■ 安 宁 当新年的日历翻开崭新一页，我们已站在"十五五"规划的开局之年。刚刚过去的2025年，是中国资本市 场稳中有进、韧性彰显的一年。市场在波澜壮阔的变革中，完成了从量变到质变的关键一跃：A股总市 值首次突破100万亿元、年度成交额超过400万亿元、上市公司分红金额超过2.6万亿元，创下历史新 高……多项新突破的背后，是市场生态的深刻变革。 回望2025年，资本市场在深化改革中砥砺前行：制度改革与结构优化双轮驱动，市场根基更为坚实；双 向开放持续推进，全球资源交汇融合；创新资本加速聚集，科技、资本与实体经济循环日益畅通。每一 个前进的脚印，都凝聚着攻坚的勇毅，汇聚成服务高质量发展、赋能中国式现代化的重要力量。 我们期待，上述改革举措将以"万马奔腾"之势，进一步激活市场内生动力。让制度创新之"马"领跑前 行，持续优化发行、交易、退市等基础制度，推动市场透明度与效率同步提升；让上市公司之"马"扛鼎 担纲，全面提升治理水平与投资价值，筑牢做优做强之根基；让机构投资者之"马"稳健驰骋，夯实市 场"压舱石"作用，持续引领长期投资、价值投资新风尚；让高水平开放之"马"拓宽疆域，稳步扩大制度 型开放，构筑国际合作与竞争 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 《公开募集证券投资基金销售费用管理规定》1月1日起正式施行、修改后的《证券期货行政执法当事人 承诺制度实施规定》2月1日起施行、上市公司董秘监管规则公开征求意见……2026年开年，一系列资本 市场关键制度持续升级，释放出深化改革的强烈信号。市场人士预期，2026年资本市场改革将进一步全 面深化，包括服务发展新质生产力、助力长钱长投、全链条织密投保"安全网"等在内的一系列改革有望 加快推进。（中证报） ...

每经AI快讯，《公开募集证券投资基金销售费用管理规定》1月1日起正式施行、修改后的《证券期货 行政执法当事人承诺制度实施规定》2月1日起施行、上市公司董秘监管规则公开征求意见……2026年开 年，一系列资本市场关键制度持续升级，释放出深化改革的强烈信号。市场人士预期，2026年资本市场 改革将进一步全面深化，包括服务发展新质生产力、助力长钱长投、全链条织密投保"安全网"等在内的 一系列改革有望加快推进。 (中证报) ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2026年是"十五五"开局之年，资本市场高质量发展仍是金融领域改革发展的重点之一。近期召开的中央经济 工作会议明确，"持续深化资本市场投融资综合改革"。业内认为，在此目标下，资本市场改革将向纵深推 进，值得期待。 大力引"长钱"入市 从"十五五"规划建议提出"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能"，到 中央经济工作会议强调"持续深化资本市场投融资综合改革"，意味着未来资本市场改革不是单方面强调融资 端，更把完善"长钱长投"政策体系等投资端改革放到同等重要的位置。 投资和融资是资本市场的一体两面。2025年1月，《关于推动中长期资金入市工作的实施方案》出台，引导商 业保险资金、全国社会保障基金、公募基金等中长期资金进一步加大入市力度；5月，《推动公募基金高质量 发展行动方案》发布，着力提高公募基金权益投资的规模和稳定性；7月，财政部印发通知，明确国有商业保 险公司全面建立三年以上长周期考核机制。 "长钱长投"制度体系加速构建。数据显示，截至2025年8月底，各类中长期资金合计持有A股流通市值约21.4 万亿元，较"十三五"时期末增长 ...

