LSEG分析业务欣然宣布，" LSEG Lipper on Snowflake "服务正式推出。当前，资产管理机构、 投资顾问及个人投资者日益依赖数字渠道获取市场评论、分享投资观点并进行研究，市场对基金信 息的需求正持续增长。 LSEG理柏提供最全面的全球数据覆盖，为共同基金、退休基金、养老基金 以及基金费用与支出等领域提供深度洞察。 全面覆盖范围 涵盖全球80个注册销售市场的超过35万只集体投资产品，包括共同基金、封闭式基金、交易所交易 基金、对冲基金、国内退休基金、养老基金及保险产品。 完整数据可及性 通过差异化分析提出切实可行的洞察 可完整访问已合并或清盘基金历史数据库，覆盖全球超过50万只证券。 按需定制的解决方案 提供高度可定制且灵活的服务，支持所有主流云服务提供商及其区域部署组合。 LSEG理柏在超过50年的时间里持续获得全球投资专业人士的信任，为基金行业提供无与伦比的专 业知识与市场洞见。 长按上方二维码 下载介绍资料 长按上方二维码 了解LSEG理柏 LSEG 人工智能驱动型分析解决方案 我们提供一系列值得信赖的模型和创新的人工智能驱动型分析工具，所有这些模型和工具均由强大的开放式、可 扩展基 ...

11月20日早盘，A股三大股指集体高开，上证指数开盘报3960.7点，涨0.35%；深证成指开盘报13215.07点，涨1.03%；创业板指开盘报3131.84点，涨 1.79%。截至发稿，A股三大股指震荡调整，上证指数跌0.09%，深证成指跌0.28%，创业板指跌0.45%。 中金公司拟换股吸收合并东兴证券、信达证券，英伟达第三财季业绩以及第四财季业绩指引均超市场预期，碳酸锂期货主力合约突破10万元/吨…… 这是市场今天关注度较高的几个消息。不过，A股上午开盘后，市场讨论最多的是中国银行。 中国银行上午上涨5.17%，盘中股价再创历史新高，最新市值突破2万亿元，为2.03万亿元，目前四大行的市值均超2万亿元。工商银行上涨1.58%，盘中股 价亦创历史新高；建设银行上涨4.73%，邮储银行上涨3.84%。证券ETF开盘大涨近2%。 券商整合提速 中金公司发布的公告称， 公司A股股票于2025年11月20日开市时起停牌，预计停牌时间不超过25个交易日。 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 停牌终止日 复牌日 | | --- | | ୧01992 2025/11/20 中金公司 Ａ股 停牌 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality development and disclosure in promoting sustainable practices among listed companies, highlighting significant progress in sustainable disclosure over the past five years [1][2]. Group 1: Progress in Sustainable Disclosure - Over the past five years, there has been substantial improvement in the sustainable disclosure of listed companies, with a notable increase in the scale of sustainable investments [1]. - As of last week, 36.8% of companies in the MSCI China A-share index saw an improvement in their ESG ratings, with the proportion of companies rated AAA or AA rising from 7.2% at the end of last year to 14%, marking the largest increase in recent years [1]. - The number of leading-rated companies increased from 2 at the end of the 13th Five-Year Plan to 54 [1]. Group 2: Coverage and Quality of Disclosure - In 2024, 1,869 listed companies published sustainability reports, representing about 70% of the total market capitalization, meeting the needs of sustainable investment [2]. - The proportion of companies disclosing sustainability reports increased to 34.7%, nearly a ninefold increase compared to the end of the 13th Five-Year Plan [2]. - 99.3% of companies included quantitative indicators in their reports, with over 80% disclosing more than 25 indicators; 62.1% reported on climate-related risks and opportunities, and 65.9% disclosed greenhouse gas emissions, a significant increase from 57.5% the previous year [2]. Group 3: Sustainable Investment Growth - As of the end of October, the combined scale of the CSI and Guozheng sustainable index products reached approximately 125 billion yuan, more than doubling since the end of 2020, with ESG funds increasingly dominating new and existing products [3]. - Recent surveys indicate that foreign institutional investors are continuing to increase their investments in the sustainable sector, particularly in Asia, with China as a focal point [3].

