证券时报记者刘敬元 保险公司一季度资金运用情况出炉。 据金融监管总局日前公布的信息，截至一季度末，保险公司资金运用余额为34.93万亿元，较2024年末 增长5.03%。从细分行业看，财产险公司资金运用余额2.27万亿元，人身险公司资金运用余额31.38万亿 元，分别较2024年末增长2.35%和4.77%。 从资产配置动向看，体量超31万亿元的人身险行业，债券配置比例超过51%，再创新高；股票持仓市值 提升至2.65万亿元，长期股权投资规模约为2.60万亿元，配比均超8%，较2024年末增长明显。 增配债券超万亿元 在投向方面，作为追求稳健收益、绝对收益的长期资金、大资金，保险资金一直重视大类资产配置，固 收品种——债券始终是其配置的重要资产类别。近年来，保险资金的配债比例提升显著，2025年这一趋 势仍延续，一季度险资的债券配置规模和比例均在继续提升。 以人身险为例，数据显示，一季度末，人身险公司资金运用余额中配置债券余额达到16.06万亿元，较 2024年末增加超1万亿元，增幅6.69%；债券在人身险资金中占比51.18%，环比提升0.92个百分点，继续 创新高。 截至一季度末，在人身险公司配置的主要资 ...

智通财经5月19日电，美联储威廉姆斯表示，美联储资产负债表缩减不影响市场价格，美联储在缩减资 产负债表方面还有很长的路要走。 ...

美联储威廉姆斯：美联储在缩减资产负债表方面还有很长的路要走。 ...

Group 1 - The core point of the news is that the controlling shareholder and actual controller of Xinmeixing, He Deping, plans to reduce his shareholding in the company by up to 8,892,000 shares, which is 3% of the total share capital, within a three-month period starting from June 10, 2025 [1] - As of the announcement date, He Deping holds 93,989,399 shares, accounting for 31.71% of the company's total share capital [1] - The reduction plan includes selling up to 2,964,000 shares through centralized bidding and up to 5,928,000 shares through block trading [1] Group 2 - In Q1 2025, Xinmeixing achieved operating revenue of 261 million yuan, a year-on-year increase of 6.03%, and a net profit attributable to shareholders of 21.16 million yuan, up 118.37% [2] - For the year 2024, the company reported operating revenue of 1.075 billion yuan, a 15.78% increase, and a net profit of 45.25 million yuan, reflecting a 94.36% growth [2] - As of March 31, 2025, Xinmeixing's total assets were 247.6 million yuan, total liabilities were 183.9 million yuan, resulting in an asset-liability ratio of 74.26% [3]

2025 年 05 月 18 日 债券或逐步跌出交易机会——资产配置周报 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：黄海澜 S1050523050002 huanghl@cfsc.com.cn 相关研究 1、《5 月重回缩表——资产配置周 报》2025-05-11 2、《美国经济增速仍高于趋势水平 ——资产配置周报》2025-05-04 3、《静为躁君——资产配置周报》 2025-04-27 投资要点 ▌ 一、国家资产负债表分析 负债端。最新更新的数据显示，2025 年 3 月实体部门负债增 速录得 8.7%，前值 8.4%，符合我们之前的预期。预计 4 月实 体部门负债增速小幅反弹至 9.0%附近，以月末时点数衡量， 形成年内极值高点，5 月转而稳中略降，后续重回缩表。按 照两会公布的财政计划，我们预计年底实体部门负债增速将 下降至 8%附近。金融部门方面，上周资金面边际上继续松 弛。2025 年政府工作报告中明确指出："使社会融资规模、 货币供应量增长同经济增长、价格总水平预期目标相匹 配"，这表明，稳定宏观杠杆率的大方向没有任何动摇，中 国仍然处于边际缩 ...

Group 1: Financial Investment Trends - The financial investment growth rate for listed banks showed divergence, with rural commercial banks rebounding to 8.30% in Q1 2025 after a decline in 2024[2] - State-owned banks' financial investment growth was weaker compared to other types of banks due to liability pressures[2] - The average contribution of investment net income to revenue increased, with contributions for state-owned, joint-stock, city commercial, and rural commercial banks at 6.95%, 18.56%, 25.86%, and 28.85% respectively in Q1 2025[2][31] Group 2: OCI Account and Profit Realization - The average proportion of OCI accounts increased to 32.5%, while the average AC proportion decreased to 47.5% in Q1 2025, indicating a greater reliance on OCI accounts for profit adjustment[2][28] - Estimated remaining sellable old bonds for listed banks is approximately 4.5 trillion yuan, with state-owned banks holding about 2.8 trillion yuan[4] - The pressure to sell bonds may re-emerge in Q2, raising questions about the remaining space for selling old bonds[3] Group 3: Profitability and Cost Management - The average net profit growth rate for listed banks declined from 4.83% in 2024 to 2.29% in Q1 2025, with some banks experiencing negative growth[19] - Average interest margin narrowed to 1.58% in Q1 2025, down from 1.61% in 2024, indicating ongoing profitability pressure[21] - Interest income remains the primary revenue source, but the average interest net income for state-owned banks decreased by 2.75% year-on-year[23] Group 4: Asset Quality and Risk - Overall asset quality improved, but potential risks accumulated, particularly with an increase in the proportion of special mention loans for rural commercial banks[5] - The capital adequacy ratio for various banks declined, with state-owned banks experiencing the most significant drop, indicating pressure on capital retention capabilities[5]

