Group 1 - The core viewpoint emphasizes the importance of "long money and long investment" as a key strategy to address complex challenges in the current economic environment and to support high-quality development during the "14th Five-Year Plan" period [2][6] - The China Securities Regulatory Commission (CSRC) aims to broaden channels for long-term capital sources and promote various products and risk management tools suitable for long-term investment [2][8] - In 2025, significant progress was made in attracting long-term capital into the market, with various policies implemented to enhance the participation of insurance funds, public funds, and pensions [3][4] Group 2 - By the end of 2025, the total market value of A-shares held by various long-term funds reached approximately 23 trillion yuan, a 36% increase from the beginning of the year [4] - The scale of equity funds grew from 8.4 trillion yuan at the start of the year to around 11 trillion yuan by year-end [4] - The proportion of long-term funds such as pensions and insurance in public and private funds increased by 2.5 percentage points compared to the end of the "13th Five-Year Plan" period [4] Group 3 - The CSRC's 2026 work plan highlights the need for long-term capital to play a crucial role in risk prevention amid increasing market volatility and geopolitical complexities [6][7] - The focus on long-term investment aligns with the need for a more adaptable and inclusive capital market system, emphasizing the importance of fundamental company performance and governance quality [7][10] - Challenges remain in attracting long-term capital, including institutional barriers and the need for better matching of market ecology with quality investment opportunities [7][9] Group 4 - The CSRC plans to continue deepening public fund reforms and expanding channels for long-term capital, while also developing products that cater to long-term investment needs [8][10] - Recent policy changes aim to attract more long-term capital through strategic investor inclusion in refinancing processes, enhancing the participation of various institutional investors [9] - Long-term investment success will depend on improving the quality of listed companies and ensuring sustainable returns through better governance and transparency [10][11]

【产品亮点】 从横向比较看，证券ETF(159841)跟踪指数相对"924"行情高点仍有一定距离，在所有一级行业同等比较下排名中后位，后续补涨空间或仍值得关注。公 募新规后低估的券商板块亦有望受益于"基准回归"带来的增量资金。 【相关产品】 证券ETF(159841)，对应场外联接基金（A：008590，C：008591）。 【热点事件】 上市公司定增规则优化，助力构建"长钱长投"市场生态 近日，中国证监会就《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三条、第四十条、第五十七条、第六十条有关 规定的适用意见——证券期货法律适用意见第18号〉的决定（征求意见稿）》公开征求意见。 截至2026年2月5日收盘，证券ETF(159841)换手2.96%，成交3.19亿元。跟踪的中证全指证券公司指数(399975)上涨0.33%，成分股华林证券上涨10.02%， 华鑫股份上涨3.23%，国盛证券上涨2.59%，华泰证券上涨1.22%，东兴证券上涨1.16%。 截至2月5日，证券ETF(159841)最新规模达107.73亿元，创成立以来新高。 资金流入方面，证券ETF(159841)近5个 ...

今年1月，财政部推出财政金融协同促内需一揽子政策，围绕激发民间投资活力和促进居民消费两大方 向，推出4项支持中小企业贴息和担保激发民间投资政策，以及1项个人消费贷款贴息促消费政策。 财政部政策公布后，广东发布《财政金融协同惠企利民一揽子政策指引》，打出"基金引导+贷款贴息 +风险分担"等财政金融政策组合拳。 对制造业等企业贷款最高贴息2000万元/年 近日，由广东省财政厅全资设立的广东省战略性新兴产业投资引导基金有限责任公司正式成立，组建总 规模1000亿元、首期规模500亿元的广东省战略性新兴产业投资引导基金。 以新定位建立"长钱长投"政策体系。引导基金作为省级政府投资基金统一出资和管理平台，采取永久存 续期的公司制模式，建立省财政长期稳定投入和回收资金循环滚动投资机制，为我省现代化产业体系建 设提供更多耐心资本。 以新架构引领重构全省基金体系。广东搭建"引导基金—母基金—子基金"三级架构，更好发挥财政资金 杠杆效应，吸引社会资本带动民间投资，加强省级统筹能力，以省级引导基金为牵引系统谋划和整体推 进建强全省基金体系，统筹带动各地资金、产业政策、发展规划和基金投资布局有效协同。 贴息对象覆盖全省注册的制造业 ...

