Core Viewpoint - Insurance capital is increasingly favoring bank stocks, with a notable rise in shareholding activities in 2025, indicating a strategic shift in investment focus towards the banking sector [2][3]. Group 1: Insurance Capital's Preference for Bank Stocks - In 2025, six insurance companies have made shareholding moves in nine listed companies, with over half of these being bank stocks, particularly in H-shares [2][3]. - The main targets for shareholding include banks such as CITIC Bank, Postal Savings Bank, China Merchants Bank, Agricultural Bank, and Hangzhou Bank, with Ping An Life being the most active player [4]. - Historical data shows that since 2015, there have been 16 instances of insurance capital acquiring bank stocks, indicating a long-standing interest in this sector [6]. Group 2: Factors Driving Insurance Capital Investment - Three main factors are driving the current trend of insurance capital investing in bank stocks: policy guidance, the need to address "asset scarcity," and the impact of new accounting standards [7][8]. - Recent regulatory measures have encouraged insurance companies to increase their investments in A-shares, with a directive for 30% of new premiums to be allocated to A-share investments starting this year [7]. - The ongoing low interest rate environment has heightened the demand for stable, high-dividend assets, making bank stocks particularly attractive to insurance companies [8]. Group 3: Sustainability of Investment Interest - The sustained interest of insurance capital in bank stocks is influenced by the macroeconomic recovery and the evolving regulatory landscape [10]. - If the low interest rate environment persists, insurance capital may continue to seek higher-yield investment opportunities in bank stocks [10]. - The introduction of long-term stable shareholders can enhance banks' market value, creating a positive feedback loop that benefits both banks and insurance investors [10].

中信建投固收｜固羽增收 - 信用性价比框架失效了吗 20250320 摘要 Q&A 当前信用债的性价比框架是否失效？ 我们认为当前的信用债性价比框架在某些情况下确实失效。尽管按照之前的性 价比框架，短端信用债已经进入了较好的投资区间，但市场环境和前提条件发 生了变化。自 2022 年起，我们观察到中短票的信用利差（3A 评级、3 年期限） 在 30 到 50BP 之间波动。然而，2024 年的市场调整显示，这一规律并不总是适 用。 • 信用利差受资产荒、流动性及风险偏好影响，2024 年公募基金增持长端信 用债，改变了市场调整模式，3-7 年期债券调整幅度超过短端，需关注资 金面和货币政策。 • 构建信贷性价比框架需满足资产荒、流动性稳定和风险偏好不变三个假设， 否则适用性受限。当前利率债供给增加，传统信用利差配置区间逻辑可能 变化。 • 股市与理财产品存在互动，散户资金流向影响债市，需关注市场分化。广 义基金仓位平衡时应防守，仓位低则需配置，关注资金面和货币政策。 • 2025 年初专项债发行扰动市场，央行紧平衡操作并引导资金中枢偏高运行， 需关注银行态度及其引导方式，而非简单解读为阶段性扰动。 • 当前资 ...

Summary of REITs Investment Framework and Latest Tracking Industry Overview - The document discusses the Real Estate Investment Trusts (REITs) industry, particularly focusing on infrastructure REITs in China, which serve as a tool for real estate investment while meeting financing needs of the real economy and social capital investment demands [2][4][6]. Key Points and Arguments - **Investment Strategy**: Infrastructure REITs primarily adopt a core investment strategy, characterized by low risk and long investment horizons, targeting mature real estate assets such as office buildings, retail properties, and industrial properties [2][4]. - **Key Support Regions**: The Chinese REITs market emphasizes support for regions like the Yangtze River Economic Belt, Beijing-Tianjin-Hebei, and the Guangdong-Hong Kong-Macau Greater Bay Area, covering 12 pilot industries including transportation, energy, municipal, environmental protection, logistics, and rental housing [2][6]. - **Valuation Methods**: Valuation methods for REITs include cost, income, and market approaches. However, due to the domestic market's maturity and information disclosure issues, the income approach is deemed more suitable, with differentiated valuation based on asset types [2][8]. - **Market Performance**: In 2024, the Chinese REITs market saw an overall increase of approximately 30%, with significant differentiation among types. Defensive assets like rental housing and energy infrastructure performed strongly, while cyclical assets like logistics and transportation showed modest gains [2][12][13]. - **Consumer Infrastructure**: Consumer infrastructure is expected to perform exceptionally well from 2024 to 2025, with an average increase of 36.4% for newly listed assets in 2024, and a dividend yield of around 5% by the end of the year, outperforming other asset types [2][14]. - **Yield Differentiation**: As of March 14, 2025, the yield rates for various infrastructure REITs showed significant differentiation, with defensive assets yielding between 3.5% and 3.8%, while transportation infrastructure yielded as high as 6.67% [2][16]. Additional Important Insights - **Liquidity Concerns**: The liquidity of REITs in the Chinese market is relatively low, with a total issuance scale of approximately 160 to 170 billion, primarily held by institutional investors, leading to low turnover rates. However, trading activity has improved recently [2][15]. - **High Configuration Value**: In the current market environment, consumer infrastructure and affordable rental housing, along with new municipal environmental projects, are highlighted as having high configuration value due to their robust fundamentals and relatively high yields [3][17]. - **Tracking Market Performance**: Monitoring the overall REITs market can be done through weekly tracking databases that assess market performance, liquidity, asset correlation, and valuation conditions [18]. This summary encapsulates the essential insights and data from the REITs investment framework and tracking document, providing a comprehensive overview of the current state and future outlook of the REITs market in China.

