证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 市场进一步走强，非银业绩高增有望持续 2025 年 08 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 研究助理 罗宇康 执业证书：S0600123090002 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 luoyk@dwzq.com.cn 行业走势 -5% 2% 9% 16% 23% 30% 37% 44% 51% 58% 2024/8/26 2024/12/24 2025/4/23 2025/8/21 非银金融 沪深300 相关研究 《权益 ETF 系列：持续上涨，寻找短 期和中期的情绪锚定点 》 2025-08-23 《险资规模超 36 万亿，持续增配股 票；市场交投活跃，8 月日均超 2 万 亿》 2025-08-17 ◼ 非银行金融子行业近期表现：1）最近 5 个交易日（2025 年 08 月 18 日 -2025 年 08 月 22 日）非银金融板块各子行业中仅多元金融行业跑赢沪 ...

Core Viewpoint - The three major indices in China experienced collective gains, reaching new highs for the year, indicating a positive market sentiment and increased investor participation [1] Market Performance - The Shanghai Composite Index closed at 3766.21 points, up 1.04% - The Shenzhen Component Index closed at 11926.74 points, up 0.89% - The ChiNext Index closed at 2607.65 points, up 0.23% - The total trading volume in the Shanghai and Shenzhen markets reached 2.41 trillion yuan [1] Sector Performance - Chip stocks surged in the afternoon, with Cambrian Technology hitting a historical high - Consumer stocks, particularly in the liquor sector, rebounded, with JiuGuiJiu achieving two consecutive trading limits - Consumer electronics stocks were active, with Anjie Technology reaching the daily limit - High-priced stocks experienced significant declines, with multiple stocks like Zhongheng Electric hitting the daily limit down [1] Investor Sentiment - China Galaxy noted that investors are accelerating their entry into the market, with a clear trend of reallocating household wealth towards financial assets - The recovery in market risk appetite is expanding the profit-making effect, with capital inflow becoming a crucial driving force for the market's upward trend [1] Market Outlook - Dongfang Securities indicated that the market is gradually entering a high-level fluctuation zone, with diminishing marginal positive factors - The end of August is expected to be a peak period for mid-year report disclosures, leading the market to refocus on performance-driven strategies, with defensive strategies becoming mainstream [1]

Core Viewpoint - The A-share market has experienced significant growth since April 8, with major indices reaching new highs and increased investor confidence reflected in rising financing balances and stock buybacks [1][2][4]. Market Performance - As of August 19, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have increased by 20.37%, 26.24%, and 43.96% respectively since April 8 [2]. - The total market capitalization of A-shares rose from 87.13 trillion yuan to 110.09 trillion yuan, an increase of 22.96 trillion yuan, or 26.35% [2]. Valuation Changes - The rolling P/E ratios for major indices have increased, with the Shanghai Composite rising from 13.27 to 15.97, and the ChiNext Index from 27.54 to 37.35 [2]. - Most industry sectors have seen valuation increases, with only the food and beverage sector declining by 0.21% [2]. Trading Activity - A-share trading volume has shown a consistent upward trend, with daily trading exceeding 2.1 trillion yuan for five consecutive trading days from August 13 to August 19 [3]. - Northbound trading volumes have also increased, with over 310 billion yuan traded from August 15 to August 19 [3]. Financing and Buybacks - As of August 18, the margin financing balance reached 21,023.09 billion yuan, marking a new high since June 29, 2015, with an increase of 2,441.11 billion yuan since April 8 [3][4]. - A total of 924 companies have conducted buybacks since April 8, with a total buyback amount of 626.37 billion yuan [4]. Investor Sentiment - The increase in financing balances indicates heightened confidence among retail and institutional investors, while company buybacks suggest positive business outlooks [4]. - Analysts expect continued inflow of incremental funds into the A-share market, driven by low deposit rates and declining returns in the real estate market [4]. Future Outlook - Both domestic and international institutions are optimistic about the future performance of the A-share market, with expectations of continued support for Chinese equity assets [5]. - Factors such as technological breakthroughs, emerging industry themes, and stable policy expectations are anticipated to sustain market liquidity and support asset performance [5].

