562 lines
45 KiB
HTML
562 lines
45 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<head>
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<title>大金融 - 深度概念分析报告</title>
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font-family: 'Noto Sans SC', sans-serif;
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background-color: #02040a;
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background-image:
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<body class="min-h-screen p-4 sm:p-8">
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<div class="max-w-7xl mx-auto space-y-8">
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<!-- Header -->
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<header class="text-center py-8">
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<h1 class="concept-title mb-4">大金融 (Big Finance)</h1>
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<p class="text-xl text-slate-300 tracking-wider">深度概念分析报告</p>
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<div class="mt-4 text-xs text-slate-500">
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<p>北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现</p>
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<p>本报告为AI合成数据，投资需谨慎</p>
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</div>
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</header>
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<!-- Insight Core -->
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<main class="glass-card p-6 md:p-8 space-y-6">
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<h2 class="text-2xl font-bold glow-text mb-4 text-violet-300">概念洞察 (Concept Insight)</h2>
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<div class="prose prose-invert max-w-none prose-p:text-slate-300 prose-li:text-slate-300 prose-strong:text-white">
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<div class="p-4 bg-slate-900/50 rounded-xl border border-slate-700">
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<h3 class="font-semibold text-lg text-cyan-300">核心观点摘要</h3>
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<p>“大金融”概念正处于一个由<strong>强政策预期托底</strong>、但<strong>基本面仍在筑底</strong>的转型阶段。其核心驱动力源于监管层稳定资本市场、推动金融服务国家战略的明确意图，这构成了板块的“政策底”和“估值底”。未来潜力取决于政策执行力度、宏观经济企稳回升，以及金融科技赋能带来的长期效率提升。</p>
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</div>
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<div class="daisy-collapse daisy-collapse-arrow glass-card mt-4">
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<input type="radio" name="insight-accordion" checked="checked" />
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<div class="daisy-collapse-title text-xl font-medium text-amber-300">
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概念事件与时间轴
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</div>
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<div class="daisy-collapse-content">
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<p>“大金融”概念在分析期内（主要集中于2024年初至2025年末）的核心叙事由 <strong>“政策底”驱动的估值修复</strong> 和 <strong>服务国家战略转型</strong> 两大主线构成。其背景是宏观经济面临需求不足、房地产市场调整等挑战，资本市场表现持续低迷。在此背景下，高层密集发声并出台一系列政策，意图稳定市场、提振信心，并将金融资源引导至科技创新、绿色发展等新质生产力领域。</p>
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<div id="timeline-chart" class="w-full h-96 mt-4"></div>
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</div>
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</div>
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<div class="daisy-collapse daisy-collapse-arrow glass-card mt-4">
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<input type="radio" name="insight-accordion" />
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<div class="daisy-collapse-title text-xl font-medium text-amber-300">
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核心逻辑与市场认知分析
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</div>
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<div class="daisy-collapse-content">
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<h4 class="font-semibold text-lg text-cyan-400 mt-2">核心驱动力</h4>
