截至2025年5月14日 13:26，中证港股通非银行金融主题指数(931024)强势上涨3.74%，成分股弘业期货 (03678)上涨16.01%，中国太平(00966)上涨8.85%，中国太保(02601)上涨6.99%，中国人民保险集团 (01339)，中国人寿(02628)等个股跟涨。港股非银ETF(513750)上涨3.92%。拉长时间看，截至盘中，港 股非银ETF近22个交易日累计上涨超20%。 上周国新办召开新闻发布会，降准降息等货币宽松政策落地。保险方面，国家金融监管总局在发布会上 提出进一步扩大保险资金长期投资的试点范围、调整偿付能力监管规则及推动完善长周期考核机制等措 施，促进实现"长钱长投"。多家券商分析表示，看好保险股在经济复苏周期下的修复弹性。 中信证券研报认为，保险行业一季报总体超预期，有三个验证：新业务价值高增长验证了头部公司正受 益市场洗牌，部分头部公司分红险转型成效验证了公司从类自营走向类资管商业模式的可行性，核心偿 付能力充足率的大幅改善验证了头部公司过去五年拉长资产久期积累了大量浮盈。中信证券重申保险板 块强于大市的判断，上市保险公司均有配置价值。 港股非银ETF(513 ...

Group 1: Policy Impacts on Insurance Industry - The National Financial Regulatory Administration plans to expand the pilot scope for long-term insurance investments and inject an additional 600 billion yuan into the market [1] - A 10% reduction in the risk factor for stock investments will lower the capital requirements for insurance companies, allowing for increased investment in the stock market [2] - The policies aim to enhance liquidity in the capital market and encourage insurance funds to participate in long-term projects such as infrastructure, green economy, and technological innovation [2] Group 2: Strategic Responses from Insurance Companies - Companies like Xinhua Insurance are committed to optimizing asset allocation and enhancing long-term value investment strategies in response to new policies [3] - China Life Asset Management emphasizes a focus on long-term, value, and stable investments while analyzing strategic environments and economic cycles [3] - The insurance sector aims to support small and private enterprises, aligning with national economic growth goals and contributing to the healthy development of the industry [3]

智通财经5月13日电，近日，金融监管总局局长李云泽在国新办举行的新闻发布会上宣布，未来将进一 步扩大保险资金长期投资改革试点范围，近期拟再批复600亿元。智通财经记者独家获悉，目前，中邮 保险资管正在积极争取保险资金长期投资试点三期资格。中邮保险资管相关人士对智通财经记者表示， 保险机构设立私募证券投资基金是推动保险资金入市，发挥险资长期资本优势的有益尝试，获批后将践 行长期投资理念，发挥耐心资本引领作用。（智通财经记者 夏淑媛） 独家|中邮保险资管：正在申请保险资金长期投资试点资格 ...

Group 1 - The core viewpoint of the article emphasizes the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to align the interests of investors and fund managers, fostering long-term returns for investors [1][2] - The plan is seen as a significant regulatory innovation in China's capital market, focusing on optimizing fund operation models, evaluation systems, and encouraging the development of equity products [2][3] - The introduction of a new batch of floating management fee funds is set to deepen the binding of investor interests, utilizing a performance-based fee structure that adjusts management fees according to fund performance relative to benchmarks [3][4] Group 2 - As of the end of 2024, there will be 75 products in the market operating under the floating management fee model, with a total management scale of 783.29 billion, of which 63 products are performance-linked, accounting for 84% of the number and 98% of the scale [5] - The floating management fee funds have undergone several market tests since their inception in 1999, with 20 funds set to trial the new fee structures in 2023, linking fees to performance, scale, and holding period [4][5] - The future of public funds is expected to focus on long-term and value investing, as the interests of investors, fund managers, shareholders, and sales parties become more aligned following the implementation of the new plan [5]

