Group 1 - The core viewpoint indicates a strong upward trend in the securities sector, with the Guozheng Securities Leading Index rising by 5.71% and key stocks like Huatai Securities and GF Securities showing significant gains of 10.01% and 9.59% respectively [1] - The brokerage sector is expected to experience sustained upward momentum due to high certainty in fundamentals as the fourth quarter approaches, alongside a recovery in valuations after a decline of approximately 8% in September [1][2] - Institutional funds are currently under-allocated in the brokerage sector, with positive quarterly report expectations and a shift in demand for absolute return allocations, suggesting a favorable environment for continued growth in the sector [1] Group 2 - Recent data shows that the trading volume in A-shares remains high, with a year-on-year increase of 206% and a month-on-month increase of 6%, reaching 2.44 trillion RMB [2] - The brokerage sector's profit expectations are optimistic, with projected net profit growth of 48% year-on-year and 13% quarter-on-quarter for Q3 2025, leading to an annual growth forecast of 41% [2] - As of September 26, the A-share and Hong Kong brokerage sectors are trading at 1.53x and 0.98x P/B respectively, indicating they are at the 41% and 66% percentiles of their historical valuations over the past decade [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index account for 79.16% of the index, with significant players including Dongfang Caifu, CITIC Securities, and Huatai Securities [3]

责任编辑：栎树 A股市场券商股走强，其中，华泰证券、国盛金控涨停，广发证券逼近涨停，东方证券、东吴证券涨超 6%，中信证券、国信证券涨超5%，信达证券、湘财股份、长江证券、国泰海通、国联民生涨超4%。 | 代码 | | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601688 | 华泰证券 | 1 | 10.01 | 1965亿 | 25.90 | | 002670 | 国盛金控 | 1 | 9.99 | 428亿 | 69.06 | | 000776 | 广发证券 | | 9.25 | 1733亿 | 43.89 | | 600958 | 东方证券 | 演 | 6.62 | 971亿 | 9.35 | | 601555 | 东吴证券 | | 6.57 | 492 7 | 30.68 | | 600030 | 中信证券 | 1 | 5.85 | 4505亿 | 5.13 | | 002736 | 国信证券 | | 5.33 | 1437亿 | 29.24 | | 601059 | 信达证券 | 1 | 4.95 | 625 ...

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]

9月29日，徐工机械涨5.05%，截至发稿，报11.03元/股，成交7.64亿元，换手率0.76%，总市值1296.35 亿元。 资料显示，徐工集团工程机械股份有限公司位于江苏省徐州经济技术开发区驮蓝山路26号，成立日期 1993年12月15日，上市日期1996年8月28日，公司主营业务涉及从事起重机械、铲运机械、压实机械、 路面机械、桩工机械、消防机械、高空作业机械和其他工程机械及备件的研发、制造、销售和服务工 作。主营业务收入构成为：土方机械31.05%，其他工程机械、备件及其他28.09%，起重机械19.11%， 矿业机械8.64%，高空作业机械8.34%，桩工机械4.77%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编辑：小浪快报 国泰君安高端装备混合发起A（017933）基金经理为李煜。 截至发稿，李煜累计任职时间2年214天，现任基金资产总规模1255.52万元，任职期间最佳基金回 报-4.95%， 任职期间最差基金回报-5. ...

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 | | | ...

中航证券认为，尽管年初至今权益市场整体走强，但券商板块指数反弹幅度仍滞后于大盘，当前大型券商估值处于历史中枢偏下区间，配置价值显现。 截至2025年9月29日 09:31，中证全指证券公司指数(399975)盘中震荡。成分股华林证券(002945)领涨0.56%，华泰证券(601688)、国信证券(002736)跟涨；湘 财股份(600095)领跌，锦龙股份(000712)、中国银河(601881)跟跌。券商ETF(512000)下修调整。 流动性方面，券商ETF盘中换手0.04%，成交1493.04万元。拉长时间看，截至9月26日，券商ETF近1月日均成交16.54亿元，居可比基金前2。 规模方面，券商ETF近1周规模增长3.36亿元，实现显著增长，新增规模位居可比基金第二。份额方面，券商ETF最新份额达607.00亿份，创近1年新高，位 居可比基金第一。资金净流入方面，券商ETF近22天获得连续资金净流入，最高单日获得12.62亿元净流入，合计"吸金"72.74亿元，日均净流入达3.31亿元。 截至9月26日，券商ETF近1年净值上涨30.08%。从收益能力看，截至2025年9月26日，券商ETF自成立以 ...

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 ...