Core Insights - The asset-backed securities (ABS) business of insurance asset management companies is steadily advancing, with five companies applying for a total of 20 ABS projects worth 32.053 billion yuan as of now [1][9] - In 2025, insurance asset management companies submitted nine ABS applications, with six being newly emerging holding-type real estate ABS, indicating a strong preference for this category [3][12] Group 1: ABS Applications and Approvals - As of the end of 2025, five insurance asset management companies have cumulatively submitted 20 ABS projects to the Shanghai and Shenzhen stock exchanges, totaling 32.053 billion yuan [2][10] - In 2025, nine ABS applications were approved or received feedback, amounting to 12.613 billion yuan, with Taibao Asset submitting five projects worth 6.809 billion yuan, Renbao Asset three projects worth 5.519 billion yuan, and Taikang Asset one project worth 0.285 billion yuan [2][10] - By the end of 2025, Taibao Asset led with nine submissions totaling 13.014 billion yuan, followed by Renbao Asset with five submissions totaling 12.049 billion yuan, and Taikang Asset with three submissions totaling 3.754 billion yuan [10][11] Group 2: Rise of Holding-Type Real Estate ABS - Insurance asset management companies have submitted a total of seven holding-type real estate ABS applications, with six submitted in 2025, accounting for two-thirds of the total ABS applications that year [3][12] - The first holding-type real estate ABS managed by an insurance asset management company was submitted by Renbao Asset in 2024, marking a significant innovation in the market [3][12] - The latest holding-type real estate ABS project, managed by Taibao Asset, was successfully established on February 13, 2025, with a scale of 1.1942 billion yuan, attracting diverse market investors [4][13] Group 3: Strategic Development and Market Positioning - Insurance asset management companies are focusing on the development of holding-type real estate ABS, which aligns with their long-term investment strategies and stable cash flow requirements [5][6] - The insurance asset management sector is characterized by a unique positioning that combines product management and investment allocation, allowing for a more integrated approach to ABS business [7][15] - The collaboration between insurance asset management and other business units within insurance groups enhances the effectiveness of ABS projects, leveraging the strengths of insurance capital as cornerstone investors [8][16]

2026年开年，保险资管产品交出了一份亮眼的成绩单。 尽管固收类产品凭借稳健表现成为"压舱石"，但真正的业绩亮点却集中在含权类产品上。据同花顺数据显示，截 至2月25日，今年以来区间收益率排名前10位的产品，区间涨幅在14.50%至63.84%之间，其中权益类产品占据一 半以上。上榜机构包括中信保诚资管、阳光资产、泰康资产等。 Wind数据显示，截至2月24日，今年以来已披露最新净值的1602只保险资管产品中，实现区间正收益的产品占比 高达93.2%，其中近20只权益类产品收益率突破10%。在固收收益率持续承压的背景下，权益类资产正成为保险资 管机构增厚收益的关键抓手。 多位业内专家在接受采访时指出，这一"开门红"并非偶然，而是低利率环境倒逼、监管政策引导、资本市场回暖 多重因素共振的结果，更折射出低利率时代下，保险资金这一"耐心资本"正加速从"稳健防御"向"价值进攻"转变 的配置逻辑。 谁最赚钱、谁在掉队？ 固收托底，含权类成亮点 近年来，保险资管公司所管理的资金是险资重要组成部分，在支持资本市场和稳定经济方面，正逐渐成为一股不 可忽视的力量。 记者留意到，今年以来，保险资管产品业绩呈现鲜明的结构性特征。W ...

Core Viewpoint - In January 2026, over 90% of insurance asset management equity products achieved positive returns, with 27 products yielding over 10%, indicating a strong start for the year in this sector [1][3]. Group 1: Performance of Insurance Asset Management Products - Among 290 insurance asset management equity products, the top performer was the CITIC Prudential Asset Management's Chengyi Resource product, with a return of approximately 24.71% [1][2]. - The top 20 equity asset management products predominantly included technology growth products, such as Sunshine Asset's Innovation Growth and China Life Asset's Advanced Manufacturing Selected No. 1 [1][2]. - Major institutions like China Life Asset, Ping An Asset, and others had multiple products listed in the top 20, with China Life Asset having four products featured [1][2]. Group 2: Market Trends and Insights - The strong performance in January was attributed to market trends, particularly in the technology sector, with the ChiNext Index rising by 4.47% and the Sci-Tech 50 Index increasing by 12.29% [3]. - Analysts suggest that for insurance funds seeking long-term stable returns, short-term market fluctuations do not significantly impact their long-term strategic asset allocation [3]. - Among over 170 insurance asset management equity products established for more than three years, around 80% have positive annualized returns since inception, with 46 products exceeding 10% annualized returns [3]. Group 3: Future Investment Directions - Looking ahead to 2026, increasing equity asset allocation remains a key investment direction for insurance institutions, with a particular focus on technology growth themes [4]. - Investment strategies will prioritize sectors such as AI, semiconductors, robotics, and new energy, while also considering financial, cyclical, and consumer sectors [4]. - Advanced manufacturing and TMT strategies are expected to continue to provide excess returns, with specific attention to sectors like power equipment, energy metals, and consumer electronics [5].

