Core Viewpoint - The adjustment of risk factors by the regulatory authority is a significant step in implementing the "long money, long investment" system, aimed at encouraging long-term and value investments in the market [1][7]. Group 1: Regulatory Changes - The Financial Regulatory Bureau issued a notice adjusting the risk factors for insurance companies investing in the CSI 300 index, the CSI Dividend Low Volatility 100 index, and stocks listed on the Sci-Tech Innovation Board [1][6]. - The risk factor for stocks held for over three years in the CSI 300 and CSI Dividend Low Volatility 100 indices has been reduced from 0.3 to 0.27, while for stocks held for over two years on the Sci-Tech Innovation Board, it has been reduced from 0.4 to 0.36 [2][4]. Group 2: Impact on Insurance Companies - The adjustment allows insurance companies to allocate more capital to stock investments, as lower risk factors mean less capital is required to cover potential risks [2][4]. - Analysts estimate that if the minimum capital is fully allocated to the CSI 300 stocks, it could release approximately 108.6 billion yuan [4]. Group 3: Long-term Investment Encouragement - The primary intention behind the notice is to guide insurance capital towards long-term holding rather than merely providing short-term capital relief [4][6]. - The regulatory authority aims to encourage insurance funds to not only invest but also hold onto their investments for longer periods, thereby reducing market volatility [4][7]. Group 4: Growth of Insurance Capital - As of September 2025, the total investment balance of insurance companies exceeded 37 trillion yuan, with stock and securities fund investments reaching 5.59 trillion yuan, accounting for 14.92% of total investments, up from 12.8% the previous year [7]. - The role of insurance capital in the capital market is expected to become increasingly significant, with projections indicating that new equity investments from insurance funds could remain around one trillion yuan in 2026 [7].

好消息是，国家为你准备了专属的养老方案。2022年11月，个人养老金制度在36个先行城市和地区启动 实施，标志着中国养老"第三支柱"正式启航。 年度个人养老金税收优惠正进入倒计时：12月31日截止。 2025年即将步入尾声，个人养老金制度也迎来了实施三周年的重要时刻。这项被誉为养老"第三支柱"的 制度正引发越来越多投资者的关注。 个人养老金制度实施三周年，超过7000万投资者把它作为规划未来退休生活的"标配"——这是国家送出 的千元税收"红包"+专业团队打造"钱生钱"的"养老神器"。 当我们站在2025年末这个节点，回望与前瞻，会发现它的意义远不止于每年12000元的税收优惠。 "第三支柱"不可或缺 你在为退休生活焦虑吗？担心社保养老金不够用？ 一个残酷的现实是，基本养老金只能保证"饿不着"，想要维持工作时的生活品质，你需要更强大的养 老"第三支柱"！ 三年来，越来越多人意识到：养老，不仅是社会的事，单位的事，更是自己的事。 要理解个人养老金的价值，首先要看清中国养老保障体系的三大支柱： 第一支柱：基本养老保险 ——这是覆盖最广的"保底网"，保障的是退休后的基本生活需要。但业内估 计，我国近几年的城镇职工基本 ...

Core Viewpoint - The recent adjustment of risk factors by the financial regulatory authority is expected to benefit long-term investments in the A-share market, particularly for insurance companies [4][7]. Group 1: Risk Factor Adjustment - The risk factor for insurance companies holding stocks in the CSI 300 and the CSI Low Volatility 100 for over three years has been reduced from 0.3 to 0.27 [5]. - The risk factor for holding stocks in the STAR Market for over two years has been lowered from 0.4 to 0.36 [6]. - This reduction in risk factors allows insurance companies to allocate more capital for investments, potentially releasing over 100 billion yuan in additional funds into the market [11]. Group 2: Investment Implications - The adjustment is limited to specific indices, including the CSI 300, CSI Low Volatility 100, and STAR Market indices [12]. - Insurance companies must hold these assets for a minimum of two to three years to benefit from the reduced risk factors, promoting a long-term investment strategy [13]. - The regulatory focus on long-term investments aligns with the broader policy direction encouraging sustained capital inflow into the A-share market [14]. Group 3: Investment Strategy Recommendations - Investors are advised to maintain a long-term investment approach and avoid chasing short-term market trends, aligning with institutional investment strategies [14]. - A diversified investment strategy is recommended, balancing between value-oriented large-cap stocks and growth-oriented STAR Market stocks to enhance risk-return profiles [15]. - Specific investment examples include a 10% allocation to the CICC CSI Selected 300 Index and a 7% allocation to Yongying Ruixin, focusing on high-growth sectors [17].

