低位四 call 非银：更左侧、更具弹性、更高赔率 20260106 摘要 Q&A 近期非银板块的市场表现如何？保险和券商板块的具体情况是怎样的？ 近期非银板块市场波动较大，尤其是保险和券商板块。年初两个交易日中，保 险板块表现强劲，周一领涨市场，而周二则由券商接力。回顾元旦前后，由于 临近年底和假期影响，市场活跃度较低，但年初市场表现超出预期。 保险方面， 自去年 10 月以来，该板块已经走了将近三个月的上涨行情，资金净流入加速。 但由于部分标的积累了较大的浮盈，目前投资者对是否继续加仓存在分歧。尽 管如此，我们全年仍看好保险板块。今年（2025 年），虽然业绩边际增速可 能放缓，但估值提升将成为主要驱动力。此外，今年金管总局有望将几家大保 险公司划为系统重要性金融机构，这将进一步提升其估值。 对于券商板块，从 去年 12 月初至今，每次回调幅度都不大，目前趋势非常好。最近两个交易日 成交量快速放量，昨日突破 2.5 万亿人民币，今日突破 2.8 万亿人民币。如果 各国加速加密货币立法，离岸非持牌交易所逐步退出主流市场，为合规 持牌机构提供展业空间。跨境支付市场空间被低估，比特币等加密货币 价格回暖印证了这 ...

Core Viewpoint - The company, Yuanguang Software (002063.SZ), has confirmed that it currently does not have any stablecoin or RWA (Real World Asset) business in Hong Kong [1] Group 1: Blockchain Business Development - The company's blockchain business has developed a self-controlled technology platform and mature products and solutions across multiple fields after years of development [1] - The collaboration with the Macau region involves cross-border logistics traceability, electronic certificates, and community management [1] - Detailed information can be found in the "2025 Semi-Annual Report" [1]

Core Viewpoint - The company plans to acquire 95.4559% of Xian Dao Electronic Technology Co., Ltd. through a share issuance and raise matching funds, leading to significant stock price fluctuations prior to the announcement [1][2]. Group 1: Stock Price Fluctuations - The company's stock (600208.SH) experienced a cumulative price fluctuation of over 20% in the 20 trading days leading up to the announcement, excluding the impact of the broader market and industry factors [2]. - The stock price on July 1, 2025, was 3,457.75 CNY, and on July 29, 2025, it was 3,609.71 CNY, reflecting a 4.39% increase in the Shanghai Composite Index during the same period [1]. Group 2: Strategic Transformation - The company has been actively promoting a strategic transformation, with its investment sector gradually surpassing the real estate sector in terms of profit contribution [2]. - Investments in companies such as CITIC Bank H shares and Xiangcai A shares have yielded significant stock price increases, benefiting the company's stock performance [2]. Group 3: Confidentiality Measures - The company has implemented necessary confidentiality measures during the planning and execution of the transaction to minimize the risk of insider information leakage [2]. - A self-inspection report regarding insider trading will be completed before the transaction proposal is submitted for shareholder approval [3].

Group 1 - Jin Chengzi and Quzhou Development are set to resume trading on August 13, 2025, after announcing plans for asset acquisition and fundraising [2] - Jin Chengzi intends to acquire 55% of Changchun Samit Optoelectronics Technology Co., Ltd. through a combination of share issuance and cash payment [2][4] - Quzhou Development plans to acquire 95.46% of Xian Dao Electric Technology Co., Ltd. through share issuance and fundraising [6][8] Group 2 - Jin Chengzi is a leading company in the field of laser advanced manufacturing, focusing on automation and intelligence, with products including laser processing control systems and precision processing equipment [4] - Samit specializes in precision optical control products, including high-precision mirrors and galvanometers, serving industries such as aerospace and security [4][5] - The acquisition is expected to create synergies in product categories, customer resources, and R&D capabilities between Jin Chengzi and Samit, enhancing market competitiveness [5] Group 3 - Quzhou Development operates under a dual business model of real estate and high-tech investment, using stable cash flow from real estate to support long-term technology industry growth [8] - Xian Dao Electric Technology focuses on advanced PVD sputtering targets and materials, with applications in sectors like semiconductors and renewable energy [8] - The acquisition of Xian Dao Electric is anticipated to strengthen Quzhou Development's business chain and expand its operations in advanced materials, aligning with its strategic transformation goals [8] Group 4 - Quzhou Development's stock has seen a significant increase of nearly 70% since hitting a low point at the end of May, with a more than 20% change in stock price in the 20 trading days prior to the announcement [9] - The company has been actively pursuing strategic transformation, with investments in various high-tech firms leading to positive market feedback and stock performance [11]

Core Viewpoint - The company is actively monitoring developments in the stablecoin sector in Hong Kong and is considering the feasibility of supporting Hong Kong dollar settlements for its overseas OEM products [1] Group 1 - The company has received inquiries from investors regarding its attention to the stablecoin developments in Hong Kong [1] - The company expressed its commitment to continuously monitor changes in the financial sector [1] - The company indicated that it will carefully study the feasibility of supporting Hong Kong dollar settlements based on actual business conditions [1]