截至今年8月底，各类中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长32%；保险资 金投资股票和权益类基金超5.4万亿元，余额较"十三五"末增长85%……"十四五"期间，特别是去年9月 份以来，中长期资金入市规模持续提升，助力资本市场稳定健康发展。 在近期国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴清表示，将 更好发挥中长期资金"压舱石""稳定器"作用，持续强化长周期考核，不断提高跨境投融资便利度，吸引 更多源头活水，努力让更多全球资本投资中国、共享成长。 打通入市卡点堵点 中长期资金是资本市场重要的专业投资力量，也是维护市场平稳健康运行的关键支柱。近年来，金融管 理部门聚焦打通中长期资金入市卡点堵点，推出了一系列针对性举措，为实现"长钱长投"创造了更有利 的制度环境。 去年9月份以来，在中央金融办的指导下，证监会会同相关部门联合印发推动中长期资金入市的指导意 见和实施方案，推动各类中长期资金完善长周期考核机制、提高权益投资规模和占比等，加快推进中长 期资金入市。 今年6月份，人社部公布一季度全国企业年金数据，首次将"当期收益率"改为"近三年累计收益率"；7 ...

Core Viewpoint - The article emphasizes the significant increase in medium- and long-term capital entering the A-share market, which is crucial for stabilizing and promoting the healthy development of the capital market during the "14th Five-Year Plan" period [1][2]. Group 1: Medium- and Long-term Capital Inflow - As of the end of August this year, various types of medium- and long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, representing a 32% increase compared to the end of the "13th Five-Year Plan" [1]. - Insurance capital invested in stocks and equity funds exceeded 5.4 trillion yuan, with a balance that has grown by 85% since the end of the "13th Five-Year Plan" [1]. - The China Securities Regulatory Commission (CSRC) aims to enhance the role of medium- and long-term funds as a stabilizing force in the market, focusing on long-term assessments and improving cross-border investment convenience [1][2]. Group 2: Policy Measures and Institutional Support - Financial regulatory authorities have implemented a series of measures to facilitate the entry of medium- and long-term funds into the market, creating a favorable institutional environment for long-term investments [2]. - The CSRC, in collaboration with relevant departments, has issued guidance to improve long-term assessment mechanisms and increase the scale and proportion of equity investments [2]. - The Ministry of Human Resources and Social Security has shifted the focus of enterprise annuity data reporting from current yield to three-year cumulative yield, promoting a long-term investment perspective [2]. Group 3: Growth of Public Funds and ETFs - As of the end of August, the total management scale of public funds in China reached 36.25 trillion yuan, with equity funds nearing 10 trillion yuan, making them the largest professional institutional investors in the A-share market [4]. - The number of exchange-traded funds (ETFs) listed in China has increased from 370 to 1282, with total assets growing from 1.1 trillion yuan to over 5 trillion yuan, establishing China as the largest ETF market in Asia [4]. - Central Huijin Investment Co., Ltd. actively supported market stabilization by investing in ETFs during market volatility, holding a total ETF market value of 1.28 trillion yuan as of June 30, which is a 22.63% increase from the end of the previous year [4]. Group 4: Impact of Long-term Capital Inflow - The increase in medium- and long-term capital inflow is expected to stabilize the market, as long-term funds have lower turnover rates and can effectively counteract short-term speculative capital [5]. - Long-term capital is anticipated to lead to value investing and improve market pricing efficiency by focusing on the fundamentals and long-term value of companies [5]. - Long-term funds are likely to enhance corporate governance and investor protection by actively participating in company operations, contrasting with the behavior of retail investors [5]. Group 5: Market Ecosystem and Corporate Quality - To attract more long-term capital, a suitable market ecosystem and reasonable returns are essential [6]. - Regulatory bodies are enhancing the quality and investment value of listed companies through improved supervision and information disclosure [7]. - Encouragement for share buybacks, increases in dividends, and overall corporate governance improvements are being emphasized to create a favorable environment for long-term investments [7][8].

6、充分发挥城市房地产融资协调机制作用，辖内银行已为219个"白名单"项目投放贷款2156亿元。 7、在京公募基金已基本建立了三年以上长周期考核制度。北京市职业年金、企业年金已设置长期考核 指标，在京国有商业保险公司正逐步建立三年以上长周期考核机制。 金融业对北京市全口径税收收入年均贡献约40% "北京金融业总资产规模约占全国一半，在京各类资管机构资产管理规模约占全国30%。"曾林峰指 出，"十四五"时期，北京市的国家金融管理中心"六个集中"优势更加彰显，即国家金融管理部门最集 中、金融机构总部最集中、资金汇聚最集中的优势更加突出，金融基础设施集中、国际金融组织集中、 金融人才集中的优势也得到进一步巩固。 11月21日，北京市人民政府新闻办公室举行首都"十四五"规划高质量收官系列主题新闻发布会——金融 业发展成就专场，会上，北京市委金融办分管日常工作的副主任曾林峰、中国人民银行北京市分行行长 巢克俭、北京金融监管局局长朱衍生、中国证监会北京监管局副局长侯凤坤介绍"十四五"时期，北京金 融业的有关发展情况。来看会上重点表述： 1、北京市金融业增加值占全市GDP比重、年均贡献地方级一般公共预算收入、年均贡献地方级 ...