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<ol>
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<li><strong>政策驱动（根本逻辑）</strong>：这是本轮大金融行情最根本、最强劲的驱动力。
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<ul>
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<li><strong>稳定资本市场</strong>：央行行长潘功胜提出创设<strong>5000亿</strong>互换便利，证监会主席吴清简化并购审核，发改委主任郑栅洁引导长期资金入市。分别从<strong>流动性、市场活跃度、资金来源</strong>三个维度为资本市场注入强心剂。</li>
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<li><strong>服务国家战略</strong>：自上而下推动的金融“<strong>五篇大文章</strong>”（科技、绿色、普惠、养老、数字金融）是金融业中长期的“任务书”。</li>
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<li><strong>行业供给侧改革</strong>：路演数据明确提及政策目标是“<strong>5年打造10家头部券商</strong>”，鼓励并购重组，构成券商板块最重要的事件驱动逻辑。</li>
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</ul>
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</li>
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<li><strong>估值驱动（安全边际）</strong>：银行股PB普遍<strong>低于1倍</strong>，公募持仓降至<strong>2013年以来最低</strong>；券商板块估值也处于历史<strong>0.8%</strong>分位数。极低的估值和机构低配为估值修复提供了充足空间。</li>
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<li><strong>资产价值重估（防御逻辑）</strong>：“资产荒”背景下，银行股<strong>5%-6%</strong>的高股息率与<strong>2%</strong>左右的十年期国债收益率形成鲜明对比，凸显其作为防御性红利资产的配置价值。</li>
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</ol>
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<h4 class="font-semibold text-lg text-cyan-400 mt-4">市场热度与情绪</h4>
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<ul>
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<li><strong>高热度与剧烈波动</strong>：新闻数据显示，板块频繁出现“拉升”、“爆发”，但也时有“跳水”、“高开低走”，反映出市场情绪极不稳定，多为脉冲式行情。</li>
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<li><strong>情绪分歧显著</strong>：交易型资金追逐券商的政策催化和高贝塔属性；配置型资金则青睐银行股的高股息和确定性。策略分析师将银行定义为“<strong>中长期配置首选</strong>”，而非银（券商、保险）则是“<strong>短期交易性机会</strong>”。</li>
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</ul>
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<h4 class="font-semibold text-lg text-cyan-400 mt-4">预期差分析</h4>
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<ul>
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<li><strong>宏大叙事与现实业绩的预期差</strong>：政策蓝图宏大，但现实是银行面临<strong>净息差持续收窄</strong>的压力（存量房贷利率下调对大行息差影响约<strong>8-11BP</strong>），券商中报业绩承压。<strong>市场可能高估了政策利好转化为短期利润的速度。</strong></li>
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<li><strong>被忽略的关键点——房地产的强关联性</strong>：所有路演报告都将房地产板块作为大金融分析的必要组成部分。房地产市场的企稳是金融板块走出趋势性行情的重要前提，而当前数据（如房地产开发投资累计同比<strong>-11.2%</strong>）显示其仍在探底。</li>
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</ul>
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</div>
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</div>
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<div class="daisy-collapse daisy-collapse-arrow glass-card mt-4">
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<input type="radio" name="insight-accordion" />
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<div class="daisy-collapse-title text-xl font-medium text-amber-300">
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关键催化剂与未来发展路径
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</div>
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<div class="daisy-collapse-content">
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<h4 class="font-semibold text-lg text-cyan-400 mt-2">近期催化剂（3-6个月）</h4>
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<ol>
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<li><strong>重要会议窗口</strong>：<strong>2025金融街论坛年会（10月27日）</strong>，三位金融系统核心领导的演讲内容将是关键。</li>
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<li><strong>券商并购重组的实质性进展</strong>：任何一例实质性公告都可能引爆整个券商板块。</li>
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<li><strong>货币政策操作</strong>：市场预期的降准或降息。</li>
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<li><strong>保险资金运用政策放宽</strong>：可能释放<strong>2000-3000亿</strong>增量资金入市。</li>
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</ol>
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<h4 class="font-semibold text-lg text-cyan-400 mt-4">长期发展路径</h4>
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<ul class="timeline timeline-compact timeline-vertical">
