从机构格局上看，银行理财业务经历了从母行部门到独立理财子的转变。2004 年-2018 年为母行资管部模式；2019 年至今为理财子公司模式，截至 2025 年 末，全国已开业理财子公司达 32 家，行业架构持续完善，头部机构引领行业 发展，行业集中度保持合理区间。随着行业从"高速扩张"向"高质量发展" 转型，理财子公司新设审批逐步收紧，进入高度审慎、择优审批的常态化阶段。 从市场份额上看，理财子占据绝对市场份额。据 2018 年-2025 年银行理财规 模统计，银行理财子公司市场份额呈爆发式增长态势，截至 2025 年已占据逾 九成市场份额，成为银行理财市场绝对主导力量。截至 2025 年末，头部理财 子公司呈现"两超多强"竞争格局，规模梯队分化特征显著。 综合金融 2026 年 03 月 18 日 华创证券研究所 产业研究 证 券 研 究 报 告 产业月度跟踪 流水不腐，户枢不蠹 ——中国银行理财发展历程与存款迁徙研究 证券分析师：洪锦屏 邮箱：hongjinping@hcyjs.com 执业编号：S0360516110002 行业基本数据 | | | 占比% | | --- | --- | --- | ...

宏观研究 证 券 研 究 报 告 【宏观专题】 寻锚大变局：全球资金在买什么？——全球 资金流动周报第 1 期 ❖ 前言。 全球资产配置的研究离不开对跨境资金流动的跟踪、测度及判断。在当前全球 地缘局势动荡、宏观叙事频繁切换的背景下，资金的高频流动往往先于基本面 数据，反映出市场的真实预期与风险偏好。就资金跟踪这个环节，我们的理解 是，既要做"加法"，也要做"减法"。所谓加法，即要全面覆盖全球各大类资 产、核心区域的资金动态，并拉长观测周期。所谓减法，即要有的放矢，避免 陷入海量高频数据的噪音中，提炼出真正影响定价的边际变量。 我们从本期开始，定期为投资者梳理全球资金流动与结构变迁全景。我们的做 法是，一方面保证视角的宏大与全面，做到大类资产与主要经济体基本不遗不 漏；另一方面，以客观、去观点化的方式呈现数据事实，重点提取历史分位点 和边际变化幅度，帮助快速锚定当下的资金流动趋势。 一是全球大类资产资金流向全景。涵盖股票、债券、货币市场、另类及均衡基 金等核心大类资产。我们构建了"长周期（十年月度）+ 短周期（一年周度）" 的双主线观测模型。长周期用于定位当前资金涌入或流出的历史水位区间，提 供战略级别的配置 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, Hosheng Co., Ltd. (002824) [1][10]. Core Insights - Hosheng Co., Ltd. is a leading enterprise in aluminum alloy processing, with a comprehensive layout in consumer electronics, automotive, and server sectors. The company aims to provide "one-stop" solutions for high-end industrial aluminum alloys in the consumer electronics and new energy sectors [6][10]. - The company is expected to benefit from the AI upgrade in mobile phones, which is anticipated to drive a new replacement cycle, as well as the steady growth in demand for battery box structures in new energy vehicles [10][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 3,333 million, 4,027 million, 4,908 million, and 5,915 million respectively, with year-on-year growth rates of 14.7%, 20.8%, 21.9%, and 20.5% [2]. - Net profit attributable to shareholders is projected to be 80 million, 152 million, 275 million, and 349 million for the same years, with significant growth rates of -43.2%, 89.3%, 80.7%, and 26.8% respectively [2]. - The target price is set at 26.5 yuan, with the current price at 19.24 yuan [2]. Business Overview - Hosheng Co., Ltd. has been focused on aluminum alloy processing for over 30 years, continuously expanding into new fields. The company has established itself as a key partner for major clients such as Foxconn and BYD Electronics [14][6]. - The company’s product lines include components for consumer electronics, such as mobile phone frames and battery structures for new energy vehicles, which are expected to see increased demand due to the rise of AI and electric vehicles [22][25]. Market Trends - The consumer electronics sector is experiencing growth driven by AI hardware upgrades and innovations in foldable screen technology, which are expected to boost demand for aluminum alloy components [8][44]. - The server market is projected to grow significantly, with AI server shipments expected to increase by over 28% annually by 2026, creating a robust demand for metal structural components [8][64]. - The automotive sector is also seeing a rise in demand for lightweight materials, particularly aluminum alloys, as the penetration rate of new energy vehicles increases [9][25]. Investment Thesis - Hosheng Co., Ltd. is well-positioned to capitalize on the trends in AI upgrades in consumer electronics and the growth of the new energy vehicle market, alongside its expansion into the server component sector. The company is projected to achieve net profits of 152 million, 275 million, and 349 million from 2025 to 2027 [10][8].

