东吴证券分析认为，提升ROE可以通过提高杠杆率、提高费类业务占比、提升资本使用效率、降费等方 式。此次监管引导通过强化分类监管，对优质机构适度拓宽资本空间与杠杆上限，提升资本利用效率， 将有助于提升券商ROE的中枢。 同时行业内的资源整合仍将成为券商快速提升规模与综合实力的又一重要方式，大型券商通过并购进一 步补齐短板，巩固优势，中小券商通过外延并购有望弯道超车，快速做大，实现规模效应和业务互补。 其次，12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》，通知要求： 持仓超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3下调至0.27；持仓 时间超过两年的科创板上市普通股的风险因子从0.4下调至0.36。 据上海证券报报道，12月6日，中国证监会主席吴清在中国证券业协会第八次会员大会上表示，鼓励头 部机构通过并购重组打造国际一流投行，告别价格战，中小机构旨在"小而美"。 据国泰海通测算，此次变动，预计合计释放最低资本210亿，若全部用于增配股票，则可带来约764亿增 量资金。 吴清表示，证监会将着力强化分类监管、扶优限劣，对优质机构适当松绑，进一步优化风控 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 吴清提出拓宽券商资本空间；保险优化股票 风险因子 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 行业排序及重点公司推荐：非银金融目前平均估值仍然较低，具有安全 2025 年 12 月 07 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 非银金融 沪深300 相关研究 《适度提升优质券商的资本空间，聚 焦券商高质量发展》 2025-12-06 《优化长期股票持仓风险因子要求， 引导险资发挥耐心资本优势》 2025-12-06 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 luoyk@dwzq.com.cn 行业走势 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 12 月 01 日-2025 年 12 月 05 日）非 ...

Core Insights - The rapid growth of the ETF market in China, reaching a total scale of 5.7 trillion yuan by December 5, is attributed to the favorable policies and environment for long-term investments in the capital market [1] - Major index fund companies are focusing on enhancing investor experience and competitiveness through various strategies, including optimizing index quality, promoting systematic investment in ETFs, and building strong brands [1][2][3][4] Group 1: ETF Market Growth - The ETF market in China has surpassed two trillion yuan milestones within the year, indicating significant growth [1] - The characteristics of ETFs, such as transparency, low fees, comprehensive assets, and high liquidity, make them suitable for long-term investments in equity markets [1] Group 2: Index Optimization - Many fund companies are exploring ways to improve index construction, moving from single-factor to multi-factor approaches and incorporating AI and derivative tools [2] Group 3: Investor Engagement - Initiatives like the "定投中国——ETF定投案例展" aim to help investors understand the logic and advantages of systematic investment in ETFs, reducing emotional interference and enhancing investment experience [3] Group 4: Brand Development - Leading fund companies are launching index investment mini-programs and creating educational content to enhance service experience and investor engagement [4]

Core Insights - The rapid growth of the ETF market in China, reaching a total scale of 5.7 trillion yuan, is attributed to favorable national policies aimed at enhancing the capital market [1] - Major index fund companies are focusing on improving index quality and investor experience in the evolving landscape of index investing [1][2] Group 1: ETF Market Growth - The ETF market has crossed two trillion yuan milestones this year, indicating significant growth and interest from long-term investors [1] - The characteristics of ETFs, such as transparency, low fees, and high liquidity, make them attractive for medium to long-term investments, especially in high-risk sectors like technology [1] Group 2: Index Optimization - Many fund companies are exploring ways to optimize index construction, moving from single-factor to multi-factor approaches, and incorporating AI and derivative tools [2] - The goal is to create smarter index products that can outperform the market [2] Group 3: Investor Engagement - Initiatives like the "定投中国——ETF定投案例展" aim to educate investors on the benefits of systematic investment in ETFs, helping them to manage emotions and reduce risks associated with market volatility [3] - Fixed-amount, fixed-time investment strategies are highlighted as effective methods for enhancing investor experience [3] Group 4: Brand Development - Leading fund companies are launching index investment mini-programs to enhance user experience, allowing investors to track funds, analyze portfolios, and engage in community discussions [4] - The creation of educational content and brand identity, including mascots and comprehensive reports, reflects a commitment to improving service and investor education [4]

