上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 来源：《人民日报》 12月5日，《人民日报》刊发中国证监会主席吴清的署名文章，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）》。全文如下： 党的十八大以来，习近平总书记对资本市场高度重视，先后作出一系列重要指示批示。2023年中 央金融工作会议提出，加快建设安全、规范、透明、开放、有活力、有韧性的资本市场。2024年 中央经济工作会议指出，深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资本 市场制度的包容性、适应性。2025年7月30日中央政治局会议强调，增强国内资本市场的吸引力和 包容性，巩固资本市场回稳向好势头。《国务院关于加强监管防范风险推动资本市场高质量发展的 若干意见》（以下简称新"国九条"）也对增强资本市场制度竞争力、提升对新产业新业态新技术的 包容性作出部署。"十四五"时期，资本市场规模稳步扩大，体系不断健全，功能持续发挥，服务高 质量发展迈出重要步伐。当前，全面建设社会主义现代化国家新征程实现良好开局，我国高质量发 展扎实推进。也要看到，世界百年未有之大变局加速演 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes enhancing the inclusiveness and adaptability of the capital market system, aiming to improve the coordination between investment and financing functions, which is crucial for achieving the goals of the 15th Five-Year Plan [1][2]. Group 1: Significance of Enhancing Capital Market System - The importance of improving the inclusiveness and adaptability of the capital market is underscored by various directives from the leadership, highlighting the need for a safe, transparent, and vibrant capital market [2][3]. - The capital market is seen as a key driver for technological and industrial development, facilitating the optimization of innovation resources and improving overall productivity [3]. - The capital market serves as a platform for the public to share in the economic development, with over 200 million stock investors and 700 million fund investors in China [3]. Group 2: Key Tasks and Measures for the 15th Five-Year Plan - The focus is on developing direct financing through equity and bonds, enhancing the service capabilities for real enterprises, and supporting the issuance of quality companies [9]. - There is a push to cultivate more high-quality listed companies, optimizing their structure and enhancing investment value [9]. - The establishment of a favorable environment for long-term investments is prioritized, aiming to attract and retain long-term capital [10][11]. Group 3: Regulatory and Open Market Enhancements - The need for a scientific and effective regulatory framework is emphasized, adapting to rapid market changes and enhancing risk monitoring capabilities [11]. - Expanding the capital market's openness is crucial for improving international competitiveness, with a focus on facilitating cross-border investment activities [12]. - Creating a fair and vibrant market ecosystem is essential, with efforts to strengthen legal frameworks and investor protection mechanisms [12].

12月5日，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）》，全文如下： 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） 吴 清 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下 简称《建议》）提出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。这 是以习近平同志为核心的党中央科学研判、准确把握"十五五"时期国际国内形势，紧紧围绕基本实现社 会主义现代化目标，从全局高度作出的重大战略部署，为做好资本市场改革发展稳定各项工作指明了前 进方向、提供了根本遵循。我们必须深入学习、认真领会，坚决抓好贯彻落实。 （一）必须始终践行资本市场工作政治性、人民性。党的领导是中国特色金融发展之路最本质的特征， 是我国发展资本市场最大的政治优势、制度优势。必须坚持党对资本市场工作的全面领导，确保资本市 场始终保持正确的发展方向。突出以人民为中心的价值取向，紧紧围绕市场所需、群众所呼推进制度改 革，更加有力有效保护投资者特别是中小投资者合法权益。 一、深刻认识提高资本市场制度包容性、适应性的重 ...

中长期资金和产业资本支撑资金面平稳 [Table_ReportDate] 2025 年 12 月 2 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ——资金跟踪专题 证券研究报告 策略研究 [Table_ReportType] 策略专题 | [Table_A 李畅 uthor 策略分析师 | ] | 执业编号：S1500523070001 | | --- | --- | --- | | 邮 箱：lichang@cindasc.com | | | 徐国铨 策略研究助理 执业编号：S1500123070016 邮 箱：xuguoquan@cindasc.com [Table_Title] 中长期资金和产业资本支撑资金面平稳 [Table_ReportDate] 2025 年 12 月 2 日 [核心结论： Table_Summary] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 | 表 1 ...

