分析师：张洋 登记编码：S0730516040002 证券Ⅱ zhangyang-yjs@ccnew.com 021-50586627 券商板块 2026 年 2 月回顾及 3 月前瞻 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -12% -7% -2% 3% 8% 13% 18% 22% 2025.03 2025.07 2025.11 2026.03 证券Ⅱ 沪深300 相关报告 《证券Ⅱ行业月报：券商板块 2026 年 1 月回 顾及 2 月前瞻》 2026-02-24 《证券Ⅱ行业月报：券商板块 2025 年 12 月 回顾及 2026 年 1 月前瞻》 2026-01-28 《证券Ⅱ行业月报：券商板块 2025 年 11 月 回顾及 12 月前瞻》 2025-12-26 联系人：李智 ⚫ 券商板块 2026 年 2 月行情回顾：2 月券商指数先涨后跌再收阴线， 整体波动率明显收敛，短周期依然延续弱势格局。中信二级行业指 数证券Ⅱ全月下跌 2.08%，跑输沪深 300 指数（上涨 0.09%）2.17 个百分点。2 月券商 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 03 月 22 日 [Table_Title] 五部门就金融法草案向社会公开征求意见； 新能源车险自主定价系数第二次调整 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2026. 3.15-2026. 3.21）A 股日均交易额 22,1 11 亿元，环比减少 11.5%，同比增加 3 8%。2026 年第一季度至今 日均成交额 26,5 34 亿元,较 2025 年第一季度日均交易额增加 74%。投行：本周发行新股 7 家，募集资金 88 .57 亿元；本周 上市新股 2 家，募集资金 5 .47 亿元。20 26 年至今，A 股 IPO 上市 2 3 家，募集金额 178. 38 亿元。20 25 年，A 股 IP O 上市 116 家，募集金额 1317 .71 亿元。2 024 年，A 股 I PO 上市 100 家，募集资金 673. 53 亿元。两融：截至 2026 年 3 月 1 9 日， 全市场两融余额 26,50 1.28 亿元，环比减少 0 .55%，较 2025 年日均水平 ...

证券简称：第一创业 证券代码：002797 公告编号：2026-015 债券简称：25 一创 04 债券代码：524171 第一创业证券股份有限公司2025年面向专业投资者 一、本期债券基本情况 1、债券名称：第一创业证券股份有限公司 2025 年面向专业投资者公开发行 公司债券（第二期）（品种二） 2、债券简称：25 一创 04 1 3、债券代码：524171 4、发行总额：人民币 5 亿元 公开发行公司债券（第二期）（品种二）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、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 第一创业证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第 二期）（品种二）（简称"25 一创 04""本期债券"，债券代码：524171）本 次付息的债权登记日为 2026 年 3 月 19 日，凡在 2026 年 3 月 19 日（含）前买入 并持有本期债券的投资者享有本次派发的利息，2026 年 3 月 19 日卖出本期债券 的投资者不享有本次派发的利息。 第一创业证券股份有限公司（以下简称"本公司"）于 2025 年 3 月 20 日 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The government work report for 2026 sets a GDP growth target of 4.5%-5%, aligning with the principle of "seeking progress while maintaining stability." It is expected that bank credit issuance will show a "stable total and improved structure" characteristic [1][46] - The report proposes the issuance of special government bonds worth 300 billion yuan to support state-owned commercial banks in capital replenishment, continuing the 500 billion yuan injection from 2025 [1][46] - The securities market reform will focus on three dimensions to empower new productive forces, enhancing inclusivity for hard technology and new business models [3][48] - The insurance sector is set to develop measures to promote agricultural insurance and support flexible employment personnel in participating in employee insurance [4][49] Summary by Sections Market Review - As of March 12, 2026, the banking, securities, and insurance indices changed by +2.66%, -3.89%, and -3.31% respectively, while the CSI 300 index changed by -0.83%. Among 31 industries, banking and non-banking sectors ranked 7th and 21st respectively [12][14] - The best performers in sub-sectors included Chongqing Bank (+12.31%), First Venture (+6.20%), and China Life Insurance (-0.35%) [12][14] Investment Recommendations - For banking, focus on regional banks with strong performance certainty such as Ningbo Bank (002142) and Hangzhou Bank (600926) [47] - In the securities sector, attention is drawn to firms with restructuring expectations like Zheshang Securities (601878) and Guolian Minsheng (601456) [48] - The insurance sector is encouraged to develop health insurance products covering innovative drugs and rare diseases, enhancing its role as an economic stabilizer [4][49] Valuation Situation - As of March 12, 2026, the banking sector's price-to-book (PB) ratio is 0.70, with state-owned banks at 0.75 and joint-stock banks at 0.58 [21] - The securities sector's PB ratio is 1.38, indicating potential for valuation recovery [26] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate is 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.50% respectively [31] - The average daily trading volume of A-shares is 24,023.87 billion yuan, showing a 14.70% increase week-on-week [36]

