从历史数据来看，A股市场牛熊交替频繁，而且熊长牛短。在这样的市场环境下，股民通过交易股票而 获得长期成功的难度很大。特别是在漫长的下跌市道，一旦背负了杠杆或是动用的是"急钱"，那么很可 能在股价最低的时候被迫平仓出局。而"建工爷叔"通过"长钱长投"的资金属性，最终熬到了天明。 连续5个涨停板之后，82岁的网红股民"建工爷叔"于2025年9月18日成功解套，这一事件在投资圈引发广 泛关注。公开信息显示，2013年，他以6元/股的价格重仓50万元买入上海建工（600170），2015年牛市 期间股价涨至17元未抛售。随后，股价持续下跌，2024年9月11日最低跌至1.88元/股，导致他深度套 牢。十年来，他每月从退休金中挤出3000元补仓，最终将成本降至3.8元/股附近。周四，上海建工收盘 报3.88元/股，"建工爷叔"解套成功。如此跌宕起伏的炒股生涯格外令人唏嘘，与此同时，也为广大股民 提供了非常宝贵的经验和教训。 上海建工这一投资案例，一是凸显了"长钱长投"理念对于股民在资本市场中生存的重要性。 从股民群体的变化来看，"长钱长投"理念正逐渐被更多投资者接受。中国证券投资者保护基金有限责任 公司发布的《中国资本 ...

Group 1 - The core viewpoint of the articles highlights the increasing participation of long-term funds, such as insurance funds and public funds, in the capital market, which is expected to stabilize market volatility and enhance resource allocation efficiency [1][2][3] - The regulatory framework has been strengthened to encourage long-term investments, with measures like implementing longer assessment periods for insurance companies and increasing the proportion of equity funds [2][3] - The stock investment amount of the five major listed insurance companies reached 1.846429 trillion yuan, reflecting a growth of 28.71% compared to the beginning of the year, indicating a positive trend in the insurance sector's investment behavior [2][3] Group 2 - The total scale of public funds in China reached 35.08 trillion yuan, marking a significant increase and reflecting a shift towards rational, long-term investment strategies [4] - The domestic ETF market has also seen substantial growth, with the total scale surpassing 5 trillion yuan, an increase of over 34% from the end of 2024, indicating a growing preference for index-based investments [4][5] - Institutional investors have increased their holdings in equity funds, with the proportion rising from 34.44% to 40.49% year-on-year, showcasing a trend towards more stable investment behaviors [6] Group 3 - The enterprise annuity market is gradually increasing its investment in equities, with a current A-share investment ratio of about 14%, suggesting potential for significant growth in long-term equity investments [7] - The long-term assessment mechanisms are expected to enhance the equity asset allocation of enterprise annuity funds, contributing to the overall stability and growth of the capital market [7]

近日，新京报贝壳财经资本市场研究院举办第一期沙龙，主题为"A股十年新高 耐心资本如何助力稳市场"，来自长城财富、弘康人寿、东方基金、中邮基 金、工银理财、农银理财、北银理财、民生理财等十余家金融机构的嘉宾参与研讨。 TIC 新京报贝壳财经资本市场研究院举办第一期沙龙。新京报贝壳财经记者 祁明远 摄 本期沙龙聚焦"耐心资本如何助力稳市场"这一话题，旨在凝聚共识、形成合力，共筑稳健生态。 经过充分研讨，新京报贝壳财经资本市场研究院与上述机构联合发布《长钱长投十条共识》： 一、 长钱入市是资本市场向好的结果，而非主因。 二、 要促进长钱入市，优化考核周期、维护资本市场中长期上涨趋势、严格反欺诈、降低市场波动率等尤为关键。 三、 只有"慢牛"行情，才能吸引更多参与资本市场的中长期"耐心"资金。 四、 低利率+久期缺口，加大权益投资已成险资必答题。 五、 股市已告别"滞涨"，进入长期趋势性上涨阶段。 六、 大盘指数要持续向上突破，市场需从"流动性牛"向"基本面牛"切换。 七、 "慢牛"行情之下，股市有望替代房地产成为居民资产的新蓄水池。 八、 银行理财积极布局权益市场，"固收+"含权产品规模有望持续提升。 九、 基金公 ...

