中长期资金入市

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中国人寿获批参与鸿鹄基金三期 市场再迎增量“长期资金”
Cai Jing Wang· 2025-05-21 07:32
今年3月,500亿元鸿鹄基金完成投资落地,实现了风险低于基准、收益高于基准的良好业绩表现。Wind数据显示,截 至2025年一季度末,鸿鹄基金重仓持有中国电信、伊利股份、陕西煤业,合计持股数量超10亿股,合计持股市值超百 亿元。 在今年二期试点开启后,中国人寿再度入选试点名单,并于3月再度获得国家金融监督管理总局批准出资100亿元认购 鸿鹄二期资金,计划近期投资入市,主要聚焦大市值、流动性好和较高市场影响力的优质上市公司,通过长期持有此 类资产,进一步发挥长期资本、耐心资本作用。 保险资金长期投资改革试点迎来新进展,鸿鹄基金三期获批。 近期,由中国人寿方面获悉,国家金融监督管理总局近日批复同意中国人寿资产管理有限公司(以下简称"国寿资 产")参与第三批保险资金长期投资改革试点。 公开信息显示,鸿鹄基金设立于2023年。当年10月,金融监管总局批复中国人寿和新华保险两家保险公司试点发起设 立鸿鹄基金,规模为500亿元,两家公司各自出资250亿元。这也是保险资金长期投资改革试点开启后,首家获批成立 的险资系私募证券投资基金。 作为中长期资金的典型代表,险资迎来更多机遇。从行业影响看,国寿资产认为,保险行业资产端将 ...
光大期货金融期货日报-20250521
Guang Da Qi Huo· 2025-05-21 05:25
1. Report Industry Investment Rating - Stock Index: Neutral [1] - Treasury Bonds: Bearish [1] 2. Core Viewpoints - April economic data declined compared to March but remained resilient under the tariff war. Social retail sales were up 5.1% year-on-year, supported by the "trade-in" policy. Social credit demand was weak in April, with cumulative new RMB loans reaching 10.06 trillion yuan, a year-on-year increase of 2.86%, and M2 up 8% year-on-year. The China-US joint statement and subsequent policies are expected to boost the stock market [1]. - The internal policy push is the main theme for the stock index in 2025. The revenue growth rate of A-share listed companies has narrowed for three consecutive quarters, and the net profit has rebounded by about 4%. However, ROE is still at the bottoming stage. These measures will help companies repair their balance sheets and lift the stock market valuation [1]. - Treasury bond futures showed mixed performance, with the 30-year and 10-year contracts up 0.03%, the 5-year down 0.04%, and the 2-year down 0.03%. The central bank's reverse repurchase operation and other factors have changed the bond market environment, and the short-term bond market is expected to be weak [1][2]. 3. Summary by Directory 3.1 Research Views - **Stock Index**: April economic data was resilient, and policies such as the central bank's reserve requirement ratio and interest rate cuts, and the entry of long-term funds into the market, are expected to support the stock market. The revenue and profit of A-share listed companies are showing signs of improvement, and the stock market valuation is expected to rise [1]. - **Treasury Bonds**: Treasury bond futures had mixed performance, and the bond market environment has changed due to policy and economic factors. The short-term bond market is expected to be weak [1][2]. 3.2 Daily Price Changes - **Stock Index Futures**: All major contracts of stock index futures declined, with IM down 1.56%, IC down 1.31%, IF down 0.89%, and IH down 0.53% [3]. - **Stock Indexes**: All major stock indexes declined, with the CSI 1000 down 1.68%, the CSI 500 down 1.45%, the SSE 50 down 0.49%, and the SSE 300 down 0.91% [3]. - **Treasury Bond Futures**: The 30-year and 10-year contracts rose, while the 5-year and 2-year contracts fell. The 30-year contract was up 0.15%, and the 10-year contract was up 0.02% [3]. - **Treasury Bond Yields**: The yields of 2-year, 5-year, 10-year, and 30-year treasury bonds showed different trends [3]. 3.3 Market News - In May, the 5-year LPR was 3.5%, down from 3.6% last month, and the 1-year LPR was 3%, down from 3.1% last month [4]. 3.4 Chart Analysis - **Stock Index Futures**: Charts show the trends of major contracts and their basis [6][7][9][10][11]. - **Treasury Bond Futures**: Charts show the trends of major contracts, yields, basis, inter - period spreads, and cross - variety spreads [13][15][16][17]. - **Exchange Rates**: Charts show the trends of various currency exchange rates, including the US dollar, euro, pound, and yen against the RMB and other currencies [20][21][22][24][25]
入市长钱稳步进 A股资金“蓄水池”效应撑起市场底线
Zheng Quan Ri Bao· 2025-05-20 16:08
