Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, emphasizing the enhancement of equity investment scale and proportion in public funds, which is crucial for stabilizing the capital market and better serving the real economy [1][2]. Group 1: Equity Investment as a Focus - The action plan identifies equity investment as a key area for the high-quality development of public funds, aiming to improve the scale and stability of equity investments to support national strategies and economic development [1][6]. - The plan includes multiple institutional arrangements and classification evaluation mechanisms to significantly enhance the weight of equity fund-related indicators in regulatory evaluations [2][3]. Group 2: Innovation in Equity Fund Products - The action plan emphasizes the need for innovation in equity fund products, supporting the development of actively managed equity funds and introducing floating fee rate products linked to fund performance and investor returns [4][5]. - There is a focus on developing various index funds that align with national strategies, with an aim to enrich the product offerings in the market [4][5]. Group 3: Strengthening Long-term Investment - The action plan aims to strengthen the long-term investment capacity in the capital market, facilitating the entry of long-term funds through improved index fund asset allocation functions [6]. - The rapid registration mechanism for stock ETFs is highlighted as a direct measure to facilitate the entry of long-term funds into the market, enhancing liquidity and stability [6][7]. Group 4: Market Dynamics and Investor Engagement - The continuous emergence of innovative products is expected to provide more choices for investors with different risk preferences and investment demands, thereby stimulating market vitality [5]. - The long-term perspective on equity investment is emphasized, suggesting that thorough value research and scientific portfolio management are essential for capturing investment opportunities in China's economic transition [7].

Core Viewpoint - The article discusses the evolution and achievements of ICBC Credit Suisse Asset Management (工银瑞信基金) over the past 20 years, highlighting its strengths in equity investment, fixed income management, and pension finance, while also addressing the challenges posed by industry transformation [2][3][13]. Equity Investment - Active equity investment remains a core competitive advantage for public funds, with ICBC Credit Suisse demonstrating significant performance in this area. The company launched its first product, the ICBC Core Value Mixed Fund, in August 2005, which has since achieved a cumulative return of 879.29% and an excess return of 560.06% over its benchmark [3]. - ICBC Credit Suisse has been recognized as a leading "active equity powerhouse," with its active equity products ranking first in excess returns over the past five and seven years among large equity companies [3]. Fixed Income Management - Fixed income investment is crucial for stabilizing fund assets and reducing investment risks. ICBC Credit Suisse's fixed income team has excelled in complex market conditions, with 33 of its funds ranking in the top 25% of their categories [5]. - The team consists of experienced investment managers and researchers who utilize diversified investment portfolios to optimize asset allocation and mitigate risks [5]. Pension Finance - With the aging population in China, pension finance has become increasingly important. ICBC Credit Suisse has prioritized pension business as a key long-term strategy, managing 263 corporate pension portfolios with assets totaling 299.7 billion yuan, ranking it among the top in the industry [7]. - The company has developed a series of target date and target risk funds to meet the diverse pension needs of different age groups, enhancing its offerings in the personal pension market [8]. Diversification and Global Expansion - ICBC Credit Suisse has actively explored overseas business and index investment, achieving notable performance in passive investment. Its products have been recognized for their strong performance in various categories, including the ICBC National Index Hong Kong Stock Connect Technology ETF [10]. - The company has established a comprehensive index product lineup, providing effective investment tools for investors to navigate different market conditions [10]. Support from Shareholders - The growth of bank-affiliated fund companies like ICBC Credit Suisse is supported by strong shareholder backing and a stable governance structure, which facilitates seamless strategic decision-making and resource allocation [12]. - The company's commitment to compliance and risk management has been a cornerstone of its operational strategy, ensuring high-quality development [12].

