Group 1: Core Insights - The China Securities Regulatory Commission (CSRC) has introduced the "Action Plan for Promoting the High-Quality Development of Public Funds," emphasizing the role of public funds in serving the real economy and national strategies, and guiding the future development of the industry [1][2] - The series of policies aimed at encouraging long-term capital, such as insurance funds and public funds, to enter the market is expected to enhance the stability of the capital market [2][3] - The low interest rate environment in China is driving a shift in asset allocation, with funds moving towards equity and alternative assets, making index funds an important tool for both institutional and individual investors [3][4] Group 2: Company Strategy - Guoshou Anbao Fund is leveraging policy guidance and market trends to develop a multi-layered and systematic approach around index funds, aiming to provide quality allocation tools for long-term capital [4][5] - The company is integrating its index fund business into the comprehensive financial service system of China Life, enhancing its ability to meet the allocation needs of long-term capital [5][7] - Guoshou Anbao Fund is focusing on creating a differentiated index product system that aligns with national strategies and the preferences of long-term capital [6][7] Group 3: Product Development - The company is optimizing its passive index products while also combining active management with passive tools to create a differentiated risk-return product matrix [8] - Guoshou Anbao Fund is exploring the application of artificial intelligence and large model technology in index funds to enhance product competitiveness and achieve sustainable excess returns [9] - The firm aims to strengthen its index product layout and risk control, promoting deep integration of business and technology to advance on the path of high-quality development [9]

Core Viewpoint - The promotion of "long money long investment" is a crucial aspect of current capital market reforms, with policies showing positive effects and clear changes in the A-share market [1][2]. Group 1: Policy Implementation and Market Impact - The "Guiding Opinions on Promoting Long-term Funds to Enter the Market" was jointly issued by the Central Financial Office and the China Securities Regulatory Commission (CSRC) on September 26, 2024, aiming to facilitate the entry of long-term funds into the market [1]. - As of the end of August this year, various types of long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, representing a 32% increase compared to the end of the 13th Five-Year Plan [1]. Group 2: Challenges and Future Directions - There is still significant room for growth in the scale of long-term funds entering the market, as the actual allocation of insurance funds to equity assets is still below the policy limits [2]. - The optimization of the investor structure in the capital market is a long-term process, requiring further enhancement of the leading and demonstrative effects of long-term funds [2]. Group 3: Enhancing Company Quality and Investment Value - Continuous improvement in the quality and investment value of listed companies is essential for the success of "long money long investment" [2]. - Regulatory measures have led to a notable increase in listed companies' ability and awareness to return value to investors, encouraging stable dividends and active market value management [2]. Group 4: Asset Management Institutions and Research Capabilities - The ongoing enhancement of asset management institutions' research capabilities is a critical guarantee for promoting "long money long investment" [3]. - Public funds are advancing the platform and systematic construction of research capabilities, while insurance institutions are focusing on stable cash flow assets and alternative investments [3].

Core Insights - The promotion of "long money long investment" is a key focus for current capital market reforms, with significant progress observed in the A-share market as a result of policy implementation [1][2][3] - As of the end of August this year, various types of medium- and long-term funds held approximately 21.4 trillion yuan in A-share market circulation, marking a 32% increase compared to the end of the 13th Five-Year Plan [1] Group 1 - The "Guiding Opinions on Promoting Medium- and Long-term Funds to Enter the Market" was jointly issued by the Central Financial Office and the China Securities Regulatory Commission, aiming to facilitate the entry of long-term funds into the market [1][2] - Recent policies have included optimizing long-cycle assessment mechanisms and pilot programs for long-term stock investments by insurance funds, enhancing the institutional framework for "long money long investment" [1][2] - There remains significant growth potential for long-term funds entering the market, as the actual allocation of insurance funds to equity assets is still below the policy limits [1][2] Group 2 - Improving the quality and investment value of listed companies is essential for the success of "long money long investment," with regulatory measures enhancing companies' ability and willingness to return value to investors [2] - Companies are encouraged to maintain stable dividends and engage in market value management through share buybacks and mergers, while regulatory efforts continue to combat financial fraud [2] - Asset management institutions are enhancing their research and investment capabilities, with public funds moving towards a more systematic approach and insurance institutions diversifying their investment strategies [2]

在机构资金方面，保险公司投资权益市场的比例限制已适度放宽，使其逐步成为资本市场中的"长期资 本"与"耐心资本"。尽管具体入市规模尚不明确，但政策松绑已推动险资积极配置。 此外，公募基金收费模式也迎来改革。管理费与投资业绩挂钩的新机制正在推行，促使基金管理人与投 资者利益更趋一致。 刘纪鹏总结称，从证券公司、保险资金到公募基金，三类机构共同发力，为A股市场注入持续动力，政 策引导效果总体积极。 专题：A股"924"一周年，刘纪鹏称A股仍处价值洼地 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！ 9月25日，在"924"政策出台一周年之际，A股市场已逐步呈现慢牛态势。新浪证券特邀中国政法大学商 学院教授、资本市场知名专家刘纪鹏先生，为投资者带来深入解读>>视频直播 针对"924"政策在引导保险、年金、银行理财等中长期资金入市方面的成效，刘纪鹏指出，政策效果显 著。他分析，证券公司在此过程中发挥关键作用，与央行贷款机制协同支持上市公司回购。相关资金规 模约2.4万亿元，目前已使用近2万亿元，直接推动了近800点的市场上涨。 刘纪鹏进一步表示，散户投资者信心同步回升，融资活跃度提升。目前融资 ...

