在多部门联合出台政策鼓励长期资金入市的背景下，长城人寿是险资增持资本市场的一股活跃力 量。 作为一家成立20年、资产规模超过1600亿元的寿险公司，长城人寿是典型的中型保险公司发展观 察样本。该公司有着差异化的竞争策略——致力于成为"中国家庭风险保障服务商"，但其更为市 场所熟知的，是在资本市场的纵横捭阖。 随着利率水平的持续下行，背负着大量高资金成本保单的保险 公司不得不寻找优质资产，增加权益类资产成了他们的共同选 择。但这也给保险公司带来了资本承压、利润波动的挑战。 作者：姜鑫 封图：图虫创意 一路在二级市场举牌加仓的长城人寿保险股份有限公司（下称"长城人寿"）接到了来自证监局的 警示函。 2025年12月9日，河北证监局对长城人寿采取了出具警示函的行政监管措施，原因是长城人寿买 入二级市场股票达5%触发举牌时，未能及时停止买卖。 随着利率水平的持续下行，背负着大量高资金成本保单的保险公司不得不寻找优质资产，增加权益 类资产成了他们的共同选择。但这也给保险公司带来了资本承压、利润波动的挑战。 加仓能手因举牌不当被点名 根据警示函，长城人寿于2025年9月23日增持新天绿色能源股份有限公司（下称"新天绿能" ...

点评：招商证券此次通过招证国际大手笔增资旗下国际业务子公司，凸显其加速国际化布局的战略意 图，首期40亿港元注资将显著增强香港子公司资本实力，为其业务扩张提供支撑。这一举动或引发市场 对头部券商海外业务竞争力的重新评估，证券板块国际化逻辑或将强化。在行业竞争加剧背景下，资本 实力雄厚的券商有望通过持续投入获取更多市场份额，行业集中度可能进一步提升。此举亦反映中资金 融机构对港股市场前景的乐观态度，或为券商板块带来结构性机会。 Wind数据显示，截至12月7日，2025年以来已有136家公募基金公司启动自购，合计自购次数达8400 次。从不同类型的基金来看，今年以来基金公司净申购股票型基金22.62亿元、混合型基金19.54亿元、 债券型基金42.12亿元。从基金公司维度来看，Wind数据显示，截至12月7日，国泰基金今年以来已自购 782次，是自购次数最多的基金公司；景顺长城基金自购607次居次席；中欧基金、泓德基金紧随其后， 自购次数均超过500次。从今年以来各家公司的净申购金额（所有类型基金）来看，招商证券资管净申 购46.94亿元，景顺长城基金净申购27.74亿元，工银瑞信基金净申购17.01亿元。 点 ...

Core Viewpoint - The sudden surge in the financial sector of the A-share market is attributed to a policy announcement from the National Financial Regulatory Administration, which indicates a significant influx of capital from insurance funds [1][2]. Group 1: Policy Changes - On December 5, the National Financial Regulatory Administration announced a reduction in risk factors for insurance companies related to specific indices, including the CSI 300 and the ChiNext, by 10% [2][4]. - The risk factor for CSI 300 stocks held for more than three years was reduced from 0.3 to 0.27, and for ChiNext stocks held for more than two years, it was reduced from 0.4 to 0.36 [2][5]. - This adjustment is a continuation of previous efforts to encourage insurance companies to increase their equity investments, following a similar reduction in September 2023 [7][8]. Group 2: Impact on Capital Allocation - The reduction in risk factors allows insurance companies to allocate less capital to cover potential risks, thereby increasing their capital efficiency for equity investments [5][6]. - If the released capital is fully allocated to CSI 300 stocks, it could result in an additional 108.6 billion yuan entering the stock market [6]. - The policy aims to improve the solvency ratio of the insurance industry by approximately 1 percentage point if the capital is not reinvested in stocks [6]. Group 3: Long-term Investment Encouragement - The policy changes are designed to promote long-term investments by insurance companies, with specific holding periods established to further incentivize this approach [7][8]. - The regulatory framework has been adjusted to facilitate the entry of long-term funds into the market, reflecting a broader strategy to address the challenges posed by a low-interest-rate environment [9][10]. Group 4: Market Trends - Insurance companies have been increasingly shifting their asset allocation towards equity investments, with a notable decrease in bond allocations [9][10]. - As of the third quarter of 2025, the total investment scale of insurance companies exceeded 37 trillion yuan, with a rising proportion of investments in stocks and securities [9].

