非银金融行业周报 利率引发保险调整，仍然看好非银板块 长期表现 2026 年 03 月 02 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王舫朝 证书编号：S1160524090005 证券分析师：胡强 证书编号：S1160526010005 证券分析师：廖紫苑 证书编号：S1160524120004 联系人：汪筠婷 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/3 2025/8 2026/2 非银金融 沪深300 相关研究 《以史为鉴，券商行情的新锚点在哪 里？》 2026.02.26 《A 股 1 月新开户数居历史高位，2025 年保险业稳健增长》 2026.02.09 《上市券商 2025 年业绩密集预喜，险资 加码养老科创》 2026.02.03 《公募基金业绩基准新规落地，险企理赔 高效且获赔率高》 2026.01.25 《融资新规夯实"慢牛"根基，险企渠道 深度重塑》 2026.01.20 行 业 研 究 / 非 银 金 融 / 证 券 研 究 报 告 力四方面提出核心举措。我们认为，政策落地或将为保险行业带来新增长点， 保险公 ...

Policy Focus - The recent policies emphasize the urgency of implementing government work post-Spring Festival, with a focus on enhancing responsibility and aiming for annual targets[2] - The People's Bank of China (PBOC) has lowered the foreign exchange risk reserve ratio for forward foreign exchange sales from 20% to 0%, marking the first use of this tool in nearly three and a half years[2] - Various regions, including Guangdong, Zhejiang, and Jiangsu, have held "New Year First Meetings" to set the tone for the 14th Five-Year Plan, focusing on new productivity, private economy, and high-quality development[2] Real Estate and Economic Measures - Shanghai's "Seven Measures" include easing purchase restrictions and increasing public housing loan limits (up to 3.24 million yuan), aimed at stabilizing the real estate market[2] - The emphasis on establishing a correct view of performance has been reiterated in multiple meetings, including the State Council and the Central Party's construction work meeting[2] - The government is promoting the silver economy and elderly care services, enhancing consumption capabilities through subsidies and new consumption scenarios[4] Industry Development - Multiple departments are focusing on strengthening industries, particularly in low-altitude and "AI+" sectors, with initiatives to support low-altitude industry development and establish a comprehensive low-altitude insurance system[9] - The PBOC's recent policy aims to stabilize the RMB exchange rate and promote a neutral foreign exchange policy, indicating a shift towards supporting enterprises in managing currency risks[6] Upcoming Events and Expectations - Attention is drawn to the upcoming National People's Congress (NPC) sessions, where GDP growth targets are expected to be set between 4.5% and 5% for 2026, with a CPI target around 2%[2] - Key indicators to watch include whether the PMI can return to expansion territory and if credit can achieve a strong start in the first quarter[2]

高盛闭门会-首席闪辉前瞻 3 月会议要点，26 年四大投资 主题和近期资金面分析 20260228 摘要 2026 年中国 GDP 增速目标预计维持在 4.5%-5%区间，与市场 4.8% 的预测基本一致，表明经济增速边际放缓，但整体平稳，政府债券发行 规模预计与 2025 年接近，消费品以旧换新补贴规模边际缩减。 全国两会预计延续提升消费能力和增加特定服务供给的主线，可能包含 最低工资或基础养老金上调等福利提升措施，以"持续聚焦、渐进推 进"为特征，通过支持服务业供给端提升质量并扩大规模，以带动服务 消费。 2026 年两会适逢"十五五"规划开局，科技创新和消费的重要性进一 步提升，明确提出未来五年提高居民消费率，需重点跟踪行业政策或量 化目标，识别尚未被市场充分计价的政策支持方向。 民营经济政策基调预计保持支持性，监管取向将继续强调高质量发展， 核心在于培育优质企业、提升股东回报并引导长期投资氛围，市场更偏 好"慢牛"路径。 Q&A 下周全国两会最需要重点关注哪些宏观政策信号，尤其是增长目标与政府债券 发行额度可能如何设定？ 最关键的两个指标是 2026 年 GDP 增长目标与全国人大批准的政府债券发行总 ...

