Core Viewpoint - The regulatory body is implementing a counter-cyclical adjustment mechanism for fund product approvals to better protect investor interests, emphasizing a cautious approach towards new equity fund approvals amid high valuation benchmarks [1][2][7]. Fund Approval and Market Conditions - Regulatory scrutiny on new equity funds has increased, requiring that the performance benchmark index's rolling valuation over the last five years be below the 90th percentile and the last three months below the 80th percentile [2][3]. - Despite a bullish A-share market, fund companies are exercising restraint in launching new equity funds, with many setting initial fundraising caps at 2 billion to 3 billion yuan [1][4]. Fund Product Trends - Recent approvals have favored funds in sectors with relatively low valuations, such as healthcare, food, and consumer electronics, indicating a strategic focus on value [3][4]. - The approval of 16 hard technology products in mid-November reflects the regulatory body's timely response to market fluctuations, showcasing the effectiveness of the counter-cyclical adjustment mechanism [3][7]. Scale Management and Investor Experience - Fund companies are actively controlling the scale of new products, with many setting fundraising limits between 2 billion and 3 billion yuan, contrasting with the past trend of large-scale fund launches [4][5]. - Over 100 equity funds have announced restrictions on large subscriptions, with a focus on protecting existing investors and maintaining stable fund operations [5][6]. Regulatory Changes and Industry Transformation - The regulatory framework is shifting from a focus on scale to quality, with new performance evaluation metrics emphasizing long-term investment returns and investor experience [6][7]. - The implementation of counter-cyclical adjustment mechanisms is expected to enhance the capital market's resource allocation and support long-term investment strategies [7].

财政事关治国安邦、强国富民，在推动高质量发展和中国式现代化建设中承担重要职责。"十五五"时期 是基本实现社会主义现代化夯实基础、全面发力的关键时期，我国发展环境面临深刻复杂变化。从国际 看，外部环境动荡不安，大国博弈更加复杂激烈，单边主义、保护主义抬头，世界经济增长动能不足。 从国内看，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，同时 产业结构、商业模式、人口结构、财富分配等发生显著变化，一些领域风险尚未出清。这些对财政运 行、宏观调控、财税改革等产生深刻影响，必须有效应对形势变化，从危机和困难中捕捉和创造机遇， 切实提高财政政策效能、财政宏观调控能力和财政科学管理水平，更好推动高质量发展。工作中需要把 握好以下几点。 习近平总书记强调，财政是国家治理的基础和重要支柱。党的二十届四中全会深刻把握历史方位和发展 大势，全面擘画"十五五"时期我国经济社会发展蓝图，对发挥积极财政政策作用提出明确要求。我们要 以改革的思维、创新的精神，完整准确全面贯彻全会部署，统筹生财、聚财、用财之道，有力有效实施 积极的财政政策，为以中国式现代化全面推进强国建设、民族复兴伟业提供坚强财政保障。 一、 ...

Core Viewpoint - The regulatory body is implementing a counter-cyclical adjustment mechanism for fund product approvals to better protect investor interests, emphasizing a cautious approach towards new equity fund approvals amid high valuation benchmarks [1][2][6]. Group 1: Regulatory Actions - The approval process for new equity funds has become more stringent, with requirements for performance benchmarks to be below the 90th percentile for the last five years and the 80th percentile for the last three months [2][3]. - The regulatory framework encourages fund companies to focus on quality over size, promoting a rational and restrained approach during market highs and increasing counter-cyclical investments during market lows [2][6]. Group 2: Market Trends - Despite a bullish A-share market, fund companies are limiting the scale of new equity fund launches, with many setting initial fundraising caps at 2 billion to 3 billion yuan [1][4]. - A significant portion of newly established equity funds this year has set fundraising limits, with 57% of these caps below 3 billion yuan [5]. Group 3: Fund Management Practices - Fund companies are actively controlling the scale of new products and limiting large subscriptions for existing high-performing funds to protect investor interests and maintain stable fund operations [5][6]. - The focus is on aligning fund size with strategy capacity to avoid increased transaction costs and ensure a fair investment experience for all investors [5]. Group 4: Long-term Investment Ecosystem - The deepening implementation of the counter-cyclical adjustment mechanism is shifting the public fund industry from a focus on scale to one on quality, which is expected to attract more long-term capital and enhance investor satisfaction [7]. - Regulatory measures are designed to create a balanced approval rhythm that avoids excessive capital inflow into popular sectors while supporting key areas like hard technology during market corrections [7].