● 本报记者 昝秀丽 一方面，ESG评级的提升成为上市公司高质量发展丰硕成果的重要体现。张艳表示，截至上周末， MSCI中国A股指数成分股中有36.8%的企业ESG评级提升，全球领先评级（AAA、AA级）的家数占比 由去年底的7.2%大幅跃升至14%，是近年来最大的一次提升，领先评级公司数量由"十三五"末期的2家 增长至54家。 另一方面，上市公司可持续披露覆盖面和质量实现跨越式提升。张艳介绍，今年，共1869家上市公司披 露了2024年可持续发展报告，披露公司的市值占全市场的七成左右，已基本能够满足可持续投资需要； 披露家数占比达34.7%，较"十三五"末提升近9倍。从披露可持续发展相关报告的公司情况看，99.3%的 公司在报告中披露了量化指标，其中超八成企业披露的量化指标超过25个。对于各方普遍关注的气候信 息，62.1%的公司披露了气候相关风险和机遇类型，65.9%的公司披露了温室气体排放量，较上年的 57.5%显著提升。 在张艳看来，可持续披露不是"纸面文章"，而是推动企业实现高质量发展的重要抓手。上市公司积极践 行新发展理念，主动服务"双碳"目标等国家战略。聚焦新能源、新能源汽车、节能环保等战略性新 ...

"高质量的披露工作有效提升了我国上市公司的国际形象。"近日，证监会上市司副司长张艳在2025年上 市公司可持续发展交流会上表示，截至上周末，MSCI中国A股指数成分股有36.8%的企业ESG评级提 升，全球领先评级(AAA、AA级)的家数占比由去年底的7.2%大幅跃升至14%，是近年来最大的一次提 升，领先评级公司数量由"十三五"末期的2家增长至54家。 张艳表示，证监会将继续按照"积极借鉴、以我为主、兼收并蓄、彰显特色"的原则，坚定不移逐步完善 可持续披露制度；继续按照"区分重点、试点先行、循序渐进、分步推进"的策略，坚定不移推动政策落 地；继续按照"行胜于言、言必求实"的实践导向，坚定不移引导以高质量发展推动高质量披露。 上市公司可持续披露量质齐升 去年出台的新"国九条"提出，要健全上市公司可持续信息披露制度。据张艳介绍，证监会在原有多年探 索实践的基础上，系统谋划上市公司可持续披露规则体系和推进路径，构建了衔接有序、特色鲜明的上 市公司可持续披露规则体系。 与上市公司可持续实践相呼应的是，可持续投资规模持续增长。截至2025年10月底，中证、国证可持续 指数产品规模合计约1250亿元，较2020年底增长 ...

【导读】安联投资：亚洲市场（尤其是中国股市）是关键的多元化配置选择 11月17日，安联投资在香港举行2026年市场展望媒体会。安联投资固定收益首席投资总监曾铮预计，美 联储将进一步降息，到2026年年中，美国终端利率将在3.5%左右。安联投资亚太区股票首席投资总监 薛永辉表示，当前多数投资者过度重仓美股，亚洲市场（尤其是中国股市）是关键的多元化配置选择。 安联投资是全球最大的资产管理公司之一，截至6月30日，安联投资全球管理资产达5620亿欧元，约合 4.63万亿元人民币。 美联储将进一步降息 曾铮表示："近期美国的政策信号，包括有选择性地取消部分关税，表明在不久的将来我们可能会看到 相对稳定的通胀数据。但就业数据可能走弱。" 曾铮称，从概率角度来看，美联储选择降息的可能性大于"按兵不动"。但降息的具体时间是在2025年12 月还是2026年1月，仍难确定。安联投资的内部观点是，到2026年年中，美国终端利率将在3.5%左右， 高于当前市场共识。 曾铮认为，固定收益仍然是资本保值的核心工具，尤其是在宏观波动加剧和政策分化的情况下。投资者 应通过审慎的久期管理，专注于保持投资组合的韧性。 她指出，投资回报驱动因 ...

