Core Viewpoint - The current predetermined interest rate for ordinary life insurance products is set at 1.90%, a decrease of 0.09 percentage points from the previous rate of 1.99%, indicating that no adjustments will be made to the predetermined interest rates for the remainder of the year [2][3]. Group 1: Current Interest Rate Situation - The predetermined interest rate for ordinary life insurance products has been assessed at 1.90%, which is below the upper limit of 2.0% and does not trigger any adjustments for the current year [2]. - The last recorded rates were 2.34% and 2.13% earlier this year, with a significant drop noted in July when the rate was adjusted to 1.99% [3]. - The new maximum rates for various insurance products are set at 2.0% for ordinary products, 1.75% for participating products, and 1.0% for universal products, effective from September 1 [3]. Group 2: Future Projections - A life insurance company executive predicts that the predetermined interest rate will remain stable, with an expected range of 1.79% to 2.02% until July next year, indicating no adjustments will be triggered [4]. - The low interest rate environment is expected to become the "new normal," shifting competition from pricing to risk selection, medical cost control, and health service provision capabilities [4].

编者按： 科技浪潮，奔腾不息；金融活水，汩汩向前。作为长期资本、耐心资本重要组成部分，银行理财、保 险资管坚持守正创新，躬身实践并勇于探索，奋力做好"科技金融"这篇大文章。证券时报社联合中国保 险资产管理业协会推出"银保资管业探路科技金融"系列专栏，敬请关注。 本篇为专栏第五篇。 "服务国家战略、支持科技创新，是保险资管行业义不容辞的责任，也是实现自身高质量发展的内在要求。"近 日，新华资产管理股份有限公司（简称"新华资产"）总经理陈一江在接受证券时报记者专访时表示，保险资管 对科技创新的支持并非单一的资金投入，而是围绕科技企业"募投管退"周期，构建起一个多层次、立体化的投 资"工具箱"和产业"生态圈"。 他还提到，如何在支持科技创新的"进取"与资金安全的"稳健"之间找到最佳平衡点，考验着行业的智慧。面对 服务科技创新和新质生产力的时代命题，保险资管要以更大的决心和勇气，推动自身的改革与创新。 注入"源头活水"，多维发力支持科技创新 在陈一江看来，保险资金被赋予了"耐心资本"和"长期资本"的时代重任，正成为支持科技创新不可或缺的中坚 力量。 他认为，保险资管的核心优势在于三大方面：一是资金属性的独一无二，保险 ...

Core Viewpoint - The article discusses the significant growth of public fund sizes in China, surpassing 36 trillion yuan, and the challenges of sustaining performance in a highly uncertain environment. It highlights the platformization strategy adopted by Ping An Fund as a solution to these challenges, emphasizing the importance of systematic support and cultural transformation within the organization [1][2]. Group 1: Platformization Strategy - Ping An Fund has transitioned from relying on individual fund managers to a systematic approach, termed "platformization," which has been in place for seven years. This transformation involves restructuring the organization and fostering a culture of long-term correctness [1][3]. - The platformization strategy has led to a significant increase in performance, with Ping An Fund's active equity funds achieving a return of 50.11% year-to-date as of September 30, 2025, with 26 out of 52 products exceeding 50% returns [2][4]. - The firm has established a framework that allows investment performance to be viewed as a science rather than an art, focusing on replicable and sustainable strategies [3][4]. Group 2: Internal Mechanisms and Culture - The internal mechanism of Ping An Fund is built on "Four True Mechanisms," which include true mechanisms, true teams, true talents, and speaking the truth. These mechanisms ensure transparency, efficiency, and continuous evolution within the investment research ecosystem [12][13]. - The culture within Ping An Fund encourages open communication and respect for individual perspectives, allowing junior researchers to challenge senior fund managers' views, fostering a collaborative environment [5][14]. - The firm emphasizes a dual-track approach of "internal cultivation + external introduction" to build a diverse investment research team, which currently consists of 23 fund managers and 27 researchers [6][7]. Group 3: Diverse Investment Strategies - Ping An Fund employs a "Three Many Strategies" approach, which includes multiple teams, styles, and strategies to create a robust investment research system that can adapt to market fluctuations [7][10]. - The fund's product matrix is categorized into four main series: full market selection, thematic tracks, index enhancement, and absolute returns, providing a comprehensive toolbox for investors [8][9]. - Specific funds have demonstrated exceptional performance, such as the Ping An Advanced Manufacturing Theme A fund, which achieved a return of 116.98% over the past year, showcasing the effectiveness of the platformization strategy [12][8]. Group 4: Long-term Vision and Market Adaptation - The article concludes that Ping An Fund's platformization approach offers a reliable and understandable investment experience, especially in volatile markets, by ensuring continuity and stability despite individual fund manager changes [17][18]. - The firm’s focus on long-term sustainability and a culture that tolerates failure allows fund managers to adhere to their investment philosophies without succumbing to short-term market pressures [15][16]. - This strategic shift from reliance on individual star fund managers to a systematic platform-based approach is seen as a potential direction for the asset management industry as a whole [18].

