2025 年 05 月 18 日 行业周报 看好/维持 非银行金融 非银行金融 非银行业周报（0512-0518）：科技金融体制构建提速 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 ◼ 子行业评级 | 证券Ⅱ | 看好 | | --- | --- | | 保险Ⅱ | 看好 | | 多元金融 | 看好 | | ◼ 推荐公司及评级 | | | 方正证券 | 买入 | | 湘财股份 | 买入 | | 中国人寿 | 买入 | | 众安在线 | 增持 | 相关研究报告 <<众安在线 2024 年年报点评：科技 赋能驱动增长，投资收益大幅提 升>>--2025-05-15 <<非银行业周报（0505-0511）：增量 政策出台稳定市场预期>>--2025- 05-12 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 可能触发合同终止情形的第四次提示性公告 风险提示：本公司依照恪尽职守、诚实信用、勤勉尽责的原则管理和运用本计划资产，但不保证本计划 一定盈利，也不保证最低收益。本计划的过往业绩并不预示其未来表现。购买货币型集合资产管理计划 并不等于将资金作为存款存放在银行或者存款类金融机构。投资者投资于本公司产品时应认真阅读相关 资产管理合同、招募说明书、产品资料概要等信息披露文件，全面认识产品的风险收益特征和产品特 性，并充分考虑自身的风险承受能力，理性判断市场，谨慎做出投资决策，并自行承担投资风险。 特此公告 方正证券股份有限公司 2025年5月20日 关于方正证券鑫享三个月滚动持有债券型集合资产管理计划 关于方正证券现金港货币型集合资产管理计划 暂停新增签约的公告 自2025年5月21日（含）起，方正证券股份有限公司（以下简称"本公司"）暂停方正证券现金港货币型 集合资产管理计划（以下简称"本计划"）新增客户办理签约业务，已签约客户的申购、赎回业务正常办 理。 请投资者知悉并做好资金管理。 根据《中华人民共和国证券投资基金法》、《公开募集证券投资基金运作管理办法》、《方 ...

核心结论 世界政治和经济局势复杂多变，黄金价格再创新高。本轮黄金价格大幅上涨的驱动因素主要是全球央行对黄金的购买， 反映了黄金需求结构新特征新变化。另外黄金投资需求的提高同样是本轮黄金价格的重要影响因素。短期看，一方面贸 易战等全球风险事件边际暂缓，同时考虑到部分投资者获利了解，黄金短期或有回调需求；中长期来看，我们认为在美 元信用下降、美联储降息周期开启、全球央行持续增加购金的背景下，黄金有望继续维持长期上行趋势。 具体来看：黄金作为一种资产，其价格由供需平衡确定，我们可以通过黄金的供需分析黄金的价格。其中，由于黄金具 有较高的稀缺性，因此黄金的供给相对稳定。黄金的需求端中，进一步可分为金饰制造、工业用金、金条和金币用金、 央行购金和黄金ETF及场外投资等。其中央行和官方机构的购金需求近年来逐年提高。工业用金、金条和金币用金变动 相对稳定。金饰制造除了在2020年偶发需求下降外，其他时期内的变动同样相对稳定。黄金的投资需求变动明显，结构 上投资者对场外交易和ETF等场内交易的结构性偏好变动同样较为显著。因此，需求端来看，央行购买需求和投资需求 变动是我们需要关注的重点内容。 从黄金长期走势来看，黄金的历史行 ...

