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].

非银金融 2026 年 03 月 22 日 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 非银金融 沪深300 相关研究报告 《渠道两强格局逐渐确立，降费改革 重塑行业格局—2025H2 基金销售渠 道数据点评》-2026.3.15 《近期调整带来左侧机会，关注业绩 和风格切换催化 — 行 业 周 报 》 -2026.3.15 《创业板 IPO 有望迎改革，个险和银 保开年高增—行业周报》-2026.3.8 低估值有望带来抗跌特征，关注业绩和风格切换催化 ——行业周报 | 高超（分析师） | 卢崑（分析师） | 张恩琦（联系人） | | --- | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | zhangenqi@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790125080012 | |  周观点：低估值有望带来抗跌特征，关注业绩和风格切换催化 | | | 投资评级：看好（维持） 行业走势图 本周受地 ...

本文对国信金工指数增强组合、公募基金指数增强产品的表现进行跟踪分析，此外，我们还对常见选股 因子在不同选股空间中的表现进行监控跟踪。 具体的，国信金工团队以多因子选股为主体，分别构建对标沪深 300、中证 500、中证 1000 指数(参见 专题研究《 基于风险预算的中证500指数增强策略 》)及中证 A500 指数（参见专题研究《 启发式分域 视角下的多策略增强组合 》）为基准的增强组合，力求能稳定战胜各自基准。近期组合的表现如下 图： 一、本周指数增强组合表现 沪深300指数增强组合本周超额收益1.90%，本年超额收益5.84%。 中证500指数增强组合本周超额收益1.94%，本年超额收益3.61%。 中证1000指数增强组合本周超额收益1.13%，本年超额收益4.68%。 中证A500指数增强组合本周超额收益-0.90%，本年超额收益3.71%。 二、本周选股因子表现跟踪 沪深300成分股中单季ROE、单季超预期幅度、DELTAROA等因子表现较 好。 中证500成分股中单季净利同比增速、DELTAROA、预期净利润环比等因子 表现较好。 中证1000成分股中单季营收同比增速、EPTTM一年分位点、非流 ...

证券研究报告 | 2026年03月21日 策略周报 美联储变卦，如何影响 A 股？ 核心结论：①近期地缘局势扰动通胀预期，美联储鹰派发言下，本周市场震 荡偏弱。②历史上资源品价格上行未必伴随美国全面通胀，且美联储政策变 化对于 A 股影响偏短期。③短期扰动不改全年牛市格局。结构上科技是中期 主线，重视战略资源品，以及内需相关老登资产。 近期成交放量本周美联储鹰派发言，对全球股市形成扰动。由于 3 月初以来 美伊局势升温，原油等战略资源品价格明显上升，目前霍尔木兹海峡封锁依 旧悬而未决，给后续油价及通胀带来较大不确定性，利率决议强调了"中东 局势的发展对美国经济的影响尚不明朗"。在此背景下美联储表态偏鹰，鲍 威尔提及多数官员下调了降息次数预期，且不排除加息可能性。会后市场降 息预期迅速回落，全球股市普遍走弱，A 股表现相对靠后。 历史上资源品价格上行未必伴随全面通胀。回顾 70 年以来商品价格走势， 商品价格大致经历了四轮较为典型的上行周期，从美国通胀表现来看，四轮 资源品上涨的传导结果存在明显差异。其中，70 年代、21-22 年两次商品上 行均伴随全面性通胀，03-08 年、09-11 年美国核心通胀仍相对 ...

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 ...

2025 年面向专业投资者公开发行公司债券（第二期） 2026 年付息公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：002736 | 证券简称：国信证券 | | 公告编号：2026-010 | | --- | --- | --- | --- | | 债券代码：524180 | 债券简称：25 | 国证 03 | 编号： -【】 | 国信证券股份有限公司 国信证券股份有限公司（以下简称"发行人""公司"或"本公司"）发行的 国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第二期）（以 下简称"本期债券"）将于 2026 年 3 月 19 日支付利息，为保证本次付息工作 的顺利进行，方便投资者及时领取利息，现将有关事宜公告如下： 一、本期债券的基本情况 1、债券名称：国信证券股份有限公司 2025 年面向专业投资者公开发行公 司债券（第二期） 2、债券简称及债券代码：25 国证 03，524180 3、发行总额：人民币 42 亿元 4、债券期限：本期债券期限为 3 年期固定利率债券 5、债券利率：本期债券的票面利 ...

