生命资产发布公告称，朱海马拟任公司董事长。公开信息显示，朱海马现任富德集团董事局秘书、副总 裁，前海富德能源总经理。曾任富德保险控股董事长办公室主任、富德生命人寿海南分公司总经理等 职。 来源：中国银行保险报 朱艳霞 近日，保险资管行业迎来新一轮人事调整。平安资管、新华资管、生命资产、民生通惠资管等公司相继 宣布高管变动，涉及董事长、总经理等职位。 民生通惠资管发布公告称，经董事会决议，并经金融监管部门核准，公司于4月6日正式任命吴志军担任 董事、董事长。这是该公司原董事长葛旋去年5月辞任后的首次核心管理层补位。吴志军2013年加入民 生人寿，历任民生人寿首席运营官、执行总裁、合规负责人、财务负责人、首席风险官、总经理等职。 值得关注的是，保险资管公司近期陆续披露2024年年报。根据34家公司披露的数据，行业整体呈现营收 利润双增态势，2024年合计营收416亿元、净利184亿元，比上年分别增长14.4%、18.1%。 相关业内人士认为，2025年，权益市场投资价值将进一步凸显，债券市场收益率下行趋势有望改善。保 险资管行业应积极应对低利率环境新动态，持续探索差异化定位，努力发展服务新质生产力的途径和手 段。 ...

Core Viewpoint - The Chinese capital market is demonstrating unique vitality and resilience, positioning itself as a key player in the global economic landscape, particularly through the asset management industry which is seen as a core engine for capital allocation and value discovery [1] Group 1: Investment Opportunities - The bond market is viewed as favorable due to a supportive macroeconomic environment and a clear direction of monetary policy easing, with low risk of significant adjustments [2][4] - The stock market is experiencing positive policy signals aimed at stabilizing the market, with central entities increasing their holdings in A-shares, which is expected to boost investor confidence [2] - Current stock market valuations are considered to be in a reasonable range, presenting structural opportunities particularly in sectors like technology innovation, military, machinery, and undervalued financials and cyclical stocks [2] Group 2: Asset Allocation Strategies - In an environment of increasing uncertainty, diversification across asset classes such as stocks and bonds is recommended to mitigate risks [3] - Maintaining flexible positions and emphasizing liquidity management is crucial, avoiding extreme risk exposure [3] - The "fixed income plus" strategy is suggested for achieving stable returns while considering the volatility of products and individual risk tolerance [6] Group 3: Changes in Investment Framework - The investment research framework has shifted from a macro and mid-level focus to a greater emphasis on micro-level research, recognizing the significant impact of microeconomic factors on macroeconomic trends [7] - Increased market volatility necessitates a focus on market sentiment, with a proactive approach to understanding and anticipating changes in investor behavior [7] - The approach to credit risk has evolved, with a focus on high-quality municipal bonds while maintaining strict credit standards, and a shift towards recognizing the trading value of credit bonds [8] Group 4: Balancing Risk and Return - Investment decisions require rationality, with an emphasis on recognizing and managing both foreseeable and unforeseeable risks [9] - The essence of investment is framed as creating returns while controlling drawdowns, ensuring long-term performance sustainability [9]

许多个人投资者朋友最近抱怨，他们几年前存的定期存款到期了，想要再投资时却发现现在各类理财产 品的预期收益率已经大不如前。其实这一现象并不特殊。著名经济学家霍默和西勒在《利率史》中总结 的重要规律表明，尽管存在短期波动和突发事件的影响，利率的长期趋势是向下的，这一过程与经济发 展、制度完善和风险管理的进步密切相关。 随着我国经济发展水平的不断提高，利率水平也会表现出长期下降的趋势，短期理财产品的预期收益率 水平也会逐步降低。以我们熟悉的货币基金7日年化收益率为例，2018年之前，货币基金7日年化收益率 平均约4%，相当于存1万元，每天的收益有1元多钱。而到了2024年下半年，多数货币基金7日年化收益 率已降至1.5%以内。今年年初，部分货币基金7日年化收益率甚至跌破1%。相当于同样1万元的本金， 需要接近4天的时间才能赚1元钱。在这样的背景下，短债基金的投资运作也面临更多的机遇与挑战。 在机遇方面，低利率环境下短债基金有望承接货币基金外溢规模。当货币基金收益率下降到不能满足需 求时，投资者的一个自然选择就是寻找收益率更高的短债基金作为替代。从历史数据看来，伴随货币基 金收益率水平突破关键点位，其市场份额可能出现 ...

低利率环境下的新常态 ——非银金融行业2024年报&2025年一季报综述 长江证券研究所非银金融研究小组 2025-05-06 %% %% %% %% research.95579.com 分析师 吴一凡 分析师 谢宇尘 分析师 戴永飞 分析师 程泽宇 SAC执业证书编号：S0490519080007 SAC执业证书编号：S0490521020001 SAC执业证书编号：S0490524070001 SAC执业证书编号：S0490524090001 SFC执业证书编号：BUV596 %% %% %% %% research.95579.com 2 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 综述：低利率环境下的新常态 %% research.95579.com 3 ➢ 总结：2024年是非银金融机构对抗利率下行初显成效的一年，除了直观的资产收益率大幅回升之外，成本下降或是更为重要的成果。一方面是传 统险预定利率的下调及分红险占比的回升，另一方面是券商费用率的下降。2025年Q1我们看到行业仍延续这一趋势，但增长动能正在减弱，从 企业行为上来看应对长期低利率做出的资产和负债调整成为 ...

