近日，在由《21世纪经济报道》主办的"2025资产管理年会暨第十八届21世纪『金贝』资产管理竞争力 研究案例"发布盛典上，太平资产荣获"2025卓越保险资管公司"奖项。 根据国家金融监督管理总局数据，截至2024年8月底，保险业通过债权、股权等多种方式为实体经济提 供资金支持达28.8万亿元，同比增长12.2%。这一数据背后，是保险资金在支持国家重大项目建设、促 进产业升级中的不可替代作用。 太平资产深刻把握保险资金规模大、期限长、来源稳定的特性，通过跨周期、跨市场的大类资产配置， 有效抵御短期波动，将其转化为服务实体经济的长效动力，为实体经济注入稳定持续的金融活水。 中国资产管理"金贝奖"评选始于2008年，历经十八载积淀，已成为衡量资管机构综合实力与行业贡献的 重要标尺。此次获奖，彰显了市场对太平资产长期坚持价值投资、深耕投研体系建设、持续服务实体经 济的高度认可。 作为中国太平保险集团旗下的专业资产管理平台，太平资产始终秉承"长期投资、价值投资、稳健投 资"的理念，在复杂多变的市场环境中展现出卓越的资产配置能力和风险管理水平。 近年来，伴随中央关于"培育耐心资本""引导中长期资金入市"等一系列政策部署， ...

Core Viewpoint - The article emphasizes the growing importance of dividend investment strategies in the current economic environment characterized by low interest rates and a focus on high-quality development, positioning dividend assets as a stable choice for investors seeking reliable returns [1][2]. Economic Environment - The continuous decline in interest rates, with the ten-year government bond yield dropping to 1.76% and bank deposit rates falling below 1%, has diminished the appeal of traditional fixed-income products [2]. - The significant yield difference between government bonds and dividend indices, with the latter offering 6-8% dividend yields, is attracting low-risk capital towards dividend assets [2]. Policy Influence - The "14th Five-Year Plan" encourages the introduction of "patient capital," primarily from insurance funds, which favor dividend assets due to their stable cash flow characteristics [3]. - Regulatory policies, such as the "National Nine Articles," are pushing listed companies to increase dividend payouts, with state-owned enterprises' dividends exceeding 370 billion yuan, enhancing the long-term investment value of dividend assets [3]. Types of Dividend ETFs - The article categorizes various types of dividend ETFs, including the classic CSI Dividend ETF, which focuses on high-dividend stocks primarily in traditional sectors like banking and coal, maintaining a stable dividend yield around 6% [4]. - The low-volatility dividend ETF combines high dividend yields with low volatility, appealing to risk-sensitive investors [4]. - The dividend quality ETF emphasizes sustainable profitability and growth, featuring high-quality companies and sectors like consumer goods and pharmaceuticals, albeit with lower dividend yields [5]. Investment Strategy - Dividend ETFs are positioned as defensive assets rather than aggressive growth investments, suitable for turbulent or declining markets but potentially underperforming in bull markets [6]. - Long-term investors are encouraged to reinvest dividends to accumulate more shares, enhancing wealth through compound growth [6]. - The article advises on the importance of timing and valuation awareness, noting that current valuations for dividend indices are high, suggesting caution for new investors [7]. Conclusion - The article underscores the necessity of patience and strategic planning in investing in dividend ETFs, recommending a long-term holding approach and the use of systematic investment strategies to manage market fluctuations [8][9].

Core Viewpoint - The financing difficulties faced by innovative enterprises in China are primarily due to a structural mismatch in the investment ecosystem, despite ongoing policy support aimed at enhancing capital market engagement with these companies [3][4]. Group 1: Background and Issues - The 2025 International Forum on Inclusive Finance highlighted the challenges of financing for innovative enterprises, focusing on optimizing long-term capital allocation and improving government fund designs [2]. - There is a growing contradiction where the willingness and ability of equity investors to engage in early-stage investments are diminishing, despite increased policy support [3]. Group 2: Challenges in Equity Investment - Early-stage and growth-stage innovative enterprises typically exhibit characteristics such as high risk, long payback periods, and insufficient short-term cash flow, making traditional bank loans and bond financing unsuitable [4]. - The current equity investment ecosystem in China has significant shortcomings in supporting early, small, and long-term investments in hard technology [5]. Group 3: Solutions to Restructure the Equity Investment Ecosystem - Mobilizing and nurturing "patient capital" is essential for bridging the financing gap for early-stage innovative enterprises, requiring alignment between funding time preferences and enterprise growth cycles [6]. - Optimizing the design of government-guided funds is crucial, with a focus on leveraging social capital through market-oriented operations [6]. - Expanding exit and liquidity channels is key to enhancing the attractiveness of seed-stage investments, particularly through the development of secondary private equity markets and merger funds [7]. - Promoting a collaborative model of investment and lending, where venture capital precedes bank support, can facilitate risk and term management [7]. - Strengthening intermediary institutions and governance capabilities in incubators can reduce information asymmetry and enhance the investability of startups [8]. Group 4: Market Dynamics and Trends - The global macroeconomic environment and geopolitical tensions have led to a decline in return expectations in the primary market, resulting in a significant reduction in the number of registered private equity and venture capital funds [10]. - Structural changes in funding sources, with an increase in government-guided funds, have led to a preference for mature projects, thereby crowding out market-driven private capital [10]. - The tightening of exit channels and high standards for listing quality have shifted investor preferences towards projects closer to commercialization, reducing interest in high-risk early-stage investments [10].

