为深入贯彻落实党的二十大和二十届历次全会精神，落实《中共中央 国务院关于统筹建立常态化 防止返贫致贫机制促进乡村全面振兴的意见》和《中共中央 国务院关于锚定农业农村现代化扎实推进 乡村全面振兴的意见》部署要求，深入学习运用"千万工程"经验，加快构建过渡期后常态化金融帮扶机 制，持续提升金融支持的力度、精度和实效，扎实推进乡村全面振兴，推动城乡融合发展，近日，中国 人民银行、金融监管总局、中国证监会、农业农村部联合发布《关于统筹建立常态化金融支持机制 助 力防止返贫致贫和乡村全面振兴的意见》（以下简称《意见》）。 《意见》提出，要健全重点人群开发式金融帮扶长效机制，调整优化脱贫人口小额信贷，完善农户 小额信用贷款政策，常态化支持防止返贫致贫对象发展。发挥金融助力产业帮扶带动作用，鼓励金融机 构开发特色优势产业贷款，有条件的地区可提高创业担保贷款额度上限。建立分层分类的欠发达地区金 融支持机制，坚持新增金融资金优先满足、新增金融服务优先布设乡村振兴重点帮扶县。加大对民族地 区、革命老区、边疆地区等区域的金融资源倾斜力度。 《意见》强调，要强化重点领域金融资源投入，做好粮油生产金融服务，支持农业综合生产能力和 质量 ...

2026 年 2 月 24 日 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com ——银行&保险业春节后投资展望 银行业 买入（维持） 作者 分析师：王一峰 行业研究 金融股又到"春播"时？ 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 1 月贷款同比少增，稳定需求仍需政策加力 — — 2026 年 1 月 份 金 融 数 据 点 评 (2026-2-14) 息差保持稳定，盈利增速回升——2025 年四 季 度 商 业 银 行 主 要 监 管 指 标 点 评 (2026-2-13) 要点 事项： 年初以来（截至 2 月 13 日），A、H 金融股表现分化，涨跌互现， ...

Group 1: Gold and Silver Market - Gold and silver prices have seen significant increases, with gold reaching $5,156.59 per ounce, up 1.13%, and silver at $87.447 per ounce, up 3.40% as of February 23 [1] - ANZ Bank forecasts gold prices to reach $5,800 per ounce in Q2 2025, while UBS predicts a more aggressive target of $6,200 per ounce, driven by central bank demand, investment needs, rising fiscal deficits, declining U.S. real interest rates, and geopolitical risks [1] Group 2: Agricultural Insurance in China - In 2025, China's agricultural insurance premium income is projected to be ¥155.55 billion, providing risk coverage exceeding ¥5.3 trillion, marking China as the world's largest agricultural insurance market for the second consecutive year [2] - The agricultural insurance sector is evolving from covering material costs to ensuring full cost and income protection, enhancing stability and risk resilience in agricultural production [2] Group 3: Charitable Trusts in China - By the end of 2025, China's cumulative charitable trust registration scale has surpassed ¥10.231 billion, with 2,757 registered charitable trusts [3] - In 2025, 16.94 billion yuan in new charitable trust registrations were added, indicating a growing public recognition of the trust system and a positive trend in charitable activities [3] Group 4: Ant Group's AI Business - Ant Group's AI business has experienced significant growth during the Spring Festival, with "AI Pay" surpassing 100 million users, becoming the first AI-native payment product to achieve this milestone [4] - The "Ant Health" app also reached over 100 million users, with 52% of new users coming from third-tier cities, highlighting the company's market penetration and technological advancements [4] Group 5: Legal Actions Against Tariffs - Following a Supreme Court ruling declaring the U.S. government's large-scale tariff policy illegal, hundreds of companies have filed lawsuits seeking refunds for tariffs paid under the Trump administration [5] - The process for companies to claim refunds remains unclear, and the legal battles could extend for years, as acknowledged by former President Trump [5]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The insurance industry has seen total assets surpassing 41 trillion yuan, with significant growth in equity allocation [1][26]. - The securities sector is experiencing a decline in trading volume, while refinancing efforts continue to advance [1][18]. - The multi-financial sector is transitioning into a stable growth phase, with trust assets and futures trading volumes showing varying performance [1][34]. Summary by Sections Non-Bank Financial Sector Performance - In the recent five trading days (February 9-13, 2026), all non-bank financial sub-sectors underperformed compared to the CSI 300 index, with the securities sector down 1.04%, multi-financial down 1.45%, and insurance down 2.52% [10][11]. Securities Sector - Trading volume has decreased month-on-month, with February's average daily trading volume at 26,496 billion yuan, a 30.04% increase year-on-year but a 23.74% decrease month-on-month [16]. - The refinancing measures introduced by the Shanghai and Shenzhen Stock Exchanges aim to enhance flexibility and efficiency in capital markets [18][21]. - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026, indicating potential value in quality firms like CITIC Securities and Tonghuashun [25]. Insurance Sector - The total assets of insurance companies reached 41.3 trillion yuan by the end of 2025, reflecting a 15.1% increase from the beginning of the year [26][27]. - The insurance sector's average comprehensive solvency ratio stands at 181.1%, indicating strong financial health [27]. - The allocation to equities and funds has increased significantly, with stocks comprising 10.1% of total investments, up 2.5 percentage points from the start of the year [28][29]. Multi-Financial Sector - The trust industry reported a total asset scale of 32.43 trillion yuan by mid-2025, marking a 20.11% year-on-year increase [34]. - The futures market saw a significant rise in trading volume and value, with January 2026 figures showing a 65.09% increase in volume and a 105.14% increase in value year-on-year [38][41]. - The report suggests that innovation in risk management will be a key focus for the futures industry moving forward [42].