2025年证券行业表现超预期：42家上市券商总资产逼近15万亿元，归母净利润同比劲增62%。年初担忧 证伪——行业未因23-24年自营高基数增长乏力，反而快速切换增长动能，内生盈利韧性凸显。当前 7%-8%的ROE虽达历史高位，但业务结构优化、竞争格局升级仍为继续改善留足空间，未来ROE或突破 前期峰值。那么行业是否已站在新一轮上行周期起点?从2025年全年看，行业呈现六大核心趋势性变 化，或许正为新一轮上行周期积蓄动能的关键信号，具体如下： 业绩驱动逻辑重塑：从自营单一主导到轻资产协同发力。业绩增长不再依赖自营单打独斗，而是转向经 纪/资管/投行等轻资产业务多点协同发力。当前轻资产业务复苏才刚启动，从业务规模来看，远未触及 周期性高点，后续空间广阔。 增长动能关键切换：权益等多元化驱动替代固收成主导力量。本轮增长并非旧动能的延续，而是源于结 构优化带来的新驱动因素，如投行从传统债券承销转向多元服务，自营从固收投资转向多元配置，财富 从稳健理财转向多元服务等。 增长底色更趋稳健：内生性发力替代杠杆扩张。全年增长依托内生性业务，未依赖杠杆大规模扩张，既 规避了流动性隐患，也为后续扩表留下安全空间。 炒股就看金麒 ...

期货日报网讯（记者 肖佳煊）金融监管总局日前发布的2025年三季度保险公司资金运用情况表显示， 截至2025年三季度末，保险资金运用余额达到37.46万亿元，较年初增长12.6%，较年中增长3.4%。具体 来看，人身险公司资金运用余额为33.73万亿元，财产险公司资金运用余额为2.39万亿元。 业内普遍认为，随着政策支持力度加大与市场环境持续向好，险资投资股票的比例预计将进一步上升。 东吴证券首席战略官、非银金融首席分析师孙婷团队预计，保险资金运用余额全年将保持两位数增长， 这将是行业投资资产规模连续三年实现两位数增长，主要由负债端保费规模持续较快提升带动。 在险资的大类资产配置中，债券始终扮演着"压舱石"角色。截至2025年三季度末，人身险公司与财产险 公司投资于债券的余额合计为18.18万亿元，较年初的15.92万亿元增加2.25万亿元，增幅达14.1%，规模 继续位居各类资产之首。不过，债券在两类公司资金运用余额中的占比为48.5%，较二季度末的49.3% 略有下降。 险资对银行存款的配置比例也略有下降。截至三季度末，人身险公司与财产险公司投资于银行存款的余 额分别为2.49万亿元和3742亿元，占各自 ...

大金融基本面和政策展望 20251117 摘要 房地产市场整体承压，部分城市成交量虽环比略增但仍处稳定状态，降 价促销策略有效，但买方市场特征明显，带看转化购买难度大，溢价空 间维持高位。 挂牌量边际下降或因业主惜售及中介清理失效房源，新房和二手房价格 持续下跌，豪宅及改善型住房市场降温，次新房面临补跌压力。 常规政策如放松限购、适度降息等空间有限，降低公积金利率或提高贷 款额度更具意义。超常规政策需关注按揭利率与基准利率折扣，或需财 政补贴支持深度贴息。 行业进入调整下半段，部分城市租售比接近贷款利率，深度降息或贷款 贴息叠加收入预期稳定或可企稳。关注产品领先、换血充分的优质企业 及现金流优质标的。 年末金融行业关注中长期资金入市政策及保险资金增配权益资产，以及 存款类产品到期后保险产品销售增长带来的配置压力，券商年末资产配 置或调整。 Q&A 近期房地产市场数据表现如何？ 根据官方统计局的数据，最近几个月房地产市场各项指标，包括销售、开工和 投资等，都出现了明显的加速下行。特别是在二手房市场，重点城市的成交量 同比下降幅度达到 30%至 40%。虽然部分城市由于去年基数较高，降幅有所 收窄，但整体压力依然 ...

11月17日，A股市场低开调整，国证自由现金流指数跟随市场走势，现跌幅小幅收窄，跌约0.5%， 成分股潍柴动力、海陆重工、模塑科技等领涨。相关ETF方面，同类规模最大的自由现金流ETF （159201）近6天获得连续资金净流入，最高单日获得2.4亿元净流入，合计"吸金"8.88亿元，资金抢筹 特征显著。 今年以来，在政策持续引导与市场环境优化的双重推动下，各类中长期资金加速进入资本市场，成 为维护市场稳定、促进市场健康发展的重要力量。业内专家普遍认为，中长期资金加速入市对资本市场 具有多重积极意义：不仅能够平抑短期投机带来的市场波动，增强市场韧性，更能推动市场生态向价值 投资、长期投资转型，通过引导资金流向科技创新、先进制造等战略领域，为实体经济注入稳定资金支 持。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 自由现金流ETF（159201）及其联接基金（A：02 ...

