非银金融行业周报：AI+金融催化持续非银板块有望迎来“戴维斯双击”

中信建投证券股...2025-02-24

核心观点证券：对于券商而言，2025 年经营环境有望持续回暖，随着政策的进一步落实和市场的再度转强，估值或将修复并提升。保险：近期长端利率回升有助于缓解险企配置压力，且受益于政策环境优化高质量发展可期，后续随着一系列稳增长政策的出台和落地见效权益投资有望进一步贡献业绩弹性。香港市场及港交所观点：2 月香港市场大幅反弹，港交所宣布交收费结构调整。摘要证券：对于券商而言，2025 年经营环境有望持续...

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年经营环境有望持续回暖，随着政策的进一步落实和市场的再度转强，估值或将修复并提升。本周市场交投活跃度仍然维持在高位，证监会召开民营企业座谈会，行业有望迎来多重发展机遇：一方面，券商有望在民营企业股债融资、财富管理等业务中获得更多机会，推动投行业务和财富管理业务的拓展；另一方面，政策支持下的行业整合与风控指标优化，将进一步提升券商的资本使用效率和市场竞争力。伴随着市场信心增强和中长期资金入市，券商整体经营环境有望持续回暖，估值也可能得到修复和提升。保险：近期长端利率回升有助于缓解险企配置压力，且受益于政策环境优化高质量发展可期，后续随着一系列稳增长政策的出台和落地见效权益投资有望进一步贡献业绩弹性。业绩方面，股市表现有望在政策、宏观经济和较为宽松流动性环境的共振下迎来改善，进而带动保险公司总投资收益和利润的改善。此外，后续长端利率进一步下行空间预计较为有限，后续若宏观经济复苏力度超预期长端利率亦有望上行，建议持续关注。估值方面，分红险在2025 年开门红产品策略中的地位明显提升，长期来看有望带动上市险企估值倍数的提升。此外，今年以来预定利率动态调整机制、保险公司监管评级相关政策陆续发布，整体来看行业集中度有望进一步提升，头部险企竞争优势有望更加凸显。香港市场及港交所观点：2 月香港市场大幅反弹，港交所宣布交收费结构调整。2 月21 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非银金融行业周报：AI+金融催化持续 非银板块有望迎来“戴维斯双击”

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非银金融行业周报：AI+金融催化持续非银板块有望迎来“戴维斯双击”