Investment Rating - The industry investment rating is positive, with recommendations to buy or hold based on expected performance exceeding market averages [49]. Core Insights - The report highlights the introduction of a package of refinancing optimization measures by the Shanghai, Shenzhen, and Beijing stock exchanges aimed at improving market efficiency and supporting technology innovation companies [38]. - It emphasizes the importance of quality companies and technology firms in attracting liquidity and enhancing capital market structure, aligning with a healthy market trend [2][38]. - The report suggests focusing on three main investment lines: undervalued quality brokerages, companies benefiting from technology sector listings, and firms with strong performance in diversified finance [3]. Summary by Sections Market Review - The A-share market showed a slight increase with the CSI 300 index up by 0.4%, while the non-bank financial sector underperformed, declining by 1.6% [11]. Data Tracking - Brokerage firms reported a decrease in average daily trading volume to 21,111 billion yuan, down 12.3% week-on-week [19]. - The report notes significant growth in new equity fund issuance, with a total of 812 million shares issued in January 2026, up 186.9% year-on-year [19]. - The total asset management scale for public non-monetary funds reached 22.2 trillion yuan, with a slight decrease of 1.9% from the previous month [19]. Industry Dynamics - The report discusses the refinancing measures aimed at supporting quality listed companies and enhancing the efficiency of the refinancing process [38]. - It also mentions the ongoing trend of insurance funds increasing their stakes in various companies, with a total of 52 companies being targeted for increased holdings in 2024 [33].

智通财经APP获悉，香港联交所最新资料显示，2月20日，富卫集团(01828)股东将股票存入香港上海汇 丰银行，存仓市值27.31亿港元，占比5.64%。 摩根大通近期发布研报称，首次覆盖富卫集团予"增持"评级，目标价50港元，相当于预测2027财年内含 价值1.1倍。小摩预测2027财年新业务价值将达11亿美元，与友邦保险2012年12亿美元的新业务价值水 平相若。该股目前股价较其呈报内含价值存在折让，该行认为此估值属便宜。 ...

春节假期结束，今日A股将正常开市。 回顾节前A股表现，沪指（2月13日）跌1.26%失守4100点，深证成指跌1.28%，创业板指跌1.57%。 本周，特朗普将发表国情咨文，同时将"全球关税"加码至15%于2月24日生效；德国总理默茨或于24日 至26日访华。 AI巨头英伟达及百度发布重磅财报；苹果年度股东大会与iOS 26.4测试版发布在即。此外，伊朗局势、 美联储官员讲话、中国LPR及香港财政预算案等事件也值得关注。 后市市场将如何演绎？且看最新十大券商策略汇总。 中信建投证券研报认为，春节期间全球股市整体强势，无重大风险事件，当前市场情绪仍然高涨，节后 A股有望开启新一轮上行。行业配置上继续坚持"科技+资源品"双主线。其中科技主线以AI、人形机器 人、新能源和创新药为核心，资源品主线以贵金属、石油石化、基础化工为核心。重点关注板块包括： 1.广发策略：A股将迎来"春季躁动"胜率最高的阶段 历史看，2月份及春节前后是春季躁动日历效应最强阶段。市场高胜率、小盘风格占优。以小盘指数为 例，在春节到两会之间上涨概率为100%，在2月上涨概率为87.5%。 在配置方向上，"春季躁动"上涨方向并非是"炒小炒差"、与 ...