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]

Group 1: Economic Context - The current energy shock is unlikely to replicate the "M-top" inflation pattern of the 1970s due to significant changes in the U.S. energy dependency and inflation formation mechanisms[1] - The U.S. has transitioned from being an "importer" to an "exporter" of oil, with shale oil production surpassing conventional oil production around 2016, enhancing short-term supply adjustment capabilities[1] - The weight of energy in the U.S. inflation basket has significantly decreased, with energy's share dropping to approximately 6.4% in January 2026, down about 5 percentage points from the 1980s[2] Group 2: Nature of Current Energy Shock - The current energy shock is characterized more by "transportation risks" rather than "supply shocks," as major oil-producing countries do not show a clear intention to cut production[2] - The effective blockade of the Strait of Hormuz is expected to be temporary, with Gulf countries actively seeking alternative transport routes to mitigate risks[2] - The scale of supply shocks, dependency on related energy, and the weight of energy prices in inflation transmission are all lower compared to the 1970s[2] Group 3: Future Outlook - The duration and intensity of geopolitical conflicts will be key variables affecting inflation paths, with the Federal Reserve likely to delay but not forgo interest rate cuts, expecting one 25 basis point cut in both Q3 and Q4[3] - Risks include overseas market volatility and uncertainties in domestic policy execution[3]

Group 1: Market Overview - The bond market is currently testing the 1.8 level, despite recent weakness, as inflation expectations rise domestically and internationally[1] - The current scale of wealth management products has returned to a high of 33 trillion yuan, with a shift towards multi-asset strategies due to insufficient bond coupon attractiveness[1] - The market is concerned about a potential slowdown in growth, exacerbated by input cost shocks and weak pricing power in the manufacturing sector[1] Group 2: Economic Indicators - Fixed asset investment has decreased by 3.80% year-on-year, while retail sales have increased by 0.90% year-on-year[5] - Exports have surged by 39.60% year-on-year, and M2 growth stands at 9.00%[5] Group 3: Asset Performance - From March 7 to March 14, the CSI 300 index rose by 0.19%, while the Hang Seng index fell by 1.14% and the S&P 500 dropped by 1.6%[13] - The 10-year government bond yield increased by 3.34 basis points, while the 10-year U.S. Treasury yield rose by 13 basis points[13] Group 4: Inventory and Fund Behavior - Crude oil inventory increased to 44,684 million tons, up by 46,789 million tons from the previous week[24] - The latest week saw a rise in long positions for the U.S. dollar to 16,384 contracts, an increase of 1,323 contracts[28]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 国信证券股份有限公司（以下简称"公司"）于 2026 年 3 月 5 日发出第五 届董事会第四十八次会议（临时）（以下简称"本次会议"）书面通知。本次会议 于 2026 年 3 月 12 日以通讯方式召开。本次会议应出席董事 11 名，实际出席董 事 11 名。截至 2026 年 3 月 12 日，公司董事会秘书收到 11 名董事送达的通讯 表决票。本次会议的召开符合《公司法》等相关法律法规和《公司章程》的规定。 出席会议的董事审议了会议通知所列明的议案，并通过决议如下： 一、审议通过《关于 2026 年度内部审计工作计划的议案》 议案表决情况：十一票赞成、零票反对、零票弃权。 本议案已经公司第五届董事会审计委员会 2026 年第一次会议审议通过。 证券代码：002736 证券简称：国信证券 公告编号：2026-009 国信证券股份有限公司 第五届董事会第四十八次会议（临时）决议公告 三、审议通过《关于 2026 年交易单元费用立项的议案》 议案表决情况：十一票赞成、零票反对、零票弃权。 四、审议通过《关于向万和 ...