看到一组公开数据，截至25年1月底，我国境内公募基金管理机构有163家，公募基金的资产净值达到31.93万亿 元。30万亿以上的公募基金规模，如何进行规范运作，将会对整个A股市场的运行走向有着重要的影响。 5月7日，《推动公募基金高质量发展行动方案》出炉，意味着我国公募基金将面临着重要性的改革。与以往相 比，这一次公募行业的改革力度很大，特别对基金经理的投资风格、薪酬待遇有着重要的影响。 除此以外，还会考虑合理调降公募基金的认申购费和销售服务费等，进一步降低投资者的投资成本。 过去很长一段时间，公募基金往往过分追求基金管理规模的增长，因为基金管理规模的大小，与基金经理、基金 管理团队的薪酬待遇有着密不可分的联系性。然而，在基金过分追求管理规模的同时，却疏忽了投资者的盈亏问 题，导致不少投资者的持有体验并不佳。 针对公募基金而言，随着管理规模的不断变化，基金的投资风格、资产配置方式也会发生显著变化。 举一个例子，过去某基金的管理规模只有20亿元，基金经理可以灵活配置大盘股、中小盘股等资产。考虑到基金 管理规模不大，所以基金经理在持仓上有着明显的变化，也不会对相关的股票价格造成较大的影响。 随着基金管理规模的大幅 ...

中国保险行业协会披露，截至5月9日，今年以来险资已有13次举牌，其中6次为举牌银行股，包括平安 人寿举牌农业银行、招商银行，瑞众人寿举牌中信银行，新华保险举牌杭州银行等。 除了银行股外，险资对交通运输、房地产、通信、公用事业等行业公司的持股数量也较为靠前。Wind 数据显示，2025年一季度，险资对超220只个股进行加仓，对京沪高铁、大秦铁路、兴业银行、华菱高 铁等个股的加仓数量较为靠前。 广州日报讯（全媒体记者赵冬芹）日前，平安人寿和中邮保险分别宣布增持招商银行H股和东航物流。 2025年以来，保险资金作为长期资金入市步伐加快。截至5月9日，今年以来已有13次险资举牌。在国新 办日前举行的新闻发布会上，国家金融监管总局局长李云泽再度提及保险资金长期投资改革试点，宣布 近期拟再批复600亿元。官方资料汇总显示，险资长期投资试点的资金规模将达到2220亿元。 今年以来险资已举牌13次 5月9日，港交所披露的信息显示，平安人寿于5月6日增持招商银行347.55万股H股，持股比例由11.92% 增至12%。平安人寿曾于今年1月、3月两次举牌招商银行H股。5月7日，中邮保险公告称，公司与珠海 普东股权投资有限公司签署 ...

Group 1 - The core message emphasizes the importance of stable economic development, reliable macro policies, and institutional guarantees to inject certainty into the market [9][12][13] - The A-share market is showing resilience and recovery after initial volatility due to external pressures, with strong participation from various market players [2][12] - The valuation levels of the A-share market are considered relatively low, with the CSI 300 index PE ratio at 12.3, indicating increasing attractiveness for asset allocation [12][13] Group 2 - The China Securities Regulatory Commission (CSRC) is set to release an action plan to promote high-quality development of public funds, focusing on aligning fund managers' interests with those of investors [4][5][11] - The action plan will include measures to establish clear performance benchmarks for each fund, enhancing stability in investment behavior and reducing short-term trading [5][6] - The CSRC aims to support the return of quality Chinese concept stocks to domestic and Hong Kong markets, enhancing the openness of the capital market [15][16] Group 3 - The CSRC is actively working on regulatory reforms to facilitate mergers and acquisitions, with significant increases in restructuring projects reported [19][20] - The commission is also focused on enhancing the support for companies affected by external shocks, such as tariffs, by optimizing regulatory arrangements [18][19] - The CSRC is committed to fostering a stable and transparent regulatory environment to attract foreign investment and support domestic enterprises [16][17]