南方财经记者彭敏静 珠海报道 珠海国资委转让格力电器股权并获超410亿元现金，一度让珠海国资从"幕后"走向"台前"。 "卖掉一个格力，孵化多个格力"，成为"后格力时代"珠海国资的运营思路。尔后，珠海6年进行了3轮国企改革整合。从最近一轮来看，华发集团 与格力集团携手，共同组建珠海科技产业集团成为最大亮点。今年5月，珠海科技产业集团正式揭牌亮相。 11月3日，明略科技(02718.HK)在港交所敲钟上市，成为全球Agentic AI第一股。至此，珠海科技产业集团2025年内已培育推动影石创新、钧崴电 子、汉邦科技、江南新材、首航新能、劲方医药、七乐康、明略科技等8家企业上市，覆盖AI、半导体材料、高端制造、新能源、生物医药等核 心赛道。 （原标题：从"卖格力"到"孵化更多格力"，解码珠海国资的长期主义） 珠海提升城市能级量级迫在眉睫。 今年以来，珠海因地制宜发展新质生产力，持续加快产业创新、科技创新、应用场景创新"三新"深度融合，努力在人工智能、低空经济、绿色能 源等方面取得新的更大突破，加速布局类脑智能、开源生态、人形机器人等新赛道，一体推进传统产业、新兴产业和未来产业发展。 从珠海的投资逻辑便可见一斑。拆解 ...

Core Viewpoint - Zhuhai's state-owned assets commission has transferred Gree Electric's equity, generating over 41 billion yuan in cash, marking a shift from "behind the scenes" to "front stage" for Zhuhai's state-owned assets [1] - The operational strategy post-Gree focuses on nurturing multiple enterprises from the success of Gree, with significant reforms and integrations in state-owned enterprises over the past six years [1] Group 1: Economic Context - Zhuhai, as one of China's first special economic zones, has faced challenges in economic growth and regional competition, with GDP growth of only 2.8% in the first three quarters of this year, totaling 331.85 billion yuan [2] - The city has struggled with an unoptimized economic structure and low industrial investment, lacking strategic pillar industries despite having advantages in certain sectors like home appliances [2] Group 2: Industrial Development - The establishment of Zhuhai Technology Industry Group in May 2023 is a key highlight, aiming to foster innovation and support the listing of eight companies in sectors such as AI, semiconductors, and renewable energy by 2025 [1][3] - The investment logic in Zhuhai has shifted towards nurturing high-end manufacturing and strategic emerging industries, with a focus on artificial intelligence, low-altitude economy, and green energy [3] Group 3: Investment Strategies - The Zhuhai Technology Industry Group has developed a comprehensive investment system covering the entire lifecycle of enterprises, focusing on critical technology sectors and providing "patient capital" to support hard tech companies [7] - The city has established a new productivity fund with an initial investment of 1 billion yuan, aiming to create a fund pool of 6 billion yuan to support industrial upgrades and high-value chain extensions [8] Group 4: Future Outlook - With the ongoing development of the Guangdong-Hong Kong-Macao Greater Bay Area, Zhuhai is positioned to leverage its advantages in attracting innovation resources and enhancing industrial collaboration with mainland cities [8] - The focus on nurturing more enterprises akin to Gree through strategic investments and support mechanisms is seen as a pathway for Zhuhai to achieve economic growth and competitiveness in emerging industries [6][8]