周期非银团队联合展望 - 2026 年度策略报告汇报会议 20251201 摘要 化工行业处于历史低谷，但供给端产能扩张放缓，政策端控制产能， 2026 年或迎来反弹机会，关注集中度高、开工率高的细分领域，以及 新材料领域如半导体材料。 上市险企需转型浮动收益型产品，以应对低利率环境下的利差损风险， 并提高权益资产配置比例，分红险转型需平衡业务结构、销售能力、预 定利率和长期可持续性。 行业风险出清已进入后端阶段。未来，各个赛道中的优质企业将成为关注重点， 这些企业能否利用竞争优势实现从"活下去"到"再出发"至关重要。 2026 年房地产市场预计小幅改善，销售面积降幅收窄至-5%，新开工 和竣工分别下降 14%和 10%，但仍面临压力，政策支持或将出台以维 持 GDP 增速，优质房企有望获得运作空间。 房地产企业财务风险显著下降，行业风险出清进入后端阶段，未来关注 各赛道中具备核心竞争力的优质企业，如金茂、建发、绿城等，它们在 核心城市拥有土地储备和综合业务能力。 商业地产仍具增长潜力，品牌购物中心表现突出，增速高于全国社零总 额，华润、新城、龙湖、大悦城等公司值得关注，开发商逐渐增加商业 管理业务收入占比。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, highlighting their potential for growth and profitability in overseas markets [8][29]. Core Insights - The construction industry is experiencing a significant trend towards overseas expansion, driven by urbanization and industrialization in emerging markets, as well as the relocation of manufacturing capacity from China [1][11]. - There is a notable increase in overseas engineering demand, with specialized engineering firms expected to benefit significantly from this trend [1][11]. - The report emphasizes the importance of companies with competitive advantages in niche markets, recommending specific firms such as China Chemical, Jinggong Steel Structure, Jianghe Group, China National Materials, and China Steel International [1][11][19]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for several key players in the construction sector, including China Chemical (PE 6.3X), Jinggong Steel Structure (PE 10.7X), Jianghe Group (PE 12X), China National Materials (PE 7.3X), and China Steel International (PE 10X) [1][29]. Overseas Demand Drivers - Three main factors are driving the high demand for overseas construction: 1. Rapid economic growth in emerging regions such as Southeast Asia, Africa, and the Middle East, leading to increased infrastructure investment [19]. 2. The transfer of excess production capacity from China, particularly in cement and steel, to overseas markets, which is expected to boost regional engineering demand [19]. 3. The collaborative demand for construction services as various industries expand internationally, with a significant number of A-share companies reporting overseas revenue growth [19] [28]. AI and Semiconductor Cleanroom Growth - The report highlights the ongoing surge in global computing power demand driven by AI development, which is expected to lead to substantial growth in the semiconductor cleanroom market [3][26]. - It forecasts that global and Chinese semiconductor cleanroom investments will reach approximately 1680 billion and 504 billion respectively by 2025, representing about 15% of total industry capital expenditure [26]. High Dividend Yield Opportunities - The report identifies several construction companies with robust performance and high dividend yields, suggesting that these firms will attract long-term capital inflows. Key companies include Sichuan Road and Bridge (6.6%), Jianghe Group (6.5%), Jinggong Steel Structure (6.5%), Anhui Construction (5.7%), Tunnel Shares (5.5%), and Sanwei Chemical (6.4%) [7][28][29]. Recommendations for Specific Companies - The report recommends focusing on companies that are well-positioned to benefit from the ongoing trends, including: - China Chemical for chemical engineering overseas expansion - Jinggong Steel Structure for steel structure projects - Jianghe Group for high-end curtain wall projects - China National Materials for cement engineering - China Steel International for metallurgy projects - Semiconductor cleanroom leaders such as Yaxin Integration, Shenghui Integration, and Bocheng Co. [1][11][19][29].

Group 1: Strategy Research - The scale of insurance funds, wealth management, and pension funds in China exceeds 70 trillion, showing continuous growth with an asset allocation characterized by "fixed income as the base, equity gradually increasing" [2][4] - Insurance and social security funds heavily invest in A-shares, focusing on financial sectors while gradually increasing allocations in technology and growth areas [2][5] Group 2: Biopharmaceutical Research - The second batch of price negotiations under the US IRA has been announced, with the highest price reduction reaching 85%, effective from January 2027 [2][7] - The overall impact of the negotiations is limited as the negotiated products are close to patent cliffs [7][9] Group 3: Investment Characteristics - The asset scale of insurance funds, pension funds, and wealth management has surpassed 70 trillion, with insurance and wealth management each exceeding 30 trillion, accounting for over 80% of the total [5] - Fixed income remains the mainstay of asset allocation, with insurance funds favoring bonds and social security funds leaning towards equity investments [5][6] Group 4: A-Share Heavyweights - The core of A-share heavyweights is in the financial sector, but there is an increasing focus on growth attributes, particularly in technology and advanced manufacturing sectors [6][7] Group 5: Company Quarterly Reports - For Yaxiang Integration, the net profit attributable to shareholders increased by 40% in Q3 2025, with a gross margin improvement of 9 percentage points [16][17] - For Jin Yu Medical, operational efficiency has steadily improved, with significant cash flow enhancement despite a decline in revenue [24][25] Group 6: Industry Trends - The biopharmaceutical industry is facing challenges due to the impending patent cliffs, which may limit the impact of IRA negotiations on product sales [9][15] - The automotive industry, particularly GAC Group, is accelerating its electrification transformation and collaborating with Huawei to explore new growth avenues [28][29]

