近期，阳光保险集团（股票代码：06963.HK）发布公告称，其附属公司阳光资产拟发起设立全资基金 管理公司，并筹备成立"阳光和远私募证券投资基金"（暂用名），总规模达200亿元，由阳光人寿全额 认购。据悉，该基金投资范围覆盖沪深300指数成分股、恒生港股通指数成分股及相关指数ETF。 事实上，这正是近年来险资积极入市的一个缩影，其背后不止是行业响应政策号召的集体选择，也是险 资通过权益市场为实体经济和保险公司自身带来深层价值的战略路径。 一、险资入市成趋势，政策驱动与行业共振 据了解，阳光保险此次布局私募证券基金其实由来已久，早在去年中国人寿和新华保险试点成立保险私 募证券投资基金之际，阳光保险就已开始紧密跟踪，结合公司情况深入研究。 去年9月，保险业新"国十条"发布，随后国家金融监督总局在国务院新闻发布会上表示扩大保险资金长 期投资改革试点，支持其他符合条件的保险机构设立私募证券投资基金，进一步加大对资本市场的投资 力度。为响应发挥保险资金长期投资优势，支持资本市场持续稳健发展，阳光保险第一时间作出基金设 立的申请。 其实除了阳光保险外，还有多家险企也参与到长期投资布局中。据公开资料，截至目前已有三批保险资 ...

证券时报记者卓泳 当前，中国资产向上重估，已成为不少国内外投资者的共识。一方面，中国凭借在高端制造、人工智能 等前沿领域的强势突破，不仅重塑了产业格局，更释放出巨大的投资潜力；另一方面，政策层面的持续 发力、制度环境的不断优化，进一步稳固了中国市场的吸引力。现场众多投资机构人士接受记者采访时 普遍表示，未来将持续、积极地加码布局中国，寻找持续稳定且持续增长的机会。 新质生产力发展 孕育巨大投资机遇 在全球经济格局深度调整、金融市场波动加剧的当下，中国市场正凭借其独特优势，成为全球投资者眼 中的 "稳定绿洲"。"去年下半年到现在，金融市场以及经济发展呈现出'东稳西荡'的趋势，很重要的原 因是来自于中国自身的产业革命。"摩根士丹利中国首席经济学家邢自强表示。 邢自强分析，从2018年第一次贸易摩擦以来，中国从政策面到企业自身呈现了"凤凰涅槃"般的局面，这 体现在新质生产力发展已呈现出清晰脉络。在前沿产业领域，中国积累了显著的先发优势，高端制造 业、智能驾驶、新能源等行业不断突破创新。以新能源汽车行业为例，中国不仅在电池技术研发上走在 世界前列，新能源汽车的产销量也连续多年位居全球首位，形成了完整且具有竞争力的产业 ...

Core Viewpoint - The insurance industry has shown a significant increase in fund utilization and asset allocation, particularly in bonds and equities, indicating a strategic shift towards stable returns in a low-interest-rate environment [1][2][4]. Group 1: Fund Utilization - As of the end of Q1, the total fund utilization balance of insurance companies reached 34.93 trillion yuan, a growth of 5.03% compared to the end of 2024 [1]. - The balance for property insurance companies was 2.27 trillion yuan, while life insurance companies held 31.38 trillion yuan, reflecting increases of 2.35% and 4.77% respectively [1]. Group 2: Asset Allocation Trends - The life insurance sector, with over 31 trillion yuan in assets, has seen its bond allocation exceed 51%, marking a new high [1]. - By the end of Q1, the bond allocation for life insurance companies reached 16.06 trillion yuan, an increase of over 1 trillion yuan (6.69%) from the end of 2024, with bonds now comprising 51.18% of their total assets [2]. Group 3: Equity Investments - Life insurance companies have also increased their stock and long-term equity investments, with stock holdings rising to 2.65 trillion yuan (up 16.65%) and long-term equity investments reaching 2.60 trillion yuan (up 11.61%) [4]. - The proportion of stocks in life insurance fund utilization rose to 8.43%, while long-term equity investments accounted for 8.27% [4]. Group 4: Long-term Investment Initiatives - The insurance sector is actively pursuing long-term investment reforms, with pilot programs for long-term investments rapidly advancing, including a new batch of 600 billion yuan planned for approval [5][6]. - Regulatory adjustments are being made to encourage insurance companies to increase their market participation, including lowering risk factors for stock investments and enhancing long-term assessment mechanisms [6]. Group 5: Investment Yield Reporting - The regulatory body did not release investment yield data for Q1 2025 due to discrepancies in accounting standards among insurance companies, which complicates comparative analysis [7]. - The previous year's annualized financial investment yield was reported at 3.43%, with a comprehensive investment yield of 7.21%, marking a significant increase compared to prior years [8].

