● 刘英杰 谭丁豪 日前，中信建投证券在北京成功举办了2026年资本市场峰会暨中国-沙特投资合作论坛。本次会议以"革 故鼎新、质赢未来"为主题，吸引了来自沙特资本市场管理局、交易所及全球多个国家和地区的企业 家、投资者参与。 在会上，中信建投证券研究团队发表了对2026年的展望。与会分析师普遍认为，2026年作为"十五五"规 划的开局之年，中国经济将在深化改革和扩大开放中实现质的提升，A股市场有望在政策支持和基本面 改善的双重驱动下延续慢牛格局，新质生产力、科技创新与战略资源等领域将孕育丰富的结构性投资机 会。 肩负建设金融强国重要使命 五大变革引领2026年新发展 中信建投证券首席经济学家黄文涛在分享2026年宏观经济与投资展望时表示，"十五五"期间是中国发展 历史上非常重要的阶段，2026年将是夯实基础、全面发力的高起步之年。 黄文涛认为，未来五年中国将经历五个方面的革故鼎新：一是经济增长动力从传统要素驱动向创新驱动 转变；二是产业升级过程中传统产业逐步转型，现代化产业体系建设加速；三是投资于人与投资于物之 间寻求新平衡，投资于人越来越重要；四是供给与需求关系优化，内需成为更大看点；五是全球化进程 中中国 ...

● 本报记者 薛瑾 11月12日，银行板块再现"大象起舞"行情，两大龙头股农业银行、工商银行股价均创下历史新高。农业 银行总市值再迎突破，是目前A股市场市值最大的公司。近期，受市场风格切换影响，资金回流银行板 块趋势加速演绎。机构人士认为，银行股以高股息的"类债资产"属性，对中长期资金的吸引力仍较大。 同时，在市场风格切换下，三季度资金低配板块迎补仓机遇，银行板块成为受益对象之一。 银行板块获资金加持 11月12日，A股42只银行股多数收涨。其中，农业银行以3.49%的涨幅领涨板块，中国银行、渝农商 行、长沙银行、上海银行等涨幅居前。农业银行强劲的股价上涨，带动该股市净率提升，目前其市净率 达到1.1倍，在A股上市银行中最高。 业内人士表示，农业银行强势行情背后，有基本面稳健的因素，也有资金面的推动：受益于在"县域金 融"的深度布局，未来信贷增长空间大、息差韧性更强；资产质量较好，风险抵补能力、利润反哺能力 较强。在多重因素共振下，大体量长期资金与配置型资金持续流入，推动该股走出"强者恒强"的行情。 从板块来看，在科技成长赛道降温背景下，银行股低波动、稳分红的防御属性成为资金切换的触发点。 Wind数据显示， ...

● 本报记者 吴杨 "十五五"规划建议提出，推动金融机构专注主业、错位发展。这为信托业转型发展提供了关键指引。截 至今年6月末，信托业资产管理规模32.43万亿元，较上年末增长9.7%。这一数据背后，是信托业告别传 统通道业务，在服务实体经济、响应监管导向、创新发展模式等领域的深度变革——从产业链金融的精 准滴灌到不动产信托的制度突破，从养老生态的构建到标品投资的布局，信托公司正以多元实践稳步前 行。 实体经济是信托业转型的核心锚点。今年以来，信托公司摒弃"资金放贷"传统模式，通过场景嵌入、工 具创新、生态共建等方式，将金融服务渗透到产业发展与民生保障的全链条，形成"实体赋能+民生托 底"的双重服务格局，而这一转型方向正与行业资产结构优化形成深度呼应。 形成差异化突围之势 中国信托业协会首席经济学家蔡概还近日透露，截至今年6月末，全行业资产管理规模32.43万亿元，较 上年末明显增长。这一增长并非简单回归，而是历经转型阵痛后的质效提升。2024年，信托业积极顺应 行业新变化和新要求，以业务"三分类"的改革深化促进转型发展。以财富管理信托业务为例，截至2024 年末，家族信托余额6435.79亿元。 超30万亿 ...

Core Insights - Shanghai Trust has evolved from a historical financial site to a leading entity in the trust industry, reflecting the transformation of China's trust sector from rapid growth to a focus on sustainable development [1][2] Historical Context - The trust industry in China has a history dating back to the 1930s, initially serving as a financial witness and participant alongside banks and insurance [1] - Shanghai Trust, established after the reform and opening-up, has played a crucial role in financing local government projects and infrastructure development [2] Development Phases - The first phase of the trust industry lasted from the early 1980s to 2007, primarily serving local government financing needs, with a significant reduction in the number of institutions from over 2000 to 68 [2] - The second phase, from 2008 to 2019, marked rapid growth, with the asset management scale soaring from approximately 1 trillion yuan in 2008 to over 20 trillion yuan by 2019, driven by real estate and government financing [2][4] Risk Management - Risk management and compliance are emphasized as fundamental to the trust industry's development, with Shanghai Trust maintaining a cautious approach and independent decision-making in project evaluations [3][4] Transformation and Innovation - The introduction of new regulations has prompted the trust industry to shift from reliance on financing trusts to exploring asset service trusts and other lighter asset models [4][5] - Shanghai Trust has reduced its dependence on traditional financing models, with its asset management scale reaching 1.3 trillion yuan, focusing on wealth management and innovative trust products [4][5] Social Responsibility and Philanthropy - Shanghai Trust has engaged in various charitable initiatives, including medical training and educational support, benefiting thousands across multiple provinces [6][7] - The company has raised 200 million yuan for charitable projects, establishing over 150 initiatives that directly benefit more than 14,000 individuals [7]