Group 1 - The total asset management scale of the securities, fund, and futures industry in China is projected to reach 81.3 trillion yuan by 2025, representing a 38% increase compared to the end of the 13th Five-Year Plan [1] - Public funds are expected to account for 37.7 trillion yuan, private funds for 22.2 trillion yuan, private asset management products from securities and futures institutions for 12.3 trillion yuan, pension fund management for 7.0 trillion yuan, and asset-backed securities (ABS) for 2.3 trillion yuan [1] Group 2 - The structure of public funds is continuously optimizing, with equity public funds projected to reach 11 trillion yuan by 2025, a 67% increase from the end of the 13th Five-Year Plan, and the share of stock ETFs in equity funds increasing to 35% [2] - The number of effective accounts in public funds has grown by 51% during the 14th Five-Year Plan, with a total of 2.3 trillion yuan distributed to investors as dividends [2] - The private securities investment fund market is gaining influence, with the scale expected to exceed 7 trillion yuan by 2025, a 65% increase from the end of the 13th Five-Year Plan, and equity and mixed fund proportions reaching 78% [2] - Venture capital funds are maintaining resilient growth, projected to reach 3.6 trillion yuan by 2025, a 111% increase from the end of the 13th Five-Year Plan, with their share of private equity venture capital funds rising to 24% [2] - Private equity venture capital funds are actively investing in technology innovation, with 15.3 million projects and 9.05 trillion yuan in invested capital as of the end of Q3 2025, representing growth of 55% and 26% respectively since the end of the 13th Five-Year Plan [2] - The "long money, long investment" pattern is forming, with pension and insurance funds contributing 7.6% to public funds, private funds, and private asset management products, an increase of 2.5 percentage points from the end of the 13th Five-Year Plan [2]

智通财经APP获悉，国金证券发布研报称，证监会拟修订再融资规则，明确社保、保险、理财等中长期 资金可作为战略投资者。新规要求战投持股原则上不低于5%、深度参与公司治理并强化锁定，旨在推 动其从财务投资转向积极股东，杜绝短期套利。此举有望引入市场"压舱石"，提升资产质量，构建"长 钱长投"的良性生态。 国金证券主要观点如下： 事件 1 月30 日，证监会发布《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、 第十三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18 号〉的决定（征求意见稿）》，并公开征求意见。 战略投资者类型扩围：中长期资金体系全面进场 修订稿明确，全国社保基金、基本养老保险基金、企业（职业）年金基金、商业保险资金、公募基金、 银行理财等机构投资者可以作为战略投资者。同时，在规则上将该类投资者界定为资本投资者，将其他 实业投资者界定为产业投资者。"产业战投"提供技术、市场等硬资源，"资本战投"则需发挥改善治理、 优化决策、推动整合等软实力。 2025 年出台的《中长期资金入市方案》提到，"允许公募基金、商业保险资金、基本养老保险基金、企 （职） ...