三夫户外主营业务为代理零售多品牌、多品类专业优质户外用品和自有户外用品品牌运营，主要产品为 户外服装、户外鞋袜和户外装备。 5月14日晚间，三夫户外发布的向特定对象发行A股股票募集说明书（修订稿）显示，本次向特定对象 发行股票募集资金总额不超过7300万元（含本数）。 2024年7月，三夫户外发布的向特定对象发行A股股票募集说明书（申报稿）显示，公司募资不超过1.8 亿元。 由此来看，三夫户外定增募集资金的金额缩水约59%。 最新修订稿显示，三夫户外本次发行对象为公司控股股东、实际控制人张恒，因此本次发行股票的事项 构成关联交易。 截至2025年3月31日，张恒直接持有三夫户外股份的比例为20.74%。按特定对象全额认购本次发行股份 数量计算，不考虑其他股份变动影响因素，本次发行完成后，预计张恒控制上市公司股份比例为 24.46%。 当前，三夫户外（002780）（002780.SZ）欲通过定增补流还债缓解压力。 5月14日晚间，三夫户外发布向特定对象发行A股股票募集说明书（修订稿），本次向特定对象发行股 票募集资金总额不超过7300万元（含本数）。三夫户外本次发行对象为公司控股股东、实际控制人张 恒。 20 ...

投资者关系活动记录表 编号：2025-002 | | □媒体采访 □业绩说明会 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | | | | | | | □现场参观 | | | | | | | | | | ☑其他（2025 年山东辖区上市公司投资者网上集体 | | | | | | | | | | 接待日活动） | | | | | | | | | 参与单位名称及人员姓名 | 参加 2025 年山东辖区上市公司投资者网上集体接待 | | | | | | | | | | 日活动的投资者 | | | | | | | | | 上市公司接待人员姓名 | 董事会秘书刘璐、财务总监肖崔英 | | | | | | | | | 时间 | 日 2025 5 15:00-16:30 | 年 | 月 | 15 | | | | | | 地点 | "全景路演"网站（http://rs.p5w.net） | | | | | | | | | 形式 | 文字 | | | | | | ...

Group 1: Commodity Market Insights - Citigroup has lowered its short-term gold price target to $3,150 per ounce, expecting gold to consolidate in the $3,000-$3,300 range in the coming months [1] - Goldman Sachs indicates that mid-term risks for oil prices are skewed to the downside, predicting Brent and WTI crude prices to average $60 and $56 per barrel respectively in 2025, based on strong global supply growth and demand slowdown [2] - Goldman Sachs also forecasts that OPEC+ will stop increasing oil production starting in August due to slowing economic activity and weak oil demand [3] Group 2: Trade and Currency Implications - Nomura has upgraded Chinese stocks to "tactical overweight" following an unexpected U.S.-China tariff agreement, which is expected to support positive risk sentiment in global markets [1] - Deutsche Bank notes that the recent easing of the global trade war has an unclear impact on the U.S. dollar, suggesting that positive trade news benefits global economic growth more than the U.S. itself [4] - CICC suggests that if tariffs are further reduced, the Federal Reserve may have the opportunity to cut interest rates in the latter half of the year to alleviate growth pressures [5] Group 3: Domestic Market Developments - CITIC Securities expects that the issuance of new special bonds will exceed 1 trillion in both the second and third quarters of 2025, driven by a more accommodative monetary policy [10] - CITIC Securities maintains a positive outlook on the U.S. internet sector over the next 6-12 months, anticipating strong performance from major internet companies despite potential adjustments due to tariff policy changes [11] - Deutsche Bank's chief economist emphasizes a bullish outlook on A-shares, focusing on three main lines: domestic demand, trade recovery, and technology [12]

Core Viewpoint - The New York Federal Reserve researchers believe that the household balance sheet is in good condition [1] Group 1 - The overall financial health of households is strong, indicating resilience in the face of economic challenges [1] - Researchers highlight that household assets have increased, contributing to a positive outlook for consumer spending [1] - The report suggests that low debt levels relative to income provide households with a buffer against potential economic downturns [1]