Core Insights - The launch of the first cross-border ETFs investing in Brazil by Chinese public funds has garnered significant attention, with the products selling out on the first day of release [1] - The demand for cross-border ETFs is increasing as investors seek to diversify their portfolios and capture opportunities in overseas markets, leading to a surge in the total scale of these ETFs [2] - Recent warnings about premium risks associated with cross-border ETFs have been issued by multiple fund companies, indicating potential challenges for investors [3] Group 1: Investment Opportunities - The first cross-border ETFs focused on the Brazilian market were launched by E Fund and Huaxia Fund, selling out on the first day, highlighting strong investor interest [1] - The public fund industry is rapidly expanding its overseas product offerings, with various new ETFs established this year targeting different international markets [1][2] - The total scale of cross-border ETFs in the market has surpassed 900 billion yuan as of October 30, indicating robust growth in this investment category [2] Group 2: Market Trends - The cross-border ETF market is becoming increasingly diverse, with funds now available for investment in markets such as Germany, France, Saudi Arabia, Singapore, India, and Vietnam [2] - The popularity of cross-border ETFs is attributed to their high transparency, flexible trading, and lower costs, making them an important tool for risk diversification [2] - As of October 30, 2023, the leading fund company in terms of cross-border ETF scale is GF Fund, with a total of 10 ETFs amounting to 100.77 billion yuan [2] Group 3: Risks and Warnings - Recent premium risks have been highlighted, with some cross-border ETFs showing high premium rates, such as the Invesco Nasdaq Technology ETF at 17.42% as of November 11 [3] - Multiple fund companies, including E Fund and Huaxia Fund, have issued warnings regarding premium risks for various ETFs, indicating a growing concern in the industry [3] - The primary reason for the premium risks is the insufficient QDII quotas for fund companies, which limits their ability to manage arbitrage effectively [3]

宽基指数基金以及红利、高股息等主题基金历来是国内权益产品分红的主力军。然而今年四季度以来， 中国证券报记者注意到，多只主动权益基金尤其是成长风格产品罕见宣布分红，易方达平稳增长混合、 易方达科翔混合等均为四年来首度分红，万家北交所慧选两年定期开放混合更是成立以来首次分红。 不同于宽基指数基金、红利主题基金等以持有股票的股息作为分红来源，主动权益基金的分红更多来自 买卖股票的差价收益。业内人士认为，今年以来成长风格基金短期内积累了丰厚的收益，基金管理人或 主动通过分红将收益"落袋为安"，帮助投资者提前锁定收益，避免后续市场风格切换，侵蚀投资者收 益。并且，分红还可以起到调整持仓结构、资产再投资、维持运作规模等作用。 随着投资者的获得感愈发受到重视，公募基金分红蔚然成风。展望未来，业内人士认为，分红潮有望从 宽基、红利等指数基金逐步扩散至主动权益基金，公募机构既能借此优化持仓结构，又能契合投资者的 需求，促进投资者长期持有，减少因短期波动引发的非理性赎回。 ● 本报记者 王鹤静 成长基金加入分红阵营 11月12日，易方达基金发布公告称，易方达科讯混合将以11月7日为基准日进行2025年第一次分红，分 红方案为0. ...

今年以来，人民币对美元汇率整体保持上涨。Wind数据显示，截至11月11日，今年以来，在岸人民币 对美元汇率整体上涨2.45%；离岸人民币对美元汇率整体上涨2.63%。 ● 本报记者 连润 彭扬 11月12日，人民币对美元汇率延续反弹势头。专家表示，受益于美元整体偏弱的外部环境、国内权益市 场表现亮眼吸引外资流入等，人民币对美元汇率稳中有升，整体维持较强韧性。展望未来，短期内人民 币对美元汇率仍将处于偏强运行状态，并有望在2026年保持温和升值。 创阶段性新高 中国外汇交易中心数据显示，11月12日，人民币对美元汇率中间价报7.0833元，较上一交易日调升33个 基点，创2024年10月16日以来新高。 "11月12日人民币对美元汇率中间价上调，主要源于隔夜美元指数小幅走低。"东方金诚首席宏观分析师 王青表示，近期在全球汇市波动加大过程中，人民币对美元汇率中间价向偏强方向调整力度有所加大。 对于近期人民币对美元汇率的偏强表现，王青分析，年初以来国内经济走势偏强，在美元指数大幅下跌 情况下，人民币对美元汇率尽管有所升值，但未能与自身价值充分匹配。 市场汇率方面，11月12日，在岸、离岸人民币对美元汇率同样呈现小 ...

