Domestic Insights - High-frequency data indicates that effective demand has been insufficient since Q4 2025, continuously squeezing corporate profit margins, leading to a significant reduction in the marginal effect of "price for volume" [2][12] - In November, the profit growth rate of industrial enterprises remained in negative territory, with a decline of 7.6 percentage points compared to the previous month [2][14] - The appreciation of the RMB may be nearing its peak, driven by concentrated settlement demand near year-end, but the central bank may begin to intentionally control the extent of appreciation [2][12] - A break of the 7 mark in the central parity requires an increase in corporate hedging rates and the proportion of cross-border RMB settlements, with expectations for a favorable timing in mid to late 2026 [2][12] Overseas Insights - Following the Bank of Japan's monetary policy meeting, Governor Ueda stated that they are steadily approaching the 2% inflation target and will continue to raise interest rates, maintaining a gradual tightening pace [2][13] - The U.S. Q3 GDP growth rate exceeded expectations at 4.3%, with over half of this growth attributed to personal consumption expenditures, while government investment has rebounded [2][13] - The high mortgage rates have a delayed transmission effect on the real estate market but are expected to significantly impact current consumption [2][13] Asset Market Insights - The A-share equity market continues its allocation trend, but short-term volatility may increase, especially with external disturbances expected after the New Year [3][12] - The USD/JPY exchange rate remains above 155, and any intervention by the Bank of Japan or a cooling of Fed rate cut expectations could cause temporary disturbances to domestic equity assets [3][12] Monetary Liquidity Tracking - The central bank's flexible operations have resulted in a tight balance in the funding environment, with a net injection of 652 billion yuan from various operations [4][12] - The average weekly rate for DR001 decreased by 0.950 basis points to 1.2633%, while DR007 increased by 0.330 basis points to 1.4464% [5][16] Government Bonds - The supply pressure of government bonds has significantly decreased, with a maturity repayment scale of 2,948.57 billion yuan, and the planned issuance for the upcoming week is 26 billion yuan, a substantial drop from the previous week [6][17] Interbank Certificates of Deposit - The weighted issuance rate for interbank certificates of deposit was 1.6394%, down 1.46 basis points from the previous week, while the secondary market saw slight increases in rates for various maturities [7][18] Major Asset Performance - Domestic long-term and short-term government bond yields showed a divergence, with short-term yields declining significantly [8][34] - Gold prices surged, while oil prices experienced fluctuations [11][34]

□本报记者 王雪青 中金基金管理有限公司混合资产部负责人、基金经理于质冰回忆起团队刚组建时的场景，分外感慨。 今年8月，这支在公司内部"创业"的团队——中金基金混合资产部成立。部门从最早的两个人，到如今 四人并肩，在管产品达到9只，管理资金规模约38亿元，产品囊括不同风险收益特征，形成了"固收+"产 品矩阵雏形。 近日，于质冰接受了中国证券报记者的专访，讲述了他的投资理念、团队规划与市场观点。作为权益投 资出身、管理过社保基金的"固收+"业务负责人，于质冰曾经最多同时管理30-40个账户，对各种风格策 略和大类资产配置具有丰富经验。在低利率环境下，公司选中于质冰出任混合资产部负责人，管理"固 收+"团队，希望在稳健的基础上创造收益，力争在"固收+"发展快车道上"跑"出差异化与竞争力。 低利率环境下要做好"固收+" 打造综合研究框架 在于质冰看来，投资既是科学，也是艺术。科学体现在系统与纪律，艺术则蕴含在"天时、地利、人 和"的投研框架与决策权衡中。 "天时是周期，包括宏观经济周期、产业生命周期与政策导向。地利是公司在行业中的竞争地位与护城 河。人和的核心是价格，反映市场预期与估值水平。"于质冰用这三个字，构建 ...

Wind数据显示，截至12月28日，FOF今年以来的发行份额飙升至838.28亿份，创下历史第二高峰，FOF 产品总数量和规模也双双创下新高，与三年前的寒冬形成鲜明对比。各种暖风频吹：保险机构加大配 置，银行渠道主动推优，求稳资金正从理财涌入FOF。 这是市场情绪的短暂轮回，还是资产配置需求觉醒下的必然回归？当"大而全"的粗放模式被摒弃，精准 细分与工具化成为新竞赛规则，这场由市场、产品、需求三重逻辑驱动的热度，究竟能走多远？ 近日，中国证券报记者调研多家公募机构与一线业务负责人，解码FOF逆袭背后的推手，并探讨在"冰 火两重天"的当下，FOF未来将走向何方。 □本报记者 张凌之 FOF市场热度重燃 FOF又火了。 从"避之不及"到"真香定律"，人气一度跌入冰点的FOF，正悄然上演王者归来的戏码。 段。 Wind数据显示，截至12月28日，全市场今年以来共新成立87只FOF，发行份额为838.28亿份，这一发行 份额是自2017年9月首批FOF发行以来的第二高峰，仅次于2021年的1083.62亿份。与此同时，FOF产品 总数量和规模双双创下新高。截至12月28日，FOF总数量达到549只，总规模达2377. ...

