Core Viewpoint - The article emphasizes the importance of enhancing long-term, stable, and value investment capabilities in the insurance industry, which is essential for supporting the high-quality development of the real economy and fulfilling the responsibilities of financial institutions [1]. Group 1: Investment Philosophy - The company adheres to the philosophy of "absolute return + long-term stable return," focusing on absolute rather than relative returns and prioritizing long-term stability over short-term gains [2]. - In the first half of 2025, the comprehensive yield of its asset management platform reached 6.5%, showcasing strong performance [2]. - The average comprehensive investment yield over the past three years stands at 6.75%, maintaining a leading position among major bank-affiliated life insurance companies [2]. Group 2: Investment Management System - The investment advantages stem from a professional and systematic investment management framework, with a precise allocation in major asset classes [3]. - Fixed income assets serve as a "ballast," ensuring safety and stability, with a focus on long-duration high-quality fixed income assets to enhance profitability during declining interest rate cycles [3]. Group 3: Equity and Alternative Investments - The company employs a value, long-term, and contrarian investment approach in equity investments, aiming for long-term excess returns while maintaining patience during market fluctuations [4]. - In alternative investments, the company prioritizes high-quality infrastructure projects in key national regions and captures opportunities in innovative assets like public REITs, achieving a comprehensive yield of approximately 30% for its public REITs strategy products from January to November 2025 [4]. - Investments in mature operating real estate ABS projects in Shanghai yield 5%, contributing to overall investment returns [4]. Group 4: Future Outlook - The company anticipates a stable economic development environment and an optimized policy landscape, providing strong support for capital markets [5]. - Despite external uncertainties, the company believes that domestic economic momentum is robust, presenting more opportunities than challenges [5]. - The focus will be on leveraging research and investment collaboration to create differentiated competitive advantages while adhering to the core mission of insurance protection and enhancing financial services for the real economy [5].

Core Insights - The successful IPO of He Yuan Bio is attributed to its strong original technology, clear product prospects, and supportive national listing policies, marking a shift in capital market valuation logic from "profit-oriented" to a dual assessment of "technical barriers + commercialization potential" [1][3][4] Company Overview - He Yuan Bio's core technology, the "plant-based bioreactor technology platform," is globally leading and has been recognized with national awards, including the National Technology Invention Award [3] - The company's flagship product, recombinant human albumin injection (rice-based), aims to reduce reliance on imported plasma-derived albumin, addressing supply chain security in China's biopharmaceutical sector [3][9] Regulatory Insights - The regulatory inquiry process was a comprehensive examination of the company's technology, business, and compliance capabilities, focusing on the advanced nature of core technologies and the prudence of commercialization forecasts [5][7] - The company provided detailed explanations of its core technologies and market potential, which were crucial for gaining regulatory approval [7] Post-IPO Developments - The IPO marks a new beginning for the company, shifting the founder's role from a scientist to an architect, focusing on sustainable development and compliance management [8] - The company is accelerating its business operations under public scrutiny, with a focus on transparency in research and development, commercial readiness, and compliance [8] Industry Impact - The plant-based biomanufacturing technology is expected to transform the biopharmaceutical industry by ensuring supply chain security and reducing dependency on traditional biological sources [9][10] - This technology could significantly lower production costs and enhance the accessibility of preventive biopharmaceuticals, such as vaccines and antibodies, by shifting the cost structure from complex facilities to basic agricultural inputs [9] Future Outlook - The industry is moving from a "follower" to a "leader" position, emphasizing foundational scientific discoveries and platform technologies, which requires greater patience and risk tolerance from enterprises and investors [10]

2025 年 12 月 19 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 216 期 观点精粹: 最新报告摘要 证券研究报告 1、最新报告摘要 1.1、宠物行业专题报告：复盘宠物行业渠道变革，品牌精细化运营进入新阶 段——系列研究之三--行业 PPT 报告 分析师：王思言 S0350524010001 分析师：程一胜 S0350521070001 本篇报告解决了以下核心问题：1、深度复盘国内宠物行业二十年渠道变迁的底层逻辑；2、辨析线上流量存 量博弈与线下服务壁垒的差异化价值；3、探寻在流量成本高企的当下，品牌如何通过渠道精细化运营与策略 分层实现突围。 复盘二十年国内宠物市场渠道变迁，经历了由线下到线上、由经销到直销的转变，借助电商渠道红利期，国产 宠物品牌发展迅速。2003-2012 年，中国宠物行业处于线下为王、经销主导的初步发展期，市场格局由外资 品牌掌控，国产宠物品牌起步；2012-2018 年，以"淘天系"及"双十一"为代表的电商红利，成为重塑宠 物行业格局的核心驱动力。20 ...

