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 冉兆邦 A0230524090003 ranzb@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 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 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 2025 年 09 月 07 日 公募三阶段降费落地，1H25 保险 行业增配二级权益超 6000 亿元 看好 ——非银金融行业周报（2025/9/1-2025/9/5） 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 相关研究 - ⚫ 券商：本周申万券商 II 指数收跌 5.31%，跑输沪深 300 指数 4.50pct。《公开募集证券投资基金 销售费用管理规定（征求意见稿）》（下称"征求意见稿"）：1）持续推进降费让利投资者：合 理调 ...

投资要点： 维持推荐创新 药械及产业链。创新药高景气，持续推荐价值有望迎来重估的Pharma，维持恒瑞医药、 翰森制药、三生制药、华东医药增持评级，相关标的：石药集团；持续推荐创新管线逐步兑现、业绩进 入放量期的Biopharma/Biotech，维持科伦博泰生物、信达生物、康方生物、新诺威、映恩生物、京新药 业、微芯生物、特宝生物、我武生物、来凯医药增持评级；推荐受益创新，景气度修复的CXO及制药 上游，维持百普赛斯、药明康德、药明合联、泰格医药、美诺华增持评级；推荐有望迎来复苏的医疗器 械龙头，维持微创医疗、联影医疗、惠泰医疗增持评级。 本报告导读： 2025 年9 月第一周A 股医药板块表现强于大盘。2025 年9 月第一周（2025/9/1-2025/9/5）上证综指下跌 1.2%，SW 医药生物上涨1.4%，涨跌幅在申万一级行业中排名第3 位。生物医药板块中表现相对较好的 细分板块化学制剂(+4.5%)、生物制品(+1.9%)、医疗服务(+1.7%)。个股涨幅前三为海辰药业(+28.7%)、 长春高新(+24.2%)、百花医药(+21.3%)；个股跌幅前三为舒泰神(-24.0%)、广生堂(-15.8 ...

随着上市公司2025年半年报披露落下帷幕，券商各细分业务排名也浮出水面。 数据显示，从租用交易单元模式来看，国泰海通（601211）上半年公募席位佣金收入为2.51亿元，首次 实现行业排名第一，行业占比为6.41%；在总佣金模式中，国泰海通上半年公募总分仓佣金收入达到2.8 亿元，首次实现行业排名第二，比去年年末上升了五名。 数据显示，国泰海通租用交易单元模式产生的佣金占总佣金的比重接近90%。一般来说，租用交易单元 模式佣金占比较大，且运营稳定，是券商服务基金管理人的传统交易模式，竞争激烈。 "公司深化销售与研究协同，大幅增加路演数量，传达市场需求与信息，充分发挥'一所一院'品牌优 势。"国泰海通方面表示，上半年，虽然市场佣金总规模下降，但行业集中度持续提升，国泰海通不断 探索公募管理人服务的深度与广度，除在租用交易单元模式下实现突破外，总佣金获得行业第二名，市 场占比超过6%。 国泰海通表示，未来，公司的研究与机构业务线将坚持专业化、综合化、平台化发展方向，促进资金与 资产要素流动效率，向资本市场提供优质的"一站式"金融服务，在科技金融、绿色金融、普惠金融、养 老金融与数字金融"五篇大文章"上持续发力，讲 ...

行 业 及 产 业 非银金融/ 证券Ⅱ 2025 年 09 月 07 日 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 公募基金改革三阶段落地！ 看好 ——《公开募集证券投资基金销售费用管理规定（征求 意见稿）》点评 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 事件：中国证监会就《公开募集证券投资基金销售费用管理规定（征求意见稿）》公开征求意见。 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 - ⚫ 降低交易成本：合理调降公募基金认申购费，鼓励销售机构服务费率水平。1）调降认申购费： 《征求意见稿》将股票型基金、混合型基金、债券型基金的认申购费率上限分别调降至 0.8%、 0.5%、0.3%，目前股票型基金、混合型基金、债券型基金的申购费最高值分别为 1.8%、2%、 1.5%，《征求意见稿》相当分别调降了 56%、75 ...

大众品：表现分化，成长与防御并存。成长赛道实现结构性增长，饮料表现优异，啤酒保持平稳，零食 显著分化，调味品龙头优势凸显，乳制品边际改善。啤酒板块旺季景气平稳，受政策和消费环境的影响 相对较小，且成本优势及竞争格局优化趋势延续，利润率再创新高，同时有望保持或提高分红。该行认 为大众品成长股机会与防御配置型机会并存。 风险因素：行业竞争加剧、食品安全风险等。 国泰海通证券发布研报称，食品饮料板块迎来供给侧与需求侧出清的周期性机会，饮料、零食、原料成 长股业绩优势凸显，成本优势及竞争格局优化趋势延续，白酒预期加速修正，板块同时具备成长性与防 御配置型机会。 国泰海通证券主要观点如下： 白酒：报表出清，酒企积极求变。25Q2高端/次高端/区域白酒营收分别同比+3%/-5%/-27%，净利分别 同比+1%/-19%/-42%，消费环境压制行业需求，5月黑天鹅加剧调整幅度，行业加速去库。该行认为存 量竞争环境中行业份额逻辑持续演绎，酒企选择拥抱产品创新、渠道变革以寻求增量，部分高端酒通过 持续平衡渠道以维系收入增长，酒企实际回款表现弱于报表收入。与此同时酒企加大创新力度，五粮液 （000858）8月29日发布"29°一 ...

