如果您是一位关注家庭财富规划的投资者，近来或许也有过这样的瞬间： 打开手机APP，短期大额存单的利率悄悄滑向"0字头"，宝宝类产品的收益也早已不复当年。 A股行情火热，但基金平台中上万只产品闪烁其间，又不知道该点开哪一个，怕踏空又怕加错。 如果您觉得，曾经奏效的理财方式正在渐渐失灵——那么，事实的确如此。我们已站在一个投资新纪元的入口。 这个时代的底色，是低利率成为常态，单一资产很难再带来安稳的回报； 是市场波动加剧、风格快速轮转，普通人凭直觉择时选基的胜率越来越低； 与此同时，我们的养老、医疗、教育等长期财务目标却愈发清晰和迫切。 我们需要的，不再是一次侥幸的押中，而是一套能够穿越风雨、波动可控、持续生长的资产系统。为此，FOF（基金中的 基金）或许正是这个时代所呼唤的答案。 为什么在2026年，FOF值得我们重新审视并放入核心配置？以下五个维度的思考，或许能给您答案。 理由一： 选择过剩的时代，把专业的事交给专业的人 截至2025年底，全市场公募基金数量已超过1.3万只，是A股上市公司数量的两倍还多。面对这片产品的汪洋大海，普通投 资者如同手持一张没有坐标的海图。 真正理解一只基金，需要穿透它的持仓、把握 ...

与此同时，欧洲地缘安全议题同样引发市场关注。英国和德国正讨论在格陵兰地区加强军事存在，以显 示其对北极安全问题的重视。 摘要周一（1月12日）亚市早盘，贵金属价格飙升，黄金与白银携手刷新历史纪录，现货黄金首次站上 4600美元大关，新年首月累涨280美元，现货白银超越前两周高点创下历史新高，日内涨幅一度接近 5%，距离84美元关口仅一步之遥。 周一（1月12日）亚市早盘，贵金属价格飙升，黄金与白银携手刷新历史纪录，非农疲软、伊朗局势升 温、美联储主席遭司法威胁、美元走软等多重因素共振，推动避险资产疯狂上涨。 现货黄金高开高走，现货黄金首次站上4600美元大关，新年首月累涨280美元，现货白银超越前两周高 点创下历史新高，日内涨幅一度接近5%，距离84美元关口仅一步之遥。现货铂金涨超3.00%，触及2382 美元高位，现货钯金日内涨超4.00%，现报1891.70美元/盎司。 近期美伊紧张关系骤然升级，对全球市场构成冲击。一方面，伊朗国内因经济危机爆发大规模抗议，局 势动荡；另一方面，美国总统特朗普公开威胁可能采取军事等方式进行干预，以支持抗议者。 1月11日据知情官员透露，美国哥伦比亚特区联邦检察官办公室已对 ...

证券研究报告—金融工程研究报告 撰写日期：2026 年 01 月 07 日 固收+市场全景解析 固收+市场概况：在低利率环境下，截至 2025 年第三季度，固收+基 金规模较 2024 年末增长 7700.41 亿元，增幅 63.50%；分类型看，稳健型、 均衡型与激进型产品规模均实现正增长，其中稳健型产品增长最为显著，年 内规模提升了 3695.98 亿元。 行业集中度：截至 2025 年第三季度，前二十家基金公司管理规模合 计 1.42 万亿元，占全行业规模 71.43%；规模前三名分别为易方达、景顺长 城、富国基金。 FOF 持仓与投资者结构：2025 年第三季度，FOF 整体持仓以稳健型与 均衡型固收+为主；易基岁丰添利 LOF 被 27 只 FOF 持有，持仓市值 11.37 亿元，为同类最高；从投资者结构看，机构持仓占比从 2023 年的 61.26%下 降至 57.20%，个人投资者占比从 38.74%上升至 42.80%。 业绩表现与风险特征：2020 年至 2025 年期间，固收+基金整体净值波 动小于权益与转债；权益上行时收益弹性强于纯债产品，下行时具有较强韧 性。分规模看，规模过小（如低 ...

Core Viewpoint - In a low interest rate environment, high-quality fixed income plus products are becoming increasingly sought after [1] Fund Performance - The fund has a performance benchmark of 90% of the China Bond Composite Index and 10% of the CSI 300 Index, achieving a net value growth of 41.6% since inception, significantly outperforming the 22.9% yield of the China Government Bond Index during the same period [4] - The annualized return of the fund since inception is 6.8%, with a maximum drawdown kept under 5% during a pessimistic market in September 2024, indicating a comfortable holding experience for investors [5] Fund Management - The fund, named Invesco Great Wall Jingyi Zhaoli 6-Month Holding Period Bond Fund, has a combined scale of 4.49 billion, managed by experienced professionals including Dong Han, Li Yiwen, and Zou Lihua [7] - Li Yiwen, one of the managers, has a master's degree from the University of Chicago and has extensive experience in asset management, having worked with the State Administration of Foreign Exchange and China Construction Bank [7] Asset Allocation - The fund is classified as a secondary bond fund, maintaining a stock asset proportion of 10%-20% over the past three years, thus can be viewed as a fixed income plus fund [10] - As of Q3 2025, the fund's allocation includes 51.3% in financial bonds, 20% in corporate bonds, and approximately 14% in medium-term notes and convertible bonds, with a focus on AAA-rated convertible bonds and state-owned bank secondary capital bonds [13] Equity Investments - The fund has a strong preference for non-ferrous metals, increasing its allocation to 61.09% by Q2 2025, while also favoring sectors like transportation, coal, and steel, focusing on resource stocks with dividend potential [15] - The top ten holdings include five stocks from the non-ferrous metals sector, with notable performers like Zijin Mining and Western Mining, the latter having increased by over 76% within the year [17] Overall Returns - The fund achieved a return of 11.6% in the current year, significantly outperforming the 1.05% increase in the China Government Bond Index, providing investors with unexpected returns despite a weak bond market [18]