从中国ETF市场的发展历程看，2004年首只ETF宣告成立，历经16年发展，直到2020年10月，ETF总规 模首次突破1万亿元。又经过近三年的时间，2023年8月，ETF总规模突破2万亿元。此后，ETF开启"加 速跑"模式：2024年9月，规模突破3万亿元；今年4月，规模突破4万亿元；截至2025年8月25日，规模突 破5万亿元。如今，ETF总规模迈过6万亿元关口。 百亿元级ETF阵营今年以来大幅扩容。截至2024年底，共有66只ETF规模超百亿元，而截至今年12月26 日，有120多只ETF规模超百亿元。此外，千亿级ETF频现。其中，华泰柏瑞沪深300ETF规模已达到 4270.67亿元，易方达沪深300ETF规模也突破3000亿元。 中国ETF市场发展历程 周恒 制图 ETF总规模突破6万亿元 ◎记者 赵明超 ETF总规模再创历史纪录。据Choice测算，截至12月26日，ETF规模合计为6.02万亿元，这是ETF总规模 首次突破6万亿元大关。从规模变化情况看，同2024年底相比，增长超2.2万亿元。 ETF阵营大幅扩容 民生加银量化投资部总监何江在接受上海证券报记者采访时表示，ETF规模快速增长是多种 ...

12月27日，国际金价回落至4508.4美元/盎司，国内金饰价格分化：周大福等1413元/克，菜百1358元/克，溢价源于工艺与运营成本；银行金条998.8-1014元/ 克，更贴近基础金价，黄金回收价971元/克（99.9%纯度），与品牌新金价差超400元，凸显"买新不如收旧"。 一、贵金属全线走强 从最新市场表现来看，国际贵金属板块维持强势运行，黄金价格稳居4500美元/盎司上方，最新报4507.24美元，单日上涨0.62%，盘中最高触及4530.98美 元；白银延续凌厉涨势，现报74.67美元/盎司，单日涨幅达到4%，再度逼近历史高位，铂金和钯金涨幅更为突出，铂金单日上涨超过8%，钯金涨幅亦超过 5%。 老庙的黄金报价为1413元/克，铂金价格为880元/克，金条和金块的价格为1368元/克，金至尊方面，黄金价格为1411元/克，铂金为925元/克，首饰类产品价 格与黄金一致，同样为1411元/克。 在菜百，黄金价格相对较低，为1358元/克，铂金价格为675元/克，基础银价为18.12元/克，中国黄金公布了不同的价格体系：基础金价为1008.6元/克，零售 价为1024.6元/克，回收价为1005.6 ...

Core Viewpoint - The recent surge in gold and silver prices has created a tense atmosphere in the market, with gold surpassing $4,526 per ounce and silver reaching $75 per ounce, leading to rapid re-evaluation of positions by traders [1][3]. Market Dynamics - The price increase is driven by multiple factors including geopolitical uncertainties, a temporary weakening of the dollar, and expectations of declining real interest rates, which have disrupted traditional asset allocation models [5]. - The demand for silver from industrial sectors such as photovoltaics and electronics is increasing, raising concerns about supply chain bottlenecks and inventory adjustments [5][9]. Regulatory Environment - Exchanges and public funds are facing dual constraints: physical limits on positions imposed by exchanges and prohibitions on high leverage by public funds, creating a complex situation where relaxing purchase limits could lead to default risks [3][5]. - Notifications from exchanges urging members to strengthen risk management highlight the regulatory focus on position limits and compliance issues [3]. Investor Behavior - Ordinary investors exhibit polarized views, with some seeing gold as a safe haven while others fear a potential bubble, reflecting broader anxieties about household finances [5][9]. - Experts advise investors to focus on asset allocation and risk management, emphasizing the importance of understanding personal investment experience and financial needs [7]. Supply Chain Implications - Businesses are considering delaying inventory replenishment or switching to alternative materials due to compressed profit margins, which could amplify changes in the entire supply chain and impact gold and silver prices [7][9]. - The logistics capabilities of major banks are being expanded to capture profit opportunities from liquidity and settlement capabilities, indicating a shift in market participant risk preferences [7].