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<li>
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<div class="timeline-start timeline-box"><strong>第一阶段 (当前)</strong>: 政策驱动的估值修复。</div>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5 text-primary"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
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<hr class="bg-primary"/>
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</li>
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<li>
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<hr class="bg-primary"/>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5 text-primary"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-end timeline-box"><strong>第二阶段</strong>: 信用扩张与经济企稳。</div>
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<hr class="bg-primary"/>
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</li>
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<li>
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<hr/>
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<div class="timeline-start timeline-box"><strong>第三阶段</strong>: 市场活跃度驱动的业绩兑现。</div>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zM6.75 9.25a.75.75 0 000 1.5h6.5a.75.75 0 000-1.5h-6.5z" clip-rule="evenodd" /></svg></div>
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<hr/>
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</li>
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<li>
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<hr/>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zM6.75 9.25a.75.75 0 000 1.5h6.5a.75.75 0 000-1.5h-6.5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-end timeline-box"><strong>第四阶段</strong>: 创新驱动的价值重塑。</div>
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</li>
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</ul>
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</div>
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</div>
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<div class="daisy-collapse daisy-collapse-arrow glass-card mt-4">
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<input type="radio" name="insight-accordion" />
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<div class="daisy-collapse-title text-xl font-medium text-amber-300">
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产业链与核心公司深度剖析
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</div>
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<div class="daisy-collapse-content">
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<h4 class="font-semibold text-lg text-cyan-400 mt-2">产业链图谱</h4>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4 text-center">
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<div class="p-4 bg-slate-800/50 rounded-lg">
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<h5 class="font-bold">核心层 (牌照金融)</h5>
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<p class="text-sm">银行、证券、保险</p>
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</div>
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<div class="p-4 bg-slate-800/50 rounded-lg">
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<h5 class="font-bold">外延层 (多元金融)</h5>
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<p class="text-sm">信托、期货、租赁、AMC</p>
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</div>
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<div class="p-4 bg-slate-800/50 rounded-lg">
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<h5 class="font-bold">支撑层 (金融科技)</h5>
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<p class="text-sm">IT系统、数据服务、软件</p>
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</div>
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</div>
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<h4 class="font-semibold text-lg text-cyan-400 mt-4">核心玩家对比</h4>
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<div class="overflow-x-auto">
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<table class="daisy-table daisy-table-zebra w-full text-sm">
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<thead>
