展望未来，林丽认为，随着市场环境持续优化以及行业自身不断迭代升级，私募行业将朝着更加多元、 成熟的方向发展，展现出更为稳健与可持续的增长态势。 2026年A股市场走势牵动市场神经，政策导向、产业升级、资金流向等多重变量交织共振，市场亟待权 威研判指引方向。 和谐汇一董事总经理韩冬认为，当前时点，AI行业的投资机会是不是要从硬件侧往软件侧上做一些倾 斜。在传统的IT架构里，硬件层和软件层的产值比例大概是1：4，但是如今在AI领域反而是硬件产值远 大于软件产值，硬件的投入还没有足够的软件收入作为回报。他们觉得未来这种情况会被纠正，这个过 程可能会随着应用侧的爆发而到来。 2025年，中国私募证券资产管理规模历史性突破7万亿元大关。市场稳步上行与策略创新双轮驱动行业 进阶，而市场与行业结构的不断细分、行业内竞争的日趋激烈、全球大环境的不稳定，再加上AI技术 普及带来的行业变革冲击，共同为行业发展提出了全新命题。如何在机遇与挑战并存的新格局中精准定 位、实现持续进化，已成为全行业的核心议题。 1月8日，由排排网集团主办，银河期货、方正证券、希施玛数科、中辉期货、私募排排网、国联期货协 办的第二十届私募基金发展论坛在深 ...

来源：蓝鲸新闻 （图片来源：视觉中 国） 2025年，在政策松绑与收益诉求的双重驱动下，保险资金在权益市场表现活跃，表现之一即是举牌频次 的提升，全年举牌次数攀升至39次，创下2016年以来新高。 从投资标的来看，银行股成为险资布局"压舱石"，其低估值与高股息特征契合保险资金的稳健偏好；公 用事业板块也因稳定的现金流和防御属性备受青睐。 随着监管部门持续引导"长期资本"入市，险资正通过增配权益资产寻求收益弹性，未来有望进一步成为 资本市场的重要稳定力量。 政策松绑与收益诉求共振，险资举牌次数攀升至十年新高 近两年，在政策推动"长期资本"入市的背景下，险企布局权益市场规模持续提升，2024年，险企举牌次 数增至20次，2025年，该数据则进一步攀升，接近翻倍。 蓝鲸新闻记者统计，从具体的举牌情况来看，2025年参与举牌的险企中，平安人寿最为活跃，全年共计 举牌12次，其中，仅8月，就完成3度举牌，分别增持邮储银行H股（1658.HK）到15%，增持中国太保H 股（2601.HK）、中国人寿H股（2628.HK）至触举牌线。 除平安人寿外，长城人寿亦延续去年的举牌积极性，2025年进行4次举牌；弘康人寿进行四次举 ...

Core Insights - The public fund issuance market has seen a significant shift since 2025, with equity funds taking center stage, marking a departure from the previously dominant bond funds [1][4][10] - A total of 1,468 new funds were established in 2025, the highest number in nearly four years, indicating a return of market vitality and a shift towards a more refined approach in fund management [2][3][10] Fund Issuance Trends - The total fundraising scale for new funds in 2025 reached 11,637.62 billion, remaining stable compared to previous years, reflecting a more rational and detailed market issuance rather than reliance on a few blockbuster products [3][10] - The number of new equity funds reached 807, with a fundraising scale of 4,083.62 billion, accounting for 35.96% of the total new fund issuance, the highest proportion in nearly a decade [4][5] Structural Changes in Fund Types - The proportion of bond funds has significantly decreased from 70.19% in 2024 to 41.22% in 2025, indicating a clear shift in market risk appetite [6][10] - Mixed funds saw an increase in issuance to 13.66% (1,551.03 billion), but still far from the peak of 56.58% in 2021, suggesting a preference for clearer investment styles among investors [7][10] Innovation in Fund Products - The market has seen a surge in innovative products, with FOFs (Fund of Funds) growing to 81 new funds and a scale of 810.68 billion, reflecting increasing demand for professional asset allocation [8][10] - Public REITs have also expanded, with 19 new products and 10.5 billion shares issued, providing new channels for investors to participate in physical assets [9][10] - QDII funds have shown a focus on strategy diversity, with recent products covering various international markets, indicating an active global investment approach [10] Future Outlook - The public fund industry is expected to play a more critical role in supporting the transformation of the real economy and meeting the wealth management needs of residents, driven by the clarity of equity investment and the development of diverse tools like FOFs, REITs, and QDIIs [11]

