Summary of Conference Call on Non-Banking Sector Industry Overview - The conference call focused on the non-banking sector, particularly the insurance and brokerage industries in China for the year 2025 [1][2][3]. Key Points and Arguments 1. **Market Activity and Performance**: The non-banking sector's performance in 2025 is driven by market trading activity, benefiting brokerage businesses, proprietary trading, and insurance companies' equity investment returns. The sector is expected to see a significant inflow of approximately 1,000 billion CNY due to new policies encouraging long-term holdings [1][2][8]. 2. **Regulatory Changes**: The China Securities Regulatory Commission (CSRC) has optimized the equity allocation coefficient for insurance funds, potentially releasing around 108.6 billion CNY into the market. This policy encourages long-term stock holdings, particularly benefiting the CSI 300 and the CSI Dividend Low Volatility Index [1][4][10]. 3. **Insurance Companies' Position**: China Life is highlighted as having a high capital ratio for domestic equity price risk, suggesting significant potential for benefit from policy adjustments. China Ping An and New China Life, which have actively acquired bank shares, are also expected to gain from the optimized equity allocation [1][5][10]. 4. **Brokerage Recommendations**: The call recommends several brokerage firms, including Huatai Securities, Tonghuashun, and Dongfang Caifu, as they are well-positioned to perform well in the current market environment [1][6][12]. 5. **Challenges in the Insurance Sector**: The insurance industry faces a triangular dilemma involving solvency, equity allocation, and a low-interest-rate environment. Solutions include regulatory adjustments or capital increases. It is anticipated that insurance companies will increase capital in 2026 primarily due to regulatory encouragement to boost stock allocations [1][9][10]. 6. **Market Trends**: The performance of the non-banking sector can be divided into two phases in 2025. The first phase saw low trading volumes and declining long-term interest rates, leading to weaker performance in insurance and brokerage sectors. The second phase, particularly from May to August, experienced a rebound driven by strong mid-year reports from insurance companies and increased trading volumes [2][3][11]. 7. **Future Outlook**: The non-banking sector's future development will continue to be influenced by policy optimization and increased market trading activity. The focus will remain on long-term holdings, with specific recommendations for China Life, China Ping An, Huatai Securities, Tonghuashun, and Dongfang Caifu [1][8][12]. Additional Important Insights - The CSRC's recent policy changes signal a stronger commitment to supporting the A-share market, particularly for the CSI 300 and CSI Dividend Low Volatility Index components [4][10]. - The insurance sector's increasing involvement in the stock market is expected to enhance their market influence and performance metrics, particularly for China Life and China Ping An [10][11]. - The brokerage sector's performance has lagged behind expectations, with opportunities arising from regulatory easing and potential mergers and acquisitions among leading firms [3][11][12].

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 吴清提出拓宽券商资本空间；保险优化股票 风险因子 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 行业排序及重点公司推荐：非银金融目前平均估值仍然较低，具有安全 2025 年 12 月 07 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 非银金融 沪深300 相关研究 《适度提升优质券商的资本空间，聚 焦券商高质量发展》 2025-12-06 《优化长期股票持仓风险因子要求， 引导险资发挥耐心资本优势》 2025-12-06 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 luoyk@dwzq.com.cn 行业走势 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 12 月 01 日-2025 年 12 月 05 日）非 ...

Group 1 - The virtual robot sector leads the market with a rise of 3.4% [1] - Winning Time Technology increased by 20.0% [1] - Zhongfu Tong rose by 7.9% [1] - Dazhihui saw an increase of 4.06% [1] - Dongfang Wealth, Tonghuashun, and Jinzhen Shares all experienced gains of over 2% [1]

Group 1: Stock Market Performance - A-shares experienced a rebound with the Shanghai Composite Index rising by 0.7%, Shenzhen Component Index by 1.08%, and ChiNext Index by 1.36% [1] - Over 4,300 stocks in the market increased, with total trading volume reaching 17,390 billion yuan, an increase of 1,773 billion yuan compared to the previous trading day [1] - For the week, the Shanghai Composite Index rose by 0.37%, Shenzhen Component Index by 1.26%, and ChiNext Index by 1.86% [1] Group 2: Sector Performance - The insurance sector showed significant gains, leading the market with a strong performance [1] - China Pacific Insurance (601601) increased by 6.85%, while China Ping An saw substantial gains in both A-shares and H-shares [1] - According to CITIC Securities, the insurance industry is entering a phase of healthy expansion, with expectations of continued upward trends through 2026 [1] Group 3: Superconducting Materials - The superconducting concept continues to strengthen, with companies like Baosheng Co. (600973) and Ningbo Yunsheng (600366) hitting the daily limit [2] - A new nickel-based superconductor developed by Chinese scientists has set a record for the highest superconducting transition temperature, published in the journal Nature [2] Group 4: Consumer Sector - The consumer sector saw a surge, with a wave of stocks hitting the daily limit [2] - The Ministry of Commerce announced plans to enhance supply of essential goods and stimulate consumption through high-level opening-up measures [2]