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<tr>
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<th>公司</th>
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<th>所在环节</th>
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<th>竞争优势与逻辑</th>
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<th>潜在风险</th>
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</tr>
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</thead>
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<tbody>
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<tr>
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<td><strong>招商银行</strong></td>
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<td>银行</td>
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<td>逻辑最纯粹的红利价值股，兼具高股息与内生成长性。</td>
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<td>净息差收窄压力；零售业务受宏观经济影响。</td>
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</tr>
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<tr>
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<td><strong>中信证券</strong></td>
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<td>证券</td>
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<td>行业领导者，“航母级券商”最直接受益者，合规优势凸显。</td>
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<td>贝塔属性强，业绩与市场行情高度相关。</td>
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</tr>
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<tr>
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<td><strong>国联证券</strong></td>
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<td>证券</td>
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<td>并购整合的追赶者，具备高事件驱动弹性。</td>
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<td>并购整合不及预期的风险。</td>
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</tr>
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<tr>
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<td><strong>同花顺/指南针</strong></td>
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<td>金融科技</td>
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<td>逻辑纯粹的“卖铲人”，业绩与市场活跃度正相关。</td>
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<td>行业竞争加剧；监管政策风险。</td>
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</tr>
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</tbody>
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</table>
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</div>
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<h4 class="font-semibold text-lg text-red-400 mt-4">验证与证伪</h4>
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<p>研报中对金融控股公司的美好愿景被<strong>中航产融(600705)</strong>的2023年报摘要部分<strong>证伪</strong>。数据显示其信托、证券子公司净利润同比暴跌<strong>90%</strong>和<strong>86%</strong>，表明在宏观下行周期中，金控平台的风险分散效果有限，必须穿透到底层资产的质地。</p>
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</div>
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</div>
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<div class="daisy-collapse daisy-collapse-arrow glass-card mt-4">
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<input type="radio" name="insight-accordion" />
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<div class="daisy-collapse-title text-xl font-medium text-amber-300">
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潜在风险与挑战
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</div>
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<div class="daisy-collapse-content">
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<ul>
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<li><strong>宏观经济风险</strong>：“需求不足仍是当前主要矛盾”。若经济复苏不及预期，将全面压制金融板块，这是<strong>根本性风险</strong>。</li>
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<li><strong>政策执行风险</strong>：提振资本市场的政策执行效果（如长期资金入市规模、并购重组落地速度）存在不确定性。</li>
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<li><strong>房地产市场风险</strong>：路演报告普遍将房地产企稳作为金融向好的重要前提。存量房地产风险尚未完全出清。</li>
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<li><strong>信息交叉验证风险</strong>：
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<ul>
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<li><strong>政策暖风与业绩寒风的矛盾</strong>：新闻和高层表态一片向好，但财报揭示的是息差收窄、业绩下滑的现实。</li>
