Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

证券研究报告·宏观报告·宏观周报 金融产品周报 20260321 下周可能是近期投资较为关键的时间 2026 年 03 月 21 日 [Table_Summary] A 股市场行情概述：（2026.3.16-2026.3.20） 市场行情展望：（2026.3.23-2026.3.27） ◼ 观点：下周可能是近期投资较为关键的时间。 基金配置建议： 《3月FOMC：预期内的鹰派——2026 年 3 月 FOMC 会议点评》 2026-03-19 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 相关研究 《经济开门红的两个维度和三个后续 ——1-2 月经济数据点评》 2026-03-16 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：策略指数 ETF（30.98 亿元），跨境行业指数 ETF（0.10 亿 元），风格指数 ETF（-1.21 亿 ...

证 券 研 究 报 告 行业景气度持续向好，估值迎来困境反转 证券行业26年春季投资策略 证券分析师： 罗钻辉 A0230523090004 金黎丹 A0230525060004 联系人： 金黎丹 A0230525060004 2026.3.19 结论：26年券商ROE提升确定性强，估值将迎来困境反转 3 1. 25年至今券商板块为何持续跑输大盘？ 2. 26年券商上涨核心逻辑？ 3. 估值及投资意见分析 ◼ 25年至今券商板块为何持续跑输大盘？ ◼ 26年券商估值回升确定性强，重视左侧布局机会。 www.swsresearch.com 证券研究报告 2 资料来源：证监会，Wind，申万宏源研究 • 首先，我们需要强调2024年"924"行情中券商率先实现反攻，较上证指数跑出超额收益。我们通过复盘2024年9月24日至今券商股走势， A股券商指数在政策 催化下显著跑赢大盘，2024年"924"行情期间，证券Ⅱ(申万) 较上证指数的超额峰值达到35.1%，港股券商因假期交易、创新业务等因素刺激，超额尤为显著。 进入2025年后，受到 外部宏观环境变化、资金层面影响（包括个股抛压、宽基ETF赎回抛压）、上市券商再 ...

东吴证券研报指出，比亚迪发布第二代刀片电池&闪充技术：5分钟充好、9分钟充饱、零下30℃仅多3 分钟。2026年3月5日比亚迪正式发布：第二代刀片电池及闪充技术，从10%到70%，只用5分钟就能充 好；从10%到97%，只用9分钟就能充饱；零下30度，从20%到97%，只比常温多3分钟。电池能量密度 较上一代提升5%，纯电续航最高可达1036km。安全性方面数倍高于新国标要求。闪充桩规划：26年内 2万座、高速2千座；一年免费使用。公司计划26年五一前建成1000座闪充高速站。计划26年年底建成 1.8万座闪充站中站，实现城区90%区域5公里覆盖；建成2千座闪充高速站，实现100km+高速平均覆盖 间隔。首创滑轨悬挑式T型桩，枪线不落地左右都好充，实现零重力充电枪，即插即充无感支付。面向 所有第二代刀片电池车主赠送一年免费闪充权益。电动化领域持续的技术创新有望提升公司市占率水 平，维持公司25-27年归母净利预期350/450/563亿元，同比-13%/+29%/+25%，对应PE为26/20/16x，维 持"买入"评级。 ...

Core Viewpoint - The article discusses the recent developments regarding the market-making qualifications for securities firms at the Beijing Stock Exchange (BSE), highlighting the regulatory feedback from the China Securities Regulatory Commission (CSRC) and the ongoing efforts of various brokerages to expand their market-making capabilities [1][6]. Group 1: Regulatory Feedback - The CSRC provided feedback to Changjiang Securities, requesting updates on their authorization plan for market-making business at BSE, specifically regarding differentiated approval limits [2] - The CSRC also asked for clarification on what constitutes "major projects" in the decision-making process for market-making activities [2] - For Shanxi Securities, the CSRC requested details on staffing arrangements for market-making roles and the number of personnel in senior and assistant research positions [4] Group 2: Market-Making Business Expansion - Currently, there are 21 market makers at BSE, including major firms like CITIC Securities and smaller firms such as Guoyuan Securities [5] - The top five firms by the number of market-making activities are Guojin Securities (62), CITIC Securities (59), Galaxy Securities (53), Guotou Securities (53), and Industrial Securities (29) [5] - The CSRC has lowered the entry barriers for market-making qualifications at BSE to enhance market liquidity and attract more firms, with over 20 firms expected to qualify under the new criteria [6] Group 3: Future Plans of Securities Firms - Zhongtai Securities plans to use part of its funds from a private placement to support its market-making business, emphasizing its commitment to expanding in both the STAR Market and BSE [7] - Hongta Securities is actively applying for market-making qualifications at BSE and has passed initial assessments, indicating a strong intent to participate in this market [7] - Galaxy Securities is focusing on enhancing its market-making capabilities across various platforms, including BSE, to contribute to market liquidity and support technological innovation [7]