Core Viewpoint - Allianz Investment emphasizes that Asian markets, particularly the Chinese stock market, are key diversification choices for investors who are currently overexposed to US equities [1][4]. Group 1: US Federal Reserve and Interest Rates - Allianz's Chief Investment Officer for Fixed Income, Zeng Zheng, predicts further interest rate cuts by the US Federal Reserve, with a terminal rate of around 3.5% by mid-2026 [2]. - Zeng notes that the likelihood of the Fed choosing to cut rates is greater than maintaining the current rates, although the exact timing remains uncertain [2]. - Fixed income is highlighted as a core tool for capital preservation amid macroeconomic volatility, with a shift in return drivers expected from credit spreads to interest rate spreads by 2026 [2][3]. Group 2: Investment Opportunities in Asia - Zeng Yonghui, Chief Investment Officer for Asia Pacific equities, points out that many investors are overly concentrated in US stocks, particularly in large tech sectors, and are now reallocating to Asian assets [4]. - The current low allocation of global investors to Asian stocks presents a significant opportunity, especially as Asian stocks have a low correlation with US stocks [4]. - Four key themes driving investment opportunities in Asian stocks include innovation in technology, corporate reforms in major Asian economies, supply chain diversification, and emerging consumer trends [5]. Group 3: China's Economic Strategy - Allianz's Senior Economist, Tang Jicheng, identifies two main focuses of China's economic strategy: continued investment in advanced manufacturing and boosting domestic consumption [7]. - The "14th Five-Year Plan" outlines five strategic areas for attention, including modern industrial systems, technological breakthroughs, a unified domestic market, human-centered urbanization, and international cooperation [8]. Group 4: Multi-Asset Investment Strategies - Allianz's Head of Growth Multi-Asset, Hartwig Kos, notes that risk assets remain attractive, with a shift towards more diversified global allocations beyond US equities [10]. - The traditional "60/40" stock-bond portfolio remains viable, but flexibility and inclusion of non-core risk exposures like emerging market bonds and gold are essential for resilience [10]. - Gold is reaffirmed as a strategic asset, increasingly driven by geopolitical uncertainties and de-dollarization, making it a crucial component of a diversified investment portfolio [10]. Group 5: Sustainable Investment Trends - Allianz's Head of Sustainable and Impact Investing, Matt Christensen, indicates that sustainable investment regulation is entering a new phase, with a shift from mere disclosure to clearer product classifications in the EU [11]. - Impact investing is maturing, with growing recognition of achieving market-level returns, particularly in private markets, supported by clearer standards for outcomes and reporting [12].

