非银行金融 行业周报（20250506-20250511） 领先大市-A(维持) 公募改革持续推进，专项货币政策再扩容 2025 年 5 月 14 日 行业研究/行业周报 非银行金融行业近一年市场表现 投资要点 资料来源：最闻 【山证非银行金融】政策精准发力，全 面完善资本市场机制-国新办发布会点 评： 2025.5.7 极，券商一季报表现亮眼-行业周报 （20250421-20250427）： 2025.4.29 | 李明阳 | | --- | | 执业登记编码：S0760525050002 | | 邮箱：limingyang@sxzq.com | | 孙田田 | | 执业登记编码：S0760518030001 | | 电话：0351-8686900 | | 邮箱：suntiantian@sxzq.com | | 刘丽 | | 执业登记编码：S0760511050001 | | 电话：0351--8686985 | | 邮箱：liuli2@sxzq.com | 证监会印发《推动公募基金高质量发展行动方案》。方案旨在督 促基金公司、基金销售机构等行业机构从"重规模"向"重回报" 转变，形成行业高质量发展的"拐 ...

先说个盘面上的热点，川普要出访中东国家。 关于川普的这次出访，有两个重点： 1、一个是卖军火，一直以来中东土豪们就是美式武器的重要推销对象，想讨好川普，就得买点美国货，川普出访的第一站就在阿联酋，要先卖好多个小 目标给他们。 2、 川普可能会放宽对中东国家的AI芯片限制，这个跟我们相关比较大。 这意味着什么呢？ 要卖很多芯片给阿联酋，换取阿联酋去对美国投资、买美国货。 原来拜登一直不同意，就是害怕阿联酋的芯片给我们用了，毕竟阿联酋的最大的人工智能公司，G42的CEO就叫肖鹏。 看这个名字你就知道啥情况了。 但是这一次川普就管不了那么多了，挣钱是第一位的。这一点对于国内的AI芯片板块，特别是国产替代逻辑也有一定的影响，也值得我们去注意。 这个点我之前的文章专门也提示过，点到为止，懂的都懂。 说说今天的市场，又是高开低走的一天。 沪指微涨，深成和创业板微跌，全市场成交1.3万亿元，3200多只个股下跌。 虽然谈判大超预期，但市场显然没那么充奋，反而情绪上比较偏保守谨慎，为什么？ 有一个观点是，中美这次没谈好。 其实中美贸易停战，对于中国经济一定是好事。 中美谈判阶段性进展出来后，外资马上给出最新观点：预计中国第二 ...

(0) 财通证券 CAITONG SECURITIES 1、5月7日，证监会发布《推动公募基金高质量发展行动方案》，政策旨在鼓励基金确定合理的业绩比较基准、规范投资行为。《推动公募基金高质 量发展行动方案》提出：1）建立与基金业绩表现挂钩的浮动管理费收取机制，根据其持有期间产品业绩表现确定具体适用管理费率水平。2）强化业 绩比较基准的约束作用，明确基金产品业绩比较基准的设定、修改、披露、持续评估及纠偏机制。 2、相关政策背景在于近三年跑赢业绩基准的主动基金占比偏低。2015年至今，主动基金相对业绩基准的表现在不同市场环境下波动较大，其中 2016-2018年、2022-2024年间，跑赢基准的基金占比持续偏低，这与基金配置长期偏离基准不无联系。此次强化约束有利于纠偏基金业绩比较基准 设立不合理、基金风格漂移的现象，强化投资者信心。 3、当前以沪深300、中证800、中证500为业绩比较基准的基金规模，占全部生动基金的71%，普遍低配金融、公用。截至1Q25，以沪深300/中证 800/中证500为业绩比较基准的主动基金规模合计约2.5万亿元，三类基金分别占3.5万亿元主动基金的48%/19%/4%。其中：a） ...