Group 1 - The core viewpoint of the articles emphasizes the significant inflow of medium- and long-term funds into the A-share market, which has exceeded 200 billion yuan this year, indicating a positive cycle of stable market growth [1][2][4] - The implementation of the "Guiding Opinions" and subsequent measures has led to the gradual removal of barriers for medium- and long-term funds entering the market, enhancing the stability and resilience of the capital market [1][4] - The growth of equity fund issuance, particularly ETFs, has been notable, with a year-on-year increase of 113.79% in the number of new ETFs and a 164.74% increase in issuance scale, reaching 96.7 billion yuan [3] Group 2 - The regulatory framework for medium- and long-term funds has been progressively improved, with specific measures introduced to facilitate their entry into the market, as highlighted in the recent government work report [2][5] - Insurance funds have also seen increased participation, with a total of 222 billion yuan allocated for long-term investment reforms, and adjustments made to regulatory rules to encourage greater market involvement [3][4] - The introduction of a long-term performance assessment mechanism for public funds aims to stabilize investment behaviors and enhance the overall investment structure, potentially leading to an influx of approximately one trillion yuan into the A-share market by 2025 [5]
国泰海通|银行:重视行业配比修复带动的估值提升
国泰海通证券研究· 2025-05-19 14:20
大力推动中长期资金入市,利好增量资金流入银行板块。 一是受险资权益类投资比例上限上调、长期投资 试点扩围,以及年内可能仍有降准降息使无风险利率进一步下行等影响,或有更多长线资金流入红利板 块。另一是公募基金改革对基金考核模式的指引,或带动产品行业配比向业绩基准收敛。 25Q1 末主动型 公募基金重仓银行股仓位仅 3.25% ,而沪深 300 和中证 800 指数中银行业权重分别为 13.67% 和 10.76% ,大幅欠配,配比再平衡将带动资金积极流入板块。 个股方面建议两条投资策略: 一是优质地区城商行,主因规模高增份额提升、负债端成本改善空间更大可 支撑息差、资产质量安全边际厚、净利润保持一定增速确定性高。二是自 24Q4 起已呈现出存贷款修复迹 象、指数中权重占比和基金仓位占比差距较大的股份行。 报告导读: 4月金融数据略低于预期但已成过去式,5月一揽子金融政策和中美贸易关系缓 和均利好经济预期回升向好。监管大力推动中长期资金入市,利好增量资金流入银行股。 4 月信贷增量小月更小,社融和 M2 低基数下增速回升。 4 月新增信贷仅 2800 亿元,结构上以票据贴现 为主,符合开门红后信贷小月的季节性特征 ...
加大力度引“长钱”入市 稳市场预期愈发明朗 A500指数ETF(159351)全天成交近23亿 位居深市第一
Mei Ri Jing Ji Xin Wen· 2025-05-19 07:47
Group 1 - The A-share market continues to show a narrow fluctuation trend, with the Shanghai Composite Index closing at 3367.58 points, a slight increase of 0.12% [1] - The A500 Index ETF (159351) experienced a minor decline of 0.21% at the close, despite active trading with a total turnover exceeding 2.294 billion yuan, ranking second in the market for similar products [1] - The turnover rate of the A500 Index ETF was 16.03%, also ranking second in the market, indicating strong investor interest [1] Group 2 - The China Securities Regulatory Commission (CSRC) reported that long-term funds, including social security, insurance, and annuities, have net bought over 200 billion yuan of A-shares this year, reflecting a positive cycle of capital inflow and market stability [1] - The Shanghai Stock Exchange recently held specialized training to support the entry of equity funds from commercial bank wealth management companies, aiming to enhance the effectiveness of ETFs in attracting long-term capital [1] - Analysts predict that the A-share market is likely to operate in a "slow bull" manner this year, supported by policy measures and improvements in the economic fundamentals [2] Group 3 - The A500 Index ETF tracks the CSI A500 Index, which consists of 500 stocks with large market capitalization and good liquidity, providing a balanced industry distribution and favoring large and mid-cap styles [2] - The A500 Index ETF is seen as a valuable tool for investors looking to allocate to representative A-share companies, particularly those with high new productivity component ratios [2] - Investors can also access quality core asset opportunities through the A500 Index ETF linked funds (Class A 022453; Class C 022454) [2]
更大力度“引长钱”,核心资产再受关注!中证A500指数ETF(563880)喜提周线两连阳!