Group 1 - The core viewpoint of the articles highlights the accelerated influx of insurance capital into the primary market, driven by regulatory guidance and a low-interest-rate environment, with insurance institutions contributing significantly to private equity funds [1][2] - In 2025, insurance institutions contributed a total of 1,097.56 billion yuan to private equity funds, marking a 55.85% increase compared to the same period in 2024 [1] - The top three insurance companies in terms of contributions to private equity funds in 2025 were China Pacific Life Insurance (205.99 billion yuan), Ping An Life Insurance (150 billion yuan), and Sunshine Life Insurance (114.88 billion yuan) [2] Group 2 - Insurance capital's participation in the primary market is facilitated through various investment methods, including fund-of-funds, direct investment funds, and proprietary capital [3] - In the first half of 2025, insurance asset management institutions registered equity investment plans totaling approximately 268 billion yuan, reflecting a year-on-year growth of 188% [3] - The significant performance of insurance capital in the primary market is attributed to three main factors: the need to address "asset scarcity," supportive regulatory policies, and the natural alignment of insurance capital characteristics with equity investments [3] Group 3 - Insurance capital is primarily directed towards future industries and new productive forces, promoting a shift towards more rational and patient value investing in the market [4] - Notable investments include a 50 billion yuan fund initiated by China Life Asset Management focused on hard technology, and a 100 billion yuan fund established by PICC aimed at modernizing industrial systems [4][5] - Insurance capital is characterized as "patient capital," favoring long-term investments in sectors aligned with national strategies, such as hard technology, AI, and healthcare [5] Group 4 - Despite the growing scale of insurance capital investments, not all general partners (GPs) are favored; insurance capital has stringent requirements for GP selection based on management scale, historical performance, and team capabilities [6] - Preferred GPs include those with insurance or state-owned backgrounds, as well as top-performing market-oriented GPs [6] - The collaboration between insurance capital and GPs is influenced by the need for alignment in long-term interests and risk management strategies [6][7]

2026年是"十五五"开局之年。坚持创新驱动，加紧培育壮大新动能，是2026年经济工作要抓好的重 点任务。其中，创新科技金融服务是中央经济工作会议明确的重点工作之一。 "投贷联动""投保联动" 探索扩大试点范围 2025年在做好科技金融服务方面做了较多探索，国家创业投资引导基金在近日启动，形成了万亿资 金规模，将把种子期、初创期、早中期企业作为投资重点，用耐心资本陪伴企业"长跑"；国家金融监督 管理总局扩大金融资产投资公司（AIC）股权投资试点至全国18城，引导银行系资本"投早、投小、投 硬科技"；多地试点知识产权质押或者推动知识产权证券化，将分散专利打包成标准化金融产品进入资 本市场。 "创新科技金融服务的核心是打通'科技—产业—金融'的良性循环，让金融资源精准匹配硬科技企 业全生命周期的发展需求。"在受访专家看来，2026年创新科技金融服务将推出多项举措：一是健全知 识产权质押融资机制，推进知识产权质押贷款"前补偿"试点，让轻资产科创企业获得更多融资支持；二 是扩大"投贷联动""投保联动"试点范围，银行贷款与股权投资相结合，实现风险共担、收益共享；三是 培育耐心资本，推动AIC股权投资和科技创新债券发展， ...

转自：新华财经 新华财经北京12月31日电（记者费杨生、刘玉龙）12月31日，A股2025年交易收官，上证指数报收3968.84点，全年涨超18%。在改革不断深化、政策连续发 力等综合因素推动下，我国资本市场韧性和抗风险能力明显增强，在提升市场内在稳定性、"长钱长投"制度刚性、支持创新的包容性等方面取得长足进展。 紧扣"持续深化资本市场投融资综合改革"的重点任务，2026年资本市场改革发展仍将在"稳""长""新"等方面寻求新突破，有效发挥市场功能，增强市场吸引 力和竞争力，更好助力"十五五"经济高质量发展开好局、起好步。 "稳"：筑牢制度根基，提升内在稳定性 资本市场稳定是市场功能更好发挥的基础，关乎亿万投资者切身利益，也关乎社会预期和信心。2025年，面对多重风险挑战交织叠加的严峻考验，资本市场 以制度筑基，进一步固本培元，推动市场稳定性显著提升。 "长"：培育耐心资本，优化投资生态 稳市场的体制机制进一步完善。在强化宏观政策取向一致性的指引下，跨部门协作机制更加顺畅，优化两项支持资本市场的货币政策工具、扩围金融资产投 资公司股权投资试点……政策"组合拳"效能得到更大发挥。 稳市场的投资机构合力显著增强。中 ...