截至8月底，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"末增长32%；保险资金投资股 票和权益类基金超5.4万亿元，余额较"十三五"末增长85%……"十四五"期间，投资端改革实现重大突 破。 证监会近日明确，将更好发挥中长期资金"压舱石""稳定器"作用，持续强化长周期考核，不断提高跨境 投融资便利度，吸引更多源头活水，努力让更多全球资本投资中国、共享成长。市场人士预期，下一 步，改革将聚焦提升入市便利度，推出实质性举措，优化"长钱长投"环境、增强资产可投性并丰富对冲 工具，"引长钱、促长投"效果有望加快显现。 改革见效 "长钱长投"格局逐步形成 "十四五"以来，资本市场着力构建"长钱长投"机制，以保险资金、公募基金等为代表的中长期资金加速 入市，更好地发挥中长期资金"压舱石""稳定器"作用，投资端改革实现重大突破。 ——险资布局权益市场投资规模显著提升。目前，险资投资股票和权益类基金超5.4万亿元，余额较"十 三五"末增长85%。金融监管总局先后批复第二批、第三批保险资金长期股票投资试点资格，总金额 1720亿元。 兴业证券首席策略分析师张启尧表示，今年年初，六部门联合发布实施方案，大力推动中 ...

Core Viewpoint - The need to improve the institutional environment for long-term capital investment in the market is emphasized, focusing on enhancing regulatory inclusiveness for long-term equity investments and facilitating the interaction between pension systems and capital markets [1] Group 1: Institutional Environment - It is suggested to enhance the regulatory inclusiveness for long-term capital equity investments and implement long-cycle assessments to remove barriers for insurance capital entering the market [1] - The development of public equity funds is crucial, with an emphasis on urging fund companies to correct their operational philosophies and improve research and service capabilities [1] Group 2: Product Innovation - There is a call for the creation of more products that meet investor needs, along with optimizing product registration processes and promoting innovation in index-based products [1] Group 3: Risk Management Tools - The proposal includes providing refined hedging tools for long-term capital to support liquidity during periods of significant market volatility, as well as developing derivative markets such as stock index futures and government bond futures [1]

截至8月底，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"末增长32%；保险资金投资股 票和权益类基金超5.4万亿元，余额较"十三五"末增长85%……"十四五"期间，投资端改革实现重大突 破。 证监会近日明确，将更好发挥中长期资金"压舱石""稳定器"作用，持续强化长周期考核，不断提高跨境 投融资便利度，吸引更多源头活水，努力让更多全球资本投资中国、共享成长。市场人士预期，下一 步，改革将聚焦提升入市便利度，推出实质性举措，优化"长钱长投"环境、增强资产可投性并丰富对冲 工具，"引长钱、促长投"效果有望加快显现。 改革见效 "长钱长投"格局逐步形成 "十四五"以来，资本市场着力构建"长钱长投"机制，以保险资金、公募基金等为代表的中长期资金加速 入市，更好地发挥中长期资金"压舱石""稳定器"作用，投资端改革实现重大突破。 ——险资布局权益市场投资规模显著提升。目前，险资投资股票和权益类基金超5.4万亿元，余额较"十 三五"末增长85%。金融监管总局先后批复第二批、第三批保险资金长期股票投资试点资格，总金额 1720亿元。 兴业证券首席策略分析师张启尧表示，今年年初，六部门联合发布实施方案，大力推动中 ...

● 本报记者 昝秀丽 截至8月底，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"末增长32%；保险资金投资股 票和权益类基金超5.4万亿元，余额较"十三五"末增长85%……"十四五"期间，投资端改革实现重大突 破。 证监会近日明确，将更好发挥中长期资金"压舱石""稳定器"作用，持续强化长周期考核，不断提高跨境 投融资便利度，吸引更多源头活水，努力让更多全球资本投资中国、共享成长。市场人士预期，下一 步，改革将聚焦提升入市便利度，推出实质性举措，优化"长钱长投"环境、增强资产可投性并丰富对冲 工具，"引长钱、促长投"效果有望加快显现。 改革见效 "长钱长投"格局逐步形成 "十四五"以来，资本市场着力构建"长钱长投"机制，以保险资金、公募基金等为代表的中长期资金加速 入市，更好地发挥中长期资金"压舱石""稳定器"作用，投资端改革实现重大突破。 ——险资布局权益市场投资规模显著提升。目前，险资投资股票和权益类基金超5.4万亿元，余额较"十 三五"末增长85%。金融监管总局先后批复第二批、第三批保险资金长期股票投资试点资格，总金额 1720亿元。 兴业证券首席策略分析师张启尧表示，今年年初，六部门联合发 ...

