证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 交易量有所下降；商业不动产 REITs 试点稳 步推进 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 30 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024/12/2 2025/4/1 2025/7/30 2025/11/27 非银金融 沪深300 相关研究 《证券行业并购稳步推进；保险业总 资产突破 40 万亿》 2025-11-23 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 11 月 24 日- ...

2025 年 12 月 01 日 沪深300 及创业板指数近1年走势 数据来源：聚源 昨日涨跌幅前五行业 行业名称 涨跌幅(%) 钢铁 1.589 农林牧渔 1.586 商贸零售 1.461 有色金属 1.444 国防军工 1.406 数据来源：聚源 昨日涨跌幅后五行业 行业名称 涨跌幅(%) 银行 -0.828 煤炭 -0.139 美容护理 0.068 通信 0.121 医药生物 0.137 数据来源：聚源 开源晨会 1201 ——晨会纪要 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】制造业和建筑业低位回升，服务业转弱——兼评 11 月 PMI 数据 -20251130 【宏观经济】利润增速转负，新质生产力效益增势向好——兼评 10 月企业利润数 据-20251127 【策略】提前布局春季躁动——投资策略周报-20251130 【策略】招商中证 2000 增强策略 ETF（159552.OF）的核心投资价值——见证小 巨人成长——投资策略专题-20251128 【策略】开源金股，12 月推荐——投资策略专题-20251128 ...

"三大新引擎"轰鸣，将重塑中心城区发展格局 当前，福田区正奋力打造河套深港科技创新合作区、香蜜湖新金融中心、环中心公园活力圈"三大新引 擎"。 全球目光将再次聚焦深圳，一场共享机遇、共创未来的盛事即将启幕。12月5日，2025深圳全球招商大 会将在深圳会展中心（福田）举办。 作为深圳的中心城区，福田区将借2025深圳全球招商大会契机，向全球企业发出邀请：来福田，与未来 同频！翻开福田的"成长日记"，辖区总面积78.66平方公里，2024年创造了5948.82亿元的GDP，地均 GDP、税收均居全国全省前列。福田用实力诠释了何为"寸土寸金"，更用行动证明了"小空间"能迸发 出"大能量"。 深圳河畔，一片仅3.89平方公里的土地上，前沿科创实践正在上演。作为《粤港澳大湾区发展规划纲 要》中唯一以科技创新为主题的特色平台，河套深港科技创新合作区以"一河两岸、一区两园"的独特格 局，成为深港协同创新的"超级连接器"。 总部企业高度集聚。121家市级总部企业扎根于此，本土世界500强企业3家，世界500强企业中有三分之 一在福田设立区域总部或者分支机构。此外，拥有159栋纳税超亿元楼宇，数量位居全国各商务区第 一，彰显 ...

行业周报 | 金融 保险开门红展望积极，坚持银行板块配置策略 金融行业周报（2025/11/30） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨幅为+0.68%，跑 输沪深 300 指数 0.96pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金融 指数涨跌幅分别为+0.74%、+0.20%、+2.31%。2）本周银行（申万）涨跌幅 为-0.59%，跑输沪深 300 指数 2.23pct。其中，国有行、股份行、城商行、 农商行本周涨跌幅分别为-1.32%、-0.57%、-0.17%、+1.34%。 投资观点：1）保险：本周保险Ⅱ(申万)涨跌幅为+0.20%，跑输沪深 300 指 数 1.44pct。居民挪储诉求旺盛，分红险的"保底+浮动"特征精准匹配居民 "稳健为先、兼顾增值"的核心诉求，头部险企均将分红险产品作为战略核 心，产品储备丰富。我们认为，伴随 2026 年"开门红"分红险的集体登场， 行业逻辑正从"营销驱动"向"能力驱动"切换，具备卓越投资能力、深厚 渠道优势与丰富产品储备的头部险企，将在分红险转型时代占据核心生态 位。2026 年新单保费增长确定性强，叠加 NBVM 在报行合一 ...

