Core Viewpoint - The stock and bond markets exhibit a seesaw effect in the long term, but this effect may temporarily fail due to various factors in the short term [1] Group 1: Market Analysis - The recent fluctuations in both stock and bond markets are attributed to year-end pressures on stock performance and institutional behaviors affecting the bond market [1] - The bond market has experienced volatility primarily due to fluctuations in the liabilities of asset management institutions [1] Group 2: Investment Opportunities - Looking ahead to next year, the company identifies four key investment directions: anti-involution, pharmaceuticals, undervalued traditional industries, and technology [1] - In the anti-involution sector, the focus is on photovoltaic, lithium battery, aquaculture, and express delivery industries [1] - Within the pharmaceuticals sector, attention is directed towards undervalued sub-sectors such as consumables, raw materials, and pharmaceutical distribution [1] - The undervalued traditional industries include retail, light industry, and textile and apparel [1] - In the technology sector, the focus is on non-high valuation varieties, particularly in computing and software-related electronics [1] Group 3: Bond Market Strategy - The investment strategy for the bond market will prioritize short-duration holdings to capture interest income [1]

Core Viewpoint - The chief fixed income analyst at Guosheng Securities, Yang Yewei, indicated that as the economy transitions, the equity market will see more rapidly growing companies that can provide substantial returns [1] Group 1: Economic Transition and Equity Market - The transition of the economy is expected to lead to the emergence of more companies capable of rapid growth [1] - This growth in the equity market is anticipated to offer significant returns for investors [1] Group 2: Current Investment Trends - Currently, household savings are predominantly concentrated in traditional broad fixed income products [1] - There is a need to guide more funds into the equity market through "fixed income +" products [1] Group 3: Benefits of Investment Shift - Redirecting funds into the equity market can allow a broader range of investors to share in the returns of high-growth companies [1] - This shift in investment strategy is also expected to promote the rapid development of the new economy [1]

在回撤控制方式上，可能和市场上很多基金经理不太一样的是，他不会选择在价格跌破安全垫时减仓甚 至砍仓，而是在入场时就做好准备，在相对低位建仓，等到价格上涨再去兑现，而不是追高后再试图在 更高的位置卖出。对于不同"固收+"产品，会设置不同的回撤控制目标。 中证报中证网讯（记者 张韵）12月11日晚间，大成元瑞诚利拟任基金经理苏秉毅在做客中国证券报"中 证点金汇"直播间时表示，近年来"固收+"产品的走红主要源于供给和需求两方面的推动。供给端，权益 市场走强，带动"固收+"产品业绩显著提升；需求端，低利率环境里，许多存款理财产品的收益率下 行，居民在稳健基础上寻求更高收益的需求大幅提升。 在产品投资上，他表示，其在各类产品管理上均秉承均值回归的理念。交易偏左侧，根据市场情绪适当 逆向调整仓位。在操作上，量化与主观相结合，量化辅助风格及股票筛选，量化筛选核心指标为超跌 （反转因子），辅助基本面、技术面等指标，不同阶段指标权重主观调整；主观负责股票买卖与交易环 节。 以中波"固收+"的投资为例，他投资时设置的权益中枢通常为15%，市值维度对标中证1000指数，严格 控制个股与行业集中度，坚持"抄底等待修复"，赚估值回归的 ...

中证报中证网讯(记者吴玉华)12月11日晚间，国盛证券（002670）首席固收分析师杨业伟在中国证券 报"中证点金汇"直播间表示，"固收+"是低利率时期资产管理的必然选择。低利率时期意味着固定收益 资产能够提供的票息收入有限，需要通过其他资产增厚收益，但同时，固定收益资产又是控制波动的不 二选择。因而，低利率时期，"固收+"产品能够更好地兼顾收益与风险，是未来资产管理的发展方向。 ...

Core Viewpoint - China Pacific Insurance (601601) is addressing the long-term challenge of low interest rates in the insurance industry, emphasizing the need for a diversified fixed-income investment strategy to adapt to the current market conditions [1][2] Group 1: Investment Strategy - The company aims to balance safety, profitability, and liquidity in its asset-liability management, focusing on matching yield costs, term structures, and liquidity [1] - In equity investments, China Pacific Insurance follows a "core plus satellite" strategy, with a core focus on dividend value [1] - The company seeks to achieve a competitive comprehensive investment return by maintaining a reasonable equity allocation while managing volatility risks to provide attractive long-term returns for policyholders and stable dividends for shareholders [1] Group 2: Asset-Liability Management - Asset-liability management is crucial for insurance companies to maintain stable operations and sustainable development, with significant room for improvement in China's insurance industry [2] - Companies must maintain a reasonable asset-liability gap, which can create better long-term risk-return profiles [2] - Different types of insurance products, such as traditional, participating, and universal insurance, require differentiated duration control strategies [2]

