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 ...

二 〇 二 五 年 度 2025 年 09 月 28 日 生猪：假期将至，旺季不旺 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | 报告导读： （1）本周市场回顾（9.22-9.28） 现货市场，生猪价格弱势运行。河南 20KG 仔猪价格 24.55 元/公斤（上周 25.35 元/公斤），本周河 南生猪价格 12.58 元/公斤（上周 12.93 元/公斤），全国 50KG 二元母猪价格 1590 元/头（上周 1590 元/ 头）。供应端，集团出栏进度仍偏慢，散户出栏意愿维持提升，供应仍宽松；需求端，下旬双节备货及降 温双重刺激，宰量上升。根据卓创资讯数据，本周全国出栏平均体重 124.66KG（上周 124.72KG），出栏 均重环比下降 0.05%。 期货市场，生猪期货价格弱势运行。本周生猪期货 LH2511 合约最高价为 12920 元/吨，最低价为 12570 元/吨，收盘价为 12575 元/吨（上周同期 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]

登录新浪财经APP 搜索【信披】查看更多考评等级 （一）公司基本情况 全称：北自所（北京）科技发展股份有限公司 简称：北自科技 代码：603082.SH 2024年度已上市A股企业从申报到上市的平均天数为629.45天，北自科技的上市周期是578天，低于整体 均值。 （5）是否多次申报：不属于，不扣分。 （6）发行费用及发行费用率 IPO申报日期：2022年7月1日 上市日期：2024年1月30日 （1）信披情况： 被要求说明是否符合《公开发行证券的公司信息披露内容与格式准则第57号——招股说明书》第三十二 条披露要求；被要求修改或删除"公司发行完成后的运营管理风险""人才流失和短缺的风险""核心技术 泄密的风险""宏观经济波动的风险"等，删除"第三节风险因素"中与重大事项提示部分的重复内容；被 要求说明收入截止性测试的核查情况、发行人收入是否真实、准确。 北自科技的承销及保荐费用为4880.08万元，承销保荐佣金率5.65%，低于整体平均数7.71% 。 （7）上市首日表现 上市首日股价较发行价格上涨118.05%。 上市板块：上证主板 所属行业：通用设备制造业 IPO保荐机构：国泰君安证券 保荐代表人：张 ...

上实资本2025年度投资人大会中，上实集团与国泰海通完成签约，共同发起沪港战略产业基石投资基 金。该基金的设立旨在为企业上市的"最后一公里"提供融资支持，也是沪港携手深入服务上海战略产业 发展的重要举措。随着基石基金的启动，上实资本的基金矩阵布局进一步扩容，也将成为国内为数不多 的覆盖股权投资全阶段的机构。（21世纪经济报道） ...

Group 1 - In August, corporate profits turned positive year-on-year, primarily due to a low base from the previous year, with a year-to-date growth rate of 0.9% compared to -1.7% in July, and an August growth rate of 20.4% compared to -1.5% in July [2][9] - The profit distribution has become more reasonable, with upstream industries showing overall improvement supported by anti-involution and price increases, while midstream and downstream industries continue to experience profit differentiation [6][7] - The industrial product inventory continued to decrease, indicating a passive destocking trend, with cumulative revenue growth of 2.3% year-on-year for the first eight months, and August's revenue growth also at 2.3%, both higher than the previous month [9][10] Group 2 - The profit margin showed marginal improvement, with the cumulative profit margin for August at 5.8% and the monthly value at 5.2%, both higher than the previous month, benefiting from a reduction in costs despite a slight increase in raw material prices [4][6] - Upstream industries benefited from price increases and margin improvements, particularly in the steel, coal, and non-ferrous sectors, while midstream industries saw profit growth driven by demand recovery [7][8] - The overall profit structure has improved, with upstream profits maintaining around 25%, midstream at 50%, and downstream slightly recovering to 25%, indicating a more balanced distribution compared to the previous month [6][7]

登录新浪财经APP 搜索【信披】查看更多考评等级 market中际旭创于2025年9月27日发布第五届董事会第二十三次会议决议公告。本次会议通知于2025年9 月16日以传真、电子邮件等方式发出，并于9月26日上午9:30以通讯方式召开，由董事长刘圣先生主 持，8名董事全部出席，部分高级管理人员及相关人员列席，会议合法有效。 会议审议并通过《关于公司参与投资国泰海通产业基金的议案》。中际旭创拟动用自有资金35,400万 元，认购国泰海通中际旭创科技股权投资基金（昆山）合伙企业（有限合伙，具体名称以工商登记为 准）的出资份额，成为该合伙企业的有限合伙人。投资完成后，公司将持有合伙企业23.60%的出资份 额 。详细内容可查阅公司在中国证监会指定创业板上市公司信息披露网站巨潮资讯网上披露的《中际 旭创关于公司参与投资国泰海通中际旭创产业基金的公告》（公告编号：2025 - 093）。该议案表决结 果为8票赞成、0票反对、0票弃权。 此外，公告还列出备查文件为中际旭创第五届董事会第二十三次会议决议。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 ...

Group 1 - The company, Taicheng Light (300570), announced on September 26 that it plans to invest 150 million yuan in the Guotai Haitong Industrial Fund, becoming a limited partner in the partnership [1] - After the investment, the company will hold a 10% stake in the partnership [1] - The fund is expected to invest directly or indirectly in enterprises within specific industries, including but not limited to optical communication, data centers, automotive electronics, robotics, and related industrial chains [1]