Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights a decrease in the average daily trading volume of A-shares to 12,608 billion yuan, a decrease of 18.6% week-on-week but an increase of 19.2% year-on-year. The average trading volume for the first quarter of 2025 is 15,294 billion yuan, which is an increase of 71.7% compared to the first quarter of 2024 [16][18] - The report discusses the recent amendments to the "Securities Issuance and Underwriting Management Measures" by the China Securities Regulatory Commission, which now allows bank wealth management products and insurance asset management products to be prioritized for IPO allocations. This aims to facilitate more long-term capital participation in the stock market [3][14] - A new regulatory framework for financial product suitability management is being proposed, which includes obligations for financial institutions to understand products and clients, classify investment products by risk, and enhance consumer protection [4][15] Summary by Sections Market and Sector Performance - The non-bank financial Shenwan index decreased by 0.10%, underperforming the CSI 300 index by 0.11 percentage points, ranking 7th among all primary industries. The securities sector fell by 0.51%, while the insurance sector rose by 0.63% [2][13] - Notable gainers include Electric Power Investment and Financing (+17.98%) and Ruida Futures (+11.88%), while Zhejiang Dongfang (-10.78%) and Hainan Huatie (-6.45%) were among the biggest losers [2][34] Securities Issuance and Underwriting Rules - The amendments to the securities issuance and underwriting rules are aimed at increasing the participation of long-term funds in the stock market, thereby enhancing the capital market ecosystem [3][14] Financial Product Suitability Management - The proposed regulations will establish a comprehensive framework for the suitability management of financial products, ensuring that financial institutions provide appropriate product recommendations based on client profiles and risk assessments [4][15] Market Indicators - As of March 27, 2025, the margin trading balance in the two markets is 19,264.44 billion yuan, a decrease of 1.30% week-on-week but an increase of 22.93% compared to the average level in 2024 [18]

转自：新华财经 新华财经北京3月30日电（记者张斯文）日前，中国人民保险集团股份有限公司召开公司2024年度业绩 发布会。中国人保董事长丁向群携一众高管详解业绩情况，回应人保新征程新目标、中长期资金入市、 新能源车险业务发展等热点问题。 "一把手"首秀业绩发布会 目标锚定世界"一流" 这是丁向群出任中国人保董事长后首次出席业绩发布会。她表示，人保要建设功能卓著、运营高效、主 业鲜明、治理现代、具有国际竞争力的世界一流保险金融集团。 据丁向群介绍，2024年，面对新旧动能转换、利率中枢下行、资本市场波动等多重挑战，中国人保积极 发挥保险功能作用，扎实推进高质量发展，全年经营业绩稳中有进，实现营业收入7094亿元，同比增长 6.4%；归母净利润429亿元，同比增长88.2%。保险功能有效发挥，平均每天理赔近50万件，赔付12.3亿 元。创新驱动成效显现，积极探索财产险风险减量服务新模式，稳步推进大健康大养老生态建设，落地 全灾种长周期综合巨灾保险等首创、首单产品。风险防控有力有效，主要保险子公司风险综合评级提 升，主要风险监测指标表现良好。 对于各子公司定位，丁向群表示，从内部看，各子公司要形成梯次均衡的发展格局 ...

Group 1: Macro Policy Insights - The macro policy focuses on capital replenishment for financial institutions, with monetary policy aimed at reducing overall financing costs and stabilizing bank interest margins [1] - Coordinated policies are expected to enhance consumption momentum and support high-quality economic operation and safety [1] - The implementation of a comprehensive policy package is anticipated to release economic vitality and boost market confidence, creating investment opportunities across various financial sub-sectors [1] Group 2: Banking Sector Outlook - Current monetary policy indicates stable interest margin expectations, with risk mitigation policies aiding in the improvement of bank credit risks [2] - The banking sector is expected to see a slight recovery in growth rates for 2025, with narrowing declines in interest margins and stable asset quality [2] - Overall, listed banks are projected to experience slight improvements in revenue and profit growth year-on-year [2] Group 3: Securities Market Developments - The acceleration of the implementation plan for promoting long-term capital market entry is a key aspect of capital market reforms since September 2024 [3] - The reforms aim to enhance the willingness of long-term capital to enter the market, stabilize returns, and expand the base of long-term funds [3] - Long-term capital is expected to play a significant role in the healthy development of the capital market [3] Group 4: Insurance Sector Trends - The insurance market is experiencing a rebalancing of supply and demand, with a shift towards a slow bull market [4] - Supply-side adjustments are leading to a concentration of life insurance business among leading companies, while demand is shifting towards fixed-income-like products [4] - Leading insurance companies are adopting differentiated competitive strategies to leverage their strengths in the market [4] Group 5: Investment Strategies - For banks, absolute return potential is expected, with a positive credit issuance strategy and stable asset pricing anticipated for Q1 2025 [5] - In the securities sector, long-term positioning around supply-side reforms and strong fundamentals is recommended, particularly for undervalued stocks [5] - The insurance sector is expected to enter a prolonged low-interest-rate phase, with opportunities for growth among leading companies [5]

