❖ 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： 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： [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. ...

证 券 研 究 报 告 中泰证券（600918）深度研究报告 推荐（首次） 区域龙头多元开拓，资本赋能成效可期 目标价：7.43 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 10,891 | 11,874 | 13,334 | 14,477 | | 同比增速(%) | -15% | 9% | 12% | 9% | | 归母净利润(百万) | 937 | 1,413 | 1,725 | 1,897 | | 同比增速(%) | -48% | 51% | 22% | 10% | | 每股盈利(元) | 0.11 | 0.18 | 0.22 | 0.24 | | 市盈率(倍) | 56.8 | 35.0 | 28.7 | 26.1 | | 市净率(倍) | 1.15 | 1.12 | 1.09 | 1.07 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 03 月 16 日收盘价 公司研究 证券Ⅲ 2026 年 03 月 ...

区域龙头多元开拓，资本赋能成效可期 目标价：7.43 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 10,891 | 11,874 | 13,334 | 14,477 | | 同比增速(%) | -15% | 9% | 12% | 9% | | 归母净利润(百万) | 937 | 1,413 | 1,725 | 1,897 | | 同比增速(%) | -48% | 51% | 22% | 10% | | 每股盈利(元) | 0.11 | 0.18 | 0.22 | 0.24 | | 市盈率(倍) | 56.8 | 35.0 | 28.7 | 26.1 | | 市净率(倍) | 1.15 | 1.12 | 1.09 | 1.07 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 03 月 16 日收盘价 公司研究 证券Ⅲ 2026 年 03 月 16 日 | | | 华创证券研究所 证 券 研 究 报 告 中泰证券（6 ...

Group 1: Liquidity - The issuance scale of equity public funds has returned to a historical high, with new fund issuance reaching 198.2 billion units, up from 31.2 billion units previously, marking a 95% percentile in the last three years[9] - Margin financing net inflow was approximately 48.8 billion, a significant increase from the previous outflow of 253.1 billion, placing it at the 57% percentile over the last three years[13] - Southbound capital net inflow surged to 465 billion, returning to a historical high, while equity financing decreased to 38.1 billion, at the 22% percentile[25][36] Group 2: Trading Congestion - The trading heat index for the chemical industry increased by 23 percentage points to 63%, while the construction sector rose by 19 percentage points to 79%[42] - The media sector saw a decline of 30 percentage points to 55%, and the real estate sector decreased by 16 percentage points to 28%[42] - The overall trading volume for stock ETFs turned negative at -74 billion, down from a previous inflow of 45.6 billion, placing it at the 23% percentile[20] Group 3: Investor Sentiment - Retail investor net inflow in A-shares was 1430.3 billion, a decrease of 694.2 billion from the previous week, placing it at the 80% percentile over the past five years[2] - The search interest for A-shares on social media platforms has declined, indicating a decrease in market enthusiasm amid external geopolitical and liquidity disturbances[66] - The trend of public funds clustering has intensified, with a focus on value and sectors like consumption and cyclical industries[2]

证 券 研 究 报 告 【宏观快评】 多方部署"反内卷"——政策周观察第 71 期 1、"反内卷"及统一大市场：1）3 月 15 日，全国人民代表大会常务委员会工 作报告发布，提到将修改招标投标法、政府采购法、价格法，今年全国人大常 委会还将就建设全国统一大市场等议题听取审议"一府一委两院"专项工作报 告。2）3 月 13 日，国常会研究建立地方财政补贴负面清单管理机制，制定全 国统一的地方财政补贴负面清单，进一步明确地方政府禁止实施财政补贴的具 体情形。3）3 月 14 日，新华社受权发布国家发改委计划报告，提到"有序压 减钢铁、炼油等行业产能，强化铜冶炼、氧化铝、煤化工等行业产能治理，优 化乙烯、对二甲苯行业布局结构"。4）3 月 14 日，新华社受权发布预算草案 报告，提到"禁地方超越法律法规授权自行制定税收优惠政策。对阶段性税收 优惠政策到期后逐项评估，该调整的调整，该取消的取消"。 2、科技产业：1）3 月 15 日，《求是》杂志发表总书记重要文章《推动海洋经 济高质量发展》。文章提到，"推进中国式现代化，必须高效开发利用海洋，推 动海洋经济高质量发展，走出一条具有中国特色的向海图强之路"，将"编制 ...

Core Conclusions - The report highlights the dual emphasis on "technology" and "international" in the latest five-year plan, indicating a strengthened focus on technological self-reliance and open cooperation, while also prioritizing the enhancement of development efficiency and solidifying industrial foundations [3] - The analysis of policy intensity reveals an increase in the focus on "new quality productivity," "strong domestic economy," "cultural construction," "population development," "green development," and "safe China," reflecting a heightened concern for sustainable development and social stability [6][11] - The report identifies over 100 specific industry allocation clues under 15 major themes, with a focus on sectors such as innovative pharmaceuticals, deep-sea technology, the inaugural economy, catering and tourism, Hainan Free Trade Port, urban village renovation, vocational education, and cybersecurity, which show favorable valuation and profit matching [3] Frequency Statistics of Keywords in Previous Five-Year Plans - The report utilizes keyword frequency analysis to show that "development" and "construction" remain dominant themes across five-year plans, with "technology" and "international" entering the top twenty for the first time in the latest plan, indicating a shift towards practical guidance focused on enhancing development efficiency [4] - The report provides a detailed frequency count of keywords across different five-year plans, showing the evolution of policy focus over time [4] Chapter Arrangement and Length Statistics of Previous Five-Year Plans - The report analyzes the chapter arrangement and length of previous five-year plans, noting that the latest plan has improved rankings in chapters related to modern industrial systems, digital China, and foreign openness, with significant increases in chapter length for themes such as foreign openness and cultural construction [5] - The report highlights the percentage increase in chapter length for various themes, indicating a shift in policy focus and priorities [5] Policy Intensity Analysis - The report assesses the policy intensity of various themes, noting that "new quality productivity" and "strong domestic economy" have seen increases in both intensity and chapter length, reflecting a more proactive policy stance [6] - The report also indicates that "cultural construction" and "population development" have increased in policy intensity and length, emphasizing the importance of investing in human capital [11] - The report highlights the increased focus on "green development" and "safe China," indicating a strategic direction towards sustainable development and social stability [25]