Core Insights - The surge of hard technology assets in the A-share market reflects a clear market consensus on China's innovation-driven development strategy and industrial transformation, showcasing confidence in the country's independent innovation capabilities and long-term growth value [1][2] Group 1: Drivers of Hard Technology Asset Popularity - The rise of hard technology assets aligns with national strategic directions and policy guidance, as leading technology companies leverage core technological innovation capabilities and strategic resource allocation to ensure growth beyond economic cycles [2][8] - The capital market ecosystem is maturing, with institutional innovations enhancing the market's ability to discover and price high-quality technology assets [3][9] Group 2: Market Reforms and Support - Recent reforms in the capital market, particularly the implementation of the "1+6" reform measures on the Sci-Tech Innovation Board, provide a more inclusive financing channel for hard technology companies, increasing support for cutting-edge technology sectors [3][9] - Institutional investors, including insurance companies and public funds, are increasing their long-term capital investments, enhancing the market's value discovery and pricing capabilities [3][9] Group 3: Valuation Logic and Future Outlook - The valuation logic for technology assets is undergoing structural changes, with a shift from past profitability to future technological influence, indicating a forward-looking approach by capital [4][10] - As comprehensive reforms in the capital market continue, there is an expectation for further optimization of market mechanisms to direct funds towards hard technology companies with core technologies and independent innovation capabilities [11]

近日，"国产GPU双雄"摩尔线程、沐曦股份相继登陆科创板，硬科技赛道投资热潮再度引发市场高度关 注。证券时报记者获悉，多家险资已通过私募股权途径，对这两家公司间接布局。 对此，业内人士表示，这些只是保险资金积极布局科创领域的一个缩影。 频现保险资金身影 被称为中国GPU（图形处理器）"四小龙"之一的沐曦股份上市后一跃成为"最赚钱新股"。证券时报记者 梳理发现，沐曦股份的投资机构中至少出现13家险资身影。 沐曦股份IPO招股书显示，国寿（深圳）科技创新私募股权投资基金合伙企业（有限合伙）（下称"国 寿（深圳）科创私募"）持有341.7万股沐曦股份，IPO后持股比例为0.85%，国寿（深圳）科创私募为中 国人寿（601628）旗下公司。其合伙人企业中除了国寿股份，还有4家险资间接投资其中。 此外，深圳市瀚辰创业投资基金合伙企业（有限合伙）（下称"瀚辰创投"）为沐曦股份第七大股东，持 有沐曦股份1250.41万股，持股比例3.13%。据记者梳理，瀚辰创投合伙人企业穿透后也有多达8家险 资，包括友邦人寿、人保寿险、工银安盛人寿、阳光人寿、人保健康、中宏人寿、中银三星人寿和大地 财险。 近年来，保险资金设立或参与投资科 ...

Core Insights - The recent IPOs of domestic GPU companies, Moore Threads and Muxi Co., have reignited market interest in the hard technology sector, with insurance funds actively investing through private equity channels [1] Group 1: Investment Activity - Muxi Co. has become the "most profitable new stock" post-IPO, with at least 13 insurance institutions among its investors [2] - China Life's Shenzhen Technology Innovation Private Equity Fund holds 341.7 thousand shares of Muxi, representing 0.85% of the company post-IPO [2] - Shenzhen Hancheng Venture Capital, a significant shareholder of Muxi, has 12.5 million shares, accounting for 3.13%, with multiple insurance firms involved in its partnerships [2] Group 2: Insurance Fund Strategies - Insurance funds are increasingly establishing or participating in private equity funds focused on technology investments, such as China Pacific Insurance's 30 billion yuan fund targeting Shanghai's modernization [4] - In Q3, insurance funds became major shareholders in over 300 listed companies, with manufacturing being the most represented sector, involving more than 200 stocks and a total market value exceeding 45 billion yuan [4] - Insurance asset management can invest across various asset classes, providing comprehensive financing solutions for technology innovation [4] Group 3: Growth in Technology Investment - China Insurance Asset's technology finance investment has grown nearly 30% year-on-year, focusing on AI, computing, biomedicine, and machinery [5] - The company emphasizes its long-term advantages in AI core areas, including computing power, algorithms, and data [5] Group 4: Challenges and Recommendations - There are inherent conflicts between the cautious investment principles of insurance funds and the high-risk nature of technology innovation, necessitating a balance [6] - Recommendations include optimizing investment strategies, transforming insurance business structures, and establishing a risk control system tailored to technology investments [6]

Core Insights - The implementation of Chapter 18C has created a significant opportunity for hard technology companies to access the Hong Kong capital market, although further development of backend processes is necessary for a complete transformation into a hard technology hub [1][6]. Group 1: Chapter 18C Overview - The Chapter 18C listing system was officially implemented in March 2023, allowing loss-making tech companies with disruptive technologies to enter the capital market by lowering financial thresholds and relaxing market capitalization and profitability requirements [2]. - Prior to 2025, only three companies successfully listed under Chapter 18C, but since then, four additional companies have listed, with around 20 more currently in the IPO application process [2][3]. Group 2: Market Dynamics - The surge in IPO applications is attributed to favorable market conditions in Hong Kong and a global trend towards technology stocks, alongside the introduction of a "special line" for tech companies that allows for confidential submissions, reducing initial communication costs and risks [2][3]. - The majority of companies applying for listings under Chapter 18C are from the robotics and AI sectors, which are seen as being on the verge of commercialization, fitting the "market value + R&D" criteria of the chapter [3]. Group 3: Implications of Loss-Making Listings - The perception of Chapter 18C as a "green channel" for loss-making companies is viewed as a double-edged sword, as it allows for early monetization of technological value but also risks significant stock price volatility in the absence of revenue anchors [4]. - Currently, among the seven companies that have listed under Chapter 18C, only one is expected to achieve profitability in 2024, highlighting the risks associated with loss-making listings [4]. Group 4: Future Outlook - The IPO wave driven by Chapter 18C is expected to alter the landscape of the Hong Kong stock market, potentially attracting more hard technology assets like semiconductors and quantum technologies, thereby shifting the traditional market structure dominated by finance, real estate, and consumer sectors [6]. - However, the development of a robust hard technology ecosystem in Hong Kong requires not only a conducive listing environment but also comprehensive support in areas such as analyst coverage, specialized indices, and talent development [6].

