摘要 中国资本市场改革深化、对外开放及机构资金入市，推动券商机构投研 和交易业务增长，主经纪商（PB）业务需求持续增加，为中资券商带来 发展机遇。 监管强调扶优限劣，新兴业务专业要求增强，同业整合加速，头部券商 业绩结构均衡，风险中性配置策略，促进行业高质量发展，提升头部券 商业绩。 预计 2026 年中资券商板块盈利增速可达 12%，IPO 发行常态化、衍生 品扩容及潜在资本杠杆放宽等政策将提供支持，机构持仓和估值水平有 提升空间。 中资券商应以投研为本，服务公募、私募、保险和外资等增量资金，打 造多资产交易、一站式服务及全球化销售能力，提高资产负债表管理能 力。 居民财富再配置拐点促使资产向金融资产转移，并向权益化、另类化、 全球化方向演变，券商需提供分层差异化服务，加强优质产品供给，打 造以账户为核心的买方模式。 证券 2026 年展望：投资中国优质券商正当时 20260107 Q&A 中资券商在"十五"期间如何加速迈向国际一流投行？ 在"十五"期间，中资券商在大投行业务、金融市场业务和大财富业务等方面 取得了显著进展。首先，大投行业务方面，政策引导和实体经济转型升级的需 求推动了直接融资生态的完善。科 ...

保险行业 2026 年预计延续复苏，利差损担忧缓解，监管下调预定利率， 万能险结算回报降低。受益于资本市场政策呵护和国债收益率稳定，保 险股投资收益率达 5%以上，超过内涵价值假设，利差损拐点显现。 居民存款搬家逻辑下，分红险竞争力增强，收益率高于定存。险企增加 高股息标的配置，每年新增保费 30%投入 A 股，头部险企新增资金规模 约 3,000-4,000 亿，推动资本市场上涨，提升投资收益。 财产险方面，头部三家公司市占率稳固，车险为核心增长领域，新能源 车渗透率提升推动车均保费增长。中国人保预计 2026 年车险业务增速 可达 4%以上，与 GDP 增速相契合。 非车险业务受益于健康险覆盖率提升，保费增速稳健。预计 2026 年， 随着责任保险和农险回升，非车险增长有望接近 10%。头部保险公司综 合成本率预计稳定在 97%左右。 券商板块受益于居民存款搬家、市场活跃度、大财富管理及监管政策放 松，预计 2025-2026 年券商 ROE 进入上升周期。大财富管理、大投行 及国际化衍生品等将对券商业绩形成正向贡献。 Q&A 2026 年金融板块的年度策略是什么？非银板块和银行板块的表现如何？ 2026 ...

证券ETF龙头紧密跟踪国证证券龙头指数，为反映沪深市场证券主题优质上市公司的市场表现，并为投 资者提供更丰富的指数化投资工具，编制国证证券龙头指数。 数据显示，截至2025年11月28日，国证证券龙头指数(399437)前十大权重股分别为东方财富(300059)、 中信证券(600030)、华泰证券(601688)、广发证券(000776)、招商证券(600999)、国泰海通(601211)、兴 业证券(601377)、东方证券(600958)、光大证券(601788)、财通证券(601108)，前十大权重股合计占比 79.05%。 截至2025年12月3日 09:43，国证证券龙头指数(399437)上涨0.17%，成分股兴业证券(601377)上涨 1.17%，中信建投(601066)上涨0.91%，广发证券(000776)上涨0.53%，中信证券(600030)上涨0.37%，东 吴证券(601555)上涨0.34%。证券ETF龙头(159993)上涨0.16%，最新价报1.26元。 消息面上，在政策引导和产业整合现实需求的双轮驱动下，A股并购重组市场正以惊人速度扩容，据上 交所此前发布的数据，自"并购 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][12]. Core Views - The company achieved revenue and net profit of 9.277 billion and 2.521 billion yuan respectively in the first three quarters of 2025, representing year-on-year increases of 40.0% and 91.0% [1][3]. - In Q3 2025, the company's net profit was 1.191 billion yuan, with a quarter-on-quarter increase of 46.3% [1][3]. - The average ROE for the first three quarters of 2025 increased by 2.06 percentage points to 4.4%, while the operating leverage, excluding customer funds, decreased by 1.0% to 3.54 times [1][3]. Summary by Sections Brokerage Business - The brokerage business showed strong performance with net income of 2.161 billion yuan, a year-on-year increase of 64.7% [2]. - The company's market share in stock trading increased by 0.26 percentage points to 1.54%, with trading volume up 64% year-on-year in H1 2025 [2]. - The A-share market's average daily trading volume (ADT) increased by 107% year-on-year, indicating a positive growth trend for the brokerage business [2]. Investment Banking and Asset Management - Investment banking and asset management revenues saw slight declines, with net income of 416 million and 115 million yuan, down 5.8% and 0.9% year-on-year respectively [2]. - The company completed 2 IPOs by Q3 2025, with bond underwriting volume up 18% year-on-year [2]. - The asset management business's AUM grew by 7% year-on-year to 288.8 billion yuan by Q3 2025 [2]. Proprietary Trading and Financial Performance - Proprietary trading continued to expand, with net interest income and investment income reaching 1.244 billion and 3.472 billion yuan, up 41.5% and 55.9% year-on-year [3]. - The company’s financial asset scale increased by 5.1% to 159.162 billion yuan by Q3 2025 [3]. - The forecasted net profit for 2025-2027 is expected to be 3.225 billion, 3.541 billion, and 3.836 billion yuan, with year-on-year growth rates of 49.0%, 9.8%, and 8.3% respectively [3].

