新华财经上海12月12日电（记者王淑娟、潘清）最新发布的《强势增长——2025年安联全球财富报告》 显示，2024 年全球私人家庭金融资产达到269万亿欧元，同比增长8.7%。在全球增量中，中国贡献为 19.8%，是全球财富增长中占比较高的来源之一。 安联基金副总经理兼首席投资官郑宇尘也认为，当前的政策环境演变和向好的产业趋势推动了中国股市 向好，且股票估值隐含的风险溢价处于合理水平。A股盈利水平预计在2025年底企稳，为来年的慢牛行 情奠定了基础。投资者可以关注多个具备增长潜力的领域，特别是科技、自主可控和创新药板块，以及 新消费和受益于海外市场拓展的结构性机会。 直面"低利率"时代挑战，金融企业资产负债管理有何新路径？"低利率时代是专业化转型的新起点。"安 联资管总经理兼首席投资官张光指出，中国保险业正站在变革的关键节点，传统的利差依赖模式正在被 重塑，但挑战与机遇并存，政策支持和资本市场变革为专业资管机构创造了前所未有的价值空间。 安联保险权益投资部总经理杜毅指出，中国权益市场正迎来三大转变：低利率环境推动险资等长期资金 持续流入，全球产业趋势引领的科技板块盈利确定性提升。展望2026年，市场预计将进入 ...

今日市场探底回升，三大指数涨跌不一，深成指、创业板指盘中先后翻红，创业板指此前一度跌超 2%。上证指数收跌0.23%，深证成指收涨0.29%，创业板指收跌0.02%。沪深两市成交额1.78万亿，较上 一个交易日缩量1254亿。盘面上，地产股午后异动上涨，贵金属等板块涨幅居前，CPO、半导体题材午 后走强；银行、电力设备、计算机等板块调整。 【热点1】 据摩根大通首席中国股票策略师表示，预计随着估值正常化以及遏制产能过剩的举措提振关键行业的盈 利能力，MSCI中国指数将进一步反弹。到2026年底，MSCI中国指数将上涨约18%，沪深300指数将上 涨约12%。MSCI香港指数在资本流动和房地产市场情绪最终复苏的支撑下，涨幅可达18%。 近期国内政策积极表态为市场构建支撑，且大盘已经进行较长时间的震荡，有望迎来跨年行情的布局窗 口期。据信达证券统计，2010 年以来，每年年底到第二年春季的跨年阶段，大多会出现一段跨年行 情。行情通常持续 1-2 个月，启动时间集中在 12 月-次年 1 月。从历史经验来看，如果指数处在低位， 则跨年行情启动的时间较早，幅度较大，有正收益的概率较高。但如果指数处在高位，则跨年行情启 ...

随着2025年12月的到来，个人养老金年度缴存进入倒计时。这是享受2025年度税收优惠的最后机会，也 是布局养老储备的关键节点。作为养老保险体系"第三支柱"的重要组成部分，个人养老金制度不仅有助 于提升晚年生活保障，也为大家提供了"省税+增值"的双重收益路径。近日，京东金融上线养老金缴存 月活动，进一步降低参与门槛，提升养老储备的吸引力。 自2022年11月25日试点启动算起，个人养老金制度已实施满三周年。在产品供给方面，养老金投资选择 日益丰富。以京东金融为例，平台已上线超过180只养老基金产品，涵盖目标日期、目标风险、指数配 置等多种类型。同时，国民养老两全保险等稳健型产品也相继纳入，为用户提供更加多元的资产配置方 案。一站式线上服务与AI养老顾问的引入，进一步简化了开户、投教、产品选择等流程。用户上京东 APP或者京东金融APP搜索"个人养老金"，开通个人养老金账户即可参与活动。 京东金融财富投研团队表示，当前权益市场呈现的"慢牛"趋势，也为个人养老金业务提供了历史性的发 展机遇。长期稳健的上涨行情，能有效改善养老金投资的持有体验，增强投资者长期参与的信心；同时 养老金作为长钱入市，也会进一步夯实权益市 ...