江苏泽润新能科技股份有限公司 投资者关系活动记录表 编号：2026-001 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 浙商证券 陈明雨 华泰资管 王笑 平安资管 马继愈 银华基金 范文韬 博时基金 叶丽、田俊维 德邦基金 申屠旺 万家基金 王立晟 永赢基金 普淞锐 博道基金 郭晓萱 摩根基金 许凡 申万菱信 王瀚 华泰柏瑞 刘腾飞 格传基金 杨扬 柏乔资产 马波 时间 2026年2月3日、4日 地点 公司会议室、线上电话会议、机构反路演等 上市公司接待人 员姓名 董事、董事会秘书、财务总监 王亮先生 投资者关系活动主 要内容介绍 1.2025年业绩预告情况？ 2025年公司预计实现归属于上市公司净利润为4000-5500万元 ，同比下降58.12%-69.54%。 2025年，公司营业收入总体保持稳定。然而，受全球光伏行业 周期性调整影响，阶段性供需错配导致公司光伏产品市场竞争加剧 ，尽管行业启动反内卷举措，但供需失衡的局面尚未根本改善，公 司内销毛利率持续下滑。与此同时，由 ...

Core Insights - The private equity sector is experiencing significant growth, with an increase in the number of private equity firms reaching the 100 billion yuan threshold, indicating a robust influx of capital into the market [1][2]. Group 1: Expansion of Private Equity Firms - As of January 23, 2026, the number of private equity firms in the 100 billion yuan tier has reached 116, an increase of 3 firms since the end of 2025 [2]. - Seven new or returning firms have joined the 100 billion tier this year, while four firms have exited [2]. - The performance of equity assets has been favorable, with the Shanghai Composite Index stabilizing above the 4100-point mark, contributing to the active fundraising environment for private equity [2]. Group 2: Influx of Long-term Capital - Among the newly added firms, Hengyi Chiying (Shenzhen) Private Equity has rapidly surpassed the 100 billion yuan mark, having started with a management scale of only 0 to 5 billion yuan at the end of 2025 [3]. - Insurance capital is increasingly entering the private equity sector, driven by the ongoing push for long-term investment trials and the need for asset reallocation in a low-interest-rate environment [3]. Group 3: Structural Market Trends - The continuous influx of new capital is expected to support the market's performance throughout the year, with high-net-worth individuals and insurance funds leading the asset reallocation efforts [4]. - The current market conditions are characterized by a gradual and rational approach to asset reallocation, suggesting that the resilience of this market trend may exceed expectations [4]. - The ratio of household deposits to GDP has risen from approximately 0.8 to around 1.2, indicating a significant accumulation of household savings, which may shift towards equity markets as risk-free returns decline [5].

Group 1 - The Shanghai Asset Management Association held its fourth member meeting and the eleventh council meeting on January 20, 2026, with 172 members and representatives in attendance [1][4] - Key figures present included the association president, honorary president, secretary-general, and vice presidents from various financial institutions [1][4] - The member meeting approved the work reports from the president and supervisor, as well as the financial report, and passed 12 resolutions including the revised association charter [1][4] Group 2 - The council appointed new vice presidents, including Zhang Jianying from Ping An Asset Management and Li Feng from Standard Chartered China, expanding the leadership team [2][5] - New directors were elected, including executives from ICBC-AXA, Huatai Asset Management, and other financial firms, enhancing the association's governance [6] - The revised charter introduced individual memberships to attract influential industry professionals, aiming to strengthen the association's domestic and international influence [6] Group 3 - The president presented "Ten Major Initiatives for Building Shanghai as a Global Asset Management Center by 2025" during the meeting [6] - A report on the application of artificial intelligence in developing AI strategies for institutions was delivered by a professor from Fudan University [3][6]

