5月30日，"可月月评估分红"的港股红利ETF基金（513820）冲高后回落，当前微跌0.09%。值得注意的是，今日为港股红利ETF基金（513820）第11次分红 的现金发放日，本月分红真正落袋为安！ 保险公司表示，高股息股票等领域值得重点关注。 无论是从个股投资偏好还是举牌偏向，红利资产均是重仓标的。特别是的从举牌来了，港股红利为主要举牌对象。 随着险资等中长期资金陆续入市，港股红利资产有望迎来资金增配。 【险资的资产配置思路如何？】 中国人寿副总裁、首席投资官刘晖表示，从中长期看，《关于推动中长期资金入市工作的实施方案》等一系列政策的实施，有助于优化中长期资金入市的环 境，进一步增强我国资本市场的内生稳定性。其中，高股息股票等领域值得重点关注。高股息股票方面，有几个因素可能继续支撑其中长期配置价值。一是 利率中枢趋势性下行背景下，高股息股票的股息率显著高于超长期债券收益率，对于提升净投资收益率、降低整体收益波动性具有重要意义，配置价值继续 凸显；二是新会计准则预计于2026年在保险行业全面推行，目前主要上市保险公司FVOCI股票约占公开市场权益总量的20%，非上市保险公司配置比例可能 更低，高股息股票增 ...

实践中，理财资金入市存在诸多堵点，无法有效提升银行理财市场活力。普益标准研究员何瀚文表示， 理财资金入市堵点一是在市场层面，部分上市公司质量有待提高，中长期资金可投资的标的待进一步扩 充；二是在金融工具层面，缺乏有效的风险对冲工具；三是在投资者层面，投资者较低的风险偏好导致 其对权益类资产容忍度不高。 近日，上海外高桥集团股份有限公司公开披露了向特定对象发行A股股票发行情况报告书，报告书披露 了共11家发行对象，其中包括光大理财有限责任公司。这是首单银行理财资金直接参与投资上市公司定 增项目。业内人士认为，这为银行理财资金入市开辟了新路径。 普益标准研究员黄诗慧表示，此次银行理财直投定增有助于理财公司从产品和投资两个维度深化与上市 公司合作，并且使投资者间接参与定增项目，有效打通了中长期资金入市的堵点。 光大理财相关负责人表示，在有效管控风险的基础上，将逐步加大在资本市场领域的布局，近期已择机 增配了包括交易型开放式指数基金（ETF）在内的指数化投资工具，并将加大对上市公司定增、可转 债、可交债等工具品种的投资力度。 定增项目通常存在锁定期长、流动性低等风险，这对理财资金端提出更高要求。黄诗慧表示，理财公司 ...

Core Insights - Regulatory authorities have implemented multi-dimensional policy tools to facilitate insurance capital's entry into the market, leading to a record increase in equity investments by insurance funds in Q1 2025 [1][4] - As of the end of Q1, the balance of insurance fund investments reached 34.93 trillion yuan, with stock investments amounting to 2.82 trillion yuan, reflecting a 16.03% increase [1][5] - The shift in insurance capital's allocation between stock investments and funds is attributed to regulatory changes and market conditions [1][7] Regulatory Environment - The implementation of policies such as the "Implementation Plan for Promoting Long-term Funds to Enter the Market" aims to encourage large state-owned insurance companies to allocate 30% of new premiums to A-shares starting in 2025 [4] - Regulatory adjustments have raised the upper limit for equity asset allocation and reduced the risk factors associated with stock investments, easing the pressure on solvency [4][6] Investment Trends - High-dividend stocks, particularly in the banking sector, remain a favored choice for insurance capital, with holdings in bank stocks reaching 278.21 billion shares valued at 265.78 billion yuan [5] - Despite the enthusiasm for equity investments, the average equity investment ratio for commercial insurance companies remains conservative at around 25% [5][6] Challenges and Recommendations - The lack of long-term capital in the capital market is attributed to the underdeveloped environment for long-term value investment, misaligned institutional incentives, and lagging institutional capabilities [6] - Recommendations include deepening mechanism reforms and enhancing policy support to foster a healthy ecosystem for long-term capital investment [6] Fund Allocation Dynamics - While insurance capital has increased its allocation to stocks and long-term equity investments, there has been a decline in fund allocations, with a net decrease of 30 billion yuan [7] - The decline in fund investments is linked to changes in financial instrument classifications and poor fund performance, with 64% of active equity funds underperforming their benchmarks over three years [7][8] Shift to Index Funds - Insurance companies are transitioning from active funds to index funds due to lower management fees associated with passive management [8] - Active funds remain essential for smaller insurance companies seeking higher returns, although the preference is shifting towards newer funds as assets grow [8]