市场震荡加剧，却并未扰动资金入市节奏。 私募排排网最新统计数据显示，11月超1200只私募证券投资基金完成备案，环比10月增长近30%。与此同时，截至11月21日，股票私募仓位 指数接近83%，较此前一周（11月14日）增长1.84个百分点。可见，不管是存量资金还是增量资金，都对权益资产的中长期表现抱有乐观预 期。 多位业内人士在接受记者采访时分析称，在企业盈利逐步修复，增量资金持续涌入权益市场的背景下，短期震荡后基本面能够兑现的优秀 公司有望进入新的上涨周期，调整提供了较好的布局机会。 私募11月"上新"活跃 分策略来看，头部私募仓位更为积极。据统计，截至11月21日，百亿级私募平均仓位为89.23%，管理规模在50亿元-100亿元、20亿元-50亿 元、10亿元-20亿元、5亿元-10亿元及0-5亿元区间的私募仓位分别为84.54%、81.69%、82.46%、82.59%和81.6%。 | 11 月备案私募产品按策略统计 | | | | --- | --- | --- | | 策略 | 产品数量 | 早 | | 股票策略 | 849 | 66. 07% | | 多资产策略 | 193 | 15.02% ...

中经记者 秦玉芳 广州报道 华宝证券在最新研报中分析指出，从标的特征来看，理财公司所青睐的打新项目多数集中于半导体、新 能源、高端制造等硬科技领域。 "这一布局策略背后，既包含对市场机会的敏锐把握，也体现出战略层面的多重考量：一方面，硬科技 企业通常具备技术壁垒高、成长性强等特点，其新股在上市初期往往表现突出，有助于提升产品收益； 另一方面，通过参与这类符合国家战略导向的企业上市，理财公司能够借助'投贷联动'等机制深化与母 行业务协同，在服务实体经济的同时，进一步强化在科技金融领域的布局能力。"华宝证券分析认为。 张新原进一步指出，银行理财子公司近期在科创板等板块打新频率上升，反映了理财机构权益资产配置 思路正从传统固收为主向多元化、增强收益弹性方向转变。"在当前市场环境下，这既是短期收益考量 ——通过打新获取相对稳健的溢价收益，以应对低利率环境下的资产荒；也是中长期战略调整——逐步 积累权益投资能力，优化资产结构，为未来全面参与权益市场做准备。" 在张新原来看，科创板作为创新成长板块，符合理财资金对高潜力资产的配置需求，也体现了理财机构 对国家科技创新战略的长期布局。 四季度以来，理财打新动作愈加密集。据W ...

