九鼎投资融资融券信息显示，融资方面，当日融资买入2146.36万元，融资偿还2327.24万元，融资净偿 还180.88万元。融券方面，融券卖出0.0股，融券偿还0.0股，融券余量1000.0股，融券余额1.4万元。融 资融券余额1.2亿元。 近5日融资融券数据一览见下表： 证券之星消息，截至2025年4月25日收盘，九鼎投资(600053)报收于13.96元，上涨5.44%，换手率 6.0%，成交量26.01万手，成交额3.69亿元。 4月25日的资金流向数据方面，主力资金净流入1.27亿元，占总成交额34.43%，游资资金净流出6274.73 万元，占总成交额17.0%，散户资金净流出6434.54万元，占总成交额17.43%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-04-25 | 13.96 | 5.44% | 1.27亿 | 34.43% | -6274.73万 | ...

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial industry [1] Core Viewpoints - The non-bank financial sector has shown strong performance recently, with all sub-sectors outperforming the CSI 300 index over the last five trading days [3][8] - The securities industry has seen a significant increase in trading volume, with April's average daily trading amount reaching 14,525 billion yuan, a year-on-year increase of 44.59% [13] - The insurance sector is facing stricter regulations on universal insurance, but there are signs of recovery in life insurance premiums [26][30] - The multi-financial sector is transitioning to a stable growth phase, with trust assets showing a notable increase, while the futures market continues to maintain high transaction volumes [34][40] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All non-bank financial sub-sectors outperformed the CSI 300 index in the recent five trading days, with the insurance sector rising by 1.31% and the overall non-bank financial sector increasing by 1.02% [3][8] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with April's average daily trading amount at 14,525 billion yuan, up 44.59% year-on-year [13] - The net profit of 19 listed securities firms in Q1 2025 increased by 43.6% year-on-year, totaling 74.2 billion yuan [17] - The average price-to-book (PB) ratio for the securities industry is projected to be 1.2x for 2025E, indicating potential for growth [23] 2.2 Insurance - The China Banking and Insurance Regulatory Commission has implemented stricter regulations on universal insurance, which may impact new business but not existing policies [26] - Life insurance premiums showed a slight recovery in March, with total premiums reaching 17,878 billion yuan, a year-on-year increase of 0.2% [30] - The insurance sector's valuation is currently at historical lows, with a projected P/EV of 0.50-0.81 for 2025E [32] 2.3 Multi-Financial - The trust industry is entering a stable transition phase, with total trust assets reaching 27 trillion yuan, a year-on-year increase of 24.5% [34] - The futures market saw a transaction volume of 7.34 billion contracts in March 2025, with a transaction value of 61.59 trillion yuan, reflecting a year-on-year growth of 17.28% [40] 3. Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial services, with key companies including New China Life Insurance, China Pacific Insurance, China Life Insurance, and CITIC Securities [52]

Macro Perspective - The core point of the Central Political Bureau meeting is to implement more proactive macro policies and prioritize domestic demand, confirming the approach of early policy action to address economic pressures [1][2] - The meeting emphasized the need to enhance the income of low- and middle-income groups and promote service consumption to stimulate economic growth, indicating further policies targeting deflation expectations [1][2] Strategy Perspective - The meeting recognized the economic recovery since the beginning of the year, with GDP growth of 5.4% in Q1 2024, but highlighted the need for further stabilization due to external shocks [2] - Future policy directions include stabilizing employment, enterprises, markets, and expectations, with a focus on proactive fiscal policies and appropriate monetary easing [2] - The issuance of special bonds and long-term government bonds is expected to accelerate, with local special bond issuance reaching approximately 24% by mid-April 2024 [2] - Monetary policy remains flexible, with potential for interest rate cuts and the introduction of new structural monetary policy tools to support consumption and innovation [2] Industry Insights - The real estate sector is expected to benefit from increased urban renewal efforts and a new development model focusing on high-quality housing supply [7] - The meeting highlighted the importance of stabilizing the real estate market, with policies aimed at optimizing the acquisition of existing properties and supporting the construction of affordable housing [7] - The construction materials sector, particularly consumer building materials, is anticipated to benefit from the recovery in new and second-hand housing transactions, as well as ongoing urban renewal policies [7] - The cultural and entertainment sectors are expected to thrive due to rising domestic demand for experiential consumption, supported by advancements in technology such as AI and virtual reality [4][7]

电投产融（000958）公告，2025年第一季度营收为14.94亿元，同比下降3.54%；净利润为2.64亿元，同 比下降20.12%。 ...