Group 1 - The ChiNext Index (399006) rose by 2.84% as of August 18, 2025, breaking the previous high from October 8, 2024, indicating a new peak in the market [1] - Notable stocks such as Ruijie Networks (301165) increased by 20.00%, Mango Excellent Media (300413) by 16.98%, and Guiding Compass (300803) by 14.64%, reflecting strong performance in the market [1] - Open Source Securities highlighted that recent market performance signals positive trends, with increased trading volume and a shift of resident wealth towards financial assets, contributing to upward market momentum [1] Group 2 - According to China Merchants Securities, the main channels for resident funds entering the market include rising financing balances, increasing private equity fund sizes, and active personal investor account openings, creating a positive feedback loop for incremental funds [2] - The market is currently characterized by a clear preference for technology growth styles (ChiNext 200, ChiNext Index) and small-cap styles (CSI 1000, CSI 2000), which are expected to continue until other types of external funds enter the market [2] - The ChiNext ETF closely tracks the ChiNext Index, which consists of 100 stocks with large market capitalization and good liquidity, reflecting the operational status of the ChiNext market [2]

Market Performance - A-shares experienced a strong opening on August 18, with the Shanghai Composite Index reaching a nearly 10-year high of 3741.29 points during the session, closing at 3740.50 points, up 1.18% [1] - The Shenzhen Component Index rose by 2.25% to 11896.38 points, while the ChiNext Index increased by 3.63% to 2626.29 points [1] - Nearly 4500 stocks in the market saw gains, with a half-day trading volume of approximately 1.75 trillion yuan [1] Sector Performance - The liquid cooling server concept continued to show strength, and the film and media sector also performed well, with several stocks such as Baida Qiancheng, Huace Film & TV, Huazhi Digital Media, and Ciweng Media hitting the daily limit [1] Market Outlook - Industry analysts maintain an optimistic long-term outlook for the index, noting a significant "incremental market" characteristic in the A-share market, with increased trading volume and capital activity [3] - Open-source Securities highlights the growth potential in the growth sector, suggesting that higher market risk appetite may lead to excess returns [3] - Galaxy Securities points out that recent market performance signals positive trends, with daily trading volumes consistently exceeding 2 trillion yuan as the Shanghai Composite Index surpassed 3700 points [3] - Analysts recommend focusing on upstream sectors like non-ferrous metals, midstream sectors such as steel, machinery, and power equipment, as well as non-bank financials, agriculture, and electronics for investment opportunities [3]

Group 1 - A-shares experienced an upward trend with the Shanghai Composite Index reaching a new high of 3688.09 points, surpassing the previous high of 3674.40 points on October 8, 2024, marking the highest level since December 17, 2021 [1] - The Shanghai Composite Index closed up by 0.56%, the Shenzhen Component Index rose by 1.47%, and the ChiNext Index increased by 2.81% [1] - Key sectors showing strong performance included AI hardware stocks such as liquid cooling servers and CPO, with companies like Guangku Technology and Dayuan Pump Industry hitting the daily limit [1] Group 2 - The non-bank financial sector showed collective strength, with Jiuding Investment achieving three consecutive limit-ups, and Changcheng Securities and Guosheng Financial Holding also reaching their daily limits [1] - Other sectors that performed well included ground equipment, medical services, and communication devices [1] - In contrast, sectors such as gold and jewelry, chicken, and coal experienced notable declines [1]

Group 1 - The non-bank financial and securities industry is currently influenced by both policy environment and market activity, with potential for increased consumer spending and market vitality due to recent government measures [1] - The State Council has deployed personal consumption loan and service industry loan interest subsidy policies to lower financing costs, which is expected to stimulate consumption potential [1] - The central bank has indicated a moderately loose monetary policy for the second half of the year, emphasizing ample liquidity to support key areas such as technological innovation and small and micro enterprises [1] Group 2 - The introduction of the "Financial Infrastructure Supervision and Management Measures" strengthens overall regulation and clarifies the principle of "who approves, who supervises," enhancing the safety and international competitiveness of financial infrastructure [1] - The securities sector is expected to benefit from active market trading and the dividends of capital market reforms, indicating promising long-term development potential [1] - The Securities ETF (512880) tracks the securities company index (399975), which reflects the overall performance of listed companies in the securities industry, characterized by strong cyclicality and volatility [1]