Core Viewpoint - Allianz Investment emphasizes that the Asian market, particularly the Chinese stock market, is a key diversification choice for investors who are currently overexposed to the US stock market [10][11]. Group 1: Market Outlook - Allianz Investment's Chief Investment Officer for Fixed Income, Zeng Zheng, predicts that the Federal Reserve will further cut interest rates, with the terminal rate expected to be around 3.5% by mid-2026 [5][7]. - Zeng notes that recent US policy signals suggest a potential stabilization in inflation data, although employment data may weaken [6][7]. - The investment return drivers are shifting, with 2025 returns driven by credit spread narrowing, while 2026 returns are likely to be primarily driven by spreads [8]. Group 2: Investment Opportunities in Asia - Zeng highlights that many investors are overly concentrated in US stocks, particularly in large tech sectors, and there is a trend of Asian investors reallocating funds back to Asian assets [11]. - Four key themes driving investment opportunities in Asian stocks include: 1. Innovation in technology manufacturing, especially in semiconductors, AI, and biotechnology [12]. 2. Corporate reforms in China, Korea, Japan, and Singapore aimed at enhancing shareholder value [12]. 3. Supply chain diversification benefiting markets like India due to reduced geopolitical concentration [12]. 4. Emerging consumer trends driven by domestic consumption and digital infrastructure, particularly in China and India [12]. Group 3: China's Economic Strategy - Allianz Investment's Senior Economist, Tang Jicheng, identifies two main focuses of China's economic strategy: continued investment in advanced manufacturing and boosting domestic consumption [14]. - The "14th Five-Year Plan" suggests five strategic areas to watch: 1. Building a modern industrial system with a focus on advanced manufacturing and green transformation [15]. 2. Achieving substantial technological breakthroughs to enhance innovation capabilities [15]. 3. Establishing a strong domestic market to promote free flow of production factors [15]. 4. Promoting human-centered urbanization for balanced regional development [15]. 5. Strengthening international cooperation to enhance bilateral investments [15]. Group 4: Asset Allocation and Gold - Allianz Investment's Head of Multi-Asset Growth, Hartwig Kos, notes that risk assets remain attractive, with a shift towards more diversified global allocations beyond the US stock market [19]. - Gold has reestablished its status as a strategic asset, increasingly driven by geopolitical uncertainties and de-dollarization, making it a crucial component of a diversified investment portfolio [20]. - Hartwig Kos anticipates that the trend of investing in gold will continue until 2026, supported by retail investment flows and geopolitical tensions [20]. Group 5: Sustainable Investment Trends - Allianz Investment's Head of Sustainable and Impact Investing, Matt Christensen, indicates that sustainable investment regulation is entering a new phase, with a shift from mere disclosure to clearer product classifications in the EU [21]. - Impact investing is maturing, with growing recognition of achieving market-level returns, particularly in private markets [21]. - Allianz has developed proprietary tools to integrate ESG and impact risk analysis into portfolio construction, enabling scenario testing and risk mitigation strategies across asset classes [22].

（原标题：富时罗素CEO Fiona Bassett：未来6到12个月，欧洲主权财富基金和养老基金或增加中国配置） 【导读】 富时罗素：未来6到12个月，欧洲主权财富基金和养老基金或增加中国配置 中国基金报：如何看待今年以来的全球资本流动？投资者目前将资金转向何处？ Fiona Bassett：投资者从年初的防御性现金和短久期债券转向了风险资产，包括发达市场和新兴市场股票以及新兴市场债券。高质量政府债券持续 获得机构关注，实物资产也获得了强劲的机构投资兴趣。值得注意的是，有新的资金配置流向中国或大中华区资产。 总体而言，投资者从防御性姿态转向了增长更多、风险偏好较高的资产，不过仍将高质量债券和黄金等贵金属作为战术性对冲工具。 中国基金报：资金是否持续从美国向欧洲流动？ Fiona Bassett：美国将继续为投资者提供投资机会。话虽如此，投资者正重新审视他们的资产配置，对全球化配置的关注度越来越高，同时也关注 欧洲和新兴市场。至于这会带来结构性转变还是周期性波动，目前还很难判断。 中国基金报记者 吴娟娟 全球知名指数供应商富时罗素CEO Fiona Bassett日前接受本报采访时表示，今年以来，全球投资者从 ...

Accor, a world-leading hospitality group, has signed a master development agreement with Mayan Properties, a subsidiary of Resources Investment, to further expansion across Sub-Saharan Africa. The partnership strengthens Accor’s presence in Africa while underscoring the strong contribution of UAE-backed investment to Africa’s tourism future.Under the agreement, Accor in partnership with Mayan Properties will develop five hotels across Sub-Saharan Africa, adding over 1,100 keys to the Group’s regional portfo ...