作者：新浪仓石基金 在《推动公募基金高质量发展行动方案》里，专门有一部分聚焦"大力提升公募基金权益投资规模与占 比"—— 这事儿不只是让基金行业多做某一类产品，更能帮普通投资者分享经济增长的收益，也是公募 基金实现高质量发展的关键一步。 首先，监管会从"方向上"帮权益基金走稳。以后评价基金公司时，会更看重权益类基金的相关表现，比 如权益基金规模、业绩好不好，用这种方式引导基金公司把更多精力放在权益投资上。另外，还会出台 专门的指引，让公募基金能更合理地用金融衍生品做风险管理，这样基金经理做权益投资时，能更好地 应对市场波动，投资行为更稳。 其次，权益基金的"产品选择"会更丰富。一方面，会支持主动管理的权益基金搞创新，比如推出更 多"管理费跟着业绩走"的产品 —— 业绩好管理费才高，业绩差管理费就低，这样基金和投资者的利益 能绑得更紧。另一方面，会大力发展指数基金，不管是场内还是场外的都算，还会多做符合国家战略的 主题指数基金，比如围绕科技、绿色发展这些方向的，让投资者能方便地布局自己看好的领域。甚至还 会研究试点新的场外宽基指数基金，给大家多一种低成本投大盘的选择。 专题：北京公募基金高质量发展系列活动 新时 ...

私募证券基金9月份备案数量同比增超170% 前三季度25家银行理财子公司调研上市公司超2100次 在政策引导理财资金入市的背景下，今年以来，诸多银行理财子公司加大对权益市场的研究力度，加码 布局权益投资。Wind资讯数据显示，今年前三季度，银行理财子公司密集调研A股上市公司。25家银行 理财子公司调研上市公司数量合计达1762家，调研次数超过2100次。其中科创板及创业板的上市公司占 比超过50%。从所属行业板块来看，调研个股主要集中在工业器械、电子元件、电气部件与设备、医疗 保健设备、集成电路等科技属性较强的领域。（证券日报） 融资节奏加快 今年以来券商发债规模同比增逾七成 今年以来，券商加速"补血"。Wind数据显示，截至10月10日记者发稿时，今年券商境内发债规模为1.26 万亿元，同比增长75.42%。在业内人士看来，券商选择融资方式和融资时间主要是考虑到自身实际情 况与市场环境，2025年市场交投活跃，两融、衍生品、做市等资本消耗型业务增长，推动券商融资需 求，发债热情整体有所提升。（智通财经） 前三季度险资调研A股公司累计1.4万次 关注电子元件等行业 资讯数据显示，今年前三季度，险资机构（包括保 ...

文/李浩 21世纪资管研究院特约研究员 在全面搭建权益资产投研体系的模式下，理财公司可完全自主掌握权益投资能力，实现对投资标的的直 接把控，是长期参与权益市场的理想模式。不可否认，该路径下的权益投研体系建设投入大、周期长。 不仅需要大量的人力与资源支持，还需经过多个牛熊周期的市场检验与机制磨合，才能确保体系运行稳 定有效。目前完全符合该模式的理财公司并不多。 路径二是通过委托投资参与权益市场。理财公司根据客户定位和产品属性，确定风险预算与权益敞口； 再遴选优质外部管理人，结合约束条件与管理人共同设计定制化权益投资方案；最终通过专户委托的形 式开展投资。专户委托是银行理财参与权益市场最早、也是最传统的方式，其优势在于，理财公司可以 有效利用优秀外部管理人在策略、行业和个股方面的专业能力与投资经验，弥补自身的投研短板；围绕 赚取阿尔法收益实施公募基金无法覆盖的定制化策略；可以避免其他资金进出对于账户管理和净值的干 扰。 在专户委托的模式下，理财公司所需具备的主要能力是选对管理人、做好投后跟踪与管理，不需要在搭 建权益投研体系方面全面投入。不足之处在于，投后管理与沟通的成本较高；专户的灵活性有限，委托 人资金进出和 ...

业绩预测方面，浙商证券（601878）指出，市场活跃度提升，25Q3券商利润或延续高增，市场活跃度 持续提升，股市上涨可观，预计在经纪、投资及信用业务的驱动下，证券行业业绩继续亮眼，预计 2025Q3累计，上市券商营收同比增长42.4%，净利润同比增长62.8%。该行预计权益投资收益将成为券 商总体投资业绩的胜负手，在债市波动背景下，权益投资受益于股市上行，驱动券商总体投资业绩继续 保持快增，预计证券行业2025Q3累计，投资业务收入同比增长35%。 中资券商股普涨，截至发稿，广发证券（000776）(01776)涨4.05%，报21.08港元；国联民生（601456） (01456)涨1.93%，报6.34港元；招商证券（600999）(06099)涨1.34%，报16.59港元；华泰证券 （601688）(06886)涨0.78%，报20.08港元。 消息面上，2025年以来，券商发债融资热情显著攀升。数据显示，截至10月9日，已有71家券商合计发 行了672只债券，合计募资金额达1.27万亿元，同比增长80.22%。具体来看，年内券商合计已发行证券 公司债359只，募资金额为7502.5亿元。从单家公司 ...