5家险企股票配置规模增长逾28%、国内ETF总规模突破5万亿元、外资持有A股总市值持续增加……随 着以保险资金、社保基金、公募基金等为代表的中长期资金的入市机制及考核政策日渐清晰明确，以长 期投资、价值投资为主导的资本市场生态正逐步形成，中长期资金入市更加积极，为资本市场引入更 多"活水"。 前海开源基金首席经济学家杨德龙认为，中长期资金入市加快有助于降低市场波动性和投机性，更好地 发挥市场资源配置功能，改善资本市场生态结构，真正构建起"长期资本、耐心资本"的投资体系，为A 股的可持续发展注入强劲动力。 险资加速入市 以2024年9月中央金融办、证监会联合印发的《关于推动中长期资金入市的指导意见》为始，监管部门 持续引导保险资金、社保基金、养老保险、企业年金、公募基金等中长期资金进一步加大入市力度。 一方面，通过全面建立实施3年以上长周期考核，降低国有商业保险公司当年度经营指标考核权重，明 确全国社保基金5年以上长周期考核安排等措施引导"长钱长投"；另一方面，提高权益类基金的规模和 占比，加快推进指数化投资发展，用"改革之手"提升公募基金持有A股流通市值的比例。 同时，今年以来，估算险资净流入股票规模与新增保 ...

Group 1 - A new insurance-funded private equity firm, Hengyi Chiying (Shenzhen) Private Fund Management Co., Ltd., has completed registration with an initial fund size of 30 billion yuan [1] - The total number of insurance-funded private equity firms has reached seven, with a combined trial amount of 222 billion yuan [1][2] - The investment strategy of these firms is focused on long-term and value investments, favoring leading companies in energy and infrastructure sectors such as China Petroleum, China Shenhua, and Daqin Railway [1][4] Group 2 - The first batch of insurance capital long-term investment reforms was approved in October 2023, with China Life and Xinhua Insurance each contributing 25 billion yuan to establish a 50 billion yuan company fund [2] - As of now, six insurance-funded private equity securities investment funds are operational, with significant holdings in major companies [2][3] - The Honghu Zhiyuan Fund has become a major shareholder in China Petroleum and China Shenhua, with holdings valued at approximately 1.857 billion yuan and 2.116 billion yuan respectively [2][3] Group 3 - The Honghu Zhiyuan series of funds emphasizes a long-term investment approach, focusing on stable dividend yields through low-frequency trading and long-term holding [4] - The total assets of the Honghu Zhiyuan Fund I reached 57.112 billion yuan, with a net profit of 9.68 billion yuan in the first half of the year [3][4] - Insurance companies are establishing private equity funds to leverage their long-term investment advantages, supporting the capital market and promoting stable, sustainable investment returns [4]

