Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The insurance industry has seen total assets surpassing 41 trillion yuan, with significant growth in equity allocation [1][26]. - The securities sector is experiencing a decline in trading volume, while refinancing efforts continue to advance [1][18]. - The multi-financial sector is transitioning into a stable growth phase, with trust assets and futures trading volumes showing varying performance [1][34]. Summary by Sections Non-Bank Financial Sector Performance - In the recent five trading days (February 9-13, 2026), all non-bank financial sub-sectors underperformed compared to the CSI 300 index, with the securities sector down 1.04%, multi-financial down 1.45%, and insurance down 2.52% [10][11]. Securities Sector - Trading volume has decreased month-on-month, with February's average daily trading volume at 26,496 billion yuan, a 30.04% increase year-on-year but a 23.74% decrease month-on-month [16]. - The refinancing measures introduced by the Shanghai and Shenzhen Stock Exchanges aim to enhance flexibility and efficiency in capital markets [18][21]. - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026, indicating potential value in quality firms like CITIC Securities and Tonghuashun [25]. Insurance Sector - The total assets of insurance companies reached 41.3 trillion yuan by the end of 2025, reflecting a 15.1% increase from the beginning of the year [26][27]. - The insurance sector's average comprehensive solvency ratio stands at 181.1%, indicating strong financial health [27]. - The allocation to equities and funds has increased significantly, with stocks comprising 10.1% of total investments, up 2.5 percentage points from the start of the year [28][29]. Multi-Financial Sector - The trust industry reported a total asset scale of 32.43 trillion yuan by mid-2025, marking a 20.11% year-on-year increase [34]. - The futures market saw a significant rise in trading volume and value, with January 2026 figures showing a 65.09% increase in volume and a 105.14% increase in value year-on-year [38][41]. - The report suggests that innovation in risk management will be a key focus for the futures industry moving forward [42].

深夜的书桌前，窗外没有交易时段的喧嚣，只有屏幕上还在滚动的市场讨论。春节前，沪深北交易所集中发布了再融资优化的一 揽子举措，这几天不管是股票论坛还是好友社群，全是关于新政的解读：有人说这是给优质企业松绑的利好，有人担心监管细节 收紧会影响市场流动性，吵得沸沸扬扬。前阵子和一位老友喝茶，他说年初就因为被一则利空消息影响，慌慌张张做出了决策， 结果没几天市场就反转，他拍着大腿懊悔了好久。其实我们都有过这种时刻：被消息牵着鼻子走，在犹豫、焦虑和侥幸里来回拉 扯，最后发现自己永远慢半拍。但其实，消息从来不是决定市场走向的核心，真正的关键，是那些主导市场的资金行为——而 这，恰恰是我们最容易忽略的盲区。 一、市场的"消息迷雾"，我们总在踩坑 很多时候，我们会陷入一个惯性误区：把消息和市场的表面表现直接划上等号。比如看到某只标的出现连续回调，又配合着各种 利空传闻，第一反应就是"情况不对，赶紧跑"，可往往事后才发现，这只是虚惊一场。就拿曾经关注的一只标的来说，那段时间 它的回调幅度不小，各种利空消息满天飞，身边不少人都慌了神，要么早早离场，要么不敢进场，只有少数人能沉得住气。后来 它的表现，让所有人都意外：它只用了很短的 ...

A股三大指数早盘集体低开，券商股逆势表现，锦龙股份、首创证券、东吴证券等率先涨超1%。 受盘面影响，券商ETF（159842）低开高走，盘中快速翻红。 有机构表示，证券行业当前估值处于2021年以来的相对低位，PE水平约在16-17倍区间，具备较好的安 全边际，但仍需警惕政策变化及市场波动带来的风险。 值得注意的是，近期资金持续关注券商板块，截至2月12日，券商ETF（159842）开年来累计净流入资 金超6亿元。 资料显示，券商ETF（159842）跟踪中证全指证券公司指数，该指数选取中证全指样本股中至多50只证 券公司行业股票组成，以反映该行业股票的整体表现。 （文章来源：每日经济新闻） 2月9日，沪深北交易所宣布优化再融资一揽子措施。再融资是资本市场的重要基础制度，在支持上市公 司做优做强、促进资源优化配置等方面发挥着重要作用。 有分析认为，优化再融资有望激发市场活力，券商作为中介直接受益，关注板块Beta属性。此次优化明 确支持优质企业、服务科创企业，短期对市场分流影响有限，更多意义在于优化市场资源、资金配置， 增强优质企业发展动能，助力新质生产力发展。再融资优化，叠加证监会拟放松战略投资者限制，带动 ...