Core Insights - Alphabet is perceived to have a strong position in the market, with many analysts agreeing on its potential for growth and profitability [1] Group 1: Investment Philosophy - The focus is on long-term investments in U.S. and European equities, emphasizing undervalued growth stocks and high-quality dividend growers [1] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is highlighted as a more reliable driver of returns than valuation alone [1] Group 2: Personal Investment Strategy - The investment approach aims to balance asset management to ensure financial freedom while maintaining a commitment to work that allows for personal expression [1]

Group 1 - The market has experienced a period of volatility since the index successfully surpassed 4000 points in November, leading to a rapid rotation of hot sectors and increased difficulty for investors [1][12] - Historical experience suggests that weak and volatile market conditions are often the best times for long-term investment positioning, as evidenced by past market bottoms [1][12] - From 2000 onwards, A-shares have seen four historical market bottoms, with significant returns when investments were made at these lows and held for three years, averaging over 16% annualized returns [1][15] Group 2 - Long-term investment in broad-based indices is favored, as exemplified by Warren Buffett's endorsement of the S&P 500 as an excellent long-term investment vehicle [2][16] - Broad-based indices address common long-term investment challenges such as stock selection difficulty, risk concentration, cost erosion, and emotional interference [2][16] Group 3 - The CSI A500 index, launched in late 2024, is designed as an "upgraded version" of broad-based indices, optimizing industry structure and increasing weight in new economy sectors like technology and pharmaceuticals [4][18] - The CSI A500 index employs an "industry balance" methodology to ensure representation across all sectors, reducing over-concentration in traditional industries [4][18] Group 4 - Since its inception, the CSI A500 index has outperformed the CSI 300 index, with a cumulative return of 444.09% compared to 352.67% for the latter, indicating a significant excess return [6][20] - As of December 5, 2025, the total scale of ETFs tracking the CSI A500 index has exceeded 200 billion yuan, ranking second among all broad-based ETFs, with a high institutional investor participation rate of 90% [10][22]

【博时市场点评12月9日】两市涨跌不一，创业板继续上涨 简评：近期地缘政治、全球流动性预期等因素加剧贵金属价格波动，交易所风险提示释放出对市场过热 投机倾向的关注，旨在预防潜在的非理性波动，引导市场回归理性定价。投资者需密切关注宏观面变化 及政策导向，做好风险对冲。 市场复盘 12月9日，A股三大指数涨跌不一。截至收盘，上证指数报3909.52点，下跌0.37%；深证成指报13277.36 点，下跌0.39%；创业板指报3209.60点，上涨0.61%；科创100报1389.96点，下跌0.90%。申万一级行业 中，综合、通信、电子涨幅靠前，分别上涨3.45%、2.23%、0.78%；有色金属、钢铁、房地产跌幅靠 前，分别下跌3.03%、2.47%、2.10%。1290只个股上涨，3855只个股下跌。 每日观点 今日沪深三大指数涨跌不一，创业板涨0.61%，两市成交较前一日缩量至1.91万亿。中共中央政治局昨 日召开会议，对2026年经济工作进行部署，并为后续即将召开的中央经济工作会议定调。与往年这个时 间的政治局会议相同，此次会议主要以经济工作取得的成效为主，包括经济运行总体平稳、新质生产力 稳步发展、重点 ...

