Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [42]. Core Insights - The recent speeches and writings by Chairman Wu Qing have clarified the direction for high-quality development in the capital market and the securities industry during the 14th Five-Year Plan period. The focus is on enhancing the inclusiveness and adaptability of the capital market system [3]. - The current valuation of the brokerage sector is at a historically low level, suggesting potential for upward adjustment in valuations as industry conditions improve. It is recommended to focus on leading comprehensive brokerages and differentiated smaller brokerages [5][2]. Summary by Sections Industry Investment Rating - The report rates the non-bank financial industry as "Outperform the Market" [42]. Industry News - Chairman Wu Qing's recent statements emphasize the need for high-quality development in the securities industry, with a shift from homogeneous competition to differentiated competition. This includes supporting leading brokerages to strengthen their market position and encouraging smaller firms to focus on niche markets [3][5]. Weekly Data - From December 1 to December 5, the CSI All Share Index rose by 0.77%, with the brokerage sector increasing by 1.14%. The insurance sector saw a significant rise of 5.08% [12][16]. Investment Recommendations - The report suggests that the current regulatory environment is positive, with the brokerage sector's valuation having room for upward adjustment. The sector's price-to-book ratio is currently at 1.36 times, which is in the 34th percentile over the past decade, indicating potential for improvement as industry conditions become more favorable [5][2].

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 吴清提出拓宽券商资本空间；保险优化股票 风险因子 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 行业排序及重点公司推荐：非银金融目前平均估值仍然较低，具有安全 2025 年 12 月 07 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 非银金融 沪深300 相关研究 《适度提升优质券商的资本空间，聚 焦券商高质量发展》 2025-12-06 《优化长期股票持仓风险因子要求， 引导险资发挥耐心资本优势》 2025-12-06 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 luoyk@dwzq.com.cn 行业走势 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 12 月 01 日-2025 年 12 月 05 日）非 ...

Core Viewpoint - Zhongguancun Science and Technology Leasing (01601.HK) has entered into a financing lease agreement with Hangzhou Nandu Power Technology Co., Ltd., involving the purchase and leaseback of energy storage production equipment for a total consideration of approximately RMB 30 million and a lease payment of about RMB 30.82 million over a 12-month period [1] Company Summary - The company reported a closing price of HKD 0.87 on December 5, 2025, reflecting a 1.16% increase with a trading volume of 106,000 shares and a turnover of HKD 91,300 [1] - The market capitalization of Zhongguancun Science and Technology Leasing is HKD 424 million, ranking 56th in the diversified financial industry [1] Financial Metrics - Return on Equity (ROE) stands at 10.21%, significantly outperforming the industry average of -10.37%, ranking 17th out of 129 companies [1] - The company’s operating revenue is reported at RMB 871 million, compared to the industry average of RMB 2.496 billion, ranking 25th [1] - The net profit margin is 34.57%, while the industry average is at a negative -1247.62%, ranking 31st [1] - The debt ratio is 75.58%, which is higher than the industry average of 40.41%, ranking 110th [1]

格隆汇12月5日｜瑞达期货涨停，弘业期货、南华期货、永安期货、越秀资本、新力金融等纷纷走高。 ...

Core Viewpoint - Nanhua Futures (603093) shows a mixed financial performance with a slight increase in stock price but a decline in revenue and profit metrics, indicating potential challenges ahead in the multi-financial industry [1][2]. Financial Performance - As of December 4, 2025, Nanhua Futures closed at 19.07 yuan, up 1.01% with a trading volume of 54,000 lots and a turnover of 103 million yuan [1]. - For the first three quarters of 2025, the company reported a main revenue of 941 million yuan, a year-on-year decrease of 8.27%, and a net profit attributable to shareholders of 351 million yuan, down 1.92% [2]. - The third quarter of 2025 saw a significant increase in quarterly main revenue to -160 million yuan, up 90.07% year-on-year, while net profit for the quarter was 120 million yuan, down 6.21% [2]. Industry Comparison - Nanhua Futures has a total market value of 11.634 billion yuan, which is below the industry average of 22.384 billion yuan, ranking 13th out of 21 in the multi-financial sector [2]. - The company's net asset stands at 4.405 billion yuan, also below the industry average of 25.234 billion yuan, ranking 14th [2]. - The price-to-earnings ratio (P/E) is 24.83, significantly lower than the industry average of 209.24, ranking 11th [2]. Investment Ratings - In the last 90 days, four institutions have rated Nanhua Futures, with one buy rating and three hold ratings, and the average target price set at 22.53 yuan [3].

