险资作为战略投资者参与上市公司定增一事，迎来进展。 近日，中国证监会就《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三 条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18号〉的决定（征求 意见稿）》公开征求意见（以下简称《征求意见稿》）。 根据《征求意见稿》，此次修订内容包括扩大战略投资者类型。明确全国社保基金、基本养老保险基金、企业 （职业）年金基金、特定的商业保险资金、公募基金、银行理财等机构投资者可以作为战略投资者，以耐心资 本作为战略性资源对上市公司战略投资。在规则上将该类投资者界定为资本投资者，将其他实业投资者界定为 产业投资者。同时，证监会还拟明确最低持股比例要求。坚持战略投资者应当持有上市公司较大比例股份，进 一步明确战略投资者本次认购上市公司股份原则上不低于5%，可以根据持股比例参与上市公司治理。 其中，对商业保险资金约定为，保险公司运用保险资金自行投资或者委托关联保险资产管理机构以及作为单一 投资人通过关联保险资产管理机构发行的股权投资计划投资。 这意味着，继《关于推动中长期资金入市的指导意见》《关于推动中长期资金入市工作的实施方案 ...

首先，新规明确了"耐心资本"的运作逻辑远不止财务投资，而是深度融入产业发展的价值共创。本次修订最引人注目的变 化有两点：其一，是战略投资者类型的显著扩大。新规拟将全国社保基金、基本养老保险基金、企业（职业）年金、商业保险 资金、公募基金、银行理财等机构投资者纳入战略投资者范畴，并将其定义为"资本投资者"，与此前以产业协同为核心的"产 业投资者"形成并立双轨，这标志着监管层从制度上对金融资本作为企业"战略稳定器"价值的认可。其二，是设定了清晰的参 与门槛。资本投资者认购上市公司股份原则上不低于5%，并需要为上市公司引入战略性资源，或者显著改善上市公司治理和 内部控制。引导"耐心资本"入场，并赋予其切实的责任与话语权，能从根源上杜绝以往市场中存在的"象征性持股"或"假战略、 真套利"行为，让资本投资者真正参与到上市公司的价值创造过程中。 其次，新规将推动资本投资者转变角色定位，提升资本的耐心和专业性。机构投资者不能再满足于扮演二级市场的交易者 或财务投资者，而要向深度价值发现者与积极股东"进化"。比如，对于公募基金而言，这要求其突破以相对排名和短期业绩为 核心的考核窠臼，探索设立长期锁定、专注于公司治理改善的专项 ...

来源：市场资讯 （来源：小康金融） 本周行情复盘：保险指数上升5.55%，跑赢大盘5.47pct。保险个股表现分化，太平+9.96%，友邦 +8.79%，国寿+8.73%，太保+8.48%，新华+8.40%，平安+4.46%，阳光+3.67%，人保+2.91%，财险 +2.27%，众安-1.54%。十年期国债到期收益率1.81%，较上周末-2bps。 本周动态： （1）每经网：香港联交所披露，平安人寿于1月22日在场内以每股均价32.0553港元，增持中国人寿 1189.1万股H股，涉资约3.81亿港元。增持后最新持股数目为6.81亿股，持股比例由8.98%上升至 9.14%。 （2）智通财经：香港联交所披露，1月20日，阳光人寿减持徽商银行H股1169.4万股，平均每股作价 3.2896港元，涉及资金3846.86万港元。减持后最新持股数目为2.41亿股，持股比例由7.92%下降至 6.93%。 （3）证券日报：近日中国人寿接连发布两则公告，宣布拟投资设立一只养老产业股权投资基金和一只 长三角私募基金，直接认缴出资额合计近125亿元。 （4）智通财经：1月30日，中国证监会对《〈上市公司证券发行注册管理办法 ...

