行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 相关研究 《资金面因素逐步出清，看好非银板块投 资价值——非银金融行业周报 （2026/1/26-2026/1/30）》 2026/02/01 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 联系人 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 本期投资提示： 化：提出落实持居住证参加城乡居民基本医疗保险政策。 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 罗钻辉 A0230523090004 luozh@swsresearch.com 2026 年 03 月 15 日 "十五五"规划利好保险券商，继 续看好板块配置价值 看好 ——非银金融行业周报（2 ...

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 相关研究 本期投资提示： 化：提出落实持居住证参加城乡居民基本医疗保险政策。 请务必仔细阅读正文之后的各项信息披露与声明 《资金面因素逐步出清，看好非银板块投 资价值——非银金融行业周报 （2026/1/26-2026/1/30）》 2026/02/01 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 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 A0230523090004 luozh@swsresearch.com 2026 年 03 月 15 日 "十五五"规划利好保险券商，继 续看好板块配置价值 看好 ——非银金融行业周报（2026/3/9-2026 ...

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 估值提升空间大，期待季报催化 2026 年 03 月 15 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 luoyk@dwzq.com.cn 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2025/3/17 2025/7/15 2025/11/12 2026/3/12 非银金融 沪深300 相关研究 《市场活跃度仍高，非银蓄势待发》 2026-03-08 《无惧短期调整，继续看好保险基本 面改善与估值提升》 2026-03-01 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 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 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2026 年 03 月 09 日-2026 年 03 月 13 日）非银金融各子板块均跑输沪深 300 指数。证券行业下跌 1.72%，保险行业下跌 2.05%，多元金融行业下 ...

[Table_Page] 投资策略周报|证券Ⅱ 证券研究报告 | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-15 | [Table_PicQuote] 相对市场表现 [Table_Title] 非银金融行业 短期震荡积蓄上涨动能，关注板块左侧布局机遇 [Table_Summary] 核心观点： [Table_Contacts] [Table_Author] 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 严漪澜 SAC 执证号：S0260524070005 0755-82544248 yanyilan@gf.com.cn -14% -7% 0% 6% 13% 20% 03/25 05/25 08/25 10/25 12/25 03/26 非银金融 沪深300 请注意，严漪澜并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | [Table_DocReport] 相 ...

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 估值提升空间大，期待季报催化 2026 年 03 月 15 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 增持（维持） [Table_Tag] [Table_Summary] 投资要点 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2025/3/17 2025/7/15 2025/11/12 2026/3/12 非银金融 沪深300 相关研究 《市场活跃度仍高，非银蓄势待发》 2026-03-08 《无惧短期调整，继续看好保险基本 面改善与估值提升》 2026-03-01 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（2026 年 03 月 09 日-2026 年 03 月 13 日）非银金融各子板块均跑输沪深 300 指数。证券行业下跌 1.72%，保险行业下跌 2.05%，多元金融行业下 ...

Investment Rating - The report maintains a positive outlook on the insurance sector, indicating a high cost-performance ratio for investment opportunities [2][11] Core Views - The insurance sector has experienced significant adjustments due to pessimistic narratives surrounding AI, geopolitical conflicts, and investor concerns about the investment performance of the insurance sector. However, the valuation has dropped to historically low levels, suggesting a high cost-performance ratio for investment [2][11] - The banking sector is expected to see a stabilization in interest margins due to marginal improvements in both assets and liabilities, with non-interest income likely to recover as the equity market rebounds [3][20] Summary by Sections Insurance Sector - The insurance sector's index fell by 2.10%, underperforming the CSI 300 index by 2.28 percentage points. The sector has seen a cumulative decline of over 9% this year, with current valuations indicating significant room for recovery [2][11] - The sector's price-to-earnings value (PEV) is at 0.65x for A-shares and 0.42x for H-shares, indicating potential recovery spaces of 53% and 137% respectively [11] - The long-term core logic of improvement in both assets and liabilities remains unchanged, with expectations for dual recovery in valuation and performance as market sentiment improves [2][11] Brokerage Sector - The brokerage sector index decreased by 1.75%, underperforming the CSI 300 index by 1.94 percentage points. The sector's price-to-book (PB) ratio is at 1.27x, indicating a significant mismatch between earnings and valuation [17][18] - The "14th Five-Year Plan" emphasizes the need for comprehensive reforms in the capital market, which will benefit leading brokerages with strong service capabilities [17][18] - Recommendations include focusing on large brokerages with strong fundamentals and low valuations, as well as those undergoing mergers or restructuring [18][19] Banking Sector - The banking sector index increased by 1.39%, outperforming the CSI 300 index by 1.20 percentage points. The sector's PB ratio is at 0.52x [20][21] - Expected improvements in both asset and liability sides are anticipated to stabilize interest margins, with a projected decrease in the average cost of interest-bearing liabilities by 40 basis points in 2025 [20][21] - The overall asset quality is expected to remain stable, with non-performing loans in corporate real estate and non-real estate consumer credit anticipated to stabilize at high levels [22][23] - Recommendations include focusing on high-dividend large banks and those with strong recovery potential in performance [23]

