分析师及联系人 [Table_Author] SFC：BUV596 丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 券商季报业绩强劲，配置价值持续提升 报告要点 [Table_Summary] 近期因全球资产风险偏好下降板块估值整体有所回调，从业绩估值匹配度来看配置性价比正显著提升。一 季报券商业绩表现强劲，配置价值持续提升，另外历史上看业绩披露期以保险为主的非银子板块通常相对 收益表现亮眼，建议 5 月积极增配，看好业绩估值双升。 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 丨证券研究报告丨 2025-05-06 行业研究丨行业周报 [Table_Title 券商季报业绩强劲，配置价值持续提升 2] [Table_Summary2] 核心观点： 近期因全球资产风险偏好下降板块估值整体有所回调，从业绩估值匹配度来看配置性价比正显 著提升。一季 ...

Group 1 - In March, the bond market issued a total of 8.74 trillion yuan in various bonds, with government bonds accounting for 1.28 trillion yuan, local government bonds 978.8 billion yuan, and financial bonds 1.02 trillion yuan [1] - The total custody balance of the bond market reached 183.1 trillion yuan by the end of March, with 161.8 trillion yuan in the interbank market and 21.3 trillion yuan in the exchange market [1] - The increase in bond underwriting business may boost the income expectations of brokerage investment banks, while the surge in local government bonds could accelerate the funding pace for infrastructure projects [1] Group 2 - The People's Bank of China held a meeting to implement the overall statistical system for the financial "Five Major Articles," emphasizing the importance of data governance and quality management [2] - Financial institutions are required to enhance their data governance capabilities, which may lead to industry differentiation, with new energy and technology sectors receiving more precise financing support [2] - This initiative aims to solidify the achievements of financial supply-side reforms and provide structural policy guidance for the capital market, ultimately optimizing the financial support framework for economic transformation [2] Group 3 - On April 29, the People's Bank of China conducted a 7-day reverse repurchase operation of 3.405 trillion yuan, maintaining the operation rate at 1.50% [3] - The net injection of 120 billion yuan on that day helps maintain reasonable liquidity and stabilizes the funding environment for sectors sensitive to capital, such as infrastructure and consumption [3] - The neutral and slightly loose liquidity in the interbank market is favorable for bond market allocation demand and creates a stable funding environment for the capital market [3] Group 4 - Tianmao Group announced a delay in the release of its 2024 annual report and 2025 Q1 report due to the need for further information, which may not be disclosed by the legal deadline [4] - Following the announcement, Tianmao Group's stock price fell to 3.04 yuan per share, resulting in a total market value decrease to 15 billion yuan [4] - The insurance sector may face a restructuring of valuation systems, with companies relying on short-term financial products potentially under pressure [4] Group 5 - The offshore yuan strengthened against the US dollar, breaking the 7.27 mark, with a peak of 7.2647 during the trading session [5] - The stability of the yuan exchange rate may enhance foreign investment interest in yuan-denominated assets, particularly in consumer blue chips and high-dividend stocks [6] - Increased demand for liquidity management in the interbank market may arise from the active cross-border capital flows [6]

Group 1 - The meeting between the Governor of the People's Bank of China and the IMF President signals China's commitment to deepening international financial cooperation, potentially enhancing cross-border capital flows and exchange rate policy coordination [1] - The dialogue may create a more stable external environment for domestic financial institutions to participate in global governance, with opportunities for innovation in cross-border payment and offshore RMB business [1] - The collaboration could optimize the allocation logic of sovereign funds and foreign institutions towards Chinese assets due to policy alignment [1] Group 2 - The People's Bank of China plans to implement more proactive macro policies, including potential reserve requirement ratio (RRR) cuts and interest rate reductions, to maintain ample liquidity and support key areas for employment and growth [2] - The expansion of the monetary policy toolbox highlights a structural focus, which may improve the financing environment for real enterprises, particularly in technology innovation and green transformation sectors [2] - The reasonable liquidity in the interbank market may alleviate pressure on small financial institutions, although pricing power disparities could intensify industry restructuring [2] Group 3 - In March, China's international balance of payments for goods and services trade reached 4.27 trillion yuan, a year-on-year increase of 6%, with a trade surplus of 603.4 billion yuan [3] - The improvement in foreign trade data is expected to reinforce the safe-haven attributes of RMB assets, injecting stability into the capital market [3] Group 4 - In Q1 2025, China's gold consumption decreased by 5.96% year-on-year, while gold production increased by 1.49% to 87.24 tons [4] - The significant structural differentiation in gold consumption reflects a trend towards physical gold as a safe-haven asset amid geopolitical risks, benefiting gold mining companies [4] - The retail jewelry sector faces pressure, but innovations in traditional gold and lightweight products may provide new opportunities, especially among younger consumers [4] Group 5 - Industrial and Commercial Bank of China (ICBC) shares reached a new historical high, closing at 7.29 yuan per share, up 1.11% [5] - The continuous rise in bank stocks, particularly among the four major state-owned banks, indicates a market re-evaluation of high dividend assets [6] - The deepening of financial supply-side reforms and the improvement of deposit rate marketization may accelerate the wealth management transformation of leading banks, reshaping the industry valuation system [6]