Group 1 - The core investment theme post-Spring Festival revolves around "price increases" and "revaluation of physical assets," particularly in resource, chemical, and midstream manufacturing sectors, leveraging China's pricing power amid global uncertainties [1][2] - The technology sector, particularly driven by AI, remains a key focus, with sub-sectors like computing power, applications, and robotics expected to remain active due to industrial catalysts [1][2] - The recovery of export chains, non-bank financials, and certain consumer and real estate chains are seen as important supplements to market trends under the backdrop of internal and external demand recovery [1] Group 2 - CITIC Securities emphasizes that price increases are a core configuration clue for Q1, with a focus on sectors like chemicals, non-ferrous metals, power equipment, and new energy, while also increasing exposure to undervalued insurance and brokerage stocks [2] - Historical data indicates that February and the period around the Spring Festival are strong for market movements, with small-cap stocks showing a 100% probability of rising from the Spring Festival to the Two Sessions [3] - Guojin Securities highlights the importance of balancing global physical assets against Chinese assets, recommending commodities like copper, aluminum, and oil, as well as sectors with global comparative advantages like equipment exports and domestic manufacturing [4] Group 3 - Industrial sectors experiencing structural price increases due to supply-demand gaps are primarily in midstream materials and manufacturing, with a focus on chemicals, steel, and high-end manufacturing [5] - The potential for recovery in the export chain is noted, particularly in industries with significant exposure to the U.S. market that will benefit from reduced tariffs [5] - The policy uncertainty surrounding tariffs and trade is expected to favor gold as a risk hedge, with market participants anticipating potential shifts in U.S. trade policy [6] Group 4 - Attention is drawn to the post-holiday inventory replenishment in commodities, with a continued positive outlook on technology applications, particularly in semiconductors and AI [7] - Quantum technology is highlighted as a sector receiving dual catalysts from policy and technological advancements, with significant developments in quantum key distribution networks [8] - The AI industry revolution is identified as a key investment theme, focusing on computing power, storage, and applications, with a strong emphasis on the performance of high-growth sectors [9] Group 5 - Localized opportunities are expected in AI applications linked to overseas trends and robotics associated with the Spring Festival, with a cautious approach to market movements anticipated [10] - The current bull market logic remains intact, with a recommendation for investors to maintain confidence despite short-term volatility, focusing on sectors with high securities ratios [11]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-24 在全球科技创新浪潮与国家战略布局深度融合的今天，科技自立自强已 成为驱动长期经济增长、塑造国际竞争新优势的核心主线。根据我们于 2026 年 1 月 26 日发布的报告《"十五五"规划中的"债"机遇：详解政 策东风如何重塑产业债格局（主线篇）》显示，我国"十五五"规划进一 步凸显对科技创新与产业升级的战略定力，明确将科技作为未来发展的 关键引擎。在这一宏观背景下，健全的多元化融资体系对于支撑科技企 业，尤其是处于快速成长期和重大技术投入期的企业至关重要。当前，我 国债券市场在服务科技创新领域仍存在显著的结构性空间，尽管 2025 年 "债券科技板"的推出标志着市场建设迈出重要一步，但其发行主体仍高 度集中于中央及地方国有企业，众多具备核心技术能力与高成长潜力的 民营科技企业，尚未能充分借助债券市场这一公开、透明、可预期的直接 融资渠道，实现其长期资本需求与债务结构的优化。 鉴于此，本报告希 望通过复盘海外成熟市场中顶尖科技企业的债券融资轨迹，及其在成长 过程中对于债券融资的利用情况，以史为鉴，研判我国科技公司，特别是 民营高成长企业，在未 ...

EverQuote (NasdaqGM:EVER) Q4 2025 Earnings call February 23, 2026 04:30 PM ET Company ParticipantsBrinlea Johnson - Managing DirectorCory Carpenter - Executive Director of Internet Equity ResearchJayme Mendal - CEOJed Kelly - Managing Director of Equity ResearchJoseph Sanborn - CFO and Chief Administrative OfficerMitchell Rubin - Equity Research AssociateConference Call ParticipantsMaria Ripps - Managing Director and Senior Research AnalystMayank Tandon - Senior AnalystRalph Schackart - Research Analyst of ...