光大期货金融期货日报 光大期货金融期货日报（2025 年 06 月 05 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 4 | 月经济数据整体较 3 月有一定程度下滑，但仍在关税战背景下保持韧性。 | | | | 其中社零同比 5.1%，继续受到"以旧换新"政策的明显支撑。4 月社会信贷 | | | | 需求偏弱，4 月累计新增人民币贷款 10.06 万亿元，同比多增 2.86%；4 月 M2 | | | | 同比 8%。此前中美发布联合声明，为后续进一步贸易协商奠定良好开局， | | | | 超过市场预期。近期三部门召开联合新闻发布会，央行宣布降准降息政策， | | | | 降低企业负债端成本。金融监管总局强调将大力推动中长期资金入市，通过 | | | 股指 | 类平准基金的方式支持、稳定和活跃资本市场，具体措施包括鼓励保险资金 | 震荡 | | | 加大入市力度、设立新的金融资产投资公司、支持汇金公司在必要时增持股 | | | | 票指数基金等。证监会表示将优化主动权益类基金的收费模式，扭转基金公 | | | | 司"旱涝保收"的现象。内部政策发力是股指 ...

Core Viewpoint - The long-term investment pilot program for insurance funds is progressing, with several insurance companies launching new private equity funds to enhance capital market participation and optimize asset allocation [1][2][5]. Group 1: Investment Fund Developments - China Pacific Insurance has launched the Tai Bao Zhi Yuan No. 1 private equity fund with a target size of 20 billion yuan, marking it as one of the second batch of long-term investment pilot funds [1][2]. - The total approved and proposed pilot scale for the long-term investment program has reached 222 billion yuan across three batches [2]. - Other insurance companies, including China Life and New China Life, have also received approval for new funds, with China Life and New China Life establishing the Hong Hu Fund Phase II with a size of 20 billion yuan [2][3]. Group 2: Stock Investment Growth - As of the end of Q1 2025, the stock investment balance for life insurance companies reached 2.65 trillion yuan, an increase of 377.5 billion yuan from the end of 2024, representing 8.43% of their total investment [4]. - Property insurance companies reported a stock investment balance of 171.9 billion yuan, up 11.8 billion yuan from the end of 2024, accounting for 7.56% of their total investment [4]. - Insurance companies have been actively increasing their positions in high-dividend and technology innovation stocks, with a notable rise in equity investments [4]. Group 3: Long-term Performance Assessment - The shift towards long-term performance assessment mechanisms is expected to enhance the investment enthusiasm of insurance funds, allowing for a greater focus on equity investments [5][6]. - Many insurance institutions are optimizing their assessment mechanisms to emphasize long-term performance, which is anticipated to support the stable operation of capital markets [5][6]. - Insurance companies have conducted extensive research on over 1,300 A-share listed companies, focusing on sectors such as electronics, pharmaceuticals, and machinery [6].

Core Viewpoint - The insurance sector in China is accelerating its participation in long-term investment initiatives, with significant capital inflows into the capital market driven by regulatory support and market recovery [1][4][5]. Group 1: Fund Establishment and Investment Scale - Ping An Asset Management has received approval to establish Hengyi Holding (Shenzhen) Private Fund Management Co., with an initial fund size of 30 billion yuan, focusing on long-term and value investments in quality listed companies [1]. - China Life and Xinhua Insurance have jointly established the Honghu Fund Phase II, which is expected to enter the market soon, while the Honghu Fund Phase III has also received regulatory approval [2]. - Taikang Asset Management has launched Taikang Stable (Wuhan) Private Fund Management Co., with an expected initial investment scale of 12 billion yuan, focusing on fundamental analysis and long-term asset appreciation [3]. Group 2: Insurance Capital Market Participation - As of the first quarter of 2025, the balance of funds utilized by insurance companies reached 34.93 trillion yuan, with stock market investments amounting to 2.82 trillion yuan, reflecting a significant quarter-on-quarter increase of 16.03% [4]. - The diversification of investment methods for insurance capital is increasing, with a shift towards equity assets as a key option for enhancing overall returns due to declining bond yields [4]. Group 3: Regulatory Support and Market Dynamics - The regulatory authority plans to adjust stock investment risk factors, reducing them by 10%, to encourage institutional participation in long-term investments [5]. - Insurance companies have increasingly engaged in equity investments, with seven companies having made 15 equity stakes in listed firms, primarily in the banking sector, driven by attractive dividend yields [5]. Group 4: Strategic Investment and Economic Impact - By participating in capital market investments, insurance companies can optimize asset allocation, enhance investment returns, and strengthen market competitiveness [6]. - Investments in sectors such as renewable energy, high-end manufacturing, and biomedicine not only allow insurance companies to benefit from industry growth but also support national strategic industries [6].