|
||
<li><strong>金融科技的“知识鸿沟”</strong>：蚂蚁数科CEO直言通用大模型与产业应用存在“知识鸿沟”，暗示当前市场对AI赋能金融的炒作可能过于乐观。</li>
|
||
</ul>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="daisy-collapse daisy-collapse-arrow glass-card mt-4">
|
||
<input type="radio" name="insight-accordion" />
|
||
<div class="daisy-collapse-title text-xl font-medium text-amber-300">
|
||
综合结论与投资启示
|
||
</div>
|
||
<div class="daisy-collapse-content">
|
||
<h4 class="font-semibold text-lg text-cyan-400 mt-2">综合看法</h4>
|
||
<p>大金融概念正处于一个<strong>由政策强力催化的基本面筑底阶段</strong>。它并非纯粹的主题炒作，但也不是一个已经进入业绩驱动的成长阶段。当前阶段的核心是<strong>政策预期与疲弱现实的博弈</strong>。</p>
|
||
|
||
<h4 class="font-semibold text-lg text-cyan-400 mt-4">最具投资价值的细分方向</h4>
|
||
<ol>
|
||
<li><strong>金融IT/证券IT</strong>：逻辑最纯粹的“卖水者”，分享行业复苏红利，风险敞口相对较小。</li>
|
||
<li><strong>具备并购预期的中小券商</strong>：最具弹性和事件驱动性，赔率高，风险也高。</li>
|
||
<li><strong>高股息的国有大行和优质股份制银行</strong>：为追求稳健绝对收益的长期投资者提供坚实的安全垫。</li>
|
||
</ol>
|
||
|
||
<h4 class="font-semibold text-lg text-cyan-400 mt-4">需重点跟踪和验证的关键指标</h4>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-4 text-sm">
|
||
<div class="p-3 bg-slate-800/50 rounded-lg"><strong>宏观层面</strong>: 社融增速、房地产销售数据。</div>
|
||
<div class="p-3 bg-slate-800/50 rounded-lg"><strong>银行业</strong>: 季度净息差(NIM)变化趋势。</div>
|
||
<div class="p-3 bg-slate-800/50 rounded-lg"><strong>证券业</strong>: A股日均成交额(ADTV)、两融余额。</div>
|
||
<div class="p-3 bg-slate-800/50 rounded-lg"><strong>保险业</strong>: 新业务价值(NBV)增速、总投资收益率。</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
</div>
|
||
</main>
|
||
|
||
<!-- Supporting Data -->
|
||
<section class="bento-grid">
|
||
<!-- News Data -->
|
||
<div class="glass-card p-6 md:p-8 lg:col-span-3 space-y-4" x-data="{ tab: 'policy' }">
|
||
<h2 class="text-2xl font-bold glow-text text-violet-300">情报摘要：新闻</h2>
|
||
<div role="tablist" class="daisy-tabs daisy-tabs-boxed bg-slate-900/50">
|
||
<a role="tab" class="daisy-tab" :class="{'daisy-tab-active': tab === 'policy'}" @click.prevent="tab = 'policy'">宏观政策</a>
|
||
<a role="tab" class="daisy-tab" :class="{'daisy-tab-active': tab === 'market'}" @click.prevent="tab = 'market'">市场表现</a>
|
||
<a role="tab" class="daisy-tab" :class="{'daisy-tab-active': tab === 'fintech'}" @click.prevent="tab = 'fintech'">金融科技</a>
|
||
</div>
|
||
<div class="prose prose-invert max-w-none prose-sm text-slate-300">
|
||
<div x-show="tab === 'policy'">
|
||
<p><strong>“五篇大文章”系列政策发布与实施：</strong>北京、上海、山东及国开行密集出台方案，要求将更多金融资源用于促进科技创新、先进制造、绿色发展等领域，支持发展新质生产力。</p>
|
||
<p><strong>监管层提振资本市场：</strong>央行行长潘功胜提出创设5000亿互换便利，支持证券、基金、保险公司增持股票。证监会主席吴清简化并购审核，提升监管包容度。发改委主任郑栅洁强调引导长期资金入市。</p>
|
||
</div>
|
||
<div x-show="tab === 'market'">
|
||
<p><strong>上涨与拉升：</strong>板块在2024下半年至2025年期间频繁出现集体拉升，如2024-11-07“大金融全线爆发，多股涨停”，2025-06-25“大金融持续走强 沪指创下年内新高”。券商、保险、多元金融领涨，华林证券、首创证券、永安期货等个股表现活跃。</p>
|
||
<p><strong>下跌与调整：</strong>同样伴随剧烈调整，如2024-10-09“大金融板块集体调整，中国人保跌停”，2024-10-23“午后大金融板块集体跳水”。</p>
|
||
</div>
|
||
<div x-show="tab === 'fintech'">
|
||
<p><strong>金融大模型：</strong>蚂蚁数科发布金融推理大模型Agentar-Fin-R1，CEO赵闻飙表示“构建专业的金融大模型是推进金融与AI深度融合的必然路径”。</p>
|
||
<p><strong>金融大数据实验室：</strong>“金融大数据人工智能联合实验室”在2024金融街论坛年会揭牌，旨在加快大数据、人工智能等新质生产力技术在金融行业的落地。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Roadshows Data -->
|
||
<div class="glass-card p-6 md:p-8 lg:col-span-3 space-y-4">
|
||
<h2 class="text-2xl font-bold glow-text text-violet-300">情报摘要：路演纪要</h2>
|
||
<div class="space-y-2 prose prose-invert max-w-none prose-sm text-slate-300">
|
||
<div class="daisy-collapse daisy-collapse-arrow bg-slate-900/50">
|
||
<input type="checkbox" />
|
||
<div class="daisy-collapse-title font-medium">浙商策论 (2024-07-31) | 策略联合电话会议</div>
|
||
<div class="daisy-collapse-content">
|
||
<p><strong>核心观点：</strong>银行是中长期配置首选（红利逻辑），非银有短期交易性机会（政策催化）。</p>
|
||
<p><strong>银行：</strong>分母端逻辑驱动，高股息周期、低波动周期、风险化解周期、分红提升周期四大周期共振。</p>
|
||
<p><strong>券商：</strong>估值处历史低位，核心动力是并购潮（目标5年打造10家头部券商）和市场情绪催化。</p>
|
||
</div>
|
||
</div>
|
||
<div class="daisy-collapse daisy-collapse-arrow bg-slate-900/50">
|
||
<input type="checkbox" />
|
||
<div class="daisy-collapse-title font-medium">华创证券 (2024-09-26) | 中央政治局会议解读</div>
|
||
<div class="daisy-collapse-content">
|
||