不仅如此，在证监会新修改的规则中，还对战略投资者的持股比例和履职要求作出了明确规定：战 略投资者本次认购比例原则上不低于本次发行完成后上市公司总股本的5%。同时，战略投资者应当具 备履行相应职责的意愿和能力，通过提名董事等方式实际参与公司治理，提升上市公司治理水平，帮助 公司显著提高发展质量和内在价值。因此，持股比例低于5%或无法切实履行相关职责的投资者，均不 能认定为战略投资者。 近日，证监会就修改《证券期货法律适用意见第18号》公开征求意见，引发市场关注。本次修订的 核心指向在于扩大战略投资者范围、明确持股要求等，为中长期资金入市进一步夯实制度基础。 战略投资者是指出于长期战略目标进行股权投资并与上市公司谋求战略协同价值的投资者。同时， 战略投资者被划分为产业投资者和资本投资者。按照新的规定，战略投资者不能"只进不出、坐享其 成"，更不能不劳而获。 其中，作为战略投资者的产业投资者，应当具备与上市公司同行业或相关行业的重要战略性资源， 能够通过领先的技术、市场、渠道、品牌等优势资源，带动上市公司产业技术升级，或增强其核心竞争 力和创新能力，进而促进上市公司盈利能力的显著提升。 而资本投资者作为战略投资者， ...

Group 1: Global Precious Metals Market - The global precious metals market experienced a historic drop on January 30, with spot gold falling over 12% to $4,682 per ounce, marking the largest single-day decline in 40 years [6] - Spot silver saw a 36% drop, reaching $74.28 per ounce, the largest single-day decline on record [6] - The volatility in gold and silver prices was triggered by the appointment of a hawkish Federal Reserve chair, leading to a strong dollar and profit-taking sell-offs [7] Group 2: Regulatory Developments in Capital Markets - The China Securities Regulatory Commission (CSRC) held a meeting on January 30 to discuss the "14th Five-Year Plan" for capital markets, emphasizing risk prevention, strong regulation, and high-quality development [8] - Key focuses include optimizing listing rules, enhancing capital operation efficiency, attracting long-term funds, improving corporate governance, and supporting global development of listed companies [8] - The CSRC plans to reform the ChiNext and refinancing systems, signaling a shift towards more inclusive regulatory frameworks [8] Group 3: Service Consumption Growth - The State Council issued a work plan to accelerate the cultivation of new growth points in service consumption, targeting sectors like transportation, home services, and inbound consumption [9] - The plan aims to optimize service supply, innovate consumption scenarios, and strengthen talent development to stimulate economic growth [9] - Emphasis is placed on enhancing standards, credit systems, and financial support for service consumption [9] Group 4: Strategic Investor Regulations - The CSRC proposed amendments to expand the types of strategic investors and clarify minimum shareholding requirements, with a proposed minimum of 5% for strategic investors [10] - The revisions aim to strengthen the relationship between strategic investors and listed companies, reducing short-term speculative activities [11] - The regulatory changes are expected to inject new variables into the nearly trillion-yuan refinancing market [11] Group 5: Manufacturing PMI Insights - In January, China's manufacturing PMI was reported at 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a slight contraction in the manufacturing sector [12] - The production index was at 50.6%, indicating expansion, while the new orders index fell to 49.2%, suggesting a decline in market demand [12] - Large enterprises maintained a PMI of 50.3%, while small and medium enterprises showed lower PMIs of 48.7% and 47.4%, respectively, indicating a downturn in their economic conditions [12]

Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector [5] Core Insights - The China Securities Regulatory Commission (CSRC) is expanding the types of strategic investors to enhance long-term capital engagement with listed companies, including pension funds, insurance funds, and public funds [1][2] - The report highlights a stable regulatory environment for the insurance sector, with long-term benefits expected from trends in deposit migration and increasing demand for healthcare and retirement security [3] - The securities sector is experiencing heightened market risk appetite and active trading, benefiting both IT companies and brokerages [3] Summary by Sections Industry Dynamics - Non-bank financial, securities II, insurance II, and fintech indices experienced fluctuations of +1.04%, -0.69%, +5.50%, and -5.78% respectively, while the Shanghai Composite Index decreased by -0.44% [10] - China Life Insurance led the insurance sector with an increase of +8.73% [10] Insurance - Ping An Life increased its stake in China Life H shares by purchasing 11.891 million shares at an average price of 32.0553 HKD, raising its holding to 9.14% [14] - The registered capital of China Life Property Insurance has increased from 18.8 billion RMB to 27.8 billion RMB, a growth of approximately 48% [14] - As of December, the original premium income for property insurance reached 1,470.3 billion RMB, a year-on-year increase of 2.60%, while life insurance premiums reached 4,649.1 billion RMB, up 9.05% [15] Securities - The A-share market was active in 2025, with daily average trading volume of 2.08 trillion RMB, a year-on-year increase of 70.36% [24] - The number of IPO approvals surged by 109.43% year-on-year, with fundraising amounts increasing by 208.01% [24] - Listed brokerages that have released earnings forecasts expect a net profit growth of 59%-66% year-on-year [24] Investment Recommendations - The report suggests a positive outlook for the insurance sector, despite short-term pressures on capital and sentiment, due to long-term trends in liabilities and stable interest rates [3][37] - In the securities sector, the report recommends focusing on companies like China Ping An A/H, China Life H, Guotai Junan, and Huatai Securities [3][37]

非银金融 行业周报|战略投资者类型拟扩大，推动耐心资本与上市公司深度对接 拟扩大战略投资者类型，推动耐心资本与上市公司深度对接。2026 年 1 月 30 日，证监会发布《关于修改〈证券期货法律适用意见第 18 号〉的决定（征求意见稿）》，在 2026 年 3 月 2 日前公开征求意见。 1）扩大战略投资者类型。意见稿围绕《关于推动中长期资金入市的指 导意见》核心思想，承接落实《关于推动中长期资金入市工作的实施方 案》，明确全国社保基金、基本养老保险基金、企业（职业）年金基金、 商业保险资金、公募基金、银行理财等机构投资者可以作为战略投资 者，以耐心资本作为战略性资源对上市公司战略投资，明确该类投资 者界定为资本投资者，将其他实业投资者界定为产业投资者。 证券研究报告 | 行业周报 gszqdatemark 2026 02 02 年 月 日 2）明确资本投资者的基本要求和最低持股比例要求。要求资本投资者 在长期持股、提名董事参与治理的基础上，深度对接上市公司产业发 展需求，通过引入战略资源、优化治理内控、促进资源整合等方式，助 力上市公司增强核心竞争力。战略投资者本次认购上市公司股份原则 上不低于 5%，持股 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending an "Overweight" for the insurance sector [9]. Core Insights - The report highlights a vibrant performance in the securities industry, with a daily average trading volume of 30.6 billion yuan in A-shares and a financing balance stabilizing at 2.7 trillion yuan, reaching a new high [12][13]. - The China Securities Regulatory Commission (CSRC) plans to expand the types of strategic investors, allowing specific institutional investors to participate as strategic investors, which is expected to enhance long-term capital inflow into the market [12][14]. - The insurance sector shows a recovery trend, with leading companies like China Life Insurance seeing significant stock price increases, indicating potential for further valuation recovery [27]. - The banking sector is experiencing a preemptive credit issuance at the start of the year, with banks like Qingdao Bank and Xiamen Bank reporting strong earnings growth, which is expected to support net interest margins throughout the year [31][32]. Summary by Sections Securities - The report emphasizes the strong performance of leading brokerage firms, with notable earnings forecasts for 2025, including a 40% increase in net profit for CITIC Securities and a 69%-73% increase for Guotai Junan [15][16]. - Recommended stocks include top brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional brokerages like Guoyuan Securities [3][13]. Insurance - The insurance sector is recommended for investment, particularly in leading companies. The report notes that the overall market sentiment remains high, with opportunities for beta trading in the insurance sector [27]. - Investors with higher risk tolerance are encouraged to consider high-elasticity combinations represented by companies like Xinhua Insurance, while conservative investors may focus on stable companies like Ping An Insurance and China Life Insurance [27]. Banking - The banking sector is highlighted for its strong performance, with Qingdao Bank reporting an 8.0% increase in revenue and a 21.7% increase in net profit, indicating improved asset quality [32]. - The report suggests that the preemptive credit issuance by regional banks and the benefits from high-interest deposits maturing will support net interest margins [33]. - Recommended banking stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, as well as larger banks like Shanghai Bank and Industrial and Commercial Bank of China [3][31].

