Group 1 - Recent negotiations between China and the US have led to positive signals, but these should be interpreted as the elimination of negative factors rather than outright positives [1][2] - The market has reacted positively, particularly in sectors like rare earths, which may benefit from an expected increase in export volumes [1] - Industries with significant export shares, such as beauty care, have also seen notable gains, indicating capital is betting on favorable negotiation outcomes [1] Group 2 - The overall market is expected to stabilize post-negotiation, returning to a phase of policy guidance and gradual capital inflow, rather than experiencing a rebound [2] - The banking sector has shown mixed performance, with small banks rising while large banks like China Construction Bank and Industrial and Commercial Bank of China have declined [2] - As quality bank assets become less attractive, capital is likely to flow into growth sectors and small-cap industries, with emerging opportunities in small tech themes [2]

Core Viewpoint - Xinhua Insurance plans to invest up to 15 billion yuan in a private fund initiated by Guofeng Xinghua, reflecting a faster pace of insurance capital entering the market [1][2]. Group 1: Investment Details - The private fund, named Guofeng Xinghua Honghu Zhiyuan Phase III Private Securities Investment Fund No. 1, has a total fund size of 22.5 billion yuan, with Xinhua Insurance and China Life each contributing 11.25 billion yuan [5]. - The investment scope of the fund includes large listed companies that are constituents of the CSI A500 index, focusing on companies with good governance, stable operations, and relatively stable dividends [5]. - The fund has a duration of 10 years and may invest idle funds in cash management products such as money market funds, bank deposits, and government bond reverse repos [5]. Group 2: Strategic Implications - This investment aligns with national policies promoting long-term capital market entry and reflects the company's commitment to long-term, value, and prudent investment strategies [9]. - Xinhua Insurance aims to optimize the asset-liability matching of insurance funds and enhance capital efficiency to achieve capital preservation and appreciation [5][9].

中国保险业协会：截至5月末 险资举牌次数已接近去年全年 订阅A股市场资讯 +订阅 金十数据6月11日讯，根据保险业协会公告统计，截至5月末，7家保险公司共实施15次举牌，接近2024 年全年举牌数量；其中，银行、公用事业等是重点投资方向。专家表示，举牌的原因，通常是投资者看 好该公司的长期发展前景，此外，也会出于战略投资考虑，比如，希望与被举牌公司达成业务合作、资 源整合等目标。同时，此次险资频频举牌，与国家鼓励中长期资金入市的政策密不可分。专家表示，在 一系列积极政策推动下，预计未来一段时间，险资举牌仍将持续。 （央视新闻） ...

非银金融2025年中期投资策略 稳中求进，激发活力 华西证券非银金融团队 2025年6月11日 证券分析师：罗惠洲 SAC NO:S1120520070004 请仔细阅读在本报告尾部的重要法律声明 证券研究报告 保险板块：中短期主要催化或在资产端。作为强β、低估值、显著低配的板块，随着后续国内稳增长、稳股市政策持续出台， 看好保险股在资产端催化下的投资机会。推荐新华保险、中国人寿、中国太保、中国平安、中国人保。 多元金融板块：1)港交所有望受益于港美两地上市的股票成交量"迁移"。2）众安在线有望受益于稳定币在国内的发展。3） 江苏金租将受益于低利率环境及设备更换等稳增长政策。4）华金资本、四川双马、鲁信创投、山高控股等创投企业将受益于 并购重组活跃拓宽退出渠道。5）中粮资本、中油资本有望受益于央国企改革深化。 1 风险提示：宏观经济持续下行风险；国内流动性宽松进程不及预期等风险；长期利率超预期下行风险。人民币兑美元汇率大 幅波动风险、中美利差大幅变动及流动性影响。A股成交活跃度低迷的风险，权益市场的增量资金不及预期风险。证券行业各 项服务费率或佣金率的超预期下降风险；上市公司经营的合规风险和证券公司股东资质风 ...

