除火箭外，《规划》支持鼓励广州市高校及企业开展"五羊系列星座""大湾智通"等卫星星座建设，服务国家战略的同时，牵引卫星制造、火 箭发射、卫星运营和应用产业发展，推动商业航天人才、资本和企业集聚广州，构建完整商业航天产业生态。 今日，广州市人民政府办公厅发布《广州市加快建设先进制造业强市规划（2024—2035年）》（简称《规划》）， 提出到2035年，打造 具有全球影响力的中国商业航天新一极。涌现一批商业航天领域骨干企业，产业规模进一步壮大。 《规划》提到， 聚焦攻关可重复使用火箭技术，依托从化商业火箭液体动力系统试验中心及总装测试产业化基地 ，为中大型液体火箭研制 提供坚实基础，未来将面向全国科研院所、企业和高校等开放共享。 具体到措施上，《规划》拟推动南沙中科宇航液体火箭总装测试基地建设和黄埔星河动力火箭总装基地尽快落地，研发大推力、可复用液体 火箭，打造低成本、高密度的航天发射能力。 投资策略上，该机构建议投资者在2026年前夕，采取哑铃型配置策略：一方面布局具有国资背景、卡位核心频轨资源的系统集成商，一方 面切入商业火箭与卫星核心零部件及配套环节，如相控阵T/R组件、激光通信、3D打印、测试、核心网等 ...

1月6日，现金流ETF（159399）涨超1.2%，高质量慢牛下关注现金流配置价值 （责任编辑：张晓波 ） 相关机构表示，在高质量慢牛格局下，自由现金流充裕的优质资产凭借稳定的现金流回报，展现出 显著的配置价值，尤其适合稳健型投资者。随着"第三次国九条"强化上市公司现金分红监管，推动提高 股息率，自由现金流指标的重要性将进一步凸显。这类资产在经济增速放缓、新旧动能转换的背景下， 能够提供相对确定的收益，与高波动成长资产形成互补，共同构成"哑铃型"配置策略的重要一端。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连 续9年跑赢中证红利指数和沪深300指数。现金流ETF（159399）的标的指数聚焦大中市值，标的指数央 国企占比高于同类现金流指数，月月可评估分红，感兴趣的投资者或可持续关注。 注：现金流ETF完全由国泰基金管理有限公司开发,本基金与伦敦证券交易所集团公司及其附属企 业(统称"LSE Group")之间没有关联，也并非受其发起、背书、出售或推广。FTSE Russell是特定LSE Group公司的商标名称之一。LSE Group概不对任何人士 ...

在岁末年初之际，2026年权益市场将如何演绎成为投资者关注的焦点。近日，摩根资产管理中国权益投 资团队在策略会上，以多元与国际视角，分享了对于2026年市场机会的研判。 摩根资产管理中国总经理王琼慧在开场致辞中表示，面对全球被动投资的浪潮，摩根资产管理始终坚持 发展主动投资能力，致力于打造"立足本土，与全球融会贯通"的投研平台。依托研究驱动、团队协作与 严谨的风险管理体系，公司持续为投资者提供高质量的产品与服务，挖掘长期价值。 银河证券数据显示，截至11月30日，摩根基金近1年、2年、3年及20年的主动股票投资管理能力均位列 行业前10（分别为6/130、6/127、8/122、7/29），其中近一年主动股票投资管理收益率超过50%。同时 近年来公司在指数及量化、固定收益、多资产解决方案、混合资产以及流动性管理等领域齐头并进，各 投资团队实力不断增强。 聚焦高景气成长赛道，权益成长组基金经理赵隆隆重点看好两大方向：首先是全面看好锂电与储能产业 链，认为储能正取代电动车成为核心需求驱动力，行业供需格局显著改善，龙头公司盈利修复空间广 阔，上游碳酸锂价格亦具备弹性；其次，持续看好AI带来的硬件与软件投资机遇，并强 ...

摩根资产管理中国权益均衡与价值组组长兼资深基金经理倪权生从资产配置角度解析，认为随着经济基本面趋稳及部分行 业格局优化，具备竞争优势的优质上市公司有望提供更优的股东回报，使得股票资产的相对吸引力增强。他重点关注两类机 会：一是受益于供给约束、格局改善且现金流持续优化的周期行业（如有色金属），其属性正从强周期股向现金流稳健、股息 率提升的价值股转变；二是依托我国供应链与效率优势，积极拓展海外市场的高端制造业，这些企业在全球竞争中份额不断提 升，具备良好的盈利增长潜力与估值吸引力。 聚焦高景气成长赛道，摩根资产管理中国权益成长组基金经理赵隆隆重点看好两大方向：一是全面看好锂电与储能产业 链，认为储能正取代电动车成为核心需求驱动力，行业供需格局显著改善，龙头公司盈利修复空间较大，上游碳酸锂价格亦具 备弹性；二是持续看好AI带来的硬件与软件投资机遇，并认为需紧密跟踪应用落地与商业闭环的进展。 本报记者 昌校宇 岁末年初之际，2026年权益市场的走势成为投资者关注的焦点。近日，摩根资产管理中国权益投资团队在策略会上，以多 元化与国际化视角，分享了其对2026年市场机会的研判——"锚定中国优质企业全球竞争力，把握长期估值 ...

