RWA 业务打开非银机构估值空间 20250720 摘要 中资券商加速布局虚拟资产交易牌照，广发证券香港发行代币化证券， RWA 业务有望成为非银机构重要增长点，需关注其对传统投行业务的影 响。 大型国有保险公司新增保费 30%将投资 A 股，私募股票投资基金持续扩 容，保险业绩考核权重增加，下半年市场将迎来显著增量资金。 非银板块目前处于低谷，公募基金欠配明显，平安、太保、东财等券商 估值较低，需关注大型公司偿付能力及相关政策变化。 券商股权融资仍需一事一议，大股东参与度高，政策端对定增边际放松， 资金主要用于财富管理和科技投入，关注东吴证券、天风证券等案例。 非银板块整体业绩良好，六成以上上市券商上半年业绩增速超 40%，华 西证券、国联民生等公司增速显著，环比一季度仍有增长。 RWA 上链是重要催化剂，太保资管香港与协鑫科技合作共建 RWA 中台， 推动资产代币化，提升太保潜在估值，关注 The Pack 平台的发展。 中国太保新增负债成本下降，存量负债成本低于同业，PEB 保持在 0.6 倍左右，市场隐含的长期投资收益率低于合理预期，存在低估。 Q&A RWA 业务对于非银机构估值的影响如何？ RWA ...

Group 1: Market Overview - The report highlights that the escalation of the US tariff war is expected to have a limited impact on the Hong Kong stock market, which is projected to reach new highs [7] - The Hong Kong Hang Seng Index has shown a year-to-date increase of 20.34%, indicating strong market performance despite external pressures [2] - The report notes that the US stock market indices reached historical highs, reflecting a resilient risk appetite among investors [8] Group 2: Investment Opportunities - The biotechnology sector in Hong Kong is identified as a key driver of market recovery, with Chinese pharmaceutical companies transitioning from generic to innovative drug development [9] - The report suggests that the overall market capitalization of Chinese biotech companies is only 14%-15% of that in the US, while contributing nearly 33% to global innovation, indicating significant growth potential [9] - The report recommends focusing on the medical and stablecoin sectors within the Hong Kong market for potential investment opportunities [12] Group 3: Currency and Fund Performance - The US dollar index has shown a strong weekly performance, indicating a potential bottoming out, with expectations for the USD/CNY exchange rate to fluctuate between 7.1 and 7.4 [10] - The report lists several funds with notable performance, including the Huaxia Hang Seng Biotechnology Index ETF, which has a one-year return of 87.57% [14] - Investors are advised to consider dollar-denominated money market funds for stable returns amidst currency fluctuations [11]

国信（香港）基金周报 2025 年 5 月 12 日 美国利率维持不变符合预期，利好美元货基 一、国信香港精选基金表现 表 1 国信香港精选基金表现 | 基金名称 | 周涨跌幅 | 七天年化收益率 | 近一年收益率 | 基金净值 | | --- | --- | --- | --- | --- | | 华夏精选美元货币基金 | 0.035% | 4.420% | - | 113.4948 | | 泰康开泰美元货币基金 | 0.033% | 4.000% | - | 11.3983 | | 高腾微金美元货币市场基金 | 0.034% | 4.410% | - | 11.54196 | | 泰康开泰海外短期债券基金 | 0.181% | - | 6.440% | 13.2630 | | 华夏精选固定收益配置基金 | 0.015% | | 4.630% | 11.6571 | | 华夏恒生科技指数ETF-非上市份额* | -0.305% | - | 32.810% | 10.8526 | | | | | *因产品成立时间问题,近一年采用场内ETF同期的数据。 や五草金箔信日: 6月0日: 儒美利知 昭和草型科学会治植 ...

Group 1: US Market Signals - The Dow Jones has experienced six consecutive days of gains, but underlying issues such as Microchip's poor performance indicate a valuation crisis in tech stocks, with server inventory turnover days rising to 92 days and a significant 18% reduction in orders due to delayed customer pickups [2] - Consumer confidence index has fallen below pandemic lows, with median disposable income decreasing by 4.2%, raising concerns that this data is more alarming than the Federal Reserve's interest rate hikes [2] Group 2: A-Share Market Dynamics - Kweichow Moutai reported contrasting results, with the price of its flagship product falling below 2500 yuan, while its series of wines achieved over 10 billion yuan in quarterly revenue, indicating a trend of high-end consumption downgrade and the emergence of the light luxury market as a new opportunity [3] - Vanke's impressive repayment rate of over 100% is misleading, as it relies heavily on asset disposals, having sold over 20 billion yuan in commercial real estate in three months, a common survival strategy among real estate companies [3] Group 3: Energy Sector Developments - The Three Gorges Group's Yangjiang project has successfully connected to the grid, becoming the world's first offshore photovoltaic power station in a typhoon zone, exceeding expected output by 15% under 12-level wind conditions, creating a market space of 240 billion yuan [4] - Beneficiaries of this technological breakthrough are not the component manufacturers but rather the corrosion-resistant support structures and flexible cables, with orders for the latter extending to 2026 [4] Group 4: Investment Strategies - Position management suggests reducing total holdings to 50%, with 20% allocated to Changjiang Electric (4.3% dividend yield and dual drivers from flood control and power generation) and China Shenhua (lowest pithead coal cost in the industry) [5] - Identifying undervalued opportunities includes semiconductor equipment leader AMEC, which secured a major order of 12 etching machines from Yangtze Memory Technologies, and SMIC, which is trading at a 32% discount on Hong Kong stocks [5] - A hedging strategy includes a 3% allocation to a gold ETF (Shandong Gold trading at a 38% discount in Hong Kong compared to A-shares) and a 2% allocation to a dollar-denominated money market fund [5] Group 5: Key Observations for May - The MLF operation on May 15 could lead to a valuation recovery in the consumer sector if interest rates are cut by more than 10 basis points [6] - The LPR quote on May 20, particularly a reduction in the 5-year rate, is expected to stimulate the home appliance and building materials sectors [6] - The Federal Reserve's minutes on May 23 will be closely monitored for indications of a "slower balance sheet reduction," which may present buying opportunities in tech stocks [6]