基金公司规模一直为业界关注。除规模排名外，基金公司规模变化数据同样重要。 值得关注的是，交银施罗德基金近年来规模、排名停滞不前，最终在2024年年底跌出前二十，排名21 位。2025年一季度，交银施罗德基金规模下滑600亿元，公司规模排名再次滑落至25名。 一般而言，基金规模和基金业绩息息相关。记者注意到，最近三年，交银施罗德基金旗下多只主动权益 类基金业绩不佳。同时，公司还错失了布局指数基金的良机，业绩导致交银施罗德基金规模增长乏力。 济安金信基金评价中心副主任张碧璇在接受本报记者采访时指出，从过去交银施罗德整体的表现来看， 其在权益投资方面的团队培养体系成熟，这一点通过过去十年的权益类产品业绩已经得到过验证，同 时，其股东背景也兼具银行渠道优势与外资投研经验。但是近年来公司投研风格同质化较为严重，出现 了一定的路径依赖，在当前较为动荡的市场环境中抗风险能力较差，同时也错失了指数型产品的发展黄 金期。 非货币基金规模跌出前二十 Wind数据显示，最近三年，交银施罗德基金规模如坐"过山车"。Wind数据显示，2023年中到2025年一 季末，交银施罗德基金规模从5025.89亿元下滑到4686.64亿元，在2 ...

Core Viewpoint - The recent actions of insurance funds, including the approval of 600 billion yuan for long-term investment trials, indicate a significant acceleration in the reform of insurance capital investment, aimed at injecting more capital into the market and enhancing investment returns for insurance companies [1][2][3]. Group 1: Insurance Fund Investment Reforms - Eight insurance companies have been approved to conduct long-term stock investment trials, with a total amount reaching 162 billion yuan [1]. - The National Financial Regulatory Administration plans to approve an additional 600 billion yuan for long-term investment trials, increasing the total scale of insurance funds entering the market to 222 billion yuan [1][2]. - Adjustments to solvency regulations will lower the risk factor for stock investments by 10%, encouraging insurance companies to increase their market participation [2][3]. Group 2: Impact on Market Liquidity - The reduction of the risk factor for stock investments is expected to release a minimum of 364 billion yuan in capital for insurance companies, potentially leading to an influx of 1.349 billion yuan into the stock market if fully allocated to the CSI 300 index [3][4]. - If all released capital from the risk factor adjustment is allocated to the CSI 300 stocks, it could result in over 150 billion yuan of new market funds [4]. Group 3: Strategic Investments by Insurance Companies - New China Life and China Life plan to invest a combined 20 billion yuan in the second phase of the Honghu Fund, focusing on large listed companies with stable dividends and good governance [5]. - The establishment of private fund management companies by insurance firms, such as the approval of Taikang Asset's private fund management subsidiary, aims to enhance long-term investment assets and improve capital efficiency [6].

尽管巴菲特模式与VC/PE模式存在资本结构和时间维度这些显著差异，但前者长达数十年的成功实践中 蕴含的投资智慧和经营原则，对于VC/PE从业者提升投资决策质量、加强风险管理和实现更可持续的价 值创造，具有重要的借鉴意义。同样，对于公募基金的改革方向，或也存在参考价值。 5月3日，94岁的沃伦·巴菲特在伯克希尔·哈撒韦年度股东大会闭幕环节郑重宣布将在年底正式卸任公司 CEO。一代"股神"即将退居幕后，引起了全球市场的广泛关注。 5月7日国新办新闻发布会上，证监会主席吴清表示"巴菲特是广受尊敬的投资家，他今年即将退休，但 我想大家从他那取到最重要的经验就是'价值投资、长期投资、理性投资、努力回报投资者'，这些基本 理念不会退出舞台。这也正是公募基金改革所要致力推进的。我们这个市场有着一批非常优秀的企业和 企业家，相信也一定会产生一批优秀的投资家、投资机构，也许不是一两个'股神'，但肯定会有百年老 店投资机构、优秀的投资团队，这需要重要的规则去催生这些优秀的投资机构。" 对于吴清主席提到的"公募基金改革所要致力推进的基本理念"，结合巴菲特以穿越周期的卓越表现和持 续影响力而闻名的投资哲学来看，核心是发现并持有那些市 ...