非银行金融行业周报:持续关注美联储降息效应 两融增长态势有望延续

长城证券
Aug 11, 2025

近期市场交易定价反应了公募考核新规基准回补效应、去产能、高层会议经济定调及美国关税等政策效应,市场下半周有所缩量,两融波动新高,银行、保险板块高位波动,券商、多元金融板块有所调整。我们判断,宏大叙事、海外经济数据及关税政策或是关键因素,券商为代表的非银金融或呈现震荡走势。并购线建议重点关注以信达证券、首创证券、浙商证券、国联民生、中国银河等为代表个股;具有估值扩张空间的公司,推荐关注综合能力强、...

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