Investment Rating - The report maintains a positive investment rating for the non-bank sector, particularly focusing on insurance and brokerage firms [6]. Core Insights - The report highlights a significant rebound in net profits for major listed insurance companies in 2024, driven by a recovery in equity investments, with notable profit growth percentages for companies like China Life (+108.9%) and New China Life (+201.1%) [2]. - The report emphasizes the importance of investment flexibility and the positive transformation of the liability side for insurance companies, suggesting a favorable outlook for the sector [2]. - The brokerage sector shows a mixed performance in 2024, with a general trend of recovery, although results vary significantly among firms [4][5]. Summary by Sections Market Review - The report notes mixed performance in major indices, with the non-bank financial sector showing resilience, particularly in insurance and diversified financial indices [10]. Securities Sector - The brokerage firms reported a total net profit of 517 billion yuan for the year, reflecting an 11% increase for those that disclosed early, while others showed a 15% increase [4]. - The report indicates a strong recovery in net profits for the fourth quarter of 2024, with a 97% year-on-year increase [5]. Insurance Sector - Major insurance companies are expected to see substantial growth in net profit, with New China Life projected to grow by 201.1% in 2024 [2]. - The report highlights a positive trend in the net premium income (NBV) growth for major insurers, with New China Life showing a remarkable increase of 106.8% [2]. Investment Recommendations - The report suggests focusing on companies like New China Life and China Pacific Insurance, while also keeping an eye on China Life and Ping An Insurance due to their favorable valuations and growth potential [2][6].

金融工程 | 金工定期报告 金融工程 证券研究报告 在当前市场中，分析师报告数量众多，以行业报告为例，每周通常有超过 500 篇的报告。而阅读这些报告通常要花费大量的时间和成本。针对这一 需求，我们利用 DeepSeek-V3 大模型的总结能力对分析师行业报告进行智 能总结和整合，提炼出核心观点和关键信息。 利用大模型衡量景气度 行业研究报告通常提供分析师对行业趋势的深入分析与总体评价，但其应 用性较弱，主要有两个原因。首先，行业评级是行业研报中的标准化输出， 但其并非连续指标，通常仅分为三类，缺乏足够的区分度。因此，分析师 细微的态度和用词变化可能不会导致行业评级的调整。其次，不同证券公 司采用的行业分类标准并不一致，这些差异使得行业比较变得困难。 大模型普及之前，并不容易解决这些问题，而大模型的应用可能为此提供 更有效的支持。为了深入挖掘行业研报的信息，我们对其进行了进一步的 整理与标准化。我们构造了一个能够提取行业研报所涉具体中信一级、二 级行业名称以及对应行业景气度的提示词，并使用 DeepSeek-V3 模型，将 研报摘要作为输入文本得到该研报所属行业、景气度等指标结果。 最新行业研报文本景气度 我 ...

金工研究 杠铃两端表现不稳定性加剧， 消费板块资金情绪升温 —— 量化市场追踪周报（2025W11） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 3 月 16 日 证券研究报告 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W11)：杠铃两端表现不稳 定性加剧，消费板块资金情绪升温 [Table_ReportDate] 20 ...

Investment Rating - The industry investment rating is "Positive" as it is expected to outperform the market benchmark index by more than 5% [19] Core Viewpoints - The government work report released on March 5, 2025, includes various favorable policies aimed at promoting the healthy development of the real estate and stock markets, as well as nurturing emerging and future industries [2][3] - The National Financial Regulatory Administration has introduced multiple policy measures to provide financial support for technology enterprises, which is crucial for their growth and innovation [3] - The report emphasizes the importance of capital market support for the development of new productive forces, indicating that the scale of related industries in the capital market is expected to continue increasing [2] Summary by Sections Government Policies - The report highlights the implementation of more proactive fiscal policies and moderately loose monetary policies to accelerate macroeconomic recovery and promote a positive capital market environment [2] - Specific policies include support for the development of emerging industries such as commercial aerospace, low-altitude economy, biomanufacturing, quantum technology, embodied intelligence, and 6G [2] Financial Support for Technology Enterprises - The National Financial Regulatory Administration's notification supports insurance funds to invest in private equity funds and bonds issued by financial asset investment companies, enhancing the funding sources for technology enterprises [3] - The relaxation of merger and acquisition loan policies for technology companies is expected to increase the overall market scale of mergers and acquisitions, benefiting investment banking and brokerage firms [3] Investment Recommendations - The report suggests that the capital market's financial intermediation function requires comprehensive participation from the securities and insurance industries, which will significantly improve the operational performance of various capital intermediaries [4] - For the securities industry, focusing on mergers, acquisitions, and financing for technology enterprises is expected to alleviate current pressures in equity financing [4] - The insurance industry is encouraged to seek high-yield assets through long-term investments in technology enterprises, which could enhance their investment returns and optimize their asset structure [4]

申万宏源证券承销保荐有限责任公司 关于中纺标检验认证股份有限公司 与通用技术集团财务有限责任公司续签金融服务协议 暨关联交易的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保 荐机构"）作为中纺标检验认证股份有限公司（以下简称"中纺标"、"公司"）向 不特定合格投资者公开发行股票并在北交所上市的保荐机构，根据《证券发行上 市保荐业务管理办法》《北京证券交易所股票上市规则（试行）》等有关规定，对 中纺标与通用技术集团财务有限责任公司（以下简称"通用财务公司"）续签金 融服务协议暨关联交易事项进行了审慎核查，具体核查情况如下： 一、关联交易概述 公司与通用财务公司于 2022 年 3 月签署的《金融服务协议》将于 2025 年 3 月 8 日到期，为持续拓宽公司的融资渠道，保障现有融资渠道的畅通，降低融资 成本与财务费用，同时考虑财务控制和交易合理性，经与通用财务公司协商，公 司拟与通用财务公司续签为期三年的《金融服务协议》。根据协议，通用财务公 司在其经营范围内根据公司及下属子公司的要求提供一系列金融服务。 二、关联方基本情况 公司间接控股股东中国通用技术（集团）控股有限责任公司持 ...