非银金融 相关研究报告 《引导中长期超额考核，非银板块有 望增配—行业周报》-2025.5.18 《核心考核转向投资者回报，公募行 业马太效应强化—《推动公募基金高 质量发展行动方案》学习》-2025.5.11 《稳股市政策加码，寻找结构性机会 —非银金融行业 2025年度中期投资策 略》-2025.5.8 港股市场资产端扩容，首批浮动管理费产品亮相 ——行业周报 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 周观点：港股市场资产端扩容，首批浮动管理费产品亮相 近期多家A股龙头公司登陆H股上市，5月20日和5月23日，宁德时代和恒瑞医药 两家不同行业的龙头公司先后正式登陆港股。5月22日证监会发行监管司司长严 伯进表示，证监会将持续优化科技企业境内上市的环境，会实施更加灵活精准的 新股发行逆周期调节机制，支持优质红筹科技企业回归境内上市。A股龙头公司 积极赴港上市和优质中概股回流港股市场，有望带动港股市场资产端扩容，提升 港股市场交易活跃度，推荐持续受益于港股市场活跃度提升和IP ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The non-bank financial sector is expected to benefit from the expansion of the Hong Kong stock market and the introduction of floating management fee products, which will enhance trading activity [3][4] - The recent decline in LPR and deposit rates is anticipated to lower the cost of liabilities for the insurance sector, potentially leading to a reduction in preset rates [5] Summary by Sections Industry Trends - The non-bank financial sector is projected to outperform the overall market, with a focus on the positive impact of the Hong Kong market's asset expansion and the introduction of new fund products [3][4] Market Activity - The average daily trading volume for stock funds decreased by 8% week-on-week, while the newly established stock and mixed funds saw a 100% increase in scale [4] Regulatory Environment - The China Securities Regulatory Commission (CSRC) is committed to optimizing the environment for domestic listings of technology companies, which is expected to support the return of quality red-chip technology firms to the domestic market [3] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong, Hong Kong Exchanges and Clearing, and China Pacific Insurance [6] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [6]

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for recovery and growth in various segments [7]. Core Insights - The report emphasizes the ongoing reforms in public fund management fees, which are expected to enhance market participation and investor returns [3]. - The third batch of long-term investment trials for insurance capital has been approved, indicating a shift towards stable, high-dividend stocks, which may bolster market stability [4]. - Recent regulatory changes in merger and acquisition rules are anticipated to stimulate activity in the investment banking sector, leading to a recovery in related revenues [5]. - Overall, the report suggests that favorable policies and market conditions are likely to improve investor sentiment and drive valuation recovery across the sector [6]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index rising by 0.76% and the Shenzhen Component Index by 0.52% during the week [10]. - The non-banking financial sector outperformed, with the insurance index increasing by 3.58% [10]. Securities Sector - The report notes that the total IPO underwriting scale for the year reached 25.81 billion yuan, while refinancing underwriting amounted to 236.59 billion yuan [17]. - Margin trading balances increased by 0.25% week-on-week, totaling 1.81 trillion yuan, reflecting a 17.88% year-on-year growth [17]. Insurance Sector - The total assets of insurance financial institutions reached 37.8 trillion yuan by the end of Q1 2025, marking a 5.4% increase from the beginning of the year [38]. - The report highlights a 0.8% year-on-year growth in original insurance premium income, amounting to 2.2 trillion yuan in Q1 2025 [38]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 486 billion yuan, indicating a tightening of liquidity with a net withdrawal of 475.1 billion yuan [30]. - Bond yields showed an upward trend, with the 10-year government bond yield rising to 1.68% [30]. Industry News and Company Announcements - The report discusses the approval of new floating management fee products by 26 fund management companies, which aligns with the push for high-quality development in public funds [38]. - The establishment of a new fund by China Life Asset Management, focusing on large-cap, liquid stocks, is noted as a significant move in the insurance investment landscape [38].

Group 1: Fund Management and Market Operations - The first batch of 26 fund managers has reported floating management fee products following the public fund reform on May 7, with 21 large managers, 4 small managers, and 1 foreign-owned manager participating, all demonstrating strong equity management capabilities [1] - Recent restrictions on money market funds are aimed at preventing arbitrage funds from impacting stability, with measures including limiting large subscriptions and temporarily halting purchases [1] - Industry insiders have refuted claims that public fund assessment benchmarks are causing significant market repositioning, asserting that there is no large-scale repositioning occurring among public funds [1] Group 2: Automotive and Financial Sector - The People's Bank of China has implemented a reserve requirement ratio cut, releasing approximately 1000 billion yuan in funds, which is expected to significantly stimulate the automotive industry [2] - The core industry value added of the digital economy is projected to exceed 10% of GDP by the end of 2025, indicating a strong growth trajectory for the digital sector [2] Group 3: Corporate Developments - The Honghu Fund Phase II, with a scale of 20 billion yuan, is set to invest in large-cap, liquid, and high-impact listed companies, emphasizing long-term capital investment [3] - Japan Display Inc. announced a voluntary retirement program for about 1500 employees, with a reported net loss of 78.2 billion yen for the fiscal year 2024 [4] - CATL's Hong Kong IPO has seen subscription amounts exceed 280 billion HKD, indicating strong market interest [5] - The China Securities Regulatory Commission has approved Huadian New Energy's IPO registration on the Shanghai Stock Exchange [5] Group 4: Market Performance and Trends - China State Construction reported new contract signings totaling 1.52 trillion yuan from January to April, reflecting a year-on-year increase of 2.8% [7] - Tunnel Holdings' controlling shareholder plans to increase its stake in the company with a total investment of between 250 million and 500 million yuan [8] - Datang Power has completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at debt repayment and operational funding [9] - The Shanghai Composite Index experienced a slight decline of 0.4%, with significant trading activity and a notable interest in high-position stocks [11]

Core Viewpoint - The first batch of 26 fund managers has reported floating management fee products following the public fund reform that took effect on May 7, indicating a significant shift in the industry towards performance-based fee structures [1] Group 1: Fund Managers - Among the 26 fund managers, 21 are leading firms in terms of fund management scale or actively managed equity fund management scale, while 4 are small to medium-sized managers and 1 is a wholly foreign-owned manager [1] - Each institution has assigned experienced fund managers with strong long-term performance to manage the floating fee products, aiming to enhance product performance and deliver returns to investors [1] Group 2: Product Preparation - The fund managers have made comprehensive preparations in various aspects, including core element design of the products, legal document preparation, system upgrades, and communication with sales channels [1] - Other fund companies are also preparing to follow up with similar products once they are adequately ready [1]