如果说，价值投资是穿透市场迷雾的灯塔，那么，长期主义便是跨越市场周期的舟楫。两者合力，让资本于喧嚣中沉 淀，令价值于浪潮里绽放。 2024年4月，资本市场新"国九条"出台，"大力推动中长期资金入市，持续壮大长期投资力量"作为重要议题之一，是金 融机构助力资本市场健康稳定发展的关键指引。此后，推动中长期资金入市的指导意见和实施方案先后出台，着力打 通各类中长期资金的堵点痛点，推动形成"长钱长投"的制度环境。 好风凭借力，扬帆正当时。30万亿体量的银行理财资金在政策支持长钱入市的号角下，持续为资本市场注入源头活 水，润泽实体经济、托举产业巨轮。近期，财经网发起"长期资金稳步入市 资管行业开启新篇"专题报道，对话中银理 财，就理财公司如何通过布局权益资产锚定价值投资航向、强化投研实力破除客户接受度边界等问题进行探讨。 发挥国有大行全资子公司的市场先导者和稳定器作用，中银理财在支持资本市场发展的行动中，以指数化投资为切入 点平衡风险与收益，推出超20只指数跟踪策略的含权产品，涵盖红利、科技、大盘价值等主流指数，通过资产组合降 低整体波动，匹配投资者多样化投资需求，在"理财资金入市"中抢占先机。 "中银理财将一方面在产 ...

如果说，价值投资是穿透市场迷雾的灯塔，那么，长期主义便是跨越市场周期的舟楫。两者合力，让资本于喧嚣中沉 淀，令价值于浪潮里绽放。 2024年4月，资本市场新"国九条"出台，"大力推动中长期资金入市，持续壮大长期投资力量"作为重要议题之一，是金 融机构助力资本市场健康稳定发展的关键指引。此后，推动中长期资金入市的指导意见和实施方案先后发布，着力打 通各类中长期资金的堵点痛点，推动形成"长钱长投"的制度环境。 Q：光大理财在资产端、产品端参与资本市场的情况分别如何？权益类产品业绩如何？有哪些代表性的含权产品？ 好风凭借力，扬帆正当时。30万亿体量的银行理财资金在政策支持"长钱"入市的号角下，持续为资本市场注入源头活 水，润泽实体经济、托举产业巨轮。近期，财经网发起"长期资金稳步入市 资管行业开启新篇"专题报道，对话光大理 财股票投资部总经理梁珉，就理财公司如何通过布局权益资产锚定价值投资航向、强化投研实力破除客户接受度边界 等问题进行探讨。 光大理财股票投资部总经理 梁珉 光大理财是自去年9月26日以来，市场首家落地理财资金定增的理财公司。该公司把权益资产配置作为战略重点，持 续进阶投研能力，打造以多资产、多策略 ...

Core Viewpoint - The article discusses the evolving landscape of the asset management industry, particularly focusing on insurance asset management institutions and their increasing need for equity asset allocation in response to declining fixed income yields and regulatory changes aimed at promoting long-term investments [3][4][7]. Group 1: Insurance Asset Management Landscape - Regulatory bodies are promoting long-term investments, leading to a more favorable market environment for A-shares [3]. - The insurance asset management sector is facing a complex investment environment, with a pressing need to enhance equity asset allocation to improve client returns [3][4]. - The average yield on insurance funds has declined to 2.24% in 2023, remaining below 5% for three consecutive years, indicating challenges in generating returns [4][6]. Group 2: Investment Strategies for Equity Assets - New accounting standards allow for a certain percentage of OCI to be allocated to the market, providing opportunities for long-term funds [7]. - Long-term stock investment trials using equity method accounting can smooth out stock price fluctuations, presenting new opportunities for insurance funds [8]. - The trial offers three policy advantages, including the ability to account for private fund profits and dividends, which can alleviate the impact of direct investments on financial statements [8]. Group 3: Enhancing Investment Capabilities - Insurance funds must refine their investment techniques to effectively manage long-term capital [9]. - Dynamic adjustments during the holding period are essential for achieving stable returns, as long-term holding is a strategy rather than an end goal [9]. - The probability of achieving positive returns over various holding periods (3, 5, and 10 years) is 60%, 75%, and 90%, respectively, indicating the importance of strategic timing [9]. Group 4: Company Profile - Huatai Asset Management - Huatai Asset Management has focused on third-party asset management since its establishment in 2005, aiming to be an excellent manager of long-term funds and a provider of high-quality assets [12]. - The company has maintained a strong performance in enterprise annuity management, with a cumulative return rate of 87.61% over the past decade [13]. - In the bond investment sector, Huatai ranks first in the industry with a market share of 12%, emphasizing green development initiatives [14]. - The company has a strong focus on equity investments in high-growth technology sectors, supporting the development of innovative enterprises [15].