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View - The recovery signal of the fundamental situation still needs to be observed, the momentum factor remains bearish, and the market sentiment is rising from a low level. It is recommended to maintain an under - allocation of equity assets. In the short - term style, the small - cap style is expected to dominate in December, and the growth style will continue to dominate. It is recommended to focus on small - cap and growth styles. For fixed - income + funds, it is recommended to focus on relatively stable varieties, and for bond funds, focus on short - duration varieties [2][74]. 3. Summary According to the Catalog 11 - month Review Stock Market - A - shares declined, with the Shanghai Composite Index falling 1.67% and the Science and Technology Innovation 50 falling 6.24%. The Dow Jones Index rose 0.32%, and the Nasdaq Index fell 1.51%. Affected by concerns about the valuation of the US stock AI sector and the volatility of the Fed's interest - rate cut expectations, A - shares and Hong Kong stocks declined, and US stocks fluctuated [8][13]. Bond Market - US bond yields declined, with the 1 - year US bond yield dropping to 3.61% and the 10 - year US bond yield dropping to 4.02%. Domestic bond yields rose, with the 1 - year Treasury yield rising to 1.40% and the 10 - year Treasury yield rising to 1.84%, and the term spread widened. The decline in US bond yields was due to the volatility of the Fed's interest - rate cut expectations, while the rise in domestic bond yields was because the central bank's Treasury purchase volume was lower than expected [8][17]. Foreign Exchange Market - The US dollar index declined to 99.44, and the RMB appreciated. The on - shore exchange rate of the US dollar against the RMB rose to 7.08, and the off - shore exchange rate rose to 7.07. The decline in the US dollar index was due to the continuous volatility of the Fed's interest - rate cut expectations, and the RMB appreciation was supported by the weakening of the US dollar and the strong domestic economic fundamentals [20]. Commodity Market - Crude oil prices fell to $63.2 per barrel. Domestic commodity prices rose slightly after fluctuations, and overseas commodity prices fell overall after rising first and then falling. Among domestic commodities, precious metals and grains led the gains, while coal, coking, steel, minerals, agricultural and sideline products, non - metallic building materials, non - ferrous metals, energy, and chemicals declined [25]. Fund Market - The performance of the fund market in November was poor. The issuance scale increased to 94.6 billion yuan, a 31% increase from the previous month. Structurally, the issuance scale of equity funds was 45.3 billion yuan, a 30% increase from the previous month, accounting for 48% of the total issuance. ETF funds had a net inflow of 100.9 billion yuan (excluding money funds), and LOF funds had a net outflow of 320 million yuan. Among them, equity - type ETF products had a net inflow of 32.3 billion yuan, and equity - type LOF products had a net outflow of 440 million yuan. Active equity funds increased their positions in dividend, value - potential, and prosperous styles and reduced their positions in quality styles [30][36][37]. 12 - month Outlook Overseas Environment - The market's expectation of the Fed's interest - rate cut within the year fluctuated significantly, and the market expected the Fed to cut interest rates in December. The probability of the Fed cutting interest rates in December increased to over 80%. US bond yields first rose and then fell, with an overall decline [43]. Domestic Environment - The private - sector financing growth rate continued to decline, and the inflation factor rebounded from a low level. It is recommended to maintain an under - allocation of equity assets as the economic recovery signal still needs to be observed, and the momentum factor remains bearish [47]. Trading Perspective - The stock - market odds were close to the three - year average, and the A - share market sentiment was rising from a low level but had not yet returned to the optimistic range [48][52]. Market Style - The growth - value style rotation model shows that the market factor, US bond yield, and style momentum are all favorable for growth, and the growth style will continue to dominate. The small - large - cap style rotation model shows that the current credit environment, monetary environment, and long - and short - term style momentum all recommend the small - cap style [59][64]. Hong Kong Stock Market - The number of macro - indicators bullish on Hong Kong stocks decreased compared with last month. The model recommends an under - allocation of Hong Kong stocks as the private - sector financing growth rate, Hong Kong dollar M2 growth rate, and Chinese sovereign CDS spread are bearish, although the US dollar index and south - bound funds are bullish [68]. Domestic Bond Market - Short - term liquidity remained in a tight balance, and long - term interest rates rose. It is recommended to focus on short - duration bond funds as short - term bonds have better opportunities than long - term bonds [71]. Fund Allocation Strategy - It is recommended to maintain an under - allocation of equity assets and focus on small - cap and growth styles. For fixed - income + funds, focus on relatively stable varieties, and for bond funds, focus on short - duration varieties. Recommended funds include Dongwu Mobile Internet (001323.OF, medium - high risk), CITIC Prudential Multi - Strategy (165531.OF, medium - high risk), Harvest New Consumption (001044.OF, medium - high risk), BOC Steady Income (380009.OF, medium risk), and Penghua Stable Short - Term Bond (007515.OF) [2][74].

Core Insights - Institutional funds are increasingly entering the market, with significant movements from insurance and trust sectors towards equity assets [2][3][4] Group 1: Insurance Sector Developments - Sunshine Insurance announced a substantial investment of 20 billion yuan in a pilot fund project, marking a significant step in their equity asset allocation strategy [2][3] - Multiple insurance companies have established private fund management firms this year, indicating a broader trend of insurance capital accelerating its layout in equity assets [3][4] - The establishment of Sunshine Hengyi Private Fund Management Company and its subsequent fund contract signing with Sunshine Life and China Merchants Bank highlights the growing involvement of insurance capital in equity investments [3][4] Group 2: Trust Sector Trends - Trust funds are also increasingly investing in equity markets, with a notable 55.56% increase in the issuance of equity trust products in October compared to the previous month [4][5] - The shift towards equity products is driven by a decline in risk-free interest rates and a growing focus on "fixed income plus" products among trust companies [4][5] - Trust companies are diversifying their investment portfolios to include REITs, convertible bonds, and gold ETFs, reflecting a strategic pivot towards equity assets [4][5] Group 3: Market Outlook - Fund managers express a positive outlook for the medium to long-term performance of equity markets, driven by institutional and retail asset reallocation [6] - The ongoing structural market dynamics in A-shares and Hong Kong stocks are expected to continue, supported by favorable policies and the rapid development of key industries in China [6] - Increased market activity and optimism among long-term investors are seen as strong indicators for sustained growth in equity assets [6]