A股近期有所反弹 4月28日，A股三大指数小幅下跌，沪指全天维持在3300点附近。4月以来，受特朗普政府所谓的"对等 关税"冲击，全球资本市场出现大幅波动，A股也被牵连。 不过，在中国多部门密集部署、推出多种举 措之后，A股有所反弹。 如何看待A股近期的走势？市场风险偏好是否正在边际性改善？东吴期货首席投资官吴照银为我们带来 他的解读。 0:00 南方财经全媒体记者杨雨莱 广州报道 A股"成绩单"表现亮眼 4月底，2025年一季报披露临近尾声，A股市场上市公司交出了一份较为亮眼的成绩单。截至4月27日， 超过2700家上市公司发布了2025年一季报，已发布一季报的公司中，约四成实现了营收和归母净利润的 双增长，约六成企业实现净利润同比增长，百余家公司增幅超100%。其中，基础化工、电力设备、有 色金属等板块表现突出。 市场风险偏好在稳步改善 吴照银：在过去的三周里，A股市场和全球资本市场的局势都有所缓和。尽管关税战尚未达成最终协 议，市场的整体趋势仍然是朝着稳定的方向发展。我们可以看到市场已经开始慢慢回升，波动幅度逐渐 减小，整体运行状态趋于平稳。同时，市场的风险偏好也在稳步改善。 在这个时间点上，我们对市场 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market index by more than 5% over the next six months [5]. Core Viewpoints - The report highlights that China Pacific Insurance (CPIC) achieved a net profit of 9.627 billion yuan in Q1 2025, representing a year-on-year decline of 18.1%. The net assets decreased by 9.5% compared to the end of the previous year, totaling 263.61 billion yuan [2]. - In the life insurance sector, CPIC is focusing on high-quality development and deepening its transformation. The new insurance premium scale increased significantly, with a new premium scale of 42.354 billion yuan in Q1 2025, reflecting a year-on-year growth of 29.2% [4]. - The report notes that the non-life insurance segment also saw stable premium growth, with original premium income reaching 63.108 billion yuan, a year-on-year increase of 1.0% [4]. - Investment performance remained resilient despite market fluctuations, with an annualized net investment return rate of 0.8% in Q1 2025, unchanged from the previous year [4]. Summary by Sections Life Insurance - CPIC's new insurance premium scale reached 42.354 billion yuan, up 29.2% year-on-year. The new business value (NBV) was approximately 5.778 billion yuan, with a significant increase in comparable terms [4]. - The product structure was optimized, with the proportion of participating insurance premiums rising to 18.2%, an increase of 16.1 percentage points year-on-year [4]. - The individual insurance channel saw a decline in new premium scale, down 15.2% year-on-year, primarily due to a high base in the previous year [4]. Non-Life Insurance - CPIC's original premium income in the non-life insurance sector was 63.108 billion yuan, with a 1.0% year-on-year increase. The growth in auto and non-auto insurance premiums was 1.3% and 0.7%, respectively [4]. - The combined ratio improved to 97.4%, a decrease of 0.6 percentage points year-on-year, indicating better cost management and reduced disaster impacts [4]. Investment Performance - The report indicates that the capital market remains volatile, but CPIC's investment performance is resilient, with a total investment return rate of 1.0%, down 0.3 percentage points year-on-year [4]. - The yield on ten-year government bonds increased by 14 basis points compared to the end of 2024, impacting the fair value of bonds held by CPIC [4].

Investment Rating - The report maintains an "Accumulate" rating for the C-REITs sector [6] Core Views - The C-REITs market is expected to present investment opportunities in a low interest rate environment by 2025, with macroeconomic conditions gradually improving. However, timing is crucial for secondary market investments as the sector has already undergone valuation recovery in 2024 [5] - Weak-cycle assets continue to attract attention due to risk aversion, suggesting a need to select individual securities based on asset resilience, secondary market prices, and P/NAV ratios [5] - Strong-cycle sectors should focus on policy themes and project management capabilities, particularly in high-energy cities where consumption, logistics, industrial parks, and highways show signs of recovery [5] REITs Index Performance - The CSI REITs total return index decreased by 1.43% this week, closing at 1058.9 points, while the CSI REITs index fell by 1.83%, closing at 847 points [1][11] - Year-to-date, the CSI REITs total return index has increased by 9.41%, ranking second among various indices, while the CSI REITs index has risen by 7.27% [2][11] REITs Secondary Market Performance - The C-REITs secondary market experienced an overall pullback this week, with only the consumption infrastructure sector performing relatively well. The energy infrastructure and industrial park sectors saw significant declines [3][13] - As of April 25, the total market capitalization of listed REITs is approximately 189.51 billion, with an average market cap of about 2.9 billion per REIT. Out of the listed REITs, 19 increased in value while 46 decreased, resulting in an average weekly decline of 0.98% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows continued differentiation, with the top three being Huaxia China Communications REIT (11.6%), Ping An Guangzhou Guanghe REIT (10.9%), and CICC Anhui Transportation Control REIT (8.9%) [5] - The P/NAV ratio for REITs ranges from 0.7 to 1.8, with the highest being Jiashi China Power Construction Clean Energy REIT (1.8), Huaxia Beijing Affordable Housing REIT (1.7), and Huaxia Shouchuang Outlets REIT (1.7) [5]

