江苏金融租赁股份有限公司 董事会关于独立董事独立性评估的专项意见 根据《上市公司独立董事管理办法》《上海证券交易所上市公司 自律监管指引第1号——规范运作》等监管规定，江苏金融租赁股份 有限公司（以下简称"公司"）第四届董事会现任独立董事薛爽、王 海涛、于津平、夏维剑对照相关监管规定中关于独立董事应具备的独 立性要求进行了逐项自查，并向公司董事会提交了独立性自查情况报 告。经自查，公司全体独立董事均确认其已满足相关监管规定中对于 出任独立董事应具备的独立性要求。 经核查独立董事薛爽、王海涛、于津平、夏维剑的任职经历及其 签署的独立性自查文件，上述人员未在公司担任除独立董事外的任何 职务，也未在公司主要股东单位担任任何职务，与公司以及主要股东 之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系，不 存在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》 《上海证券交易所上市公司自律监管指引第1号——规范运作》及公 司《独立董事工作制度》中对独立董事独立性的相关要求。 江苏金融租赁股份有限公司董事会 2025年4月25日 ...

Core Insights - Jiangsu Jinzu (600901) reported a revenue of 1.544 billion yuan in the first quarter of 2025, representing a year-on-year growth of 20.47% [1] - The net profit for the same period was 772 million yuan, showing a year-on-year increase of 8.41% [1] Financial Performance - Revenue for Q1 2025: 1.544 billion yuan, up 20.47% year-on-year [1] - Net profit for Q1 2025: 772 million yuan, up 8.41% year-on-year [1]

Core Viewpoint - Jiangsu Jinzu (600901) has signed a three-year financial cooperation agreement with Jiangsu Transportation Holding Group Financial Co., Ltd, which includes specific deposit and credit arrangements [1] Summary by Relevant Sections - **Financial Cooperation Agreement**: The agreement allows Jiangsu Jinzu to maintain a maximum daily deposit balance of RMB 1.5 billion with Jiangsu Transportation Holding's financial unit [1] - **Credit Limits**: Jiangsu Jinzu provides a credit limit of up to RMB 640 million to Jiangsu Transportation Holding, while receiving a credit limit of up to RMB 1 billion from them [1] - **Interest Rates**: The specific interbank borrowing rates will be determined by both parties based on market prices [1] - **Shareholder Approval**: This matter requires approval from the company's shareholders' meeting [1]

Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector, indicating a positive outlook for the industry in the next 6 to 12 months [4]. Core Insights - As of the end of Q1 2025, the total holding of public funds in the non-bank financial sector is 0.83%, which is a decrease of 0.39 percentage points from the end of 2024. This represents a significant underweight compared to the industry market capitalization of the CSI 300, with a gap of 9.43 percentage points [4]. - The report highlights that the insurance sector, excluding China Ping An, has seen a reduction in holdings, with China Pacific Insurance and People’s Insurance experiencing the most significant decreases. The insurance sector's holding is at 0.58%, down 0.05 percentage points from the beginning of the year [4]. - The brokerage and internet finance sectors have also faced reductions, with the overall holding in these sectors at 0.21%, a decrease of 0.31 percentage points from the end of 2024 [4]. - The report notes that the non-bank financial sector is currently at a historical low in terms of holding and valuation, suggesting potential for recovery as market conditions improve. The average daily trading volume for stock funds reached 15,248 billion yuan in Q1 2025, a year-on-year increase of 70% [4]. Summary by Sections Public Fund Holdings in Non-Bank Financial Sector - The top five stocks in the non-bank financial sector by public fund holdings are China Ping An (4.548 billion yuan), China Pacific Insurance (2.308 billion yuan), Huatai Securities (1.512 billion yuan), Tonghuashun (1.246 billion yuan), and Jiangsu Jinzhong (0.976 billion yuan) [4]. Insurance Sector Analysis - The insurance sector's dynamic valuation is at 0.60x PEV, down 0.09 percentage points from the beginning of the year. The holdings of major insurance companies as of Q1 2025 are: China Life (0.02%), China Ping An (0.34%), China Pacific Insurance (0.17%), Xinhua Insurance (0.04%), and People’s Insurance (0.01%) [4][11]. Brokerage and Internet Finance Sector Analysis - The brokerage sector's valuation is at 1.4x P/B as of Q1 2025, down from 1.49x P/B at the end of 2024. Major stocks in this sector include Huatai Securities (0.051%), Tonghuashun (0.042%), and Dongfang Caifu (0.027%) [4][12]. Comparison with CSI 300 - The non-bank financial sector's public fund holding ratio is 0.83%, significantly lower than the CSI 300 industry allocation of 10.26%. The insurance sector's holding is 0.58% compared to 4.90% for the CSI 300, while the brokerage sector's holding is 0.21% against 5.14% for the CSI 300 [4][13].

Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector, indicating a positive outlook for the industry in the next 6 to 12 months [4][16]. Core Insights - As of the end of Q1 2025, the total holding of public funds in the non-bank financial sector is 0.83%, which is 9.43 percentage points lower than the industry market capitalization in the CSI 300 index, reflecting a decrease of 0.39 percentage points from the end of 2024 [4]. - The report highlights that the non-bank financial sector is currently experiencing low holding ratios and valuations, which are expected to benefit from an improving market environment [4]. - Key recommended stocks include China Life Insurance, New China Life Insurance, China Ping An, CITIC Securities, CICC, and Tonghuashun [4]. Summary by Sections Public Fund Holdings Analysis - The public fund holdings in the insurance sector decreased to 0.58% by the end of Q1 2025, down 0.05 percentage points from the beginning of the year [4]. - Major insurance companies, except for Ping An, experienced reductions in holdings, with China Pacific Insurance and People's Insurance seeing significant decreases of 24.36 million shares and 19.01 million shares, respectively [4]. - The valuation for the insurance sector is currently at 0.60x PEV, down 0.09 percentage points from the start of the year [4]. Brokerage and Internet Finance Sector - The public fund holdings in the brokerage and internet finance sector are at 0.21%, a decrease of 0.31 percentage points from the end of 2024 [4]. - The valuation for the brokerage sector is currently at 1.4x P/B, down from 1.49x P/B at the end of 2024 [4]. - Among traditional large and medium-sized brokerages, Everbright Securities and招商证券 saw increased institutional holdings, while Huatai Securities and CITIC Securities experienced reductions [4]. Comparative Analysis - The non-bank financial sector's public fund holding ratio is significantly lower than the CSI 300 industry average, indicating a potential undervaluation [4]. - The report provides a detailed comparison of public fund holdings across various segments, including insurance and brokerage, highlighting the overall trend of reduced holdings in these sectors [4].

非银金融 行 业 研 究 2025 年 04 月 20 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-04 2024-08 2024-12 非银金融 沪深300 相关研究报告 《券商 1 季报超预期，稳股市政策下 看 好 券 商 板 块 机 会 — 行 业 周 报 》 -2025.4.13 《央行和汇金积极稳股市，关注券商 一季报业绩改善—行业点评报告》 -2025.4.8 《关税事件带来不确定性，1 季度 A 股 开 户 数 增 长 明 显 — 行 业 周 报 》 -2025.4.6 中概股回流预期利好港交所，个险营销体系改革升级 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 周观点：券商 1 季报超预期，稳股市政策下看好券商板块机会 国务院总理李强4月18日主持召开国常会，研究稳就业稳经济推动高质量发展若 干举措，提到"要持续稳定股市"，继续看好低估值、一季报超预期的零售型券 商机会；看好高股息率、盈利稳健增 ...

转自：前瞻产业研究院 行业主要上市公司：江苏金租(600901.SH)、国银金租(01606.HK)、渤海租赁(000415.SZ)、远东宏信 (03360.HK)、海通恒信(01905.HK)等 本文核心数据：行业市场份额;行业市场集中度 1、中国融资租赁行业竞争梯队 从注册资本角度看，超过120亿元的融资租赁公司数量较少，主要包括渤海租赁、工银金融租赁、交银 金融租赁等，以银行、保险等股东为背景的居多。注册资本在50亿至120亿之间的融资租赁公司主要有 中银金融租赁、中航国际租赁、建信金融租赁等。 2、中国融资租赁行业细分市场企业格局 金融租赁企业中，在以注册资金为序的前十金融租赁企业排行如下表。工银金融租赁有限公司以180亿 元注册资本领先。 内资商租企业中，天津渤海租赁以221.01亿元注册资本领先。 2024年中国融资租赁市场投放规模超过3万亿，投放规模位于市场前列的公司包括远东宏信、招银金 租、兴业金租、苏银金租等。整体来看，投放规模较大的企业中，大部分企业为金租企业。 基于上述对融资租赁行业主要企业的投放额分析，2024年中国融资租赁行业的头部企业的市占率CR3约 9%，CR5为13%，CR10 ...