Core Points - The "Golden Horse Award" selection process organized by Securities Daily has officially opened for online registration, with the registration period from November 5 to November 20, 2025 [1] - This award, initiated in 2004, is now in its 17th edition, aiming to recognize outstanding listed companies, financial institutions, and executives in the securities market [1][3] - The current selection process has expanded its scope to include companies listed on US and Hong Kong stock exchanges, enhancing the potential for discovering more excellent companies and executives [3] - The evaluation criteria have been optimized to focus more on data as a standard for selection, aligning with national policies advocating for "patient capital" and investment value exploration [3] Award Categories - **Company Awards**: - Most Investment Value Listed Company - Most Breakthrough Innovative Enterprise - Most Globally Influential Enterprise - Industry Leading Enterprise - Gold Medal Secretary - ESG Sustainable Development Pioneer Enterprise [3] Evaluation Criteria - **Common Requirements**: - Entities must be registered in China or primarily operate there for at least one complete fiscal year [4] - No administrative penalties from the China Securities Regulatory Commission in the last 36 months [4][5] - Information disclosure rating must be B or above for the last complete fiscal year [4] - **Differentiated Indicators**: - **Most Investment Value Listed Company**: Must have a compound growth rate of net profit excluding non-recurring items in the top 30% of the industry over the last three years [6] - **Most Breakthrough Innovative Enterprise**: Must hold core independent intellectual property and have a market share of over 30% in its segment [7] - **Most Globally Influential Enterprise**: Must rank in the top 30% of domestic enterprises in global market share [8] - **Industry Leading Enterprise**: Similar financial performance metrics as the Most Investment Value Listed Company [9] Institutional Awards - **Service Entity Excellence Award**: Recognizes financial institutions that contribute significantly to national strategies and the real economy [16] - **Long-term Investment Team Excellence Award**: Acknowledges investment teams that excel in long-term and value investment practices [17] - **Financial Technology Excellence Team Award**: Awards teams that achieve leading results in financial technology development and application [18] - **Emerging Fund Manager Achievement Award**: Focuses on promising new fund managers with unique investment perspectives [19] - **Innovative Asset Management Product Award**: Recognizes outstanding asset management products that address specific market needs [20] - **Pragmatic Investment Education Excellence Institution Award**: Awards institutions that excel in practical and effective investor education [21]

Core Insights - The establishment of social security science and technology innovation funds in Jiangsu and Zhejiang provinces, each with an initial scale of 50 billion yuan, marks a new phase in the national-level "patient capital" strategy for deepening investment in the science and technology sector [1] Group 1: Fund Establishment and Structure - The Jiangsu social security science and technology innovation fund was launched in Suzhou on October 31, with contributions from the National Social Security Fund, Jiangsu provincial government, Suzhou municipal government, and ICBC Investment [1] - The Zhejiang social security science and technology innovation fund was established on October 27, formed by the Zhejiang provincial government, the National Social Security Fund, and Agricultural Bank of China, aiming to leverage social capital for innovation-driven development [1] - Both funds represent a milestone in the service of new productive forces, showcasing a new paradigm of "strong governance + precise operation" [1] Group 2: Differentiated Operations - The funds are designed to adapt to local industrial characteristics, with Jiangsu focusing on high-end manufacturing and biomedicine, while Zhejiang emphasizes strategic emerging industries and future industries [2][3] - Jiangsu's fund employs a "mother fund + direct investment" dual-layer structure, allowing for rapid adjustments in investment strategies based on local industrial strengths [3] - Zhejiang's fund utilizes a "1+6" mother-son fund matrix, aiming to establish six sub-funds by the end of 2025, each targeting specific sectors [2] Group 3: Central-Local-Financial Collaboration - The establishment of these funds aligns with the national development reform commission's guidelines for enhancing coordination between national and local funds [4] - The collaboration between the National Social Security Fund, local governments, and major financial institutions aims to maximize capital efficiency and address the "last mile" issue in project identification [5] - This model is expected to create a replicable framework for national-level "patient capital" to support local development, potentially influencing nationwide practices [5]