Sou Hu Cai Jing· 2025-05-19 01:49
Group 1 - The A-share market showed positive performance last week, with the CSI A500 Index ETF (563880) rising by 0.72%, marking two consecutive weeks of gains [1] - Positive factors include better-than-expected results from high-level Sino-US trade talks, easing tariff risks, and a temporary stabilization of geopolitical tensions, which boosted market risk appetite [1] - New regulations for public funds are set to be implemented, prompting some investors to preemptively invest in large financial sectors such as banks and brokerages, driving up major stocks [1] Group 2 - Recent training sessions for commercial bank wealth management companies aim to create a "long money, long investment" ecosystem, facilitating the entry of long-term funds into the market [3] - The implementation plan for promoting long-term funds entering the market is expected to enhance the role of ETFs in attracting these funds, thereby supporting the growth of long-term investments [3] - As of Q1 2025, the outstanding scale of bank wealth management is projected to reach 29.14 trillion yuan, a year-on-year increase of 9.41% [3] Group 3 - The implementation plan also encourages various long-term funds, including insurance, public funds, and pension funds, to increase their investments in the A-share market [4] - It is estimated that from 2025 to 2027, insurance funds will contribute an incremental investment of 0.57 trillion, 0.60 trillion, and 0.63 trillion yuan annually to A-shares [4] - Public funds are expected to increase their holdings of A-shares by at least 10% annually, while pension funds have significant room for increasing their equity investment ratios [4] Group 4 - The third batch of long-term investment pilot programs for insurance funds has been launched, which is expected to inject additional funds into the A-share market [5] - Specific measures to stabilize the stock market include expanding the pilot scope for long-term insurance investments and adjusting regulatory rules to enhance investment capacity [5] - The introduction of a long-term assessment mechanism aims to promote the "long money, long investment" approach among institutions [5] Group 5 - The trend of long-term funds entering the market is likely to shift investment styles towards core assets, reinforcing value investment principles and reducing speculative trading [6] - Long-term funds prefer ETFs, which are becoming a significant source of incremental funds for the ETF market [6] - As of 2024, the combined holdings of ETFs by Huijin Investment and Huijin Asset Management reached 1.04 trillion yuan, a sixfold increase from the end of 2023 [6] Group 6 - The CSI A500 Index ETF (563880) is favored by long-term funds due to its focus on industry leaders with strong cash flow and risk resilience [7] - The index's net profit for Q1 2025 is projected to be 100 trillion yuan, a year-on-year increase of 2.54%, accounting for 67% of the total net profit of A-shares [7] - The CSI A500 Index ETF offers the lowest comprehensive fee rate in the market and a monthly evaluation of profit distribution, providing investors with predictable returns [7] Group 7 - The CSI A500 Index ETF (563880) has been officially included as a margin trading and securities lending target, which is expected to enhance its scale and liquidity [8] - Investors without a securities account can consider the off-market linked funds for investment [8]
资本市场丨中长期资金入市如何改写市场“生态版图”
Sou Hu Cai Jing· 2025-05-19 01:48
Group 1 - The core viewpoint of the article is the introduction of a comprehensive financial policy by the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission to inject momentum into the capital market [1][2][10] - The policy aims to promote the entry of long-term funds into the market, which is expected to improve the market ecology and enhance investor confidence [2][4][25] - Experts emphasize the need for regulatory measures to prevent short-term operations of long-term funds, which have historically affected market stability [2][3][25] Group 2 - The introduction of long-term funds is seen as a stabilizing force for the A-share market, with insurance and pension funds showing net buying activity [4][25] - The policy includes a target for public funds to increase their holdings of A-share circulating market value by at least 10% annually over the next three years, potentially bringing thousands of billions in new funds to the market [6][17] - The market is expected to see structural improvements, with a focus on sectors that align with long-term investment preferences, such as banking stocks, consumer blue chips, and innovative healthcare [5][17] Group 3 - The article discusses the need for a more transparent and fair capital market system to support the development of new productive forces, with a focus on technology and innovation [15][18] - Regulatory reforms are suggested to enhance the adaptability of the market to new technologies and emerging industries, including easing listing requirements for tech-focused companies [18][19] - The overall sentiment is that the capital market is on a path toward improvement, with increased activity in mergers and acquisitions and a growing emphasis on long-term value creation [20][24]
理财资金权益配置仍较低 头部机构探路“耐心资本”入市新空间
Nan Fang Du Shi Bao· 2025-05-18 23:12
Core Viewpoint - The role of bank wealth management in the capital market is becoming increasingly important, especially following the implementation of policies aimed at promoting long-term capital investment [2][4][5]. Group 1: Wealth Management Asset Allocation - As of the end of 2024, the total investment assets of wealth management products managed by Xingyin Wealth Management reached 2.16 trillion yuan, ranking second in the industry [3]. - The allocation of equity assets in wealth management products is notably low, with Xingyin Wealth Management's equity asset allocation at 0.73%, significantly below the industry average of 2.58% [5][6]. - The total investment assets in wealth management products across the market amounted to 32.13 trillion yuan, with equity assets totaling only 830 billion yuan [5]. Group 2: Investment Strategies and Challenges - Xingyin Wealth Management has diversified its product offerings to include various risk-return profiles for equity-linked wealth management products, but faces challenges due to the conservative risk preferences of its clients [6][7]. - The company has announced plans to purchase its own equity-linked wealth management products, indicating a commitment to increasing its equity asset allocation [7][8]. - Despite the low allocation to equity assets, Xingyin Wealth Management is actively exploring opportunities in the capital market, particularly in response to market fluctuations [9][10]. Group 3: Market Dynamics and Future Outlook - The recent market volatility has prompted several wealth management companies to increase their equity holdings, with a focus on long-term capital investment [5][6]. - The company aims to optimize its product portfolio based on fundamental and valuation changes, while also managing transaction costs effectively [10]. - The future strategy will involve balancing liquidity needs with long-term investment goals, ensuring that investor interests are prioritized [9][10].
险资举牌又来了!平安人寿增持两家银行H股股份
2 1 Shi Ji Jing Ji Bao Dao· 2025-05-16 11:30
21世纪经济报道记者 叶麦穗 广州报道5月15日,港交所披露信息显示,平安人寿于5月12日增持农业银 行H股1.47亿股,持有该行H股股份的数量由30.44亿股增至31.91亿股,占该行H股股本的比例由9.90%增 至10.38%。 前一日,港交所披露信息显示,平安人寿于5月9日增持邮储银行H股2329万股,持有该行H股股份的数 量由19.74亿股增至19.97亿股,占该行H股股本的比例由9.93%增至10.05%。 这是平安人寿年度第二次对农业银行H股、邮储银行H股进行举牌。 此前,平安人寿分别在今年2月、1 月举牌农业银行H股、邮储银行H股。 平安系今年在A股和H股市场上表现积极,不但举牌次数多,而且涉及的个股数量也多。 除了上述两家银行之外,今年平安人寿还两次对招商银行H股进行举牌,并在举牌后继续增持。具体来 看,今年1月、3月两次举牌招商银行H股。近日,港交所披露的信息显示,平安人寿5月6日增持招商银 行347.55万股H股,占该行H股股本的比例由11.92%增至12%。 在今年2月的媒体座谈会上,中邮保险资产管理有限公司临时负责人、副总经理张戬曾表示:"2025年整 个股票市场的机会显著大于过去两三 ...
北水动向|北水成交净买入10.95亿 内资继续加仓建行(00939) 本周累计净买入超34亿港元
智通财经网· 2025-05-16 10:04
智通财经APP获悉,5月16日港股市场,北水成交净买入10.95亿港元,其中港股通(沪)成交净买入21.2亿 港元,港股通(深)成交净卖出10.25亿港元。 北水净买入最多的个股是建设银行(00939)、吉利汽车(00175)、美团-W(03690)。北水净卖出最多的个股 是盈富基金(02800)、腾讯(00700)、小米集团-W(01810)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 39.56亿 | 33.85 乙 | 73.41亿 +5.72 乙 | | 腾讯控股 | 13.09亿 | 17.61 乙 | 30.70亿 | | HK 00700 | | | -4.53 Z | | 小米集团-W | 11.54 乙 | 15.73 乙 | 27.27 亿 | | HK 01810 | | | -4.201Z | | 美团-W | 11.52 乙 | 8.26亿 | 19.78亿 | | HK 03690 | | | +3.26 乙 | | 建设银行 | 14.64 Z | ...