Core Insights - Ping An's financial large language model, PingAnGPT-Qwen3-32B, achieved the highest overall score in the CNFinBench evaluation, which benchmarks AI capabilities in the financial sector [1] Group 1: Model Performance - The CNFinBench evaluation included leading models such as GPT-4o and Claude Sonnet 4, as well as Chinese open-source models like DeepSeek-R1 and Qwen3-235B-A22B [1] - PingAnGPT-Qwen3-32B excelled in financial factual reasoning, financial knowledge Q&A, and compliance and risk control, demonstrating high numerical accuracy and logical reasoning [1] Group 2: Business Applications - The model has been deployed across 97 real-world business scenarios, including auto insurance claims, customer service, expense auditing, and intelligent call operations [1] - By enhancing AI capabilities and optimizing model deployment, Ping An aims to provide efficient and high-quality digital financial services [1] Group 3: Company Overview - Ping An is one of the largest financial services companies globally, with over RMB 12 trillion in total assets as of December 2024 [1] - The company ranked 27th in the Forbes Global 2000 list and 47th in the Fortune Global 500 list in 2025, and received an AAA rating in MSCI ESG Ratings [1]

1. Report Industry Investment Rating - No information provided on industry investment rating. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1023.2 points this week, down 0.43% week - on - week and 2.78% from the end of January. The trading volume remained sluggish, with the average daily turnover rate hovering around 0.36%, lower than the 60 - day average of 0.45%. As of March 13, the total market value of 79 listed REITs was 224.1 billion yuan, with a week - on - week decrease of 0.41%, and the circulating market value was 123.9 billion yuan [11]. - The "merger of public rental housing and affordable rental housing" in Shanghai may attract some public rental housing applicants to choose affordable rental housing projects, but it may also divert the applicants of original affordable rental housing projects. Attention should be paid to the competition around rental housing REITs projects [2][22]. - The rental housing REITs sector has excellent fundamentals, and high occupancy rates and rent advantages ensure the stability of cash flow at the numerator end. The sector may be more affected by the discount rate at the denominator end. The current distribution rate of the sector is about 3.12%. Attention can be paid to trading opportunities in the sector with subsequent interest rate adjustments, especially individual bonds of affordable rental housing with stronger policy attributes [3][24]. - In the secondary market this week, except for the data center sector which rose 0.73%, all other sectors declined, with the decline ranging from 0.01% to 1.06%, narrowing compared with last week. The industrial park sector declined the most, while the energy facility sector declined the least [4][26]. 3. Summary by Relevant Catalogs 3.1 "Merger of Public Rental Housing and Affordable Rental Housing", Continuously Monitor the Impact on the Supply of Affordable Rental Housing REITs - China's housing security system is divided into rental - type (public rental housing and affordable rental housing) and sales - type affordable housing. Public rental housing has relatively strict application conditions, and the rent is generally lower than that of affordable rental housing projects [2][19]. - Since March 2026, multiple batches of public rental housing in Shanghai have been unified for supply management according to the relevant policies of affordable rental housing. The rights and interests of existing tenants remain unchanged, and new tenants will be reviewed according to the standards of affordable rental housing. After the expiration of the lease contract, those who still meet the access conditions can renew the lease [2][22]. - The "merger of public rental housing and affordable rental housing" may attract some public rental housing applicants to choose affordable rental housing projects, but it may also divert the applicants of original affordable rental housing projects. Attention should be paid to the competition around rental housing REITs projects [2][22]. - The rental housing sector fell 0.62% this week. The current distribution rate of the sector is about 3.12%. Attention can be paid to trading opportunities in the sector with subsequent interest rate adjustments, especially individual bonds of affordable rental housing such as Huaxia Beijing Affordable Housing and CICC Xiamen Anju [3][24]. 3.2 Secondary Market: Data Centers Lead the Rise, Industrial Parks Lead the Fall, and Trading Sentiment is Low - This week, except for the data center sector (+0.73%), all other asset sectors declined, with the decline ranging from 0.01% to 1.06%, narrowing compared with last week. The industrial park sector declined the most (-1.06%), and the warehousing and logistics and rental housing sectors declined about 0.6%. The energy facility and municipal environmental protection sectors declined less, at -0.01% and -0.11% respectively [4][26]. - The data center sector was the only one that rose this week. However, the two individual bonds in the sector showed different performances. Runze Technology rose while Wanguo declined. The current distribution rates of Runze and Wanguo are 3.40% and 3.49% respectively, slightly higher than the reference value of 3.31% for the distribution rate of rental - type REITs projects, and there may still be an upward space of 10 - 20BP. However, the China Securities Computing Power Index in the equity market retreated 1.07% this week. Allocation can be made at an appropriate time in combination with Runze's expansion process [4][28]. - The industrial park sector declined the most this week. The current distribution rate of the park sector has increased by 5BP to 4.72%. Under the pressure on the fundamentals, attention should be paid to the marginal improvement and repair opportunities of individual bonds with poor fundamentals, large previous declines, and distribution rates as high as over 5%. It is recommended to carefully focus on park REITs with stable fundamentals, income distribution adjustment mechanisms, and leading distribution rates, such as Jinyu Zhizao Gongchang and Chuangjin Hexin Shounong [30][31]. - The energy facility sector declined the least this week. The "coordination of computing and power" was first proposed in the 2026 government work report. Attention should be paid to the stability of regional consumption, on - grid power generation, on - grid electricity prices, and changes in the demand side of the energy sector [37][41]. - The warehousing sector declined significantly this week. The recent poor performance of Harvest JD Warehousing Infrastructure may be related to the upcoming expiration of the lease of the Langfang project. It is expected that the rent reduction of the Langfang project will be similar to that of the Chongqing project, ranging from 16% to 40%. Attention can be paid to the subsequent renewal situation [5][45]. 3.3 Primary Market: Shenzhen Stock Exchange Welcomes the Second Commercial Real Estate REIT - On March 10, 2026, after Huatai Zijin Huazhu Anju Commercial Real Estate REIT, the Shenzhen Stock Exchange welcomed the second commercial real estate REIT - Hongtu Innovation Xinghe Group Closed - end Commercial Real Estate Securities Investment Fund, with Xinghe Industrial (Shenzhen) Co., Ltd. as the original equity holder [57]. - As of March 13, 2026, there were 11 projects that had received inquiries and feedback and 2 projects that had been accepted among the projects declared to the exchange [61].