Core Viewpoint - The recent "Action Plan for Promoting High-Quality Development of Public Funds" aims to enhance the scale and proportion of equity investments in China's public funds, transitioning the industry from scale expansion to quality improvement [1] Policy Aspects - The plan focuses on optimizing the registration process for equity funds, including a fast registration mechanism for stock trading ETFs, which is expected to significantly improve product supply efficiency [2] - The implementation of the ETF fast registration mechanism will shorten the product launch cycle, allowing fund companies to respond quickly to market trends and reduce operational costs [2][3] Product Aspects - The industry is shifting from homogeneous competition to differentiated innovation, with fund companies encouraged to develop absolute return strategy products and technology-themed index funds [4] - New product development opportunities include creating off-market index funds that participate in central bank swap operations, which can attract long-term capital [4][5] Sales Aspects - The establishment of a classification evaluation mechanism for fund sales institutions will shift the focus from sales volume to service quality, promoting a more service-oriented industry ecosystem [6] - Fund sales institutions are expected to enhance their business models by prioritizing investor services, which will improve customer loyalty and optimize the investment experience [7]

近年来，中国公募基金行业正经历深刻变革。一方面，权益类基金规模快速增长，投资者结构向机构 化、居民财富向"净值化"转型加速，权益投资需求显著提升；另一方面，市场波动加剧、风格快速切 换，投资者对风险控制和长期收益的关注度不断提高。在此背景下，行业竞争已从单纯追求短期业绩过 渡为"全市场、全场景"的综合能力较量，多市场布局、人才多梯队建设成为决胜未来市场的关键能力。 作为国内较早探索权益投资均衡布局的公募机构，国投瑞银基金以"基于基本面的价值投资"为核心理 念，深度契合行业发展趋势，在主动权益、被动指数、多市场配置领域持续优化产品矩阵，同时通 过"老中青"接力的方式构建人才梯队，为投资者打造丰富多元的权益投资工具。 主动权益：用深度研究打造绝对收益的基石 随着市场风格快速切换，主动权益基金长期面临两大难题：一是短期排名压力导致换手率抬升，投资策 略"短视化"；二是部分产品因追逐热点陷入"风格漂移"，损害投资者信任。在此背景下，"均衡持有优 质资产，追求获取可持续收益"成为检验主动权益基金竞争力的重要标尺。 以国投瑞银基金投资部部门总经理綦缚鹏为例，其管理产品的策略以"绝对收益为导向"穿越周期。綦缚 鹏管理的国投 ...

Core Viewpoint - China Life Insurance, with an asset scale exceeding 6 trillion, has revealed its investment strategy for the year, focusing on long-term asset allocation management with a cross-cycle perspective [1] Group 1: Investment Strategy - The company aims to maintain a stable allocation in fixed income investments as a foundational strategy [1] - Equity investments will continue to be balanced and optimized, with a long-term investment layout in mind [1]

在2024年取得史上最佳的盈利之后，上市险企今年一季度的经营业绩表现如何，市场倍加关注。 近日，中国人保（601319）发布业绩预喜公告称，承保业绩较快增长，投资业绩大幅提升。研究机构普 遍预计，头部财险公司承保业绩显著改善，不过寿险公司的经营业绩或有一定分化，新单保费增减不 一，权益投资收益将成利润的胜负手。 财险净利增长获双重驱动 中国人保在率先发布的业绩公告中称，预计集团一季度实现归母净利润为116.52亿~134.45亿元，同比 增长30%~50%。 根据公告，中国人保业绩增长主要得益于承保和投资两端。在保险端，该集团不断优化业务结构、提升 业务质量，承保业绩较快增长；在投资端，该集团落实中长期资金入市要求，不断优化行业配置结构， 进一步提升资产配置的稳定性、灵活性及前瞻性，投资业绩大幅提升。 中国人保财险子公司人保财险也在港股市场公告，预计一季度净利润将同比增加80%~100%。 人保财险解释称，公司优化费用投入，改善业务结构，推进风险减量服务，加之大灾损失同比减少，承 保利润同比增幅较大。同时，在保持流动性安全边际的基础上，公司适度增配具有长期价值的优质权益 类资产。受益于一季度资本市场整体回暖， ...