Core Viewpoint - The mining autonomous driving industry is entering a new phase of commercialization, with several companies preparing for IPOs and significant growth in the deployment of autonomous mining vehicles expected in the coming years [1][2]. Group 1: Market Growth and Projections - The China Coal Industry Association predicts that the shipment of autonomous mining trucks will reach approximately 1,400 units in 2024 and surge to 5,500 units by 2026, with 2025 being seen as the year for large-scale application [1]. - According to Frost & Sullivan, the penetration rate of autonomous mining trucks in China is expected to rise from about 6% in 2024 to over 50% by 2030, while the global market for autonomous mining solutions is projected to grow from $700 million in 2024 to $8.1 billion by 2030, with a compound annual growth rate of 51.0% [2]. Group 2: Technological Advancements and Economic Viability - Autonomous mining trucks can operate 24/7, significantly improving vehicle utilization and transportation efficiency, while also optimizing energy consumption and reducing wear and tear on tires and fuel [3]. - A case study from the South Open Coal Mine demonstrated that the average speed of an autonomous mining project was 25 km/h, achieving an average efficiency comparable to manual operations, with a fuel savings rate of up to 20% [4]. Group 3: Business Model Evolution - The industry is shifting from a heavy asset ownership model (TaaS) to a lighter asset model (ATaaS), where clients purchase vehicles and companies provide software and technical support, leading to higher scalability and profit margins [5]. - By 2024, the ATaaS model contributed 453 million yuan to a company’s revenue, accounting for 46% of total revenue from autonomous mining solutions, a significant increase from 0.1% in 2022 [5]. Group 4: Capital Investment and Industry Collaboration - The mining autonomous driving sector is attracting significant investment from various capital sources, with companies like 易控智驾 receiving funding from notable investors such as 宁德时代 and 紫金矿业 [6][7]. - Collaboration between downstream mining companies and upstream suppliers is enhancing the capabilities of autonomous driving firms, exemplified by partnerships that facilitate technology implementation and innovation [7]. Group 5: Shift Towards Electrification - The industry is increasingly moving towards electrification, with several companies launching "no-cab + pure electric" mining trucks that feature large batteries and advanced automation systems [8]. - Over 95% of 易控智驾's autonomous mining trucks are electric, with a cumulative operating distance exceeding 80 million kilometers, indicating a strong trend towards sustainable mining solutions [8].

中证报中证网讯(记者黄一灵)12月10日，以"韧性与远见：重塑财富新战略"为主题的2025安联中国财富 论坛在上海召开。 个人财富管理分论坛同期，金融企业资产管理分论坛同步召开。安联资管权益投资部总经理杜毅认为， 中国权益市场正迎来三大转变：低利率环境推动险资等长期资金持续流入，资本市场生态优化转向重回 报，以及全球产业趋势引领的科技板块盈利确定性提升。展望明年，市场将在盈利温和修复与资金面改 善的支撑下呈现"收敛"态势，预计进入慢牛行情，哑铃策略下的红利资产与科技成长板块仍具配置价 值。 论坛上，《强势增长——2025年安联全球财富报告》正式发布。报告显示，2024年全球私人家庭金融资 产总额达269万亿欧元，同比增长8.7%。而持有证券，尤其是股票，是资产增长的关键。从国家来看， 中国已崛起为全球财富增长的"第二极"。 在全球经济格局深刻变革之际，增长动能切换与财富传承模式革新已成为每位个人投资者必须面对的核 心议题。为此，论坛特设"洞悉未来，守护传承——全球财富趋势与资产规划策略"个人财富管理分论 坛。在该分论坛上，安联基金副总经理兼首席投资官郑宇尘在《中国投资市场分析与展望》报告中进一 步具象化了中国 ...