Group 1: Technology Sector Performance - The technology sector in the A-share market has shown significant performance, with Industrial Fulian's market value surpassing 1 trillion yuan and the communication and electronics industries experiencing a monthly increase of over 20% [1] - Many technology companies reported impressive earnings in their semi-annual reports, reflecting the effectiveness of increased R&D investments [1][5] - The overall trend indicates that Chinese technology enterprises are solidifying their technological foundations, contributing to the economic transformation [1] Group 2: Overall Market Recovery - As of August 31, 5424 A-share companies disclosed their semi-annual reports, achieving a total revenue of approximately 34.9 trillion yuan, a year-on-year increase of 0.03% [2] - The net profit attributable to shareholders reached about 2.99 trillion yuan, marking a year-on-year growth of 2.45% [2] - A significant portion of companies, 2908, reported a year-on-year increase in net profit, indicating a recovery across various industries, including agriculture, steel, and electronics [2][3] Group 3: Mid-Year Dividend Trends - A record high of 810 companies announced mid-year cash dividend plans, with a total proposed payout of 6428.08 billion yuan, reflecting a year-on-year increase of 9.56% in dividend amounts [6] - Among companies with dividends exceeding 1 billion yuan, state-owned enterprises account for about 30% [6] - The banking sector has also seen a notable increase in mid-year dividends, with 17 banks disclosing dividend plans, including seven banks that are implementing dividends for the first time since their listings [7] Group 4: R&D Investment - A-share companies reported over 810 billion yuan in R&D investments in the first half of 2025, with several industries, including software development and biopharmaceuticals, showing high R&D intensity [12] - Six companies, including BYD and China Mobile, each invested over 10 billion yuan in R&D [12] Group 5: Mergers and Acquisitions Trends - The A-share market is witnessing a shift in mergers and acquisitions from "buying scale" to "acquiring technology," with a notable increase in transactions involving core technologies [11] - In 2025, there have been 21 merger and acquisition projects focused on core technologies, totaling 2.569 billion yuan [11]

Core Viewpoint - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields, with significant room for future investment growth in the equity market [1][6][10]. Group 1: Insurance Capital Holdings - As of August 27, 368 stocks are heavily held by insurance capital, primarily in sectors such as non-bank financials, banking, telecommunications, electric equipment, non-ferrous metals, and public utilities [1][3]. - In Q2 2025, insurance funds entered 79 new stocks, increased holdings in 124 stocks, and reduced holdings in 95 stocks, with total holdings amounting to 554.1 billion shares valued at 1.18 trillion yuan [1][5]. - China Life Insurance Group has the largest holding in China Life, valued at 795.93 billion yuan, while Ping An holds 135.73 billion yuan in Ping An Bank [3][4]. Group 2: Focus on Telecommunications - Telecommunications operators, including China Unicom, China Telecom, and China Mobile, became key targets for insurance capital in Q2, with significant increases in holdings by major insurers [3][5]. - China Life increased its stake in China Telecom by 205 million shares, bringing its total to 1.1 billion shares valued at 8.5 billion yuan [3][5]. Group 3: Investment Strategy and Market Conditions - The increase in insurance capital holdings is driven by policy guidance, the need for asset-liability matching, and the growing attractiveness of the capital market [6][8]. - Insurance companies are expected to maintain or slightly increase their stock and bond investments in the second half of 2025, with stocks being the preferred asset class [8][9]. - The total balance of insurance funds exceeded 36.23 trillion yuan by the end of Q2 2025, with a year-on-year growth of 17.39%, and stock investments reached 3.07 trillion yuan, marking a significant increase [8][9]. Group 4: Long-term Investment Outlook - Insurance capital is likely to continue focusing on stable, high-dividend value stocks, particularly in financial and public utility sectors, while also exploring opportunities in green energy and high-end manufacturing [9][10]. - The potential for significant and sustained inflows of insurance capital into the equity market is expected, driven by ongoing premium income growth and increased demand for equity market allocation [10].

Core Viewpoint - Huaan Securities reported its best performance for the first half of the year since its listing, with significant growth in both operating performance and capital strength, showcasing a robust multi-business collaboration and strong investor return initiatives [1][2]. Financial Performance - The company achieved an operating income of 2.808 billion yuan, a year-on-year increase of 43.09%, and a net profit attributable to shareholders of 1.035 billion yuan, up 44.94%, marking the best performance for the same period since its listing [1]. - As of the end of June, total assets exceeded 100 billion yuan, reaching 102.118 billion yuan, with net assets of 23.106 billion yuan and net capital of 18.469 billion yuan, providing solid capital support for business expansion and innovation [1]. Business Segments - The growth was driven by the collaboration of four major segments: retail, industry, institutional, and proprietary trading, rather than relying on a single business [2]. - Retail business saw significant success in wealth management transformation, with agency buying income increasing by 66% and advisory business income surging by 129% [3]. - Proprietary trading revenue grew by 77.02%, becoming a core driver of net profit growth [5][6]. - Investment banking revenue skyrocketed by 229.70%, contributing significantly to overall revenue growth [6]. Shareholder Returns - The company completed a share buyback of 119 million yuan and plans to distribute a mid-term cash dividend of 187 million yuan, transitioning from annual dividends to a combination of annual and mid-term dividends [2][8]. - The company emphasizes a shareholder-centric approach, as reflected in its "Quality Improvement and Efficiency Return Assessment Report," which outlines specific measures and plans for enhancing investor returns [8].