2025年12月26日，在《证券日报》社有限责任公司举办的"2025证券市场年会"金融分论坛圆桌论坛环 节，由重阳投资合伙人舒泰峰担任主持人，新华资产管理股份有限公司副总经理但罗林，生命保险资产 管理有限公司总经理（拟任）徐倩，国泰海通资产配置部总经理张谦，嘉实基金副总经理、股票投研 CIO姚志鹏，鹏扬基金副总经理李净，华泰资产管理有限公司副总经理万慧勇等行业资深专家，围 绕"追光与避险：资管机构的财富守护之道"这一主题展开深入探讨。 论道资产配置机遇 共绘投资新程 今年以来，权益市场回暖态势显著，行至年末收官阶段，市场各方纷纷围绕未来金融市场的投资机遇展 开密集研判。 锚定行业发展坐标 书写发展新篇 近年来，我国资产管理行业在蓬勃发展的同时，也面临着痛点与堵点。业内人士围绕细分行业实际问 题，展开深入探讨，以期找到破局之道。 公募基金作为普惠式金融工具，是居民进行财富管理的重要工具。李净表示："在指数化投资大发展的 当下，考虑到经济和市场的结构化特征，市场仍存在阿尔法机会，公募基金仍要重视拥抱主动管理。" 万慧勇表示，"确定性"是保险、银行等机构投资者当前尤为关注的核心要素，因此，未来的投资应将胜 率置于首 ...

宏宏宏宏宏宏宏宏宏 2026 年年年年年年年年年年年年 年年年年年年年年年 年年年年年年年S0630516080002 年年年年年年年年年 年年年年年年年S0630522020001 年年年年年年年年年 年年年年年年年S0630525100001 年年年年年年年 年年年年年liusj@longone.com.cn 2025 年12年28年 年年年年年年 HTTP://WWW.LONGONE.COM.CN 年年年年年年年年年年年年年年年年年年 一一一一一一一一一一一一一 一一一一一一一一一"一一一一一" 2025一一一一一一一一一一一一一一一一 CONTENTS 一一 一一一一一一一一一一一一一一一一一一一 一一一一一一一一一一 一一一一一一 资料来源：国家统计局，海关总署， 东海证券研究所 2025年1-11月国内主要经济数据，% 5.90 1.30 5.40 -2.60 1.90 0.13 -15.90 4.9 -20 -15 -10 -5 0 5 10 -5 0 5 10 15 2 4 6 8 10 2 4 6 8 10 2 4 6 8 10 2 4 6 8 10 2 4 6 8 10 2 4 6 8 1 ...

机遇与挑战并存，理财公司未来该如何做？齐建功将其总结为"重客户、强投研、推动资管的智能化"。主要从以下几方面发 力： 在理财行业规模有望突破33万亿元的背景下，如何应对低利率环境与客户高预期之间的挑战，把握居民财富转移的历史机遇， 成为行业关注焦点。 12月27日，建信理财董事长齐建功在中国财富管理50人论坛2025年会上发表演讲，系统阐述了对当前理财行业形势的判断及未 来发展路径。 齐建功坦言，理财公司正面临着一份"难题"：客户多为中低风险偏好的个人投资者，但其对产品安全性、流动性、收益性"三性 兼得"的预期很高。与此同时，低利率与"资产荒"环境下，持续提供有吸引力的产品颇具挑战，理财公司在权益、商品等领域的 投研能力仍需加强。 "挑战当中也蕴藏着更大的机遇。"齐建功指出，三大机遇正在打开：一是居民存款与企业资金向理财市场转移的"黄金窗口 期"已经开启；二是社会融资结构向直接融资转变的趋势，为理财公司提供了广阔舞台；三是理财公司业务范围广且投资类型丰 富。此外，科技与数字化发展将进一步拓展行业生态，为资金配置注入新动能。 首先是坚持客户至上，提升服务水平。他强调了理念的根本转变：从"我们有什么就卖什么"转向 ...

Group 1 - The core concept of the article is the importance of personal pensions as a proactive savings tool for retirement, emphasizing its benefits and how to maximize its use [7][9]. - Personal pensions were introduced in China in 2022 and are a crucial asset class that individuals should pay attention to [8]. - The article outlines three direct benefits of personal pensions: tax advantages, enforced savings, and long-term investment opportunities [15][26][31]. Group 2 - The first benefit is tax savings, where contributions of up to 12,000 yuan per year are exempt from taxes at the time of deposit, leading to significant savings over time [15][21]. - The second benefit is that personal pensions act as a forced savings mechanism, helping individuals resist the temptation to spend and ensuring consistent contributions [26][27]. - The third benefit is the ability to invest in various financial products, allowing for potential growth that can outpace inflation, with a focus on stable investment options [31][35]. Group 3 - The article discusses three types of pension funds available for investment: target date funds, target risk funds, and index funds, each catering to different investor needs and risk tolerances [37][39][45]. - Target date funds automatically adjust their asset allocation based on the investor's retirement date, making them suitable for those who prefer a hands-off approach [39][42]. - Index funds are highlighted as a new category that offers low fees and simplicity, making them ideal for novice investors looking to benefit from market growth without extensive research [48][50]. Group 4 - The article recommends a systematic investment approach, suggesting that individuals should not invest the entire 12,000 yuan at once but rather set up regular contributions to average out costs [54][56]. - It emphasizes the urgency of acting before the end of the year to secure the maximum contribution for personal pensions, encouraging readers to take immediate action [58].