3月12日，由中国遥感应用协会、上海市宇航学会等联合主办的2026首届上海商业航天大会暨展览会在 上海举办，吸引两百余家产业链核心企业参与。中国平安作为唯一受邀金融机构出席主论坛，并发布行 业首个"保险保障+资金供血+资本助推"的综合金融解决方案，为商业航天发展提供全方位支持。 中国平安表示，公司将持续迭代商业航天全生命周期综合金融服务体系，以上海属地化服务专班的实践 为基础，逐步将服务模式推广至全国更多商业航天产业集聚区，为商业航天企业提供"省心、省时、又 省钱"的金融服务，助力我国航天强国建设迈上新台阶。 免责声明：本文观点仅代表作者本人，供参考、交流，不构成任何建议。 收藏 专业投行助力发展，破解"长不大"资本难题。针对商业航天企业从技术研发到规模化发展的资本需求， 平安证券依托专业的投行服务能力，为企业搭建"股权+债券+资产证券化"的多层次资本服务体系，覆 盖科创板IPO辅导、再融资、并购重组等企业发展全周期，以"一企一策"的定制化服务，助力商业航天 企业实现技术成果转化与规模化发展。 方案首站落地长三角产业集聚区，创新属地化协同服务体系。上海及长三角地区是国内商业航天产业核 心集聚区，为更好地服务区 ...

平安产险党委副书记石合群在论坛上表示，商业航天在技术、需求、政策"三驾马车"的加持下，已经走 上了快车道。但商业航天目前依然处于发展初期，仍面临一些问题和困难。中国平安将通过商业航天综 合金融解决方案，打通产险、银行、证券等多家机构，打造"一个入口、全域响应"的协同机制，解决商 业航天"怕失败、等不起、长不大"三大痛点，助力产业实现高质量发展。 中国平安此次推出的方案首站落地长三角产业集聚区。平安产险上海分公司将联动平安银行、平安证券 上海分支机构在上海首创商业航天服务专班模式，打造"属地化定制+全国性资源+全生态协同" 三大核 心能力，构建"全生命周期"的精准服务图谱，快速调配集团内相应资源，服务不同发展阶段的产业需 求。（智通财经记者 胡志挺） 3月12日，中国平安在上海商业航天大会暨展览会主论坛上发布行业首个"保险保障+资金供血+资本助 推"的综合金融解决方案，为商业航天发展提供全方位支持。 ...