9.28). The price of 20KG piglets in Henan dropped to 24.55 yuan/kg from 25.35 yuan/kg last week, and the live pig price in Henan decreased to 12.58 yuan/kg from 12.93 yuan/kg. The national price of 50KG binary sows remained at 1590 yuan/head. The supply was still abundant with slow group -出栏 progress and increasing retail -出栏 willingness, while the slaughter volume rose due to double stimulation of pre - holiday stocking and cooling [2]. - The futures market for live pigs also showed weak performance. The LH2511 contract of live pig futures had a high of 12920 yuan/ton, a low of 12570 yuan/ton, and a closing price of 12575 yuan/ton (compared to 12825 yuan/ton last week). The basis of the LH2511 contract was 5 yuan/ton (compared to 105 yuan/ton last week) [2]. - Looking ahead (9.29 - 10.8), the spot price of live pigs is expected to run weakly. The supply is in an incremental stage, and there is a large supply pressure in September. The market is in a passive inventory accumulation stage instead of an active de - stocking stage, and it will take a long time to digest the inventory. The demand increased seasonally in September but will enter a slack season in October. The probability of a weak peak season before the double festivals is increasing, and the spot price is still in the process of finding the bottom [3]. - For the futures market, the LH2511 contract is facing a situation of high - capacity realization, high inventory, and high premium. The contract's position reached a record high, and the pre - holiday stocking expectation was lower than expected. After the holidays, panic de - stocking may start, and attention should be paid to the basis - convergence market. The price of piglets is expected to continue to decline, and short positions in the May contract can be held with stop - loss and take - profit in mind. The short - term support level for the LH2511 contract is 11500 yuan/ton, and the pressure level is 13000 yuan/ton [4]. 3. Summary by Relevant Catalogs 3.1 Market Review (9.22 - 9.28) - **Spot Market**: The prices of live pigs and piglets decreased, while the price of binary sows remained stable. The supply was abundant, and the slaughter volume increased [2]. - **Futures Market**: The LH2511 contract of live pig futures showed a downward trend, and the basis decreased [2]. 3.2 Market Outlook (9.29 - 10.8) - **Spot Market**: The spot price is expected to be weak. Supply pressure is high, and inventory digestion will take time. The probability of a weak peak season is increasing [3]. - **Futures Market**: The LH2511 contract is facing challenges, and attention should be paid to the basis - convergence market. Short positions in the May contract can be considered [4]. 3.3 Other Data - **Basis and Spread**: The basis this week was 5 yuan/ton, and the LH2511 - LH2601 spread was - 525 yuan/ton [9]. - **Supply**: The average slaughter weight this week was 124.66KG (compared to 124.72KG last week). In July, pork production was 501.1 million tons, a 5.4% month - on - month decrease, and in August, pork imports were 8.17 million tons, a 7.46% month - on - month decrease [12].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The average daily trading volume of A-shares for the week (September 21-27, 2025) was 23,132 million yuan, a decrease of 8.1% week-on-week but an increase of 17.5% year-on-year. The average trading volume for the third quarter of 2025 to date is 21,062 million yuan, up 212.2% compared to the same period in 2024. Year-to-date average trading volume in 2025 is 16,423 million yuan, an increase of 89.0% compared to 2024 [1][16] - The People's Bank of China held its monetary policy committee meeting on September 23, 2025, emphasizing the need to maintain stability in the capital market and exploring regular institutional arrangements for stock repurchase and increase loans [3][14] - The insurance sector saw a significant increase in premium income, with life insurance premiums rising by 47.25% year-on-year in August 2025, driven by strong market demand and a reduction in the preset interest rate [4][15] Summary by Sections Market and Sector Performance - The non-bank financial Shenwan index decreased by 0.09%, underperforming the CSI 300 index by 1.16 percentage points, ranking 9th among all primary industries. The securities sector fell by 0.18%, while the insurance sector rose by 0.46% [2][13] Securities - The average daily trading volume of A-shares was 23,132 million yuan, with a total of 2 new stock issuances raising 370 million yuan during the week. Year-to-date, there have been 76 IPOs in A-shares, raising 749.58 billion yuan [1][16] Insurance - The insurance industry reported original premium income of 4.8 trillion yuan for the first eight months of 2025, with life insurance premiums at 3.8 trillion yuan, reflecting a year-on-year growth of 11.32% [4][15] Industry News - Major state-owned banks announced they would no longer establish supervisory boards, which is expected to enhance governance efficiency [38] - The total scale of public funds in China has surpassed 36 trillion yuan for the first time, marking a significant milestone in the industry [39]