<p><strong>政策核心：</strong>首次提出“促进房地产市场止跌回稳”，对金融板块形成直接利好；明确要求“提振资本市场”。</p>
|
||
<p><strong>配置逻辑：</strong>券商（并购重组）、保险（负债+投资端修复）、银行（政策护航+估值修复）。</p>
|
||
</div>
|
||
</div>
|
||
<div class="daisy-collapse daisy-collapse-arrow bg-slate-900/50">
|
||
<input type="checkbox" />
|
||
<div class="daisy-collapse-title font-medium">长江证券 (2025-01-01) | 年度总结及展望</div>
|
||
<div class="daisy-collapse-content">
|
||
<p><strong>银行：</strong>资产荒驱动估值提升，高股息和盈利稳定性是关键。港股银行股有望突破1倍PB。</p>
|
||
<p><strong>保险：</strong>估值PEV跌破1倍，关键驱动力是资产端改善，预计2025年放松偿付能力限制，释放约3000亿保险资金入市。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Research Reports Data -->
|
||
<div class="glass-card p-6 md:p-8 lg:col-span-6 space-y-4">
|
||
<h2 class="text-2xl font-bold glow-text text-violet-300">情报摘要：研报精粹</h2>
|
||
<div class="space-y-2 prose prose-invert max-w-none prose-sm text-slate-300">
|
||
<div class="daisy-collapse daisy-collapse-arrow bg-slate-900/50">
|
||
<input type="checkbox" />
|
||
<div class="daisy-collapse-title font-medium">中航产融(600705) 研报摘要 (2024-04-21)</div>
|
||
<div class="daisy-collapse-content">
|
||
<p><strong>业绩表现：</strong>2023年归母净利润2.9亿元，同比下降83%，低于预期。</p>
|
||
<p><strong>子公司分化：</strong>中航租赁（盈利贡献131%）经营稳健；中航信托（净利-90%）、中航证券（净利-86%）因业务转型和市场环境盈利大幅下滑。<strong>此案例揭示了金控平台内部经营的巨大差异和风险。</strong></p>
|
||
<p><strong>风险因素：</strong>资产质量低于预期、新业务开展不及预期、投资收益随市大幅波动。</p>
|
||
</div>
|
||
</div>
|
||
<div class="daisy-collapse daisy-collapse-arrow bg-slate-900/50">
|
||
<input type="checkbox" />
|
||
<div class="daisy-collapse-title font-medium">金融市场日报 (2025-06-19)</div>
|
||
<div class="daisy-collapse-content">
|
||
<p><strong>央行8项重磅金融政策：</strong>包括设立银行间市场交易报告库、设立数字人民币国际运营中心、发展自贸离岸债、优化升级自由贸易账户功能、研究推进人民币外汇期货交易等。</p>
|
||
<p><strong>市场预期：</strong>陆家嘴论坛召开，市场关注深化资本市场改革的举措。低通胀背景下，消费刺激政策加码可能提升金融地产链估值。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Rise Analysis -->
|
||
<section class="glass-card p-6 md:p-8">
|
||
<h2 class="text-2xl font-bold glow-text text-violet-300 mb-4">涨幅异动分析</h2>
|
||
<div class="grid grid-cols-1 lg:grid-cols-3 gap-6">
|
||
<!-- 大东方 -->
|
||
<div class="p-4 bg-slate-900/50 rounded-xl border border-slate-700">
|
||
<div class="flex justify-between items-center">
|
||
<h3 class="font-semibold text-lg text-cyan-300">大东方 (600327)</h3>
|
||
<span class="badge badge-success badge-outline">+9.88% (2025-07-10)</span>
|
||
</div>
|
||
<p class="text-sm mt-2"><strong>核心驱动:</strong> 金融板块整体活跃 + "东方系"股票联动效应。在缺乏明确基本面信息下，板块轮动和市场情绪成为主要推手。主力资金流入非银金融板块超58亿元，东方财富等领涨，情绪扩散至大东方。</p>
|
||
</div>
|
||
<!-- 湘财股份 -->
|
||
<div class="p-4 bg-slate-900/50 rounded-xl border border-slate-700">
|
||
<div class="flex justify-between items-center">
|
||
<h3 class="font-semibold text-lg text-cyan-300">湘财股份 (600095)</h3>
|
||
<span class="badge badge-success badge-outline">+7.62% (2025-07-08)</span>
|
||
</div>
|
||
<p class="text-sm mt-2"><strong>核心驱动:</strong> 与大智慧整合预期强烈。市场预期双方换股整合，形成"流量+牌照+技术"的深度协同。大智慧拥有千万级月活用户，湘财股份拥有全牌照，整合预期成为最核心催化剂。</p>
|
||
</div>
|
||
<!-- 汇金股份 -->
|
||
<div class="p-4 bg-slate-900/50 rounded-xl border border-slate-700">
|
||
<div class="flex justify-between items-center">
|
||
<h3 class="font-semibold text-lg text-cyan-300">汇金股份 (300368)</h3>
|
||
<span class="badge badge-error badge-outline">+15.18% (2025-07-24)</span>
|
||
</div>
|
||
<p class="text-sm mt-2"><strong>核心驱动:</strong> 纯粹的板块联动效应。当日券商等大金融股持续走强，指南针创历史新高，汇金股份作为板块内个股被资金合力推高，上涨更多是板块情绪的结果，而非公司特定利好。</p>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Stock Data -->
|
||
<section class="glass-card p-6 md:p-8">
|
||
<h2 class="text-2xl font-bold glow-text text-violet-300 mb-6">核心关联标的</h2>
|
||
<div class="space-y-8">
|
||
<div>
|
||
<h3 class="font-semibold text-lg text-cyan-300 mb-4">大金融概念图谱 (240924) - 机构与牌照</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="daisy-table daisy-table-zebra w-full text-sm">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>核心逻辑</th>
|
||
<th>其他标签</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<!-- Data from 240924 -->
|
||
<tr><td>国联证券</td><td>-</td><td>券商，并购预期(民生证券)</td><td>券商, 并购预期</td></tr>
|
||
<tr><td>太平洋</td><td><a href="https://valuefrontier.cn/company?scode=601099" target="_blank" class="link link-hover link-primary">601099</a></td><td>券商，并购预期(华创云信)</td><td>券商, 并购预期</td></tr>