Investment Rating - The report assigns a "Strong Buy" rating for the company, Hosheng Co., Ltd. (002824) [1][10]. Core Insights - Hosheng Co., Ltd. is a leading enterprise in aluminum alloy processing, with a comprehensive layout in consumer electronics, automotive, and server sectors. The company aims to provide "one-stop" solutions for high-end industrial aluminum alloys in the consumer electronics and new energy sectors [6][10]. - The company is expected to benefit from the AI upgrade in mobile phones, which is anticipated to drive a new replacement cycle, as well as the steady growth in demand for battery box structures in new energy vehicles [10][8]. Financial Performance - Projected total revenue (in million) for 2024A is 3,333, with a year-on-year growth rate of 14.7%. By 2027E, revenue is expected to reach 5,915 million, with a growth rate of 20.5% [2]. - The net profit attributable to shareholders is projected to be 80 million in 2024A, with a significant increase to 349 million by 2027E, reflecting a growth rate of 26.8% [2]. - The earnings per share (EPS) is expected to grow from 0.26 in 2024A to 1.12 in 2027E, indicating a strong upward trend in profitability [2]. Business Segments Consumer Electronics - The consumer electronics segment is expected to grow due to AI hardware upgrades and innovations in foldable screens, which are driving demand for aluminum alloy components [6][8]. - Hosheng has successfully developed high-performance aluminum alloys that exceed national standards, positioning itself as a key supplier for major clients like Foxconn and BYD Electronics [6][10]. Server Metal Structure Components - The demand for AI server structure components is projected to grow significantly, driven by the increasing need for computational power in AI applications. The global AI server shipment is expected to increase by over 28% in 2026 [8][10]. - Hosheng has actively entered the server market, providing metal structure components for servers and data centers, which positions the company to benefit from the rapid growth in the AI server market [8][10]. Automotive Sector - The automotive business is poised for growth as the penetration rate of new energy vehicles rises, leading to increased demand for battery box structures made from aluminum alloys [9][10]. - Hosheng is collaborating with leading companies in the industry, such as CATL and BYD, to meet the growing technical demands in the automotive sector [9][10]. Investment Recommendations - Hosheng Co., Ltd. is well-positioned to capitalize on the trends in AI upgrades in consumer electronics and the steady growth in new energy vehicles. The company is expected to achieve net profits of 152 million, 275 million, and 349 million from 2025 to 2027, respectively [10]. - The target price for the stock is set at 26.5 yuan, based on a price-to-earnings (PE) ratio of 30 times for 2026, reflecting a strong investment opportunity [2][10].

证 券 研 究 报 告 中信海直（000099）2025 年报点评 推荐（维持） 财务费用及资产处置损失致 Q4 业绩有所承压，全 年稳健增长，低空经济战略布局成果显现 1）eVTOL 物流场景实现重大突破：公司年报介绍，圆满完成吨级 eVTOL 海 油平台试飞、合肥—怀宁跨城货运测试航线首飞；即此前报告我们介绍，中信 海直 X 峰飞航空的合作。我们认为：其一，意味着公司将在通航领域的运营 经验与体系保障成功用于吨级以上 eVTOL（物流）的运营，并获得实质性卡 位优势。中信海直完成实地勘探、方案论证、航线规划、起降点选择、空域申 请、跨区域空域协调、隔离运行下安全飞行、场地与充电适配等全链条，一方 面链接需求场景，另一方面赋能新技术落地。体现全面成熟体系的优势。其 二，大型 eVTOL 在"低空+物流"未来规模化或可期。2）多元化场景拓展初 见成效：报告期内，公司积极拓展多元化低空应用场景，大型无人机人工影响 天气业务已在多省市推广应用；国内首个数字化塔台在深圳建成投运；在深圳 地区新增 4 个起降点和 14 条空中游览航线，低空文旅业态呈现良好发展势头。 [ReportFinancialIndex] 主要 ...

证 券 研 究 报 告 中信海直（000099）2025 年报点评 推荐（维持） 财务费用及资产处置损失致 Q4 业绩有所承压，全 年稳健增长，低空经济战略布局成果显现 1）eVTOL 物流场景实现重大突破：公司年报介绍，圆满完成吨级 eVTOL 海 油平台试飞、合肥—怀宁跨城货运测试航线首飞；即此前报告我们介绍，中信 海直 X 峰飞航空的合作。我们认为：其一，意味着公司将在通航领域的运营 经验与体系保障成功用于吨级以上 eVTOL（物流）的运营，并获得实质性卡 位优势。中信海直完成实地勘探、方案论证、航线规划、起降点选择、空域申 请、跨区域空域协调、隔离运行下安全飞行、场地与充电适配等全链条，一方 面链接需求场景，另一方面赋能新技术落地。体现全面成熟体系的优势。其 二，大型 eVTOL 在"低空+物流"未来规模化或可期。2）多元化场景拓展初 见成效：报告期内，公司积极拓展多元化低空应用场景，大型无人机人工影响 天气业务已在多省市推广应用；国内首个数字化塔台在深圳建成投运；在深圳 地区新增 4 个起降点和 14 条空中游览航线，低空文旅业态呈现良好发展势头。 [ReportFinancialIndex] 主要 ...

