2025 年 12 月 30 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：常闻 相关报告： 【山证非银行金融】中央经济工作会议 定调资本市场，关注板块投资价值-【山 证非银】行业周报（20251208-20251214）： 2025.12.17 券商杠杆空间拓宽-【山证非银】行业周 报（20251201-20251207）： 2025.12.11 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 彭皓辰 投资要点 健全"长钱长投"政策环境。近日，中国人民银行发布《中国 金融稳定报告（2025）》，全面总结我国金融稳定工作进展，并对下 一阶段重点任务作出部署。报告提出，中国证监会、财政部、人力 资源社会保障部、中国人民银行、金融监管总局等相关部门将立足 大局，加强协作，形成合力，在中央金融办统筹协调下，进一步提 升工作的前瞻性、主动性和针对性，着力健全有利于"长钱长投" 的制度政策环境，显著 ...

Core Viewpoint - The concept of "patient capital" is emerging as a key driver for financial empowerment in China's economy, particularly through the insurance sector, which is increasingly integrating long-term investment strategies with innovation [1][4]. Group 1: Policy Support for Long-term Investment - The China Securities Regulatory Commission emphasizes the need for a more attractive environment for long-term investments, aiming to create conditions where long-term funds are willing to enter and thrive in the market [4]. - A series of policies have been implemented to facilitate insurance capital's entry into the market, including adjustments to investment limits and risk factor settings for equity assets [5][6]. - These policies are designed to enhance the flexibility and profitability of insurance institutions' asset management, thereby fostering a culture of long-term investment [5][6]. Group 2: Growth in Insurance Capital Market Participation - As of the third quarter, the total balance of insurance funds reached 37.46 trillion yuan, a year-on-year increase of 16.5%, with stock investments accounting for 3.6 trillion yuan [6]. - The number of times insurance capital has made significant investments (or "took stakes") in companies reached 39 in the current year, the highest since 2016, indicating a shift towards more mature long-term value investment strategies [6][7]. - Insurance capital is diversifying its investment methods beyond direct stock purchases, including long-term investment reform trials that have approved a total of 222 billion yuan [6][7]. Group 3: Focus on Hard Technology Investments - Insurance capital is increasingly investing in hard technology sectors, demonstrating a commitment to long-term partnerships with innovative companies [8][9]. - By mid-2025, insurance capital's direct equity investments in technology sectors reached 42.59 billion yuan, with significant growth in investments in internet-related services [8][9]. - Major insurance companies are establishing specialized funds focused on technology innovation, indicating a strategic shift towards supporting advanced manufacturing and other high-tech industries [9][10]. Group 4: Challenges and Upgrades in Investment Practices - The insurance sector faces challenges such as macroeconomic fluctuations and increased uncertainty in technology investments, necessitating enhanced professional capabilities and risk management [11][12]. - There is a need for insurance companies to evolve from being passive investors to proactive value creators, which involves building specialized operational capabilities and comprehensive risk management frameworks [12][13]. - The transition from "long money" to "long wisdom" reflects a comprehensive upgrade in the professional capabilities and overall quality of insurance capital [13].

Group 1 - The core theme of 2025 highlights significant progress in China's economy and social welfare, with a focus on policies and support for the populace [1][3] - The financial market has seen steady inflows from insurance funds, social security funds, and public funds, with foreign institutions showing confidence in Chinese assets, leading to a recovery in IPOs [6] - The consumption and cultural tourism sectors have thrived, with notable successes such as the box office performance of "Nezha 2" and the emergence of new consumption trends like "emotional consumption" [9] Group 2 - Domestic markets have been active despite international challenges, with government interventions aiding foreign trade enterprises and promoting domestic sales [12] - The government has implemented measures to enhance the quality of life for the elderly, including subsidies for home care renovations and the removal of insurance restrictions based on household registration [16] - The outlook for 2026 remains optimistic, with a commitment to continued efforts and progress in various sectors [18]

Group 1: Market Strategy and Economic Insights - The market experienced a pullback after a rally, with the Shanghai Composite Index achieving a nine-day winning streak, closing at 3965.28, up 0.04% [6] - The overall A-share market saw a decline of 0.29%, with 1993 companies rising and 3325 companies falling, indicating a structural market trend [7] - The central bank's recent measures, including a 4823 billion yuan reverse repurchase operation, aim to enhance long-term investment in A-shares, contributing to market optimism [18] Group 2: Industry Dynamics - The global first modular embodied intelligent service space was launched simultaneously in Beijing and Shenzhen, indicating advancements in the robotics sector [25] - The Chinese kitchen appliance market is expected to maintain stable performance in 2025, with domestic sales projected at 33.93 million units, a slight increase of 0.2% year-on-year [27] - In November 2025, the global shipment of large-size LCD TV panels fell by 1.9% year-on-year, marking the lowest monthly shipment since the second half of the year [29] Group 3: Company Updates - Miaokelando (600882.SH) reported progress on its investment in a merger fund, highlighting potential risks related to overdue debts from a subsidiary [31] - Huasheng Co., Ltd. (600156.SH) received approval from the Hunan State-owned Assets Supervision and Administration Commission for a major asset restructuring involving the acquisition of a 97.4% stake in Shenzhen Yixin Technology [34]

