Core Viewpoint - The diversified financial sector experienced a rise of 0.58% on January 5, with Zhejiang Dongfang leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4023.42, up by 1.38% [1]. - The Shenzhen Component Index closed at 13828.63, up by 2.24% [1]. Group 2: Individual Stock Performance - Zhejiang Dongfang (600120) closed at 6.59, with a gain of 6.81% and a trading volume of 2.1745 million shares, amounting to a transaction value of 1.424 billion [1]. - Yuexiu Capital (000987) closed at 8.59, up by 5.53%, with a trading volume of 1.4263 million shares, totaling 1.225 billion [1]. - Sichuan Shuangma (000935) closed at 25.44, increasing by 2.42%, with a trading volume of 80,800 shares, resulting in a transaction value of 205 million [1]. - Guowang Yingda (600517) closed at 6.15, up by 2.33%, with a trading volume of 358,600 shares, totaling 219 million [1]. - Zhongliang Capital (002423) closed at 11.90, increasing by 1.71%, with a trading volume of 185,500 shares, resulting in a transaction value of 219 million [1]. Group 3: Fund Flow Analysis - The diversified financial sector saw a net outflow of 433 million from main funds, while retail investors contributed a net inflow of 368 million [2]. - The main funds' net inflow for Zhejiang Dongfang was 263.14 million, accounting for 18.48% of its trading volume [3]. - Retail investors showed a net inflow of 368 million into the diversified financial sector, indicating strong interest from smaller investors [2].

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 4023.42 points, up 1.38%, and a total trading volume of 10,673.34 billion yuan [1] - The Shenzhen Component Index closed at 13,828.63 points, up 2.24%, with a trading volume of 14,789.37 billion yuan [1] - The ChiNext Index closed at 3,294.55 points, up 2.85%, with a trading volume of 6,962.18 billion yuan [1] Sector Performance - The insurance sector led the gains with a rise of 6.72%, totaling a trading volume of 381.27 million hands and a net inflow of 31.75 billion yuan [2] - The medical device sector increased by 5.84%, with a trading volume of 1,345.93 million hands and a net inflow of 44.39 billion yuan [2] - The medical services sector rose by 5.59%, with a trading volume of 1,104.56 million hands and a net inflow of 26.68 billion yuan [2] - Other notable sectors with positive performance include gaming (up 4.10%) and biotechnology (up 3.31%) [2] Declining Sectors - The diversified financial sector experienced a decline of 0.72%, with a trading volume of 1,487.42 million hands and a net outflow of 4.55 billion yuan [2] - The electrical machinery sector fell by 0.71%, with a trading volume of 641.98 million hands and a net outflow of 8.83 billion yuan [2] - The road and railway transportation sector decreased by 0.57%, with a trading volume of 799.34 million hands and a net outflow of 8.40 billion yuan [2]

Group 1 - The A-share diversified financial sector weakened in the afternoon on January 5, with Cuili Co., Ltd. dropping over 8% [1] - Lushin Investment and Lakala both fell more than 7% [1] - Other companies such as Hainan Huatie, China National Petroleum Capital, and Aijian Group also experienced declines [1]

Core Viewpoint - The acceleration of digital RMB implementation and the formal introduction of new fund sales fee regulations are expected to optimize the financial ecosystem and payment system [1][2]. Securities Sector - The People's Bank of China will officially implement a new action plan for digital RMB management and related financial infrastructure by January 1, 2026, which is expected to enhance monetary policy transmission efficiency and support the internationalization of the RMB [2]. - The new fund sales fee regulations, effective December 31, 2025, will allow differentiated redemption fees for bond funds, significantly reducing the pressure from short-term redemptions and encouraging long-term holding by investors [2]. Investment Recommendations for Securities - Focus on undervalued brokers for potential rebound during the spring market, with strong recommendations for quality brokers with significant valuation and performance mismatches, particularly Guotai Junan and Haitong Securities [3]. - Attention should be given to Sichuan Shuangma, which is positioned in the technology sector and is expected to benefit from venture capital opportunities in gene therapy [3]. - Highlighting multi-financial firms with impressive growth rates, such as Yixin Group, Far East Horizon, and Jiufang Zhitu Holdings [3]. Insurance Sector - The tax base switch is expected to have minimal impact on insurance companies' net profits and net assets, with high proportions of tax-exempt income and deferred tax liabilities [4]. - The new tax guidelines for insurance contracts will require companies to follow new standards starting in 2026, but the actual taxable income is projected to remain low due to high tax-exempt income ratios [4]. Investment Recommendations for Insurance - The high growth in liabilities is expected to drive valuation shifts, with the insurance sector benefiting from increased demand for savings and the rising market share of leading companies [5]. - The upcoming insurance market rally is supported by stable or improving conditions in the stock market and interest rates, which will enhance the balance sheets of major insurance companies [5].

