Core Viewpoint - A-shares experienced a significant surge in the afternoon of May 14, with major indices rising over 1%, and the Shanghai Composite Index reclaiming the 3400-point mark, driven by favorable macroeconomic news and regulatory changes in the financial sector [2][3]. Market Performance - The insurance and securities sectors saw substantial gains, with the insurance index rising nearly 7.8%. Notable individual stock performances included China Life Insurance hitting the daily limit, China Pacific Insurance increasing over 8%, and New China Life Insurance rising nearly 7% [3]. - In the securities sector, Hongta Securities reached the daily limit, while Huatai Securities, Jinlong Co., GF Securities, and Guolian Minsheng also posted significant gains [3]. Regulatory Changes - Starting from May 14, China adjusted the tariffs on U.S. imports, reducing the additional tariff rate from 34% to 10% and suspending the 24% tariff for 90 days. This adjustment is expected to positively impact market sentiment [3]. - The new public fund regulations are expected to guide asset allocation towards the CSI 300 index, with constraints on performance deviation and increased transparency in industry allocation [4]. Fund Allocation Trends - Public funds currently have a low allocation in the banking sector, approximately 3.49%, which is underweight by 9.99 percentage points compared to the CSI 300 index. This structural imbalance may lead to increased investment in the banking sector [4]. - The revised insurance fund management regulations are anticipated to trigger a new wave of investment in high-dividend and high-return stocks, as insurers have a natural demand for such assets [4]. Performance Outlook - The non-bank research from Guojin Securities indicates that the new public fund regulations may drive funds towards the brokerage sector, which is currently underweight compared to the benchmarks. The brokerage sector has underperformed, with a 9.5% decline year-to-date, suggesting a potential for catch-up growth [5]. - In Q1 2025, the net profit of 42 listed brokerages increased by 83% year-on-year, driven by a 71% increase in average daily trading volume and a 51% rise in net investment income, indicating a strong performance outlook for the brokerage industry [5].

公募新规：强化业绩比较基准的约束力 根据兴业证券研报，中国证监会于5月7日发布的《推动公募基金高质量发展行动方案》将改变公募基金业的运行机制。该 方案的核心是构建一个以基金投资收益为中心的考核体系，大幅提升业绩比较基准的约束力。 最关键的变化包括： 周三A股银行板块持续发力，刷新2015年7月中旬以来新高，农业银行、上海银行、光大银行盘中股价均创历史新高。大金 融板块冲高，拉动创业板指、沪指午后涨超1%。 | 代码 | 名称 | 涨幅 | 现价 | 主力净量 | | --- | --- | --- | --- | --- | | 002936 | 郑州银行 | +3.09% | 1.99 | -0.01 | | 002142 | 宁波银行 | +2.87% | 26.20 | 0.05 | | 601187 | 厦门银行 | +2.84% | 6.16 | -0.07 | | 600015 | 华夏银行 | +2.27% | 7.66 | 0.02 | | 600928 | 西安银行 | +2.17% | 3.76 | 0.12 | | 201228 | 瑞丰银行 | +1.89% | 5.38 | 0.10 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued a plan to promote high-quality development of public funds, shifting the focus from "scale" to "returns," which is seen as a turning point for the industry [2] - Shanxi Securities believes that the plan will help cultivate long-term and patient capital, encouraging a shift from short-term speculation to value investment, benefiting securities companies and improving their business [2] - The insurance sector currently faces uncertainty primarily due to pressures on the asset side, with future valuation recovery dependent on the performance of the bond, equity, and real estate markets [2] Group 2 - The CSI 800 Securities and Insurance Index has a current price-to-earnings ratio (PE-TTM) of 11.82, indicating it is at a historical low, below 96.33% of the time over the past year [2] - The CSI 800 Securities and Insurance Index is composed of selected securities from the securities and insurance industry, providing investors with diversified investment options [3] - As of April 30, 2025, the top ten weighted stocks in the CSI 800 Securities and Insurance Index account for 63.03% of the index, with major companies including China Ping An and CITIC Securities [3]

