今年以来，港股IPO（首次公开募股）火热，险资也加快了在港股市场的"掘金"步伐。 斥资近30亿港元参与港股IPO 据上海证券报记者不完全统计，年内已经有7家险资机构以基石投资者身份参与7家公司港股IPO，认购 金额合计近30亿港元，相关险资机构数量、被投资上市公司数量、认购金额均超过去年全年。 今年前三季度，港交所IPO项目数量较去年同期增长超五成。记者了解到，伴随着今年港股市场IPO热 度持续攀升，险资为应对低利率环境挑战，积极增配权益资产，港股IPO的投资机会是重点关注对象。 数据显示，截至10月10日，今年有7家险资机构以基石投资者身份参与7家公司港股IPO，认购金额合计 约29.32亿港元，被认购公司主要属于材料、可选消费、信息技术等行业。 从险资机构参与的港股IPO数据来看，险资机构数量、被投资上市公司数量、认购金额均超过去年全 年，去年全年仅有4家公司港股IPO被险资机构认购，认购金额合计不到10亿港元。 所谓基石投资者，是指在公司港股IPO时，与发行人签订协议，承诺以发行价认购一定数量股票的投资 者，这类投资者主要包括银行、保险公司、主权财富基金等机构投资者。 从参与险资机构来看，泰康保险及旗下 ...

9月22日，"投资·向善"复旦管院·兴动ESG大讲堂暨高校基金会慈善资产管理研讨会举行，兴证全球基金 党委书记、副总经理陈锦泉出席会议并致辞。 陈锦泉指出，良好的投资离不开有活力的经济和有利的市场环境。今年以来，面对贸易摩擦等挑战，政 府陆续推出刺激消费、反"内卷"、推动雅砻江水电建设、探索建设海南自由贸易港等举措，体现出中国 经济的强大韧性。在多重压力测试之下，一批具有持续盈利能力和核心竞争力的优质企业逐渐脱颖而 出。他认为，在低利率环境中，权益资产仍具备持续吸引力；面对"资产荒"和流动性充裕的市场环境， 聚焦真正具备核心竞争力的企业，仍是获取超额回报的有效途径。 当前投资环境日趋复杂，因此除权益资产外，会议还探讨了大类资产配置与多资产策略。除了市场展 望，与会嘉宾也深入交流了高校基金会资产管理在新形势下的发展路径。兴证全球基金期待通过本次研 讨会，进一步促进高校基金会与资产管理机构之间的理解与合作，携手成为价值共创、共同成长、长期 陪伴的同行者。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 陈锦泉表示，长期以来，兴证全球基金与多家高校基金会保持了深入合作。公司始终坚持风险控制、长 ...

Core Viewpoint - The current market is experiencing an upward resonance of industrial trends, with structural opportunities expected to continue emerging, highlighting the investment value in equity markets [1] Group 1: Market Insights - Multiple public fund companies in Shanghai held autumn strategy meetings, indicating a consensus on the positive outlook for the equity market [1] - The current yield on Chinese government bonds remains at historically low levels, providing support for equity assets [1] - The risk premium is at the historical 56th percentile, suggesting that equity assets still offer a reasonable cost-performance ratio [1] Group 2: Investment Focus Areas - Investment opportunities are recommended in sectors aligned with industrial trends, such as AI and edge computing, robotics, innovative pharmaceuticals, new consumption, and non-ferrous metals [1] - There are clear signals of policy shifts and stabilization in corporate performance within the A-share market, with demand stabilizing in both the real estate and stock markets [1] - The supply side is addressing "involution" competition, while the industrial sector is seeing AI lead a new innovation cycle and "new consumption" becoming a new vehicle for domestic circulation [1] Group 3: AI Investment Perspective - The penetration of AI in daily work and life is continuously increasing, with the upper limit of model capabilities still improving [1] - AI investment should be viewed from an industrial perspective, considering both overseas computing power supply chains and domestic computing capabilities [1] - Key areas of focus include not only optical modules, PCBs (printed circuit boards), and servers but also AI applications [1]

Core Viewpoint - Public funds remain optimistic about the equity market's allocation value, anticipating a structural opportunity to emerge as various industries trend upwards [1][2] Group 1: Investment Opportunities - The current low level of government bond yields and a risk premium at the historical 56th percentile support the value of equity assets [1] - Key investment areas include AI, robotics, innovative pharmaceuticals, new consumption, and non-ferrous metals [1] - The "anti-involution" policy and expected recovery in PPI are likely to improve the supply-demand dynamics in certain industries [2] Group 2: Structural Opportunities - There are numerous structural opportunities to explore, focusing on industries with growth potential [3] - The core of the current market rally is driven by confidence and risk appetite recovery underpinned by industrial dynamics [3] - Investment strategies should balance growth and dividend yield, with a focus on sectors driven by new demand and interest rate declines [3] Group 3: Sector-Specific Insights - The pharmaceutical sector has shown strong performance, with innovative drug companies entering a phase of explosive profitability [4] - AI in healthcare is highlighted as a cost-effective investment direction, alongside leading companies in non-innovative drug sectors that remain undervalued [4] - In the renewable energy sector, opportunities in energy storage, wind power, and photovoltaics are significant due to low penetration rates and stabilizing prices [4]

