Group 1 - The document outlines a draft for revisions to regulations concerning payment institutions, consisting of five chapters and twenty-three articles [1] - It defines the classification and rating of payment institutions, establishing a work principle for the classification and rating process [1] - A mechanism for classification and rating work is to be established, led by the payment settlement department, with participation from technology and anti-money laundering departments [1]

非银行支付机构分类评级管理办法草案公开征求意见 明确评级指标、评级方法和加减分项内容 智通财经7月18日电，央行就非银行支付机构分类评级管理办法草案公开征求意见。主要内容如下： （一）总则。一是规定支付机构分类评级的定义及工作原则。二是明确建立由支付结算部门牵头，科 技、反洗钱等相关部门参与的分类评级工作机制。（二）评级指标及方法。一是明确评级指标、评级方 法和加减分项内容。二是规定支付机构分类评级每年进行一次，中国人民银行于每次分类评级工作开展 前明确评级计分标准。（三）评级结果及运用。一是明确5 类11 项评级结果的对应评分区间以及 E 类 特殊情形认定标准。二是明确各类评级结果对应的经营状况和风险程度衡量标准，以及中国人民银行及 其分支机构采取的对应监管措施。三是明确评级结果仅限中国人民银行及其分支机构监管使用，原则上 不对外披露。（四）组织实施。一是明确评级对象为设立满一年的支付机构。二是明确支付机构自评、 分支机构初评、总行复评、通知评级结果的工作程序及具体要求。（五）附则。规定解释权、施行日期 等。 ...

中国人民银行就《非银行支付机构分类评级管理办法（修订征求意见稿）》公开征求意见。 相关链接 ...

证券研究报告 | 行业专题 | 非银金融 非银金融 报告日期：2025 年 07 月 17 日 业绩延续向好，分化有所收敛 ——2025 年中报业绩前瞻 投资要点 业绩前瞻 2025H1，预计非银行业业绩延续景气，保险行业分化有所收敛，寿险 NBV 平均 增速 34.1%，净利润总体改善，证券行业净利润同比增长 46.4%。 保险行业业绩前瞻：预计寿险 NBV 延续快增 （1）寿险 NBV：2025H1，我们预计主要上市险企的 NBV 同比延续快增，分化 有所收窄，预计平均增速 34.1%，具体为新华保险（45.9%）＞中国平安 （41.8%）＞中国太保（32.7%）＞中国人寿（16.1%）。从驱动因素看，预计新 单保费表现继续分化，新业务价值率或均有提升，有 3 重因素利好价值率的改 善：①预定利率相比去年同期更低。②费用率下降：按监管要求，各险企应深化 执行个险渠道的"报行合一"，作为主力渠道的个险队伍销售费用率预计下降。 ③业务结构优化：压缩趸交业务规模，持续增加期交类产品销售。从各家之间的 增速分化程度看，预计有所收窄，归因在今年一季度业务推进节奏差异后，二季 度节奏或有相关调整，故整体上半年的同比表 ...

Summary of Conference Call Notes Industry Overview - The focus is on the brokerage sector within the financial industry, particularly in the context of the Chinese capital market [1][2][3]. Key Points and Arguments 1. **Market Trends**: The market is currently bullish, with the Shanghai Composite Index breaking through 3,500 points, targeting 3,600 points, indicating a positive market sentiment [1][2]. 2. **Brokerage Sector Valuation**: The brokerage sector's valuation is at a historically reasonable level, with price-to-earnings (P/E) and price-to-book (P/B) ratios around the 50th percentile. Since October last year, the sector has seen a significant adjustment, suggesting potential for future growth [1][3]. 3. **Policy Support**: Regulatory bodies and state-owned enterprises are actively supporting the capital market, which boosts investor confidence and provides a favorable environment for the brokerage sector [1][3][17]. 4. **Performance Expectations**: The brokerage sector is expected to report positive mid-year results, with profit growth anticipated in the second half of the year, driven by a decrease in compensation expenses and a projected return on equity (ROE) of 6%-7% [1][12][13]. 5. **Business Segments**: The brokerage's main business segments include brokerage services and proprietary trading. The brokerage business benefits from active market transactions, while fixed-income investments have become a stable source of income [8][10]. 6. **IPO Market Outlook**: The investment banking segment is expected to benefit from the anticipated opening of A-share IPOs, which is crucial for improving brokerage performance [10][11]. 7. **Market Activity**: Since September 2024, market activity has remained above historical averages, although brokerage stock prices and valuations are at historical lows, indicating a potential disconnect between market performance and stock valuations [7][12]. 8. **Future Growth Drivers**: The brokerage sector is expected to see profit growth driven by a favorable cost structure and increased revenue from core business segments, with a projected year-on-year growth rate of 30%-40% [12][13]. 9. **M&A Activity**: Future mergers and acquisitions (M&A) are anticipated to significantly impact brokerage performance, with a focus on major players like CITIC Securities and potential consolidations in the industry [18][19]. Additional Important Insights - **Market Sentiment**: Despite uncertainties in market expectations, the overall sentiment remains positive, with a strong beta attribute in both the brokerage and non-bank financial sectors [1][4]. - **Technical Analysis**: Emphasizing the importance of technical analysis in stock selection, combining it with fundamental analysis can enhance investment outcomes [20]. - **Regulatory Environment**: The current regulatory environment is supportive, allowing for a degree of flexibility that could lead to improved brokerage performance as new business opportunities arise [17][16]. This summary encapsulates the key insights from the conference call, highlighting the brokerage sector's current status, future outlook, and the factors influencing its performance.