国网英大股份有限公司主要从事"金融+制造"双主业，涵盖信托,证券,期货,保理,碳资产,电力装备。 最新一期业绩显示，2025年一季报，公司实现营业收入22.18亿元，同比8.65%；净利润6.04亿元，同比 45.22%，销售毛利率13.45%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)8国网英大16.2918.241.30287.07亿行业平均 70.4336.542.68197.19亿行业中值20.3920.731.33173.91亿1爱建集团-58.2274.610.5974.24亿2*ST仁 东-25.16-26.72105.9657.53亿3九鼎投资-22.56-22.562.3060.52亿4翠微股份-10.53-11.212.6765.50亿5江苏金 租10.6011.341.29301.78亿6陕国投A12.6012.780.95173.87亿7越秀资本13.9813.981.07320.59亿9南华期货 16.4516.451.8275.34亿10瑞达期货17.4717.472.4066.84亿11海德股份17.8312.732.07112.00亿 来源：金融界 4月25日，国 ...

Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector, indicating a positive outlook for the industry in the next 6 to 12 months [4]. Core Insights - As of the end of Q1 2025, the total holding of public funds in the non-bank financial sector is 0.83%, which is a decrease of 0.39 percentage points from the end of 2024. This represents a significant underweight compared to the industry market capitalization of the CSI 300, with a gap of 9.43 percentage points [4]. - The report highlights that the insurance sector, excluding China Ping An, has seen a reduction in holdings, with China Pacific Insurance and People’s Insurance experiencing the most significant decreases. The insurance sector's holding is at 0.58%, down 0.05 percentage points from the beginning of the year [4]. - The brokerage and internet finance sectors have also faced reductions, with the overall holding in these sectors at 0.21%, a decrease of 0.31 percentage points from the end of 2024 [4]. - The report notes that the non-bank financial sector is currently at a historical low in terms of holding and valuation, suggesting potential for recovery as market conditions improve. The average daily trading volume for stock funds reached 15,248 billion yuan in Q1 2025, a year-on-year increase of 70% [4]. Summary by Sections Public Fund Holdings in Non-Bank Financial Sector - The top five stocks in the non-bank financial sector by public fund holdings are China Ping An (4.548 billion yuan), China Pacific Insurance (2.308 billion yuan), Huatai Securities (1.512 billion yuan), Tonghuashun (1.246 billion yuan), and Jiangsu Jinzhong (0.976 billion yuan) [4]. Insurance Sector Analysis - The insurance sector's dynamic valuation is at 0.60x PEV, down 0.09 percentage points from the beginning of the year. The holdings of major insurance companies as of Q1 2025 are: China Life (0.02%), China Ping An (0.34%), China Pacific Insurance (0.17%), Xinhua Insurance (0.04%), and People’s Insurance (0.01%) [4][11]. Brokerage and Internet Finance Sector Analysis - The brokerage sector's valuation is at 1.4x P/B as of Q1 2025, down from 1.49x P/B at the end of 2024. Major stocks in this sector include Huatai Securities (0.051%), Tonghuashun (0.042%), and Dongfang Caifu (0.027%) [4][12]. Comparison with CSI 300 - The non-bank financial sector's public fund holding ratio is 0.83%, significantly lower than the CSI 300 industry allocation of 10.26%. The insurance sector's holding is 0.58% compared to 4.90% for the CSI 300, while the brokerage sector's holding is 0.21% against 5.14% for the CSI 300 [4][13].

中航产融(600705.SH)公告称，公司股票进入现金选择权行权申报阶段。现金选择权申报时间为2025年4 月23日至4月25日的9:30-11:30、13:00-15:00，通过上海证券交易所交易系统进行申报。现金选择权的行 权价格为3.54元/股。公司控股股东中航工业将向包括异议股东在内的全体A股股东提供现金选择权，但 限售或存在权利限制的股份除外。现金选择权的 股权登记日为2025年4月22日。 ...