金融资金面跟踪：量化周报（2025/05/05~2025/05/09） 推荐（维持） 成交量有所增长，超额有所回升 行业研究 非银行金融 2025 年 05 月 11 日 | 华创证券研究所 | | | --- | --- | | 证券分析师：徐康 | 证券分析师：刘潇伟 | | 电话：021-20572556 | 邮箱：liuxiaowei@hcyjs.com | | 邮箱：xukang@hcyjs.com | 执业编号：S0360525020001 | | 执业编号：S0360518060005 | | 证 券 研 究 报 告 上周量化私募超额有所回升，中性策略正收益。上周样本量化私募收益及超额如下： 1）300 增强策略周/月/年初以来平均收益分别为-0.4%/-1.3%/-1.8%，周/月/年初以来平均 超额分别为+0.1%/+0.9%/+3.3%；2）500 增强策略周/月/年初以来平均收益分别为+0.4%/- 1.7%/+2.3%，周/月/年初以来平均超额分别为+0.3%/+2%/+7.1%；3）A500 增强策略周/月 /年初以来平均收益分别为-0.2%/+1.5%/+5.6%，周/月/年初以来 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The CSI 300 Index has medium - to long - term allocation value with stable profitability, expected rising performance growth, high dividend yield, and a high stock - bond risk premium. The Changxin Quantitative Value - Driven Fund A has achieved significant and stable excess returns in the past three years by timely adjusting factor exposures and strictly controlling industry weight deviations, and its current fund manager has rich experience in managing quantitative products [1][26][53]. 3. Summary According to the Directory 3.1 CSI 300 Index's Medium - to Long - Term Allocation Value - **Index Composition and Industry Weight Changes**: Composed of 300 representative securities in the Shanghai and Shenzhen markets, with many constituent stocks being leaders in their sectors. From the end of 2016 to April 2025, the weight of the financial sector in the CSI 300 Index decreased from 40.88% to 25.11%, while the weights of emerging industries such as power equipment and new energy, electronics, and medicine increased [6][9]. - **Stable Profitability and Expected Performance Growth Recovery**: From 2017 - 2024, the average ROE of the CSI 300 Index remained between 10% - 12%. The growth rate of net profit attributable to the parent bottomed out in 2023, started to recover in 2024, and is expected to reach 8.98% in 2025 and 8.66% in 2026 [13][15]. - **High Dividend Yield**: Since 2017, the average dividend yield of the CSI 300 Index has been above 2%, and since Q4 2023, it has been around 3%, significantly higher than other broad - based indices. As of April 30, 2025, its PE_TTM was 12.2 times, at the 44.43% quantile since 2017, indicating a relatively low valuation [18][22]. - **High Stock - Bond Risk Premium**: As of April 30, 2025, the stock - bond risk premium of the CSI 300 Index was at the position of the historical mean plus one standard deviation, suggesting good investment value compared to bonds [23]. 3.2 Analysis of Changxin Quantitative Value - Driven Fund A - **Significant and Stable Excess Returns in the Past Three Years**: From January 1, 2022, to April 30, 2025, the annualized excess return relative to the benchmark was 6.60%, the excess information ratio was 1.61, and the maximum excess drawdown was - 4.43%. In 2022 - 2024, it achieved positive excess returns of 7.52%, 7.81%, and 2.20% respectively. Compared with similar funds, it obtained high excess returns while maintaining stability. The fund's share increased from 0.06 billion at the end of 2021 to 8.30 billion at the end of Q1 2025 [33][38][40]. - **Performance Attribution**: In terms of factor deviation, the fund had a continuous positive excess exposure to the growth factor, which decreased significantly since the semi - annual report of 2023; it increased exposure to the dividend yield factor from 2022 - 2023 and slightly exposed to small - cap stocks from 2022 - 2024, all of which brought positive returns. In terms of industry weight deviation, it strictly controlled the absolute weight deviation from the CSI 300 Index in the CITIC first - level industries, with most deviations not exceeding 2% in the past six full - disclosure periods of fund positions [47][50]. - **Profile of the Current Fund Manager**: The current fund manager, Yao Yifan, graduated from the University of Warwick with a master's degree in financial mathematics. He joined Changxin Fund in July 2015 and has rich experience in managing quantitative products, currently managing multiple funds including the Changxin Quantitative Value - Driven Fund [53].

Core Points - The Shanghai Composite Index decreased by 0.30%, while the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index fell by 0.01%, closing at 3129.93 points with a trading volume of 9.75 billion [1] - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index has increased by 15.48% over the past month, 6.84% over the past three months, and 7.70% year-to-date [1] - The index consists of up to 50 listed companies that meet the non-bank financial theme criteria from the Hong Kong Stock Connect securities, reflecting the overall performance of these companies [1] Index Composition - The top ten weights in the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index are: Hong Kong Exchanges (17.72%), AIA Group (15.68%), Ping An Insurance (14.2%), China Life (7.93%), China Pacific Insurance (7.27%), People's Insurance Group of China (5.88%), China Taiping (5.15%), New China Life (5.01%), CITIC Securities (2.52%), and China Merchants Bank (2.48%) [1] - The index's holdings are entirely composed of the Hong Kong Securities Exchange, with a 100% allocation [1] - The financial sector constitutes 100% of the index's holdings [1] Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as removing samples that are delisted or adding new companies that rank in the top ten by market capitalization within the Hong Kong Stock Connect range [2] - Changes due to mergers, acquisitions, or other corporate actions will be handled according to the calculation and maintenance guidelines [2]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Index Non-Bank Financial Theme Index, which has shown significant growth in recent months, with a 16.26% increase over the past month and a 6.88% increase year-to-date [1][2] - The index consists of up to 50 listed companies that meet the non-bank financial theme criteria within the Hong Kong Stock Connect range, reflecting the overall performance of these companies [1][2] - The top ten weighted companies in the index include Hong Kong Exchanges and Clearing (17.47%), AIA Group (15.58%), and Ping An Insurance (14.35%), indicating a concentration in major financial institutions [1][2] Group 2 - The industry composition of the index shows that insurance companies dominate with a 65.38% share, followed by other capital markets at 21.78%, and securities firms at 11.58% [2] - The index undergoes biannual adjustments every June and December, with provisions for temporary adjustments in special circumstances, ensuring that it remains reflective of the current market landscape [2]

