非银金融行业周报：关注陆家嘴论坛政策发布预期带来的市场情绪催化

超配[Table_Authors]证券分析师陶圣禹S0630523100002tsy@longone.com.cn[table_stockTrend][table_product]相关研究1.浮动管理费率基金加速推出，LPR下调有望推动预定利率调整Q3落地——非银金融行业周报（20250519-20250525）2.修订并购重组管理办法，制度包容度提升释放市场活力——资本市场聚焦（三）3.并购重组新规迎修订，第三批险资长投试点落地——非银金融行业周报（20250512-20250518）-29%-12%5%22%39%57%74%24-06 24-0924-1225-03申万行业指数:非银金融(0749)沪深300 2/9正文目录1.周行情回顾...................................................................................42.市场数据跟踪...............................................................................63.行业新闻......................................................................................74.风险提示......................................................................................8 HTTP://WWW.LONGONE.COM.CN请务必仔细阅读正文后的所有说明和声明 3/9图表目录图1 A股大盘走势（截至2025/5/30）..........................................................................................4图2日均股基成交额表现..............................................................................................................6图3沪深交易所换手率表现..........................................................................................................6图4融资余额及环比增速..............................................................................................................6图5融券余额及环比增速..............................................................................................................6图6股票质押参考市值及环比增速...............................................................................................6图7十年期利率走势.....................................................................................................................6图8股票承销金额表现.................................................................................................................7图9债券承销金额及环比..............................................................................................................7表1指数涨跌幅（截至2025/5/30）.............................................................................................4表2 A股券商前十涨幅表现（截至2025/5/30）............................................................................4表3 A股保险最新表现（截至2025/5/30）...................................................................................5表4 A股多元金融前十涨幅表现（截至2025/5/30）.....................................................................5表5主要港美股最新表现（截至2025/5/30）..............................................................................5表6行业新闻一览.........................................................................................................................7 HTTP://WWW.LONGONE.COM.CN请务必仔细阅读正文后的所有说明和声明 HTTP://WWW.LONGONE.COM.CN1.周行情回顾上周宽基指数方面，上证指数下跌0%，深证成指下跌0.9%，沪深300下跌1.1%，创业板指数下跌1.4%；行业指数方面，非银金融(申万)上涨0.2%，其中证券Ⅱ(申万)下跌0.1%，保险Ⅱ(申万)上涨0.5%，多元金融(申万)上涨1.6%。表1指数涨跌幅（截至2025/5/30）代码指数名称000001.SH上证指数399001.SZ深证成指000300.SH沪深300399006.SZ创业板指数801790.SI非银金融(申万)801193.SI证券Ⅱ(申万)801194.SI保险Ⅱ(申万)801191.SI多元金融(申万)资料来源：Wind，东海证券研究所图1 A股大盘走势（截至2025/5/30）资料来源：Wind，东海证券研究所表2 A股券商前十涨幅表现（截至2025/5/30）中文简称最新股价周涨跌幅华鑫股份14.033.8%国盛金控12.093.1%长城证券8.022.3%国信证券11.232.2%中银证券9.891.6%国联民生9.911.5%国金证券8.331.2%东吴证券7.971.1%光大证券16.270.9%申万宏源4.730.9%资料来源：Wind，东海证券研究所-20%-10%0%10%20%30%40%50%60%70%2024/07/252024/07/162024/07/052024/06/262024/06/17沪深300 4/9请务必仔细阅读正文后的所有说明和声明周涨跌幅1个月涨跌幅3个月涨跌幅年初至今涨跌幅0.0%2.1%0.8%-0.1%-0.9%1.4%-5.4%-3.6%-1.1%1.8%-1.3%-2.4%-1.4%2.3%-8.2%-6.9%0.2%2.7%-2.2%-7.2%-0.1%1.0%-6.2%-11.3%0.5%6.5%5.9%0.1%1.6%2.0%0.9%0.7%总市值（亿元）PE(TTM)PB(MRQ)A/H溢价148.8433.591.74N/A233.95108.922.10N/A323.5617.661.06N/A1,079.4811.591.20N/A274.7427.911.50N/A562.9556.731.11197%309.2616.400.90N/A396.0113.700.94N/A750.1823.481.26N/A1,184.3920.421.11139%2025/05/302025/05/212025/05/122025/04/282025/04/172025/04/082025/03/272025/03/182025/03/072025/02/262025/02/172025/02/062025/01/202025/01/092024/12/302024/12/192024/12/102024/11/292024/11/202024/11/112024/10/312024/10/222024/10/112024/09/252024/09/122024/09/032024/08/232024/08/142024/08/05证券Ⅱ(申万)保险Ⅱ(申万)多元金融(申万) HTTP://WWW.LONGONE.COM.CN2.市场数据跟踪经纪：上周市场股基日均成交额13090亿元，环比上一周降低5.8%；上证所日均换手率0.79%，深交所日均换手率2.33%。信用：两融余额1.8万亿元，环比上一周基本持平，其中融资余额1.79万亿元，环比上一周基本持平；融券余额117亿元，环比上一周降低2.5%；股票质押市值2.66万亿元，环比上一周小幅增长0.3%。资料来源：Wind，东海证券研究所资料来源：Wind，东海证券研究所图6股票质押参考市值及环比增速资料来源：Wind，东海证券研究所-40%-20%0%20%40%60%2024/12/132024/12/272025/01/102025/01/242025/02/072025/02/212025/03/072025/03/212025/04/042025/04/182025/05/022025/05/162025/05/30日均股基成交额环比增速-右轴-6%-4%-2%0%2%4%6%8%10%12%2024/11/222024/12/062024/12/202025/01/032025/01/172025/01/312025/02/142025/02/282025/03/142025/03/282025/04/112025/04/252025/05/092025/05/23融资余额环比-右轴-10%-8%-6%-4%-2%0%2%4%6%8%10%2024/12/132024/12/272025/01/102025/01/242025/02/072025/02/212025/03/072025/03/212025/04/042025/04/182025/05/022025/05/162025/05/30股票质押市值环比-右轴 6/9请务必仔细阅读正文后的所有说明和声明图3沪深交易所换手率表现资料来源：Wind，东海证券研究所图5融券余额及环比增速资料来源：Wind，东海证券研究所图7十年期利率走势资料来源：Wind，东海证券研究所0.01.02.03.04.05.06.07.02024/06/282024/07/192024/08/092024/08/302024/09/202024/10/112024/11/012024/11/222024/12/132025/01/032025/01/242025/02/142025/03/072025/03/282025/04/182025/05/092025/05/30(%)上证所日均换手率深交所日均换手率-15%-10%-5%0%5%10%15%0204060801001201402024/10/112024/