Core Viewpoint - Ping An Life's stake in three major banks' H-shares is a necessary choice for insurance capital seeking stable returns amid an "asset shortage," responding to policy calls and enhancing competitiveness through bancassurance collaboration [1][8]. Group 1: Investment Actions - Ping An Life disclosed that it has reached a 5% stake in Agricultural Bank of China H-shares, marking the third major bank it has invested in since 2025 [2]. - As of now, Ping An Life's holdings in Agricultural Bank, Postal Savings Bank, and China Merchants Bank H-shares have all surpassed 5% [2]. - Following the purchase of 133 million Industrial and Commercial Bank of China H-shares, Ping An Group's stake rose to 18.08% [2]. Group 2: Significance of Insurance Capital's Stake - The investment optimizes asset allocation as current market interest rates are declining, making fixed-income assets less capable of covering insurance liabilities [4]. - Insurance capital can smooth financial statement volatility by classifying bank stocks under FVOCI, avoiding direct impacts of stock price fluctuations on current profits [4]. - The move aligns with regulatory encouragement for insurance capital to support the real economy, with bank stocks being a core economic sector [4]. Group 3: Reasons for Choosing Specific Banks - The selected banks offer high dividend yields and low valuations, with Agricultural Bank's H-share yield exceeding 9% and a price-to-book ratio below 1 [6]. - These banks exhibit strong operational stability, with controllable non-performing loan ratios and growth in revenue and net profit as of 2024 [6]. - H-shares provide liquidity advantages, influenced by international capital flows and favorable valuations in the Hong Kong market [6]. Group 4: Impact on Capital Markets - The entry of insurance capital boosts market confidence, signaling positive trends and potentially driving bank stock valuation recovery [7]. - This investment encourages a long-term investment philosophy, shifting market focus from short-term speculation to value investing [7].

业内人士指出，2025年，低利率主线下银行理财"资产荒"格局或将延续，绝对收益率下行、高票息 资产的稀缺将继续掣肘资产端配置行为，进而对业绩和规模形成持续约束。"拥抱波动"或为2025年 主线。 01 基准下限进入"1字头" 最近一周，多家理财子密集调整业绩比较基准。中国理财网查询显示，大面积待售理财产品业绩比较 基准已降至2%以下。 据国信证券研究统计，1月末理财产品存量规模29.4万亿元，环比上月下降0.2万亿元；1月理财子新 发产品数量1603支，较2024年12月下降255只。 文/王晓雨 理财子仍在绞尽脑汁。 近一周内，多家理财子陆续调整产品业绩比较基准，已有部分产品业绩比较基准降至2%以下。 事实上，2025开年以来，理财子公司一直在进行业绩比较基准调整动作。年初时，已有业内分析人 士预测，2025年新发产品业绩平均比较基准下限可能下降40-50个基点至2%以下，没想到一语成 谶。 净值波动加剧、低波稳健时代不再，层出不穷的各类新产品背后是理财市场将长期面临的扩规模、稳 收益、涨信心等多重挑战。 规模、新发产品量下降的同时，理财收益率走势也在滑坡。普益标准数据显示，截至1月底，理财子 公司存续产品 ...

平安人寿表示，本次举牌农业银行H股股票的资金来源是平安人寿的保险责任准备金。参与此次举 牌的关联方为平安资管，是公司的受托方，也是由同一控股股东中国平安控股的公司。平安资管通 过竞价交易方式买入农业银行H股股票。截至2025年2月17日，平安人寿持有农业银行H股股票的账 面余额为64.63亿元，占上季度末总资产的比例为0.14%。 截至2024年12月31日，平安人寿权益类资产账面余额为9611亿元，占2024年三季度末总资产的比例 为20.96%。截至2024年9月30日，平安人寿总资产为48258.96亿元，净资产为3176.13亿元，综合偿 付能力充足率为200.45%。 平安人寿四度举牌银行股 在举牌农业银行H股不久前，平安人寿已举牌三家银行股。 2月24日，中国保险行业协会官网显示， 中国平安旗下子公司平安人寿 发布关于委托投资农业银行 H股股票举牌的信息披露公告。 平安资管受托平安人寿资金，投资于农业银行H股股票，于2月17日 达到农业银行H股股本的5%，触发平安人寿举牌。 这是去年底平安人寿举牌工商银行H股、今年1月份举牌邮储银行H股、招商银行H股后，近期第四 次出手举牌银行股。 以每股4.51 ...