Core Viewpoint - The recent notification from the National Financial Supervision Administration aims to optimize the asset allocation of insurance funds, enhancing their role in supporting the real economy and promoting the development of strategic emerging industries [2][3]. Summary by Sections Adjustment of Equity Asset Allocation - The upper limit for equity asset allocation has been raised, simplifying the tiered standards and increasing the equity asset ratio corresponding to certain solvency adequacy levels by 5%, thereby expanding the investment space for equity and providing more equity capital for the real economy [2][3]. Encouragement of Investment in Venture Capital Funds - The notification emphasizes increasing the concentration ratio for investments in venture capital funds, guiding insurance funds to intensify their equity investments in national strategic emerging industries, thus effectively serving the new quality productivity [2][3]. Relaxation of Tax-Deferred Pension Ratio Regulations - The regulatory requirements for tax-deferred pension ratios have been relaxed, clarifying that the investment ratio for ordinary accounts of tax-deferred pension insurance will no longer be calculated separately, which supports the high-quality development of the third pillar of pension insurance [2][3].

| 中信建投双鑫债券型证券投资基金 | | | | | --- | --- | --- | --- | | 基金管理人:中信建投基金管理有限公司 | | | | | 基金托管人:北京银行股份有限公司 | | | | | 报告送出日期:2025 年 03 月 31 日 | | | | | 中信建投双鑫债券型证券投资基金 | 2024 年年度报告 | | | | 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， | | | | | 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本年度报告已经三分之二以 | | | | | 上独立董事签字同意，并由董事长签发。 | | | | | 基金托管人北京银行股份有限公司根据本基金合同规定，于2025年03月28日复核了本报告中 | | | | | 的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容不 | | | | | 存在虚假记载、误导性陈述或者重大遗漏。 | | | | | 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 | | | | | 基金的过往业绩并 ...

Investment Rating - The report maintains a positive investment rating for the non-bank sector, particularly focusing on insurance and brokerage firms [6]. Core Insights - The report highlights a significant rebound in net profits for major listed insurance companies in 2024, driven by a recovery in equity investments, with notable profit growth percentages for companies like China Life (+108.9%) and New China Life (+201.1%) [2]. - The report emphasizes the importance of investment flexibility and the positive transformation of the liability side for insurance companies, suggesting a favorable outlook for the sector [2]. - The brokerage sector shows a mixed performance in 2024, with a general trend of recovery, although results vary significantly among firms [4][5]. Summary by Sections Market Review - The report notes mixed performance in major indices, with the non-bank financial sector showing resilience, particularly in insurance and diversified financial indices [10]. Securities Sector - The brokerage firms reported a total net profit of 517 billion yuan for the year, reflecting an 11% increase for those that disclosed early, while others showed a 15% increase [4]. - The report indicates a strong recovery in net profits for the fourth quarter of 2024, with a 97% year-on-year increase [5]. Insurance Sector - Major insurance companies are expected to see substantial growth in net profit, with New China Life projected to grow by 201.1% in 2024 [2]. - The report highlights a positive trend in the net premium income (NBV) growth for major insurers, with New China Life showing a remarkable increase of 106.8% [2]. Investment Recommendations - The report suggests focusing on companies like New China Life and China Pacific Insurance, while also keeping an eye on China Life and Ping An Insurance due to their favorable valuations and growth potential [2][6].

理财资金入市难在哪 "推动中长期资金入市"自提出以来，广受市场关注。今年《政府工作报告》继续明确"大力推动中 长期资金入市"。理财资金体量大，如何有效引导其入市，关乎投资者的钱袋子以及权益市场的长远发 展。在业内看来，随着政策支持与市场机会增加，预计会有更多理财公司发力权益投资。但当前理财资 金入市仍存障碍，需进一步打通堵点。 投资者风险偏好低 《中国银行业理财市场年度报告（2024年）》显示，截至2024年末，权益类产品的存续规模为0.06 万亿元，占比为0.2%；理财产品资产投向权益类资产余额为0.83万亿元，占比为2.58%。普益标准研究 员崔盛悦表示，目前银行理财机构仍以发行中低风险固收类产品为主，虽然有部分机构于去年加大 了"含权"产品的发行力度，但供投资者选择的混合类、权益类产品数量仍相对较少。 中国邮政储蓄银行研究员娄飞鹏分析，理财产品相对更加追求安全稳健，主要面向稳健型投资者， 因此银行理财资金主要投向债券等固定收益领域。在银行理财产品中混合类、权益类产品规模占比低， 可能与理财公司投研能力以及投资者本身的风险偏好有一定关系。 崔盛悦分析，从认购流程来看，根据2021年5月份发布的《理财公司理 ...