Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector, highlighting the attractiveness of quality stocks in this area [7]. Core Insights - The second quarter shows a stable improvement in policy and market trading trends, suggesting that high-quality non-bank stocks remain a good investment choice based on profitability and dividend stability [2][4]. - Recommended stocks include Jiangsu Jinzheng, China Ping An, and China Pacific Insurance for their stable earnings and high dividend yields. Additionally, stocks like New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings are recommended based on their earnings elasticity and valuation levels [2][4]. Summary by Sections Market Performance - The non-bank financial index increased by 1.2%, outperforming the CSI 300 by 1.4% this week, ranking 6th out of 31 sectors. Year-to-date, the non-bank financial index is down 4.2%, underperforming the CSI 300 by 2.4%, ranking 25th out of 31 [5]. Policy and Regulatory Updates - The Ministry of Finance issued a notice to further implement the new insurance contract accounting standards, which is expected to increase the demand for equity assets among some insurance companies during the transition [4][61]. Company Announcements - Guosen Securities announced a cash dividend of 3.50 yuan per 10 shares, totaling 3.364 billion yuan [6]. Insurance Sector Insights - In April 2025, the cumulative insurance premium income reached 259.54 billion yuan, a year-on-year increase of 2.25%. Property insurance income was 64.86 billion yuan, up 5.19%, while life insurance income was 194.69 billion yuan, up 1.31% [22][23]. Investment Business Trends - The report notes a recovery in market activity, with average daily trading volume reaching 1.3717 trillion yuan, up 13.47% week-on-week. The margin financing balance also increased to 1.82 trillion yuan, up 0.53% [40][47]. Financing Activities - In May 2025, equity financing decreased to 16.795 billion yuan, down 32.2% month-on-month, while bond financing was 72.7 billion yuan, down 7.3% [49][51].

Group 1 - The core point of the article is that Beijing Xiantong International Pharmaceutical Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are CITIC Securities and China International Capital Corporation [1]