——笔记哥《交易》 我们总是明明做错了，亏钱了，但总找借口拖延止损，每天都去收集好消息以支持自己这么做，让自己每天都在充满希望、懊悔、愤怒中度过，甚至当收 益率上行到一定位置时，还认为已经上这么高了，差不多了，然后再加仓买入，美其名曰"摊薄成本"，实则错上加错。 股市多头：你们不是天天说资产荒吗？怎么资产突然不荒了？ 债市多头：资产荒不荒我不知道，我是真TM慌了。 【笔记20250224— 资产荒不荒？慌！（-？-资金紧张午后转松-基金赎回增加=中上)】 资金面先紧后松，长债收益率明显上行。 央行公开市场开展2925亿元7天期逆回购操作，今日有1905亿元逆回购到期。净投放1020亿元。 资金面先紧后松，资金价格仍偏贵，DR001在1.88%附近、DR007在 2.06%附近。 | | | | 银行间资金 | (2025. 02. 24) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 最高利率 | 变化 | 成交量 | 变化量 | 成交量占 | | | (%) | (b ...

（ 转 载请注明出处：微信公众号 lixunlei0722 ） 当时有关部门或许认为国债期货对推出有利于活跃国债市场，提高国债的流动性，进而提高人们认购 国库券的热情。那么，为何国债期货会在率先上交所开设呢？因为上交所是当时国内最大的证券交易 市场，流动性较好。事实上国债期货不止在上交所开设，后来在北京、武汉、深圳等全国14个交易 市场都开设了，但交易量最大的仍是上交所。 然而，国债期货开设后的很长时间内，其交易一直很清淡。到了1993年7月，财政部发文决定对国债 实施保值补贴。这是要注意到的一个细节是，人民银行在1993年6月29日发文，对居民3年期以上存 款实行保值贴补，而财政部则紧随其后。当时 央行行长由国务院全面分管经济的朱镕基副总理兼任 。 1993年10月25日，上交所重新设计了交易品种和交易机制，并且 面向全社会投资者开放 （之前是 只有会员的20家）。有了保值贴补和国债期货市场对所有投资者开放，便一下子激活了清淡的国债 期货市场，国债期货交易开始蓬勃发展。 1994年是国债期货市场最为繁荣的一年。紧随上交所之后，全国陆续有多个交易所竞相推出国债期 货产品。成交量成倍地放大，机构和个人都纷纷涌入 ...

fron Vinger 19.83% 近5年分位数 56. 99% 40.86% 近5年分位数 32. 70% 25.11% 近5年分位数 50. 24% 20交易日涨跌 20交易日涨跌 20交易日涨跌 60交易日涨跌 10.08% 近10年分位数 29.50% 60交易日涨跌 29.39% 近10年分位数 35. 65% 60交易日涨跌 16.58% 近10年分位数 22.27% 年初至今涨跌 -10.39% 近20年分位数 44. 29% 年初至今涨跌 -33.94% 近20年分位数 7.26% 年初至今涨跌 -17.40% 近20年分位数 64.83% 北京:中原房地产领先指数 市场价:浮法平板玻璃:4.8/5mm:全国 30大中城市:商品房成交面积 754.00 -1.44% ▼ 765.00 42.41 前值 1274.00 0.00% ▼ 前值 1274.00 15.46% ◀ 前值 36.73 近5年走势 近5年走势 近5年走势 -18.22% 近5年分位数 0.00% -40.76% 近5年分位数 5. 33% 近1年涨跌 近1年涨跌 30自然日涨跌 161.11% 近5年分位数 3. 50% ...

"不言顶，不测底"。无数次的教训告诉自己，不要去肆意猜测点位，更不是去猜测顶部或底部，因为一旦这么做了，那就在自己的心中设了一篱 笆。 ——笔记哥《应对》 【笔记20240422— 全民缺资产（+资金面宽松=小下)】 资金面平衡宽松，长债收益率小幅下行。 央行：为维护银行体系流动性合理充裕，开展了20亿元逆回购操作。当日有逆回购20亿到期，零投放。 资金全天平衡宽松，盘中亦无明显波澜。 | | | | 银行间资金 | (2024. 4. 22) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 最高利率 | 变化 | 成交量 | 变化量 | 成交量占 | | | (%) | (bp) | (近30天) | (%) | (bp) | (亿元) | (亿元) | 比 (%) | | R001 | 1.86 | 0 | | 2.54 | | 58351. 17 | 1123.79 | 87. 21 | | R007 | 1.90 | 0 | | 3.20 | 40 | 6146. ...