Group 1 - Jiangsu Xihua New Energy Technology Co., Ltd. (Xihua Technology) has been approved for its initial public offering (IPO) by the Shanghai Stock Exchange, marking it as the 47th company approved this year [1] - The lead underwriter for Xihua Technology's IPO is Guotai Junan Securities Co., Ltd., which has successfully sponsored nine IPO projects this year [1][2] - Xihua Technology plans to issue up to 120 million shares, representing no less than 10% and no more than 25% of the total share capital after the issuance [2] Group 2 - Xihua Technology primarily engages in the research, development, manufacturing, and sales of specialized components for large high-end equipment, focusing on wind power gearbox components [2] - As of the signing date of the prospectus, Jiangsu Xihua Investment Co., Ltd. holds 77.98% of Xihua Technology's shares, making it the controlling shareholder [2] - The company aims to raise approximately 149.78 million yuan for projects related to the industrialization of core wind power equipment and the construction of a research and development center [3] Group 3 - The listing committee raised questions regarding the alignment of Xihua Technology's wind power product sales with the bidding quantities of Chinese wind turbine manufacturers, as well as the necessity and rationality of the new production capacity from the fundraising projects [4] - There are concerns about potential risks related to capacity digestion and significant depreciation affecting performance, which need to be adequately addressed [4]

Group 1 - The overall quality of sustainability report disclosures by listed companies has improved, with a compliance rate of 34.72% as of June 2025, an increase of approximately 10 percentage points compared to the previous two years [1] - Over 2200 listed companies are expected to disclose sustainability or social responsibility reports for the year 2024, with an average annual growth rate of 20% in disclosures over the past three years [1] - More than 1000 companies have disclosed carbon emissions data, with an average annual growth rate of over 50% in disclosures over the past three years [1] Group 2 - The implementation of ESG (Environmental, Social, and Governance) practices is shifting from mere disclosure to precise governance, with over 70% of companies establishing dedicated ESG management institutions [2] - The governance structure and institutional development related to ESG have significantly strengthened, indicating that companies are integrating ESG into their core management systems [2] Group 3 - The ESG ratings of listed companies have significantly improved, with the proportion of companies rated AAA or AA increasing from less than 3.2% at the end of 2023 to 7.2% by the end of 2024 [3] - Companies such as China Construction Bank and Industrial Bank have received the highest AAA rating, while 26 companies, including CITIC Securities and China Life Insurance, achieved AA ratings [3] - The improvement in ESG ratings is attracting long-term capital, as seen with Kweichow Moutai's rating increase to BBB, which has led to a significant increase in foreign investment [3] Group 4 - Companies like Sungrow Power have seen their ESG ratings rise from A to AA, with foreign ESG fund holdings increasing from over 5 billion to over 11 billion [4] - The ongoing implementation of various guidelines is expected to systematize sustainability information disclosure, enhancing the capital market's ability to differentiate pricing mechanisms [4] - High-quality ESG performance will attract more funding, driving companies to improve risk management and technological innovation, ultimately promoting a transition to a green and low-carbon economy [4]

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！ 高盛头部项目全覆盖 少而精策略稳坐承销排名榜首 作为老牌外资投行，高盛以395亿港元承销规模稳居榜首，市场份额约21%，承销规模是第二名中信证券的1.6 倍，其核心竞争力体现在对"头部大项目"的精准把控与全面覆盖上。 出品：新浪财经上市公司研究院 作者：喜乐 2025年香港资本市场迎来显著回暖，截至前8个月，港股IPO融资规模达1329亿港元，创下近4年新高，较2024 年全年规模提升50%。更值得关注的是，同期港股增发市场表现更为强劲——募资规模达1905亿港元，不仅远 超IPO融资规模，更较2024年全年增发规模增长3.8倍，单项目平均募资规模达11亿港元，成为推动港股市场活 跃度的核心力量之一。 2025年港股增发承销市场呈现"头部集中、外资领跑"特征：前十大承销商中，外资投行占据六席（高盛、瑞 银、摩根士丹利、摩根大通、花旗、汇丰银行）；同时，前六名承销规模均突破150亿港元，合计承销额占整体 市场的比重超70%，头部效应显著。中资投行虽有4家入围前十，但除个别中资投行外，整体规模与外资头部投 行存在差距，且项目结构差异明显。 ...

Group 1 - On September 5, Guotai Junan Securities Co., Ltd. signed a strategic cooperation agreement with Alibaba Cloud Intelligence Group to leverage their respective strengths in promoting the application of cloud computing and artificial intelligence in core financial service scenarios [1] - The signing ceremony was witnessed by key executives including Guotai Junan's Chairman Zhu Jian and Alibaba Group's CEO Wu Yongming, along with other senior representatives from both companies [1][3] Group 2 - According to the agreement, the two parties will jointly develop an open and compatible intelligent computing platform based on Alibaba Cloud's leading large model capabilities and computing power advantages, focusing on high-frequency business scenarios to enhance computing efficiency and innovation capabilities [5] - The collaboration will deepen AI application scenarios, including intelligent investment research, intelligent investment advisory, and smart office solutions, while jointly developing vertical large models for the securities industry to optimize customer service experience and internal management efficiency [5] - To enhance global competitiveness, Guotai Junan will integrate and upgrade its technology architecture by leveraging Alibaba Cloud's extensive global cloud computing capabilities to develop overseas business [5]

Group 1 - The core viewpoint of the article is the strategic cooperation between Guotai Junan Securities and Alibaba Cloud Intelligence Group to enhance the application of cloud computing and artificial intelligence in financial services [1] Group 2 - Guotai Junan Securities (stock code: 601211) and Alibaba Cloud Intelligence Group held a signing ceremony for their strategic partnership [1] - The collaboration aims to leverage the strengths of both parties to promote the implementation of technology in key financial service scenarios [1]