研选 | 光大研究每周重点报告 20251220-20251226

Group 1: Market Overview - The A-share bull market is not showing significant warning signals of a peak, and future performance remains promising [4][5] - The factors leading to the peak of a bull market can be categorized into three main types: policy and external environment factors, fundamental factors, and market trading factors [4] Group 2: Credit Bond Research - ABN products currently do not show significant premium compared to other asset-backed securities, but they still have a yield advantage over some ordinary credit bonds [6] - In a context of scarce high-yield assets, ABN products can serve as a direction for enhancing returns, with lower valuation volatility compared to ordinary credit bonds, providing stability in investment portfolios [6] Group 3: Insurance Sector Insights - In a low-interest-rate environment, equity assets have become crucial for insurance companies to enhance investment returns, supported by regulatory policies that encourage equity market entry [7] - As of the end of the first half of 2025, the stock asset proportion of five listed insurance companies reached 9.3%, the highest in nearly a decade, with expectations for further increases in the third quarter [7] - Projected stock scale increments for the insurance industry from 2025 to 2027 are estimated at 1.7 trillion, 2.4 trillion, and 3.1 trillion under pessimistic, neutral, and optimistic scenarios, respectively [7]