1~2 月累计：ASK 同比：春秋(13.2%) > 南航(6.2%) > 国航(6.1%) > 东航 (4.2%) > 海航(-0.5%) > 吉祥(-1.1%) ，RPK 同比：春秋(15.4%) > 国航 (10.8%) > 东航(6.6%) > 南航(5.1%) > 海航(2.1%) > 吉祥(1.2%)。 证 券 研 究 报 告 航空行业 2026 年 2 月数据点评 1-2 月 6 家航司合计净退出 9 架飞机；短期油 推荐（维持） 价承压，依然看好中期供需逻辑 1、航司 2 月数据分析： 2 月：ASK 同比：春秋(22.8%) > 南航(14.4%) > 国航(13.8%) > 东航(12.8%) > 吉祥(6.9%) > 海航(6.2%)，RPK 同比：春秋(25.6%) > 国航(19.1%) > 东航 (14.7%) > 南航(13.8%) > 吉祥(9.5%) > 海航(8.9%)； 1)国内线 2 月：ASK 同比：春秋(23.9%) > 国航(13.3%) > 南航(11.5%) > 东航(9.3%) > 吉祥(8.7%) > 海航(7.8%)，RPK 同比：春秋(25.5%) > ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The bank wealth management market has seen a significant recovery in product issuance post the 2026 Spring Festival, with 1,252 new products launched from February 24 to March 8, 2026, marking a 56.89% increase compared to the previous period [2][13] - The public fund market has experienced a notable decline in both the number and scale of new fund issuances, with only 17 new funds raised during the reporting period, totaling 14.915 billion yuan, reflecting a 73.4% drop in quantity and a 74.4% decrease in total scale compared to the previous period [3][23] - The insurance market has shown signs of recovery, with 29 new insurance products launched, a 26.09% increase from the previous period, driven by stable demand for conservative investment options and a shift towards dividend-type products [5][37] Summary by Sections Bank Wealth Management Products - The issuance of bank wealth management products has returned to normal levels, with fixed-income products dominating the market, accounting for 97.76% of new issuances [14][16] - The market structure remains characterized by a focus on medium to long-term products, with 33.79% of new products having a duration of 1 to 3 years [17] - The concentration of issuance is high, with wealth management companies accounting for 75.16% of new products, indicating a stable market landscape [18] Fund Products - The new fund market has cooled significantly, with a drastic reduction in both the number of new funds and the total amount raised, indicating a shift in market activity [23][31] - Equity funds dominated in number, with 8 out of 17 new funds being equity or mixed funds, but their total scale was lower compared to bond funds, which raised 71.92 billion yuan [30][32] - The market is increasingly concentrated among leading fund companies, with a few institutions contributing to the majority of new fund issuances [33] Insurance Products - The insurance market has seen a rise in new product launches, particularly in annuity insurance, which accounted for 65.52% of new products, reflecting a growing preference for stable cash flow products [39][47] - The structure of new insurance products has shifted towards a balance between traditional and dividend-type products, with both types seeing increased issuance [42][43] - The absence of new universal insurance products indicates a tightening regulatory environment and a focus on more competitive traditional and dividend products [42][47]

证 券 研 究 报 告 多资产配置研究 资产配置快评 2026 年 03 月 17 日 【资产配置快评】2026 年第 11 期 Riders on the Charts: 每周大类资产配置图 表精粹 投资摘要： Winning isn't everything, but wanting to win is. —Vince Lombardi 原油市场爆发价格战，新兴市场出现系统性金融风险 华创证券研究所 证券分析师：郭忠良 相关研究报告 《资产配置快评 2026 年第 10 期：Riders on the Charts：每周大类资产配置图表精粹》 2026-03-10 《资产配置快评 2026 年第 9 期：Riders on the Charts：每周大类资产配置图表精粹》 2026-03-03 《两会前瞻与美伊冲突——总量"创"辩第 122 期》 2026-03-02 《资产配置快评 2026 年第 8 期：Riders on the Charts：每周大类资产配置图表精粹》 2026-02-24 《资产配置快评 2026 年第 7 期：Riders on the Charts：每周大类资产配置图表精粹》 ...

证 券 研 究 报 告 阳光保险（06963.HK）2025 年报点评 推荐（维持） 业绩稳增，保证险拖累 COR 事项： ❖ 集团 2025 年实现归母净利润 63.1 亿元，同比+15.7%；内含价值 1207.8 亿元， 同比+4.3%；实现新业务价值 76.4 亿元，同比+48.2%；财险 COR 为 102.1%， 同比+2.4pct；实现净/总/综合投资收益率 3.7%/4.8%/6.1%，同比-0.5pct/+0.5pct/- 0.4pct。2025 年拟分配分红 0.19 元每股。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 94,811 | 98,286 | 100,756 | 106,485 | | 同比增速(%) | 5.03 | 3.66 | 2.51 | 5.69 | | 归母净利润(百万) | 6,307 | 6,540 | 6,807 | 7,759 | | 同比增速(%) | 15. ...