Core Viewpoint - The public fund industry in China is entering a phase of high-quality development, with ongoing reforms aimed at optimizing and upgrading the sector, focusing on product innovation, team-based research, and enhancing international competitiveness [1][6]. Group 1: Product Innovation - The public fund industry is currently adopting a dual-line strategy for product innovation, focusing on equity products and absolute return products like FOFs to meet diverse investor needs [2][3]. - In January, 123 new funds were established, with a total issuance scale of 1,202.11 billion yuan, of which 95 were equity funds with an issuance scale of 812.43 billion yuan [2]. - Notable equity funds include the Guangfa Research Smart Mixed Fund, which raised 72.21 billion yuan, marking the first fund to exceed 70 billion yuan since November 2022 [2]. - FOFs have also gained traction, with an issuance scale of 199.43 billion yuan in January, indicating strong demand for low-risk investment options [3]. Group 2: Research and Team Dynamics - The public fund industry is shifting towards a team-based research model, moving away from the traditional reliance on star fund managers, which is expected to optimize the industry ecosystem [4]. - The establishment of the Ruiyuan Research Balanced Three-Year Holding Mixed Fund, managed by a team of new faces rather than established managers, exemplifies this trend [4]. - Changes in fund management personnel are also evident, with new managers being appointed to replace seasoned professionals, indicating a generational shift in leadership [5]. Group 3: Long-term Investment Ecosystem - The China Securities Regulatory Commission emphasizes the need for ongoing reforms to broaden long-term funding sources and promote long-term, rational, and value-based investments [6]. - Analysts predict that by 2030, the scale of public funds could exceed 50 trillion yuan, driven by deeper financial asset allocation by residents and the influx of long-term capital [6]. - The industry is expected to see a shift towards passive investment strategies and ETFs, which will become essential tools for long-term allocation [6]. Group 4: International Expansion - Leading public funds are increasingly focusing on international expansion, with products like the Southern Dongying CSI A500 ETF being listed on international exchanges, enhancing access for global investors [7]. - Strategic partnerships, such as the collaboration between Huatai and Korean investment firms, are being formed to deepen engagement in the Hong Kong ETF market [7]. - The industry is committed to integrating technology and enhancing service offerings to support national development and capital market reforms [7].

事件 1 月 30 日，证监会发布《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三条、第 四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第 18 号〉的决定（征求意见稿）》， 并公开征求意见。 核心内容 战略投资者类型扩围：中长期资金体系全面进场。修订稿明确，全国社保基金、基本养老保险基金、企业（职业）年 金基金、商业保险资金、公募基金、银行理财等机构投资者可以作为战略投资者。同时，在规则上将该类投资者界定 为资本投资者，将其他实业投资者界定为产业投资者。"产业战投"提供技术、市场等硬资源，"资本战投"则需发挥 改善治理、优化决策、推动整合等软实力。 2025 年出台的《中长期资金入市方案》提到，"允许公募基金、商业保险资金、基本养老保险基金、企（职）业年金 基金、银行理财等作为战略投资者参与上市公司定增"，推动提升保险、公募、养老金、理财等权益投资比例。本次 修订将"入市方案"的原则安排正式嵌入再融资法律适用意见，从操作层面打通中长期资金参与再融资的供给端，大 幅扩展战投的资金来源；同时，与"并购六条"中鼓励发行股份购买资产、配套融资和战投参与的安排形成组 ...

中长期资金是维护资本市场平稳健康运行的"压舱石""稳定器"。夯实资本市场健康发展根基、提升金融 服务实体经济质效，离不开耐心资本"长钱长投"的定力与智慧。 中国人寿集团党委书记、董事长蔡希良指出，保险资金规模大、周期长、来源稳定，是典型的"长期资 本""耐心资本"，对于优化融资结构具有重要作用。 从中国人寿2026年工作会议披露的数据来看，集团合并总资产8.56万亿元，管理资产规模17.5万亿元， 中国人寿正充分发挥险资优势，不断优化投资策略和布局，在支持资本市场发展、服务新质生产力、助 力国家重大战略落地、增进民生福祉的进程中，以自身所"长"给出了关于"长期主义"的国寿诠释。 长，是险资入市的"长风破浪" 近年来，从新"国九条"确立"长钱长投"的顶层设计，到推动中长期资金入市工作实施方案的出台，从财 政部进一步加强国有商业保险公司长周期考核，再到金融监管总局调整保险公司相关业务风险因子等政 策红利的持续释放……国家"引长钱、促长投"，鼓励长期资金、耐心资本发展的政策正从蓝图规划加速 迈向纵深落地。 在此背景下，中国人寿以险资特有的长期属性与规模优势，率先响应、快步前行，展现出引领行业 的"长驱"之势。202 ...