【本报告课题组成员】 数据分析师：张稆方 版权声明：本报告版权属南方财经全媒体集团，未经课题组同意，禁止对外使用。 编者按：《机警理财日报》作为南财集团、21世纪经济报道、南财理财通的金牌理财专栏，目前细分了现金、纯固收、固收+期权、固收+权益、混合、权 益、衍生品七大类，已实现对银行理财市场的每日追踪。为了进一步反映银行理财行业发展现状，南财理财通课题组特开设银行理财月报独家专题，力求及 时准确研判理财行业趋势、洞悉理财产品表现，以期为银行理财行业转型发展带来参考价值。 本期，南财理财通课题组发布11月份银行理财行业运作报告，对理财产品破净情况、新发情况、到期情况和存续情况进行分析。 摘要： 破净情况：11月理财产品破净比例整体轻微上升至0.98%。其中，权益类、混合类以及固收类理财产品破净率分别增长至23.81%、3.09%和0.84%。 新发情况：2025年11月，在债市震荡回落，纯固收和"固收+"产品收益承压的情况下，理财产品募集情况整体表现疲软，11月份理财公司产品募集规模均值 为1.82亿元，环比上月的3.18亿元下降超40%。产品结构方面，11月理财公司积极参与权益市场投资，华夏理财和杭银理财均 ...

Core Insights - The public fund issuance market experienced a "small spring" in November, with a total new fund scale reaching 96.616 billion yuan, indicating strong investor enthusiasm for subscriptions [1] - A total of 136 new funds were established in November, reflecting an increase in year-end capital allocation demand [1] Fund Issuance Highlights - The top new fund by issuance scale was E Fund's "E Fund Ruiyi Ying'an 6-Month Holding A" with 5.848 billion yuan, followed by Changcheng Fund's "Changcheng Yuanli A" with 5.251 billion yuan [2] - Funds with issuance scales exceeding 3 billion yuan included E Fund's "E Fund Industry Preferred A" (3.162 billion yuan), Morgan Stanley's "Morgan Stanley Central Debt 1-5 Year Government Financial Bond A" (3.110 billion yuan), and Huaxi's "Huaxi Central Debt 1-5 Year Policy Financial Bond" (3.003 billion yuan) [2] Fund Type Performance - Equity funds (stock and mixed types) dominated the market, with an issuance scale of 30.669 billion yuan, accounting for 32.43% of the total [3] - The total scale of equity funds reached 54.669 billion yuan, representing 57.81% of the total issuance, highlighting strong investor confidence in the equity market [3] Other Fund Categories - Mixed funds followed with an issuance scale of 23.999 billion yuan, making up 25.38% of the total [3] - Bond funds issued 21.666 billion yuan, accounting for 22.91%, serving as an important stabilizer in the issuance market [4] - FOF (Fund of Funds) also performed well with an issuance scale of 16.975 billion yuan, representing 17.95% of the total [4] Market Dynamics - The concentration of fund establishment dates in November allowed new products to meet year-end capital allocation needs, with nearly 100 billion yuan in issuance indicating the continued attraction of public funds as an investment tool [4] - The market saw a wave of adjustments in November, enhancing valuation attractiveness and creating favorable conditions for equity fund issuance [5] - Fund managers capitalized on market opportunities by launching products aligned with market hotspots, successfully attracting incremental capital [5]

Core Viewpoint - China Taiping's subsidiary, Taiping Life, has sold equity stakes in four companies for 6.5 billion yuan, reflecting a strategic asset rotation amid a growing equity market for insurance capital [3][6][9]. Group 1: Asset Sale and Financial Impact - Taiping Life's sale of equity stakes will result in an influx of 6.5 billion yuan in cash, enhancing its liquidity for future investments [6][9]. - The investment in the four companies, made in December 2019, yielded a total return of approximately 2.35 billion yuan over nearly six years, indicating a successful exit strategy [9][10]. - The proceeds from the sale are intended for general operational funding, allowing for greater flexibility in future investments [11][12]. Group 2: Investment Performance and Strategy - In the first three quarters of 2025, Taiping Life reported a significant increase in investment income, totaling 16.71 billion yuan, up from 6.89 billion yuan in the same period the previous year, marking a 142.5% increase [13][14]. - The company has diversified its investments, appearing as a major shareholder in multiple stocks, with a focus on both traditional sectors and emerging technologies [14][15]. - The investment strategy has shifted from infrastructure-heavy allocations to a more balanced approach that includes equities, reflecting a response to changing market conditions and regulatory frameworks [28][29]. Group 3: Market Trends and Regulatory Environment - The insurance industry is experiencing a systemic trend towards increased equity market participation, driven by low interest rates and regulatory adjustments that allow for higher equity allocations [29][30]. - As of mid-2025, Taiping Life's equity investment weight was 13.6%, which is below the regulatory cap, indicating potential for further investment growth in equities [30][31]. - The shift in investment focus is seen as a rational response to market dynamics, aiming to enhance returns while managing risks effectively [28][29].