非银行金融 行业周报（20250506-20250511） 领先大市-A(维持) 公募改革持续推进，专项货币政策再扩容 2025 年 5 月 14 日 行业研究/行业周报 非银行金融行业近一年市场表现 投资要点 资料来源：最闻 【山证非银行金融】政策精准发力，全 面完善资本市场机制-国新办发布会点 评： 2025.5.7 极，券商一季报表现亮眼-行业周报 （20250421-20250427）： 2025.4.29 | 李明阳 | | --- | | 执业登记编码：S0760525050002 | | 邮箱：limingyang@sxzq.com | | 孙田田 | | 执业登记编码：S0760518030001 | | 电话：0351-8686900 | | 邮箱：suntiantian@sxzq.com | | 刘丽 | | 执业登记编码：S0760511050001 | | 电话：0351--8686985 | | 邮箱：liuli2@sxzq.com | 证监会印发《推动公募基金高质量发展行动方案》。方案旨在督 促基金公司、基金销售机构等行业机构从"重规模"向"重回报" 转变，形成行业高质量发展的"拐 ...

专题：证监会印发《推动公募基金高质量发展行动方案》 中国证监会近日发布的《推动公募基金高质量发展行动方案》（以下简称《行动方案》），以受托责任 为核心，提出25项系统性改革措施，覆盖公司治理、产品创新、投资运作、考核机制等基金运营管理全 链条，为行业高质量发展擘画了清晰路径。 一、以信义义务为纲，重塑行业生态 《行动方案》将"投资者利益至上"的受托责任具象化，推动行业从重规模转向重投资者回报的深耕。摩 根基金秉承股东方摩根资产管理的全球经验，构建了"理念—制度—执行"三位一体的受托责任体系，通 过"三道防线"严控利益冲突，确保客户利益贯穿决策全流程。我们认为，唯有以信义义务为准绳，方能 实现经营中"有所不为"的底线坚守与"着力而为"的价值创造。 二、以基准约束为锚，提升投资透明度 《行动方案》强化基金业绩比较基准的"标尺"作用，引导产品风格清晰化、收益来源稳定化。公募基金 业绩比较基准监管指引的出台，将为公募基金的业绩基准提供科学合理的依据，引导公募基金更加审慎 的选择业绩基准。 以上举措将有利于基金投资者"所见即所得"，未来基金管理人将更注重信息比率等风险调整后收益指 标，并通过科学的基准选择与严格的投资纪 ...

Wind数据显示，截至2025年5月9日，在5688只成立超过三年的主动权益类基金（包括普通股票型、灵活配置型、偏股混合型、平衡混合型，A、C等不同 份额分别计算，下同）中，共有2703只基金近三年的业绩低于比较基准超过10%，占比达到47.52%。也就是说，令人窘迫的是，按照《方案》业绩考核要 求，有近半主动权益基金在过去3年业绩考核中均落败。 主动权益型基金现有基准的兑现情况 来源：Wind（截至2025年5月7日） 实际上，过去几年来，受市场风格 、资金结构等多种因素影响，主动权益基金的赚钱效应有所减弱。以万得偏股混合型基金指数为例，2022年-2024年该 指数的收益率为-29.35%，同期中证800全收益指数的收益率为-14.95%。可见，万得偏股混合型基金指数近三年跑输中证800全收益指数14.40%。 基金业绩"紧箍咒"来了。 2025年5月7日，针对公募基金在快速发展中暴露出的经营理念有偏差、功能发挥不充分、发展结构不均衡、投资者获得感不强等问题，证监会正式发布 《推动公募基金高质量发展行动方案》（以下简称《方案》），旨在推动行业加快实现高质量发展，实现从重规模向重投资者回报转型。 整体上，《 ...

先说个盘面上的热点，川普要出访中东国家。 关于川普的这次出访，有两个重点： 1、一个是卖军火，一直以来中东土豪们就是美式武器的重要推销对象，想讨好川普，就得买点美国货，川普出访的第一站就在阿联酋，要先卖好多个小 目标给他们。 2、 川普可能会放宽对中东国家的AI芯片限制，这个跟我们相关比较大。 这意味着什么呢？ 要卖很多芯片给阿联酋，换取阿联酋去对美国投资、买美国货。 原来拜登一直不同意，就是害怕阿联酋的芯片给我们用了，毕竟阿联酋的最大的人工智能公司，G42的CEO就叫肖鹏。 看这个名字你就知道啥情况了。 但是这一次川普就管不了那么多了，挣钱是第一位的。这一点对于国内的AI芯片板块，特别是国产替代逻辑也有一定的影响，也值得我们去注意。 这个点我之前的文章专门也提示过，点到为止，懂的都懂。 说说今天的市场，又是高开低走的一天。 沪指微涨，深成和创业板微跌，全市场成交1.3万亿元，3200多只个股下跌。 虽然谈判大超预期，但市场显然没那么充奋，反而情绪上比较偏保守谨慎，为什么？ 有一个观点是，中美这次没谈好。 其实中美贸易停战，对于中国经济一定是好事。 中美谈判阶段性进展出来后，外资马上给出最新观点：预计中国第二 ...

