非银金融行业周报：AMC系券商实控人变更，把握政策催化带来的板块配置机遇

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.关注陆家嘴论坛政策发布预期带来的市场情绪催化——非银金融行业周报（20250526-20250601）2.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）3.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）-29%-11%7%25%42%60%78%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2025/6/6）............................................................................................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2025/6/6）...............................................................................................4表2 A股券商前十涨幅表现（截至2025/6/6）..............................................................................4表3 A股保险最新表现（截至2025/6/6）.....................................................................................5表4 A股多元金融前十涨幅表现（截至2025/6/6）.......................................................................5表5主要港美股最新表现（截至2025/6/6）................................................................................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，上证指数上涨1.1%，深证成指上涨1.4%，沪深300上涨0.9%，创业板指数上涨2.3%；行业指数方面，非银金融(申万)上涨2.0%，其中证券Ⅱ(申万)上涨2.4%，保险Ⅱ(申万)上涨1.0%，多元金融(申万)上涨2.7%。表1指数涨跌幅（截至2025/6/6）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2025/6/6）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2025/6/6）中文简称最新股价周涨跌幅国泰海通18.507.7%光大证券17.427.1%华鑫股份14.855.8%东吴证券8.385.1%财达证券6.643.4%锦龙股份12.473.0%华安证券5.632.7%国海证券3.832.7%中金公司33.962.6%中泰证券6.252.6%资料来源：Wind，东海证券研究所-20%-10%0%10%20%30%40%50%60%70%2024/07/312024/07/222024/07/112024/07/022024/06/21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1.1%1.3%0.4%1.0%1.4%0.8%-6.1%-2.2%0.9%1.1%-1.8%-1.5%2.3%2.2%-7.5%-4.8%2.0%2.5%-1.5%-5.3%2.4%1.2%-4.6%-9.2%1.0%5.8%5.1%1.1%2.7%1.6%-0.1%3.4%总市值（亿元）PE(TTM)PB(MRQ)A/H溢价3,261.5014.321.0575%803.2025.141.35N/A157.5435.551.84N/A416.3814.410.98N/A215.4731.071.79N/A111.73-133.134.94N/A263.3915.221.17N/A244.5945.721.10N/A1,639.3425.231.74136%435.5444.641.15N/A2025/06/062025/05/272025/05/162025/05/072025/04/232025/04/142025/04/022025/03/242025/03/132025/03/042025/02/212025/02/122025/01/242025/01/152025/01/062024/12/252024/12/162024/12/052024/11/262024/11/152024/11/062024/10/282024/10/172024/10/082024/09/202024/09/092024/08/292024/08/202024/08/09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14232亿元，环比上一周增长8.7%；上证所日均换手率0.88%，深交所日均换手率2.49%。信用：两融余额1.81万亿元，环比上一周小幅增长0.4%，其中融资余额1.8万亿元，环比上一周小幅增长0.4%；融券余额122亿元，环比上一周增长4.1%，股票质押市值2.69万亿元，环比上一周增长1%。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%-30%-20%-10%0%10%20%30%40%50%2024/12/062024/12/202025/01/032025/01/172025/01/312025/02/142025/02/282025/03/142025/03/282025/04/112025/04/252025/05/092025/05/232025/06/06日均股基成交额环比增速-右轴-6%-4%-2%0%2%4%6%8%2024/11/292024/12/132024/12/272025/01/102025/01/242025/02/072025/02/212025/03/072025/03/212025/04/032025/04/182025/04/302025/05/162025/05/30融资余额环比-右轴-10%-5%0%5%10%2024/12/202025/01/032025/01/172025/01/312025/02/142025/02/282025/03/142025/03/282025/04/112025/04/252025/05/092025/05/232025/06/06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0.01.02.03.04.05.06.07.02024/07/052024/07/262024/08/162024/09/062024/09/272024/10/182024/11/082024/11/292024/12/202025/01/102025/01/312025/02/212025/03/142025/04/042025/04/252025/05/162025/06/06(%)上证所日均换手率深交所日均换手率-10%-5%0%5%10%15%0204060801001201402024/10/18