Group 1: Global Market Overview - Recent global market turmoil is attributed to multiple factors, including the Federal Reserve's mixed signals on interest rate cuts, leading to increased volatility across asset classes [3][4][5] - Concerns over AI sector sustainability and geopolitical tensions have also contributed to the decline in various asset prices, particularly in the tech sector [4][5][6] Group 2: A-shares and H-shares Outlook - The current adjustments in A-shares and H-shares are seen as emotional disturbances rather than fundamental changes, with expectations for policy support and foreign capital inflow remaining positive [6][7] - Analysts maintain a long-term optimistic view on A-shares and H-shares, anticipating a healthy recovery despite potential short-term volatility [6][7][8] Group 3: Gold Market Analysis - The outlook for gold remains positive due to anticipated global monetary expansion, although its risk-return profile may decline as economic conditions stabilize [9][10] - Analysts highlight that gold serves as a hedge against rising debt levels and geopolitical risks, reinforcing its long-term investment appeal [10][11] Group 4: Oil Market Projections - The oil market is expected to experience a range-bound trading pattern, with prices projected between $60 and $70 per barrel due to weak demand and OPEC's production strategies [14][15] - Geopolitical factors and supply-demand dynamics will continue to influence oil prices, with a cautious outlook for significant price increases [15][16] Group 5: Investment Opportunities - A-shares are viewed as having superior investment value, with a focus on sectors like technology and high-end manufacturing, while also considering defensive positions in high-dividend stocks [16][17] - Analysts suggest that the current market environment favors a diversified approach, balancing risk and return across various asset classes [17][18] Group 6: Risks to Monitor - Key risks include potential economic data surprises from the U.S. and geopolitical developments that could impact market sentiment and liquidity [18][19] - The end of the U.S. government shutdown has not alleviated concerns over liquidity, and ongoing uncertainties in economic performance may affect global asset markets [19][20]

Core Insights - The white paper titled "Embracing Financial Health: Wealth Management Supporting the High-Quality Development Path and Practice of Inclusive Finance" was jointly released by China International Capital Corporation Wealth Management and the Chinese Academy of Financial Inclusion at Renmin University of China, focusing on wealth management for residents and financial empowerment for small and medium-sized enterprises [1] Group 1: Research Findings - The research primarily targeted ordinary residents to understand their motivations and methods for participating in the equity market, as well as their needs for improving wealth management capabilities [1] - Approximately 70% of respondents reported a good level of financial health, but some residents exhibited weaknesses in financial control, money management, investment future capabilities, and risk prevention [1] - Small business owners face dual challenges in managing personal and business financial health, indicating a need for enhanced wealth management capabilities for both residents and small business owners [1] Group 2: Factors Influencing Equity Market Participation - Various factors influence residents' participation in the equity market, with income volatility and insurance coverage being significant determinants [2] - The research indicates a bidirectional relationship between equity market participation and financial health, where better financial health correlates with higher participation rates in the stock market [2] - Specifically, for every 1-point increase in the financial health index, the participation rate in the stock market increases by 0.5 percentage points, highlighting the importance of financial health in investment activities [2] Group 3: Behavioral Biases and Recommendations - Residents often exhibit behavioral biases in the equity market, such as overtrading, short-term holding, chasing highs and lows, familiarity bias, and concentrated asset allocation, which can negatively impact investment returns and financial health [2] - To mitigate these biases, the white paper suggests several strategies for residents to develop better investment habits [3] Group 4: Investment Strategies - Passive investing through index funds can help improve investment performance and enhance financial control for residents [3] - Long-term investment in quality equity assets can leverage compounding effects and provide returns that counter inflation risks, with reduced trading frequency leading to optimized returns [3] - Diversifying asset allocation across different categories, regions, and industries can lower non-systematic risks and enhance portfolio resilience, thereby improving financial health and confidence in achieving future financial goals [3]