方正证券主要观点如下： 2)新趋势：功效多元化、剂型零食化，对供给端的研发能力提出更高的要求。功效方面，当前"悦己经 济"蓬勃发展，消费者对功效的期待变得更加具体且个性化，比如单个产品开发复合功效，这要求供给 端具备市场洞察捕捉各类群体的隐蔽健康痛点，同时也要具备开发循证有效产品的研发能力;剂型方 面，软糖、饮品等新兴剂型兼具适口性与便利性，有利于培养消费者的日常服用习惯，根据灼识咨询， 22-24年软糖/饮品剂型CAGR分别约为40%/30%，剂型增速领先，这要求供给端具有充足的新剂型产能 及出色的研发能力。 方正证券发布研报称，当前中国营养保健食品市场处于重要变革期，新消费驱动下行业呈现渠道多元 化、产品创新化、人群全龄化三大特征。该行重视积极把握新消费变革趋势的头部B端企业，新消费驱 动业绩增长，或有望带来板块的估值切换。建议关注积极布局新消费赛道的头部企业，推荐聚焦高价值 客户拓展的仙乐健康（300791）(300791.SZ)及布局跨境与宠物营养的百合股份（603102） (603102.SH)。该行预计，未来行业将保持中高个位数复合增长，头部企业集中度有望加速提升。 当前中国营养保健食品市场处于重 ...

Core Viewpoint - The transition of public collective investment products from large brokerage firms to their affiliated fund companies is nearing completion, aligning with regulatory guidance and enhancing resource sharing and collaboration within the industry [1][8]. Group 1: Transfer of Products - Recently, Guangfa Securities applied to transfer seven public collective investment products to Guangfa Fund Management, while Huazhong Securities transferred two products to its subsidiary Huafu Fund Management [1]. - Earlier, CITIC Securities transferred all 19 of its public collective investment plans to Huaxia Fund Management, with some applications already approved by the CSRC [1][5]. - Other firms like Founder Securities, Guoyuan Securities, Donghai Securities, and Everbright Securities are also transferring their public collective investment plans to affiliated fund companies [1]. Group 2: Industry Trends - The public collective investment product transformation is expected to conclude by June 30, indicating a significant shift towards compliance and standardization in the industry [8]. - Currently, less than 20% of brokerage asset management companies hold public fund licenses, necessitating the transfer of products to licensed fund companies for continued operation [8]. - The transition is anticipated to enhance the operational efficiency of asset management firms, allowing them to focus on high-value private equity sectors while public fund operations are managed by specialized fund companies [8]. Group 3: Market Impact - As of the end of Q1 2025, there are 303 public collective investment products with a total asset size of approximately 3,565.42 billion yuan, indicating a significant scale increase for the involved fund companies [9]. - The publicization of these products is expected to improve compliance and market acceptance, pushing brokerage asset management towards a more transparent and standardized operational model [8].

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

销售均价：重点上市猪企四月商品猪销售均价环比小幅上涨 重点上市猪企四月生猪出栏量同比+37.2% 13家重点上市猪企中，12家出栏量同比为正值，其中正邦科技(+236.0%)、正虹科技(+111.3%)同比增幅 超100%，增幅较大;仅京基智农(-2.8%)同比出栏量小幅下降。由于牧原股份出栏量占比较大，剔除其影 响后，剩余12家重点猪企4月出栏量同比+27.4%。牧原股份4月商品猪出栏量在24年大基数之上，同比 再增长51.8%。 出栏体重：该行测算，重点猪企四月生猪出栏均重环比约+0.6% 4月，8家重点上市猪企生猪出栏均重约124.7kg/头，高位环比持续增长。其中，仅金新农(-2.1%)、温氏 股份(-1.0%)出栏均重小幅下调，重点猪企出栏均重基本在120kg以上。该行认为，受标肥价差影响，上 市猪企为优化头均盈利水平，普遍采取增重出栏措施，后续压栏情绪或随价差收窄有所减弱。 智通财经APP获悉，方正证券发布研报称，4月重点上市猪企整体出栏量环比小幅下降，变动值在正常 生产经营调整范围内。该行测算，重点猪企四月生猪出栏均重环比约+0.6%。重点上市猪企四月商品猪 销售均价环比小幅上涨生猪板块在低猪价 ...