权益投资团队均衡成长组组长李博认为，明年科技成长风格有望保持相对优势。权益均衡与价值组组长 倪权生重点提示了两类机会：一是受益于供给约束、格局改善且现金流持续优化的周期行业（如有色金 属），二是依托中国供应链与效率优势，积极拓展海外市场的高端制造业。 新京报贝壳财经讯（记者张晓翀）12月19日，摩根资产管理中国权益投资团队分享了对于2026年市场机 会的研判。 校对 柳宝庆 摩根资产管理中国副总经理兼投资总监杜猛指出，中国资产的长期价值重估进程仍在持续，看好2026年 市场结构性机会。在当前市场分化格局下，判断是不是优质资产应回归产业需求是否稳定增长以及现金 流能否持续这一核心逻辑。 权益成长组基金经理赵隆隆看好锂电与储能产业链，指数及量化投资部总监胡迪指出，展望2026 年，"哑铃型"配置策略仍具有重要价值。 编辑 岳彩周 ...

Core Viewpoint - The bond market is experiencing adjustments, with ultra-long bonds leading the decline, but historical data suggests limited downside potential for such assets. Analysts indicate that the value proposition of ultra-long bonds may have emerged, making them a preferred asset for future allocations, contingent on monetary policy changes [1][3]. Group 1: Market Performance - During the week of December 1 to 7, the bond market showed a downward trend, particularly in long-term bonds, with ultra-long bonds significantly dragging down the market. The average performance of medium to long-term pure bond funds recorded negative returns [2][3]. - The yield on 30-year special treasury bonds rose nearly 10 basis points in one week, with active bonds approaching historical highs. The yield on 10-year treasury bonds also surpassed 1.85%, indicating a bearish sentiment towards long-term assets [2][3]. - The average performance of medium to long-term bond funds was -0.11%, while short-term bond funds recorded an average of -0.02%, highlighting a notable retreat in medium to long-term bond fund performance [2][4]. Group 2: Market Dynamics - The current adjustment in the bond market is primarily driven by trading structure rather than fundamental or macroeconomic changes. The ultra-long bonds are caught in a negative feedback loop of "selling leads to further selling" due to market sentiment [3][6]. - Large banks and rural commercial banks emerged as key buyers of interest rate bonds, with net purchases of 1,316 billion and 761 billion respectively, indicating a counter-cyclical investment strategy [6][7]. - In contrast, trading entities such as funds and brokerages collectively sold off interest rate bonds, with net sales of 681 billion and 739 billion respectively, driven by concerns over public fund fee reforms and net asset value declines [7]. Group 3: Investment Strategy - Analysts recommend a strategy of "buying on dips" and adopting a barbell allocation approach, particularly as the yield on 30-year treasury bonds approaches 2.3% or when the yield spread exceeds 40 basis points [3][8]. - The market is expected to stabilize, with a shift from defensive to proactive investment strategies, although short-term volatility risks remain [7][8]. - Long-term, the logic of economic transformation and declining interest rate levels remains intact, with a focus on coupon income and moderate trading operations to mitigate volatility impacts [8].

Group 1 - Southbound funds have significantly increased their net purchases of Hong Kong stocks, totaling 1.38 trillion HKD this year, marking a record high [1] - The Hang Seng Index has seen a year-to-date increase of nearly 30%, while the Hang Seng Tech Index has risen over 25% [1] - In the second half of the year, ETF funds have accelerated their net purchases of Hong Kong assets, with notable inflows into various ETFs, including over 350 million HKD into the Hong Kong Internet ETF and over 200 million HKD into the Hong Kong Securities ETF [1] Group 2 - Hong Kong stocks have unique advantages compared to A-shares, aligning well with current trends in AI, new consumption, and innovative pharmaceuticals [2] - Despite recent adjustments, the mid-term outlook for Hong Kong stocks remains bullish, supported by incremental capital inflows and the gathering of quality assets [2] - The AI-driven technology sector is expected to be the main theme in the Hong Kong market, with dividend-paying stocks benefiting from policy support and low interest rates [2] Group 3 - The "AI bubble" narrative in the US has led to mispricing of Chinese assets, particularly in the tech sector, where the valuation of Hong Kong tech stocks is about half that of the Nasdaq [3] - The adjustment in Hong Kong stocks has been significant, suggesting that the rebound potential may exceed that of A-shares [3] - A "barbell strategy" is recommended, focusing on high-dividend and turnaround assets to navigate market uncertainties while maintaining a long-term growth perspective [3]