Core Viewpoint - The A-share market experienced a significant surge on December 5, driven by strong performances in the non-bank financial sectors, including insurance, securities, and internet finance, alongside a robust showing in technology sectors [1] Group 1: Market Performance - The Shanghai Composite Index rose by 0.70%, the ChiNext Index surged by 1.36%, and the Shenzhen Component Index increased by 1.08% by the end of the trading day [1] - A total of 4,387 stocks in the market saw gains, with trading volume increasing by 1,768 billion, reaching 17,258 billion [1] Group 2: Sector Analysis - The securities sector saw notable gains, with Zhongyin Securities hitting the daily limit and other companies like Yingshisheng and Huijin shares also experiencing significant increases [1] - The technology sector also performed well, with concepts such as superconductors, commercial aerospace, and virtual robotics showing strength [1] Group 3: Factors Driving the Market - The rally in the financial sector was attributed to two main factors: positive statements from external institutions and macro liquidity support from the central bank, which conducted a 1 trillion yuan reverse repurchase operation [1] - Analysts noted that the financial sector's rise could signal a market bottom and the potential start of a year-end rally, influenced by upcoming policy announcements and improved global liquidity conditions [2][3] Group 4: Future Market Outlook - Analysts expect a "first suppress then rise" trend for the A-share market in December, with a focus on policy direction and liquidity support from the central bank [3] - Key variables to monitor include market style shifts, technology sector funding flows, central bank monetary policy, and external factors such as the Federal Reserve's policies [4]

资金流向方面，金融指数（399240）成份股当日主力资金净流入合计21.77亿元，游资资金净流出合计 6.15亿元，散户资金净流出合计15.63亿元。成份股资金流向详情见下表： 证券之星消息，12月5日，金融指数（399240）报收于1590.59点，涨2.22%，成交385.56亿元，换手率 1.29%。当日该指数成份股中，上涨的有27家，瑞达期货以10.01%的涨幅领涨，下跌的有6家，青岛银行 以2.06%的跌幅领跌。 金融指数（399240）十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300059 | 东方财富 | 27.33% | 23.31 | 4.11% | 3683.92 | ■ 非银金融 | | sz002142 | 宁波银行 | 8.30% | 28.23 | -0.84% | 1864.19 | → 银行 | | sz000001 | 平安银行 | 8.21% | 11.53 | 0.35% | 2237.50 | 银 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the financial technology sector, with the China Securities Financial Technology Theme Index rising by 4.27% as of December 5, 2025, and notable increases in individual stocks such as Winshang (20.00%) and Star Ring Technology (17.75%) [1] - The Shanghai Financial Technology Development White Paper (2025) indicates that the financial technology industry in Shanghai is expected to reach a scale of approximately 440.5 billion yuan in 2024, driven by advancements in digital currency and artificial intelligence applications [1] - China Galaxy Securities notes that the current environment is seeing an acceleration of medium to long-term capital entering the market, maintaining high market activity, and suggesting a "healthy bull" market trend, with wealth management transformation and international business expansion expected to drive industry ROE improvements [1] Group 2 - The Financial Technology ETF Index closely tracks the China Securities Financial Technology Theme Index, which selects listed companies involved in financial technology to reflect the overall performance of this sector [2] - As of November 28, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index account for 53.31% of the index, including companies like Tonghuashun and Dongfang Caifu [2]