文/梧桐小编 3月28日，中国证监会公布关于修改《证券发行与承销管理办法》的决定。修改后的《承销办法》自公布之日起施行。《承销办法》的主要修改内容：一是增加银 行理财产品、保险资产管理产品作为IPO优先配售对象。二是明确由证券交易所制定IPO分类配售具体规定。 三是禁止参与IPO战略配售的投资者在承诺的限售期 内出借股份。 为了落实《关于加强上市公司监管的意见（试行）》有关禁止限售股转融通出借的要求，做好与《上市公司股东减持股份管理暂行办法》第十八条 有关上市公司股东不得通过转融通出借存在不得减持情形股份规定的衔接，回应市场关切，删除《承销办法》二十一条第三款有关参与IPO战略配售的投资者可以 在承诺的限售期内出借获配证券的规定。 为贯彻落实《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》《关于推动中长期资金入市工作的实施方案》，进一步完善发行承销制度，中国 证监会对《证券发行与承销管理办法》（以下简称《承销办法》）做了修改。现就主要修改情况说明如下： 一、《承销办法》的修改背景 2024年6月19日，中国证监会发布《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》，提出要开展深化发行承 ...

● 本报记者黄一灵 今年1月，六部门联合印发《关于推动中长期资金入市工作的实施方案》提出，提升商业保险资金A股 投资比例与稳定性。 "我们不在乎一个月、两个月、一年、三年、五年的波动，平安资金入市以长期持有和分红为目的。"付 欣认为，推动中长期资金入市是资本市场改革的重要举措，有助于优化市场结构、提升市场稳定性，为 经济高质量发展提供资金支持。这一政策的实施将对资本市场、金融行业和实体经济都产生深远的正面 影响，助力中国经济迈向更加成熟和可持续的发展阶段。 权益投资吸引力上升 今年以来，保险资金举牌活跃，作为高股息资产代表之一的银行股，尤其是国有大行股票成为险资举牌 的主要标的。这是因为在新会计准则下，高股息资产可以按FVOCI(以公允价值计量且其变动计入其他 综合收益的金融资产)计量，这也意味着股票的浮盈和浮亏不进利润表，能避免股价波动对保险公司当 期净利润带来冲击，有助于提升保险公司业绩稳定性。 付欣称，国有大行股票有着稳健的国家信用，具备低波动、高分红、高股息的特点，这对长期收益的稳 定性有不可替代的作用。同时，公司已经形成了一套OCI股票投资方法，会审慎选择经营稳健、抗风险 能力强的标的进行投资，同时 ...

3月28日晚，中国证监会发布《关于修改〈证券发行与承销管理办法〉的决定》，自发布之日起施行。 紧接着，沪深交易所均发布修订后的首发承销细 则、再融资承销细则。 证券时报记者了解到，IPO方面，此次修订新增理财公司作为IPO网下投资者，并将银行理财产品和保险资管产品纳入A类配售对象范畴，配售比例不低于其 他投资者。再融资方面，明确理财公司、保险公司管理的多个产品参与上市公司定增认购时，可以合并计算，视为一个发行对象。 此外，上交所还明确科创板未盈利企业可以采用约定限售方式，对网下发行证券设定不同档位的限售比例或限售期，限售比例更高、限售期更长的网下投资 者配售比例更高，并相应完善信息披露等配套安排。 2025年1月22日，中央金融办、中国证监会等六部门联合印发《关于推动中长期资金入市工作的实施方案》，提出"在参与新股申购、上市公司定增方面，给 予银行理财、保险资管与公募基金同等政策待遇"。 沪深交易所此次首发及再融资承销业务规则修订，进一步打通了银行理财等中长期资金参与新股申购、上市公司定增的卡点堵点。首先，在参与新股申购方 面，增加理财公司作为网下机构投资者，支持其管理的理财产品直接参与新股网下发行，并且将银 ...

3月28日，中国人保在北京、香港两地同步举行2024年度业绩发布会。 年报显示，2024年中国人保集团实现净利润578.20亿元，同比增长83.8%；归属于母公司股东净利润 428.69亿元，同比增长88.2%；净资产收益率16.7%，同比上升7.1个百分点。 "过去一年，是中国发展历程很不平凡的一年，也是人保集团砥砺奋进的一年。"中国人保集团董事长丁 向群表示，2025年是人保集团建设一流战略实施的首年，将重点深化"六个改革"，抓好"四个扎实"，坚 持向改革要动力，向创新要活力，向管理要效益，努力把各方面积极因素转化为发展实绩。 人保财险净利润332亿元，同比增长31.6% 分板块来看，2024年，人保财险实现原保险保费收入5380.55亿元，同比增长4.3%；实现净利润332亿 元，同比增长31.6%；净资产2604亿元，同比增长11.7%；实现保险服务收入4852.23亿元，同比增长 6.1%；净资产收益率13.5%，同比涨上2.4百分点；财产险家庭自用车保费占比74.3%，提升1个百分点； 个人非车险保费增速18%，高于整体保费增速13.7个百分点。 2024年，人保财险实现承保利润70.85亿元，同 ...