Core Insights - The insurance industry in China has achieved record high asset levels and profitability in 2025, driven by practical reforms and a focus on rational management [1][2]. Group 1: Industry Growth and Performance - By the end of October 2025, China's insurance industry total assets reached 40.59 trillion yuan, an increase of 4.68 trillion yuan from the beginning of the year, marking a growth rate of 13.03% [2]. - The total assets of the insurance industry have seen double-digit growth since 2023, primarily due to increased premium income, cost optimization, enhanced capital replenishment, and improved asset allocation [2]. - The combined market capitalization of five listed insurance companies in A-shares exceeded 3.3 trillion yuan, with a growth of over 700 billion yuan, reflecting a nearly 30% increase [3]. Group 2: Profitability and Financial Health - In the first three quarters of 2025, the five listed insurance companies achieved a total net profit of 426 billion yuan, a year-on-year increase of 33.5%, setting a historical high [4]. - The insurance sector's balance sheet has entered a phase of healthy expansion, benefiting from low interest rates and strong sales of main products like dividend insurance [4]. Group 3: Regulatory and Structural Reforms - The dynamic adjustment mechanism for insurance product preset rates was officially launched in 2025, with preset rates decreasing from 2.34% at the beginning of the year to 1.90% by the end of the year [10][11]. - The introduction of the fourth life table in October 2025 will impact insurance product pricing, reflecting changes in population structure and mortality rates [15][16]. Group 4: Market Strategies and Innovations - The insurance industry is increasingly focusing on dividend insurance products, which now account for nearly half of new life insurance products launched after September 2025 [13]. - The commercial health insurance innovation drug directory was released in December 2025, marking a significant step in clarifying the boundaries between basic medical insurance and commercial health insurance [17][18]. Group 5: Investment Trends - Insurance capital has accelerated its entry into the market, with equity asset allocation reaching historical highs, and the stock and fund allocation balance reaching 5.59 trillion yuan, a 35.92% increase from the previous year [8][9]. - The "long money, long investment" strategy has gained traction, with regulatory changes encouraging insurance funds to focus on long-term investments [7].

Core Viewpoint - The personal pension system in China, as the third pillar of the pension system, is seeing increased promotional efforts from banks and financial institutions as the deadline for tax-saving benefits approaches in 2025. However, the overall contribution rate remains low, particularly among younger individuals who find the tax incentives less appealing [1][4][7]. Group 1: Current Trends in Personal Pension Contributions - Major banks such as China Construction Bank, Industrial and Commercial Bank of China, and Bank of China are actively promoting personal pension contributions through tax-saving campaigns and incentives like WeChat discounts [1][4]. - As of June 15, 2025, over 150 million personal pension accounts have been opened, but the contribution rate is still considered low [1]. - The tax benefits associated with personal pensions allow for a maximum annual tax deduction of 12,000 yuan, which can lead to tax savings of up to 5,400 yuan for high-income earners [4][6]. Group 2: Challenges and Limitations - The current tax incentives primarily attract individuals nearing retirement, while younger people, who have different financial priorities, show less interest in contributing to personal pensions [3][7]. - Many young individuals perceive the personal pension system as less beneficial due to the limited annual contribution cap of 12,000 yuan and the inflexibility of accessing funds before retirement [7][8]. - The design of the personal pension system does not effectively engage the majority of the population, particularly low and middle-income earners who either do not pay taxes or benefit minimally from the current tax structure [8][10]. Group 3: Recommendations for Improvement - Experts suggest that the tax incentives should be tailored to different income groups, potentially introducing more flexible withdrawal options for significant expenses like housing and education to increase participation among younger individuals [10][12]. - There is a call for expanding the range of investment products available within personal pension accounts, including more equity-based options, to enhance returns over the long term [12][13]. - The introduction of government bonds as an investment option for personal pensions is expected to provide a safer investment avenue, appealing to risk-averse individuals [11][12].