Group 1 - The core viewpoint of the articles is that dividend insurance is transitioning to become a key focus in the life insurance industry, driven by regulatory encouragement and market demand in a low-interest-rate environment [1][2][12]. - Dividend insurance is characterized as a floating income product that combines protection and investment attributes, with dividends derived from positive surpluses generated by interest rate differences, mortality differences, and expense differences, with at least 70% of these surpluses distributed to policyholders [1][2][21]. - The development of dividend insurance in mainland China has experienced several phases, including a peak in the early 2010s when it accounted for 75% of industry premiums, followed by a decline from 2013 to 2023 due to market reforms, and a resurgence since 2024 as regulatory policies have favored floating income products [1][2][8][12]. Group 2 - The current transformation of dividend insurance has shown significant results, with over 50% of new policies in the first half of 2025 being dividend insurance, and China Pacific Insurance exceeding 90% [2][12]. - The core logic behind this transformation is that dividend insurance has lower rigid costs, stronger stability under new accounting standards, and shorter effective liability durations, which can effectively alleviate interest rate loss pressures [2][12]. - The expected increase in the proportion of dividend insurance in new policies will enhance the reliability of life insurance embedded value (EV) and gradually increase the proportion of equity allocation in insurance funds, benefiting from long-term stock market returns [2][12]. Group 3 - In overseas markets, floating income products dominate, particularly in mature markets like Europe and the U.S., where the focus has shifted towards universal and investment-linked insurance, while in Hong Kong, dividend insurance remains a core product with significant market share [2][12][4]. - The experience from overseas markets suggests that in a low-interest-rate environment, there are substantial growth opportunities for floating income products, and dividend insurance is seen as a more suitable solution for domestic investors in China [2][12]. - The industry faces challenges such as long-term interest rate declines, equity market volatility, and pressure on new policy premiums, but the shift towards dividend insurance is expected to reshape the liability structure of the industry and promote high-quality development [2][12].

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [1]. Core Insights - The report discusses the evolution of participating insurance in China, highlighting its significance in a low-interest-rate environment and the shift towards floating yield products, which are gaining traction among domestic investors [2][6]. Summary by Sections 1. What is Participating Insurance? - Participating insurance is a type of insurance that combines protection and investment, allowing policyholders to share in the insurer's surplus [12]. - The operational mechanism involves sharing profits derived from better-than-expected performance, with a minimum of 70% of the surplus distributed to policyholders [6][15]. 2. Historical Development of Participating Insurance in Mainland China - The development of participating insurance has seen significant fluctuations influenced by policy and market factors, with its market share peaking at 75% in 2010 before declining due to market reforms [6][45]. - Since 2024, regulatory policies have encouraged the development of floating yield products, marking a consensus in the industry towards transitioning to participating insurance [6][45]. 3. Current Transition of Participating Insurance - The report anticipates that the proportion of participating insurance will continue to rise, with over 50% of new policies in the first half of 2025 being participating insurance [6][45]. - The transition is expected to alleviate pressure from interest rate losses and enhance the reliability of the insurance sector's embedded value (EV) [6][45]. 4. International Experience - In mature markets, floating yield products dominate, with Hong Kong's participating insurance being a core component, accounting for 85% of new premiums in 2024 [2][6]. - The report suggests that the characteristics of participating insurance in Hong Kong, such as multi-currency support and a design of low guarantees with high floating returns, could serve as a model for the mainland market [2][6]. 5. Key Metrics for Evaluating Participating Insurance - The report outlines four key indicators for assessing the performance of participating insurance: 1. **Guaranteed Rate**: Currently set at 1.75%, which is lower than traditional insurance [23]. 2. **Demonstration Rate**: Reflects expected returns, with current rates around 3.5% to 4% [24]. 3. **Actual Yield**: The industry average is capped at 3.2%, with some companies exceeding this limit [27]. 4. **Dividend Realization Rate**: Increased by 11 percentage points to 62% in 2024, indicating improved management and expectation guidance [29].