刚刚，今天大幅拉升的保险板块，迎"长钱长投"的政策利好！ 12月5日，A股和港股的保险股持续拉升。截至A股收盘，中国太保涨超6%，中国平安涨超5%，中国人保、中国人寿等跟涨。截至港股收盘，中国平安涨超 6%，中国人寿涨5%，中国太保、新华保险等跟涨。 12月5日下午，金融监管总局官网发布《关于调整保险公司相关业务风险因子的通知》（下称《通知》）。 其中，针对保险公司投资的沪深300指数成份股、 中证红利低波动100指数成份股，以及科创板股票的风险因子，持仓时间分别超过三年、两年的，将可以享受较低的风险因子。 这一政策回应了业界期待。据悉，风险因子降低，意味着相关投资的资本占用降低，偿付能力压力"松绑"，为保险公司后续进一步投资操作或增持股票提供 更大空间。金融监管总局有关司局负责人表示，此举旨在培育壮大耐心资本、支持科技创新。 下调保险公司相关业务风险因子 根据《通知》，保险公司持仓时间超过三年的沪深300指数成份股、中证红利低波动100指数成份股的风险因子从0.3下调至0.27。该持仓时间根据过去六年加 权平均持仓时间确定。 保险公司持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至0.36。该持仓 ...

中经记者 孙汝祥 夏欣 北京报道 12月5日，《人民日报》刊发证监会主席吴清署名文章，题为《提高资本市场制度的包容性适应性（学 习贯彻党的二十届四中全会精神）》。 三是营造更具吸引力的"长钱长投"制度环境。 吴清表示，要继续积极创造条件构建中长期资金"愿意来、留得住、发展得好"的市场环境，推动建立健 全对各类中长期资金的长周期考核机制，提高投资A股规模和比例。扎实推进公募基金改革，推动与投 资者利益绑定的考核评价和激励约束机制落实落地，大力发展权益类公募基金，推动指数化投资高质量 发展。促进私募股权和创投基金"募投管退"循环畅通，加力培育壮大耐心资本、长期资本和战略资本。 四是着力提升资本市场监管的科学性、有效性。 "要适应市场的快速发展变化，加快构建全方位、立体化的证券期货监管体系，完善对金融创新活动的 监测监管和风险应对机制。"吴清指出，要加强战略性力量储备和稳市机制建设，强化重点领域风险和 跨市场跨行业跨境风险防范化解，持续提升资本市场内在稳定性。运用好大数据、人工智能等现代信息 技术手段，高效识别违法违规线索和风险隐患。坚持依法监管、分类监管，严厉打击财务造假、欺诈发 行、市场操纵和内幕交易等恶性违法 ...

12月5日，中国证监会主席吴清在《人民日报》发表署名文章《提高资本市场制度的包容性适应性(学习 贯彻党的二十届四中全会精神)》。 文章提出，营造更具吸引力的"长钱长投"制度环境。要继续积极创造条件构建中长期资金"愿意来、留 得住、发展得好"的市场环境，推动建立健全对各类中长期资金的长周期考核机制，提高投资A股规模 和比例。扎实推进公募基金改革，推动与投资者利益绑定的考核评价和激励约束机制落实落地，大力发 展权益类公募基金，推动指数化投资高质量发展。促进私募股权和创投基金"募投管退"循环畅通，加力 培育壮大耐心资本、长期资本和战略资本。 文章还提出，推动培育更多体现高质量发展要求的上市公司。上市公司是资本市场之基，要更大力度推 动优化上市公司结构、提升投资价值。持续深化并购重组市场改革，提升再融资机制灵活性、便利度， 支持上市公司转型升级、做优做强，发展新质生产力，助力培育更多世界一流企业。研究完善上市公司 激励约束机制，激发企业家精神和人才创新创造活力。督促和引导上市公司强化回报投资者的意识，更 加积极开展现金分红、回购注销等。巩固深化常态化退市机制，畅通多元退出渠道，进一步健全进退有 序、优胜劣汰的市场生态 ...

