投资银行业与经纪业：行业供给侧改革提速关注非银板块配置机遇

长江证券12-22 00:00

核心观点1）本周非银板块整体表现较强。券商方面，本周中金公司发布换股吸收合并东兴、信达预案，行业供给侧改革再提速。此外市场交投整体仍维持历史高位，预计2025 年业绩维持高增趋势，建议关注板块后续配置价值；保险方面，金监局就《保险公司资产负债管理办法（征求意见稿）》公开征求意见。中长期来看三季报以来印证了存款搬家、增配权益和新单成本改善逻辑，中长期ROE 改善确定性进一步提升，估值有望加速修复，...

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的超额收益为-6.3%，行业排名靠后（20/31）。本周非银板块整体表现较强。市场：市场热度有所回落，两市日均成交额17604.84 亿元，环比-9.86%，日均换手率1.83%，环比-19.91BP；杠杆资金规模回落，两融余额2.50 万亿元，环比-0.34%；股指下跌，债指上涨，本周万得全A 指数下跌0.15%，中债总全价指数上涨0.06%；长端利率有所下行，10 年期国债收益率-0.88BP 至1.8308%。重点行业新闻&公司公告新闻：吴清出席中国资本市场学会学术委员会成立会议并召开“十五五”规划专家座谈会；金监局就《保险公司资产负债管理办法（征求意见稿）》公开征求意见。公司公告：中金公司、东兴证券、信达证券披露重大资产重组预案暨股票复牌，本次采用换股吸收合并的方式，东兴证券、信达证券与中金公司A 股的换股比例分别为1:0.4373 与1:0.5188；华西证券、中金公司、申万宏源公布2025 年半年度权益分派实施公告；财通证券公布2025 年前三季度权益分派实施公告。风险提示1、权益市场大幅回调；2、监管政策收紧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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投资银行业与经纪业：行业供给侧改革提速 关注非银板块配置机遇

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投资银行业与经纪业：行业供给侧改革提速关注非银板块配置机遇