苏罡表示，在试点推进过程中，中国太保积极与监管部门沟通协调，并获得监管部门在偿付能力风险因 子、权益类资产监管比例等方面给予的政策支持，这些安排有利于发挥保险资金作为耐心资本的作用， 有利于拓宽公司中长期权益资产配置空间。 在苏罡看来，当前市场环境下，利率中枢持续下行，保险资金配置压力较大，加大权益配置成为必然之 举。 苏罡表示，保险资金，尤其是寿险资金，具备负债久期长、现金流相对稳定的特点，这为配置中长期权 益类资产奠定了良好基础，也使得保险公司能够抵御短期市场波动，在市场波动时择机优化，充分发挥 股市稳定器的关键作用。 新华网北京6月12日电（唐滨妮）6月11日，中国太保2024年度股东大会在上海召开。会议现场，该公司 管理层围绕公司布局、险资入市、投资布局、市值管理等市场关心的热点进行了回应。在此期间，中国 太保副总裁、首席投资官、财务负责人苏罡表示，基于相关政策要求及公司战略规划，中国太保由旗下 太保资产全资设立私募证券基金管理公司，由新设基金管理公司发行契约型私募证券基金产品，并由太 保寿险进行全额认购。"目前公司正全力推进该方案的具体落地实施，确保各项工作有序开展。" 今年初，六部门联合印发《关于 ...

Group 1 - The core viewpoint of the articles highlights the successful participation of bank wealth management in the offline issuance of new stocks, marking a significant development in the capital market [1][2] - Everbright Wealth Management became the first bank wealth management company to participate in the offline subscription for the IPO of Xintong Electronics, with a bid price of 17 yuan per share [1] - The participation of bank wealth management in new stock issuance is expected to bring more medium- and long-term funds to the capital market, creating additional investment opportunities and value for investors [1][3] Group 2 - The central political bureau meeting emphasized the need to "unblock the bottlenecks for social security, insurance, and wealth management funds entering the market," leading to a series of policy implementations [2] - The China Securities Regulatory Commission (CSRC) has amended regulations to include bank wealth management products and insurance asset management products as priority allocation objects for IPOs, aligning them with public funds [2] - The new regulations allow wealth management companies to participate directly in new stock subscriptions and optimize the recognition of subscription objects for listed company private placements [2][3] Group 3 - The elevation of bank wealth management to Class A investors as priority allocation objects for IPOs is expected to enhance the allocation ratio of new stock subscriptions and increase the yield elasticity of wealth management products [3] - The reform is anticipated to encourage more medium- and long-term funds to participate in stock issuance, thus bringing additional capital to the market and fostering a long-term investment environment [3]

Group 1 - The Ministry of Human Resources and Social Security recently released the first quarter data on national enterprise annuities, with the accumulated fund scale reaching 3.73 trillion yuan and a three-year cumulative return rate of 7.46% [1] - The new data disclosure method introduces the "three-year cumulative return rate" as a key indicator, replacing the traditional "annual" metric [1] - Guotai Fund, one of the 22 annuity management institutions, achieved outstanding results, with its single plan equity combination yielding a three-year return of 11.86%, ranking first among the 22 managers [1] Group 2 - The three-year cumulative return rates for Guotai Fund's fixed income combination reached 12.02%, placing it fifth in the entire market [1] - In collective plan products, Guotai Fund's equity combination achieved a three-year return of 11.13%, ranking first in the market, while its fixed income combination yielded 11.48%, ranking third [1] - Guotai Fund is the only management institution among the 22 that has all four combination products (single plan fixed income, single plan equity, collective plan fixed income, collective plan equity) with three-year cumulative returns exceeding 10% [1] Group 3 - The implementation of long-term assessment mechanisms is emphasized as a key institutional breakthrough to guide long-term funds into the market [2] - The average annual return rate of enterprise annuities from 2007 to 2024 is reported to be 6.17%, with most years showing positive returns and only three years recording negative returns, the lowest being -1.83% [2] - The investment performance of enterprise annuities has been relatively stable, exhibiting lower volatility compared to the market during the same period [2]

Group 1 - The core theme of the 2025 Lujiazui Forum is to promote the sustainable and healthy development of the capital market [1] - The Shanghai Stock Exchange aims to accelerate the construction of a financing system and coordinate the market ecosystem to consolidate the recovery of the market [1] - Key initiatives include maintaining market stability, enhancing internal stability mechanisms, and improving market ecology to boost investor confidence [1] Group 2 - The reform of the Sci-Tech Innovation Board will be deepened to enhance inclusiveness and adaptability, focusing on identifying quality technology enterprises [1] - The implementation of the "Six Merger Guidelines" will strengthen the role of the capital market in mergers and acquisitions, improving the efficiency of restructuring reviews [2] - Efforts will be made to attract long-term capital into the market, enhancing the product system and supporting the construction of a Chinese brand index system [2]

