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每经热评︱险资长期考核指标落地 “长钱长投”培育更多耐心资本
Mei Ri Jing Ji Xin Wen· 2025-07-13 12:57
每经评论员 杜恒峰 7月11日,财政部发布《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通 知》(以下简称《通知》),对国有商业保险公司经营效益类绩效评价指标作出重大调整,核心内容有 二:其一,将净资产收益率考核由"当年度指标+3年周期指标"调整为"当年度指标+3年周期指标+5年周 期指标",三者权重分别为30%、50%和20%;其二,把资本保值增值率指标从"当年度指标"调整为"当 年度指标+3年周期指标+5年周期指标",权重同样为30%、50%和20%。 首先,被考核对象对投资的考量将以3年作为最小周期。这是因为3年周期指标的权重最高,达到50%, 而且较高的3年期收益率能为5年期考核奠定良好基础。在此情况下,被考核对象追求短期业绩的热情会 大幅降低,年末抱团高位股、扎堆热门赛道博取超额收益等短期行为将有望减少。其次,被考核对象会 有动力降低收益波动率,将长期目标分解到每一年的目标中,通过逐年积累收益率,最终达成较高的考 核收益率。那些初期收益率较低、到最后才"冲刺"的模式将不再"划算"。例如:投资经理在第一年到第 五年的收益率均为10%,5年累计收益率为61.051%,5年考核期结 ...
《关于引导保险资金长期稳健投资进一步加强国有商业保险公司长周期考核的通知》点评:拉长考核期限,风物长宜放眼量
ZHONGTAI SECURITIES· 2025-07-12 13:22
Investment Rating - The report maintains an "Overweight" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [2][14]. Core Insights - The recent policy change aims to extend the assessment period for state-owned commercial insurance companies, promoting long-term stable investments and preventing short-term performance pressures [5]. - The adjustment in performance evaluation metrics emphasizes a balanced approach between annual and multi-year indicators, enhancing the focus on sustainable growth and risk management [5]. - The report highlights that the insurance sector is increasingly favoring high-dividend stocks, with a notable increase in equity allocations, reflecting a strategic shift towards long-term value investments [5]. Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 31,377.86 billion, with a circulating market value of 31,369.21 billion [2]. Policy Implications - The new directive from the Ministry of Finance encourages insurance funds to act as stabilizers in the market, promoting long-term investment strategies [5]. - The report notes that the new accounting standards for insurance contracts will be fully implemented by January 1, 2026, which is expected to positively influence the assessment of insurance companies [5]. Investment Strategy - The report suggests that the extended assessment period will likely reduce the negative impact of equity asset fluctuations on profit assessments, thereby increasing the tolerance for equity allocation among insurance companies [5]. - The performance of the non-bank insurance stock index has significantly outperformed the market, with an absolute return of 13.17% and a relative return of 11.14% since the beginning of 2025 [7].
长周期考核提升险资投资稳定性和积极性 更好发挥资本市场“稳定器”作用
Zheng Quan Ri Bao Wang· 2025-07-12 13:08
7月11日,财政部印发《关于引导保险资金长期稳健投资进一步加强国有商业保险公司长周期考核的通 知》(以下简称《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,并要求其提高资 产负债管理水平,注重稳健经营,增强投资管理能力。 今年1月份,中央金融办、证监会、财政部等六部委联合印发《关于推动中长期资金入市工作的实施方 案》提出,对国有保险公司经营绩效全面实行三年以上的长周期考核,净资产收益率当年度考核权重不 高于30%,三年到五年周期指标权重不低于60%,以引导保险公司加大A股投资力度。 中国社会保障学会副会长兼养老金分会会长、浙江大学国家制度研究院副院长金维刚接受《证券日报》 记者采访时表示,考核周期延长,将对保险资金的投资理念、投资风格和投资特点产生正向激励作用, 有利于提升险资权益投资稳定性和积极性,鼓励险资价值投资、长期投资,成为稳定资本市场的重要力 量,增强市场的活力和韧性。 此次《通知》进一步将净资产收益率由"当年度指标+三年周期指标"调整为"当年度指标+三年周期指标 +五年周期指标",权重分别为30%、50%、20%;同时将资本保值增值率由"当年度指标"调整为"当年度 指标+三年周期指 ...