Core Viewpoint - The article highlights Beijing Bank's significant achievements in 2024, driven by macroeconomic policies aimed at supporting the real economy and enhancing consumption through various financial innovations and services [2][3]. Group 1: Financial Innovations and Product Offerings - Beijing Bank has launched specialized financial products such as "Linghang e-loan" for specialized and innovative enterprises, with cumulative loans exceeding 106.8 billion yuan by the end of 2024, marking a growth of 33.8 billion yuan since the beginning of the year [3][4]. - The bank's green finance initiatives include products like "Waste-Free Loan" and "Water-Saving Loan," with a total green loan balance reaching 210.35 billion yuan, a growth rate of 43.11% [3][4]. - The introduction of a microfinance coordination mechanism and a unified financing application platform has facilitated a 28.3% increase in inclusive finance loans, totaling 310.61 billion yuan by the end of 2024 [4][5]. Group 2: Support for Key Sectors - Beijing Bank has actively supported the manufacturing sector's transformation, with manufacturing loans growing by 36% to 237.6 billion yuan, and medium to long-term loans increasing by 67% to 122.7 billion yuan [6][7]. - The bank has also focused on cultural industry financing, achieving a loan balance of 116.64 billion yuan, reflecting a growth of 32.39% [7]. - In rural revitalization efforts, the bank's agricultural loans reached 117.34 billion yuan, with a notable increase of 250.58 billion yuan since the beginning of the year [8]. Group 3: Consumer Finance and Digital Transformation - Beijing Bank has enhanced consumer finance offerings, with the "Jing e-loan" product growing by 109% by the end of 2024, and the credit card business seeing a 16% increase in new customers [9][10]. - The bank has successfully launched the first public REITs for consumer goods in Beijing, contributing to the growth of consumption-driven financial products [9]. - Digital financial services have expanded significantly, with the bank facilitating over 100 billion yuan in digital currency transactions throughout the year [5][9]. Group 4: New Citizen Financial Services - The bank has implemented twelve initiatives to improve financial services for new citizens, providing over 26 billion yuan in entrepreneurial loans and 38 billion yuan in housing loans [10]. Group 5: Retail Business Performance - By the end of 2024, Beijing Bank's retail loan balance surpassed 700 billion yuan, maintaining a leading position among city commercial banks, with retail revenue reaching 24.94 billion yuan, a year-on-year growth of 2.26% [11].

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [10] Core Insights - The report highlights that the performance of the non-bank sector has lagged behind the broader market since the beginning of 2025, with a slight market correction observed this week. However, the first quarter results for brokerages show stable improvement, suggesting a favorable environment for investment [2][7] - It is recommended to actively increase allocations in April, with a focus on stocks that exhibit both performance and valuation growth. The report emphasizes the importance of patience in waiting for catalysts while continuing to invest in high-growth, undervalued stocks [7] Summary by Sections Market Performance - The non-bank financial index increased by 1.2% this week, outperforming the CSI 300 by 0.8%. However, year-to-date, the non-bank financial index is down 8.6%, underperforming the CSI 300 by 4.9% [8] - The average daily trading volume in the market rose to 11,466.36 billion yuan, a 3.43% increase week-on-week, while the margin trading balance decreased slightly to 1.81 trillion yuan [8][39] Brokerage Performance - The report notes that the brokerage sector's performance is improving, with a recommendation to focus on high-growth, low-valuation stocks during the ongoing market correction [7] - Specific stocks recommended include New China Life Insurance, China Life Insurance, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, and Tonghuashun, with a focus on M&A themes for China Galaxy and stable dividend stocks like China Pacific Insurance and Jiangsu Jinzhong [7] Financial Market Trends - The report indicates that the financial supply-side reform is accelerating, particularly in the brokerage industry, which is progressing rapidly. This environment presents opportunities for thematic investments in the short term [7] - The report also tracks key financial metrics, noting that the average daily turnover and trading volume have shown signs of recovery, indicating a potential upward trend in brokerage profitability [39][45] Insurance Sector Insights - The insurance sector saw a cumulative premium income of 21,745 billion yuan in March 2025, reflecting a year-on-year increase of 0.93%. However, life insurance premiums showed a slight decline [25][29] - The total assets of the insurance industry reached 37.84 trillion yuan, with a net asset scale of 3.52 trillion yuan, indicating a healthy growth trajectory [29][30] Investment Banking Activity - In March 2025, equity financing reached 568.10 billion yuan, a significant increase of 1141.3% month-on-month, while bond financing also saw a rise to 8.69 trillion yuan, up 26.5% [49][50] - The report anticipates an increase in stock underwriting volumes due to the promotion of refinancing regulations and registration systems, while bond underwriting will need to be monitored closely in relation to interest rate fluctuations [50]

Core Viewpoint - The reduction in the number of banking institutions in China, particularly rural and small banks, reflects the ongoing trend of consolidation and restructuring in the financial sector, driven by regulatory policies aimed at risk management and market exit strategies [1][2][3]. Group 1: Current Status of Banking Institutions - As of the end of December 2024, there are 4,295 banking institutions in China, a decrease of 195 from the end of 2023 and 307 from the end of 2021 [1][2]. - The number of rural commercial banks, rural credit cooperatives, and village banks has significantly decreased, accounting for over 90% of the total reduction in banking institutions [2]. Group 2: Trends in Small and Medium-Sized Banks - The trend of small and medium-sized banks exiting the market is a result of deeper market-oriented reforms and increased competition, which demands higher sustainability from financial institutions [3][4]. - Regulatory bodies are pushing for the consolidation of rural small banks to optimize resources and improve risk management capabilities [5]. Group 3: Future Outlook and Strategies - The future of small and medium-sized bank reforms is expected to follow three main trends: accelerated consolidation, a return to core functions and specialized development, and continued risk resolution efforts [5]. - Regulatory policies will guide the integration of small banks through mergers and acquisitions, aiming to reduce the number of institutions while enhancing their operational efficiency and risk resilience [5].