今天A股和港股的表现，可以说超出绝大多数人的预期了，因为一早在《 女灭霸引爆美股 》里说的，关税冲突进一步加剧（今晚还在加剧，我 们再次加码反制），外围环境是在变差的，结果，在全球一片大跌，美股昨晚高位跳水10%的情况下， A股港股逆市翻红，强到离谱 。 今天A股80%以上的个股上涨，港股70%以上的个股上涨，而且，跌停个股数量，在上午9点40分后，快速回落，到收盘的时候，只有13只个股还 停在跌停板上，这说明， 市场的局部流动性危机，也彻底解除了 。 更令人比较惊讶的是， 今天国家队，甚至都没怎么出手 ——除了科创50一早有明显的放量外，其他几个宽基ETF，几乎都没怎么动。 代表小盘股的中证2000，开盘跌超7%，陷入危机模式，但没过1个小时，就直接拉红了，我了解了一圈，国家队还是没买这个方向——和过去一样，在市 值上，国家队选择的标的，最多还是只下沉到中证1000。 不过，这也说明了两个事。 第一， 市场 自发反弹的力量非常强； 第二， 国家队 本次的救市策略相当成功，在连续两日大额净买入托底，建立起市场的信心后，到了第三天，只需要上班打个卡，就撬动起了市场的杠杆 资金。 我们看昨天和今天的数据，也算是亲 ...

Core Viewpoint - The article discusses the upcoming LSEG 2025 Market Outlook Forum, focusing on the financial market trends and opportunities in China for the year 2025, emphasizing the importance of financial technology and data development [1][2]. Agenda Summary - The forum will feature prominent guests from various financial sectors, including banking, securities, insurance, asset management, fintech, and corporations, to discuss the outlook for the Chinese market in 2025 [2]. - The event will commence with a welcome speech addressing the recovery of the Chinese market and new opportunities in fintech and data development [2]. - David Day, President of LSEG Asia Pacific, will deliver a keynote speech analyzing the macroeconomic situation and policy outlook for 2025 [4]. - A series of roundtable discussions will cover various topics, including asset allocation in a low-interest-rate environment, future trends of ETFs, the impact of AI on smart finance, and the internationalization process of Chinese institutions [5][6][19][21]. - The forum will also include a special session focusing on the uncertainties in the commodity market and strategies for futures market development [31][32]. Participants and Hosts - Notable participants include chief economists, fund managers, and executives from leading financial institutions, such as the Industrial Bank of China and Huatai-PB Fund Management [5][10][27]. - Each roundtable will have designated hosts to facilitate discussions, ensuring a comprehensive exploration of the topics [5][19][21]. Company Overview - LSEG (London Stock Exchange Group) is a leading provider of financial market infrastructure, serving over 40,000 clients across more than 170 countries with financial data, analysis, news, and index products [39]. - The company emphasizes its commitment to promoting financial stability, enhancing economic capabilities, and supporting sustainable growth through innovative financing and risk management solutions [39].

今日除息，港股红利ETF基金(513820)连续9个月分红！四月日历效应：高 股息相对占优！低利率环境，"长钱"看好港股红利 3月26日，"可月月评估分红"的港股红利ETF基金（513820）又带上了"XD"前缀，这是除息的标志，月底（3月31日）即可收息。从上次除息日 （2.25）至今的表现来看，基金填权能力强劲！ 盘中，港股红利ETF基金（513820）冲高回落，当前跌0.18%，盘中溢价持续走阔。基金已连续11日累计获资金净流入超7000万，最新规模突 破20亿元。 华泰证券表示，险资或普遍加大红利股配置力度：1）稳定现金收益率。代表现金收益（利息、股息和少量租金）的净投资收益率是险资投资收 益的中枢，2023年以来利率快速下行压低利息贡献，红利股有助于增厚股息贡献。2）降低利润波动。红利股本身波动性相对较低，且如果计入 FVOCI则不影响利润。认为险资红利策略有3条重要选股标准：稳定的DPS、较低的估值、一定水平的股息率。（来源于华泰证券20250221《险资红 利策略的三道主线》） 机构指出，当前在"避险需求+日历效应+长线配置需求"等多重利好因素驱动型，高股息配置逻辑边际走强！"股息富翁"港股红利 ...