Group 1 - The A-share market opened lower but rebounded, with the ChiNext Index turning positive, indicating a recovery in the growth sector [1] - The Tianhong ChiNext ETF (159977) rose by 0.21%, with significant gains in component stocks such as robots, which increased over 14%, and Shenghong Technology, which rose over 6% to reach a new high [1] - The ChiNext Index, which consists of 100 representative companies, reflects the operational status of the ChiNext market, with a high proportion of emerging industries and high-tech enterprises [1] Group 2 - The People's Bank of China and seven departments issued guidelines to support the integration of the digital economy with the real economy, emphasizing the use of technology to enhance efficiency in manufacturing, especially for SMEs [2] - Current market conditions are favorable, with stable domestic policies leading to positive fundamental expectations, suggesting that after structural adjustments, the market will continue to trend upward [2] - Key sectors to focus on in August include AI applications, AI hardware, non-bank financials, and innovative pharmaceuticals, with a long-term view on the progress of social intelligence and the carbon neutrality industry chain [2]

Market Performance - The Shanghai Composite Index rose by 0.66% to close at 3583.31 points, while the Shenzhen Component Index increased by 0.46% to 11041.56 points, and the ChiNext Index gained 0.50% to 2334.32 points [1][2] - The total trading volume in the Shanghai and Shenzhen markets approached 1.5 trillion yuan [3] Sector Performance - The military industry sector showed strong performance, with multiple stocks hitting the daily limit, including North China Longyuan, Aileda, and Kesi Technology [5][6] - The human-robot sector also saw significant gains, with stocks like Daying Electronics and Zhejiang Rongtai reaching the daily limit [6] - The medical device sector experienced a rally, with stocks such as Lide Man and Dabo Medical hitting the daily limit [6] Capital Flow - Main capital inflows were observed in the defense, machinery, electronics, and banking sectors, while there were outflows from the oil and petrochemical sectors [7] - Notable net inflows were recorded for stocks like Construction Industry, Changcheng Military Industry, and Hanyu Pharmaceutical, with inflows of 5.91 billion yuan, 5.47 billion yuan, and 4.70 billion yuan respectively [8] - Conversely, stocks such as Zhongji Xuchuang, Tibet Tianlu, and Hikvision faced net outflows of 5.98 billion yuan, 5.95 billion yuan, and 5.42 billion yuan respectively [9] Institutional Insights - Guotai Junan expressed that if the Shanghai Composite Index finds effective support near the 20-day moving average and trading volume increases, it may restart an upward trend, with a positive outlook for financial, growth, and certain cyclical sectors [10] - CITIC Securities noted a cooling of market sentiment, predicting a phase of consolidation that could benefit a steady bull market, with a focus on sectors such as semiconductors, AI applications, human-robot technology, innovative drugs, non-ferrous metals, defense, transportation, and non-bank financials [10]

Market Overview - The A-share market experienced a slight decline last Friday, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.17%, and the ChiNext Index down by 0.24% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.60 trillion yuan, a decrease of 337.7 billion yuan compared to the previous trading day [1] Analyst Insights - CITIC Securities predicts a phase of market consolidation due to profit-taking pressures and changes in expectations following recent political meetings and PMI data [2] - The firm notes that global monetary easing and a favorable funding environment for A-shares remain unchanged, maintaining bullish market expectations [2] - Key sectors to watch include semiconductors, AI applications, humanoid robots, innovative pharmaceuticals, non-ferrous metals, defense and military industry, transportation, and non-bank financials [2] Growth Opportunities - CICC highlights the potential for strong comprehensive leaders and high-growth niche leaders in the context of the service consumption sector, especially as the market anticipates policy support [3] - The firm observes that companies with inherent growth momentum are outperforming in stock price, leading to relatively higher valuation levels [3] - Looking ahead to the second half of 2025, CICC remains optimistic about growth opportunities for companies with strong internal capabilities and those in high-growth segments [3]