丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 中报预计延续高增，配置价值持续提升 报告要点 [Table_Summary] 券商方面，本周多家券商披露业绩预增，中报业绩预计延续高增，配置价值持续提升；保险方面，预期价 值率提升继续驱动新业务价值高增；资产端权益市场延续上涨，预期投资收益及利润增长表现较好。当前 估值隐含市场对长期投资的悲观假设，考虑中远期利差水平，当前估值仍然安全。从盈利和分红的稳定性 维度出发，推荐江苏金租、中国平安及中国财险。综合业绩弹性及估值分位，推荐新华保险、中国人寿、 香港交易所、中信证券、东方财富、同花顺、九方智投控股。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 吴一凡 谢宇尘 盛晓双 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title2] 中报预计延续高增，配置价值持续提升 [Table_Summary2] 核心观点： 1）券商 ...

➢ 短期来看，我们认为跨境支付场景有望成为稳定币落地应用的重要场景，稳 定币有望助力提升跨境支付效率、降低跨境支付成本，跨境支付相关金融科技标 的有望持续受益，建议重点关注连连数字。 ➢ 长期来看，稳定币有望推动虚拟资产交易和 RWA（Real World Asset，现 实世界资产代币化）、STO（Security Token Offering，证券代币化），稳定币 有望助力传统金融资产进行"链上"交易，中资券商加速布局，例如国泰君安国 际升级虚拟资产交易牌照、广发证券（香港）已全面接入 HashKey Chain 作为 核心链上发行网络，并发行首个每日可申赎代币化证券"GF Token"，头部券商 和交易所标的有望更为受益稳定币发展，建议重点关注香港交易所、中信证券、 华泰证券、国泰海通和中国银河等标的。 中国香港《稳定币条例》生效在即，重视头部券商及跨境支付 2025 年 07 月 20 日 ➢ 中国香港《稳定币条例》即将于 8 月 1 日正式生效，"沙盒试验"不断推 进，技术架构、合规性及实际应用场景有望不断完善，有望推动中国香港稳定币 相关产业发展，同时美国国会众议院于 7 月 17 日以 308 ...

汉坤（证）字2025第 34888-21-O-1 号 致：上海万可欣生物科技合伙企业（有限合伙） | 北京市汉坤律师事务所 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关于上海万可欣生物科技合伙企业（有限合伙） | | | | | | | | | | | | | | 无实际控制人 | | | | | | | | | | | | | | | | 的 | | | | | | | | | | | | 专项核查意见 | | | | | | | | | | | | | | 汉坤（证）字2025第 | | 34888-21-O-1 | | 号 | | | | | | | | | | 中国北京市东长安街 1 | | 号东方广场 | | C1 | 座 | 9 | 层 | | 100738 | | | | | 10) 8525 电话：(86 | | 5500；传真：(86 | | 10) | | 8525 | | 5511 | / | 8525 | 5522 ...

行 业 及 产 业 非银金融 2025 年 07 月 20 日 建议重视香港 RWA 业务发展对估 行 业 研 究 / 行 业 点 评 值的正向催化作用 看好 —— 非银金融行业周报（2025/7/14-2025/7/20） 本期投资提示： 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 研究支持 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 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 相关研究 - ⚫ 保险：本周申万保险 II 指数收跌 1.35%，跑输沪深 300 指数 2.44pct。7 月 17 日，协鑫 科技发布公告称，拟就 RWA 全球发行与太保资管香港达成战略合作，合作领域包括： 1）共建 R ...

Group 1 - The core viewpoint of the articles highlights significant adjustments in the investment strategies of various fund managers, particularly focusing on new consumption, insurance, and military-related stocks [2][3][8] - Liu Gesong's funds reported a total scale of 31.295 billion yuan, with a decrease of approximately 900 million yuan compared to the previous quarter [3] - The performance of Liu Gesong's flagship fund, Guangfa Shuangqing Upgrade A/C, yielded returns of 0.63% and 0.54% in the second quarter, underperforming against its benchmark [3] Group 2 - The top ten heavy stocks in Liu Gesong's fund saw a concentration decrease, with the proportion of the top ten heavy stocks to net value dropping from 71.21% to 54.31% [3] - The fund optimized its industry allocation by increasing exposure to the automotive sector and military industry, which showed strong product performance amid escalating geopolitical conflicts [3] - The report indicated that five new stocks appeared in the top ten heavy stocks, including China Ping An, AVIC Chengfei, New China Life Insurance, Zijin Mining, and Jianghuai Automobile [4] Group 3 - Fund manager Wu Yuanyi made notable adjustments, reducing holdings in Pop Mart by 8.49% while increasing positions in Lao Pu Gold by 33.56% [9][10] - Wu Yuanyi's fund, Guangfa Growth Leading, achieved a remarkable return of 68.29% in the first half of the year, ranking seventh among all funds [8] - The top ten heavy stocks in Wu Yuanyi's fund included Pop Mart, Lao Pu Gold, and Jianghuai Automobile, with several new entries in the second quarter [8][10] Group 4 - The articles also discuss the broader market trends, indicating a shift towards high-cost performance and experiential consumption brands in the new consumption sector [11] - In the pharmaceutical innovation field, China has transitioned from auxiliary research to becoming a global leader in original innovative drugs [12] - The high-end manufacturing sector in China has made significant advancements, achieving a historical leap from being a product importer to an exporter in key areas such as precision processing and new energy vehicles [12]