Group 1 - The ETF market has seen a surge in new products, with 11 ETFs launched between November 10 and November 16, including two that invest in the Brazilian market and four focused on Hong Kong technology sectors [1][2] - The popularity of cross-border ETFs is increasing due to their high transparency, flexibility, and lower costs, making them important vehicles for investors to diversify risks and capture opportunities in overseas markets [2][3] - Several thematic ETFs targeting specific sectors such as chemicals, technology, and aviation have also been successfully launched, indicating a trend towards specialized investment products [2][3] Group 2 - Multiple ETFs are currently in the subscription phase, with notable products including those focused on the automotive and internet sectors, indicating ongoing interest and demand in the market [3][4] - The A-share market is expected to see a return to positive earnings growth by 2025-2026, supported by policy measures, which may provide a favorable environment for ETF investments [4] - Fund managers express optimism about the equity market, highlighting that despite previous gains, there remains potential for further valuation increases, particularly in technology and cyclical sectors [4]

Investment Rating - The report maintains an "Outperform the Market" rating for the securities industry [4][6]. Core Insights - The securities industry has shown high performance in the first three quarters of 2025, with total revenue reaching 421.42 billion yuan, a year-on-year increase of 42.57%, and net profit attributable to shareholders reaching 169.29 billion yuan, up 62.48% year-on-year [1][13]. - The growth in revenue and profit is attributed to a steady rise in the equity market, increased trading volumes, and a recovery in wealth management services [1][29]. - Financial investment assets have become the main expansion direction for securities companies, totaling 6,991.8 billion yuan by the end of Q3 2025, accounting for 47% of total assets [2][32]. Summary by Sections Revenue Structure - Investment income has increased its share, with brokerage income at 111.78 billion yuan, up 74.64%, and investment income at 187.04 billion yuan, up 43.86% [13][30]. - Total assets and net assets of listed securities firms reached 14.92 trillion yuan and 2.85 trillion yuan, respectively, reflecting a year-on-year increase of 21.74% and 13.16% [19][20]. High Growth in Capital-Intensive Business - Self-operated business revenue reached 186.86 billion yuan, a year-on-year increase of 43.8%, with major contributors being CITIC Securities, Guotai Junan, and China Galaxy [30][31]. - The report highlights a significant increase in equity investment scale, with self-operated equity securities and derivatives reaching 8.475 trillion yuan, up 32.6% from the end of 2024 [34][35]. Brokerage Business - The brokerage business has benefited from active market trading, with all listed securities firms reporting positive growth in brokerage income [13][14]. - The average trading commission rate remains low, indicating potential for further revenue growth [16][30]. Investment Banking Business - The domestic equity financing scale has shown recovery, with IPOs continuing to rebound and underwriting activities improving [29][30]. - The report notes a 61.49% year-on-year increase in the total amount raised through initial public offerings [29]. Asset Management Growth - The asset management scale continues to grow, with a steady transition towards public fund management [22][23]. - The report indicates that the new asset management regulations are promoting the public fund transformation of securities firms [24][25].

Core Insights - The core viewpoint emphasizes the improvement of the institutional environment in China's capital market, focusing on supporting technological innovation and enhancing wealth effects [1] Group 1: Institutional Environment - The capital market's risk appetite is increasingly compatible with new productive forces, indicating a shift towards direct financing methods such as equity and bonds to support high-quality enterprises in their listings [1] - Future reforms will aim to cultivate a market ecosystem characterized by orderly entry and exit, promoting a competitive environment for high-quality development of listed companies [1] Group 2: Investment Trends - There is a significant trend of converting household savings into investments, with the proportion of equity asset allocation having considerable room for growth compared to developed markets [1] - Future reforms will focus on creating a "long money, long investment" institutional environment, enhancing the supply of quality financial products, and guiding listed companies to strengthen investor returns, thereby promoting a virtuous cycle of financing and investment [1]