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges have introduced a package of measures to optimize refinancing, aimed at improving efficiency, supporting technological innovation, and ensuring regulatory compliance while preventing risks. Group 1: Key Measures - Strong support for quality listed companies in refinancing, optimizing review processes to enhance efficiency, and allowing funds to be directed towards new industries and technologies that align with core business operations [1][3] - Support for unprofitable technology companies to implement refinancing based on demand, with specific conditions allowing for new rounds of financing after previous funds are nearly fully utilized [1][3] - Clear requirements for listed companies to disclose previous fundraising usage and future plans when announcing refinancing proposals, simplifying the process by allowing the use of previously disclosed information [2][6] Group 2: Regulatory Enhancements - Strengthened responsibilities for information disclosure by listed companies and intermediaries, with a focus on ensuring compliance and transparency in refinancing proposals [2][6] - Introduction of a mechanism for the disclosure of refinancing proposals, emphasizing the need for commitments from companies regarding the use of funds and strict penalties for violations [2][6] - Enhanced scrutiny of refinancing practices to prevent blind diversification and ensure funds are used effectively, maintaining a focus on core business operations [3][5] Group 3: Differences from Previous Regulations - Allowing companies experiencing stock price declines to raise funds through competitive placements and convertible bonds, with strict requirements for fund allocation to core business areas [5][7] - Shortening the refinancing interval for unprofitable technology companies from 18 months to 6 months, addressing their funding needs for research and development [5][7] - Establishing new recognition standards for "light asset, high R&D investment" companies on the main board, expanding the scope of beneficiaries under the new policies [6][7]

Group 1 - The core viewpoint is that optimizing refinancing is expected to stimulate market vitality, with brokerages benefiting directly as intermediaries, highlighting the importance of the sector's Beta attributes [1] - The optimization explicitly supports high-quality enterprises and services for technology innovation companies, indicating that the short-term impact on market diversion is limited, but it enhances resource optimization and funding allocation for quality enterprise development [1] - The refinancing optimization, combined with the China Securities Regulatory Commission's intention to relax restrictions on strategic investors, is likely to boost brokerage investment banking and capital intermediary businesses, suggesting a focus on the brokerage sector's Beta characteristics [1] Group 2 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies closely related to the securities market from the Shanghai and Shenzhen markets, covering brokerage, underwriting, and proprietary trading businesses [1] - This index reflects the overall performance of listed companies in the securities industry and exhibits high industry concentration and cyclical characteristics [1]

Group 1: Food and Beverage Industry - The core conclusion indicates that high-end consumption is recovering first, driven by wealth effects from asset price appreciation and improved corporate earnings, with signs of recovery in luxury goods, high-end shopping centers, duty-free, and gaming sectors starting from Q3 2025 [1][5] - Investment recommendations suggest selecting high-quality targets that combine both beta and alpha, with a focus on companies like China Resources Mixc Lifestyle, Samsonite, Galaxy Entertainment, and Sands China [1][5] Group 2: Non-Banking Financial Sector - The report discusses the optimization of refinancing mechanisms by the Shanghai and Shenzhen Stock Exchanges, which aims to enhance the flexibility and efficiency of refinancing for high-quality listed companies, particularly in new industries and technologies [6][7] - It highlights that the new policies will support quality companies in utilizing funds for synergistic new industries and technologies, thereby enhancing the overall quality of refinancing business [6][7] - Investment suggestions indicate that the optimized refinancing measures will open up further opportunities for leading investment banks, enhancing their revenue growth and overall profitability in the refinancing business [8]

行 业 研 究 / 行 业 点 评 相关研究 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 券 研 究 报 告 证券分析师 行 业 及 产 业 非银金融/ 证券Ⅱ 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 2026 年 02 月 10 日 优化再融资措施意在扶优服科，券 商中介机构业务迎来发展机遇 看好 ——沪深北交易所发布《优化再融资一揽子措施》点评 事件：2026/2/9，沪深北交易所同步发布《优化再融资一揽子措施》。 请务必仔细阅读正文之后的各项信息披露与声明 注：中信证券、招商证券、东方证券、国联民生数据采用业绩快报/预告 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 ⚫ 坚持扶优限劣。对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融 资审核，进一步提高再融资效率。 支持优质上市公司将募集资金用于与主营业务有 ...