Core Viewpoint - Phoenix Shipping (000520.SZ) reported a significant increase in net profit for the first half of 2025, indicating improved financial performance compared to the previous year [1][3]. Financial Performance - The company's total revenue for the first half of 2025 was 344 million yuan, with a net profit attributable to shareholders of 1.23 million yuan, an increase of 16.14 million yuan compared to the same period last year [1]. - Operating cash flow showed a net outflow of 71.38 thousand yuan, but this was an improvement of 612.14 thousand yuan year-on-year, marking two consecutive years of increase [1]. Profitability Metrics - The latest gross profit margin was 4.77%, which is an increase of 2.38 percentage points from the previous quarter and an increase of 4.09 percentage points from the same period last year [3]. - The return on equity (ROE) was 0.27%, reflecting an increase of 3.08 percentage points compared to the same period last year [3]. Earnings and Efficiency - The diluted earnings per share were 0.00 yuan, an increase of 0.02 yuan from the same period last year [4]. - The total asset turnover ratio was 0.51 times, ranking second among disclosed peers, while the inventory turnover ratio was 26.13 times, ranking eleventh [4]. Shareholder Structure - The number of shareholders was approximately 99,300, with the top ten shareholders holding 380 million shares, accounting for 37.52% of the total share capital [4]. - The largest shareholder, Changzhi Nanye Industrial Group Co., Ltd., held 17.11% of the shares, followed by Shanxi Huanghe Equity Investment Management Co., Ltd. with 9.38% [4].

Core Insights - Company reported a total revenue of 669 million yuan, an increase of 11.81 million yuan or 1.80% year-on-year [1] - Net profit attributable to shareholders reached 92.31 million yuan, up 46.88 million yuan or 103.18% year-on-year, ranking 17th among peers [1] - Operating cash flow was negative at -74.58 million yuan [1] Financial Performance - The latest debt-to-asset ratio is 45.09%, a decrease of 0.77 percentage points from the previous quarter and down 3.70 percentage points year-on-year [1] - Gross profit margin stands at 46.61%, ranking 2nd among peers, with an increase of 0.67 percentage points from the previous quarter and 0.58 percentage points year-on-year, marking five consecutive years of growth [1] - Return on equity (ROE) is 8.03%, ranking 3rd among peers, with an increase of 4.02 percentage points year-on-year [1] Earnings Metrics - Diluted earnings per share (EPS) is 0.29 yuan, ranking 15th among peers, an increase of 0.15 yuan or 110.33% year-on-year [1] - Total asset turnover ratio is 0.29 times, an increase of 0.01 times or 3.15% year-on-year [2] - Inventory turnover ratio is 3.95 times, ranking 6th among peers, with an increase of 0.11 times or 2.95% year-on-year, achieving three consecutive years of growth [2] Shareholder Structure - The number of shareholders is 12,300, with the top ten shareholders holding 231 million shares, accounting for 72.50% of total equity [2] - Major shareholders include NINA YANTI MIAO with 63.39% and Nanjing Ruiqi Investment Management Co., Ltd. with 3.60% [2]

Group 1 - The core narrative of the report emphasizes that in the late stage of the Kondratiev wave, catching up countries must rely on technology and overseas expansion to achieve surpassing the leading countries [2][24]. - The report highlights that the long-term driving force for overseas pricing comes from emerging economies, particularly in the Global South, which are entering an industrialization process [25]. - The report identifies that the key contradiction in overseas pricing is that overseas expansion leads to an increase in ROE, indicating a revaluation at the valuation end [23][24]. Group 2 - The report outlines that the pricing strategy for overseas expansion is based on the global competitiveness of industries, which will become a decisive factor for A-share market growth in the future [23][26]. - The report discusses the importance of selecting industries for overseas expansion, emphasizing the need for high global competitiveness and the ability to successfully enter international markets [26]. - The report provides a framework for evaluating the sustainability of overseas BETA pricing, focusing on domestic and international inflation differentials and global PMI index trends [28]. Group 3 - The report indicates that the performance of active equity funds is significantly influenced by their exposure to overseas markets, with the top 25% of funds having a 5.47 percentage point higher allocation to overseas investments compared to all active funds [12][14]. - The report notes that 36% of companies that issued positive earnings forecasts attributed their growth to overseas demand, highlighting sectors such as PCB, optical modules, and gaming [17][22]. - The report emphasizes that the overseas business gross profit margins are significantly higher than domestic margins, suggesting that increasing overseas exposure can enhance overall ROE [23][19].