Core Viewpoint - The article focuses on the analysis of companies that reported better-than-expected earnings in their Q1 2025 financial disclosures, highlighting the importance of analyst reports that indicate "earnings exceed expectations" as a comprehensive judgment based on both objective earnings data and subjective research tracking [1][30]. Q1 Financial Disclosure Situation - As of April 30, 2025, a total of 5,360 A-share companies had disclosed their Q1 2025 financial reports [2][30]. - Among different indices, the median year-on-year net profit growth rate for the CSI 300 index constituents was the highest at 6.41% [5][30]. - The technology sector reported a median year-on-year net profit growth rate of 8.20%, while the pharmaceutical sector had a negative growth rate of -4.01% [6][30]. - In terms of industry performance, non-bank financial, agriculture, forestry, animal husbandry, and fishing, as well as steel sectors showed relatively high median year-on-year net profit growth rates [9][30]. - Hot concept indices with high public fund holdings, such as the semiconductor selection index and the national big fund index, reported median year-on-year net profit growth rates exceeding 20% [12][31]. Q1 Earnings Exceeding Expectations - The proportion of companies exceeding expectations in the CSI 300 index was the highest at 21.69% [20][31]. - The consumer sector had the highest proportion of companies exceeding expectations at 19.77% [21][31]. - In terms of specific industries, the home appliances, food and beverage, and agriculture sectors had a higher proportion of companies exceeding expectations [23][31]. - Among hot concept indices with high public fund holdings, the Moutai index, air energy heat pump index, and white goods selection index had a higher number of companies exceeding expectations [24][31]. - The representative ETF indices with a high proportion of companies exceeding expectations included the 800 consumer index, technology leaders, and the China Securities wine index [25][31]. - Selected companies that exceeded expectations based on their Q1 reports and analyst comments included Yara International, Juhua Co., and Dongpeng Beverage [27][31].

Market Performance - The A-share major indices opened lower but closed higher, with the ChiNext Index leading the gains, closing up 1.65% [1] - The Shanghai Composite Index rose by 0.28% to 3352 points, while the Shenzhen Component Index increased by 0.93% [1] - Total trading volume for the day was 1.32 trillion yuan, a decrease of 183.3 billion yuan compared to the previous trading day, with over 3800 stocks rising [1] ETF Insights - Several ETFs tracking the ChiNext Index, including Huaxia and GF, saw gains of over 2%, leading the broad-based ETFs [1] - The E Fund ChiNext ETF has the largest scale among over 40 ETFs tracking the ChiNext Index, with a total size of 86.729 billion yuan [2] Sector Analysis - The ChiNext Index exhibits high volatility and elasticity, with most constituent stocks having a market capitalization between 10 billion to 30 billion yuan [2] - The highest sector weight in the index is in power equipment and new energy, accounting for approximately 30%, followed by pharmaceuticals, electronics, computers, and non-bank financials, indicating a growth-oriented bias [2] - Ningde Times is the largest weighted stock in the index, with a weight close to 20% [2] Historical Performance - Historical data shows that during the interest rate cuts in 2015 and 2019, the ChiNext Index recorded cumulative gains of 84.4% and 43.8%, significantly outperforming broader indices like the CSI 300 [2] Regulatory Developments - The Chairman of the CSRC, Wu Qing, announced support for the Central Huijin Investment Company to play a stabilizing role and indicated further reforms for the Sci-Tech Innovation Board and ChiNext [2] - New revised regulations for major asset restructuring management for listed companies will be released to enhance the role of capital markets in mergers and acquisitions [2] Future Index Adjustments - The Shenzhen Stock Exchange announced revisions to the ChiNext Index compilation scheme, set to take effect on June 16, 2025, including an ESG negative exclusion mechanism and a weight cap for individual stocks [3][4] - These adjustments aim to optimize the index compilation method and enhance its investability, responding to market feedback and incorporating innovative ideas from recent broad-based index compilations [4]

2025 年 5 月 7 日 行业研究/行业快报 非银行金融行业近一年市场表现 事件描述： 5 月 7 日，中国人民银行、国家金融监管总局、中国证监会主要负责人， 国新办新闻发布会介绍"一揽子金融政策支持稳市场稳预期"有关情况。 非银行金融 国新办发布会点评 领先大市-A(维持) 政策精准发力，全面完善资本市场机制 执业登记编码：S0760511050001 邮箱：liuli2@sxzq.com 完善资本市场"引长钱"，提升投资规模和占比。一是完善公募基金收 费管理，同日发布《推动公募基金高质量发展行动方案》，优化主动权益类 基金收费模式，浮动管理费收取，设立清晰的业绩比较基准，明确三年以上 考核权重不低于 80%，将投资者盈亏等指标纳入考核体系。二是扩大保险资 金长期投资试点范围，为市场引入更多增量资金，降低股票投资风险因子， 支持稳定和活跃资本市场。 事件点评： 吸引增量，培育"长钱长投"政策体系。政策进一步落实二十届三中全 会及中央经济工作会议相关会议精神，为资本市场建设指明方向，通过投资 请务必阅读最后股票评级说明和免责声明 1 电话：0351-8686900 资料来源：最闻 相关报告： 【山证非银行 ...