Investment Rating - The report maintains an "Overweight" rating for the banking and securities sectors, while suggesting a cautious approach towards the insurance sector [8]. Core Insights - The report highlights an optimistic outlook for quality financial institutions, particularly in the banking sector, due to improvements in interbank deposit self-discipline management and expected margin enhancements [1][11]. - The report notes a significant increase in social financing in February, primarily driven by corporate credit growth and a reduction in off-balance-sheet financing [12][17]. - The "14th Five-Year Plan" emphasizes the need to optimize the capital market's functions, including issuance, information disclosure, and mergers and acquisitions, aiming to enhance the quality of listed companies [1][37]. Summary by Sections Banking Sector - The report anticipates improved interest margins for large banks, joint-stock banks, and leading city commercial banks due to enhanced interbank deposit management [2][12]. - February's social financing growth exceeded expectations, largely supported by corporate credit expansion [12][17]. - Recommended quality stocks include Nanjing Bank, Chengdu Bank, and Shanghai Bank [3][12]. Securities Sector - The report discusses East Wu Securities' plan to acquire 83.77% of Donghai Securities through a combination of stock issuance and cash payment, indicating ongoing consolidation in the sector [2][39]. - The "14th Five-Year Plan" aims to cultivate top-tier investment banks and institutions, presenting valuation recovery opportunities for brokerage firms [2][37]. - Recommended stocks include leading brokerages such as CITIC Securities and Guotai Junan [3][11]. Insurance Sector - The report advises investors to adopt a more conservative risk preference in the insurance sector amid rising market uncertainties, focusing on relatively stable companies [2][51]. - Recommended stocks include China Pacific Insurance and AIA Group, which are expected to show resilience against market volatility [51].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the investment value of insurance and brokerage firms [1]. Core Insights - The "14th Five-Year Plan" is expected to benefit the insurance and brokerage sectors, enhancing their configuration value [1]. - The report emphasizes the importance of the "14th Five-Year Plan" in driving policy, funding, and market trading, which is anticipated to lead to a double boost for brokerages in 2026 [2]. - The report identifies three main investment themes for brokerages: strong comprehensive capabilities of leading institutions, brokerages with significant earnings elasticity, and firms with strong international business competitiveness [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,669.14 with a fluctuation of +0.19%. The non-bank index closed at 1,887.83, down by -1.93%. The brokerage, insurance, and diversified financial indices reported declines of -1.75%, -2.10%, and -2.73% respectively [5]. Non-Banking Industry News and Key Announcements - The "14th Five-Year Plan" emphasizes the need for a robust financial system, focusing on risk prevention, strong regulation, and high-quality development. It aims to enhance financial services for the real economy and promote various financial sectors, including technology and green finance [7][8]. - The report highlights the need for financial institutions to focus on their core businesses and improve governance, supporting the development of first-class investment banks and institutions [8]. Investment Analysis - For brokerages, 2026 is seen as a pivotal year with potential for significant growth driven by policy and market dynamics. Recommended stocks include Guotai Junan, GF Securities, and CITIC Securities for their strong market positions and performance potential [2]. - In the insurance sector, the report suggests a mid-term positive outlook for value reassessment, recommending China Ping An, New China Life, and China Life Insurance among others [2]. Key Data Tracking - As of March 13, 2026, the average daily stock trading volume was 25,719.27 billion [31]. - The margin trading balance reached 26,646.58 billion as of March 12, 2026 [33].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the investment value of the insurance and brokerage segments [1]. Core Insights - The "14th Five-Year Plan" is expected to benefit the insurance and brokerage sectors, enhancing their configuration value [1]. - The report emphasizes the importance of the "14th Five-Year Plan" in driving policy, funding, and market trading, which is anticipated to create a favorable environment for brokerages in 2026 [2]. - The report identifies three main investment themes for brokerages: strong institutions benefiting from improved competitive dynamics, brokerages with significant earnings elasticity, and firms with strong international business capabilities [2]. Summary by Sections Market Review - During the week of March 9-13, 2026, the Shanghai Composite Index closed at 4,669.14 with a slight increase of +0.19%, while the non-bank index fell to 1,887.83, down -1.93% [6]. - The brokerage, insurance, and diversified financial indices reported declines of -1.75%, -2.10%, and -2.73%, respectively [6]. Non-Banking Industry News and Key Announcements - The "14th Five-Year Plan" emphasizes the construction of a modern financial system, focusing on risk prevention, strong regulation, and high-quality development [8]. - The plan aims to enhance financial services for the real economy, promote technological and green finance, and improve the structure of monetary policy tools [8]. - The report notes that the brokerage sector's market share in non-cash fund distribution has increased, with the top 100 brokerages holding a 23% market share, up 2.02 percentage points from the previous half [2]. Investment Analysis - For brokerages, 2026 is seen as a pivotal year with potential for significant growth driven by policy and market dynamics. Recommended stocks include Guotai Junan, Haitong Securities, and Citic Securities for their strong competitive positions [2]. - The insurance sector is expected to undergo a value reassessment, with recommendations for China Ping An, New China Life, and China Life Insurance, among others [2].

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]

◼ 路径 1：通胀高企非美资产走弱，中国资产更具安全性或走出独立行情 证券研究报告·策略报告·策略周评 策略周评 20260315 对冲油价上行的四条配置思路 2026 年 03 月 15 日 [Table_Summary] 当前伊美尚未缓和，霍尔木兹海峡持续封锁，导致近期原油价格飞涨， 布油一度涨超 110 美元/桶。根据我们此前报告《2022 vs 2026：油价"定 乾坤"》中提到，若战局超预期演变为"持久战"使得油价在中期维度上 行，进而对 A 股形成新的传导路径：油价中枢上行——输入型通胀预期 ——美联储政策边际收紧——美元流动性恶化——科技股承压。根据俄 乌冲突的经验，能源价格的大幅上行一定程度上会对全球的产业格局进 行冲击，进而重塑全球产业链。我们梳理了油价快速上涨对于权益配置 的四条传导路径： 通胀高企非美资产走弱。从当前战局推演，美伊很难在短期内达成停战 条件；尤其是伊朗总统提出的三条停战条件较为苛刻，因此油价易涨难 跌。从历史经验看，当原油价格快速攀升时，冲击全球的生产成本，美 国 CPI 快速上行；美联储通过加息来有效应对高通胀压力。通常而言， 作为全球资产的定价锚，美元走强，对非美资产 ...