Core Viewpoint - The performance of CITIC Securities in 2024 shows growth in revenue and net profit, despite challenges from industry consolidation and regulatory pressures [1][8]. Financial Performance - CITIC Securities reported a total revenue of 63.789 billion yuan in 2024, an increase of 6.20% year-on-year; net profit attributable to shareholders was 21.704 billion yuan, up 10.06% [1]. - In Q4 2024, revenue reached 17.648 billion yuan, a year-on-year growth of 23.76%, with net profit of 4.905 billion yuan, marking a significant increase of 48.34% [1]. - Total assets at the end of 2024 were 1.710711 trillion yuan, a 17.71% increase year-on-year, while total liabilities grew by 19.74% to 1.411944 trillion yuan [1]. Executive Compensation - The total pre-tax compensation for directors, supervisors, and senior management was 28.7573 million yuan in 2024, a decrease of 69.61% compared to the previous year [2]. - Chairman Zhang Youjun's pre-tax compensation was 2.3033 million yuan, down 54.36% year-on-year [2]. Business Segments - The growth in CITIC Securities' 2024 performance was primarily driven by the securities investment business, which generated 24.040 billion yuan, a year-on-year increase of 23.95, accounting for nearly 40% of total revenue [3]. - The underwriting revenue from IPOs and refinancing decreased by 35.43% to 4.033 billion yuan due to tightened regulations [5]. Market Position and Challenges - CITIC Securities completed 55 A-share underwriting projects in 2024, a decrease of 85 projects year-on-year, with an underwriting scale of 70.359 billion yuan, down 74.68% [7]. - The market share for underwriting fell from 24.50% in 2023 to 21.87% in 2024 [7]. - Despite challenges, the company saw a 100.95% increase in overseas equity projects, completing 47 projects with an underwriting scale of 3.581 billion USD, including a 205.62% increase in Hong Kong market equity financing [7]. Industry Trends and Future Outlook - The securities industry is experiencing a wave of consolidation, with major firms like Guotai Junan and Haitong Securities merging, prompting CITIC Securities to reassess its strategic positioning [8]. - The company aims to enhance its competitiveness in overseas markets, particularly in Hong Kong, and improve cross-border financial services [9]. - Management indicated a commitment to stable and predictable dividend policies, considering future development and shareholder interests [9].

高股息资产备受资金偏好，红利低波ETF泰康 (560150)午后震荡走强涨近1% 2025年3月25日，红利低波ETF泰康(560150)午后震荡涨近1%，截至13:45，该基金盘中成交额已达 1272.39万元，换手率1.59%。跟踪指数成分股三维化学领涨，苏泊尔、渝农商行、亚太科技、北京银行 等个股跟涨。 相关产品： 红利低波ETF泰康(560150)，场外联接(A类：021415；C类：021418)。 申万宏源证券表示，政策层面正积极推动中长期资金入市，红利板块有望迎来增量资金。例如，保险资 金长期股票投资试点规模已达1620亿元，其中多笔资金已成功投资于高股息股票，显示了市场对于高股 息资产的偏好。长期利率下行的趋势促使保险公司增加对高股息资产的配置，以应对利差损的压力。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数，中证红利低波动指数选取50只流动性好,连续 分红,红利支付率适中,每股股息正增长以及股息率高且波动率低的证券作为指数样本，采用股息率加 权，以反映分红水平高且波动率低的证券的整体表现。 拉长时间看，截至2025年3月24日，红利低波ETF泰康近1周累计上涨幅居可比基金第 ...

新华保险当好"耐心资本"表率 积极落实中长期资金 入市 创新方式做浇灌实体经济沃土的动力源 作为资本市场的"稳定器"和"压舱石"，中长期资金是维护资本市场高质量发展的重要力量。近日， 中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，明确要加快打通商业保险资金、企 (职)业年金基金等中长期资金入市堵点。 作为国有控股的大型金融机构，新华保险（601336）管理商业保险资金、企业职业年金等超万亿 元，是中长期资金的持有代表。公司从政治和全局高度深刻认识落实推动中长期资金入市工作的重要意 义，用一系列实际行动做好表率，坚定履行"耐心资本"责任，积极支持资本市场发展。 前瞻布局做中长期资金入市的先行者 2025年1月，新华保险积极响应国家六部委《关于推动中长期资金入市工作的实施方案》要求，宣 布举牌杭州银行（600926），切实发挥国有金融企业领头雁作用，坚决当好长期资本主力军。 公司表示，看好中国银行业以及杭州银行的长期发展前景。投资杭州银行，新华保险可以通过配置 红利资产优化资产配置，增加长期股权投资底仓资产，促进银保业务协同，增强公司在金融服务领域的 竞争力和抗风险能力，进一步提升金融机构服务实体经济 ...