风险提示 证券板块 超 20 家上市券商发布业绩预告或业绩快报，经纪、自营业务是主要驱动力。25Q4 利润增速以环比下降为主，主要是 因为 Q4 投资收益率下降，但多数公司实现同比高速增长，整体符合预期，券商板块高业绩增速有望支撑补涨。 证监会发布《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三条、第四十条、第五 十七条、第六十条有关规定的适用意见——证券期货法律适用意见第 18 号〉的决定（征求意见稿）》，并公开征求意 见。战略投资者类型扩围，修订稿明确全国社保基金、基本养老保险基金、企业（职业）年金基金、商业保险资金、 公募基金、银行理财等机构投资者可以作为战略投资者；明确持股比例与锁定约束，修订稿强调战略投资者本次认购 上市公司股份原则上不低于 5%；在长期、较大比例持股和提名董事参与公司治理基础上，明确其需导入战略资源、 改善治理或资源整合，同时强化锁定与合规，不得通过代持、绕道减持等方式规避最低持股比例与锁定期要求。核心 在于引导"耐心资本"从财务投资转向积极股东，是构建"长钱长投"市场生态的关键一环。 投资建议：建议关注三条主线：（1）强烈推荐估值及业绩错配程度较大的优 ...

Core Viewpoint - In 2025, Ping An Life Insurance aims for high-quality development through a dual-driven strategy of "comprehensive finance + medical care and elderly care," enhancing operational efficiency and expanding insurance value while fulfilling social responsibilities and improving customer experience through AI technology [1] Group 1: High-Quality Development - The company emphasizes high-quality development by implementing the spirit of the 20th National Congress, conducting over 7,559 meetings and 1,384 educational activities to strengthen party organization and leadership [2] - Ping An Life Insurance's "4 channels + 3 products" strategy has significantly improved business quality, contributing to economic stability and quality enhancement [2] Group 2: Individual Insurance Channel Reform - The company has established a "four-in-one" system to support the transformation of its agent workforce, focusing on professional insurance products and services [3] - The upgraded basic law encourages agents to enhance productivity and organizational efficiency, while training programs are designed to improve agent skills [3] Group 3: Insurance + Service Upgrade - The "Tianping An" insurance + service solution was launched, offering a range of products and services that cater to customer needs in health and elderly care [4] - New services include traditional Chinese medicine health management and home care services, addressing the core needs of the elderly population [4] Group 4: Customer Rights System - The "Enjoy Ping An" customer rights system provides over 100 value-added services across four areas: sports, education, cultural life, and health management, serving over 12 million customers [6] - The system has received multiple awards for its service quality, reflecting market recognition [6] Group 5: Product Innovation - The company has introduced various dividend and medical insurance products to meet the growing demand for insurance and wealth management [7] - New products are designed to address customer needs in a low-interest-rate environment, enhancing the overall customer experience [7] Group 6: Channel Innovation - Ping An Life Insurance has deepened its multi-channel construction, with the bancassurance channel showing a 170.9% year-on-year growth in new business value [8] - Community financial services are also expanding, contributing to 35.1% of the new business value [8] Group 7: Financial Consumer Protection - The company prioritizes consumer rights protection, launching emergency plans for disaster recovery and enhancing financial education outreach to over 1 billion people [9] - Efforts to combat illegal insurance practices have led to significant legal actions against fraudulent activities [9] Group 8: Embracing Technological Change - The company has adopted advanced AI technologies to enhance business operations, including sales, training, and claims processing [10] - The implementation of the DeepSeek intelligent platform has improved service efficiency and customer experience [10] Group 9: Long-Term Investment - Ping An Life Insurance promotes the "long money, long investment" concept, directing insurance funds into capital markets and supporting the real economy [11] - The company has launched a 30 billion yuan private equity fund focused on long-term and value investments [11] Group 10: Social Responsibility - The company engages in various public welfare activities, including educational programs and community support initiatives, benefiting thousands of individuals [12] - Efforts in rural revitalization have included financial assistance and support for local projects, demonstrating a commitment to social responsibility [12]