他认为，这些机会聚合起来，从长期视角回顾，很可能塑造出一轮"慢牛"行情，标志着A股市场迈入一 个崭新的发展阶段。 专题：财经中国2025年会 和讯网 12月7日，重阳投资董事长王庆表示，中国资本市场与实体经济表现并不同步，去年"9·24"成为一个至 关重要的拐点。未来行情将转向个股业绩驱动，A股可能进入"慢牛"新阶段。 王庆指出，房地产市场深度调整带来的普遍"资产荒"，是贯穿前后的共同背景。在"9·24"新政之前，市 场风险偏好极低，资金为寻找出路，纷纷涌入能提供稳定现金流的高股息资产，使其成为理财产品的替 代品，完成了第一轮价值股的重估。 "但'9·24'之后不一样了。"王庆强调，强有力的政策干预有效托底了经济、市场与信心，带动风险偏好 回升，市场重心随之转向，以科技板块为代表的成长股迎来了第二轮重估。至此，市场在拐点前后相继 经历了价值与成长两次结构性重估。 王庆得出判断，市场经过重估之后，从2026年起或将进入由个股基本面业绩驱动的阶段。在"资产荒"格 局下，充裕的资金将持续寻找配置方向，一旦特定行业或赛道形成业绩共识，资金便可能快速流入。 王庆指出，房地产市场深度调整带来的普遍"资产荒"，是贯穿前后的 ...

Group 1 - The market is experiencing a warming trend in fund issuance, indicating a recovery in investor sentiment [1][3] - Compared to previous "bull market" conditions, the current market remains rational, with investors cautiously positioning themselves for more certain opportunities, particularly looking ahead to 2026 [2][10] - The number and scale of newly issued funds have increased significantly in the first 11 months of 2024, with stock funds surpassing bond funds for the first time, reflecting a shift in investor preference towards equities [3][7] Group 2 - Historical patterns suggest that extreme fund issuance can signal market tops, as seen in 2007, 2015, and early 2021, indicating that current fund issuance levels are still far from a frenzy [5][7] - The appreciation of the Renminbi is attracting overseas capital into the Chinese market, benefiting both A-shares and Hong Kong stocks, as it makes local assets more appealing [8][10] - Expectations of further interest rate cuts by the Federal Reserve and potential easing measures from the People's Bank of China could ignite market activity, with a possibility of transitioning from a structural market to a broader bull market by 2026 [10][12] Group 3 - The upcoming year-end period is traditionally a time for increased lending and investment, suggesting that sectors like technology, new energy, and leading consumer stocks may present good opportunities for early positioning [12][13] - The current market phase is characterized as neither a peak of exuberance nor a bottom of despair, but rather a critical moment that tests investor patience and strategy [13]

Core Insights - The recent adjustments in insurance company risk factors and the introduction of a regulatory framework for listed companies signal a potential increase in liquidity in the A-share market, encouraging long-term capital inflow [1][12][14]. Group 1: Market Liquidity and Investment Dynamics - The decline in insurance premium risk factors suggests that insurance capital can inject more liquidity into the A-share market [1]. - The U.S. stock market benefits from a significant influx of long-term funds from pensions, insurance funds, and university endowments, which helps stabilize market fluctuations and supports a slow bull market [2][9]. - The U.S. dollar's global dominance allows the U.S. stock market to attract liquidity from around the world, making it a safe haven during economic instability [1][2]. Group 2: Regulatory Environment and Corporate Governance - The U.S. has a robust regulatory framework that imposes severe penalties for financial fraud, which enhances investor confidence and market integrity [3][4]. - Listed companies in the U.S. are required to distribute a portion of raised capital as dividends to shareholders, which promotes accountability and discourages illegal sell-offs by major shareholders [5][6]. Group 3: Market Structure and Investor Behavior - The U.S. stock market has fewer retail investors compared to other markets, which contributes to its stability and reduces volatility [6][8]. - Historical market fluctuations in the U.S. demonstrate that a market can experience prolonged periods of stagnation before entering a bull phase, indicating the importance of patience and long-term investment strategies [7][10]. Group 4: Future Market Outlook - The Chinese market is undergoing a transformation aimed at fostering a slow bull market, with recent policies designed to guide long-term capital into the stock market [12][14]. - The current market environment requires investors to adapt their strategies, focusing on capital preservation and diversified asset allocation rather than aggressive speculation [38][41].