盛秋平表示，零售业是国民经济的基础性行业，是连接生产与消费的桥梁纽带，是实现终端消费的重要 载体，在引导生产、扩大消费、吸纳就业、保障民生，以及做强国内大循环中发挥着重要作用，关系着 经济发展、社会稳定和人民幸福。当前中国零售业规模巨大、趋势向好、充满活力，行业发展处于快速 变革期。 盛秋平表示，欢迎广大外资零售企业来华发展。希望外资零售企业坚定在华长期发展的信心，当好沟通 交流的桥梁，共享中国发展机遇和发展成果。 与会外资零售企业表示，高度重视中国市场发展潜力，坚信中国经济的光明前景，愿在华长期发展、扩 大投资、加强创新，通过为中国消费者提供优质商品和良好服务实现自身持续发展。 ● 本报记者 王舒嫄 商务部11月12日消息，在第八届中国国际进口博览会期间，商务部副部长盛秋平在上海组织召开外资零 售企业座谈会，部分外资零售企业代表参加座谈交流。 ...

Core Insights - The article discusses the significant reforms in China's public fund industry, emphasizing the importance of fiduciary responsibility and a long-term approach to achieve high-quality development [1] - Morgan Asset Management (China) has successfully localized its operations, achieving a management scale of 133 billion yuan in non-monetary public funds by Q3 2025, doubling its size in two years and improving its industry ranking by 20 positions [1][2] Group 1: Company Strategy and Performance - Morgan Asset Management (China) has maintained a strong focus on active management, achieving an annualized return of 13.50% in active equity investment management over the past 20 years, ranking in the top ten of the industry [2] - The company has structured its active equity investment teams into three groups: Growth, Balanced Growth, and Value, targeting different risk-return profiles [2][3] - The firm has introduced a clear investment guideline for each fund, ensuring that fund managers pursue excess returns while maintaining style stability, enhancing transparency for investors [3] Group 2: Research and Talent Development - Morgan Asset Management (China) emphasizes a "research-driven" investment culture, focusing on long-term research investments to enhance decision-making quality [4][5] - The company has established a "career analyst" mechanism, encouraging analysts to deepen their research rather than transitioning to fund management roles [5][6] - The global research team has conducted approximately 11,000 company visits and interactions over the past year, providing unique market insights for investment decisions [6] Group 3: ETF Business Development - Morgan Asset Management (China) has adopted a differentiated approach in the ETF market, becoming the second-largest issuer of active ETFs globally since establishing its platform in 2014 [6][7] - The company has launched 11 ETFs by October 2025, focusing on various strategies and themes, and has introduced innovative features like a "quarterly mandatory dividend" mechanism [7] - The firm has also localized its global flagship report for Chinese investors, enhancing its service offerings and market insights [7][8] Group 4: Future Outlook - The company aims to continue exploring best practices in the public fund sector in China, focusing on investment management, product innovation, customer service, risk control, and technology application [8] - Morgan Asset Management (China) is committed to contributing to the healthy development of the asset management industry by pursuing sustainable value creation alongside investors [8]

Core Insights - The "14th Five-Year Plan" emphasizes the importance of boosting domestic consumption as a strategic foundation for building a strong domestic market and transitioning to a high-quality development model driven by domestic demand [1][2] Group 1: Consumption Scene Integration - The plan highlights the need to expand service consumption by relaxing access and promoting business model integration, targeting the structural shift from single to multi-layered consumption [1][2] - The concept of "ticket root economy" illustrates the transformation of traditional transactions into comprehensive service experiences, significantly enhancing local consumption [1][2] - Concerts can drive local consumption with a ratio of 1:4.8, as evidenced by the increase in ticket orders in Nanchang by 140% due to promotional policies [1][2] Group 2: Supply Innovation - Continuous improvement in supply is essential for sustaining consumption, with the plan calling for the expansion of high-quality consumer goods and services [3][4] - Companies like Chongqing Beer are innovating across product categories and marketing channels to adapt to changing consumer habits and explore new growth points [3] - The integration of AI in traditional industries, such as textile design, showcases the application of new technologies to enhance product value and cultural significance [3] Group 3: Consumer Ecosystem Enhancement - A healthy and trustworthy consumption ecosystem is crucial for encouraging consumer confidence, as outlined in the plan's recommendations for improving consumer rights and implementing paid leave policies [4][5] - Digital platforms play a vital role in reducing information search costs and enhancing consumer experience through efficient decision-making tools [5] - Building long-term trust with consumers through unified service experiences across all touchpoints is essential for increasing customer loyalty and repeat purchases [5] Group 4: Macro-Level Support - The foundation for consumer confidence lies in macroeconomic stability and improved income expectations, with a focus on enhancing social security systems to alleviate consumer pressure [6] - The plan's emphasis on promoting employment, increasing income, and stabilizing expectations aligns with the goal of addressing consumer needs for spending [6] - A collaborative effort among policies, technology platforms, and corporate integrity is necessary to create a reassuring consumption environment, which is key to unlocking current consumption potential [6]