Core Viewpoint - The approval of fund products is initiating a counter-cyclical adjustment mechanism to better protect investor interests under the guidance of the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2] Group 1: Regulatory Adjustments - Regulatory scrutiny on new equity fund approvals has increased, particularly for those with high performance benchmarks, requiring recent five-year rolling valuations to be below the 90th percentile and three-month valuations below the 80th percentile [2][3] - The approval process is being optimized to maintain a rational and restrained approach during market highs while increasing counter-cyclical investments during market lows [2][6] Group 2: Fund Issuance and Management - Fund companies are exhibiting restraint in issuing new equity funds, with many setting initial fundraising caps at 2 billion to 3 billion yuan, contrasting with the past trend of launching large-scale funds [5][6] - Over 50% of the 1,045 new equity funds established this year have set fundraising limits, with 57% of these limits below 3 billion yuan [5] Group 3: Market Response and Strategy - The approval of new funds has focused on sectors with relatively low valuations, such as healthcare and consumer electronics, especially during periods of market volatility [3][4] - The industry is shifting from a focus on scale to quality, aiming to attract more long-term capital and enhance investor satisfaction through better fund management practices [7] Group 4: Performance Evaluation and Investor Experience - The regulatory framework has been restructured to emphasize fund performance over size and revenue, with new metrics introduced to evaluate fund managers based on investor service and experience [6][7] - The implementation of counter-cyclical adjustment mechanisms is expected to improve the overall investment experience for investors and stabilize the capital market [7]

Core Viewpoint - The approval of fund products is undergoing a counter-cyclical adjustment mechanism to better protect investor interests, with a more cautious approach towards new equity fund approvals due to high valuation benchmarks [2][4][11]. Group 1: Regulatory Adjustments - Regulatory scrutiny has increased for new equity funds, requiring that the performance benchmark index's rolling valuation over the last five years be below the historical 90th percentile and the last three months below the 80th percentile [5][6]. - The approval process has been optimized, with a focus on sectors with relatively low valuations, such as healthcare, food, and consumer electronics [5][6]. Group 2: Market Behavior and Fund Management - Despite a bullish A-share market, fund companies are exercising restraint in new equity fund launches, with many setting initial fundraising caps at 2 billion to 3 billion yuan [2][9]. - A significant number of new equity funds launched this year have set fundraising limits, with 57% of these limits below 3 billion yuan [9]. Group 3: Investor Experience and Fund Performance - The industry is shifting from a focus on scale to quality, aiming to enhance investor experience and long-term returns [11]. - Fund companies are implementing measures such as subscription limits and dynamic allocation to ensure fair investment experiences for all investors [9][11]. Group 4: Long-term Investment Ecosystem - The deepening implementation of the counter-cyclical adjustment mechanism is expected to attract more long-term capital into the public fund industry, enhancing investor satisfaction [11]. - The regulatory framework is evolving to emphasize long-term performance and investor returns, moving away from traditional metrics like scale and revenue [9][11].

Group 1 - The A-share market experienced a significant adjustment in November 2025, with high valuation growth stocks undergoing notable corrections while value and dividend stocks showed relative resilience [2][17] - Economic data for November indicated a weak recovery in investment and consumption, with exports declining due to high base effects and holiday impacts. However, CPI growth turned positive, and PPI declines narrowed, suggesting a mild recovery in prices [2][17] - The central bank's report emphasized maintaining relatively loose social financing conditions to support "steady growth," alongside various policies aimed at stimulating domestic demand and private investment [2][17] Group 2 - For December 2025, a balanced investment strategy is recommended, focusing on high-dividend defensive assets like banks and power companies due to cautious investor sentiment, while also gradually positioning in high-growth sectors like TMT and industrial machinery as valuations have returned to reasonable levels [3][18] - The recommended stocks for December 2025 include: 002850.SZ Keda Li, 300037.SZ Xinzhou Bang, 601058.SH Sailun Tire, 603755.SH Richen Co., 300442.SZ Runze Technology, 002046.SZ Guoji Precision, 002714.SZ Muyuan Foods, 688041.SH Haiguang Information, 688498.SH Yuanjie Technology, and 688313.SH Shijia Photon [4][22] Group 3 - The monthly gold stock portfolio for November 2025 yielded a return of -2.16%, outperforming the CSI 300 index by 0.21 percentage points and the ChiNext index by 1.82 percentage points [6][9] - The cumulative return of the monthly gold stock portfolio as of November 28, 2025, was 42.86%, surpassing the CSI 300 index by 27.73 percentage points, while slightly underperforming the ChiNext index by 0.01 percentage points [13]