最近，北京证券交易所宣布优化再融资一揽子措施。本轮优化对成立4年多的北交所来说，有着重 要意义。这标志着，北交所将通过这一轮优化，更好助力创新型中小企业发展壮大。 北交所本次优化再融资一揽子措施，重点围绕提升再融资相关制度的包容性、灵活性。细看下来， 扶优、扶科的政策导向鲜明。 北交所相关负责人表示，前期市场调研中，头部优质公司均希望再融资审核体现更多正面激励，对 规范性等各方面表现优秀的发行人可以减少审核问询、提高审核效率。 值得关注的还有，本轮优化将强化"再融资+控制权变更"监管，重点完善了再融资预案公告相关要 求，对于以取得上市公司控制权为目的的锁价定增，上市公司及发行对象应当公开承诺在批文有效期内 完成发行，防止"忽悠式"再融资。 定位于服务创新型中小企业主阵地，北交所的建设发展扩大了资本市场服务覆盖面，补齐资本市场 服务中小企业的短板。经过4年多的发展，北交所目前上市公司总数已经达到292家。 随着创新型中小企业的不断发展，抢抓市场机遇需要更多金融资源的支持。北交所相关负责人介 绍，这次优化将进一步激活北交所市场融资活力，北交所支持上市公司优化配置资源的市场效能将进一 步释放。 本轮优化有利于建立北 ...

沪深北交易所2月9日宣布 优化再融资一揽子措施 同时，沪深北交易所优化再融资间隔期要求，按照未盈利标准上市且尚未盈利的科技型上市公司再融资，前次募集资金 基本使用完毕或未改变募集资金投向的，融资间隔期调整为不少于6个月。存在破发情形的上市公司，可以通过定增、发 行可转债等方式合理融资，募集资金需投向主营业务。 本轮优化围绕提升再融资灵活性、便利度，明确上市公司披露再融资预案时，应当同时简要披露前次募集资金使用情况 以及下一步使用进度考虑，申报时前次募集资金使用进度原则上应当达到基本使用完毕的标准。合理简化再融资申报材 料，对于已在定期报告等信披文件中披露且事实未发生变化的内容，可以直接引用。 此外，围绕加强再融资全过程监管，本轮优化压严压实上市公司信披第一责任人和中介机构"看门人"职责，建立交易所 再融资预案披露工作机制，严防上市公司"带病"申报再融资。 新华社权威快报 2月9日，沪深北交易所宣布优化再融资一揽子措施，主要围绕进一步支持优质上市公司创新发展、更好适应科创企业再 融资需求、提升再融资灵活性和便利度、加强再融资全过程监管等四个方面。 在进一步支持优质上市公司创新发展方面，沪深北交易所明确，对经营治 ...

2月9日，沪深北三大交易所同步推出一揽子再融资优化举措，简化流程、扶优扶科、强化监管，既为优 质企业松绑减负，又向"忽悠式"融资亮剑。这不是简单的政策放宽，而是资本市场的一次精确校准，目 的只有一个：让再融资回归本源，把资金真正引向实体经济、引向科技创新。 再融资本是上市公司发展的"加油站"，少数企业曾出现过"走样变形"，如有的公司频繁融资、盲目扩 张，募集资金长期闲置；有的偏离主业炒概念，损害投资者信心；还有的借机套利，遭市场诟病。资本 市场既要支持企业发展，更要守护投资者利益，再融资"提质增效"，已是市场共识、民心所盼。 此次优化导向清晰、力度务实。一方面扶优扶科，对治理规范、认可度高的优质企业提速审核，适配科 创企业"轻资产、高研发"特点，放宽未盈利科技企业融资间隔要求，允许破发企业通过定增、可转债合 理融资，牢牢守住"资金投向主营业务"底线。另一方面，严管乱象，压实上市公司信披责任与中介"看 门人"职责，严防"带病申报"，强化募集资金监管，严肃查处违规变更用途，让想"浑水摸鱼"的企业无 处遁形。 便利不等于纵容，松绑不代表放任。这次改革的核心，是有保有压、精准浇灌。优化预案披露机制、提 升机制灵活性， ...