Core Viewpoint - The insurance industry in 2025 has achieved record highs in both scale and profitability, driven by practical reforms and a focus on rational management, while facing cyclical challenges [1]. Group 1: Industry Growth and Performance - As of October 2025, the total assets of the insurance industry reached 40.59 trillion yuan, an increase of 4.68 trillion yuan from the beginning of the year, marking a growth rate of 13.03% [4]. - The insurance sector has seen a continuous double-digit growth in total assets since 2023, attributed to rising premium income, cost optimization, enhanced capital replenishment, and improved asset allocation [4]. - The total premium income for 2025 is projected to be 57.63 billion yuan, reflecting a significant increase from previous years [2]. Group 2: Stock Market Performance - Insurance stocks have reached new highs in 2025, with major companies like China Ping An and China Life Insurance leading the market, contributing to a combined market value exceeding 3.3 trillion yuan, a nearly 30% increase from the beginning of the year [6][7]. - The net profit of five major listed insurance companies reached 426 billion yuan in the first three quarters of 2025, a year-on-year increase of 33.5%, setting a historical record [8]. Group 3: Industry Reforms - The insurance industry is actively engaging in "anti-involution" measures, focusing on rational competition and risk management rather than price wars, particularly in the auto insurance sector [10]. - The introduction of a dynamic adjustment mechanism for predetermined interest rates in insurance products has begun, with rates decreasing from 2.34% at the beginning of the year to 1.90% by the end of 2025 [19][18]. - The return of dividend insurance products has gained traction, with nearly half of new life insurance products being dividend-based, reflecting a shift in market strategy [21]. Group 4: Long-term Investment Strategies - The insurance sector is increasingly focusing on long-term investments, with regulatory changes encouraging a longer assessment period for performance metrics [12]. - By the end of 2025, the proportion of equity assets in insurance investments reached a historical high, with stock and fund allocations growing significantly [14]. Group 5: International Expansion - The insurance industry is entering a phase of internationalization, with companies exploring overseas markets, particularly in high-end equipment insurance and personal travel safety [22]. - The export of new energy vehicles has surged by 89.4% in the first three quarters of 2025, prompting insurance companies to expand their offerings in this sector [24]. Group 6: New Regulatory Frameworks - The release of the fourth life table in October 2025 will impact insurance product pricing and risk management, reflecting changes in population structure and mortality rates [26][27]. - The first commercial health insurance drug directory was published in December 2025, aiming to clarify the boundaries between basic medical insurance and commercial health insurance, thus promoting a multi-tiered medical security system [29].

站在2026年的门槛上回望，A股总市值突破百万亿元、科技板块市值占比超四分之一、各类中长期资金 持有流通市值逾21万亿元——这一连串数字背后，是资本市场从"单向融资通道"向"投融资协同生态"的 历史性转变。 从"深化"到"持续深化"，资本市场投融资综合改革已连续两年跻身中央经济工作会议重点任务清单。这 一表述的升级，不仅标志着改革进入"深水区"，更彰显了国家在"十五五"开局之年推动资本市场向纵深 突破的坚定决心。 展望新的一年，随着注册制从"全面落地"走向"精细优化"、退市制度从"常态化"迈向"高效化"、多层次 市场体系从"成型"走向"成势"，资本市场将在服务科技创新、培育新质生产力、推动经济高质量发展中 扮演更加关键的角色。 向纵深推进 近年来，推进投融资综合改革已成为资本市场改革发展的主线。 2024年中央经济工作会议提出，深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资 本市场制度的包容性、适应性。2025年中央经济工作会议在部署明年经济工作时，在"深化"前再加"持 续"二字，明确提出"持续深化资本市场投融资综合改革"，既延续方向，又升级力度，标志着改革正式 迈入纵深推进的新阶段。 在中国 ...

岁聿其暮，冬意渐浓，当资本市场在短期波动的潮汐中起起落落，当市场主体在周期更迭的迷雾中探寻 方向，一股沉静而坚韧的"长期主义"力量，正以润物无声之势扎根中国经济的创新沃土，书写着穿越周 期的价值篇章。 2025年，"耐心资本"成为金融赋能实体经济的核心关键词。而在这片资本蓝海之中，手握巨额资金、兼 具长期属性与稳健基因的险资，无疑是耐心资本阵营中最核心的承载者与践行者。从重金接力投向硬科 技基金的果断布局，再到政策层面持续松绑赋能的双向奔赴，2025年的险资耐心资本实践，不仅清晰勾 勒出长钱与创新深度融合的多元路径，更留下了关于效率与风险平衡、规模与质量兼顾的深层思考。 站在2025年年终的时间节点回望，这场跨越周期的投资探索，早已超越单纯的资产配置行为，成为保险 业回归本源、服务实体经济、迈向高质量发展的全新维度，为行业未来发展注入了持久的生命力。 政策筑牢长钱入市根基 所谓"耐心资本"，通常指可以容许企业不以牺牲长期收益为代价对短期财务利益做出反应的股权或债权 投资。其关注的不是短期回报，而是期望能在投资项目得到发展或扩大规模时收获长期的未来收益。险 资因其具有长期性、规模大、稳定性较强等特点，无疑具备耐 ...