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]

Core Insights - The A-share market is experiencing unprecedented trading volume and investor enthusiasm, leading to a "pressure test" for brokerage systems due to high transaction requests [1] - Guotai Junan and Huawei have partnered to develop a new generation of autonomous trading systems, enhancing transaction speed by 90 times compared to traditional systems [1][4] - This technological advancement is not just an upgrade but a revolution in user experience, significantly impacting investment practices [1][9] Trading Experience Transformation - Over 80% of securities transactions are now conducted via mobile devices, necessitating high-performance IT systems to meet modern trading demands [2] - Traditional centralized trading systems struggle with high latency, often resulting in delays during market volatility, which affects user experience and trading efficiency [2] Challenges of Traditional Systems - Traditional centralized architectures face significant challenges in handling high-frequency and high-concurrency trading scenarios [3] New Distributed Core Trading System - The new low-latency trading platform developed by Huawei and Guotai Junan boasts a performance improvement of up to 90 times, reducing transaction confirmation time to just over 200 microseconds [4][6] - The system's architecture is designed to meet the extreme demands for low latency, high concurrency, and reliability in securities trading [6] Performance Metrics - The new system achieves end-to-end latency that is 25% better than industry standards, with an 8-fold increase in throughput and a 5-fold increase in daily order processing capacity [7] - It can support one million transactions per second and handle tens of millions of messages [7] Impact on Investors - The low-latency and high-reliability system enhances trading efficiency and success rates, providing retail investors with a trading experience previously reserved for institutional clients [9] - This technological advancement promotes inclusive finance by breaking down barriers in traditional financial services [9] Industry Benchmark - The collaboration between Guotai Junan and Huawei sets a benchmark for digital transformation in the financial industry, providing a replicable model for other firms [10] - Guotai Junan has achieved several industry firsts, including the separation of core business modules and the application of low-latency technology in large-scale trading systems [10] Recognition and Future Directions - The new trading system has been recognized as a leading technology in China, achieving international standards in low latency and high throughput [11] - Guotai Junan aims to continue its transformation from a follower to a leader in the industry, focusing on AI and smart financial ecosystems [12]

Group 1 - The stock of Suochen Technology (688507.SH) closed at 101.99 yuan, with a decline of 5.13%, currently in a broken state [1] - Suochen Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 18, 2023, with an issuance of 10,333,400 shares at a price of 245.56 yuan per share [1] - The total funds raised from the initial public offering amounted to 253,746.97 million yuan, with a net amount of 231,574.91 million yuan, exceeding the original plan by 134,684.55 million yuan [1] Group 2 - The company plans to use the raised funds for projects including the construction of a research and development center, an industrial simulation cloud project, the construction of 260 DEMX underwater noise testing instruments, marketing network development, and to supplement working capital [1] - The total issuance costs for the initial public offering were 22,172.06 million yuan (excluding tax), with underwriting fees amounting to 19,231.02 million yuan [1] Group 3 - On June 13, 2023, Suochen Technology announced a profit distribution plan, distributing a cash dividend of 0.15 yuan per share and a capital increase of 0.48 shares for every share held, resulting in a total distribution of 6,200,010 yuan in cash and an increase of 19,840,032 shares [2] - The total share capital after the distribution was 61,173,432 shares, with the ex-dividend date set for June 20, 2023 [2] - For the 2023 annual profit distribution, the company plans to distribute a cash dividend of 3.80 yuan for every 10 shares and a capital increase of 4.60 shares for every 10 shares, with the ex-dividend date set for June 19, 2024 [2]