Summary of Conference Call Notes Industry or Company Involved - The notes primarily discuss developments in the **solid-state battery** industry, **real estate**, and the **ready-to-drink beverage** sector, with a focus on specific companies such as **Daming City** and **Mixue Ice City**. Core Points and Arguments Solid-State Battery - **Advantages**: Solid-state batteries are expected to start being installed in vehicles by 2027 and achieve mass production by 2030. They offer higher safety, energy density, longevity, and faster charging compared to lithium batteries [3][6] - **Applications**: The potential applications for solid-state batteries are expanding to include electric vehicles, drones, humanoid robots, low-altitude aircraft, consumer electronics, and power tools [8] - **Technological Development**: The current focus is on sulfide electrolytes, which provide superior ionic conductivity compared to liquid electrolytes, making them ideal for solid-state applications [8] Real Estate and Computing Power - **Daming City**: The company is expanding into low-altitude economy and computing power sectors, leveraging its location in Fujian, which has abundant green energy resources and low land costs [9][12] - **Joint Ventures**: Daming City has formed a joint venture with Fujian Big Data Investment and Shangchou Technology to enhance its computing power capabilities, with the first batch of 2000P computing power already in place [11] - **Infrastructure**: The company is investing in a "low-altitude intercity smart hub airport" project in Fuzhou, which is crucial for the low-altitude economy [9][12] Ready-to-Drink Beverage Market - **Market Growth**: The ready-to-drink beverage market in China has seen rapid growth, with retail sales reaching 258.5 billion yuan from 2018 to 2023, reflecting a compound annual growth rate of approximately 25% [16] - **Expansion Potential**: The domestic market is expected to exceed 1 trillion yuan in the long term, with significant growth opportunities in Southeast Asia and Europe, where cultural similarities and lower brand saturation provide a favorable environment for Chinese brands [17] - **Market Position**: Mixue Ice City has become the largest ready-to-drink tea brand in Southeast Asia, with around 4,800 stores across 11 countries, capturing nearly 20% market share in 2023 [17] Other Important but Possibly Overlooked Content - **Investment Climate**: The notes highlight a favorable investment climate for companies involved in solid-state batteries and ready-to-drink beverages, driven by technological advancements and consumer trends [2][18] - **Competitive Landscape**: The competitive landscape for ready-to-drink beverages is intensifying, with companies that have strong supply chain management and innovation capabilities likely to succeed [16] - **Regulatory Environment**: The notes suggest that the regulatory environment and government support for data and computing power initiatives in Fujian may enhance Daming City's competitive edge [11][12]

策略研究 | 证券研究报告 — 总量点评 2026 年 3 月 1 日 3 月金股组合 中银证券研究部 2026 年 3 月金股 3 月金股组合 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 策略观点：A 股短期波动中期聚焦国内主线，资源品行情正当时。美以 军事打击伊朗对于全球市场及资产价格的影响取决于行动的目标及持续 性。金价上行有望得到进一步支撑。无论是当下的中东局势还是特朗普 关税政策的反复都为短期市场增加了较高的不确定性因素。而这种不确 定性下的避险情绪将为短期贵金属价格形成有力支撑。目前来看，对于 A 股的影响更多集中在风险偏好层面，中期来看，A 股市场将会回归国内 基本面及政策预期。国内两会即将开幕，A 股短期冲击幅度或小于海外， 节后复工情况、两会前后宏观政策的释放是国内投资者关 ...

Investment Rating - The report maintains a "Strong Buy" rating for the construction decoration industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The report highlights the relaxation of real estate purchase restrictions in Shanghai, which is expected to boost housing demand and benefit leading cyclical companies [15][16]. - It emphasizes the importance of the upcoming Two Sessions in March 2026, which may introduce supportive policies for strategic engineering projects and new productivity sectors [16]. - The report suggests focusing on construction state-owned enterprises for recovery opportunities and transformation into new business lines [15][16]. Summary by Sections Industry Viewpoints and Investment Recommendations - The construction decoration index increased by 4.97%, outperforming the overall A-share index by 3.86 percentage points [14]. - The report recommends three main investment lines: 1. Focus on state-owned enterprises for recovery and transformation opportunities [22]. 2. Invest in high-demand sectors such as tunneling, civil explosives, and geotechnical engineering [22]. 3. Explore new economic directions like commercial aerospace, low-altitude economy, computing power, and AI [22]. Market Performance - The construction decoration sector showed significant gains, with individual stocks like Roman Shares rising by 37.70% and China Railway by 14.55% [28]. - The report notes that the issuance of special bonds has accelerated, with a cumulative net financing of 7,461 billion yuan as of February 27, 2026, which is higher than the same period in the previous two years [17][18]. Company Dynamics - Key company updates include: - China Railway Construction reported a revenue of 100.5 billion yuan for 2025, a slight decrease of 0.01% year-on-year [36]. - Donghua Technology achieved a revenue of 100.2 billion yuan, marking a 13.12% increase year-on-year [36]. - Honglu Steel Structure announced a reduction in the conversion price of its convertible bonds from 32.08 yuan to 21.99 yuan per share [36]. Industry Valuation - As of February 27, 2026, the price-to-earnings ratios (PE) for various construction sub-sectors are as follows: - Housing construction: 6.41x - Decoration: -28.12x - Municipal engineering: 8.35x - Garden engineering: -12.39x - Steel structure: 39.78x - Chemical engineering: 13.14x - International engineering: 13.49x - Other professional engineering: 67.05x - Engineering consulting services: 51.44x [37].