绿色金融方面，招商基金积极践行ESG理念，持续完善ESG评价体系，丰富ESG评价维度，在制定基金或委托资产投 资的基本政策和重大投资决策中贯彻落实ESG投资理念。招商基金构建了基于投研融合的ESG评价体系，已应用至部 分投资组合，并逐步推动将ESG纳入整体投资决策考量中。招商基金的ESG评价体系可理解，易溯源，可动态优化， 并且支持公司创造长期高质量回报。2024年6月发布了公司《2023年度环境信息披露报告》，也是第2次连续发布该报 告。 去年4月，资本市场新"国九条"提出"要大力推动中长期资金入市，大力发展权益类公募基金，优化险资权益投资政策 环境，完善社保、基本养老保险基金投资政策，鼓励银行理财和信托资金积极参与资本市场，为财富管理市场注入新 动力，推动资管行业进入高质量转型发展。 去年9月，发布的《关于推动中长期资金入市的指导意见》，首次系统性提出推动保险资金、社保基金、养老金等长 期资金进入资本市场的政策框架，强调构建"长钱长投"的市场生态。 今年年初，《关于推动中长期资金入市工作的实施方案》发布，向市场传递了积极信号。 招商基金响应国家政策，深刻把握金融工作的政治性、人民性，金融机构积极入市，加强 ...

从公募基金来说，我们应以实际行动大力发展权益基金，推动基金经理聚焦能力圈，形成稳定的投资风格和产品特 色；近年来银华基金还积极布局和创设各类ETF产品，推出适配不同投资者风险收益偏好的产品，未来将持续完善中 低波动型、工具配置型产品体系，普及左侧布局和长期投资的理念，有望进一步改善投资者持有体验；通过主动自购 权益类基金等形式，传递对资本市场的长期发展信心和定力。 作为专业的机构投资者，银华基金一直以来秉承坚持做长期正确的事的价值观，在考核制度上，实行以三到五年长期 投资业绩为主的考核机制。同时，积极响应公募基金行业费率改革号召。从2023年开始，公司合计有88只基金下调管 理费，实实在在让利给投资者，有助于提升投资者持有体验和获得感，从而进一步增强基金产品吸引力，回归公募基 金的普惠初心。 未来我们将持续打造专业核心能力，相信以终为始，坚持本心，才能抓住市场机会。伴随多方长期资金的持续加入， 我们对权益市场的长期发展态势充满信心。A 股市场将由此构建出更健康、更具可持续性的资本市场投融资环境，开 启高质量发展新征程。 年初，中央金融办、中国证监会、财政部、人力资源社会保障部、中国人民银行、金融监管总局联合印 ...

5月27日，中证金融研究院院长毛寒松发表文章《大力推动中长期资金入市》。在进一步推动中长期资金入市方面，毛寒 松表示，中长期资金是资本市场重要的专业投资力量，是维护市场平稳健康运行的"压舱石"，也是经济发展的"助推器"。当前 和今后一个时期，大力推动各类中长期资金入市，提升中长期资金的权益配置能力，将改善资本市场资金供给与结构，巩固资 本市场回升向好的良好局面；也有助于中长期资金提升长期投资回报，实现中长期资金保值增值、资本市场平稳健康运行、实 体经济高质量发展的良性循环。 再次，加大政策供给，继续推动完善中长期资金财税政策、投资政策和监管制度。针对第三支柱个人养老金这一潜在的长 期资金增长点，可以考虑加大税收优惠力度，使其投资收益至少能够与普通储蓄、理财、保险、基金等产品的投资收益，享受 同等税收待遇。推动更加开放、包容的个人养老金业态，引导商业银行提供全部个人养老金基金产品的销售服务，简化产品购 买程序，为参加人在非银销售渠道提供"一站式"开户和购买服务。研究促进个人养老金信息管理服务平台与保险、基金等行业 平台互联互通。 最后，在准确把握我国国情的基础上，研究借鉴国际经验，进一步推动中长期资金积累和入市 ...

Core Viewpoint - The recent decline in deposit interest rates has led to a shift in investor preference towards short-term wealth management products, as banks reduce fees and enhance product offerings to attract customers [1][2][4]. Group 1: Deposit Rate Changes - Major banks initiated a new round of deposit rate cuts on May 20, with the highest rates for 1-year, 2-year, 3-year, and 5-year fixed deposits now at 0.98%, 1.05%, 1.25%, and 1.30% respectively [2]. - The average annualized yield for bank wealth management products rose to 2.70% in April, with cash management products yielding 1.50% and pure bond products yielding 3.34% [2]. Group 2: Wealth Management Product Strategies - Banks are reducing management fees and enhancing their offerings in equity products to attract more investors, particularly small and medium-sized investors who are sensitive to fees [3][4]. - Several banks have announced fee reductions for their wealth management products, including management, custody, and service fees [3]. Group 3: Equity Investment Focus - Banks are increasing their investment in equity assets, particularly through index funds (ETFs), which are seen as a low-cost and transparent way to enter the equity market [4][5]. - The focus on new production capacity and domestic demand sectors is highlighted as a key area for equity asset allocation by wealth management companies [5]. Group 4: Challenges and Future Outlook - The low interest rate environment poses challenges for wealth management institutions, with expectations that performance benchmarks will continue to decline [6]. - There is a need for banks to enhance their investment management capabilities and educate investors about equity products to improve market acceptance [7].