作为中长期资金的典型代表，保险资金入市步伐在今年持续加快。数据显示，截至5月末，保险资金举 牌次数已接近去年全年，其中，银行、公用事业等是重点投资方向。 根据保险业协会公告统计，截至5月末，7家保险公司共实施15次举牌，接近2024年全年举牌数量。"举 牌"，通俗来说，就是当某一投资者购买上市公司股份的数量，每次达到已发行股份的5%时，就需要向 市场发出正式公告。举牌就意味着，已经是这家上市公司的重要股东。 专家表示，举牌的原因，通常是投资者看好该公司的长期发展前景，此外，也会出于战略投资考虑，比 如，希望与被举牌公司达成业务合作、资源整合等目标。 对保险资金举牌情况深入分析，记者发现，从行业分布上看，截至5月底，今年保险资金较为青睐银 行、公用事业、能源等行业。比如，5月19日，平安人寿发布举牌公告，已于日前持有农业银行H股股 本的10%。此外，煤炭、电力、物流等上市公司也受到关注。而且H股市场举牌次数占到了其中的 80%。 专家：本轮举牌高峰与国家政策支持密不可分 专家表示，此次险资频频举牌，与国家鼓励中长期资金入市的政策密不可分。 "持续稳定和活跃资本市场"，是国家的重点工作之一。以保险资金为代表的中长 ...

Core Viewpoint - The company has demonstrated resilience and adaptability in a challenging market environment, achieving significant growth in revenue and profit while focusing on compliance, governance, and strategic transformation initiatives [1][6][31]. Group 1: Governance and Compliance - The company has held 2 shareholder meetings and 6 board meetings, ensuring rigorous decision-making processes and compliance with legal regulations [2][3]. - A comprehensive compliance management system has been established, enhancing risk management and internal controls, which has led to successful audits and regulatory checks [3][4][19]. - The board has emphasized the importance of independent directors in decision-making and oversight, improving the overall governance structure [2][5]. Group 2: Financial Performance - The company reported a significant increase in operating revenue, reaching 39.20 billion yuan, a 23.22% increase from the previous year [24][31]. - Net profit surged to 7.27 billion yuan, reflecting a 72.93% year-on-year growth, driven by strategic adjustments in investment and wealth management [24][31]. - Total assets increased to 1,003.46 billion yuan, marking a 12.89% rise, while total liabilities also grew, indicating robust operational expansion [25][32]. Group 3: Strategic Initiatives - The company is focusing on business transformation, particularly in wealth management and fixed income, to adapt to changing market conditions and regulatory environments [8][12]. - A commitment to ESG principles has been integrated into the business model, with active participation in green finance initiatives and community support programs [6][12]. - The board plans to enhance digital transformation efforts, leveraging technology to improve operational efficiency and customer engagement [12][31]. Group 4: Future Directions - The company aims to strengthen its governance framework in line with new regulatory requirements, ensuring compliance and operational effectiveness [10][11]. - There is a focus on enhancing investor relations and communication strategies to better engage with shareholders and address their concerns [5][10]. - The board will prioritize risk management and compliance as foundational elements for sustainable growth and high-quality development [11][12].

Core Insights - The Chinese trust industry is undergoing structural transformation driven by capital market reforms and the new "three-category" regulations, with trust assets expected to reach 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan or 23.58% from the end of 2023 [2][3] - The securities market has become the largest destination for trust funds, with a total of 10.27 trillion yuan allocated to securities (including stocks, funds, and bonds) by the end of 2024, marking a significant increase of 3.67 trillion yuan or 55.61% from the previous year [2][7] - Wealth management service trusts are increasingly important, with a total of approximately 1.03 trillion yuan in wealth management service trusts by the end of 2024, reflecting a shift in client demand towards comprehensive wealth management [5] Trust Asset Growth - Trust assets in China have shown a stable growth trend, recovering from a decline between 2017 and 2020, with significant growth resuming from 2021 onwards [3] - The implementation of the "three-category" business transformation has led to a notable change in the asset scale of the trust industry, aligning with market demand [3][4] Wealth Management Services - Wealth management service trusts have become a core focus of the trust industry's transformation, with family trusts, insurance trusts, and other personal wealth trusts showing significant balances [5] - The overall profitability of trust companies remains under pressure, with operating income of 940.36 billion yuan in 2024, a year-on-year increase of 8.89%, while total profit decreased by 45.52% to 230.87 billion yuan [5] Securities Market Investment - The securities market has emerged as the highest allocation area for trust funds, with 46.17% of total trust funds directed towards this sector [7] - Specific allocations include 7.23 trillion yuan to stocks, 3.98 trillion yuan to funds, and 9.15 trillion yuan to bonds, with respective growth rates of 22.1%, 19.38%, and 61.2% [7] Real Estate and Other Investments - Trust funds allocated to the real estate sector decreased to 840.17 billion yuan by the end of 2024, down 1.34 billion yuan from the previous year, indicating a declining trend [8] - Investments in industrial enterprises and basic industries have increased, with respective allocations of 3.97 trillion yuan and 1.6 trillion yuan, reflecting a shift in focus [8] Economic Impact - The trust industry is expected to channel 22.25 trillion yuan of funds, with 28.81% directly supporting the real economy and 46.17% indirectly through the securities market, totaling 16.68 trillion yuan [9]

