Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector, highlighting the attractiveness of quality stocks in this area [7]. Core Insights - The second quarter shows a stable improvement in policy and market trading trends, suggesting that high-quality non-bank stocks remain a good investment choice based on profitability and dividend stability [2][4]. - Recommended stocks include Jiangsu Jinzheng, China Ping An, and China Pacific Insurance for their stable earnings and high dividend yields. Additionally, stocks like New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings are recommended based on their earnings elasticity and valuation levels [2][4]. Summary by Sections Market Performance - The non-bank financial index increased by 1.2%, outperforming the CSI 300 by 1.4% this week, ranking 6th out of 31 sectors. Year-to-date, the non-bank financial index is down 4.2%, underperforming the CSI 300 by 2.4%, ranking 25th out of 31 [5]. Policy and Regulatory Updates - The Ministry of Finance issued a notice to further implement the new insurance contract accounting standards, which is expected to increase the demand for equity assets among some insurance companies during the transition [4][61]. Company Announcements - Guosen Securities announced a cash dividend of 3.50 yuan per 10 shares, totaling 3.364 billion yuan [6]. Insurance Sector Insights - In April 2025, the cumulative insurance premium income reached 259.54 billion yuan, a year-on-year increase of 2.25%. Property insurance income was 64.86 billion yuan, up 5.19%, while life insurance income was 194.69 billion yuan, up 1.31% [22][23]. Investment Business Trends - The report notes a recovery in market activity, with average daily trading volume reaching 1.3717 trillion yuan, up 13.47% week-on-week. The margin financing balance also increased to 1.82 trillion yuan, up 0.53% [40][47]. Financing Activities - In May 2025, equity financing decreased to 16.795 billion yuan, down 32.2% month-on-month, while bond financing was 72.7 billion yuan, down 7.3% [49][51].

Group 1 - The core viewpoint is that the "light asset, high R&D investment" recognition standard is beneficial for semiconductor companies like Chip Origin Technology, allowing them to allocate funds more flexibly towards IP development projects, which aligns with their focus on high R&D investment in semiconductor IP technology [1][2] - Chip Origin Technology plans to use 64.89% of the raised funds for uncertain R&D expenditures, including salaries for IP R&D personnel and IP acquisition costs, highlighting the company's commitment to continuous investment in semiconductor technology [1] - The introduction of the "light asset, high R&D investment" standard is expected to alleviate financing difficulties for technology innovation enterprises, enabling them to better plan their financing methods and scales according to their development strategies and funding needs [1][2] Group 2 - Since 2025, there has been a significant increase in the acceptance of refinancing applications across the market, creating a positive cycle of "policy dividend release - case demonstration driving - market heat rising" [2] - More companies on the Sci-Tech Innovation Board are considering utilizing the "light asset, high R&D investment" recognition standard, which is particularly applicable to sectors like biomedicine, semiconductors, software, and some high-end equipment manufacturing [2] - Currently, over 100 companies on the Sci-Tech Innovation Board meet the "light asset, high R&D investment" criteria, but only 9 companies have attempted to utilize this new refinancing regulation, indicating a cautious approach among enterprises regarding their financing plans [2]