Core Viewpoint - As of December 4, 2025, Ruida Futures (002961) closed at 24.28 yuan, marking a 5.89% increase with a turnover rate of 6.89% and a trading volume of 306,500 lots, amounting to a total transaction value of 739 million yuan [1] Financial Performance - For the first three quarters of 2025, Ruida Futures reported a main operating revenue of 1.621 billion yuan, a year-on-year decrease of 2.87%, while the net profit attributable to shareholders was 386 million yuan, an increase of 42.15% [2] - The third quarter of 2025 saw a single-quarter main operating revenue of 575 million yuan, down 13.91% year-on-year, with a net profit attributable to shareholders of 158 million yuan, up 17.41% [2] - The company’s debt ratio stands at 84.6%, with investment income reported at 599 million yuan [2] Market Position and Valuation - Ruida Futures has a total market capitalization of 10.805 billion yuan, ranking 14th in the diversified financial industry, with a net asset value of 3.148 billion yuan, ranking 15th [2] - The company’s price-to-earnings ratio (P/E) is 21.01, significantly lower than the industry average of 209.24, ranking 8th [2] - The price-to-book ratio (P/B) is 3.61, higher than the industry average of 2.56, ranking 17th [2] - The gross profit margin is reported at 0%, while the net profit margin is 23.93%, ranking 14th in the industry [2] - Return on equity (ROE) is at 12.64%, placing the company first in the industry [2] Investment Sentiment - In the last 90 days, four institutions have rated the stock, with three giving a buy rating and one an increase rating, while the average target price set by institutions is 29.88 yuan [3]

南方财经12月4日电，多元金融板块异动拉升，瑞达期货触及涨停，南华期货、越秀资本等跟涨。 ...

板块题材上，培育钻石、煤炭开采加工、风电设备、中药、机场航运、工业金属、多元金融板块涨幅居前；智谱AI、文化 传媒、云班课、短剧游戏等AI应用方向跌幅居前。 A股三大指数今日集体调整，截至收盘，上证指数跌0.51%，深证成指跌0.78%，创业板指跌1.12%，北证50跌0.4%。沪深 京三市全天成交额16836亿元，较上日放量763亿元。全市场超3800只个股下跌。 盘面上，煤炭板块集体走强，大有能源、安泰集团、新大洲A封住涨停。风电设备板块午后维持高位震荡，大金重工、德 力佳涨停，中环海陆、飞沃科技跟涨。商业航天板块表现分化，航天动力盘中上演"地天板"，超捷股份、乾照光电、上海港湾 等股午后跳水领跌板块。此外，流感、多元金融、食品等板块轮动。另一方面，游戏传媒等AI应用方向表现不佳，福石控股大 跌10%，浙文互联、省广集团、元隆雅图跌幅居前。 ...

证券之星消息，截至2025年12月2日收盘，九鼎投资(600053)报收于18.6元，下跌2.72%，换手率 0.97%，成交量4.19万手，成交额7779.3万元。 12月2日的资金流向数据方面，主力资金净流出743.69万元，占总成交额9.56%，游资资金净流入435.85 万元，占总成交额5.6%，散户资金净流入307.85万元，占总成交额3.96%。 近5日资金流向一览见下表： 近5日融资融券数据一览见下表： 该股主要指标及行业内排名如下： | 理景情你 | | --- | | 200 1 L | | . | | 指标 | 九鼎投资 | 多元金融行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 80.64亿元 | 223.87亿元 | 18 21 | | 净资产 | 25.9亿元 | 252.34亿元 | 17 21 | | 净利润 | -4993.4万元 | 7.44亿元 | 19 21 | | 市盈率(动) | -121.12 | 209.57 | - 21 | | 市净率 | 3.14 | 2.56 | 16 21 | | 毛利率 | 53.23% ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000415 | 渤海租赁 | 3.71 | 3.63% | 95.28万 | | 3.49亿 | | 600901 | 江苏金租 | 6.28 | 1.78% | 50.65万 | | 3.15亿 | | 000958 | 电投产融 | 7.08 | 0.71% | 57.70万 | | 4.06亿 | | 600816 | 建元信托 | 2.95 | 0.34% | 63.55万 | | 1.86亿 | | 002961 | 瑞达期货 | 22.13 | 0.32% | 7.28万 | | 1.61亿 | | 000563 | 陕国投 A | 3.47 | 0.00% | 29.37万 | | 1.01亿 | | 600120 | 浙江东方 | 6.27 | -0.16% | 59.40万 | | 3.71亿 | | 600643 | 爱建集团 | 5.47 | -0.18% | 8.01万 | | 4366.73万 | | 0 ...