消息面上，2025年以来，券商发债融资热情显著攀升。数据显示，截至10月9日，已有71家券商合计发 行了672只债券，合计募资金额达1.27万亿元，同比增长80.22%。具体来看，年内券商合计已发行证券 公司债359只，募资金额为7502.5亿元。从单家公司发债规模来看，年内有33家券商发债规模均超100亿 元，头部券商整体上居于前列。招商证券分析师表示，在利率中枢走低的背景下，债券融资成为券商扩 表的主要渠道，相关募集资金主要用于置换存量债务、降低资金成本，或补充营运资金以应对潜在行 情。 智通财经APP获悉，中资券商股普涨，截至发稿，广发证券(01776)涨4.05%，报21.08港元；国联民生 (01456)涨1.93%，报6.34港元；招商证券(06099)涨1.34%，报16.59港元；华泰证券(06886)涨0.78%，报 20.08港元。 业绩预测方面，浙商证券指出，市场活跃度提升，25Q3券商利润或延续高增，市场活跃度持续提升， 股市上涨可观，预计在经纪、投资及信用业务的驱动下，证券行业业绩继续亮眼，预计2025Q3累计， 上市券商营收同比增长42.4%，净利润同比增长62.8%。该行预计权益 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in the issuance of new public funds, driven by a recovering A-share market and a shift in investor sentiment towards equity investments [1][2][3] - As of September 30, 2025, a total of 1,138 new funds were issued, representing a 31.87% increase compared to 863 funds in the same period of 2024 [1] - Equity funds have become the dominant category in the new fund issuance market, with 823 equity funds issued, accounting for over 70% of the total new funds [1] Group 2 - The issuance of QDII and bond funds has decreased significantly, with only 13 QDII funds issued this year, a 50% drop from 26 in 2024 [2] - Bond fund issuance also declined, with 221 new bond funds issued, representing a 17.54% decrease from 268 in the previous year [2] - Mixed funds saw a slight decrease in issuance, with 195 new mixed funds, a 2.99% decline from 201 in 2024, indicating a preference for more distinct equity funds [2] Group 3 - FOF funds have experienced the largest growth in issuance, with 49 new FOF funds, a 113.04% increase from 23 in 2024, despite only accounting for 4.31% of the total market [3] - The surge in FOF fund issuance is attributed to a growing demand for professional asset allocation among investors, as these funds help mitigate risks through diversified investments [3]

Group 1 - The core viewpoint of the articles highlights a significant increase in the issuance of new public funds in 2023, with a total of 1,138 new funds launched, representing a year-on-year growth of 31.87% compared to 863 funds in the same period last year [1] - Equity funds have emerged as the focal point of new fund issuance, with 823 equity funds launched this year, accounting for over 70% of the total new funds. The number of stock funds reached 644, nearly doubling from 328 in the same period of 2024, marking a growth of 96.34% [1] - Index funds dominate the stock fund category, with 623 out of 644 stock funds being index products, representing a staggering 96.74% share. This trend indicates a growing acceptance of passive investment strategies among investors [1] - The favorable environment for equity investment is attributed to A-share market valuations being at relatively low historical levels, alongside economic stabilization and improved corporate earnings, prompting public institutions to focus on stock funds, particularly index products [1] - FOF (Fund of Funds) products have shown strong growth, with 49 new FOF products issued this year, more than doubling from the previous year, reflecting a growth rate of 113.04%. These products cater to investors seeking stable returns in volatile markets [1] Group 2 - A total of 128 public fund institutions have launched new funds this year, accounting for nearly 80% of the industry total. However, there is a noticeable disparity in new fund issuance among institutions, with over half issuing fewer than 5 new funds [2] - The top public fund institutions include Fortune Fund with 51 new products, followed by Huaxia Fund and Huitianfu Fund with 45 each, and Yifangda Fund with 42. Several other institutions have also issued more than 30 new funds [2] - Leading public fund institutions benefit from strong brand influence, robust distribution networks, and solid research capabilities, allowing them to respond quickly to market changes. In contrast, many smaller institutions adopt differentiated strategies, focusing on specific sectors or unique products [2]