Core Viewpoint - The article highlights the increasing involvement of long-term capital in China's capital markets, driven by policy initiatives aimed at promoting long-term investments and enhancing the investment environment for institutional investors [1][2][5]. Group 1: Long-term Capital Initiatives - China Pacific Insurance has launched the Taibao Zhiyuan No. 1 private securities investment fund with a target size of 20 billion yuan, marking a commitment to long-term investment strategies [1][2]. - The China Securities Regulatory Commission (CSRC) has reported that social security, insurance, and pension funds have net purchased over 200 billion yuan in A-shares this year, indicating a positive cycle of long-term capital inflow and market stability [2][5]. - The approval of the first batch of new floating fee rate funds, which link management fees to fund performance, aims to encourage long-term holding by investors [3][4]. Group 2: Policy and Regulatory Changes - The CSRC has introduced a floating management fee structure that aligns the interests of fund managers and investors, promoting a focus on risk-return balance and long-term goals [3][4]. - Recent regulatory changes allow private equity funds that hold investments for over four years to reduce their lock-up periods, enhancing liquidity and investment efficiency [4]. - The government plans to expand the pilot scope for long-term insurance investments by an additional 60 billion yuan, further encouraging insurance companies to increase their market participation [5]. Group 3: Market Outlook and Recommendations - Experts suggest that the ongoing implementation of policies to facilitate long-term capital entry into the market will optimize the investment environment and address existing barriers [5]. - There is potential for growth in personal pension contributions, with recommendations to increase contribution limits and develop low-fee index products to attract more long-term capital [5].

证 券 研 究 报 告 政策端利好、流动性支持下券商有望迎来业绩与估值双升 www.swsresearch.com 证券研究报告 2 2025下半年证券行业投资策略 证券分析师： 罗钻辉 A0230523090004 研究支持： 金黎丹 A0230123060002 2025.6.5 0.核心摘要：2025年在中长期资金入市、公募新规下券商板块景气度上 行，有望实现盈利与估值双升 www.swsresearch.com 证券研究报告 3 • 券商国际化是必然趋势：1）监管定调：《2025年稳外资行动方案》营造市场化、法治化、国际化营商环境；2）渠道拓展：外资通过QFII和沪深股 通持有A股市值占流通A股3%，跨境理财通2.0的落地进一步打开境内外资金配置渠道；3）实体经济需求：美国关税政策扰乱&中国香港-中国内地 两地资本市场互联互通，使得中概股回流&"A+H"上市热情提升，1Q25港交所IPO募资重回全球第一；4）券商行业的目标：券商行业力争要通 过5年左右时间形成10家左右优质头部机构引领行业高质量发展的态势、到2035年形成2至3家具备国际竞争力与市场引领力的投资银行和投资机构。 • 券商国际化区域路径 ...

Group 1 - The core viewpoint emphasizes the importance of long-term capital entering the market to enhance market stability and support economic transformation and upgrading [1][7] - Various policies have been introduced to promote the entry of long-term capital, including insurance, social security, pension funds, and public funds, forming a "1+N" policy system [1][2] - Long-term capital is seen as a "stabilizer" for the capital market, crucial for its healthy development and the long-term growth of the economy [1][4] Group 2 - Institutions like social security funds and insurance capital are identified as key long-term investors that align with national strategic directions and economic transformation [2][4] - The implementation plan encourages commercial insurance funds, national social security funds, and public funds to increase their market participation [2][5] - The characteristics of long-term capital, such as large scale and stability, are essential for supporting technological innovation and industrial upgrades [7][8] Group 3 - Long-term capital can improve resource allocation efficiency by focusing on companies with strong fundamentals and long-term returns, thus promoting the development of new productive forces [7][8] - The entry of long-term capital is expected to stabilize market expectations and reduce volatility, enhancing market resilience and confidence [8][9] - The growth of institutional investors in the A-share market is noted, with their proportion expected to reach 53.75% by 2024, indicating a shift towards more stable investment behaviors [9][10] Group 4 - The article highlights the need for financial institutions to balance short-term performance assessments with long-term investment goals, suggesting a diversified performance evaluation mechanism [5][6] - Recommendations include enhancing liquidity management, establishing diversified investment strategies, and improving the ability to attract high-net-worth clients [6][7] - The importance of institutional investors in reducing speculative behavior and stabilizing the market is emphasized, along with the need for regulatory frameworks to support their governance roles [9][10]