Core Insights - The report from the China Macro Economic Forum (CMF) indicates that by 2025, China's economy is expected to strive for breakthroughs and achieve its development goals, while 2026 will present new opportunities despite ongoing challenges [1][2][3] Group 1: Economic Outlook - The "14th Five-Year Plan" period was crucial for China's transition from high-speed growth to high-quality development, maintaining economic stability amid global trade tensions and domestic pressures [2] - In 2025, China's economy is projected to grow at around 5%, supported by proactive fiscal and monetary policies, despite facing significant external uncertainties [2][4] - The year 2026 will mark the beginning of the "15th Five-Year Plan," which is expected to open new growth spaces and provide substantial support for reversing short-term economic downturns [3] Group 2: Policy Recommendations - The report suggests setting a cross-cycle target for 2026, including a real GDP growth target of 4.5%-5%, a CPI target of 1%-3%, and a nominal GDP growth target of over 5% [4] - It emphasizes the need for effective responses to the challenges posed by global economic slowdowns, trade tensions, and domestic structural transformations [3][4]

■邢萌 更为重要的是，全球投资者看到的不仅是当下的经济增速，更看到我国以科技创新为驱动、发展新质生 产力的清晰路径与未来潜力。在新能源汽车、人工智能等新兴产业领域，我国正实现从技术追随者向创 新引领者的关键跃迁。这一面向未来的产业升级，意味着经济增长模式从规模扩张转向质量驱动，为长 期偿债能力提供了可持续的内在保障。 其次，中国始终保持"以我为主"的宏观政策定力，政策储备充足，制度型开放蹄疾步稳，有力增强了国 际资本的信心。 我国凭借充裕的政策工具箱与独立的决策空间，能够在全球经济波动中实施精准的逆周期调节。与此同 时，我国持续推进制度型开放，促进金融基础设施与国际标准全面对接，显著提升国际资本在交易便利 性、合规安全与风险管理方面的信心。这种政策自主性与制度开放性的有机结合，为主权资产创造了难 得的确定性溢价，使中国主权债券在全球金融动荡中展现出"稳定器"功能，为国际资本提供了独特的长 期配置价值。 最后，中国主权债券兼具安全资产、收益资产、对冲资产三重属性，有效满足全球投资者多元化需求。 近日，中国财政部代表中央政府在卢森堡成功发行了40亿欧元主权债券。其中，4年期20亿欧元，发行 利率为2.401%；7 ...

行业 国债日报 日期 2025 年 11 月 26 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) | | | 表1：国债期货11月25日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2512 | 115.720 | 115.600 | 115.320 | 115.460 | -0.400 | -0.35 | 45123 | 32229 | -15079 | | TL2603 | 115.540 | 115.380 | 115.160 | 115.280 | -0.380 | -0.33 | 123788 | 135646 | 16728 | | TL2606 | 115.610 | 115.550 | 115.310 | ...

Core Points - The latest Loan Prime Rate (LPR) remains unchanged at 3.0% for 1-year and 3.5% for 5-year loans, marking six months of stability since the last reduction in May [1] - The stability in LPR is attributed to strong macroeconomic performance, including better-than-expected exports and rapid development in new productivity sectors [1][2] - The People's Bank of China (PBOC) aims to maintain a moderately loose monetary policy to support economic growth and ensure liquidity in the financial system [2][3] Group 1 - The LPR has been a key reference for loan pricing since the reform in August 2019, influencing corporate financing and household credit costs [2] - The average interest rate for newly issued corporate loans in October was 3.1%, down approximately 40 basis points year-on-year, while the rate for personal housing loans was also 3.1%, down about 8 basis points [2] - The PBOC plans to deepen interest rate marketization reforms and improve the quality of LPR quotes to better reflect market conditions [3] Group 2 - The PBOC emphasizes a proactive monetary policy to achieve stable growth, balancing short-term and long-term economic adjustments [3] - There is potential for further monetary policy easing to support economic recovery, especially in light of the need for sustained growth [3] - The focus is on optimizing the structure of the economy and promoting growth driven by domestic demand and consumption [3]