Core Viewpoint - The establishment of the social security science and technology innovation funds in Jiangsu and Zhejiang provinces, each with an initial scale of 50 billion yuan, marks a significant step in the national-level "patient capital" strategy for deepening investment in the science and technology innovation sector [1] Group 1: Fund Establishment and Structure - The Jiangsu social security science and technology innovation fund was launched in Suzhou on October 31, 2023, in collaboration with the National Social Security Fund, Jiangsu provincial government, and Suzhou municipal government [1] - The Zhejiang social security science and technology innovation fund was established on October 27, 2023, through a partnership involving the Zhejiang provincial government, the National Social Security Fund, and Agricultural Bank of China [1] - Both funds aim to leverage social capital for investment in the science and technology sector, supporting the "Innovation Zhejiang" initiative and the development of new productivity [1] Group 2: Differentiated Operation Strategies - The funds are designed to adapt to local industrial characteristics, with Jiangsu focusing on high-end manufacturing and biomedicine, while Zhejiang emphasizes strategic emerging industries and future industries [2][3] - Jiangsu's fund employs a "mother fund + direct investment" dual-layer structure, allowing for rapid adjustments in investment strategies based on local industry strengths [3] - Zhejiang's fund utilizes a "1+6" mother-son fund matrix, aiming to establish six sub-funds by the end of 2025, each targeting specific sectors [2] Group 3: Central-Local-Financial Collaboration - The establishment of these funds reflects the implementation of the national development and reform commission's guidelines for enhancing coordination between national and local funds [4] - The collaboration involves the National Social Security Fund providing long-term capital support, local governments offering project resources and policy backing, and large financial institutions like Agricultural Bank of China facilitating financial services [5] - This model addresses the challenges of traditional fund operations by ensuring a cohesive interaction between funding, projects, and management, thereby fostering a sustainable innovation ecosystem [5]

Core Insights - The establishment of social security science and technology innovation funds in Jiangsu and Zhejiang provinces, each with a scale of 50 billion yuan, marks a significant step in the national-level "patient capital" strategy for deepening investment in the science and technology sector [1][4]. Group 1: Fund Structure and Management - Jiangsu's fund utilizes a "mother fund + direct investment" dual-layer structure, with the Suzhou Innovation Investment Group as the general partner (GP), reflecting the city's industrial advantages in high-end manufacturing and biomedicine [2][3]. - Zhejiang's fund adopts a "1+6" mother-son fund (FOF) matrix structure, aiming to establish six sub-funds by the end of 2025, focusing on strategic emerging industries and future industries [2][3]. Group 2: Investment Focus and Strategy - The Jiangsu fund targets strategic emerging industries such as artificial intelligence, integrated circuits, and biomanufacturing, while the Zhejiang fund emphasizes new quality productivity, covering strategic new industries and major projects [3][6]. - The investment strategies of both funds are tailored to local industrial characteristics, showcasing a flexible and market-oriented approach to fund management [2][3]. Group 3: Central-Local-Financial Collaboration - The funds exemplify a "central + local + financial" collaboration model, aligning with national guidelines for enhancing coordination between national and local funds [4][5]. - National social security funds act as a core supply of "patient capital," providing long-term funding support and strategic direction, while local governments and financial institutions contribute resources and project support [5][6]. Group 4: Implications for Economic Development - The establishment of these funds is expected to create a replicable model of national-level "patient capital" supporting local development, potentially influencing similar initiatives across the country [5][6]. - This collaboration is anticipated to accelerate the formation of a closed loop of "strategic guidance - capital empowerment - industrial upgrading," providing robust support for building a modern industrial system and fostering new quality productivity [6].

Core Viewpoint - The development of technology finance is crucial for enhancing the new quality of productivity, with a focus on improving comprehensive financial service levels for technology-driven enterprises [1] Group 1: Technology Finance Development - Zhongyin Securities aims to support technology-driven enterprises throughout their lifecycle by providing precise financial support, leveraging its "commercial bank + investment bank + investment" collaborative advantages [1][2] - The Zhongyin Science and Technology Innovation Fund, launched by Zhongyin Securities, has exceeded 10 billion yuan in scale and serves as an important vehicle for cultivating patient capital [2][3] Group 2: Investment Strategy - The fund employs a dual-track investment strategy, allocating 70% of its funds to science and technology sub-funds and 30% to direct investments in high-quality technology projects, particularly those in the critical phase of transitioning from laboratory to industrialization [2] Group 3: Financing Solutions - Zhongyin Securities has established diverse financing channels through a dual approach of equity and debt, ranking second in equity underwriting scale and twelfth in science and technology bond scale in the industry [4] - The company has successfully issued innovative financial products, including the first county-level science and technology bond for small and micro enterprises, marking significant progress in financial innovation [4] Group 4: Mergers and Acquisitions - In the mergers and acquisitions sector, Zhongyin Securities has demonstrated strong capabilities by serving as an independent financial advisor for a major A+H share merger, showcasing its expertise in managing complex transactions [5] Group 5: Comprehensive Service Model - The collaboration between Zhongyin Securities and the Bank of China is central to providing full-cycle services to technology enterprises, ensuring financial support at critical growth stages [6][7] - The company plans to further optimize its comprehensive service model as part of its "14th Five-Year Plan," focusing on enhancing internal collaboration mechanisms [7][8]