|
||
<tr><td>方正证券</td><td><a href="https://valuefrontier.cn/company?scode=601901" target="_blank" class="link link-hover link-primary">601901</a></td><td>券商，并购预期(平安证券)</td><td>券商, 并购预期</td></tr>
|
||
<tr><td>中国银河</td><td><a href="https://valuefrontier.cn/company?scode=601881" target="_blank" class="link link-hover link-primary">601881</a></td><td>券商，央企(中央汇金)</td><td>券商, 央企, 中央汇金</td></tr>
|
||
<tr><td>信达证券</td><td><a href="https://valuefrontier.cn/company?scode=601059" target="_blank" class="link link-hover link-primary">601059</a></td><td>券商，央企(财政部)</td><td>券商, 央企, 财政部</td></tr>
|
||
<tr><td>招商证券</td><td><a href="https://valuefrontier.cn/company?scode=600999" target="_blank" class="link link-hover link-primary">600999</a></td><td>券商，央企(其他，招商局)</td><td>券商, 央企, 其他</td></tr>
|
||
<tr><td>华泰证券</td><td><a href="https://valuefrontier.cn/company?scode=601688" target="_blank" class="link link-hover link-primary">601688</a></td><td>券商，国资(江苏)</td><td>券商, 国资, 江苏</td></tr>
|
||
<tr><td>中信证券</td><td><a href="https://valuefrontier.cn/company?scode=600030" target="_blank" class="link link-hover link-primary">600030</a></td><td>券商，实控人不详</td><td>券商, 实控人不详</td></tr>
|
||
<tr><td>中国人保</td><td><a href="https://valuefrontier.cn/company?scode=601319" target="_blank" class="link link-hover link-primary">601319</a></td><td>金融央企，保险</td><td>金融央企, 保险</td></tr>
|
||
<tr><td>中国人寿</td><td><a href="https://valuefrontier.cn/company?scode=601628" target="_blank" class="link link-hover link-primary">601628</a></td><td>金融央企，保险</td><td>金融央企, 保险</td></tr>
|
||
<tr><td>新华保险</td><td><a href="https://valuefrontier.cn/company?scode=601336" target="_blank" class="link link-hover link-primary">601336</a></td><td>金融央企，保险</td><td>金融央企, 保险</td></tr>
|
||
<tr><td>中国太保</td><td><a href="https://valuefrontier.cn/company?scode=601601" target="_blank" class="link link-hover link-primary">601601</a></td><td>金融央企，保险(地方国资)</td><td>金融央企, 保险</td></tr>
|
||
<tr><td>中信银行</td><td><a href="https://valuefrontier.cn/company?scode=601998" target="_blank" class="link link-hover link-primary">601998</a></td><td>金融央企，银行</td><td>金融央企, 银行</td></tr>
|
||
<tr><td>中国银行</td><td><a href="https://valuefrontier.cn/company?scode=601988" target="_blank" class="link link-hover link-primary">601988</a></td><td>金融央企，银行</td><td>金融央企, 银行</td></tr>
|
||
<tr><td>永安期货</td><td><a href="https://valuefrontier.cn/company?scode=600927" target="_blank" class="link link-hover link-primary">600927</a></td><td>多元金融，期货</td><td>多元金融, 期货</td></tr>
|
||
<tr><td>五矿资本</td><td><a href="https://valuefrontier.cn/company?scode=600390" target="_blank" class="link link-hover link-primary">600390</a></td><td>多元金融，信托</td><td>多元金融, 信托</td></tr>
|
||
<tr><td>江苏金租</td><td><a href="https://valuefrontier.cn/company?scode=600901" target="_blank" class="link link-hover link-primary">600901</a></td><td>多元金融，金融租赁</td><td>多元金融, 金融租赁</td></tr>
|
||
<tr><td>海德股份</td><td><a href="https://valuefrontier.cn/company?scode=000567" target="_blank" class="link link-hover link-primary">000567</a></td><td>多元金融，不良资产处理</td><td>多元金融, 不良资产处理</td></tr>
|
||
<tr><td>九鼎投资</td><td><a href="https://valuefrontier.cn/company?scode=600053" target="_blank" class="link link-hover link-primary">600053</a></td><td>创投</td><td>创投</td></tr>
|
||
<tr><td>恒生电子</td><td><a href="https://valuefrontier.cn/company?scode=600570" target="_blank" class="link link-hover link-primary">600570</a></td><td>金融IT，证券IT</td><td>金融IT, 证券IT</td></tr>
|
||
<tr><td>同花顺</td><td><a href="https://valuefrontier.cn/company?scode=300033" target="_blank" class="link link-hover link-primary">300033</a></td><td>金融IT，证券IT</td><td>金融IT, 证券IT</td></tr>
|
||
<tr><td>指南针</td><td><a href="https://valuefrontier.cn/company?scode=300803" target="_blank" class="link link-hover link-primary">300803</a></td><td>金融IT，证券IT</td><td>金融IT, 证券IT</td></tr>
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<tr><td>东方财富</td><td><a href="https://valuefrontier.cn/company?scode=300059" target="_blank" class="link link-hover link-primary">300059</a></td><td>金融IT，证券IT</td><td>金融IT, 证券IT</td></tr>
|
||