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation for high-quality development in the context of global economic changes, with a focus on the implementation of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) to enhance support for technology enterprises [1][2]. Group 1: Deepening the Reform of the Sci-Tech Innovation Board - The CSRC aims to enhance the inclusiveness and adaptability of the system by deepening reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market, leveraging the Sci-Tech Innovation Board as a "testing ground" [2]. - The "1" in the "1+6" policy refers to the establishment of a Sci-Tech Growth Tier and the resumption of the fifth set of standards for unprofitable companies to list on the Sci-Tech Innovation Board, targeting high-quality tech enterprises with significant breakthroughs and substantial R&D investments [2]. - The "6" includes six specific reform measures, such as introducing a professional institutional investor system for applicable companies, expanding the fifth set of standards to cover more frontier technology sectors, and improving the refinancing system for Sci-Tech Innovation Board companies [2]. Group 2: Guiding Long-term Capital to Invest in Technology Enterprises - The CSRC will support the development of more technology innovation indices and public funds focused on Sci-Tech themes to attract long-term capital into technology investments [4]. - The introduction of long-term capital is seen as a key measure for deepening capital market reforms, aiming to reshape the market structure and promote long-term value investment [4]. - The focus will be on enhancing the regulatory framework for listed companies and fostering a more stable investment environment through the participation of social security funds, insurance funds, and industrial capital in private equity investments [4]. Group 3: Other Initiatives and Innovations - The CSRC plans to strengthen the linkage between equity and debt to support technological innovation, including the development of Sci-Tech bonds and related financial products [6]. - The commission will also promote the regularization of fund share transfer business and optimize mechanisms for physical stock distribution and reverse-linked products [6]. - New measures will be implemented to simplify the review process for mergers and acquisitions, enhancing the flexibility and convenience of equity incentive programs for listed companies [7].

Group 1 - The core viewpoint is that insurance capital is increasingly investing in companies with strong fundamentals, stable dividends, and consistent performance due to the influx of long-term funds into the market [1] - Insurance companies are actively utilizing private equity funds for investment, focusing on long-term investment strategies [1] - The sectors where insurance capital is newly entering as major shareholders in A-share companies during the first quarter of this year include banking, telecommunications, automotive, electronics, and pharmaceuticals [1]

与往年不同，今年一季度人社部没有公布季度投资收益和季度加权平均收益率，而是公布"近三年累计 收益率"。收益率计算方法为时间加权法，时间区间为2022年4月1日至2025年3月31日。 近日，人力资源和社会保障部(以下简称"人社部")公布2025年一季度全国企业年金基金业务数据摘要。 数据显示，截至一季度末，企业年金积累基金规模3.73万亿元，投资资产净值3.70万亿元，近三年累计 收益率为7.46%。这是人社部首次公布年金基金"近三年累计收益率"。 1月22日，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 合印发的《关于推动中长期资金入市工作的实施方案》(以下简称《实施方案》)提出，加快出台企(职) 业年金基金三年以上长周期业绩考核指导意见。 在市场人士看来，建立长周期考核对年金基金和资本市场意义重大。南开大学金融发展研究院院长田利 辉接受《证券日报》记者采访表示，对年金基金而言，能够减少短期业绩压力，鼓励长期资产配置，提 升收益稳定性与抗风险能力。对资本市场而言，可以降低短期交易波动，增强市场稳定性；能够引导资 金流向科技创新、绿色产业等长期增长领域，支持实体经济；还有望 ...

Group 1 - The non-bank financial sector has shown active performance following the "924" policy, with 38 comparable listed brokerages achieving adjusted revenue of 415.1 billion yuan and net profit attributable to shareholders of 147 billion yuan in 2024, representing year-on-year growth of 8% and 16% respectively [1] - In the first quarter of 2025, the performance further improved, with revenue and net profit increasing by 34% and 81% year-on-year, primarily driven by brokerage and proprietary trading businesses [1] - The overall price-to-book ratio of the securities industry stands at 1.27 times, which is at the 26th percentile of the past decade, indicating that valuations remain attractive [1] Group 2 - The Securities ETF (code: 512880) tracks the securities company index (code: 399975), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in securities brokerage, investment banking, and proprietary trading from the A-share market to reflect the overall performance of the securities industry [1] - The index constituents cover the entire industry chain of the securities sector, showcasing significant market representation and industry characteristics [1] - Investors without stock accounts may consider the Guotai CSI All-Share Securities Company ETF Connect C (012363) and Guotai CSI All-Share Securities Company ETF Connect A (012362) [1]

Group 1 - The total scale of national enterprise annuity funds reached 3.73 trillion yuan by the end of Q1 2025, an increase of approximately 0.62 trillion yuan compared to the end of 2024 [1] - The net asset value of national enterprise annuity fund investments exceeded 3.7 trillion yuan in Q1, with a cumulative return of 7.46% over the past three years [2] - The adjustment of the performance reference indicator from a one-year to a three-year period is a significant change aimed at promoting long-term capital investment [3] Group 2 - The emphasis on three-year cumulative returns encourages annuity management institutions to focus on long-term investments, aligning with the government's push for long-term capital market participation [4] - The structure of the national enterprise annuity fund's returns shows that 1,553 fixed-income products had a total asset scale of 529.3 billion yuan, with a cumulative return of 10.54% over three years, while 4,339 equity-inclusive products had a total scale of 3.17 trillion yuan and a cumulative return of 7.06% [5] - The annual investment returns for the national enterprise annuity fund were -1.83% in 2022, 1.21% in 2023, and 4.77% in 2024, indicating a recovery trend [5]

丨证券研究报告丨 SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 积极配置非银板块优质红马，持续关注业绩 高弹性个股 报告要点 [Table_Summary] 二季度政策端与市场交投趋势稳中向好，我们认为优质的非银行业红马配置性价比仍较高，从盈利和分红 的稳定性维度出发，推荐江苏金租、中国平安及中国财险。综合业绩弹性及估值分位，推荐新华保险、中 国人寿、香港交易所、中信证券、东方财富、同花顺、九方智投控股。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 积极配置非银板块优质红马，持续关注 2] 业绩高 弹性个股 [Table_Summary2] 核心观点： 市场：市场热度有所回升，两市日均成交额 13,716.78 亿元，环比+13.47%，日均换手率 1.72%， 环 ...