Core Viewpoint - The article highlights the proactive response of wealth management companies, particularly banks, to the growing demand for diversified investment products amid policy encouragement for long-term capital market entry [1][3]. Group 1: Policy and Market Environment - The Central Political Bureau meeting in September last year emphasized the need to eliminate barriers for social security, insurance, and wealth management funds entering the market, paving the way for long-term capital investments [3]. - A joint implementation plan was issued in January this year, allowing various funds, including public funds and bank wealth management, to participate as strategic investors in listed companies' private placements, boosting market confidence [3]. Group 2: Product Innovation and Strategy - Banks are focusing on deepening "multi-asset, multi-strategy" product innovation to expand their investment boundaries, particularly in equity assets [4]. - For instance, Everbright Wealth Management launched the "Guangying+" product series, emphasizing diverse strategies such as index, quantitative, and global investments, aiming to enhance returns while managing risks [4]. Group 3: Investment Activities and Performance - Everbright Wealth Management is optimistic about the future of China's capital market and has increased its allocation to capital market investments, including ETFs and private placements [5]. - The company successfully participated in a private placement for Shanghai Waigaoqiao Group, marking a significant case of bank wealth management funds directly engaging in such activities, with an allocation of approximately 2 million yuan [5]. Group 4: Market Challenges and Responses - The current global financial market is characterized by uncertainty, with traditional fixed-income products facing pressure due to bond market volatility [6]. - To address these challenges, wealth management companies are accelerating the development of multi-asset strategies, particularly enhancing their capabilities in equity asset allocation [6]. Group 5: Performance Metrics - The "Guangying+" series has demonstrated effective asset allocation across various categories, achieving a 100% performance benchmark for closed-end products maturing by May 2025, with annualized returns exceeding benchmarks for all products established for over a month [7]. - The product series has seen a growth of over 16 billion yuan within the year, reflecting positive market feedback on the investment strategies and product designs [7].

【环球网财经综合报道】今年以来，险资举牌热潮再度兴起，热度持续攀升。截至5月底，已有7家保险公司今年 举牌15次，不仅超越了2023年全年的举牌数量，还超过了2024年前9个月的举牌量，开启了近10年来保险行业的第 三轮举牌浪潮。此前，保险行业曾在2015年和2020年出现过两轮举牌潮。 从保险资金举牌标的来看，今年险资举牌的上市公司涵盖了多家银行，如邮储银行、招商银行、农业银行等，还 有北京控股、电投产融、东航物流、中国儒意等企业。从行业分布来看，银行股是被举牌次数最多的类型，公用 事业、能源、交通运输等行业也有涉及。 华西证券认为，今年险资密集举牌上市公司，主要原因有三：一是在低利率、资产荒环境下，潜在"利差损"压力 增大，通过权益投资增厚投资收益有较大的现实需求；二是出于优化财务报表考虑，在新会计准则下，举牌上市 公司之后的会计计量方式变更，可以提升险企利润表稳定性；三是多项支持中长期资金入市的政策推出，也让险 资举牌动力增强。 除此之外，目前，保险资金长期投资改革试点正在加速落地，待第三批600亿元试点资金全部获批后，改革试点的 资金总规模将增至2220亿元。该试点在一定程度上可以解决险资入市投资的堵 ...

Core Viewpoint - The Hong Kong Dividend ETF Fund (513820) has distributed its 11th cash dividend, reflecting a stable income stream for investors in a low-interest-rate environment [1][11]. Group 1: Fund Performance and Dividend Distribution - The Hong Kong Dividend ETF Fund (513820) experienced a slight decline of 0.09% after reaching a peak, with the current dividend distribution marking a significant milestone for investors [1]. - The fund has consistently provided monthly dividends since July 2024, with a total distribution of 0.29 yuan per 10 shares, indicating a reliable income source [11]. Group 2: Market Trends and Investment Strategies - The underlying index of the Hong Kong Dividend ETF, which focuses on high-dividend stocks, has seen most of its constituent stocks experience a pullback, although some, like Pacific Shipping, have shown gains [3]. - Insurance capital is increasingly entering the market, with a focus on high-dividend stocks, as indicated by the approval of new long-term investment pilot programs for smaller insurance companies [3][5]. - The investment strategy of insurance companies emphasizes high-dividend stocks, which are expected to provide better returns in a declining interest rate environment [8]. Group 3: Sector Preferences and Stock Performance - Insurance funds are heavily invested in sectors such as transportation, telecommunications, and banking, while reducing exposure to food and beverage, utilities, and energy sectors [9]. - The average dividend yield of stocks targeted by insurance companies has increased to 4.6%, the highest in recent years, reflecting a shift in focus towards high-dividend investments [9]. Group 4: Comparative Analysis and Valuation - The Hong Kong Dividend ETF boasts a leading dividend yield of 7.87%, outperforming other major dividend indices, which enhances its attractiveness to investors [10]. - The valuation of Hong Kong stocks is comparatively lower than that of A-shares, providing a greater margin of safety for investors [10].