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Industry**: Insurance Key Points and Arguments Sales and Growth Projections - China Life expects a recovery in dividend insurance sales by 2026 due to a smaller reduction in the preset interest rate and the floating income sharing feature [2][4] - After experiencing negative growth in new individual insurance premiums at the beginning of 2024, the individual insurance channel is projected to recover quarterly, with good development expected in 2026 [2][7] - The bancassurance channel maintains high growth rates, providing strategic support to the individual insurance channel, ensuring stable business value and premium scale [2][7] Human Resources and Team Development - The individual insurance workforce remains stable, with a focus on improving quality; metrics such as the proportion of high-performing personnel, per capita productivity, retention rates, and income are all showing upward trends [2][8] - The company emphasizes professionalization, vocational reform, and youth adjustment within its workforce [2][8] Investment Strategies - China Life has invested over 40 billion in private equity funds (Huanghu Phase II and III) since 2024, with good performance; future investments will depend on market conditions, valuations, and regulatory approvals [2][9] - In the current low bond market, the company adheres to a payment matching principle and a neutral flexible allocation strategy, focusing on high-quality credit products to maintain a reasonable payment gap [2][10] Market Outlook and Capital Allocation - China Life is optimistic about the Chinese capital market and plans to increase equity allocation in the public market, focusing on high-dividend stocks and sectors with new productive capabilities [2][5][11] - The company will actively implement mid- to long-term capital market entry requirements and adjust its public market equity investment scale according to market conditions [2][13] Product Development and Compliance - The company plans to launch a dividend-type health insurance product in 2026, aligning with the high-quality development guidelines for health insurance [2][15][16] - China Life is preparing for the upcoming "opening red" period by conducting market demand assessments, product design, agent training, and customer resource preparation [2][6] Competitive Positioning - Despite the preset interest rate reduction, China Life maintains a competitive edge in dividend insurance through its long-standing payment management capabilities [2][14] - The company is committed to a diversified product strategy to avoid potential risks associated with focusing on a single product type [2][19] Social Responsibility and Financial Inclusion - China Life supports inclusive finance while adhering to a prudent project selection process, collaborating with local governments and healthcare institutions to ensure safe and stable business development [2][18] Stock Buyback and Shareholder Communication - The company is considering stock buyback or increase plans, which would require consultation with major shareholders and timely disclosure of any arrangements [2][20] Human Resource Assessment Changes - In response to a decrease in industry personnel, China Life is enhancing recruitment standards and providing systematic training to improve agent professionalism and sales efficiency [2][21]

Group 1: Policy and Regulation - The implementation plan for promoting long-term funds to enter the market will be released in 2025, focusing on guiding these funds to increase their market participation, which includes commercial insurance funds, national social security funds, pension funds, and wealth management products [2] - Regulatory measures will set investment limits on high-risk assets to control risks and establish lower limits on low-risk assets to ensure safety, with specific investment caps for various funds [2] Group 2: Asset Allocation Characteristics - The total asset scale of insurance funds, pension funds, and wealth management products has exceeded 70 trillion yuan, comparable to the total market capitalization of the Shanghai and Shenzhen stock markets, with insurance and wealth management funds each exceeding 30 trillion yuan [3] - Fixed income assets dominate the allocation, with differences in allocation strategies among different funds, such as higher cash and bank deposit ratios in wealth management products and a stronger preference for bonds in insurance institutions [3] - Facing challenges from declining interest rates and a shortage of quality assets, various long-term funds are actively adjusting their asset allocation strategies, with insurance funds maintaining a strong position in bonds while gradually increasing equity exposure [3] Group 3: A-Share Heavyweight Stock Characteristics - The core holdings of insurance institutions and social security funds in A-shares are primarily in the financial sector, with insurance funds showing a broader and more stable holding structure, while social security funds have a higher weight in bank stocks [4] - Insurance funds exhibit a strong preference for high-dividend stocks, while social security funds display more cyclical characteristics and a faster rotation in non-financial sectors [4]

报告导读： 我国险资 / 理财 / 养老金规模超 70 万亿且持续增长，资产配置呈"固收为 基、权益渐进"特征。险资 / 社保重仓 A 股以金融为核心，同时逐步提升科技等成长领域 配置。 政策端：加快推动中长期资金入市。 2025 年，《关于推动中长期资金入市工作的实施方案》发布，重点引导中长期资金进一步加大入市力度。这类资金期限 长、对资本市场短期波动容忍度高，追求长期稳健回报，可发挥资本市场"压舱石"作用。资金类型主要包括商业保险资金、全国社会保障基金、养老金基金、 理财产品等。 监管端：对高风险资产设置投资上限以约束风险，对低风险资产设置投资下限以保障安全。 我国对各类中长期资金的投资运用管理规定属于典型的数量型监 管，即通过设定各类资产投资比例的上限或下限，以控制整体风险暴露并维护资金流动性安全。通常而言： （ 1 ）对风险较高的权益类资产设定投资比例上 限。 其中，保险资金投资上限与综合偿付能力充足率挂钩，最高可达 50% ；社保基金与年金基金为 40% ，基本养老保险基金为 30% 。 （ 2 ）对风险较 低、流动性强的资产类别则设定投资比例下限或不设限，以确保资金安全并与负债端匹配。 其中，保险 ...