书评丨投资是一场修行
Core Concept - Mindful investing is emerging as a new paradigm in the investment field, focusing on psychological aspects and behavioral finance to enhance emotional management and rational decision-making in investments [1][4] Group 1: Mindful Investing Overview - Mindful investing combines mindfulness techniques, such as meditation, with professional investment practices to help investors manage emotions and make rational decisions [1] - Ray Dalio, founder of Bridgewater Associates, emphasizes the importance of meditation in achieving success, practicing it daily for 20 minutes [1] - The concept of mindfulness is deeply rooted in Eastern philosophy, promoting awareness of the present moment as a remedy for emotional distress [1] Group 2: Importance of Emotional Management - The book "Equanimity: Mindful Investing, Mindful Life" by Yang Jun explains the critical role of emotional management in investment performance, presenting the formula: "Investment Performance = Professional Knowledge × Emotional Management" [2][4] - Emotional awareness can help identify trends and enhance decision-making, but it is essential to manage emotions to avoid diminishing returns on professional skills [4] - The author illustrates that even highly capable individuals can see reduced effectiveness in their "investment performance" if they fail to manage their emotions [4] Group 3: Characteristics of Mindful Investing - Mindful investing emphasizes focusing on the present, maintaining rationality, and adhering to fundamental value investing principles, avoiding speculation and herd behavior [6] - It encourages a long-term investment approach, recognizing that short-term results may not always align with rational investment strategies [6] - The recent "National Nine Articles" from the State Council highlights the importance of promoting long-term investment strategies and rational investment principles in the capital market [6][7]
WindTalk资管大咖谈|野村东方国际证券肖令君:A股市场与长期投资
Group 1 - The core viewpoint of the article is that the A-share market is in the early stages of a transition from a bear to a bull market, supported by low valuations and policy backing, with significant long-term growth potential driven by new economic transformations and long-term capital inflows [2][4][6] Group 2 - A-shares are currently at historically low valuations, with the CSI 300 index PE at 13 times and PB at 1.3 times, indicating a favorable price-performance ratio compared to other asset classes [4][5] - The market is positioned similarly to the 2013-2014 period, where significant adjustments have occurred, and both policy support and investor sentiment are improving, laying the groundwork for a bull market [5][6] Group 3 - The Chinese government is focusing on expanding domestic demand through a combination of supply-side policies and demand-side stimulus, addressing the core obstacle of weak income growth expectations [8] - The structural differences between the Chinese and Japanese markets highlight that China is less likely to experience a balance sheet recession, with the current phase being characterized by the rise of new economies such as renewable energy and AI [9] Group 4 - Policy measures are enhancing the capital market's functionality, with long-term capital and stabilization funds entering the market, improving supply-demand dynamics [11] - The market structure is shifting towards new economies, with sectors like renewable energy and AI gaining traction, while consumer spending is transitioning from material to emotional consumption [12] Group 5 - Long-term investment strategies emphasize pricing, allocation, and professional management, advocating for a focus on reasonable valuations and avoiding short-term speculative trading [14] - The overall trend for A-shares is upward, supported by low valuations and policy benefits, encouraging investors to adopt a contrarian and long-term perspective to capitalize on new economic opportunities [14]
与持有人长期共赢,这只产品做到了!
点拾投资· 2025-07-10 12:56
Core Viewpoint - The article discusses the evolving dynamics between fund managers and investors, emphasizing the importance of achieving mutual benefits through investment strategies that focus on lower volatility and long-term factors [1]. Group 1: Fund Characteristics - The first key factor for desirable fund returns is lower volatility, which allows investors to achieve better "lifetime return rates" [2]. - The second key factor is the inclusion of long-term factors, such as dividend yield, to align fund uncertainty with investor goals [3]. - The HuaTai BaRui Dividend Low Volatility ETF (512890) has recently surpassed a scale of 20 billion, indicating a shift in investor behavior towards products that combine these two factors [4][5]. Group 2: Market Trends - In the first half of the year, the A-share market presented significant structural opportunities, with the Wande Equity Mixed Fund Index rising by 8.75%, outperforming the CSI 300 Index, which only increased by 1.44% [7]. - Despite this, there has not been a substantial increase in the scale of actively managed equity funds; instead, more low-volatility strategy products are emerging as important alternatives for investors [7][9]. - The market's product innovation is primarily focused on reducing volatility, with strategies including the allocation of low-correlated assets and incorporating gold as a risk-hedging tool [9][10]. Group 3: Performance Analysis - The HuaTai BaRui Dividend Low Volatility ETF has achieved positive returns every year since its inception, outperforming its benchmark in each complete year from 2019 to 2024 [17][18]. - The ETF's annual returns from 2019 to 2024 show that it achieved over 20% returns in 2019 and 2024, and between 10% to 20% in 2021 and 2023, with only 2022 yielding less than 5% [20][25]. - The ETF's performance illustrates that low-volatility strategies can provide stable returns while minimizing risk, aligning with the changing investor demand for long-term wealth growth rather than short-term gains [22][24]. Group 4: Company Development - HuaTai BaRui Fund has demonstrated significant growth, with its ETF total scale exceeding 500 billion as of July 9, 2025, reflecting a successful strategy focused on reducing volatility [24][25]. - The company has established a strong reputation in the industry for its low-volatility products, contributing to its leadership in the market [24][25].