Core Viewpoint - The Central Economic Work Conference emphasizes a continuation of proactive macroeconomic policies, including more active fiscal policies and moderately loose monetary policies, to support economic recovery and stabilize the capital market [1] Market Environment - The overseas economy remains resilient with marginally easing liquidity, alongside rising expectations for interest rate cuts by the Federal Reserve, indicating an improving external environment [1] - Domestically, the "dual easing" policy is expected to continue, leading to a likely weak recovery in the economy, while "anti-involution" policies are set to optimize industry supply and demand dynamics, positively impacting listed company performance [1] Investment Themes - The technology growth sector remains the core focus for the medium to long term, with the AI industry chain expected to shift from hardware to application, particularly in media, computing, and internet sectors [2] - Four specific investment lines are highlighted: 1. High dividend assets are seeing increased accumulation by institutional investors, with sectors like white goods, banking, and telecommunications showing promising dividend strategies [2] 2. The "anti-involution" trend is entering a phase driven by fundamentals, with significant performance improvement expected in coal, steel, and photovoltaic industries [2] 3. Domestic demand expansion focuses on "matching effects," with new consumption areas like health consumption and pet economy, alongside travel and aviation sectors, presenting opportunities [2] 4. In the resource sector, strategic minor metals and industrial metals are anticipated to follow gold in price recovery, benefiting from the upward trend in commodity prices [2] Outlook for 2026 - With policy support, improving internal and external environments, and structural optimization, the A-share market is likely to continue its upward trend, with a focus on technology growth and advantageous niche sectors as the core logic for capturing market opportunities [2]

Core Insights - The fifth Chongqing Capital Market High-Quality Development Conference highlighted new opportunities for listed companies through mergers and acquisitions [1] - The "Chongqing Listed Companies Development Report (2025)" was released, serving as a comprehensive resource for the development of listed companies in Chongqing [1] Group 1: Company Performance - As of now, there are 78 A-share listed companies in Chongqing with a total market capitalization of approximately 1.3 trillion yuan [1] - In the first three quarters of 2025, Chongqing listed companies achieved a total operating income of 572.13 billion yuan and a net profit of 32.96 billion yuan, with over 40% of companies reporting growth in both metrics [1] - Chongqing listed companies exhibited a "124+N" characteristic, with a notable focus on R&D investment [1] Group 2: Key Metrics - Chongqing ranked first in the nation for R&D investment among listed companies, with a total of 14.77 billion yuan in R&D spending in the first half of 2025, representing a year-on-year increase of 42.1% [2] - The proportion of private listed companies in Chongqing increased from 50.9% at the end of 2020 to 60.3%, the highest among the four direct-controlled municipalities [2] - The number of manufacturing listed companies in Chongqing reached 48, accounting for 61.5% of the total, surpassing Beijing's 39.4% and Shanghai's 56.7% [2] Group 3: Regional Comparisons - Chongqing's listed companies have the largest asset scale in Central and Western China, reaching 4.0173 trillion yuan by the end of the third quarter of 2025 [2] - The refinancing scale of Chongqing listed companies was the second largest in Western China, with 13 billion yuan raised through private placements and convertible bonds, a year-on-year increase of 125.9% [2] - The number of companies with over 50% of revenue from overseas operations ranked second in Western China, with 7 companies achieving 31.39 billion yuan in overseas revenue in the first half of 2025 [2] Group 4: Future Outlook - The Chongqing municipal government is committed to building a multi-level capital market as part of its strategy to enhance the Western financial center, promoting the "Thoroughbred" action for company listings [3] - The Western Financial Research Institute aims to strengthen collaboration with various stakeholders to enhance research on listed companies and capital market development [3] - The annual publication of the "Chongqing Listed Companies Development Report" will continue to improve the recognition and penetration of the "Chongqing Listed Companies" financial brand [3]

Group 1 - The core viewpoint of the article emphasizes that the Central Economic Work Conference will focus on balancing short-term effectiveness with long-term planning for the 14th Five-Year Plan, highlighting the importance of policy implementation and consistency [1] - Fiscal policy will continue to adopt a more proactive stance, maintaining a fiscal deficit rate of around 4% and a deficit scale of approximately 6 trillion yuan by 2026, while optimizing fiscal management and addressing local fiscal difficulties [1] - Monetary policy will remain moderately loose, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to enhance efficiency and adapt to long-term economic cycles [1] Group 2 - Expanding domestic demand is identified as the primary task for the coming year, with initiatives aimed at boosting consumer spending and increasing residents' income through targeted actions [2] - Innovation and reform are highlighted as dual engines for high-quality development, with a focus on enhancing corporate innovation, protecting intellectual property, and fostering collaboration between industry, academia, and research [2] - The overall policy deployment aims to stabilize growth in the short term while laying a solid foundation for long-term development, supporting the objectives of the 14th Five-Year Plan [2]