公募基金作为专业资产管理机构，肩负着连接居民养老需求与资本市场长期价值的重要使命。个人养老 金基金为投资者提供了专业化、工具化、低门槛的资产配置选择，助力大众更便捷地实现养老财富规 划。从财富管理的角度看，公募基金不仅承担了为客户打理资产的职能，还在资管行业"以投资者为中 心"的转型背景下，积极发挥投资者服务的职能，解决客户"怎么投、投什么"等问题，为投资者提供更 加全面的养老金融服务。 过去三年，投资者从最初的政策观望转向主动规划，对"长钱长投"理念的认同不断加深，推动市场投资 逻辑从短期博弈向长期价值回归，这正是个人养老金制度对资本市场高质量发展的深层赋能。 专业护航 打造养老金融立体化体系 养老投资的本质是"跨越周期的价值守护"，需要在投研体系、产品布局与服务能力等多维度构建长期竞 争力。我们不仅提供优质的养老投资工具，更努力为每一份养老规划附上"使用说明书"，将养老金融的 大文章做细、做实。 在投研建设方面，建信基金以"宏观择时、中观择势、微观择优"的投资方法论为核心，完善战略战术配 置框架，充分发挥FOF产品资产配置的优势，从资产和策略的维度多层次挖掘收益来源。同时打造公司 的一体化投研体系，提升大 ...

Core Insights - The article emphasizes the importance of stabilizing the financial market through a collaborative approach, focusing on long-term investments and enhancing market resilience [1][8] Group 1: Market Stability Initiatives - The central economic work conference last December highlighted the need to stabilize the real estate and stock markets, aiming to facilitate long-term capital inflow [1] - Various measures have been implemented, including stock buybacks by listed companies and the role of state-owned enterprises in market value management, contributing to a more stable market environment [1][6] Group 2: Long-term Capital Inflow - There has been a significant increase in long-term capital entering the market, with insurance funds and ETFs showing substantial growth, indicating a positive shift towards a stable investment ecosystem [3][4] - By the end of Q3, insurance companies held stocks worth 3.62 trillion yuan and securities investment funds worth 1.97 trillion yuan, reflecting a notable year-on-year increase [3] Group 3: Corporate Actions - Listed companies have shown a strong commitment to returning value to investors, with 1,033 companies announcing cash dividend plans, an increase of 141 from the previous year, and total buyback amounts reaching 923 billion yuan [4][5] - The rise in cancellation-style buybacks has enhanced the per-share value, reinforcing the market's stability from a microeconomic perspective [5] Group 4: Policy Measures - A series of targeted policy measures have been introduced to address the challenges of insufficient long-term capital, including mandates for state-owned insurance companies to invest a significant portion of new premiums in A-shares [6][8] - The focus on enhancing corporate value through policies such as market value management guidelines and encouraging buybacks is aimed at strengthening the foundation of the capital market [6][8] Group 5: Future Directions - The article suggests that further efforts are needed to create a more mature capital market ecosystem, including optimizing the environment for long-term investments and enhancing regulatory frameworks [8][9] - Recommendations include developing public funds, promoting high-quality index investments, and establishing stabilization funds to support market resilience [9][10]

Core Insights - The article discusses the ongoing reforms in China's capital market as it transitions from the 14th Five-Year Plan to the 15th, focusing on the establishment of long-term investment mechanisms and market stability [1][2]. Group 1: Market Stability Mechanisms - The central economic work conference emphasized stabilizing the real estate and stock markets, aiming to facilitate long-term capital inflow [2]. - A preliminary long-term stability mechanism has formed, driven by various initiatives such as stock buybacks and the role of state-owned enterprises in market value management [2][3]. - The influx of long-term capital, including insurance funds and the growth of ETFs, has significantly contributed to market stability [3]. Group 2: Long-term Capital Inflows - By the end of Q3, insurance companies held stocks worth 3.62 trillion yuan and securities investment funds worth 1.97 trillion yuan, showing a notable increase [3]. - The ETF market has experienced rapid growth, with a significant portion of active equity funds outperforming passive indices, achieving excess returns of 10% to 13% [3]. - A total of 1,033 listed companies announced cash dividend plans, with a cumulative repurchase amount of 92.3 billion yuan, indicating a strong commitment to returning value to investors [3]. Group 3: Policy Initiatives - The government has introduced measures to address the challenges of insufficient long-term capital, including mandates for state-owned insurance companies to invest a portion of new premiums in A-shares [4]. - Policies are being implemented to enhance the internal value of companies, focusing on quality improvement and market stability [4][6]. - The establishment of a long-term assessment mechanism for institutional investors is expected to support sustained capital inflow into the equity market [4]. Group 4: Future Directions - The article suggests that further collaboration across policy, product, and trading sectors is necessary to strengthen the long-term investment environment and enhance market stability [6][7]. - Recommendations include developing public funds, promoting high-quality index investments, and establishing a monitoring system for market manipulation and insider trading [7]. - Enhancing the attractiveness of the capital market through tax incentives and improved information disclosure standards is also highlighted as a key strategy [6][7].