Core Insights - The non-bank sector is experiencing a transformation driven by policy initiatives, which are expected to enhance revenue growth in the securities and insurance industries [2]. Group 1: Securities Industry - The implementation of the "Implementation Opinions on Strengthening Self-Regulation to Promote High-Quality Development of the Securities Industry" is likely to expand wealth management, investment banking, and asset management businesses, benefiting overall industry revenue growth [2]. - As of July 14, the CSI 800 Securities and Insurance Index component stocks showed mixed performance, with Guolian Minsheng leading with a 6.70% increase [1]. Group 2: Insurance Industry - The notification on guiding insurance funds for long-term stable investments is expected to increase the allocation of high-dividend stocks and long-term government bonds, enhancing the investment returns of insurance companies and improving industry valuations [2]. - The CSI 800 Securities and Insurance ETF has seen a significant increase in net value, rising by 49.53% over the past year, indicating strong investor interest [1]. Group 3: Market Performance - As of June 30, the top ten weighted stocks in the CSI 800 Securities and Insurance Index accounted for 63.35% of the index, highlighting the concentration of investment in these key players [3]. - The CSI 800 Securities and Insurance ETF has experienced a growth of 81 million shares over the past year, reflecting robust demand in the non-bank sector [1].

2025 年 07 月 13 日 市场轮动北证蓄力，持续关注北交 所核心资产 ——北交所策略周报（20250707-2025713） 本周策略观点： 本周市场行情： 北交所新股： 新三板动态： ⚫ 本周新挂牌 6 家，摘牌 2 家，周新增计划融资 0.00 亿元，完成融资 0.65 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济波动的风险。 相关研究 证 券 研 究 报 告 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230123090006 wangbh@swsresearch.com 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 郑菁华 (8621)23297818× zhengjh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 新 三 板 研 究 专 题 研 究 - 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq ...

Group 1 - The core viewpoint of the news is the performance of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, which has shown significant growth in recent months, indicating a positive trend in the non-bank financial sector within the Hong Kong market [1][2] - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index increased by 2.9% to 3900.59 points, with a trading volume of 61.334 billion yuan on July 11 [1] - Over the past month, the index has risen by 7.55%, by 38.24% over the last three months, and by 30.42% year-to-date [1] Group 2 - The index comprises up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of this sector within the Hong Kong Stock Connect [1] - The top ten weighted companies in the index include China Ping An (15.49%), Hong Kong Exchanges (14.08%), AIA Group (13.98%), China Life (8.51%), and others, indicating a concentration in major financial institutions [1] - The index is fully composed of financial sector companies, with a 100% allocation to this industry [2] Group 3 - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or adding new companies that meet the criteria [2] - The handling of mergers, acquisitions, and other corporate actions is governed by specific calculation and maintenance guidelines [2]

Core Viewpoint - The Hong Kong non-bank financial sector is showing strong performance, with related ETFs experiencing significant gains, indicating investor confidence in this sector [1][2]. Group 1: ETF Performance - The Guangfa CSI Hong Kong Stock Connect Non-Bank Financial Theme ETF (513750) rose over 5% during trading, with a trading volume exceeding 2 billion yuan [1]. - As of July 10, the ETF has achieved a one-year return of 72.90%, ranking in the top 3% among 2,402 passive index funds, with a total size reaching 5.891 billion yuan, a record high since its inception [1]. - The ETF focuses on leading non-bank financial companies within the Hong Kong Stock Connect, with the top ten weighted stocks accounting for 77.92% of the index, predominantly in the insurance sector [1]. Group 2: Financial Metrics - The index's price-to-earnings ratio (PE-TTM) is 9.04, positioned at the 30.25% historical percentile, indicating attractive valuation [1]. - The Hong Kong Stock Connect Non-Bank Index has outperformed most broad-based and sector indices over the past year, showcasing strong resilience and defensive characteristics [1][2]. Group 3: Profitability and Dividend Capacity - The Hong Kong Stock Connect Non-Bank Index exhibits higher profitability and dividend capacity compared to other non-bank indices, with a projected return on equity (ROE) of 11.69% for 2024 and a dividend yield of 4.01% [2]. - The insurance sector is experiencing stable growth in new business value, while the capital market's increased activity is beneficial for brokerage and exchange businesses [2]. Group 4: Other Notable ETFs - Other ETFs under Guangfa Fund have also performed well, with the Guangfa CSI Hong Kong Innovative Drug ETF (513120) returning 103.07% over the past year, and the Guangfa CSI 2000 ETF (560220) returning 59.67% [3].

美联储穆萨莱姆：非银行金融风险需要得到很好的监控。 ...