【聊聊带人炒股】 近期爱人给笔者抛出一个问题：你一年赚那么点分红，不觉得很慢吗？ 事情的起因是，她有位闺蜜和老公在做短线，据说是有一个类似投资群的小圈子，里面有人每天带着他 们买，获利以后抽分成。除此之外，这位闺蜜的老公自己也在研究看线，每次聊天都说自己一天赚几 千，虽然也有亏的时候，但大多数时间都在赚。 于是乎，爱人跟我闲聊的时候就问：你的资金比他们多，为什么不这么做？只要保证每个月都赚，一年 比工作强多了。 相信各位读者朋友看到后能一眼分辨出真伪，首先就是带人炒股这件事，在投资圈、金融界早就不是什 么秘密，到了最后大多是骗局、割韭菜。因为有一个很浅显的原因：如果一个人能精准预测股票走势为 什么还要分享给其他人，带别人赚钱？他要做的应该是第一时间聚集更多的钱买入，或借钱、或贷款， 自己独享这样的机会。 况且股市出现这么多年，还从来没有人能够精准预测市场走势、个股走势，不管是传奇投机者利弗莫 尔、还是股神巴菲特、亦或者是一众华尔街大佬都做不到。要说真有人能够预测一只股票的走势，那么 多半是他在操盘，就类似90年代末的庄股，凭借资金量硬控股价走势。 那么问题就来了：一个操盘手凭什么带那么多人炒股？ 司的前十大流 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints On December 5, the liquidity slightly tightened; the bond market fluctuated and recovered; the main indices of the convertible bond market collectively rose, and most convertible bond issues increased in price; yields on U.S. Treasuries across all maturities generally increased, and yields on 10-year government bonds of major European economies generally rose [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On the evening of December 5, Chinese and U.S. economic and trade leaders held a video call, discussing the implementation of previous consensuses and promoting stable and positive development of Sino-U.S. economic and trade relations [3]; on December 6, China Securities Regulatory Commission Chairman Wu Qing emphasized accelerating the creation of first-class investment banks and institutions to boost high-quality development of the capital market [4]; on December 5, the CSRC solicited public opinions on the "Regulations on the Supervision and Administration of Listed Companies"; the "Administrative Measures for Financial Leasing Business of Financial Leasing Companies" will be implemented from January 1, 2026; the central bank renewed a bilateral currency swap agreement with the Macao Monetary Authority, expanding the scale to 50 billion yuan/57 billion Macao patacas [5][6]. - **International News**: U.S. economic data for September showed inflation and personal income increases, but actual personal consumption expenditures remained stagnant; the preliminary December consumer confidence index rose, and short-term inflation expectations dropped to the lowest level since January; key European economies' 10-year government bond yields generally increased [7][8][30]. - **Commodities**: On December 5, international crude oil futures prices continued to rise, with WTI January crude futures up 0.69% to $60.08 per barrel and Brent February crude futures up 0.77% to $63.75 per barrel; COMEX February gold futures closed flat at $4,243 per ounce; NYMEX natural gas prices rose 5.25% to $5.337 per ounce [9][10]. 3.2 Liquidity - **Open Market Operations**: On December 5, the central bank conducted 139.8 billion yuan of 7-day reverse repurchase operations at an interest rate of 1.40%, with 303.1 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 161.5 billion yuan [12]. - **Funding Rates**: On December 5, the liquidity slightly tightened but remained generally loose. DR001 rose 0.06bp to 1.300%, and DR007 rose 0.04bp to 1.438% [13]. 3.3 Bond Market Dynamics - **Interest Rate Bonds**: On December 5, affected by rumors of the Politburo's mention of "dual cuts," the bond market fluctuated and recovered. Yields on 10-year government bonds and 10-year China Development Bank bonds decreased [16]. - **Credit Bonds**: On December 5, the trading prices of two industrial bonds deviated by over 10%; several companies, including Zhengyuan Real Estate and Fosun Group, faced regulatory actions due to information disclosure violations; many companies, such as Vanke and Longfor Group, announced bond-related events [18][19][22]. - **Convertible Bonds**: On December 5, the A-share market rose, and the convertible bond market followed suit. The main convertible bond indices increased, and most individual convertible bonds rose. Several companies, including Aowei Electronics, announced convertible bond-related events [21][23][27]. - **Overseas Bond Markets**: On December 5, yields on U.S. Treasuries across all maturities generally increased, and yields on 10-year government bonds of major European economies generally rose; the daily price changes of Chinese dollar bonds are provided [26][30][32].

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2603 | TS2606 | TF2603 | TF2606 | T2603 | T2606 | TL2603 | TL2606 | | | 昨日收盘价 | 102.418 | 102.430 | 105.755 | 105.765 | 107.870 | 107.885 | 112.51 | 112.67 | | | 前日收盘价 | 102.368 | 102.388 | 105.595 | 105.610 | 107.670 | 107.695 | 112.45 | 112.61 | | | 涨跌 | 0.050 | 0.042 | 0.160 | 0.155 | 0.200 | 0.190 | 0.060 | 0.060 | | | 涨跌幅 | 0.05% | 0. ...

不过，发起式基金还有一个进阶要求，即成立3年后规模要达到2亿元。对此，业内认为该要求存在优化 的空间。优化后，既可避免有潜力但短期规模未达标的基金"倒在黎明前"，也有助于培育养老FOF等长 周期产品。 业内热议发起式基金门槛优化方向 来源：中国基金报 2012年8月10日，国内首只发起式基金——天弘债券型发起式基金正式成立，公募基金迎来"利益绑定、 风险共担"的创新产品。 十多年来，发起式基金以相对较低的成立门槛以及管理人1000万元的跟投机制，为基金公司布局产品 线、培育新基金经理提供了土壤，在逆周期布局和细分赛道投资上扮演着"探路者"的角色。 十多年来，发起式基金不断发展壮大，总规模逼近3.4万亿元，成为公募基金重要组成部分。不过，发 起式基金分化明显，既有永赢先进制造智选这样规模突破200亿元的现象级产品，但同时，国泰海通科 技创新精选三个月持有、申万菱信养老目标日期2040三年持有等多只产品因成立3年规模仍不足两亿元 而自动终止合同。 对于发起式基金"3年2亿元"的持续运作门槛，业内一直在探讨，多位人士认为，这一指标或有值得优化 的空间。 一位业内人士直言，发起式基金"3年2亿元"的要求有其合理性，但 ...