Core Viewpoint - The recent economic negotiations between China and the United States in Kuala Lumpur have led to significant agreements aimed at resolving trade issues and enhancing cooperation between the two nations [2]. Group 1: Key Agreements - The U.S. will cancel the 10% "fentanyl tariff" on Chinese goods, including those from Hong Kong and Macau, while the 24% reciprocal tariffs will remain suspended for another year. China will adjust its countermeasures accordingly [2]. - The U.S. will suspend the implementation of its 50% export control rule announced on September 29 for one year, and China will similarly suspend its related export control measures announced on October 9 for one year [2]. - The U.S. will also pause its 301 investigation into China's maritime, logistics, and shipbuilding industries for one year, with China reciprocating by suspending its countermeasures [2]. Group 2: Additional Areas of Cooperation - Both sides reached consensus on fentanyl anti-drug cooperation, expanding agricultural trade, and handling specific corporate cases. They reaffirmed the outcomes of the Madrid economic discussions, with the U.S. making positive commitments in investment areas, and China addressing issues related to TikTok [2]. - The outcomes of the Kuala Lumpur negotiations demonstrate that through dialogue and cooperation, both countries can find solutions to their economic challenges, contributing to greater certainty and stability in U.S.-China economic relations and the global economy [2].

Core Viewpoint - The meeting between Chinese President Xi Jinping and U.S. President Donald Trump emphasizes the importance of maintaining stable U.S.-China relations, highlighting the need for cooperation despite differences and challenges faced by both nations [1][4]. Economic Performance - China's economy showed a growth rate of 5.2% in the first three quarters of the year, with a 4% increase in global goods trade imports and exports, indicating resilience in overcoming internal and external difficulties [2]. - The Chinese government plans to deepen reforms and expand openness, aiming for qualitative improvements and reasonable quantitative growth in the economy, which is expected to create broader opportunities for U.S.-China cooperation [2]. Trade Relations - Both countries' economic teams have reached a consensus on important trade issues, emphasizing the need to maintain and implement this consensus to provide stability for both nations and the global economy [3]. - The economic relationship should serve as a stabilizing force rather than a source of conflict, with a focus on long-term benefits of cooperation rather than retaliatory measures [3]. Cooperation Areas - There are promising prospects for cooperation in areas such as combating illegal immigration, telecommunications fraud, anti-money laundering, artificial intelligence, and responding to infectious diseases [3]. - Both leaders agreed to enhance cooperation in trade, energy, and cultural exchanges, which could lead to significant achievements in the future [5]. Future Engagements - The two leaders agreed to maintain regular communication, with Trump expressing interest in visiting China and inviting Xi to visit the U.S. [6].

Core Viewpoint - The report highlights the significant growth in CICC's financial performance for the first three quarters of 2025, driven by robust business lines and strategic alignment with national policies [1][2]. Financial Performance - CICC achieved operating revenue of 20.761 billion yuan, a year-on-year increase of 54.36% [1][2]. - The net profit attributable to shareholders reached 6.567 billion yuan, reflecting a year-on-year growth of 129.75% [1][2]. - The weighted average return on equity (ROE) rose to 6.29%, an increase of 3.65 percentage points compared to the previous year [1][2]. Quarterly Breakdown - In Q3, CICC reported operating revenue of 7.93 billion yuan, a substantial year-on-year increase of 74.78% [2]. - The net profit attributable to shareholders for Q3 was 2.236 billion yuan, showing a remarkable year-on-year growth of 254.93% [2]. - Compared to Q2, Q3 revenue increased by 11.62% [2]. Business Line Performance - CICC's investment banking business showed significant advantages, with net income from investment banking fees reaching 2.940 billion yuan, a year-on-year increase of 42.55% [3]. - The brokerage business benefited from favorable market conditions, with net income from brokerage fees at 4.516 billion yuan, up 76.31% year-on-year [4]. - Asset management business also performed well, with net income from asset management fees at 1.062 billion yuan, a year-on-year growth of 26.61% [4]. Strategic Initiatives - CICC has been actively supporting high-level opening-up and initiatives like the Belt and Road, contributing to the internationalization of the RMB [4]. - The company has made strides in international business development, achieving notable successes in various sectors [3]. Shareholder Composition - The report noted the presence of Brunei Investment Agency and Allianz Insurance Asset Management products among CICC's top ten shareholders, indicating growing institutional interest [5]. - As of the end of Q3, Brunei Investment Agency held 10.3183 million shares, representing 0.21% of the total shares [5]. - Allianz's two products held 9.576 million shares, accounting for 0.2% [5].