Email：fengsheng@zts.com.cn 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 汽车零部件 执业证书编号：S0740524040002 Email：yangshuai01@zts.com.cn 执业证书编号：S0740519050004 | 增持（维持） 评级： | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：冯胜 | 营业收入（百万元） | | 16,207 | 16,264 | 16,451 | 18,662 | 21,186 | | | 增长率 yoy% | | -1% | 0% | 1% | 13% | 14% | | 执业证书编号：S0740519050004 | 归母净利润（百万元） | | 727 | 653 | 898 | 1,059 | 1,241 | | Email：fengsheng@zts.com.cn | ...

同时公司创新成果获全球顶尖客户高度认可： 顺络电子称，公司于本年度在手机通讯、消费电子等市场应用领域表现平稳，在数据中心及AI+应用、汽车电子等新兴战略市场实现了持续强劲的高速增 长；公司综合竞争力与行业影响力持续跃升。 2月27日，顺络电子发布2025年度业绩报告，全年营收实现67.45亿元，净利润11.41亿元，归属于母公司股东的净利润10.21亿元，扣非净利润为9.78亿元；销 售收入和利润再创历史新高。 | | 2025 年 | 2024 年 | 本年比上年 增减 | 2023 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 6,745,291,381.99 | 5.896.910.162.54 | 14.39% | 5,040.423,672.03 | | 归属于上市公司股东的净利 润(元) | 1,021,016,292.98 | 832,084,151.71 | 22.71% | 640,529,897.50 | | 归属于上市公司股东的扣除 非经常性损益的净利润 (元) | 978.209.598.50 | 781,112,982.61 | 25 ...

随着第四届中国国际供应链促进博览会倒计时100天的临近，贸促会发言人在今天的发布会上介绍，目 前，第四届链博会的各项筹备工作正在有序推进。 ·第四届链博会将首次设立人工智能专区，系统呈现从数据、算力到应用的全链条生态。 ·已确定邀请安徽与海南作为主宾省。两省将设立特色展区，并围绕各自产业优势举办系列配套活 动。 ·在延续往届主宾国设置基础上，今年将首次增设外国主宾省，邀请具有独特产业优势的外国省州 参展，更加精准与国内省区市和相关企业进行产业对接合作。 由全球工商界共同研制的ISO 25639-1《展览与活动术语》国际标准正式发布，其中明确将"与供应链中 的潜在商业伙伴建立联系和合作"这一链博会创新模式，写入"展览"的全球术语定义，这标志着链博会 的平台价值与功能模式，已从中国实践上升为全球标准。 中国贸促会新闻发言人王文帅表示，随着第四届链博会倒计时100天临近，目前各项筹备工作正在有序 推进，已有500多家中外企业签约参展，招展工作已接近尾声。 （总台央视记者 郑晓明） ·在以往"六链一展区"将看到更多具身智能、低空经济、生物制造等新兴和未来产业的中外新面 孔。 ...

春潮涌动启新程，携手合作向未来。2月27日上午，永州市低空经济发展有限公司与深圳块织类脑智能 科技有限公司、海南保亭鑫麓茶溪谷旅游发展有限公司战略合作签约仪式隆重举行，副市长秦志军出席 仪式并讲话，为永州低空经济高质量发展按下"加速键"。 秦志军指出，当前正是抢抓发展机遇、抢占产业赛道的关键时期，各方要提高政治站位、凝聚合作共 识，以务实之举深化合作，以高效之力推动项目落地见效；要坚持创新引领、聚焦核心发力，着力打造 低空经济发展标杆样板，全力以赴将永州建设成为湘南地区低空经济核心示范区。 永州市低空经济发展有限公司分别与两家企业签署战略合作框架协议，其中与深圳块织类脑智能科技有 限公司签署《永州市低空经济新质生产力全面深化合作战略框架协议》，与海南保亭鑫麓茶溪谷旅游发 展有限公司签署《海南保亭鑫麓茶溪谷景区全面深化合作战略框架协议》。根据协议，各方将立足自身 优势、聚焦重点领域，围绕低空经济产业基地建设、空域管控平台打造、茶溪谷景区开发等方面开展深 度合作，实现资源互补、优势叠加、互利共赢，共同书写低空经济高质量发展的新篇章。 ...