Group 1 - First Capital Securities Co., Ltd. experienced a stock price increase of 5.65%, reaching 7.67 CNY per share, with a trading volume of 9.42 billion CNY and a turnover rate of 3.02%, resulting in a total market capitalization of 32.232 billion CNY [1] - The company, established on January 12, 1998, and listed on May 11, 2016, operates in various sectors including securities brokerage, financial advisory, underwriting (excluding stocks and certain corporate bonds), proprietary trading, asset management, and capital intermediation [1] - The revenue composition of First Capital includes: asset management and fund management (34.06%), securities brokerage and credit business (22.29%), proprietary investment and trading (18.31%), fixed income business (12.91%), investment banking (7.01%), other businesses (4.35%), and private equity fund management and alternative investments (1.25%) [1] Group 2 - Among the top shareholders of First Capital, Southern Fund's Southern CSI 500 ETF (510500) reduced its holdings by 1.2236 million shares in the third quarter, now holding 61.1475 million shares, which accounts for 1.46% of the circulating shares [2] - The Southern CSI 500 ETF has a current scale of 144.69 billion CNY, with a year-to-date return of 14.65% ranking 620 out of 5574 in its category, and a one-year return of 43.89% ranking 1030 out of 4326 [2] - The fund manager of Southern CSI 500 ETF, Luo Wenjie, has a tenure of 12 years and 315 days, with total fund assets of 171.358 billion CNY, achieving a best fund return of 185.44% and a worst fund return of -47.6% during his management period [3]

Market Performance - As of February 25, the Shanghai Composite Index rose by 0.52%, the Shenzhen Component Index increased by 0.52%, and the ChiNext Index saw a slight increase of 0.08% [2] - The ETF sector showed positive movement, with the E Fund Securities ETF (512570) rising by 1.19%, and several component stocks such as First Capital Securities (002797.SZ) increasing by over 5% [2] Regulatory Developments - The China Securities Association recently released the second version of the "Securities Company Trading and Settlement System Stress Testing Guidelines (Draft for Comments)," which includes supplementary and refined clauses compared to the first version [2] - Key changes in the second draft include adjustments to testing frequency and trigger mechanisms, requiring brokerages to conduct at least one test annually in a production-like environment, with critical infrastructure units required to conduct two tests annually [2] - The guidelines mandate that each stress test must cover basic compliance scenarios, and additional scenarios must be tested when there are significant changes to the system architecture [2] Industry Outlook - According to Zhongyou Securities, the current fundamentals of the brokerage industry exhibit characteristics of "loose funding support, stable trading activity, and resilient bond market," providing solid support for industry performance growth [3] - The current stock-bond spread indicates that the stock market is relatively more attractive than the bond market, although caution is advised regarding market volatility and policy changes [3] - Shenwan Hongyuan suggests that the brokerage sector is currently in a phase of fundamental and valuation mismatch, recommending attention to the beta attributes of the brokerage sector and changes in core broad-based ETF trading volumes [3] - The E Fund Securities ETF (512570) closely tracks the CSI All Share Securities Company Index, focusing on core securities assets [3]