Core Viewpoint - Zhengzhou Bank's shares held by Henan Guoyuan Trading Co., Ltd. are set for judicial auction, with a total of 121 million shares (approximately 1.33% of total shares) to be auctioned at a starting price of 1.83 yuan per share, totaling 221 million yuan [1][4]. Group 1: Auction Details - The auction includes two batches of shares: 90.2 million shares starting on December 4 with a starting price of 165.066 million yuan, and 30.8 million shares starting on December 11 with a starting price of 56.364 million yuan [2][3]. - The total starting price for both batches is 221.43 million yuan, with the current share price of Zhengzhou Bank at 2.02 yuan as of October 29 [1][4]. Group 2: Shareholder Background - Henan Guoyuan Trading Co., Ltd. has been reducing its stake in Zhengzhou Bank, decreasing from 4.24% in 2023 to 3.53% in 2024, and further down to 2.55% by mid-2025 [7][11]. - The company initially acquired shares at higher prices, paying 5.304 billion yuan for 195 million shares at 2.72 yuan each in 2011 and 4.64 billion yuan for 100 million shares at 4.64 yuan each in 2020 [8][10]. Group 3: Management Changes - Zhengzhou Bank has experienced significant management changes, with the former chairman resigning in March 2023 due to legal issues, and a new chairman appointed in July 2023 [12][14]. - The bank has faced performance challenges, leading to a lack of dividends since 2020, but reported a net profit increase in 2024, with a proposed cash dividend of 0.2 yuan per 10 shares [15].

Group 1 - The meeting between Chinese President Xi Jinping and U.S. President Donald Trump took place in Busan, South Korea, lasting approximately 1 hour and 40 minutes [1][3] - Trump expressed his honor in meeting with Xi, referring to him as a great leader of a great nation and indicating that they have reached many consensuses and will reach more [1][2]

Core Points - The article discusses the reduction of U.S. military presence in Europe for the first time since President Trump took office, with approximately 3,500 troops being withdrawn from various Central and Eastern European countries [1] - The U.S. military presence in Europe had previously increased significantly due to the Russia-Ukraine conflict, rising from about 60,000 to around 80,000 troops, sometimes nearing 100,000 [1] - NATO has been informed of the troop reduction plan, and it is stated that even with the withdrawal of one brigade, the U.S. troop levels will still be higher than before the Russia-Ukraine conflict in 2022 [1] - The reduction of troop rotations is seen as a potential first step towards a larger decrease in U.S. military numbers in Europe [2] Summary by Sections U.S. Military Presence - The U.S. will reduce its military presence in Europe by approximately 3,500 troops, marking the first decrease since Trump's presidency [1] - The troop levels had previously increased significantly due to geopolitical tensions, particularly the Russia-Ukraine conflict [1] NATO Response - NATO has acknowledged the troop reduction and emphasized that the overall deterrent capability will not be affected [1] - The statement from Brussels suggests that the reduction is anticipated and not unexpected [1] Future Plans - The end of troop rotations is considered a method for the U.S. government to quickly reduce its military presence in Europe [2] - A forthcoming Pentagon report, the "Global Posture Review," is expected to outline further plans for troop reductions in Europe [2]

Core Viewpoint - A new wave of interest rate cuts is emerging globally, initiated by the Federal Reserve's decision to lower rates by 25 basis points, followed by similar actions from several central banks in the Middle East and Canada, indicating a shift in monetary policy amid economic uncertainties [2][4][7]. Summary by Sections Federal Reserve Actions - The Federal Reserve announced a 25 basis point rate cut, but future rate paths remain uncertain, with significant internal disagreements among officials regarding potential actions in December [2][11]. - The probability of another rate cut in December has decreased to 67.8%, down from 95.3% prior to the recent statements by Fed Chair Jerome Powell [11]. Global Central Bank Responses - Following the Fed's announcement, the central banks of the UAE, Qatar, Bahrain, and Saudi Arabia also cut their benchmark rates by 25 basis points [4][5][6]. - The Bank of Canada reduced its policy rate by 25 basis points to 2.25%, marking the second consecutive meeting with a rate cut, as the Canadian economy faced challenges due to U.S. tariffs [7]. Economic Context - The Canadian economy contracted by 1.6% in the second quarter, raising concerns about the potential for a negative growth in the third quarter [7]. - The Bank of Canada highlighted that the economy is undergoing a difficult transition due to structural damages from trade conflicts, which have limited the effectiveness of monetary policy [7][8]. Future Outlook - The European Central Bank is expected to maintain its key interest rate at 2%, while the Bank of Japan's rate hike expectations have diminished due to political pressures [9]. - Analysts suggest that the Fed's future rate cuts may be more nuanced than the market currently anticipates, with strong consumer spending and economic growth potentially influencing the pace of future cuts [12].