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 2026 年 01 月 04 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 26% 2025/1/6 2025/5/5 2025/9/1 2025/12/29 非银金融 沪深300 相关研究 《公募基金降费第三阶段落地，引导 权益类基金发展，平滑对短债基金的 影响》 看好保险 2026 年"开门红"；公募费改第三 阶段落地 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026-01-03 《低利率时代的重逢——中国分红险 发展的前世今生》 2025-12-30 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 3 个交易日（2025 年 12 月 29 日-2025 年 12 月 31 日）非银金融各子板块中仅多元金融行业跑赢沪深 ...

Investment Rating - The report suggests a focus on three main investment lines: undervalued brokerages, companies in the biotechnology sector, and diversified financial firms with strong performance growth [2][4]. Core Insights - The People's Bank of China has introduced a plan to enhance the digital RMB management system, expected to optimize monetary policy transmission and support the internationalization of the RMB, creating opportunities in the payment sector [1][40]. - The China Securities Regulatory Commission has revised regulations on public fund sales fees, encouraging long-term holding by investors and benefiting the public fund industry [1][41][42]. - The insurance sector is expected to see stable net profits and net assets due to high tax-exempt income and deferred tax liabilities, with a low taxable income forecast for 2024-2025 [3][4]. Summary by Sections Securities Sector - The digital RMB is set to officially launch on January 1, 2026, with expectations to enhance monetary policy efficiency and broaden application scenarios, benefiting related industries [1]. - The new fund sales fee regulations are aimed at reducing costs for investors and promoting a healthier ecosystem for public funds [1][41][42]. Investment Recommendations - Focus on undervalued brokerages for potential gains, particularly recommending Guotai Junan and Haitong Securities [2]. - Highlighting Sichuan Shuangma's advantages in the technology sector and its investments in gene therapy, with a strong pipeline of projects [2]. - Recommend diversified financial firms like Yixin Group and Far East Horizon for their impressive performance growth [2]. Insurance Sector - The tax base switch is not expected to significantly impact insurance companies' net profits or net assets, with a high proportion of tax-exempt income [3]. - The report anticipates a favorable environment for insurance stocks driven by high demand in the liability sector and a supportive market for asset management [4]. Market Dynamics - The report notes a recent decline in the A-share market, with the non-bank financial sector underperforming compared to the broader market [10]. - The brokerage and insurance sectors have shown varied performance, with specific recommendations for companies based on their growth potential and market positioning [10][12].

（记者 曾健辉） 每经AI快讯，香溢融通1月4日晚间发布公告称，公司及控股子公司对外担保总额约83.74亿元，实际担 保余额合计约35.09亿元，占公司2024年度经会计师事务所审计的净资产约21.67亿元的161.98%，无其 他担保，无逾期担保。 每经头条（nbdtoutiao）——AI泡沫破灭？美股下跌20%？量子计算颠覆加密货币？金价涨破1万美元？ 2026年华尔街和科技圈十大预测来了 ...