Core Viewpoint - China Galaxy's 1H25 performance slightly exceeded expectations, with revenue of 13.75 billion yuan, a year-on-year increase of 37.7%, and a net profit of 6.49 billion yuan, up 47.9% year-on-year [1] Group 1: Financial Performance - In 1H25, the company's weighted average ROE was 5.16%, an increase of 1.53 percentage points compared to the same period last year [1] - The company's securities main business revenue in 2Q25 reached 7.3 billion yuan, with year-on-year and quarter-on-quarter growth of 27.5% and 16.1% respectively [1] - Revenue breakdown for 1H25: brokerage 26.8%, investment banking 2.3%, asset management 2.0%, net interest 14.3%, and net investment 54.4% [1] Group 2: Brokerage and Institutional Business - The company's brokerage business revenue in 1H25 was 3.65 billion yuan, a year-on-year increase of 45.3%, driven by a significant increase in market trading volume [2] - As of the end of 1H25, the scale of the company's agency securities trading reached 185.5 billion yuan, up 12.0% from the beginning of the year [2] - The company established an institutional business line in 2023, leading to significant growth in institutional brokerage business [2] Group 3: Investment Banking and Debt Underwriting - In 1H25, the company's IPO, refinancing, and bond underwriting scales were 430 billion yuan, 21.4 billion yuan, and 333.94 billion yuan respectively, with year-on-year increases of 4.3 billion yuan, 214 billion yuan, and 75.1% [3] - The company maintained a stable ranking in bond underwriting, particularly in local government and financial bonds [3] - The company is expected to see growth in investment banking business due to a low base effect [3] Group 4: Investment Strategy and Asset Management - As of the end of 1H25, the company's financial investment assets and other equity tool investments were 407.6 billion yuan and 58 billion yuan respectively, with increases of 6.6% and 4.2% from the beginning of the year [3] - The company actively invested in equity assets, focusing on advanced technology sectors and high-dividend strategies, which are expected to enhance investment returns [3] - The estimated investment return rate for 1H25 was 6.2%, an increase of 0.88 percentage points compared to 2024 [3] Group 5: Future Outlook - 2025 is a critical year for the company's three-year strategic plan, with strong performance in brokerage and proprietary businesses [4] - The company has revised its profit forecasts for 2025-2027, expecting net profits of 12.6 billion, 13.6 billion, and 15.2 billion yuan respectively, reflecting year-on-year growth of 26%, 8%, and 12% [4] - The company maintains a "buy" rating based on its growth potential [4]

Core Viewpoint - The A-share market is experiencing a recovery in sentiment, with nearly 20 equity funds resuming large-scale subscriptions, indicating a positive outlook for future macroeconomic conditions and corporate earnings improvement [1][4][5]. Group 1: Fund Subscription Resumption - Nearly 20 equity funds, including both active and passive types, have announced the resumption of large-scale subscriptions since the beginning of the year [1][3]. - Notable fund announcements include Huashang Fund resuming large subscriptions for its Huashang New Trend Preferred Fund, which has a scale of approximately 12.91 billion yuan and a stock position of about 91.54% as of Q3 2023 [2]. - Other funds, such as Invesco Great Wall and Guolian Fund, have also lifted restrictions on large subscriptions, reflecting a trend of easing limits to attract external capital [3][4]. Group 2: Fund Issuance Market Recovery - The fund issuance market is showing signs of recovery, with equity funds dominating the new offerings, contrasting with the previous year's focus on bond funds [4]. - In January 2024, 111 new funds were scheduled for issuance, with nearly 40% being equity funds, including 44 equity-mixed and ordinary stock funds [4]. - The previous year saw 377 bond funds issued, totaling approximately 819.86 billion yuan, which accounted for over 70% of the issuance [4]. Group 3: Market Sentiment Improvement - The A-share market has seen a general rise, with major indices like the ChiNext Index increasing by nearly 2% and the Shenzhen Component Index and Northbound 50 Index rising over 1% [5]. - Analysts believe that the current A-share market valuation is at a historical low, with expectations of macroeconomic recovery and improving corporate earnings contributing to a potential rebound in market sentiment [5][6]. - Morgan Stanley Fund highlights that the current market offers high value due to low valuations, particularly favoring low-volatility dividend and technology growth sectors [6][7].