Core Insights - The report titled "Embracing Financial Health: Wealth Management Supporting the High-Quality Development Path and Practice of Inclusive Finance" indicates that nearly 70% of respondents meet financial health standards, but there are still significant shortcomings in financial control and risk management abilities [1][2] - The report introduces the concept of "financial health" into the wealth management sector, emphasizing the importance of managing current expenses, preparing emergency funds, and planning for future needs [1][2] - A surprising finding is that individuals who invest in stocks tend to save more, with over 80% of stock investors having at least six months of emergency funds, indicating a reciprocal relationship between stock market participation and financial health [1][3] Wealth Management Trends - Wealth management is transitioning from being perceived as exclusive to the wealthy to becoming accessible to the general public through smart investment advisory services and tailored asset allocation plans [2][7] - The shift in inclusive finance development from merely ensuring access to focusing on the quality of financial services marks a new era in the sector [2][9] - The report outlines a unique "three-day" theoretical framework for assessing financial health, highlighting structural characteristics in current residents' financial health [2][3] Investment Behavior Insights - The report reveals a significant positive correlation between participation in equity markets and financial health, particularly in terms of financial resilience [3][5] - Passive investment strategies are shown to improve investor performance and reduce irrational trading behaviors, suggesting a need for investor education [3][5] - Clients receiving professional advisory services demonstrate improved fund holding rates and asset allocation diversity, indicating a shift towards a client-centric service model in the wealth management industry [3][7] Financial Literacy and Advisory Services - There is a notable gap in residents' understanding of basic financial concepts, which affects their investment decisions and leads to irrational behaviors [5][8] - Enhancing financial literacy is linked to better investment behaviors and improved financial health scores, emphasizing the importance of education in personal finance [5][8] - Professional advisory services are increasingly valuable, with digital technologies enabling broader access to wealth management services for ordinary investors [5][7] Challenges for SMEs - Small and medium-sized enterprises (SMEs) face dual challenges of personal and business financial health, with a need for comprehensive financial services to support their development [6][9] - Financial institutions are actively creating integrated service systems to address the specific needs of SMEs, including financing support and management training [6][9] - The report highlights the importance of coordinated policy efforts to foster a favorable environment for inclusive finance, particularly in areas like pension finance and asset securitization [9]

Investment Rating - The report maintains a positive outlook on the insurance sector, recommending several companies including China Life, New China Life, Ping An, PICC, China Pacific Insurance, and AIA, while suggesting to pay attention to China Taiping [5][70]. Core Insights - In Q3 2025, A-share insurance companies saw a significant profit increase of 68%, with investment performance contributing 79% to the pre-tax profit increment. The total net profit attributable to shareholders for the first three quarters reached CNY 426 billion, a year-on-year increase of 33.5% [3][11][12]. - The new business value (NBV) continued to show strong growth, with a year-on-year increase ranging from 18% to 77% among listed insurance companies, driven by preemptive product demand due to expected interest rate cuts [3][31]. - The insurance premium growth exhibited differentiation, with property insurance companies showing varied premium growth rates, influenced by structural optimization and operational strategies [4][45]. Summary by Sections Profit Performance - A-share insurance companies reported a total net profit of CNY 263.7 billion in Q3 2025, reflecting a year-on-year growth of 68.3% [8][11]. - The profit structure showed that investment performance accounted for 79.2% of the pre-tax profit increment, with insurance service performance contributing 22.6% [12][24]. Liability Side - The NBV growth remained robust, with the first three quarters showing a year-on-year increase of 14.2% to CNY 557.8 billion, and Q3 alone saw a 38.7% increase [3][35]. - The cost of risk (COR) continued to improve, indicating effective cost management among leading insurers [4][45]. Asset Side - Investment returns showed significant improvement, with total investment income for the first three quarters reaching CNY 886.4 billion, a year-on-year increase of 36% [24][57]. - The FVOCI equity assets increased by CNY 92.5 billion, reflecting a strong performance in the equity market [3][62]. Investment Analysis - The report highlights a positive outlook for the insurance sector, driven by ongoing capital market participation and external environment improvements, suggesting a potential revaluation of the sector [5][70].