Core Viewpoint - The surge in hard technology assets on the A-share market reflects a growing market consensus on China's independent innovation capabilities and long-term growth value, driven by national strategic directions and policy guidance [1][2]. Group 1: Market Trends - Muxi Co., Ltd. officially listed on the Sci-Tech Innovation Board on December 17, with a first-day increase of 693%, indicating high market enthusiasm [1]. - Other semiconductor companies, such as Moer Thread, also experienced significant first-day gains, exceeding 400% [1]. - A number of hard technology companies from strategic emerging industries have entered the A-share market this year, with many seeing their stock prices multiply on the first day [1]. Group 2: Driving Forces - The rise of hard technology assets aligns with national strategic directions and policy guidance, emphasizing the importance of core technology innovation for ensuring national industrial chain security [2]. - The Chinese government has set clear goals for technological self-reliance and innovation, focusing on new-generation information technology, new energy, and new materials during the 14th Five-Year Plan [2]. - The capital market ecosystem is maturing, with institutional investors increasing their long-term market participation, enhancing the ability to discover and price quality technology assets [3]. Group 3: Valuation Logic - The valuation logic for technology assets is undergoing structural changes, with a shift from past profitability to future technological influence, reflecting a forward-looking approach by capital [4]. - This revaluation is not detached from the fundamentals of companies but aims to optimize the allocation of innovative resources within the capital market [4]. - The ongoing comprehensive reforms in the capital market are expected to further guide funds towards hard technology companies with core technologies and independent innovation capabilities [4].

易方达基金、兴证全球基金等"精品派"则采取了聚焦龙头、重仓布局的策略。以易方达基金为例，该基 金今年以来共参与11只个股定增，以29.61亿元获配总额位列第三。 个股层面，定增项目呈现明显的资金集聚效应。上述85只个股中，有66只定增募资均超1亿元，其中7只 个股募资金额均突破10亿元。例如，医药生物领域的百利天恒的定增项目共吸引11家公募机构参与，公 募机构共获配25.56亿元；AI龙头寒武纪获8家公募机构青睐，公募机构合计获配25.25亿元。 从行业角度来看，电子行业成为定增"吸金大户"，寒武纪、盛美上海、芯原股份等3只个股均跻身10亿 元级个股定增募资榜单，凸显科技类企业的吸引力。 策略发生变化 今年以来，公募机构活跃于A股定增市场。公募排排网数据显示，截至12月17日，今年以来共有39家公 募机构参与定增，涉及85只个股，合计获配金额达340.88亿元，较去年同期的298.40亿元增长14.24%。 电子行业最"吸金" 数据显示，在上述参与A股定增的39家公募机构中，有29家获配金额均超1亿元，其中诺德基金、财通 基金、易方达基金、广发基金、兴证全球基金等5家机构均跨过了10亿元的门槛。 值得一提的是 ...

Group 1 - The report identifies four macro clues for 2025: TACO trading, the Federal Reserve's interest rate cut rhythm, AI commercialization, and China's export resilience [8] - It suggests that in 2026, the domestic GDP growth is expected to shift from external demand to investment driven by central finance, alongside a price recovery leading to a restocking cycle [8] - The report emphasizes that the main industry themes for 2026 will focus on "anti-involution" and "hard technology" sectors, highlighting coal, chemicals, construction materials, and power equipment as key areas for potential profit recovery [8] Group 2 - The asset allocation outlook for 2026 recommends a diversified approach, favoring equities and commodities over interest rate bonds, with an overweight on A-shares and Hong Kong stocks [8] - The report notes that the current market is driven by institutional funds rather than retail investors, indicating a preference for sectors with high profitability and fundamental improvements [8] - It highlights that the active equity funds are heavily concentrated in the TMT sector, with over 40% of holdings, leaving room for "anti-involution" and domestic demand recovery sectors [8] Group 3 - The report discusses the performance of various asset classes in 2025, noting that precious metals and Asia-Pacific equities led the gains, while bonds showed lackluster performance [10][11] - It indicates that the dollar index weakened by approximately 8.3%, and the USD/CNY exchange rate decreased by about 3.01% [11] - The report also highlights that the VIX index experienced significant fluctuations due to trade policy uncertainties, impacting market sentiment and asset performance [20]