Investment Rating - The report maintains a positive outlook on the brokerage sector, recommending stocks such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy [4][3][18]. Core Insights - The report highlights that the brokerage sector is expected to benefit directly from the increased attractiveness of the equity market, particularly in wealth management and asset management businesses [4][3]. - The insurance sector is anticipated to undergo a systematic value reassessment in 2026, driven by rising long-term interest rates and continued investment from insurance funds [4][3]. Market Performance - The Shanghai and Shenzhen 300 Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, up 0.68% [7][4]. - The brokerage sector index increased by 0.74%, while the insurance sector index saw a rise of 0.20% [7][4]. Key Data Points - As of November 28, 2025, the average daily trading volume in the Shanghai and Shenzhen markets was 19,147.38 billion [18][46]. - The financing balance in margin trading reached 24,720.45 billion, reflecting a year-on-year increase of 32.6% [18][49]. - The insurance industry reported a total premium income growth, with significant contributions from new business value (NBV) [4][3]. Individual Stock Highlights - In the insurance sector, notable A-share performances included China Life (0.09%) and New China Life (0.41%), while AIA Group in H-shares saw a significant increase of 4.95% [9][4]. - Among brokerages, Guosheng Securities led with a weekly increase of 3.68%, followed by Industrial Securities (3.36%) and Northeast Securities (2.45%) [9][4]. Regulatory and Market Developments - The report notes the expansion of the pilot program for optimizing brokerage account management, which now includes 20 qualified brokerages [21][4]. - The private equity fund sector reached a record high of 22.05 trillion, with a notable increase in new registrations [19][4].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].

"项目聚焦乡村道路安全短板，重点解决急弯、学校周边等高风险区域的通行隐患，通过科学布设 减速带、完善标线标识等措施，从源头化解安全风险，提升路口通行效率。"平安产险大连分公司总经 理杨晓迪表示，"预计11月底前完成全部设施安装后，将惠及沿线数万居民及学校师生，为乡村振兴筑 牢安全基石。"大连市公安局交通管理支队负责人介绍，此次改造选取的9个乡镇均为近三年交通事故多 发区域。项目落地后将显著改善重点乡镇道路通行条件，降低事故发生率。 近日，平安产险大连分公司联合中华社会救助基金会启动"平安助力乡村振兴公益计划"，平安产险 大连分公司通过定向捐赠交通安全设施物资，助力大连市重点乡镇道路安全升级，切实提升农村交通基 础设施水平。 该项目针对大连乡村道路穿村过镇开口密集、大型货车高频通行等安全隐患，精准投放交通安全设 施。具体包括：542.52平方米热熔标线、1297.13平方米震荡线、357.75米钢制减速丘及38面多功能交通 标志。这些设施将科学布设于事故多发路段，通过完善标线标识、增设减速装置等工程措施，系统提升 道路安全水平。 作为保险行业服务乡村振兴的创新探索，该项目通过专业化风险减量实践，展现了平安产险大 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Views - The insurance sector is preparing actively for the 2026 "opening red" period, with a focus on dividend insurance products, which are expected to outperform traditional insurance due to higher yield rates [6] - The brokerage sector continues to show high profitability, with wealth management, investment banking, and overseas business expected to drive earnings improvement [5][7] - The long-term interest rates are stabilizing at the bottom, which is expected to support the asset side logic and improve the liability cost for insurance companies [6] Summary by Sections Insurance Sector - The insurance companies are gearing up for the 2026 "opening red" with dividend insurance becoming the main product, offering a yield rate significantly higher than traditional insurance [6] - The market share of listed insurance companies is expected to increase due to the expansion of bank insurance channels and the release of "storage demand" [6] - The overall outlook for the liability side is optimistic, with potential improvements in the value rate of dividend insurance supported by rate adjustments and structural optimization [6] Brokerage Sector - The average daily trading volume of stock funds from January to November increased by 77.1% year-on-year, indicating strong market activity [7] - The China Securities Regulatory Commission has proposed to include commercial real estate in the public REITs pilot program, which is expected to enhance the market for REITs [7] - Major brokerage firms are expected to see significant ROE expansion under the current growth-oriented strategy, with low valuations presenting strategic allocation opportunities [7] Recommended Stocks - Recommended stocks include China Pacific Insurance, Ping An Insurance, China Life Insurance H, Huatai Securities, Guotai Junan, and others [8]

| | 金融机构驰援香港大埔火灾捐赠情况 | | | --- | --- | --- | | 机构类型 | 机构名称 | 捐赠金额 | | | 工商银行 | 1000万港元 | | | 农业银行 | 1000万港元 | | | 中银香港 | 2000万港元 | | | 建设银行 | 1000万港元 +建银国际员工自发募集200万港元 | | | 交通银行 | 1000万港元 | | | 浦发银行 | 1000万港元 | | | 兴业银行 | 1000万港元 | | 银行 | 民生银行 | 500万港元 | | | 上海银行 | 1000万港元 | | | 汇丰银行 | 3000万港元 | | | 恒生银行 | | | | 渣打香港 | 1000万港元 | | | 东亚银行 | 1000万港元 | | | 星展香港 | 1000万港元 | | | 众安国际、众安银行 | 500万港元 | | | 友邦香港 | 2000万港元 | | | 中国平安 | 1000万港元 | | | 中国太保 | 1000万港元 | | 保险 | 阳光保险集团 | 1000万港元 | | --- | --- | --- | | | ...

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].