Group 1 - The A-share market has experienced significant changes over the past year, with total market capitalization increasing from 68 trillion to 104 trillion, surpassing the 100 trillion mark [1] - The bull market was initiated by the "924" policy, leading to a rapid rise in the Shanghai Composite Index, which increased by nearly 1000 points within a few trading days [1] - The second wave of the bull market began in late June, driven by sectors such as chips, semiconductors, AI, and innovative pharmaceuticals, further solidifying the bull market trend [1][2] Group 2 - The technology sector has become the new market leader, with the total market capitalization of the electronics industry surpassing that of the banking sector [2] - Over a thousand stocks have doubled in value, primarily in industries like machinery, electronics, and biomedicine, indicating a strong performance in the tech sector [2] - The shift of household savings from real estate to the stock market, along with increased foreign investment, has fueled the liquidity-driven bull market [2] Group 3 - Technology innovation is now a core national strategy, with the market capitalization of technology companies exceeding 25% of the A-share market [3] - The number of technology firms among the top 50 companies has increased from 18 to 24, highlighting the growing importance of tech companies in the market [3] - Financial resources are increasingly directed towards technology sectors, particularly in areas benefiting from domestic substitution policies [3] Group 4 - The channels for long-term capital entering the market are expanding, with various types of long-term funds holding approximately 21.4 trillion in A-shares, a 32% increase since the end of the 13th Five-Year Plan [4] - Regulatory efforts are being made to accelerate the entry of long-term capital, which is expected to favor stable cash flow and high dividend yield companies [4] Group 5 - Financial support for the real economy has intensified, with banks and insurance companies providing 170 trillion in new funds over five years, particularly for high-end manufacturing [5] - Companies with core technologies aligned with new productive forces are likely to receive more resource support, benefiting sectors like high-end equipment and new energy vehicles [5] Group 6 - The capital market is expected to continue its bull market trajectory, with a significant increase in the proportion of technology companies among newly listed firms [6] - The market has seen a notable increase in companies returning value to investors, with total distributions reaching 10.6 trillion over the past five years, an increase of over 80% compared to the previous period [6] Group 7 - Regulatory bodies are actively improving mechanisms for capital formation and long-term capital entry, enhancing market resilience and risk management [7] - The annualized volatility of the Shanghai Composite Index has decreased from 19% to 15.9%, indicating improved market stability [7]

Core Insights - The "9·24 market" initiated a significant transformation in the A-share market, marking the beginning of a slow bull market characterized by a focus on technology and leading companies, which is essential for China's economic transition [1][16] Policy Foundation - On September 24, 2024, a comprehensive financial policy package was launched to stabilize the real estate, stock market, and economy, which was a critical turning point for the market [2] - The People's Bank of China introduced new monetary policy tools to support stock repurchases and long-term capital inflows, while the China Securities Regulatory Commission (CSRC) encouraged mergers and acquisitions [2][3] Market Performance - Since the launch of the "9·24 market," the total market capitalization of the Shanghai and Shenzhen stock exchanges increased from 81.8 trillion yuan to 116.6 trillion yuan, a rise of 42.54% [7] - The Shenzhen Composite Index saw a cumulative increase of 61.7%, outperforming major global indices [4][5] Capital Inflows - Foreign investment in Chinese assets has shown a positive trend, with net inflows exceeding 10.1 billion USD in the first half of 2025, reversing two years of net outflows [8] - The market has attracted significant foreign capital, particularly in May and June 2025, indicating a growing global interest in Chinese equities [8] Structural Changes - The market has shifted from a focus on small-cap stocks to a concentration on leading companies, with high-dividend sectors and technology growth driving the market [9] - The financial sector's market capitalization increased by 25.18%, while the electronic equipment sector surged by 113%, highlighting the dominance of technology in the current market landscape [11] Investor Engagement - The number of new stock accounts opened in 2025 surged by approximately 48%, reflecting increased investor confidence and market activity [15] - The A-share market has seen a significant rise in trading volume, with daily trading exceeding 2 trillion yuan for 28 consecutive trading days [15] Future Outlook - The "9·24 market" is viewed as a foundational milestone for the long-term development of the A-share market, with expectations of continued growth driven by structural reforms and enhanced investor confidence [16][17] - Analysts suggest that emerging technologies and sectors such as photovoltaics and rare earths may present future investment opportunities [17]