Core Viewpoint - Insurance companies are increasingly engaging in equity investments, with a notable rise in the number of cases where they acquire significant stakes in listed companies, reflecting a strategic shift towards long-term asset allocation in the equity market [1][2][3]. Group 1: Insurance Companies' Activities - On September 25, Changcheng Life Insurance announced its acquisition of shares in Xintian Green Energy, marking a significant move in the insurance sector's investment strategy [1][2]. - As of September 26, insurance institutions have made 34 equity acquisitions this year, surpassing the total of 20 from the previous year [1][2]. - Changcheng Life holds approximately 210 million shares of Xintian Green Energy, representing 5% of the company's total equity, thus reaching the threshold for disclosure [2]. Group 2: Investment Preferences - Insurance companies are particularly favoring equity stakes in banks and public utility sectors, with 16 out of 34 acquisitions this year targeting listed banks [2][3]. - Ping An Life has been a leading player in this trend, having made 12 acquisitions, while other firms like Minsheng Life and Taikang Life have also participated [2]. - The preference for bank stocks is attributed to their high dividend yields and stable long-term returns, aligning with the investment strategies of insurance firms [3]. Group 3: Market Trends and Future Outlook - The overall equity investment balance of insurance companies has significantly increased compared to the end of last year, and this trend is expected to continue [4][5]. - The A-share market has shown a steady upward trend since April, with notable performance in sectors reflecting China's national strength, such as AI and semiconductor industries [4]. - Insurance companies are expected to maintain or increase their equity asset allocations, viewing market fluctuations as less of a concern in their long-term investment strategies [5].

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The insurance industry is experiencing overall growth in both performance and embedded value (EV), driven primarily by property insurance and investment services [15][34] - The performance of listed insurance companies shows a divergence, with property insurance and equity investment returns being the main contributors to profit growth [15][34] - Future outlook indicates a continuation of high-quality growth in liabilities and an ongoing trend of increasing equity asset allocation [8][34] Summary by Sections Overall Situation - The overall performance of listed insurance companies improved in 2025H1, with a notable contribution from property insurance and investment returns [15][34] - The net profit of listed insurance companies for 2025H1 was as follows: China Ping An at 68 billion, China Life at 40.9 billion, China Pacific at 27.9 billion, China Re at 26.5 billion, and New China Life at 14.8 billion, showing a year-on-year increase for all except Ping An [15][17] Business Situation - Life insurance channels and product transformations are progressing, with significant growth in the bancassurance channel while the individual insurance channel faces challenges [6][34] - Property insurance companies have improved their combined operating ratio (COR), leading to substantial increases in underwriting profits [6][34] - Investment assets of insurance companies increased year-on-year, with a shift towards equity assets due to market conditions [6][34] Future Outlook - Regulatory bodies are continuously optimizing the insurance industry's development through various measures, which is expected to benefit leading insurance companies [8][34] - The demand for retirement products is strong, and the transformation of participating insurance products is anticipated to enhance the attractiveness of these offerings [8][34] Investment Recommendations - The report recommends focusing on leading insurance companies with strong liability-side advantages and undervalued valuations, specifically China Pacific and China Ping An [8][34]

Core Insights - The emergence of new fund managers managing over 10 billion yuan in active equity funds reflects the deepening of public fund institutions' capabilities in equity investment [1][5] - The growth in the number of fund managers and their assets under management is attributed to the solid construction of investment research teams and long-term talent cultivation by public fund institutions [1][4] Group 1: Fund Manager Growth - As of the end of Q2 2025, there are 84 active equity fund managers managing over 10 billion yuan, with 15 being new entrants or returning to this level [1] - Among the new fund managers, the top institutions include China Europe Fund with 3 managers, and Huatai-PineBridge Fund and Yongying Fund with 2 each [2] - The top fund manager, Zhang Wei from Huatai-PineBridge Fund, manages 16.764 billion yuan, followed closely by managers from Penghua Fund and China Europe Fund [2] Group 2: Performance and Growth Rates - All 15 new fund managers experienced over 100% growth in their management scale in the first half of the year, with 5 exceeding 200% [2] - For instance, Zhang Lu from Yongying Fund saw her fund management scale increase from 2.025 billion yuan to 15.413 billion yuan, a growth rate of 661% [2] Group 3: Institutional Capability Development - The long tenure of fund managers indicates a trend of "long-termism" in the industry, with some managers having over 10 years of experience [4] - Most of the new fund managers are internally cultivated talents, highlighting the "endogenous advantage" of top public fund institutions in talent reserves [4] Group 4: Industry Trends - The emergence of these fund managers signifies a shift from "product issuance" to "capability building" among leading public funds, promoting the development of equity business [5] - Future competition in equity funds will focus on "institutional comprehensive capabilities," requiring institutions to have robust research systems and long-term talent reserves [6]