证 券 研 究 报 告 轻工纺服行业周报（20260309-20260315） 推荐（维持） 惠康科技招股书梳理：一器清冰，四时纳凉 行业研究 轻工制造 2026 年 03 月 16 日 $$\mathbb{H}\mathbb{H}\left(\mathbb{H}\mathbb{H}\right)$$ 华创证券研究所 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -1.6% | 9.4% | 28.3% | | 相对表现 | -1.8% | 6.2% | 8.9% | -14% 0% 14% 28% 25/03 25/05 25/08 25/10 25/12 26/03 2025-03-17~2026-03-13 轻工制造 沪深300 相关研究报告 《【华创轻纺】轻工纺服行业周报（20260302- 20260308）：群核科技招股书梳理：以方寸之屏， 筑万象天地》 2026-03-09 《【华创轻纺】轻工纺服行业周报（20260223- 2 ...

Economic Goals - The outline states that by 2035, the per capita GDP is expected to double compared to 2020, reaching a level above $20,000, with an average annual growth rate of 4.17% over the next decade[2][10]. - The GDP growth will be maintained within a reasonable range, with annual adjustments based on circumstances[10]. Major Targets - The "15th Five-Year Plan" outlines 20 major targets, including a 7% annual increase in R&D expenditure and a 17% reduction in carbon emissions per unit of GDP[3][11]. - New indicators include increasing the proportion of care beds in elderly care institutions and improving the enrollment rate of children under three in childcare services[3][11]. Major Projects - A total of 109 major projects will be implemented during the "15th Five-Year Plan," focusing on new industrial capabilities, technological innovation, and infrastructure development, compared to 102 projects in the previous plan[4][12]. - Key areas for new projects include integrated circuits, intelligent manufacturing, and green hydrogen energy[4][12]. Technological Innovation - The plan emphasizes the deep integration of technological and industrial innovation, including establishing a corporate R&D reserve fund and supporting quality tech companies in financing[5][16]. - It aims to enhance the efficiency of data and algorithm supply, promoting innovation in AI and digital technologies[19][20]. Infrastructure Development - The plan prioritizes new infrastructure, renewable energy, and urban renewal, with specific targets for the construction of gas, water, and sewage pipelines totaling approximately 20, 17.5, and 10 million kilometers respectively[23][24]. - It also emphasizes the construction of a national integrated computing network and the development of renewable energy sources[23][24].

证 券 研 究 报 告 轻工纺服行业周报（20260309-20260315） 推荐（维持） 惠康科技招股书梳理：一器清冰，四时纳凉 行业研究 轻工制造 2026 年 03 月 16 日 $$\mathbb{H}\mathbb{H}\left(\mathbb{H}\mathbb{H}\right)$$ 华创证券研究所 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 联系人：周星宇 邮箱：zhouxingyu1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 165 | 0.02 | | 总市值(亿元) | 11,428.51 | 0.89 | | 流通市值(亿元) | 9,715.26 | 0.94 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -1.6% | 9.4% | 28.3% | | 相对表现 | -1.8% | 6.2% | 8.9% | -14% 0% 14% 28% 25/03 25 ...

宏观研究 证 券 研 究 报 告 【每周经济观察】 大宗商品价格指数升至 2011 年以来最高水平 ——海外周报第 131 期 ❖ 核心观点： 1、重要数据回顾：①美国 1 月核心 PCE 同比创 2024 年 3 月以来最高水平， ADP 报告显示就业岗位增长较快，3 月密歇根大学消费者信心指数创三个月 新低，1 月 JOLTS 职位空缺大幅增加。②日本 2 月批发通胀继续放缓。③欧 元区 3 月 Sentix 投资者信心指数大降，1 月欧元区工业产出环比为 2024 年 12 月以来的最低水平。 2、美国基本面高频：①景气上行的有：WEI 指数（经济景气上行）、就业（初 请失业金人数回落、续请失业金回落）、物价（大宗价格回落、美国汽油零售 价回升）、地产（房贷申请数量回落）。②景气下行的有：消费（红皮书商业零 售同比边际回落）。 3、美国流动性高频：①美国和欧元区金融条件收紧。②离岸美元流动性：日 元兑美元流动性改善，欧元兑美元流动性恶化。 ❖ 一、过去一周重要数据回顾 1、美国 1 月核心 PCE 同比创 2024 年 3 月以来最高水平，ADP 报告显示就业 岗位增长较快，3 月密歇根大学消费者信心指 ...