中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 2Q25保险资金重仓流通股深度跟踪 ——重点加仓通信&银行，新进集中银行&医药 2 0 2 5 . 9 . 3 葛玉翔 证券分析师执业证书编号：S0740525040002 邮 箱：geyx01@zts.com.cn 蒋峤 证券分析师执业证书编号：S0740517090005 邮 箱：jiangqiao@zts.com.cn 1 摘要：重点加仓通信&银行，新进集中银行&医药 ◼ 持续低利率环境下，险资再配置收益率面临考验，2H23以来鼓励长期资金入市政策渐次落地 C O N T E N T S • 5月，金监总局李局长提出将股票投资的风险因子进一步调降10%；6月《关于进一步贯彻落实新保险合同会计准则的通 知》进一步加强对企业实施新保险合同会计准则的指导。7月，财政部拉长部分经营效益类指标的考核方式。2Q25末股 票投资在险资资金运用余额占比为8.8%，余额环比1Q25末提升8.9%，明显加仓。险资配置非标产品随着产品到期逐步 被替代为标准化金融产品，股票作为关键少数类资产占比稳步提升。1H25产寿险合计增 ...

Market Overview - On September 3, the railway and highway sector declined by 1.01%, with Shentong Metro leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Shentong Metro (600834) closed at 8.71, down 4.18% with a trading volume of 95,000 shares and a transaction value of 84.02 million yuan [2] - Other notable declines include: - Jinjiang Online (600650) down 3.80% to 15.70 - Sanxia Tourism (002627) down 3.57% to 6.49 - Jiangxi Changyuan (600561) down 3.45% to 6.72 [2] Capital Flow Analysis - The railway and highway sector experienced a net outflow of 275 million yuan from institutional investors, while retail investors saw a net inflow of 122 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are entering the market [2] Detailed Capital Flow by Stock - Key stocks with significant capital flow include: - Beijing-Shanghai High-Speed Railway (601816) saw a net inflow of 37.66 million yuan from institutional investors but a net outflow from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 8.81 million yuan from institutional investors, while retail investors withdrew funds [3] - Shanxi Expressway (000755) experienced a net inflow of 6.48 million yuan from institutional investors but a significant outflow from retail investors [3]

Core Viewpoint - Insurance companies have significantly increased their equity investments, particularly in high-dividend stocks, as they seek to enhance returns amid a declining interest rate environment [3][5][10]. Group 1: Insurance Companies' Stock Holdings - As of the end of Q2, insurance companies held a total of 926.99 billion shares across 731 stocks, an increase of 49.24 billion shares from the previous quarter [2][6]. - The total balance of funds utilized by insurance companies exceeded 36 trillion yuan, marking a year-on-year growth of 17.4%, with stock investments reaching 3.07 trillion yuan, up by 640.6 billion yuan in the first half of the year [5][6]. - The top ten stocks heavily held by insurance companies include Minsheng Bank, Shanghai Pudong Development Bank, and China Unicom, with each holding over 10 billion shares [6]. Group 2: Investment Strategy and Market Outlook - Insurance companies are increasingly focusing on equity assets to match the duration of their liabilities and improve yield, especially as fixed-income returns have become insufficient [3][11][12]. - The majority of insurance institutions maintain an optimistic outlook for the A-share market in the second half of the year, particularly favoring stocks within the CSI 300 index [4][17]. - A survey indicated that stocks are the preferred investment asset for insurance institutions in the latter half of the year, followed by bonds and mutual funds [16]. Group 3: Sector Preferences and Future Investments - Insurance companies are particularly interested in sectors such as pharmaceuticals, electronics, banking, and communications, with a focus on high-dividend and innovative stocks [17]. - The trend of insurance companies increasing their equity investments is expected to continue, driven by the need for better returns and the potential for collaboration with banks through shareholding [12][13][14]. - Companies like China Life and Ping An have expressed confidence in the market, emphasizing the importance of high-dividend stocks in stabilizing overall investment returns [17].