Group 1 - Public funds have launched over 400 billion yuan in new funds this year, with 515 new funds established and a total issuance scale of 406.08 billion yuan as of May 29 [1] - Nearly 70% of A-share companies plan to distribute cash dividends, with 2,546 companies reporting a year-on-year increase in net profit [1] - Over 170 billion yuan of long-term insurance capital is accelerating into the market, indicating a growing demand for equity asset allocation [1] Group 2 - Jim Rogers has sold all his U.S. stocks and holds significant cash, expressing concerns about a potential crisis in the market [2] - Michael Burry has nearly liquidated his U.S. stock portfolio, retaining only Estée Lauder [2] - The emergence of AI agents is accelerating across various sectors, with expectations for a significant breakthrough by 2025, despite current challenges in development [2] Group 3 - In April, the net profit of 150 futures companies in China declined both year-on-year and month-on-month, with total revenue of 3.073 billion yuan and net profit of 785 million yuan [3] - The global smartphone shipment growth forecast for 2025 has been significantly reduced to 0.6% due to economic uncertainties and declining consumer spending [4] - China's shipbuilding industry continues to lead globally, with new orders accounting for a significant market share [4] Group 4 - Alibaba has open-sourced its innovative autonomous search AI agent, WebAgent, which can autonomously search and analyze information [5] - Nvidia's CEO plans to sell up to 6 million shares of the company, indicating potential changes in executive holdings [5] - Yushun Technology has changed its name to Hangzhou Yushun Technology Co., Ltd., sparking speculation about a potential IPO [5] Group 5 - Yongkun Gold has faced significant redemption issues, leading to investor complaints and legal actions, undermining its investment promises [6] - Rongda Hezhong plans to raise up to 220.8 million HKD through an IPO in Hong Kong [6] Group 6 - *ST Jinguang is facing mandatory delisting due to continuous false reporting in its annual reports, with trading suspended [8] - *ST Longyu's chairman has resigned due to personal reasons, with interim leadership established [8] Group 7 - Neta Auto's debt-to-equity swap plan has failed, leading to demands from investors for the removal of its CEO [9] - U.S. stock indices experienced slight gains, with mixed performance among major companies [9]

实践中，理财资金入市存在诸多堵点，无法有效提升银行理财市场活力。普益标准研究员何瀚文表示， 理财资金入市堵点一是在市场层面，部分上市公司质量有待提高，中长期资金可投资的标的待进一步扩 充；二是在金融工具层面，缺乏有效的风险对冲工具；三是在投资者层面，投资者较低的风险偏好导致 其对权益类资产容忍度不高。 近日，上海外高桥集团股份有限公司公开披露了向特定对象发行A股股票发行情况报告书，报告书披露 了共11家发行对象，其中包括光大理财有限责任公司。这是首单银行理财资金直接参与投资上市公司定 增项目。业内人士认为，这为银行理财资金入市开辟了新路径。 普益标准研究员黄诗慧表示，此次银行理财直投定增有助于理财公司从产品和投资两个维度深化与上市 公司合作，并且使投资者间接参与定增项目，有效打通了中长期资金入市的堵点。 光大理财相关负责人表示，在有效管控风险的基础上，将逐步加大在资本市场领域的布局，近期已择机 增配了包括交易型开放式指数基金（ETF）在内的指数化投资工具，并将加大对上市公司定增、可转 债、可交债等工具品种的投资力度。 定增项目通常存在锁定期长、流动性低等风险，这对理财资金端提出更高要求。黄诗慧表示，理财公司 ...

Core Insights - The scale of bank wealth management has returned to a historical high, reaching 31.35 trillion yuan as of May 29, 2023, marking a new peak since 2022, reflecting the urgent demand for stable returns in a low-interest-rate environment and the effectiveness of the net value transformation in the industry [1][2] Group 1: Supporting the Real Economy - Bank wealth management has played a significant role in supporting the development of the real economy, with approximately 20 trillion yuan allocated to support the real economy and 126 million investors as of the end of Q1 2023 [1][2] - There is a need for banks to innovate financial services and increase investments in equity and non-standard debt assets to better serve the real economy, especially as new industries have a strong demand for such funding [2][3] Group 2: Meeting Diverse Wealth Management Needs - With market interest rates declining, residents are seeking stable wealth management products that can replace traditional deposits, leading to a strong demand for products with yield flexibility [3][4] - To enhance competitiveness, banks should increase investments in equity assets and innovate product offerings, which will require improved risk control, innovation capabilities, and equity investment skills [3][4] Group 3: Increasing Market Participation - As of the end of Q1 2023, bank wealth management funds invested over 800 billion yuan in equity assets, accounting for only 2.6% of total investments, indicating significant room for growth [4] - Banks should steadily increase their market participation to become a crucial stabilizing force in the market, which will also enhance returns for investors and promote balanced capital market financing [4]

Choice数据显示，明日至下周三，将有9只股票型ETF集中上市，包括数字经济ETF、航空航天ETF、科 创半导体设备ETF、科创50ETF等。根据规定，ETF应在上市前完成建仓，使基金投资组合比例符合基 金合同等文件的约定。随着这些ETF批量上市，将为市场注入大量新的资金。（上证报） ...