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 政策与业绩向好，持续增配绩优权重和优质 红马 报告要点 [Table_Summary] 近期非银上市公司业绩披露完毕，趋势上仍延续较高增长，叠加资本市场政策的陆续出台，本周板块涨幅 亮眼。展望后续，业绩基数有所上移，政策端维持平稳，建议重点关注板块绩优权重个股，以及优质的高 股息个股。 分析师及联系人 [Table_Author] SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 政策与业绩2] 向好，持续增配绩优权重和优质红 马 [Table_Summary2] 核心观点： 近期非银上市公司业绩披露完毕，趋势上仍延续较高增长，叠加资本市场政策的陆续出台，本 周板块涨幅亮眼。展望后续，业绩基数有所上移，政策端维持平稳，建议重点关注板块绩优权 重个股，以及 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [8] Core Insights - The report highlights that due to a decline in global asset risk appetite, the overall valuation of the sector has adjusted, leading to a significant improvement in the cost-effectiveness of investments. The strong performance of brokerage firms in the first quarter further enhances their investment value. The recent "comprehensive financial policy to stabilize the market and expectations" introduced by the State Council is expected to support the performance and valuation of the non-bank financial industry, suggesting an active allocation in May [2][5] Summary by Sections Market Performance - The non-bank financial index increased by 1.7% this week, with a year-to-date decline of 8.0%, ranking 30 out of 31 sectors. The overall performance of the non-bank sector remains weak [6][19] Key Industry News - The State Council's press conference discussed a "comprehensive financial policy to stabilize the market and expectations," with the central bank and regulatory bodies announcing various supportive measures [7][59] - The central bank and the CSRC jointly released announcements to support the issuance of technology innovation bonds [7][60] - The CSRC issued an action plan to promote the high-quality development of public funds [7][64] Brokerage Performance - The average daily trading volume in the two markets reached 13,534.26 billion yuan, up 22.69% week-on-week, indicating a recovery in market activity [40] - The margin financing balance increased to 1.81 trillion yuan, reflecting a 0.36% week-on-week rise [47] Investment Business - The equity market showed signs of recovery, with the CSI 300 index rising by 2.00% and the ChiNext index by 3.27% [44] - The report notes that the proportion of equity investments in brokerage firms is approximately 10%-30%, while bond investments account for 70%-90% [44] Financing Activities - In April, equity financing decreased to 23.575 billion yuan, down 58.5% month-on-month, while bond financing totaled 784 billion yuan, down 9.8% [50][51] - The report anticipates an increase in stock underwriting scale due to the promotion of refinancing regulations and registration systems [51] Asset Management - The issuance of collective asset management products by brokerages fell to 2.322 billion shares in April, down 8.6% month-on-month [53] - The new fund issuance in April was 58.09 billion shares, down 40.4% from the previous month [53]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [10] Core Insights - The report highlights that the performance of the non-bank sector has lagged behind the broader market since the beginning of 2025, with a slight market correction observed this week. However, the first quarter results for brokerages show stable improvement, suggesting a favorable environment for investment [2][7] - It is recommended to actively increase allocations in April, with a focus on stocks that exhibit both performance and valuation growth. The report emphasizes the importance of patience in waiting for catalysts while continuing to invest in high-growth, undervalued stocks [7] Summary by Sections Market Performance - The non-bank financial index increased by 1.2% this week, outperforming the CSI 300 by 0.8%. However, year-to-date, the non-bank financial index is down 8.6%, underperforming the CSI 300 by 4.9% [8] - The average daily trading volume in the market rose to 11,466.36 billion yuan, a 3.43% increase week-on-week, while the margin trading balance decreased slightly to 1.81 trillion yuan [8][39] Brokerage Performance - The report notes that the brokerage sector's performance is improving, with a recommendation to focus on high-growth, low-valuation stocks during the ongoing market correction [7] - Specific stocks recommended include New China Life Insurance, China Life Insurance, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, and Tonghuashun, with a focus on M&A themes for China Galaxy and stable dividend stocks like China Pacific Insurance and Jiangsu Jinzhong [7] Financial Market Trends - The report indicates that the financial supply-side reform is accelerating, particularly in the brokerage industry, which is progressing rapidly. This environment presents opportunities for thematic investments in the short term [7] - The report also tracks key financial metrics, noting that the average daily turnover and trading volume have shown signs of recovery, indicating a potential upward trend in brokerage profitability [39][45] Insurance Sector Insights - The insurance sector saw a cumulative premium income of 21,745 billion yuan in March 2025, reflecting a year-on-year increase of 0.93%. However, life insurance premiums showed a slight decline [25][29] - The total assets of the insurance industry reached 37.84 trillion yuan, with a net asset scale of 3.52 trillion yuan, indicating a healthy growth trajectory [29][30] Investment Banking Activity - In March 2025, equity financing reached 568.10 billion yuan, a significant increase of 1141.3% month-on-month, while bond financing also saw a rise to 8.69 trillion yuan, up 26.5% [49][50] - The report anticipates an increase in stock underwriting volumes due to the promotion of refinancing regulations and registration systems, while bond underwriting will need to be monitored closely in relation to interest rate fluctuations [50]

Investment Rating - The report assigns an "Overweight" rating to the investment banking and brokerage industry [5] Core Insights - The overall pace of equity financing is expected to continue tightening, with leading brokers possessing superior client resources and professional service capabilities likely to maintain their competitive edge in the evolving investment banking ecosystem [2][6] - The report emphasizes the ongoing support for technological innovation and the development of new productive forces as a long-term focus, with regulatory policies being adjusted to facilitate this [6][10] Summary by Sections Equity Financing - In February, the A-share IPO market saw 5 new listings, a decrease of 3 from the previous month, raising a total of 3.9 billion yuan, down 19% month-on-month [6] - The total equity financing for the first two months reached 58.5 billion yuan, reflecting a year-on-year increase of 40% [6] Mergers and Acquisitions - The demand for mergers and acquisitions remains strong, with 102 significant restructuring events disclosed since the second half of 2024, including 8 in February [6] Bond Issuance - The bond underwriting scale showed a year-on-year increase, with 216 billion yuan in core bonds issued in February, marking a 3% increase year-to-date [6] Market Activity - The Hong Kong stock market has seen increased activity, with IPOs totaling 7.8 billion yuan year-to-date, a 258% increase year-on-year [6] - The report anticipates further growth in Hong Kong equity financing with upcoming IPOs from companies like Mixue Group and BYD [6] Regulatory Environment - Recent regulatory changes aim to enhance the inclusivity and adaptability of the issuance and listing system, particularly for high-quality, unprofitable tech companies [10][12] - The report highlights the importance of supporting the integration of technological innovation and industrial development [10][12] Recommended Brokers - The report recommends focusing on leading brokers such as CITIC Securities, Huatai Securities, and CICC, which are expected to benefit from the evolving market dynamics [6][14]