中国太保 20251126 摘要 太保积极响应监管对非车险应收保费的规范，推行见费出单制度，旨在 优化综合成本率和提升盈利能力，但短期内可能对保费增长带来压力。 此举有利于规范市场竞争，头部公司将更专注于定价和服务。 太保 2025 年综合成本率受自然灾害、市场竞争和业务结构调整影响。 车险方面，监管趋严和行业自律降低费用率，但新能源车赔付率上升。 非车险复杂性高，公司逐步退出高成本、高风险业务如个性宝，长期有 助盈利。 太保退出个人新保业务（个性宝）是主动调整，虽未出现重大亏损，但 为应对市场不确定性，选择停止新业务以确保经营稳健，预计 2026 年 底完成清退。 普惠金融是太保业务增长点，农险等受政府补贴，长期保本微利，但规 模上具有基石作用，分散风险，与法人单位大型项目互补，平衡利润和 稳定性。 太保寿险强调收关开门一体化，不提前预收。个险渠道通过提升代理人 产能实现高个位数增长，银保渠道通过拓展网点和提升产能实现 20%- 30%增速，保持价值率稳定。 Q&A 非车险报行合一政策对行业的影响如何？ 非车险报行合一政策是逐步落地的，预计到 2026 年将全面执行。该政策要求 重新梳理险种条款和费率，并严 ...

Core Viewpoint - The core investment philosophy emphasizes long-termism, focusing on sustainable value rather than short-term gains [2][5][6] Investment Philosophy - The investment strategy is centered around long-term value investment, avoiding the temptation of chasing popular trends [2] - The manager advocates for a "barbell strategy" that balances high-growth stocks with assets that have measurable intrinsic value, adjusting weights based on market conditions [2][3] Market Focus - The AI and robotics sectors are highlighted as key areas of investment interest, with AI expected to drive the next wave of technological change despite short-term uncertainties in application and commercialization [3][4] - Investment opportunities in AI are identified in two main paths: companies providing essential equipment for the AI industry and those with strong application capabilities [3] Robotics Sector - The robotics industry is still in its early stages of industrialization, with uncertainties in technology choices and cost control, necessitating ongoing research to identify investment opportunities [4] Product Selection - Emphasis is placed on selecting fund managers with a strong alignment of values and investment frameworks, advocating for diversified, low-correlation asset combinations to mitigate risks [5] - The investment approach involves a cautious mindset, focusing on undervalued assets during downturns and realizing gains when valuations are high [5] Future Outlook - The market is anticipated to be in a phase of structural optimization and diversification of opportunities by 2026, with a focus on structural shifts and rebalancing as key investment themes [5]

Group 1: Inflation Trends - In October, the Consumer Price Index (CPI) shifted from a decrease of 0.3% to an increase of 0.2%, marking the highest value since February of this year, with a seasonal level higher than the previous two years [1][8] - The Producer Price Index (PPI) saw a narrowing decline of 0.2 percentage points to -2.1%, marking the third consecutive month of narrowing [1][8] - Gold prices significantly impacted both CPI and PPI, with domestic gold futures prices increasing by 52.8% year-on-year, a substantial rise of 9.5 percentage points compared to September [2][12] Group 2: Food Prices and Core CPI - Food prices decreased by 2.9%, with the decline narrowing by 1.5 percentage points from the previous month, affecting CPI by approximately 0.54 percentage points [2][16] - Core CPI rose by 1.2%, the highest since March 2024, with a month-on-month increase of 0.2% [2][9] - The increase in core CPI was primarily driven by gold prices, with other goods and services related to gold also showing a significant year-on-year increase of 12.8% [2][12] Group 3: PPI and Industry Performance - The PPI for October showed a year-on-year decline of 2.1%, with notable performance in the non-ferrous industry, where prices increased by 5.3% and 2.4% for mining and metal processing, respectively [3][21] - The narrowing decline in PPI was attributed to ongoing capacity management and increased demand for coal mining and washing, with a reduction in the decline of 1.2 percentage points compared to the previous month [3][21] - Life goods PPI decreased by 1.4%, with the decline narrowing by 0.3 percentage points from the previous month [3][21] Group 4: Market Outlook and Strategy - The rise in prices is influenced by multiple factors, including the increase in gold prices and weather-related impacts on vegetable prices, leading to an unexpected overall price increase [4][23] - The bond market is entering a recovery phase, with a recommendation for a barbell strategy to manage risks while benefiting from potential interest rate declines [4][25] - The 10-year government bond yield is expected to recover to a range of 1.6%-1.65% by the end of the year [4][25]