研究机构:LVMH当前折价提供难得投资机会
news flash· 2025-07-09 11:53
Core Viewpoint - LVMH is currently undervalued, presenting a rare investment opportunity despite headwinds in the luxury goods industry [1] Group 1: Investment Potential - LVMH has historically been a premium valuation stock but is now experiencing an unusual discount [1] - The luxury goods sector has faced slowdowns before, but LVMH's valuation has been unjustly impacted this time [1] - The company is expected to rebound strongly due to its robust brand strength and competitive market position [1]
二季度业绩榜单来了,鹏华基金旗下17只权益基金同类排名前10%
Cai Fu Zai Xian· 2025-07-09 08:30
Core Insights - Penghua Fund's equity products have demonstrated strong long-term performance, ranking third among peers with over 20% returns in the past year as of June 30, 2025 [1] - A total of 41 equity products from Penghua Fund received a five-star rating from Guotai Haitong Securities as of April 2025, indicating high quality and performance [3] Group 1: Performance Rankings - Five equity funds from Penghua Fund ranked in the top 10 of their categories across different time frames, with Penghua Carbon Neutral A and C achieving net value growth rates of 105.51% and 104.33% respectively in the past year [2] - Penghua Medical Technology A achieved a one-year net value growth rate of 59.64%, ranking 10th out of 899 in its category, while its two-year growth rate of 46.24% placed it 6th out of 804 [2] - 18 equity products from Penghua Fund exceeded 35% returns in the past year, with 17 of them ranking in the top 10 of their categories [2] Group 2: Fund Ratings - As of April 2025, 41 equity products from Penghua Fund received three, five, and ten-year five-star ratings, with 11 products achieving dual five-star ratings [3] - Notable funds such as Penghua Medical Technology A and Penghua Innovation A received five-star ratings across multiple time frames, showcasing consistent performance [3] Group 3: Investment Strategy - Penghua Fund's equity team employs a systematic investment research strategy, balancing top-down and bottom-up approaches, and dynamically optimizing investment portfolios based on market changes [4] - The fund has established a strong talent pool through a tiered training mechanism, ensuring diverse investment styles and continuous updates in research areas [4] - The commitment to value and long-term investment principles aims to deliver superior products and excess returns for investors in the future [4]
银行股,再创新高!是何原因?有何魔力?
天天基金网· 2025-07-07 05:50
银行股近期集体创出新高,工商银行等个股在年线"两连阳"之后,今年上半年又悄然上涨了10%以上。尽 管市场情绪悲观,但在过去两年半的时间里,部分银行股已悄然走出了翻倍的行情。 闪电劈下来之前得在场 2001年至2005年是A股一轮大幅回撤行情,上证指数从2001年6月的最高2245点跌至2005年6月的998点,但优 质个股实际上早已经筑底。在指数走势惨烈的4年里,皖通高速、招商港口、上海机场、片仔癀等个股均走出 了翻倍的行情。 在此期间,这些优质个股并不是不会下跌,有时甚至会剧烈下跌,但投资者只要能够顶住市场压力,坚持住则 一定能取得超额收益。 皖通高速在这4年熊市中的整体涨幅为223%,但其间曾四次月度跌幅超过7%。就在上证指数跌破千点之际, 皖通高速2005年5月的跌幅达到了12.4%,市场极度悲观,此后该股在底部盘整了近一年,并在2007年的牛市 中大涨超过60%。 招商银行在这大市惨淡的4年时间中上涨了40%,其间出现10次以上月度跌幅超过5%的走势。就在上证指数跌 破千点关口之际,招商银行2005年5月的月度跌幅为8.6%。然而,市场给了有定力的投资者丰厚的回报,2006 年招商银行大涨180%,2 ...
基金经理“晒实盘”,火了!
天天基金网· 2025-07-07 05:07
Core Viewpoint - The recent trend of public fund managers sharing their real-time trading records on platforms like TianTian Fund is aimed at enhancing investor trust and promoting a long-term investment mindset [1][3][6]. Group 1: Fund Managers' Actions - Multiple fund managers, including Liu Junwen from Xinyuan Fund and Chen Bo from Shangyin Fund, have publicly shared their real-time trading activities, with investments ranging from tens of thousands to millions [1][2]. - Liu Junwen's fund combination, "Defensive Counterattack Win," achieved a market value of 1.1269 million yuan by July 4, after an additional investment of 300,000 yuan [2]. - Chen Bo's fund combination, "Left Hand Dividend Right Hand Technology," reported a return of 7.04% since its establishment, with total assets of 158,200 yuan [2]. Group 2: Transparency and Investor Engagement - The practice of fund managers sharing their real-time trading records is seen as a way to enhance transparency and reduce information asymmetry between fund managers and investors [3][6]. - This trend is linked to the new real-time trading feature introduced by TianTian Fund, which has attracted many fund managers to participate [3]. - The transparent operations of fund managers are believed to help investors develop a rational long-term investment perspective, especially during market fluctuations [1][6]. Group 3: Performance and Scale - The total amount of real-time trading shared by fund managers has exceeded 3.8 million yuan, with notable figures such as Yao Jiahong from Guojin Fund leading with a scale of 3.8 million yuan [4]. - Guotai Fund's Liang Xing reported a total amount of 1.2176 million yuan with a cumulative profit exceeding 200,000 yuan [4]. - Debang Fund's Lei Tao focused on semiconductor-themed funds, achieving a total amount of 1.5126 million yuan with nearly 300,000 yuan in cumulative profit [4].