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

Core Insights - The digital transformation of the financial industry is shifting from a focus on online expansion to enhancing efficiency and intelligence in offline spaces, as indicated by the recent policy from the National Financial Regulatory Administration [1] - The collaboration between Postal Savings Bank of China Beijing Branch and MAXHUB exemplifies a move from "tool empowerment" to "spatial intelligence" in the financial sector [1] Group 1: Challenges in Digital Transformation - Traditional financial institutions face three common challenges: inefficient internal collaboration, isolated departmental systems creating data barriers, and reliance on manual processes leading to lengthy decision chains [2] - Cross-border communication is complicated by language and cultural differences, resulting in distorted information and difficulties in establishing trust, which affects efficiency and security [2] - Customer experience remains fragmented, with services primarily focused on one-way information delivery, lacking immersive experiences and deep brand interactions [2] Group 2: Solutions Provided by MAXHUB - MAXHUB has developed a "smart collaborative network" tailored for Postal Savings Bank of China Beijing Branch, focusing on enhancing global operational efficiency, strengthening core risk control, and reshaping high-end customer connections [4] - The AI meeting solution from MAXHUB integrates real-time bilingual translation and intelligent meeting minutes into cross-border investment decision-making processes, significantly reducing communication costs and ensuring data security [5] - MAXHUB's remote collaboration and data sharing capabilities have improved risk control by connecting the Beijing Branch with the head office, enabling real-time asset quality monitoring and transforming risk management from reactive to proactive [7] Group 3: Enhancing Customer Experience - MAXHUB has created a smart digital exhibition hall for Postal Savings Bank of China Beijing Branch, transforming complex financial products into interactive and customizable visual narratives, thereby enhancing customer engagement and brand loyalty [9] - The immersive digital interactions provided by MAXHUB help deepen customer trust and understanding of the bank's offerings, contributing to a stronger brand perception [9] Group 4: Future Directions - The current practices indicate that the future competitiveness of the financial industry will stem from the deep integration of business processes and digital spaces, with offline scenarios becoming intelligent carriers of policy guidance and service delivery [11] - MAXHUB aims to continue advancing "spatial intelligence" applications in the financial sector, assisting institutions in breaking down online and offline boundaries to achieve higher quality digital development [11]

东北证券股份有限公司关于第一创业证券股份有限公司选举第 五届董事会董事长的临时受托管理事务报告 东北证券股份有限公司保证本报告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担相应法律责任。 根据《第一创业证券股份有限公司董事会战略与可持续发展委员会议事规则》 的规定，郭川先生同时担任董事会战略与可持续发展委员会主任委员。根据《第 一创业证券股份有限公司章程》的规定，郭川先生担任发行人法定代表人，发行 人将按照规定尽快完成相关工商登记变更手续。 | 债券代码：149612.SZ | 债券简称：21 | 一创 | 02 | | --- | --- | --- | --- | | 债券代码：149767.SZ | 债券简称：22 | 一创 | 02 | | 债券代码：148014.SZ | 债券简称：22 | 一创 | 04 | | 债券代码：148471.SZ | 债券简称：23 | 一创 | 01 | | 债券代码：148575.SZ | 债券简称：24 | 一创 | 01 | | 债券代码：148847.SZ | 债券简称：24 | 一创 | 02 | | 债券代码：5 ...

券（第一期）在深圳证券交易所上市的公告 证券代码：002797 证券简称：第一创业 公告编号：2026-014 第一创业证券股份有限公司 2026 年面向专业投资者公开发行公司债 发行人：第一创业证券股份有限公司 年 月 日 行公司债券（第一期）在深圳证券交易所上市的公告》之盖章页） 根据深圳证券交易所债券上市的有关规定，第一创业证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第一期）符合深圳证券交易所债券 上市条件，将于 2026 年 2 月 10 日起在深圳证券交易所上市，并面向专业投资者 中的机构投资者交易，交易方式包括匹配成交、协商成交、点击成交、询价成交 和竞买成交。债券相关要素如下： | 债券名称 | | | | 第一创业证券股份有限公司 | | | | | | | 第一创业证券股份有限公司 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2026 | | | | 年面向专业投资者公开发 | | 2026 | | | | 年面向专业投资者公开发 | | ...