Core Viewpoint - The market is expected to experience structural recovery opportunities after a period of consolidation, with many sectors showing valuation attractiveness for medium to long-term investment [2][6]. Market Performance - The total trading volume in the market reached 1.73 trillion yuan, an increase of 176.8 billion yuan compared to the previous day [6]. - The Shanghai Composite Index rose by 0.7%, the ChiNext Index increased by 1.08%, and the Shenzhen Component Index saw a rise of 1.36% [6]. Institutional Insights - Dongguan Securities suggests that the market is likely to see structural recovery opportunities, with many sectors showing valuation attractiveness, which may enhance medium to long-term investment value [2][6]. - Everbright Securities notes that the index experienced a volume contraction and a rebound, indicating a potential for a market rebound based on classic volume-price signals [2][6]. - Huajin Securities predicts that the A-share market in 2026 may present a slow bull market driven by structural profit recovery, shifting from a valuation-driven market in 2025 to one driven by fundamentals [2][6]. Fund Offerings - Huabao Fund has launched three major broad-based ETFs tracking the CSI A50, A100, and A500 indices, providing investors with diverse options to invest in China's market [2].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ A股，午后爆发了！ 12月5日下午开盘后，A股保险股持续拉升，中国太保涨超6%，中国平安涨超5%，中国人保、中国人寿等跟 涨。随后，券商股爆发，中银证券触及涨停，兴业证券涨超7%，湘财股份、东方财富、东北证券、华泰证券 跟涨。富时中国A50指数期货午后涨超1%。 那么，究竟发生了什么？摩根士丹利发表最新研报，将中国平安加入重点关注名单，仍列为首选。同时，中信 证券亦唱多保险股。保险股午后爆发，直接带动了券商股行情。进而引爆了整个市场的人气。 两大利好引爆 12月5日，A股三大指数涨幅扩大，上证指数涨超0.7%，深证成指、创业板指涨逾1%。在此过程当中，首先 是保险股发力，接着券商股持续拉升。两大板块联袂出击，带动了市场人气。对指数的提振作用十分明显。个 股上涨的数量也显著回升。 从消息面看，在大摩的加持之下，中国平安A股午后大涨超5%，其H股大涨超6%。平安的爆发也带动了整个 保险板块。 中信证券也认为，保险股面临重大机遇。保险行业已从资产负债表衰退叙事中率先走向良性扩 张，周期向好正式确立，预计2026年向上趋势进一 ...

Core Viewpoint - The A-share market experienced a significant surge on December 5, driven primarily by the performance of insurance and brokerage stocks, following positive reports from Morgan Stanley and CITIC Securities [1][2]. Group 1: Market Performance - On December 5, the A-share indices saw substantial gains, with the Shanghai Composite Index rising over 0.7%, and both the Shenzhen Component and ChiNext Index increasing by more than 1% [2]. - The insurance sector led the rally, with China Ping An rising over 5% and its H-shares increasing by over 6%, which in turn boosted the entire insurance sector [2]. - The overall market sentiment improved significantly, with over 4,300 stocks in the A-share market experiencing gains [1]. Group 2: Driving Factors - The surge in insurance stocks was attributed to Morgan Stanley's inclusion of China Ping An in its focus list, which was seen as a major positive signal for the sector [1][2]. - CITIC Securities also expressed a bullish outlook on insurance stocks, indicating that the industry is transitioning towards healthy expansion, with a positive cycle expected to strengthen by 2026 [2]. - The brokerage sector followed suit, with firms like Zhongyin Securities hitting the daily limit, driven by the overall positive sentiment from the insurance sector and the anticipated merger of China International Capital Corporation with Dongxing Securities and Xinda Securities, which is expected to positively impact the industry [2]. Group 3: Future Market Expectations - The prevailing market expectation for 2026 is a "slow bull" trend, with projections of structural recovery in earnings, particularly in technology and cyclical sectors [3]. - Analysts anticipate that the A-share market will maintain a high valuation level, with potential for strong performance in the first and fourth quarters of 2026 [3]. - The focus for short-term trading is shifting towards annual performance reports, with particular attention on sectors with high earnings certainty, such as non-bank financials and industries related to computing power [3].

Group 1 - The core viewpoint of the investment strategy report highlights the potential new main lines driven by policies and events, emphasizing the role of ETFs as a key investment tool in a "slow bull" market [2] - The report suggests that the 2025 surge in the innovative drug sector is a result of the resonance between policy, industry, demand, and globalization, indicating that "new" assets in the pharmaceutical sector remain a long-term investment direction [4] - The analysis focuses on five key areas for macroeconomic and investment outlooks for 2026, including supply-demand contradictions, price assessments, financial conditions, economic transformation, and overseas stock-bond allocation experiences [7][8] Group 2 - The pharmaceutical industry is expected to see investment opportunities in 2026, with recent adjustments leading to relatively low valuations, which may restart an upward trend in 2026 [4] - The report recommends focusing on hard technology in pharmaceuticals and specific sub-sectors, including innovative drugs (leading BIC and FIC pipelines), innovative medical devices (imaging, high-value consumables, consumer devices), and medical AI [4] - Tuniu's performance dialogue will explore strategies for recovering outbound tourism, including product upgrades, channel optimization, and private domain operations to reshape competitiveness [11]