Core Insights - The company reported its H1 2025 financial results, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 1.25 billion, 450 million, and 440 million yuan respectively, showing a year-on-year change of -3.6%, +10%, and +11.1% [1] - In Q2 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 670 million, 250 million, and 250 million yuan respectively, with year-on-year changes of +1%, +7%, and +8.1%, and quarter-on-quarter changes of +16.3%, +30.2%, and +29.1% [1] - The revenue growth in Q2 was primarily impacted by maintenance activities, while structural optimization contributed to improved profitability [1] Financial Performance - H1 2025 basic warehouse business revenue increased by 4.3% year-on-year, demonstrating resilience [1] - Revenue growth in specific sectors for H1 2025 included metals (+22.8%), life sciences (+12.4%), water (+11.3%), while sectors like environmental protection (-43.2%), food (+30.6%), and chemicals (-29.7%) showed varied performance [1] - The gross margin and net margin for H1 2025 increased by 3.8 and 4.3 percentage points year-on-year, respectively, driven by a higher revenue share from high-margin segments [1] Strategic Developments - The company plans to invest 1.15 billion yuan in a high-end materials industrial park for life sciences in Pucheng, Shaanxi, expanding its capital expenditure in high-ROE sectors [2] - The product range will include chromatography media, polymer chromatography fillers, enzyme carriers, and ultra-pure water-grade adsorption separation materials, marking a deeper strategic shift from industrial to pharmaceutical sectors [2] - Key focus areas for the second half of the year include lithium and life sciences, with significant developments expected in lithium business projects and commercialization of chromatography media [2] Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 3.085 billion, 3.824 billion, and 4.679 billion yuan for 2025-2027, with year-on-year growth rates of 20.78%, 23.98%, and 22.34% respectively [3] - Net profit attributable to shareholders is expected to reach 959 million, 1.204 billion, and 1.548 billion yuan for the same period, with growth rates of 21.85%, 25.55%, and 28.53% respectively [3] - The current stock price corresponds to P/E ratios of 28.29, 22.54, and 17.53 for 2025-2027, indicating potential for valuation re-rating as the company transitions towards higher value-added pharmaceutical sectors [3]

Core Insights - The company Jin Aobo (002917.SZ) reported a total revenue of 825 million yuan for the first half of 2025, marking an increase of 78.19 million yuan or 10.47% year-on-year, achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 86.725 million yuan, an increase of 15 million yuan or 20.91% year-on-year, also achieving three consecutive years of growth [1] - The net cash inflow from operating activities was 143 million yuan, an increase of 14.3 million yuan or 24.29% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio stands at 41.33%, a decrease of 1.35 percentage points compared to the same period last year [3] - The latest gross profit margin is 36.17%, an increase of 0.37 percentage points from the previous quarter and an increase of 1.86 percentage points year-on-year, achieving three consecutive years of growth [3] - The latest return on equity (ROE) is 5.19%, an increase of 0.60 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.25 yuan, an increase of 0.04 yuan or 21.48% year-on-year, achieving three consecutive years of growth [3] - The total asset turnover ratio is 0.26 times, an increase of 0.02 times year-on-year, achieving two consecutive years of growth [3] - The inventory turnover ratio is 1.97 times, an increase of 0.01 times year-on-year, achieving two consecutive years of growth [3] Shareholder Information - The number of shareholders is 39,800, with the top ten shareholders holding a total of 187 million shares, accounting for 53.88% of the total share capital [3] - The largest shareholder is Ming Gang, holding 24.31% of the shares [3]

Financial Performance Highlights - The CET1 Ratio reached 13.59%, a QoQ increase of 32bp[2,4] - Net income for 2Q25 was ₩1.55 trillion, up 4.1% QoQ, driven by non-interest income improvements despite higher credit costs[2] - ROE and ROTCE for 1H25 were 11.4% and 12.9% respectively, a YoY increase of 0.7%p[2,3] Balance Sheet and RWA Management - Group RWA decreased by ₩4.1 trillion (1.2% QoQ) to ₩340.6 trillion, due to portfolio adjustments and KRW appreciation[2] - KRW loans increased by ₩1.3 trillion (0.4% QoQ), driven by selective market response and reduction of low-yield assets[2] - Group Total Assets increased by 1.7% YTD to ₩752.7 trillion[10,11] Shareholder Returns - DPS for 2Q25 is ₩570, with a share buyback of ₩800 billion approved, ₩600 billion of which is planned for 2H25[2] - Total share buyback for FY2025 amounts to ₩1.25 trillion, including ₩600 billion in 2H25[2] Digital and SDGs Initiatives - SFG Gross MAU reached 23,580 thousand customers in 1H25[39] - Total Green Finance reached ₩3 trillion for 1H25, achieving 72.3% of the 2030 cumulative target of ₩30 trillion[46,47] Asset Quality - Group NPL ratio stood at 0.80%[30,34] - Loan Loss Allowance was ₩4,356.0 billion[30]