修改后的协会章程规定，增设个人会员。吸纳具有行业影响力的高级管理人员及专家成为个人会员，个 人会员与单位会员发挥组合优势、从而强化协会国内国际影响力。 会上，贾飙代表上海资产管理协会发布"2025上海全球资产管理中心建设十项大事"。协会启用基于会徽 设计的徽章。 会间，会员代表听取了复旦大学计算机科学技术学院教授、上海市智能信息处理重点实验室副主任张 奇"人工智能如何应用落地：支持机构拟定AI发展战略"报告。 按照协会章程规定，会员大会表决通过了会长贾飙所作上海资产管理协会理事会工作报告、监事长潘莉 华所作上海资产管理协会监事会工作报告、秘书处关于上海资产管理协会财务报告。秘书长韩康作关于 修订《上海资产管理协会章程》有关情况的说明。会员大会表决通过了《上海资产管理协会章程（修订 案）》等12项议案。 理事会增补选协会副会长：平安资管副总经理张剑颖，渣打中国副行长、财富管理及零售银行业务总经 理、全球华人业务集团主管李峰。增选后协会副会长是：黄德（中国银行上海总部）、郭力璞（交银理 财）、陈兵（上海信托）、陶耿（国泰海通资管）、朱民（上海科创集团）、范华（贝莱德基金）、徐 军（上海股交中心）、于业明（太保资产 ...

Group 1 - The company Bo Shi Jie announced that on January 15, 2026, it will accept research from Ping An Asset Management, Huajin Securities, and Guolian Minsheng Securities, with participation from the company's Deputy General Manager and Board Secretary, Ms. Qian Biqiong, and Securities Affairs Representative, Mr. Wang Zhanchao, who will address investor inquiries [1] - Silver prices have surged over 80% in the last 50 days, indicating a level of market frenzy that surpasses that of gold, suggesting that historical surges in silver often signal a peak in the precious metals bull market [1] - The current situation in the silver market is noted to be different from previous instances, raising questions about the sustainability of this trend and its implications for the broader precious metals market [1]

Core Insights - The insurance asset management products are expected to perform exceptionally well in 2025, with 90% of the 1,637 products achieving positive returns, totaling 1,500 products [2] - Equity products have shown remarkable performance, with some achieving annualized returns exceeding 90%, such as "ICBC Credit Suisse Cycle Growth No. 1" with a return of 115.37% [2][5] - The average return for equity products reached 24.96%, a significant increase of 16.87 percentage points year-on-year, while fixed income products saw a decline in average returns [5][10] Performance Overview - In 2025, 1,528 out of 1,637 insurance asset management products reported positive returns, representing 93.4% of the total [5] - The overall average return for all products was 8.50%, up by 3.33 percentage points from the previous year, with a median return of 3.47% [5] - Notable equity products include "ICBC Credit Suisse Cycle Growth No. 2" at 76.56%, "Taikang Asset - Cycle Selection" at 69.97%, and several others with returns above 50% [5][6] Market Dynamics - The insurance asset management sector is experiencing a "turnaround" in equity products, outperforming the Shanghai Composite Index's 18% increase [4] - Newer products tend to have higher annualized returns, benefiting from favorable market conditions and timely investment themes [6] - The competition in the insurance asset management industry is expected to intensify in 2026, with the approval of new foreign-funded insurance asset management companies [8] Regulatory Environment - Multiple policies have been introduced to encourage insurance capital to enter the market, including increasing the investment ratio of commercial insurance funds in A-shares [9][10] - The regulatory framework has been optimized to support long-term investments, with pilot programs allowing significant amounts of insurance capital to be allocated [10] - The focus on high-dividend strategies and investments in high-tech, new energy, and advanced manufacturing sectors is anticipated to continue [10]

Core Viewpoint - The insurance asset management industry in 2025 shows a positive trend, with 95% of the 1,308 disclosed products achieving positive returns, and an average return of 8.7% across the industry, reflecting strong investment capabilities despite market fluctuations [11][16]. Group 1: Overall Overview of Insurance Asset Management Products - In 2025, 50 insurance asset management companies launched a total of 4,727 products, with 1,308 products disclosing net value data [2][13]. - The average return of the 1,308 disclosed products is 8.7%, which is an increase of 3.5 percentage points year-on-year [16]. - The Shanghai Composite Index reported an annual return of 18.4%, up 5.7 percentage points year-on-year, while the China Bond Composite Index saw a return of 0.6%, down 7.0 percentage points [16]. Group 2: Performance by Product Type - Fixed income products totaled 894, with an average return of 2.3%; equity products numbered 225, averaging 25.4%; mixed products totaled 177, averaging 14.8%; and other products numbered 12, averaging 10.9% [20]. - The average cumulative return over five years for fixed income products is 16.2%, with some products exceeding 30% [23]. - For equity products, the average cumulative return over five years is 12.6%, with three products achieving returns over 90% [29]. - Mixed products showed a negative average cumulative return of -1.9% over five years, with 25 products reporting negative returns [35]. Group 3: Notable Products and Rankings - The top-performing fixed income product is from Taikang Asset, achieving a cumulative return of 33.6% over five years [28]. - The leading equity product, also from Taikang Asset, reported a cumulative return of 111.6% over five years [34]. - The best mixed product, from Taiping Asset, achieved a cumulative return of 37.2% over five years [40].