<tr><td>宇信科技</td><td><a href="https://valuefrontier.cn/company?scode=300674" target="_blank" class="link link-hover link-primary">300674</a></td><td>金融IT，银行IT</td><td>金融IT, 银行IT</td></tr>
|
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<tr><td>中科软</td><td><a href="https://valuefrontier.cn/company?scode=603927" target="_blank" class="link link-hover link-primary">603927</a></td><td>金融IT，保险IT</td><td>金融IT, 保险IT</td></tr>
|
||
<tr><td>中科江南</td><td><a href="https://valuefrontier.cn/company?scode=301153" target="_blank" class="link link-hover link-primary">301153</a></td><td>金融IT，财税数字化</td><td>金融IT, 财税数字化</td></tr>
|
||
</tbody>
|
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</table>
|
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</div>
|
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|
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|
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<div>
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<h3 class="font-semibold text-lg text-cyan-300 mb-4">大金融概念图谱 (240116) - 主题与题材</h3>
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|
||
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|
||
<th>核心逻辑</th>
|
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<tbody>
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<!-- Data from 240116 -->
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<tr><td>新力金融</td><td><a href="https://valuefrontier.cn/company?scode=600318" target="_blank" class="link link-hover link-primary">600318</a></td><td>互联网金融</td></tr>
|
||
<tr><td>华创云信</td><td><a href="https://valuefrontier.cn/company?scode=600155" target="_blank" class="link link-hover link-primary">600155</a></td><td>华字辈</td></tr>
|
||
<tr><td>华林证券</td><td><a href="https://valuefrontier.cn/company?scode=002945" target="_blank" class="link link-hover link-primary">002945</a></td><td>华字辈</td></tr>
|
||
<tr><td>锦龙股份</td><td><a href="https://valuefrontier.cn/company?scode=000712" target="_blank" class="link link-hover link-primary">000712</a></td><td>龙字辈</td></tr>
|
||
<tr><td>天风证券</td><td><a href="https://valuefrontier.cn/company?scode=601162" target="_blank" class="link link-hover link-primary">601162</a></td><td>低价</td></tr>
|
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<tr><td>太平洋</td><td><a href="https://valuefrontier.cn/company?scode=601099" target="_blank" class="link link-hover link-primary">601099</a></td><td>低价</td></tr>
|
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<tr><td>华金资本</td><td><a href="https://valuefrontier.cn/company?scode=000532" target="_blank" class="link link-hover link-primary">000532</a></td><td>国资背景</td></tr>
|
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<tr><td>国盛金控</td><td>-</td><td>国资背景</td></tr>
|
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<tr><td>中科金财</td><td><a href="https://valuefrontier.cn/company?scode=002657" target="_blank" class="link link-hover link-primary">002657</a></td><td>AMC</td></tr>
|
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<tr><td>海德股份</td><td><a href="https://valuefrontier.cn/company?scode=000567" target="_blank" class="link link-hover link-primary">000567</a></td><td>AMC</td></tr>
|
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<tr><td>大智慧</td><td><a href="https://valuefrontier.cn/company?scode=601519" target="_blank" class="link link-hover link-primary">601519</a></td><td>金融资讯</td></tr>
|
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<tr><td>指南针</td><td><a href="https://valuefrontier.cn/company?scode=300803" target="_blank" class="link link-hover link-primary">300803</a></td><td>金融资讯</td></tr>
|
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<tr><td>艾融软件</td><td><a href="https://valuefrontier.cn/company?scode=920799" target="_blank" class="link link-hover link-primary">920799</a></td><td>北交所</td></tr>
|
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<tr><td>华信永道</td><td><a href="https://valuefrontier.cn/company?scode=920592" target="_blank" class="link link-hover link-primary">920592</a></td><td>北交所</td></tr>
|
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</tbody>
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