Group 1 - The A-shares market experienced a decline on November 17, with the A500 ETF (512050) dropping by 0.60% and a trading volume exceeding 3.5 billion yuan, ranking first among its peers [1] - Key sectors showing strong performance included lithium mining, cross-strait integration, aquaculture, lithium extraction from salt lakes, and operating systems, with stocks like Rongbai Technology, 360, and Yahua Group hitting the daily limit [1] Group 2 - The A500 ETF (512050) saw a net inflow of over 2.8 billion yuan in the past 20 days, indicating strong investor interest in core assets [2] - Long-term funds such as public funds, insurance funds, and pension funds are increasingly entering the capital market, contributing to market stability and healthy development [2] - As of the end of Q3 this year, actively managed equity funds held a market value of 2.99 trillion yuan in A-shares, with stock positions rising to 85.62%, the highest level since 2005 [2] Group 3 - The A500 ETF (512050) offers investors a convenient way to invest in core A-share assets, benefiting from low fees (only 0.2%), good liquidity (average daily trading volume over 5 billion yuan), and a large scale (over 19 billion yuan) [3] - The ETF tracks the CSI A500 Index and employs a dual strategy of industry balanced allocation and leading stock selection, covering all 35 sub-industries and integrating value and growth attributes [3] - Compared to the CSI 300, the A500 ETF is overweight in sectors such as AI industry chain, pharmaceutical biology, and electric equipment in new energy, providing a natural "barbell" investment strategy [3]

Core Insights - The influx of long-term capital into the capital market has been significantly driven by continuous policy guidance and an improved market environment, contributing to market stability and healthy development [1][2][3] Group 1: Long-term Capital Inflow - Various long-term funds such as public funds, insurance funds, and pension funds have actively entered the market, injecting liquidity and influencing investment philosophies and ecological development [1][2] - As of the end of Q3 this year, actively managed equity funds held a market value of 2.99 trillion yuan in A-shares, with stock positions rising to 85.62%, the highest level since 2005 [1] - Insurance capital has also shown active engagement in the A-share market, with a total holding value of 651 billion yuan across 633 listed companies as of Q3 [1] Group 2: Policy Support and Institutional Environment - The acceleration of long-term capital entering the market is primarily attributed to ongoing policy efforts and the optimization of the institutional environment, with a focus on guiding insurance, social security, pension, and public funds [2] - The China Securities Regulatory Commission has introduced multiple action plans to promote index investment and the high-quality development of public funds, emphasizing long-term assessments and optimizing product structures [2] - In Beijing, public funds have reduced fees for 838 actively managed equity fund products, potentially saving investors 10 billion yuan annually [2] Group 3: Regional Performance and Market Impact - Shanghai has demonstrated remarkable performance in the aggregation and allocation of long-term funds, with the scale of public fund products reaching 1.5 trillion yuan, a year-on-year increase of 28% [3] - The rapid influx of long-term capital is expected to stabilize market fluctuations caused by short-term speculation and promote a shift towards value and long-term investment [3] - Experts believe that guiding funds towards strategic sectors such as technological innovation and advanced manufacturing will provide stable financial support for the real economy [3] Group 4: Future Outlook - Recommendations include enhancing regulatory inclusiveness for long-term capital equity investments and developing more equity and ESG-themed products to meet long-term capital allocation needs [4] - The role of long-term capital is evolving from merely being a provider of funds to becoming a wealth management partner that shares risks and rewards with investors, thus injecting lasting momentum into the high-quality development of the capital market and the transformation of the real economy [4]

政策引导"活水"价值投资 中长期资金入市势头强劲 随着资金入市节奏加快，市场生态悄然生变。业内专家普遍认为，中长期资金加速入市对资本市场具有 多重积极意义：不仅能够平抑短期投机带来的市场波动，增强市场韧性，更能推动市场生态向价值投 资、长期投资转型，通过引导资金流向科技创新、先进制造等战略领域，为实体经济注入稳定资金支 持。 对此，东吴证券首席经济学家芦哲建议，提升对中长期资金权益投资的监管包容性，优化产品注册流 程，推动指数化产品创新。南开大学金融发展研究院院长田利辉则认为，应开发更多权益类、ESG主题 产品，满足长期资金配置需求。 展望未来，随着公募基金改革深入推进、"募投管退"循环更加畅通，中长期资金的角色定位正从单纯的 资金供给者，进一步升级为与投资者共担风险、共享收益的财富管理伙伴，为资本市场高质量发展与实 体经济转型升级注入持久动力。 （上接1版） 证监会主席吴清日前表示，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，进一步提高投资A股规模和比例。这一表述与 此前召开的 "十五五"资本市场规划专家学者座谈会精神一脉相承，与会 ...