PING AN OF CHINA(HK:02318) Ping An Securities·2025-12-21 09:12Core Viewpoints - The A-share market experienced a rebound after an initial decline, with broad-based ETFs seeing significant inflows, stabilizing market expectations. The Shanghai Composite Index rose by 0.03%, while the Wande Microplate Index and the CSI Dividend Index increased by 3.0% and 1.0%, respectively. The retail trade sector led the gains with an approximate increase of 6.7% [2][12][15]. Economic Data Summary - In November, the high-tech industry showed accelerated production growth, while retail sales and investment growth slowed down. The industrial value added increased by 4.8% year-on-year, with high-tech industries rebounding to 8.4%. However, retail sales growth fell to 1.3%, and fixed asset investment decreased by 2.6% [3][4]. Policy Tracking Summary - Recent policies include the introduction of a draft regulation for insurance company asset-liability management, which aims to enhance long-term operational stability and risk management. The regulation consolidates previous requirements and sets clear regulatory indicators [5]. Market Performance Summary - The A-share market showed mixed performance, with 19 out of 31 sectors achieving positive returns. The consumer sector and non-bank financials performed well, while sectors like machinery and electronics lagged behind. The dairy index led the concept indices with an increase of approximately 11.3% [12][15][16].