Group 1 - The A-share market is experiencing a mixed performance with the Shanghai Composite Index showing strong upward momentum, aiming for a nine-day winning streak as of December 29 [1] - The People's Bank of China released the "China Financial Stability Report (2025)", indicating a commitment to more proactive macro policies to mitigate risks in key areas and enhance the investment environment for long-term capital in A-shares [1] - Galaxy Securities noted that the A-share market is showing signs of a "small volatility" trend as it approaches the end of the year, with the Shanghai Composite Index recording eight consecutive days of gains [1] Group 2 - The A500 ETF (512050) offers investors a convenient way to invest in core A-share assets, benefiting from a low fee rate of 0.2%, good liquidity with an average daily trading volume exceeding 5 billion yuan, and a large scale of over 39 billion yuan [2] - The A500 ETF tracks the CSI A500 Index, employing a dual strategy of industry-balanced allocation and leading stock selection, covering all 35 sub-sectors and integrating value and growth attributes [2] - Investors are encouraged to consider related products such as the A500 ETF (512050) and the A500 Enhanced ETF (512370) [2]

市场分析 企业利润下滑。宏观方面，全国政协十四届四次会议将于2026年3月4日在北京召开，十四届全国人大四 次会议将于3月5日召开，审查"十五五"规划纲要草案列入2026年全国人代会建议议程。数据方面，1-11 月份，全国规模以上工业企业实现利润总额66268.6亿元，同比增长0.1%；11月份，规模以上工业企业 利润同比下降13.1%。海外方面，美国第三季度实际GDP初值年化季环比大幅增长4.3%，远超市场预期 的增长3.3%，增速创两年来最快。 作者： 汪雅航 来源：华泰期货 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 股指上行。现货市场，A股三大指数连续上行，上证指数收盘涨1.88%收于3963.68点，创业板指涨 3.90%。行业方面，板块指数涨多跌少，有色金属、国防军工、电力设备、电子行业领涨，美容护理、 社会服务、银行行业跌幅居前。日均成交额回升至1.95万亿元，两融余额增加超400亿元。央行发布 《中国金融稳定报告（2025）》指出，下一步，证监会等相关部门将着力健全有利于"长钱长投"的制度 政策环境，显著提高各类中长期资金实际投资A股的规模和比例；多措并举推动上市公司质量 ...

股指期货周报：年末仍有望冲关 研究员：孙锋 期货从业证号：F0211891 投资咨询证号：Z0000567 第二部分 周度数据追踪 5 GALAXY FUTURES 1 一周要闻 GALAXY FUTURES 2 目录 第一部分 周度核心要点分析及策略推荐 2 全国财政工作会议12月27日至28日在北京召开。会议指出，2026年继续实施更加积极的财政政策。一是扩大财政 支出盘子，确保必要支出力度。二是优化政府债券工具组合，更好发挥债券效益。三是提高转移支付资金效能，增 强地方自主可用财力。四是持续优化支出结构，强化重点领域保障。五是加强财政金融协同，放大政策效能。 全国财政工作会议12月27日至28日在北京召开。财政部部长蓝佛安表示，明年财政将大力提振消费。深入实施提 振消费专项行动，继续安排资金支持消费品以旧换新，调整优化补贴范围和标准。 最新数据显示，中国ETF规模达到6.03万亿元，较年初3.73万亿增幅超6成。ETF数量1381只，较年初增加342只。 具体来看，千亿ETF为7只，百亿级别以上ETF数量达到125只。 中国人民银行发布《中国金融稳定报告（2025）》。报告提出，下一步，中国证监会、财政 ...

今日关注 全国财政工作会议召开，锚定明年六大任务； 上交所发布商业火箭企业IPO指引; 6.12月27日起，银行业监督管理法修订草案(下称"修订草案")向社会公开征求意见，为期30日。在此之前，修订草案于12月22日提请十四届全国人大常委 会第十九次会议首次审议。修订草案以强化机构监管、行为监管、功能监管、穿透式监管、持续监管为主线，以消除监管空白、弥补监管短板、明确监管 授权为着力点，切实提高监管的前瞻性、精准性、有效性和协同性，更好发挥法治固根本、稳预期、利长远的保障作用，切实提高金融治理体系和治理能 力现代化水平。 7.国投白银LOF发布公告，为保护基金份额持有人利益，国投瑞银白银期货证券投资基金(LOF)C类基金份额将从2025年12月29日开始暂停申购。本基金取 消或调整2025年12月29日起的暂停C类基金份额申购(含定期定额投资)业务的具体时间将另行公告。 白银史诗级暴涨； 国投瑞银白银基金C类份额周一(12月29日)开始暂停申购。 重要的消息有哪些 1.12月27日至28日，全国财政工作会议在北京召开。会议总结2025年财政工作，布置2026年重点任务。财政部党组书记、部长蓝佛安作工作报告。会 ...