报告日期：2025 年 12 月 8 日 申银万国期货研究所 首席点评： 资本市场加深改革稳固慢牛基础 2025 年 12 月 6 日，《基金管理公司绩效考核管理指引（征求意见稿）》下发。 作为公募基金行业发展进入高质量转型阶段的重要制度安排，《指引》从薪酬结 构、绩效考核、支付机制、问责制度等多个维度作出系统性规定，明确提出"坚 持基金份额持有人利益优先"的基本原则，通过一系列量化指标和刚性约束，引 导基金管理公司将员工激励与基金长期业绩深度绑定。 1）国际新闻 12 月 5 日晚，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国 财政部长贝森特和贸易代表格里尔举行视频通话，双方围绕落实好中美两国元首 釜山会晤和 11 月 24 日通话重要共识，就下一步开展务实合作和妥善解决经贸领 域彼此关切，进行了深入、建设性的交流。双方积极评价中美吉隆坡经贸磋商成 果执行情况，表示要在两国元首战略引领下，继续发挥好中美经贸磋商机制作用， 不断拉长合作清单、压缩问题清单，推动中美经贸关系持续稳定向好。(新华 社) 重点品种：股指，原油，铜 股指：美国三大指数小幅上涨，上一交易日股指明显上涨，非银金融板块领涨， 银 ...

Group 1 - The recent performance of the broad-based CSI 1000 index is linked to a market environment favoring growth styles, with a comprehensive rise in the non-bank financial sector, particularly a significant increase in the securities index [1] - The capital market is stabilizing and improving, with high trading activity; the average daily trading volume of A-shares in the Shanghai and Shenzhen markets has increased by 278.35% year-on-year, and the margin trading balance has grown by 45.32% year-on-year [1] - Positive policy direction is noted, with more aggressive fiscal policies and moderately loose monetary policies expected to continue boosting market sentiment and supporting the recovery trend of brokerage firms' performance [1] Group 2 - Insurance is expected to act as a long-term capital source entering the market, with equity allocations likely to expand, and the scope of shareholding extending to insurance stocks, which may enhance investment returns and drive value re-evaluation [1] - The CSI 1000 Enhanced ETF (159679) tracks the CSI 1000 index (000852), which consists of 1000 A-shares with good liquidity and smaller market capitalization, focusing on high-growth sectors such as pharmaceuticals and electronics [1]