Group 1 - The non-bank financial sector increased by 12.12% from early 2025 to December 28, 2025, ranking 19th among 31 primary industries, underperforming the Shanghai Composite Index by 6.13 percentage points [4][12] - The price-to-earnings ratio for the non-bank financial sector is 11.62 times, ranking 23rd among primary industries, while the weighted price-to-book ratio is 1.79 times, the lowest 37th percentile in the past decade [4][12] - The adjusted revenue for 46 comparable listed brokerages reached 432.6 billion yuan, with a net profit attributable to shareholders of 179 billion yuan in the first three quarters of 2025, representing year-on-year increases of 45% and 62% respectively [4][62] Group 2 - The insurance sector's net profit for five A-share listed insurance companies totaled 426 billion yuan in the first three quarters of 2025, a year-on-year increase of 33.5% [4] - The report anticipates that the net profit of listed insurance companies will continue to maintain double-digit growth for the entire year of 2025, supported by better performance in the equity market in the fourth quarter compared to the same period last year [4] - The report highlights that the insurance sector's valuation may see continuous recovery due to synchronized improvement in assets and liabilities, along with potential overperformance in the "opening red" period [5] Group 3 - The report emphasizes the importance of the securities industry as a financing intermediary for new productive forces and long-term capital allocation, recommending attention to brokerages with expected industry mergers, strong overseas business layouts, and effective wealth management transformations [5] - Specific beneficiaries include China Galaxy, GF Securities, Huatai Securities, and Dongfang Wealth, as well as the Hong Kong Stock Exchange, which stands to benefit from active equity financing [5] - The report also identifies venture capital companies focusing on AI, robotics, and solid-state batteries as beneficiaries of accelerated IPOs in technology sectors [5] Group 4 - The report notes that the capital market in 2025 has shown a resilient upward trend, with daily trading volume in the A-share market averaging 17.23 billion yuan, an increase of 97% and 62% compared to 2023 and 2024 respectively [29][30] - The number of new A-share accounts opened in the Shanghai Stock Exchange reached 24.84 million in the first 11 months of 2025, a year-on-year increase of 8% [30] - The report indicates that the average daily turnover rate for A-shares in 2025 was 3.83%, significantly higher than the rates in 2023 and 2024 [38]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The digital RMB introduces new functions such as value storage and interest-bearing capabilities, providing a complete monetary function and ensuring wallet balances are classified as "commercial bank liabilities" protected by deposit insurance, fundamentally changing its previous status as merely "digital cash" [1] - On the operational level, a "one global account" dual-layer architecture clarifies that commercial banks are the service and responsibility entities, allowing digital RMB deposits to be included in asset-liability management (after reserve requirements) for lending, addressing the previous lack of motivation for banks to promote it [1] - From a regulatory perspective, bank-like operating institutions are included in the reserve requirement system, while non-bank payment institutions are subject to a 100% margin requirement, effectively preventing financial disintermediation and shadow banking risks. Concurrently, eight departments jointly issued opinions to support the construction of the new western land-sea corridor, further expanding the application boundaries of digital RMB and proposing integrated solutions for "payment settlement + financing + tax refunds" based on smart contracts, leveraging its core advantages of "payment as settlement and low cost" [1] Summary by Sections Personal Users - The interest-bearing feature directly enhances the willingness to hold digital RMB, making digital RMB wallets equivalent to "interest-bearing demand deposit accounts," which, combined with deposit insurance, significantly boosts the activity and usage rate of personal wallets [2] Enterprises - The instant cross-border payment feature is well-suited for high-frequency scenarios such as bulk commodity trading and cross-border trade, greatly shortening settlement cycles. Smart contract technology supports automated processing of financing and tax refund processes, reducing manual intervention and compliance costs, particularly benefiting small and micro enterprises in expanding cross-border business [2] Financial Institutions - Commercial banks gain a new source of funds and can develop comprehensive financial products around interest-bearing wallets, enriching their business ecosystem [2] Macro Level - The activation of financial IT services, hardware terminal manufacturing, and scenario operation services markets will lead to concentrated demand for bank system upgrades, payment terminal transformations, and smart contract development, driving revenue growth across related industry chains [2] Data Insights - As of November 2025, the cumulative transactions of digital RMB reached 3.48 billion, amounting to 16.7 trillion yuan, with 230 million personal wallets and 18.84 million corporate wallets. The multilateral central bank digital currency bridge processed cross-border payments totaling 387.2 billion yuan, with digital RMB transactions accounting for 95.3% [9]

Market Overview - The diversified financial sector experienced a decline of 1.37% on December 30, with *ST Panda leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable stock performances in the diversified financial sector include: - Nanhua Futures (603093) closed at 19.75, up 0.46% with a trading volume of 84,700 shares and a transaction value of 167 million [1] - Lakala (300773) closed at 26.60, up 0.04% with a trading volume of 1,579,800 shares [1] - Bohai Leasing (000415) remained unchanged at 4.09 with a trading volume of 702,900 shares [1] - Jiangsu Jinzu (600901) and Zhejiang Dongfang (600120) both saw a decline of 0.16% [1] - *ST Rendo (002647) closed at 7.79, down 0.26% with a trading volume of 220,800 shares [1] Capital Flow - The diversified financial sector saw a net outflow of 777 million from institutional investors, while retail investors contributed a net inflow of 742 million [2] - The sector's capital flow indicates a mixed sentiment, with retail investors showing more confidence compared to institutional investors [2] Individual Stock Capital Flow - Key individual stock capital flows include: - Bohai Leasing (000415) had a net outflow of 42.11 million from institutional investors [3] - Jiangsu Jinzu (600901) saw a net inflow of 1.49 million from retail investors [3] - *ST Nengmao (600599) experienced a significant net outflow of 4.98 million from institutional investors, indicating a bearish sentiment [3]