作为中长期资金的重要力量之一，银行理财近期正从多角度响应"长钱长投"政策号召。 近日，上交所在京举办专场培训，针对银行理财公司权益类资金入市提供多维度的政策和实操培训，助力理财 公司拓宽转型升级路径。证券时报·券商中国记者注意到，今年以来已有一批理财公司陆续发声，将通过直接 投资或间接方式持续增持ETF基金，加大权益资产配置力度。 数据显示，近段时间以来理财公司调研A股上市公司力度明显增强。截至5月18日，年内已有25家理财公司调 研上市公司超过1100余次，个股近千只；其中属于科创板、创业板上市公司比例将近一半。 除了加强权益投资，银行理财还从支持科技创新债券的角度支持科技金融。近日，多家国有行理财公司接连发 声，参与首批科创债投资，引导资金流向信息技术、高端装备制造、新能源汽车、生物技术等前沿科创领域。 今年4月，包括中银理财、中邮理财、交银理财、浦银理财等多家理财公司发声表示，通过直接投资或以间接 方式持续增持交易型开放式指数基金（ETF），通过布局指数策略、指数增强策略等各类含权类理财产品，进 一步支持资本市场发展。 证券时报·券商中国记者注意到，近期又有一批挂钩被动指数的银行理财产品进入募集或待售阶 ...

上交所近日举办商业银行理财公司权益类资金入市专题培训。证券时报记者获悉，此次培训旨在构建"长钱 长投"生态，更大力度"引长钱"。 搭建指数化投资交流平台 本次培训以六部委联合印发的《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》）为政策 指引，积极响应稳定市场运行、提振市场信心政策导向，助力构建投资和融资相协调的金融市场生态，充分释 放ETF在引入中长期资金方面的效能，持续壮大"长钱长投"规模。 据了解，培训课程体系围绕投资策略构建、交易实务操作、政策深度解读、风险防控体系搭建四大核心维度展 开，通过系统性、专业化的培训内容，助力银行理财公司深化权益投资能力建设，助力银行理财公司拓宽转型 升级路径，更好地发挥中长期资金服务资本市场与实体经济的重要作用。 具体来看： 来源：证券时报 一是聚焦上交所ETF创新业务，深度剖析市场趋势、前沿动态与产品特色，介绍ETF多样化投资工具，帮助理 财公司拓宽资产配置思路。 二是系统梳理交易流程与策略，打破交易实践中的认知壁垒，增强跨境投资与权益交易的专业素养。 三是及时传递发行与承销政策动态，精准把握证券发行与承销业务的合规要点，有效规避业务风险，确保业务 开展 ...

Core Viewpoint - The "Three Investments" (Rational Investment, Value Investment, Long-term Investment) advocated by the Shanghai Stock Exchange is becoming a guiding principle for institutional investors in the context of high-quality development in the capital market [1] Group 1: Challenges of Long-term Investment - Insurance funds, as natural long-term capital, should ideally support the capital market, but their allocation to stocks and funds is only 13.2% of the total, significantly below regulatory limits [2] - Three main challenges for "Long Money Long Investment" are identified: 1. Constraints from assessment mechanisms, where annual performance targets may lead to reduced stock allocations [2] 2. Limitations from solvency requirements under the "Solvency II" framework, which increases risk capital for equity investments [2] 3. Increased uncertainty in the external environment, including global economic policy changes and geopolitical risks [2] Group 2: New Requirements for Investment Strategy - The rise of new productive forces has increased the market capitalization of technology and manufacturing in A-shares from 17% in 2007 to 36.6%, necessitating insurance funds to balance high growth opportunities with volatility risks [3] - Three core difficulties in adapting to this new requirement include: 1. Investment philosophy challenges in balancing stability with high-growth potential [3] 2. Investment management challenges due to strict risk control processes that may not meet the fast-paced needs of tech companies [3] 3. Investment research challenges requiring an upgrade of existing research systems to capture investment opportunities in technological changes [3] Group 3: Optimizing Long-term Investment Mechanisms - To address pain points and achieve "Long Money Long Investment," several strategies are proposed: 1. Optimizing long-term assessment mechanisms, with state-owned insurance companies increasing the weight of "net asset return" to at least 60% [4] 2. Considering a reduction in risk factors for equity assets under the "Solvency II" framework to lower capital requirements [4] 3. Enhancing investment capabilities to improve returns amidst a complex external environment [4] Group 4: Risk Management in Long-term Investment - Five key areas for insurance funds to focus on in risk management include: 1. Clarifying the positioning of insurance funds to ensure they serve the main business and match long-term liabilities [5][6] 2. Defining risk preferences with a focus on prudent and stable investment [6] 3. Establishing a robust investment culture emphasizing stability and seriousness [6] 4. Implementing comprehensive risk control mechanisms throughout the investment process [6] 5. Setting systematic performance metrics to guide investment teams in adhering to the "Three Investments" philosophy [6] - A three-tiered risk defense system for equity investments is established, focusing on pre-investment research, in-process management, and post-investment performance attribution [6]