Core Points - The Tonghuashun New Quality 50 concept index rose by 0.98%, ranking third among concept sectors, with 29 stocks increasing in value [1] - Notable gainers included Tianfu Communication, Sanhua Intelligent Control, and Green Harmony, which rose by 7.88%, 7.51%, and 5.34% respectively [1] - The sector experienced a net inflow of 4.885 billion yuan, with 27 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2] Market Performance - The top-performing concept sectors included Reducers (1.17%), National Big Fund Holdings (0.99%), and Tonghuashun New Quality 50 (0.98%) [2] - The worst-performing sectors included Hainan Free Trade Zone (-3.35%), Dairy Industry (-3.13%), and China Shipbuilding System (-2.42%) [2] Fund Flow Analysis - The leading stocks in terms of net inflow ratio were Sanhua Intelligent Control (18.31%), China Satellite Communications (10.70%), and Aerospace Electric (10.07%) [3] - Sanhua Intelligent Control led the net inflow with 2.652 billion yuan, followed by Tianfu Communication (700 million yuan) and Cambrian (631 million yuan) [2] Stock Performance - The top gainers in the Tonghuashun New Quality 50 concept included: - Sanhua Intelligent Control: 7.51% increase, 8.86% turnover rate, 2.65189 billion yuan net inflow [3] - Tianfu Communication: 7.88% increase, 8.38% turnover rate, 700.3665 million yuan net inflow [3] - Cambrian: 2.75% increase, 1.69% turnover rate, 630.7565 million yuan net inflow [3] - The top losers included: - Inspur Software: 8.70% decrease, 19.07% turnover rate, -438.958 million yuan net outflow [5] - Worth Buying: 2.55% decrease, 10.47% turnover rate, -513.395 million yuan net outflow [5]

Group 1 - The Tonghuashun Overseas 50 concept index rose by 0.82%, ranking 6th among concept sectors, with 30 stocks increasing in value [1][2] - Leading gainers included Sanhua Intelligent Control, Jin Chengxin, and Top Group, which rose by 7.51%, 5.12%, and 3.36% respectively [1][2] - The top decliners were Goldwind Technology, Kangguan Technology, and Keda Manufacturing, which fell by 1.70%, 1.40%, and 1.35% respectively [1][2] Group 2 - The Tonghuashun Overseas 50 concept sector saw a net inflow of 2.743 billion yuan, with 17 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflow [2] - Sanhua Intelligent Control led the net inflow with 2.652 billion yuan, followed by Ningde Times, Shenghong Technology, and Top Group with net inflows of 577 million yuan, 479 million yuan, and 385 million yuan respectively [2][3] Group 3 - In terms of net inflow ratio, Sanhua Intelligent Control, Jiangxin Home, and Sany Heavy Industry had the highest ratios at 18.31%, 14.23%, and 13.06% respectively [3] - The net inflow rankings for the Tonghuashun Overseas 50 concept included Sanhua Intelligent Control, Ningde Times, Shenghong Technology, and Top Group, with respective daily turnover rates of 8.86%, 0.45%, 3.37%, and 3.31% [3][4]

Core Insights - The third quarter of 2023 saw a total of 190 million monthly active users in the Chinese securities service application industry, reflecting a 5.4% quarter-on-quarter growth, indicating overall market expansion [1] - The growth in user base is driven by two main factors: an average of 2.5076 million new individual investor accounts opened monthly and an average monthly increase of 3.5052 million active users, showing a strong correlation of 0.75 between the two metrics [1] User Growth Dynamics - The securities industry is currently driven by both "new user acquisition" and "existing user activation," with new accounts serving as a vital source of external growth [1] - The monthly active user growth often surpasses the new account openings, highlighting the importance of product iteration and operational optimization in enhancing the activity levels of existing users [1] Application Performance - Tonghuashun and Dongfang Caifu lead the market with a point index exceeding 8000 and monthly active users in the millions, establishing a significant competitive advantage [2] - Zhangle Wealth Pass, representing a top brokerage's proprietary application, maintains over 10 million monthly active users and shows a remarkable over 100% quarter-on-quarter growth in downloads [2] - The competitive landscape is intense in the four-star range of the point index (7200 to 7799), with over ten applications having monthly active users between 5 million and 12 million [2] Future Trends - The head brokerage firms are solidifying their positions through ecosystem advantages, while smaller brokerages are leveraging high-quality channels and market opportunities [2] - The next phase of competition may hinge on differentiated advantages stemming from AI application innovations, with a focus on the parallel development of algorithms and data [2] - The ability to assetize data and apply it in multidimensional ways is becoming a decisive factor for the scalable implementation of AI and the generation of differentiated value [2]