Group 1 - The China Securities Regulatory Commission (CSRC) is proposing to expand the types of strategic investors and clarify minimum shareholding requirements, allowing various institutional investors such as social security funds and public funds to act as strategic investors with a minimum shareholding of 5% [2][3] - The CSRC emphasizes that capital investors must hold a significant proportion of shares for a long term and participate in corporate governance, while also requiring them to have a deep understanding of the company's industrial development [3][4] Group 2 - CSRC Chairman Wu Qing held discussions with representatives from domestic and foreign listed companies to gather opinions on enhancing the capital market's adaptability and improving the quality and investment value of listed companies [3][4] - The CSRC aims to consolidate the positive momentum of the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development, while also enhancing the efficiency of refinancing and supporting the globalization of listed companies [4] Group 3 - Fenglong Co. and Jiamei Packaging announced the end of their stock suspension, with Fenglong's stock set to resume trading on February 2, 2026, after confirming no significant changes in its main business [5][6] - Jiamei Packaging's stock also resumes trading on February 2, 2026, despite a significant price increase that deviated from its fundamentals, with an expected net profit decline of 53.38% to 43.02% year-on-year [6] Group 4 - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, including establishing a new capacity pricing mechanism for independent energy storage [7][8] - The notice aims to enhance fair competition among different technology types in the power industry and is expected to have minimal impact on electricity costs for residential and agricultural users [8] Group 5 - The transformer industry in China is experiencing a surge in demand due to the global AI computing power boom, with many factories operating at full capacity and orders extending to 2027 [9] - China's transformer export value is projected to reach 64.6 billion yuan in 2025, representing a nearly 36% increase from 2024 [9] Group 6 - The Ministry of Finance and the State Taxation Administration announced adjustments to the VAT tax rate applicable to telecommunications services, which will affect the revenue and profits of major telecom operators [10] - The adjustment will change the applicable tax category for services provided by major telecom operators from value-added telecommunications services to basic telecommunications services, increasing the VAT rate from 6% to 9% [10] Group 7 - The semiconductor industry is witnessing a significant increase in demand, with South Korea's semiconductor exports reaching $20.5 billion in January, a year-on-year increase of over 102% [11] - Domestic chip manufacturers are raising prices across various segments, with increases of up to 80% expected to continue into the first half of 2026 [11]

1月30日，中国证监会对《〈上市公司证券发行注册管理办法〉第九条、第十条、第十一条、第十 三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18 号》做 了修改。 三是明确资本投资者的基本要求。在长期、较大比例持股和提名董事参与公司治理基础上，要求资 本投资者应当深入了解上市公司产业发展，能够帮助上市公司引入战略性资源，或者显著改善上市公司 治理和内部控制，促进上市公司市场资源整合或者增强核心竞争力。 四是完善信息披露要求。要求上市公司在年报中披露战略资源导入和整合的落实情况和效果。 五是进一步强化监管要求。强调战略投资者不得通过任何方式规避最低持股比例、股份锁定期要 求，避免代持股份、绕道减持等违规行为，损害制度公信力。 六是完善相关文字表述。在总结实践经验基础上，对于上位规则已有明确要求的，简化相关表述， 进一步提升规则的通俗易懂。 一是扩大战略投资者类型。明确全国社保基金、基本养老保险基金、企业（职业）年金基金、商业 保险资金（保险公司运用保险资金自行投资或者委托关联保险资产管理机构以及作为单一投资人通过关 联保险资产管理机构发行的股权投资计划投资）、公募基金、银行理财等机 ...