抓住基于财富管理的配置需求，是基金行业未来蓬勃发展的方向，是证券公司落实"长钱长投"的基础， 也是证券行业践行金融工作的政治性和人民性的重要手段。 □ 国联民生（601456）证券股份有限公司首席财富官、财富管理委员会主任姜晓林，资产配置部总经 理程棵 近年来，监管层特别关心资本市场的发展与建设，反复强调金融工作的政治性和人民性。新"国九条"特 别提出以人民为中心的价值取向和更好满足人民群众日益增长的财富管理需求，提出构建支持"长钱长 投"的政策体系。 居民在配置财富的过程中，获得来自证券行业的各种服务。一方面，2024年底全国145家证券公司中直 接服务于居民财富配置的投资顾问达到8.7万人，占证券从业人员比例从十年前的12%上升到如今的 24%。另一方面，居民可配置产品越来越多，其中公募基金产品超过1.2万只、私募基金管理人近2万 家，二者2024年底合计管理规模约46万亿元，占同期我国GDP规模约1/3。 一、基金行业新发展为证券公司财富管理向买方投顾化转型打下初步基础 1.指数工具逐渐成为公募基金发展的主力 近年来，作为配置工具的公募基金出现不同投资类型基金规模进一步分化。其中，"固收+"和FOF规模 ...

去年以来，"引长钱"系列制度落地。推动中长期资金入市的指导意见和实施方案先后出台，着力打通社 保、保险、理财等资金入市的堵点痛点，为实现"长钱长投"创造了更有利的制度环境。 数据显示，从去年9月到今年3月初，各类中长期资金所持A股流通市值从14.6万亿元增长到17.8万亿 元，增幅达到22%。保险资金、各类养老金在A股市场净买入约2900亿元，有力支持市场企稳向好。 着力形成"回报增、资金进、市场稳"良性循环 ◎记者 梁银妍 中长期资金是资本市场健康运行的"稳定器""压舱石"。5月7日，中国证监会主席吴清在国新办新闻发布 会上表示，将更大力度"引长钱"，协同各方继续提升各类中长期资金入市规模和占比。 在业内人士看来，更大力度"引长钱"，既是"稳市场"的关键一环，更是"活市场"的重要举措。一方面， 持续推动中长期资金成为资本市场重要增量资金，有助于熨平短期波动，护航市场行稳致远；另一方 面，"长钱"持续入市有望催发出更具活力的资本市场，进而形成"回报增、资金进、市场稳"的良性循 环。 "引长钱"是"稳市场"的关键一环。"引长钱"系列制度持续落地，有助于推动解决中长期资金总量不足、 结构不优、引领作用发挥不够充分 ...

[Table_Reportdate] 2025年05月09日 [相关研究 table_product] 1.券商一季报业绩大幅增长，保险 NBV延续高增势头——非银金融行 业周报（20250428-20250504） 2.从蚂蚁要约收购耀才证券，看金融 科技并购券商的国际化布局——资 本市场聚焦（一） 3.万能险最低保证利率可调整，特别 储备与平滑机制保障稳健运行—— 保险业态观察（三） 超配 行 业 深 度 非 银 金 融 tsy@longone.com.cn [table_stockTrend] 20% 37% 54% 70% -30% -13% 4% 24-05 24-08 24-11 25-02 申万行业指数:非银金融(0749) [Table_NewTitle 引长钱、促长投、兴科技，一揽子金融 ] 政策提振市场预期 [table_main] 投资要点： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 研 究 [table_invest] ——资本市场聚焦（二） [证券分析师 Table_Authors] 陶圣禹 S0630523100 ...

Group 1 - The core viewpoint of the articles emphasizes the support for long-term investment policies, which has led to the outperformance of dividend state-owned enterprises, with the Dividend State-Owned Enterprise ETF (510720) rising over 0.5% [1] - Shanxi Securities indicates that policies are attracting incremental capital and fostering a "long money, long investment" policy system, aligning with the spirit of the 20th Central Committee's Third Plenary Session and the Central Economic Work Conference [1] - The Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects listed companies with high cash dividend yields and stable dividends, focusing on blue-chip enterprises with robust cash flow [1] Group 2 - The Dividend State-Owned Enterprise ETF (510720) has consistently paid dividends every month since its listing, achieving 12 consecutive months of dividends, making it a rare monthly dividend-paying ETF that may attract long-term investors [1] - Investors without stock accounts can consider the Guotai SSE State-Owned Enterprise Dividend ETF Initiation Link A (021701) and Link C (021702) [2]