恒立基金创始人、总经理潘焕焕：可转债仍然是2026年固收市场最看好的品种，一是继续看好权益市场；二是大量转债在2025年到期或赎回，供给将长期 处于低位，2026年将呈现供不应求的格局；三是"资产荒"加剧使得转债的吸引力进一步提升。 宁水资本研究总监陈昭斌：我们对明年债市整体是比较乐观的，2026年债市有望迎来震荡修复的行情。目前30年的房贷利率和30年期国债收益率的利差较 低，对于银行、保险等配置型机构已具有一定的吸引力，债市的长期配置动能正在不断累积。 复盘2025年：央行政策、关税影响、"反内卷"等因素超出预期 站在2025年年末，如何看待2025年债市变化？2026年债券市场有哪些投资机会？为回答上述问题，中国基金报采访了多家知名私募投研掌门人。受访私募 机构人士包括银叶投资首席投资官许巳阳，万柏基金创始合伙人、总经理范强华，安佑基金执行董事兼总经理何玉涛，恒立基金创始人、总经理潘焕焕， 以及宁水资本研究总监陈昭斌。 受访私募主要观点如下： 银叶投资首席投资官许巳阳：2026年，预计难以看到利率单边下行趋势，长端利率继续宽幅震荡，长债有阶段性上行风险。利率债市场更看好中短端利率 品种表现，12月中央经 ...

沪指八连阳，跨年行情可期？ 2025 2025年年1212月月2222日日-2025 -2025年年1212月月2626日日 基金投顾观点 本周权益市场稳步上涨，债市回暖，黄金创年内新高，美股等全球风险资产普遍上涨。具体来看，市场有以下几个重要方面： | 01 | | | --- | --- | | | 权益方面，本周上证指数实现8连阳，但全周上证指数仅上涨1.88%，对应73.23点，呈现出"小步 | | | 稳涨"的特征。相比之下，深圳成指和创业板指表现更为积极，周涨幅分别为3.55%和3.90%。万 | | | 得商业航天指数单周上涨8.36%，创该指数下半年最大单周涨幅。申万一级行业上，有色金属、 国防军工、电力设备行业涨幅居前，美容护理、社会服务、银行行业跌幅居前。本周国证价值 | | | 上涨0.94%，国证成长上涨3.23%，成长风格占优。恒生指数上涨0.50%，受休市影响，上涨幅度 | | | 可能不足。 | | 02 | | | | 债市方面，本周资金面整体均衡，债市整体回暖，短债相对表现更好，利率债表现和信用债双 | | | 双走强，国债期货走强。基本面上，从目前披露的经济数据来看，基本面 ...

尽管挑战重重，彭琨认为市场仍存在诸多积极因素与变局机会： 一是宏观层面，明年是"十五五"开局之年，中央强调扩大内需，提出推动投资止跌回稳，供给端"反内 卷"深入，都可能推动经济和盈利低位回升。 二是市场层面，国家继续支持长期资金入市，新质生产力表现亮眼，周期、制造和部分消费品种也有修 复潜力，股市下方有托底，向上有空间。而国内经济回稳叠加海外降息，商品的上涨空间不可忽视。 登录新浪财经APP 搜索【信披】查看更多考评等级 专题：中国财富管理50人论坛2025年会 12月28日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。中邮理财总经理彭琨参与"低利率挑战：市场价值重构与机构应对之策"圆桌讨论。 彭琨表示，低利率背景下理财行业的压力尤为突出，具体挑战体现在四个维度：一是投资收益显著下 降，这是低利率环境下最直接的影响；二是市场波动性持续上升，债券收益率低位运行导致夏普比下 降，信用利差极度压缩，反弹风险加大，债市"负反馈"风险始终值得警惕；三是配置需求居高不下，宏 观流动整体充裕，但企业融资需求不足，存款降息与房地产下行推动资金从两大蓄水池流出，从而 ...

专题：中国财富管理50人论坛2025年会 12月27日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。光大理财总经理武兴锋参与"低利率挑战：市场价值重构与机构应对之策"圆桌讨 论。 武兴锋表示，当前我国资管行业正处于从"规模导向"向"价值导向"转型的关键阶段，低利率常态化、监 管体系日趋完善、优质资产收益持续收窄、市场分化加剧已成为行业发展的新常态。在此背景下，理财 机构如何精准战略定位、夯实核心竞争能力，实现稳健可持续发展，是行业亟待破解的重要课题。 在武兴锋看来，当前市场呈现出"理财需求持续扩容、投资回报稳步下行、产品波动有所加大"的核心特 征，这一格局既构成了行业发展的主要挑战，也为行业价值重塑提供了重要契机。 从资金端来看，居民财富配置转型趋势持续深化。截至2025年11月末，银行理财市场存续规模达31.67 万亿，公募基金规模突破36万亿，资管行业整体呈现稳步扩张态势。这一规模增长背后，既蕴含着我国 居民财富再配置的深层逻辑，也与党的二十大报告中"多渠道增加城乡居民财产性收入"的战略要求高度 契合。一方面，根据国际经验，人均GDP处于较高水 ...