（原标题：揭秘涨停丨政策利好，跨境支付概念多股涨停） 今日A股市场收盘共93股涨停，剔除掉12只ST个股后，有81股涨停，26股封板未遂，整体封板率为 78.15%。 涨停战场：ST新潮超百万手买单封板 从收盘涨停板封单量来看，ST新潮封单量最高，有100.79万手；其次是保税科技、步步高、中油资本， 涨停板封单分别为59.15万手、56.5万手、49.69万手。 从连续涨停天数来看，安记食品6连板，天保基建5连板，保税科技、红墙股份4连板，天元股份、百大 集团、威尔药业3连板，ST新潮、跨境通、海联金汇等15股2连板，乐山电力7日6板、步步高4日3板 等。 以封单金额计算，21股封单资金超1亿元，中油资本、青岛金王、海联金汇封单资金居前，分别为3.93 亿元、3.42亿元、3.36亿元。 中油资本具有国际结算概念，公司此前在投资者问答平台上表示，中油资本所属金融企业昆仑银行的跨 境人民币业务在人民银行和相关监管机构统一指导和安排下进行，在人民币国际化进程中，积极推动跨 境人民币结算，在服务油气主业、保障国家能源安全方面做出应有贡献。 龙头点睛：跨境支付板块多股涨停 1.跨境支付 涨停个股：青岛金王、海联金汇 ...

创业板指的个股、行业和风格的风险敞口较大，高成长高弹性特征显著。2012年以来，创业板指最大上 涨达570%，最大回撤逾70%，在宽基中具有较高的弹性空间和成长性。 创业板100ETF华夏（159957）管理费率0.15%，托管费率0.05%，为同类产品场内最低水平，助力投资 者低费率布局创业板。 数据显示，截至2025年3月31日，创业板指数(399006)前十大权重股分别为宁德时代(300750)、东方财富 (300059)、汇川技术(300124)、迈瑞医疗(300760)、阳光电源(300274)、温氏股份(300498)、中际旭创 (300308)、新易盛(300502)、亿纬锂能（维权）(300014)、爱尔眼科(300015)，前十大权重股合计占比 50.27%。 MACD金叉信号形成，这些股涨势不错！ ETF方面，截至收盘，创业板100ETF华夏(159957)下跌0.16%，最新报价1.26元，收盘成交额已达 2322.62万元，换手率1.33%。 资金流入方面，创业板100ETF华夏近10个交易日内，合计"吸金"2864.16万元。 值得注意的是，该基金跟踪的创业板指数估值处于历史低位，最 ...

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [33]. Core Viewpoints - The report highlights a significant reform in the life insurance agent channel, aimed at enhancing the quality of the insurance industry [28][29]. - The report notes that the non-bank financial sector has shown a mixed performance, with the Shenwan non-bank index increasing by 0.80%, outperforming the CSI 300 index by 0.21 percentage points [9]. - The report emphasizes the importance of regulatory changes, such as the guidelines for personal marketing systems in the insurance sector, which are expected to drive growth and transformation [28][30]. Sub-industry Ratings - The sub-industry ratings are as follows: - Securities: Positive - Insurance: Positive - Diversified Financials: Positive - Recommended companies and their ratings include: - Founder Securities: Buy - Xiangcai Securities: Buy - China Life: Buy - ZhongAn Online: Increase [3][32]. Market Performance - As of April 18, 2025, the securities sector's PE-TTM valuation is 22.04x, and PB-LF valuation is 1.43x, with a trading volume share of 1.60% [5]. - The insurance sector's PEV valuations for major companies are as follows: - China Life: 0.61x - Ping An: 0.58x - China Pacific: 0.47x - New China Life: 0.50x - The trading volume share for the insurance sector is 0.42% [6]. Key Recommendations - The report recommends focusing on retail-oriented securities firms such as Founder Securities and Xiangcai Securities, as well as life insurance companies like China Life and tech-enabled firms like ZhongAn Online [6][32].