执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 执业证书编号：S0740517030004 Email：daizf@zts.com.cn | | | 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn 分析师：葛玉翔 1、《1Q25 保险资金重仓流通股深度 通信》2025-05-08 | 上市公司数 | 84 | | --- | --- | | 行业总市值(亿元) | 69,371.23 | | 行业流通市值(亿元) | 66,910.47 | 2、《改革双刃剑：短期挑战长期价值》 2025-04-22 3、《预定利率研究值跌破 25bps 阈 值，4Q25 或迎产品切换》2025-04-22 非银金融 证券研究报告/行业点评报告 2025 年 05 月 13 日 【政策变化与影响】 请务必阅读正文之后的重要声明部分 锚定投资者利益，驱动行业升级——公募基金高质量行动方案解 读 报告摘要 【核心举措】 投资者利益保护。1、费率改革：新主动权益基金试点浮动管理费，头部机构 1 年 内 60%新发产品需采用；降 ...

Group 1 - The former fixed income fund manager of China Merchants Fund, Ma Long, has officially joined Tianhong Fund, confirming previous market speculation [1] - Ma Long has a PhD in economics and has extensive experience in macroeconomic and bond market strategy research, having worked at China Merchants Fund since 2012 [1] - Under Ma Long's management, the China Merchants Fund's "Anxin Yield Bond Fund" achieved a return of 90.8% over more than 11 years, with an annualized return of 6.04% as of March 30 this year [1] Group 2 - Ma Long's departure may impact China Merchants Fund's fixed income business, with experienced successors taking over his managed funds [2] - Since 2021, China Merchants Fund's total public asset management has increased from 504.4 billion to 915.2 billion, an increase of 81.44%, with non-monetary funds contributing significantly [2] - However, the non-monetary fund's total scale has stagnated since reaching a peak of 595.5 billion in Q3 2022, dropping in industry ranking from 5th to 9th [2] Group 3 - Ma Long's joining Tianhong Fund is expected to enhance its fixed income business, which currently manages 1.863 billion in non-monetary funds, ranking 14th in the industry [3] - Tianhong Fund has nine fixed income funds with scales exceeding 5 billion, with the largest being Tianhong Youxuan at 23.1 billion [3] - The China Securities Regulatory Commission has emphasized the importance of strengthening research teams and resources in the public fund industry, indicating a shift towards high-quality development [3] Group 4 - Ma Long's experience is anticipated to accelerate the upgrade of Tianhong Fund's fixed income research system towards a more structured and platform-based approach [4] - The impact of Ma Long's move on former investors and whether they will follow him remains uncertain until the end of the silence period [4] - The silence period for fund managers transitioning to other public institutions is set at six months, which will affect Ma Long's ability to influence his previous fund holders [5]

东 兴 晨 报 东兴晨报 P1 2025 年 5 月 13 日星期二 分析师推荐 【东兴电新】国轩高科（002074.SZ）：全球份额提升，海外业务拓展稳步推 进（20250513） 事件：公司发布 2024 年年报及 2025 年一季报。24 全年公司实现营收 353.92 亿元，同比+12.0%；归母净利 12.07 亿元，同比+28.6%。25Q1 公司实现营收 90.55 亿元，同比+20.6%；归母净利 1.01 亿元，同比+45.6%。 点评： 动储出货量延续高增，国内外份额持续提升。公司 24 全年动力与储能电池出 货量延续高增态势，全年动储合计出货约 63GWh，同比+40%。动力电池方面， 公司 24 年实现营收 256.48 亿元，同比+11.3%，毛利率 15.1%，同比+1.3pct， 维持稳定。受益于新能源车市场稳定增长以及铁锂装机占比提升趋势，公司 24 年国内外动力电池市场份额均实现同增，其中国内市场装机份额 4.6%，同 比+0.5pct，排名第四，配套吉利、奇瑞与零跑等客户终端销量攀升持续贡献 增量；全球市场装机份额 3.2%，同比+0.9pct，其中公司铁锂电池装机规模 全 ...