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]

据《金融时报》记者初步统计，截至2024年末，我国银行业金融机构法人4295家，其中农村商业银 行1563家，农信社458家，村镇银行1539家。与之对比，截至2023年末，银行业金融机构法人4490 家，其中农商银行1607家、农信社499家、村镇银行1636家。据此计算，2024年，我国农商银行、 农信社、村镇银行分别减少44家、41家、98家，占总减少数量（195家）的比重超过90%。 金融监管总局近日发布的《银行业金融机构法人名单（截至2024年12月末）》显示，截至2024年12 月末，我国共有银行业金融机构法人4295家，较2023年末减少195家，较2021年末则为减少307家。 从过去3年的数据来看，银行业金融机构法人呈现出加速减少的趋势。截至2023年末，银行业金融机 构法人为4490家，2022年末为4567家，2021年为4602家。据此，2023年银行业金融机构法人减少77 家，2022年减少35家。而过去3年累计减少的307家机构法人中，农商行、农信社、村镇银行减少的 数量占比超过8成。 受访专家认为，农村中小金融机构法人数量减少反映出近几年中小金融合并重组的改革趋势。今年 的《政府 ...

证券研究报告·宏观事件点评报告 2025 年 3 月 6 日 江海证券研究发展部 执业证书编号： S1410519040002 沪深 300 走势图 数据来源：Wind,江海证券研究发展部，截至 2024 年 3 月 5 日 1. 投资策略配置专题报告-房地产行业或 已出现配置价值–2024.12.02 2. 投资策略配置专题报告-中证 1000 指 数为何近期大幅跑赢沪深 300 指数– 2024.11.11 推动市场信心持续恢复–2024.10.15 4. 投资策略配置专题报告：中国资产对外 资吸引力增强–2024.10.11 总量研究组 分析师：徐圣钧 做好金融"五篇大文章"的指导意见 及其实施要点的点评 事件： 2025 年 3 月 5 日，国务院办公厅发布关于做好金融"五篇大文章"的指导意见。 要求顺应经济社会高质量发展的战略需要、阶段特征和结构特点，深化金融供给 侧结构性改革，强化金融政策和科技、产业、财税等政策衔接配合，提升金融服 务能力，优化资金供给结构，切实加强对重大战略、重点领域和薄弱环节的优质 金融服务，支持因地制宜发展新质生产力。以下是我们对该指导意见的理解： | 投资建议的评级标准 ...

2月27日，金融监管总局、中国人民银行联合发布了《银行业保险业绿色金融高质量发展实施方案》（下称《方案》）。 《方案》以深化金融供给侧结构性改革为重点，引导金融机构优化金融服务，加大银行信贷供给，完善绿色保险体系，拓展绿色金融服务渠道，健全绿色金融标 准，逐步建立完善信息披露机制，从而提升金融服务绿色高质量发展适配性。 《方案》鼓励银行业金融机构优化银行信贷供给，立足自身禀赋，开发特色绿色金融产品服务，例如，大型商业银行要发挥好服务实体经济绿色转型的主力军作 用，优化金融资源区域协调分配，支持绿色产业重点领域和薄弱环节；地方法人银行要深耕地方经济，合理确定经营半径，精准服务当地绿色产业。 《方案》鼓励银行保险机构聚焦产业结构优化升级、能源体系低碳转型、生态环境质量改善和生物多样性保护、碳市场建设等重点领域，推动绿色信贷稳步增长、 拓宽绿色保险覆盖面。除此之外，《方案》还强调发挥各类资金的支持作用，包括发展绿色信托、绿色租赁等。 同时，保险公司要围绕服务绿色转型，研发有针对性的风险保障方案，推动绿色保险业务提质增效，加强保险资金运用，通过投资绿色债券、绿色资产支持证券、 保险资产管理产品等参与绿色项目投资。 强 ...