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

Group 1 - The core viewpoint of the articles highlights the robust recovery of the insurance market in China, as evidenced by the year-on-year growth in premium income reported by major insurance companies [1][3] - New China Life Insurance led the industry with a 23% increase in premium income, achieving 121.26 billion yuan, while China Pacific Insurance and ZhongAn Online reported growths of 6% and 9%, respectively [3][4] - The insurance industry is undergoing a significant change in information disclosure practices, with major players like China Ping An and China Life announcing the cancellation of monthly premium income reports starting January 2025, shifting focus to semi-annual and annual reports [1][3] Group 2 - New China Life's growth is attributed to the performance of its individual insurance channel and the expansion of its bank insurance channel, which has become a key growth driver [3][4] - China Pacific Insurance's premium income reached 267.85 billion yuan, showing balanced development in life and property insurance, while ZhongAn Online achieved 14.82 billion yuan in premium income, driven by innovative health and digital life insurance products [3][4] - The reduction in monthly data disclosure is seen as a move to minimize short-term market fluctuations and to encourage a shift from a "scale-oriented" approach to a "quality-oriented" strategy within the industry [3][4]

"你之前买的那款分红险，最近分红到账了吗？"随着各家险企2024年度分红险红利实现率陆续披露，这 一话题成为保险消费者热议的焦点。 近年来，随着存款利率持续走低，兼具"保证利益"与"红利分配"的分红型保险产品逐渐成为市场新宠。 作为检验分红险产品收益高低的核心指标，分红实现率向来备受保险消费者关注。 近日，新华人寿、大家养老、平安人寿、阳光人寿、恒安标准人寿等险企均已公布2024年分红险的红利 实现率。记者梳理首批公布红利实现率的200余款分红险产品发现，大多数产品的红利实现率较去年上 升，不少在售产品的红利实现率甚至超过了100%。 例如，平安人寿在2024年9月1日及以后保单生效的12款产品，分红实现率均达到或超过了100%；新华 保险有7款分红型产品的2024年现金分红实现率超过了100%，另有多款产品2024年的增额红利实现率超 过100%；大家养老公布的4款产品在2024年度的现金分红实现率均达100%；阳光人寿公布的90多款产 品中，有17款产品2024年分红实现率大于或等于100%；恒安标准人寿公布的61款产品中，超过30款产 品2024年的现金红利实现率为100%，其他产品在不同保单生效时间， ...

值得注意的是，2025年伊始，保险行业延续多年的月度保费收入公告惯例出现重大调整。中国平安、中 国人寿等头部上市险企，自2025年1月起不再单独发布月度保费收入公告。事实上，保费数据并非监管 要求披露的信息，而是自愿性信息披露公告。 此次半年度保费收入公告，目前已有中国太保、新华保险和众安在线三家上市险企先后披露。整体来 看，三家险企上半年保费收入均处于增长趋势。尤其是新华保险，上半年保费收入同比增长超两成。中 信建投在研报中指出，新华保险一季度个险渠道绩优队伍建设成效进一步显现，月均绩优人力及万 C 人力（一定时期内保费收入达到1万元）同比均实现双位数增长。看好个险队伍产能持续改善和银保渠 道价值贡献进一步增长。 寿险：价值银保贡献突出 从唯一披露保费明细的中国太保上半年保费收入来看，银保渠道正在成为寿险保费增长的核心动能之 一。寿险三大主要渠道中，代理人渠道收入1188.25亿元，同比下降2.5%，新保业务更是下降20%。 南方财经全媒体记者 孙诗卉 上海报道 近日，中国太保、新华保险和众安在线等上市险企披露上半年保费收入公告。其中，新华保险上半年保 费收入1212.62亿元，同比增幅达23%，此外，中国 ...

来源：财富大侦探007 基金分享 610 ： 东方主题精选（ 400032 ） 各位侦探哥的粉丝们大家好，三年前，我们每天都分享一只基金，现在这个栏目又重新开始了，我们继续按照最新季度的规模排名从大到小来分析基金， 超过600只！最近我们的锐评基金都不敢"锐了"，现在只要反应基金产品业绩不好，基金公司高管变动、基金经理一拖多、风格漂移啥的，都有可能给你 戴上"写黑稿"、"敲诈勒索"的帽子，咱现在尽可能给基金公司吹牛！ 今天来分享的的这只产品是——东方主题精选（400032），这是东方基金基金经理周思越管理的产品。这只基金成立时间超10年，目前来看，成立以来业 绩涨了-0.22%，目前累计净值0.9978元。这算是一只年头很长的产品，成立以来业绩侦探君觉得总体业绩一般，毕竟现在还差一点没回本，但也快了。成 立时间应该是2015年的杠杆牛市后期，当时市场非常火热，直奔6000点。后来市场暴跌，这产品估计很惨吧！这只产品因为前两三年回撤也不小，所以目 前净值还在水下。最近一年反弹也不算多，真的很不容易呢！ 这只产品成立于2015年3月23日，周思越是从2023年11月13日开始管理这只基金，周思越任期回报赚了-9. ...