方正证券发布研报称，海外聚氨酯企业25Q1量价承压，利润普遍下滑。截至4月底MDI/TDI价格已经企 稳并反弹，供方开始控量挺市，叠加中美贸易谈判取得阶段性进展，25Q2亚太地区聚氨酯业务有望迎 来修复。鉴于聚氨酯行业龙头BC海外产能具备跨区调货能力，关税及反倾销影响不足为惧，国内产能 成本优势及后续周期景气高度仍可期，中长期看赔率亦不低。建议关注万华化学（600309）、美瑞新材 （300848）等。 关税影响聚氨酯市场25Q1承压，MDI/TDIQ2有望迎来价格阶段性修复 近年来北美聚氨酯市场对进口依赖度在增加，MDI尤为明显(年进口量约50万吨，其中70%来自中国， 30%来自欧洲),TDI和多元醇的进口趋势也在上升，但TDI主要来自欧洲以规避关税，多元醇进口中，亚 太占比不到30%，最大份额来自墨西哥。考虑到中美关税及后续的MDI反倾销税预期双重影响，未来聚 氨酯产品直接对美出口可能减少，贸易流或转向亚太或欧洲，短期叠加下游客户采购趋于谨慎，致使3 月以来MDI/TDI价格快速下行，价差缩窄盈利承压，但截至4月底MDI/TDI价格已经企稳并反弹，供方 开始控量挺市，叠加中美贸易谈判取得阶段性进展，25 ...

Group 1 - The core viewpoint of the articles highlights the transition of leadership within the securities industry, particularly focusing on the retirement of veteran executives and the appointment of new leaders [1][2][3] - He Yagang, a long-serving executive at Founder Securities, has retired at the age of 61 after a significant career that began in 1992, during which he played a crucial role in the company's transformation and strategic developments [1][3] - The new president, Jiang Zhijun, has been appointed to succeed He Yagang, and he has extensive experience in wealth management, which is a key area of focus for the company moving forward [1][4][5] Group 2 - Founder Securities has reported strong financial performance, with a projected revenue of 77.18 billion yuan and a net profit of 22.07 billion yuan for 2024, marking a record high in dividend payout ratio at 40.02% [3] - The wealth management segment is a significant driver of revenue for Founder Securities, contributing over 70% of total revenue in 2024, with a revenue of 56.64 billion yuan from this segment alone [5] - In the first quarter of 2025, Founder Securities achieved a revenue of 29.64 billion yuan, reflecting a year-on-year growth of 49.35%, primarily driven by increases in wealth management and trading business revenues [6]

1.中信证券：聚焦三大不变趋势 中信证券裘翔称，配置上，除短期热点主题轮动，建议聚焦三个大趋势：一是中国自主科技能力的提升 趋势；二是欧洲重建自主防务，提升能源、基建和资源储备的趋势；三是中国势必要走通"双循环"，加 速完善社会保障并激发内需潜力是政策的必选项。 【 机构观点综评 】中信证券称，配置上，除短期热点主题轮动，建议聚焦三个大趋势。中金固收团队 称，建议把握二三季度配置窗口，布局债市牛市行情。 一、焦点锐评 1. 降准、降息加增量政策，三部门发力稳预期！ 5月7日，三部门发布一揽子金融政策稳市场稳预期。央行宣布推出十项政策措施，其中包括全面降准 0.5个百分点，下调政策利率0.1个百分点，降低结构性货币政策工具利率和公积金贷款利率0.25个百分 点，设立5000亿元"服务消费与养老再贷款"等。金融监管总局将推出八项增量政策，包括加快出台适配 房地产发展新模式的融资制度、再批复600亿元保险资金长期投资试点等。证监会将全力支持中央汇金 发挥好类"平准基金"作用，出台深化科创板、创业板改革政策措施等。 【点评】当前宏观经济面临国内政策变动和经济波动超预期的风险，尤其在中美经贸关系尚未明朗、关 税影响逐步 ...