Group 1: Strategy Overview - The core strategy is a continuation of the bull market, focusing on core technology assets as A-shares strengthen under the leadership of these assets [2][3] - The market outlook remains positive due to economic recovery expectations, continuous capital inflow, and policy benefits, with a mid-term slow bull logic still intact [3] - Short-term market may face technical adjustment pressure due to crowded trading in some popular sectors, but a new round of valuation-driven market space is expected to open up starting in Q3 [3] Group 2: September Stock Picks - The September stock picks include: Beijing-Shanghai High-Speed Railway (Transportation), Tongkun Co., Ltd. (Chemicals), Yake Technology (Chemicals), CATL (Electricity), Heng Rui Medicine (Pharmaceuticals), Sanyou Medical (Pharmaceuticals), Beijing Renli (Social Services), Feiliwa (Electronics), Zhaoyi Innovation (Electronics), and Pengding Holdings (Electronics) [8][10] Group 3: Industry Insights Transportation Industry: Beijing-Shanghai High-Speed Railway - The company is a landmark project in China's high-speed rail, with expected net profit exceeding 12.7 billion yuan in 2024 [10] - The business model relies on entrusted transportation management, with revenue primarily from passenger transport and network service income [10] - Key factors supporting growth include a favorable pricing mechanism, strong travel demand along the route, network effects from an expanding high-speed rail network, and technological advancements in train efficiency [11] Chemical Industry: Tongkun Co., Ltd. - The company achieved significant sales growth in polyester filament, with a total sales volume of 9.4587 million tons in the first three quarters of 2024, a year-on-year increase of 29.60% [12] - Despite a decline in selling prices due to fluctuating oil prices and weak downstream demand, the company expects profitability to improve with demand recovery [12] Chemical Industry: Yake Technology - The company reported steady growth, with a gross margin of 31.59% in 2024 [14] - The electronic materials segment is expanding, with significant revenue growth in precursor materials and photoresists [15] Electric Industry: CATL - The company achieved a net profit of 50.745 billion yuan in 2024, a year-on-year increase of 15.01% [17] - CATL maintains a leading position in the global battery market, with a 37.9% market share in power batteries and 36.5% in energy storage [18] Pharmaceutical Industry: Heng Rui Medicine - The company reported a 12.53% year-on-year increase in revenue for Q2 2024, with innovative drugs accounting for over 60% of total revenue [20] - Multiple new products were launched in the first half of 2024, contributing to growth [21] Pharmaceutical Industry: Sanyou Medical - The company faced pressure from centralized procurement but is innovating therapies to enhance market share [24] - The acquisition of Waterwood Tianpeng is expected to strengthen the product matrix and enhance competitiveness [25] Social Services Industry: Beijing Renli - The company has a broad service coverage and a strong client base, with growth potential in flexible employment and outsourcing [27] - Digitalization and AI applications are expected to enhance operational efficiency and revenue growth [28] Electronics Industry: Feiliwa - The company reported a revenue of 908 million yuan in H1 2025, with a gross margin of 49.2% [29] - New business lines are beginning to contribute to performance, particularly in semiconductor and aerospace sectors [30] Electronics Industry: Zhaoyi Innovation - The company achieved a revenue of 7.356 billion yuan in 2024, with a significant increase in net profit [32] - The company is actively expanding its market share in various sectors, including storage and MCU products [33] Electronics Industry: Pengding Holdings - The company reported a revenue of 16.375 billion yuan in H1 2025, with a net profit increase of 57.22% [35] - The company is capitalizing on market opportunities across various product lines, including communication and consumer electronics [36]

证券研究报告 京沪高铁 (601816 CH) 2Q 盈利略低于预期，需求仍偏弱 华泰研究 中报点评 投资评级(维持): 买入 2025 年 9 月 01 日│中国内地 铁路运输 京沪高铁发布半年报，2025 年 H1 实现营收 210.13 亿元（yoy+0.72%）， 归母净利 63.16 亿元（yoy-0.64%）。其中 Q1、Q2 实现营业收入 102 亿元 （yoy+1.2%）、108 亿元（yoy+0.3%），录得归母净利 29.64 亿元（yoy 持平）、33.52 亿元（yoy-1.22%）。Q2 盈利略低于我们预期（35.68 亿元）， 商务出行需求仍偏弱。公司首次提出中期分红方案，拟派发 2025 年度中期 股息 0.0385 元/股，中期分红金额约占 1H25 归母净利的 29.8%。公司在上 半年实施股票回购，回购金额与中期拟分红金额合计约占 1H25 归母净利的 45%。维持"买入"。 行业层面：铁路出行半径继续缩短，受到航空促销分流影响 据国家铁路局，1-3 月、4-6 月全国铁路客运量同比增长 5.9%、7.4%，但 旅客周转量仅同比增长 1.7%、3.9%，反映出行半径仍在缩短 ...

证券之星消息，9月1日铁路公路板块较上一交易日下跌0.42%，大秦铁路领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。铁路公路板块个股涨跌见下表： 从资金流向上来看，当日铁路公路板块主力资金净流出4.19亿元，游资资金净流入2.27亿元，散户资金净 流入1.92亿元。铁路公路板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601816 京沪高铁 | | 7571.00万 | 6.96% | 100 - 100 902.98万 | 0.83% | -8473.98万 | -7.79% | | 002357 | 富临运业 | 2907.96万 | 16.16% | -1392.77万 | -7.74% | -1515.19万 | -8.42% | | 600650 锦江在线 | | 2388.83万 | 13.78% | -900.82 ...

格隆汇8月29日丨京沪高铁(601816.SH)发布中报，2025上半年实现营业总收入210.13亿元，同比增长 0.72%；归属母公司股东净利润63.16亿元，同比下降0.64%；基本每股收益为0.1289元。此外，拟对全 体股东每10股派发现金红利0.385元(含税)。 ...

上证报中国证券网讯（记者 马慜）渤海银行2025年半年报显示，截至2025年6月末，渤银理财资产总额 26.73亿元，净资产25.43亿元。今年上半年渤银理财实现营业收入2.03亿元，实现净利润1.05亿元，服务 投资者超90万户，累计为投资者创造收益24.77亿元。 渤银理财成立于2022年9月6日，注册地为天津，注册资本20亿元，为渤海银行全资子公司，主要开展理 财产品发行、对受托的投资者财产进行投资和管理以及进行理财顾问和咨询服务等业务。 来源：上海证券报·中国证券网 ...

证券日报网讯8月29日晚间，京沪高铁（601816）发布公告称，公司董事会同意聘任李芳女士为证券事 务代表。 ...

证券日报网讯8月29日晚间，京沪高铁（601816）发布公告称，公司将于2025年9月15日召开2025年第三 次临时股东大会。本次股东大会将审议《关于修订〈公司章程〉暨取消监事会的议案》《关于修订〈公 司股东大会议事规则〉的议案》等多项议案。 ...