一、ETF行业快讯 据上证报，今年以来，ETF市场持续火热，成为各路资金进行资产配置的重要通道。数据显示，截至8 月18日，全市场ETF总规模达4.8万亿元，其中股票ETF、跨境ETF、商品ETF和债券ETF的规模均较去 年底显著增长。多家公募基金表示，在经济稳步复苏、政策支持的背景下，ETF正从"交易工具"升级 为"财富管理基础设施"，成为"长钱长投"的重要载体。 二、今日行情速览 1.指数走势 统计A股与海外主要核心指数走势，今日（8月20日，下同）三大指数集体上涨，其中上证指数上涨 1.04%，收于3766.21点，日内最高3767.43点；深证成指上涨0.89%，收于11926.74点，日内最高 11926.74点；创业板指上涨0.23%，收于2607.65点，日内最高2608.0点。今日科创50、中证A500与北证 50走势排名靠前，日涨跌幅分别为3.23%、1.16%与1.16%；近5个交易日北证50、科创50与创业板指的 走势排名靠前，近5日涨跌幅分别为10.49%、6.54%与4.45%。 1.三大指数集体上涨，多只芯片板块ETF上涨 今日，三大指数集体上涨，上证综指上涨1.04%，深证成指上 ...

Trading Insights - The ETF market has been thriving this year, with a total market size reaching 4.8 trillion yuan as of August 18, showing significant growth in stock ETFs, cross-border ETFs, commodity ETFs, and bond ETFs compared to the end of last year [1] - ETFs are evolving from mere trading tools to essential wealth management infrastructure, becoming important vehicles for long-term investments amid steady economic recovery and policy support [1] Fund News - On August 19, three new funds were launched, primarily ETF-linked funds and equity funds, with the Huatai-PineBridge SSE Sci-Tech Innovation Board Artificial Intelligence ETF having an undisclosed fundraising target [2] - Public funds are actively entering the market, with the stock positions of active equity funds reaching a year-to-date high; newly established funds have quickly built positions, with several achieving over 10% returns within a month [2] - The A-share market has seen a simultaneous increase in volume and price, with public fund issuance remaining robust; 45 new funds are planned for issuance in the week of August 18 to August 24, marking a 36.36% increase from the previous week and continuing a trend of over 30 new funds issued weekly for four consecutive weeks [2] Fund Performance - The best-performing fund on August 19 was the Yongying SSE Sci-Tech Innovation Board Artificial Intelligence Index A, with a daily growth rate of 4.4065% [3] - In the stock fund category, the top performer was also the Yongying SSE Sci-Tech Innovation Board Artificial Intelligence Index A, while the bond fund champion was the Everbright Prudential Ancheng Bond A, with a daily growth rate of 1.0664% [3][4] - The top-performing mixed fund was Yongying Advanced Manufacturing Select Mixed Initiation A, with a daily growth rate of 3.8994% [3][4] - The leading ETF-linked fund was the Guotai CSI All-Share Communication Equipment ETF, achieving a daily growth rate of 3.8776% [3][4] - The top QDII fund was the Invesco Great Wall Hang Seng Consumer ETF, with a daily growth rate of 1.1153% [3][4]