（A股股票代码：600919） 一重要提示 1本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资 者应当到上海证券交易所网站等中国证监会指定媒体上仔细阅读年度报告全文。 2本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司拟向全体A股普通股股东派发现金股利，具体为：以本公司2024年末普通股总股份数18,351,324,463 股为基数，2024年全年以每10股派发现金股利人民币5.206元（含税），合计派发现金股利人民币 955,370万元。其中：2024年半年度已按每10股派发现金股利人民币3.062元（含税），派发现金股利人 民币561,918万元；2024年年度拟以每10股派发现金股利人民币2.144元（含税），合计分配现金股利人 民币393,452万元。该方案尚待公司股东大会审议批准，具体情况将另行公告。 二公司基本情况 1公司简介 ■ 2公司主要会计数据和财务指标 2.1近三年的主要会计数据和财务指标 ■ ...

Core Insights - The financial leasing industry in 2024 shows significant performance disparities among companies, with leading firms achieving double-digit growth in asset scale and over 50% increase in net profit, while smaller firms struggle due to high financing costs and resource limitations [1][4] Group 1: Performance of Leading Companies - The ranking of top financial leasing companies has changed, with China Everbright Leasing taking the lead in asset scale at 443.6 billion yuan, followed by ICBC Financial Leasing and Guoyin Financial Leasing [2] - China Everbright Leasing reported a revenue of 32.172 billion yuan, up 9.69%, and a net profit of 4.367 billion yuan, up 9.02%, attributed to its focus on shipping and aviation finance [2] - ICBC Financial Leasing saw a significant increase in net profit to 2.479 billion yuan, a growth of over 220%, due to its expansion in aviation, shipping, and energy sectors [3] Group 2: Performance of Smaller Companies - Smaller financial leasing companies are finding unique opportunities by focusing on policy-driven sectors and small-scale equipment leasing for micro-enterprises, achieving notable growth despite overall industry challenges [1][4] - Jianxin Financial Leasing reported an asset scale of 182.15 billion yuan, with a net profit increase of over 60% [4] - Yongying Financial Leasing, under Ningbo Bank, achieved an asset scale of 130.1 billion yuan and a net profit growth of over 20%, focusing on micro-leasing and smart manufacturing [5] Group 3: Industry Trends and Challenges - The financial leasing industry is transitioning from rapid growth to stable development, with increasing competition and regulatory pressures leading to a more differentiated market landscape [6] - Larger financial leasing companies leverage their parent company's financial strength to engage in capital-intensive sectors like aviation and shipping, while smaller firms target infrastructure and renewable energy [6][7] - Regulatory bodies are encouraging financial leasing companies to innovate products and services that align with regional development goals, enhancing their role in local infrastructure projects [9]

最新一期业绩显示，2024年年报，公司实现营业收入28.76亿元，同比47.99%；净利润2982.62万元，同 比282.80%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)20弘业期货281.12281.124.4783.85亿行业平均 37.8540.052.93193.71亿行业中值19.0024.511.35173.42亿1爱建集团-58.6075.090.6074.72亿2*ST仁 东-27.24-28.92114.7062.28亿3翠微股份-10.90-11.602.7767.81亿4江苏金租10.5411.281.29300.05亿5陕国投 A12.3612.360.94168.25亿6越秀资本13.7313.731.05315.08亿7南华期货15.8115.811.7672.41亿8五矿资本 15.8910.630.56239.75亿9国网英大16.1319.701.26268.77亿10海德股份17.9512.822.09112.78亿11瑞达期货 18.5425.522.2962.22亿 本文源自：金融界 作者：行情君 4月16日，弘业期货今日收盘8.32元，下跌3.03% ...