（文章来源：证券日报） 证券日报网讯 2月10日，中国人寿在互动平台回答投资者提问时表示，公司一直以来坚持资产负债匹配 原则和长期投资、价值投资、稳健投资理念，把握市场机会做好跨周期投资布局。具体情况请关注公司 定期报告。 ...

新加坡金沙集团今日宣布，其重点布局中国市场的投资推广平台 JD国际 正式发布2025年度经营报告。 报告显示，JD国际2025年整体业务规模与核心收益指标较2024年实现 33%的稳健增长。 在全球经济环境复杂、市场情绪趋于谨慎的背景下，JD国际依然保持持续、健康的发展节奏，充分体 现了平台稳扎稳打、长期经营的发展思路。 新加坡金沙集团同时郑重表示，将在未来十年持续为JD国际提供稳定的资本支持、治理保障与资源协 同，为平台在中国市场的长期发展提供坚实后盾。 一、以长期稳定为根本：国际资本背书下的投资推广平台 JD国际自成立以来，便依托新加坡金沙集团雄厚的资金实力、成熟的国际治理经验以及长期投资视 角，明确选择了一条稳健、合规、可持续 的发展道路，致力于打造一个能够长期运行、经得起市场考 验的投资推广平台。 作为国际化大型集团，新加坡金沙集团为JD国际提供的不只是资金支持，更重要的是长期不变的战略 方向和稳定的制度保障，使平台在任何市场环境下都能保持节奏清晰、方向明确。 JD国际在平台运作中，始终坚持 "事情要简单、流程要清楚、管理要规范" 的原则。 同时，JD国际在日常运营中保持规则透明、流程明确，让每个投资 ...

Core Viewpoint - The article emphasizes the importance of a clear and systematic approach to wealth management, particularly in the context of "stable" investment options, urging investors to find products that align with their individual needs and risk profiles [1][17]. Group 1: Product Ecosystem - The company aims to create a comprehensive and layered "fixed income +" product ecosystem, moving beyond just offering popular products to providing a range of clearly defined solutions that cater to different investor profiles [1][5]. - The "fixed income +" product series is designed to resonate with investors seeking stability, featuring distinct investment strategies and representative products across various risk-return coordinates [3][5]. Group 2: Product Styles and Performance - The product styles include "Low Valuation Value," "Balanced Stable," "Balanced Active," and "Active Growth," each with specific representative products and fund managers [4][6]. - For "Low Valuation Value" investors, products like 汇添富添添乐双盈债券 and 汇添富添添乐双鑫债券 have shown significant returns, with net value growth of 5.79% and 5.94% respectively, outperforming their benchmarks [6][7]. - The "Balanced Stable" product, 汇添富鑫享添利六个月持有混合, achieved a return of 5.35% with a maximum drawdown of -0.81%, making it a strong choice for conservative investors [9][10]. - The "Active Growth" product, 汇添富双利增强债券, reported a net value increase of 15.86%, significantly exceeding its benchmark of 4.25%, ranking in the top 6% among similar products [11][12]. Group 3: Systematic Advantages - The company leverages a vertically integrated research and investment system, which enhances its capabilities in the "fixed income +" sector by applying its expertise from equity investments [13]. - An open and collaborative research culture between fixed income and equity teams fosters a deeper understanding of corporate value and enhances macro asset allocation perspectives [14]. - The company emphasizes a stable product system with clear risk-return characteristics, ensuring that fund managers are matched with products that align with their strengths and client needs [15].

Core Viewpoint - The demand for stable investment among residents is increasing, creating significant opportunities for the "fixed income +" sector, which has seen rapid development in market recognition and allocation scale [1] Group 1: Investment Strategy - The "fixed income +" strategy serves as an ideal bridge between investors' needs for stability and growth, providing a clear answer to achieving stable investment in a low-interest-rate environment [1] - The systematic layout of "fixed income +" by Huatai PineBridge responds to market demands by creating a clear and stable product "style spectrum" that addresses varying risk preferences among investors [2] Group 2: Product Styles and Performance - The product styles include low valuation value, balanced stability, balanced aggressiveness, and aggressive growth, each represented by specific funds and managers [3] - For example, the "low valuation value" style is exemplified by the Huatai PineBridge Tian Tian Le Shuang Ying Bond, which achieved a net value growth of 5.79% in 2025, significantly exceeding the 2.56% performance benchmark [3] - The "balanced stability" style, represented by the Huatai PineBridge Xin Xiang Tian Li Six-Month Holding Mixed Fund, achieved a 5.35% return with a maximum drawdown of only -0.81% [3] - The "aggressive growth" style, represented by the Huatai PineBridge Shuang Li Enhanced Bond, saw a net value increase of 15.86%, far surpassing the 4.25% benchmark [3][4] Group 3: Research and Development - Huatai PineBridge integrates its strong stock-picking capabilities into every aspect of the "fixed income +" investment process, supported by a vertically integrated research platform that fosters deep insights into key sectors [5] - The open and collaborative research culture within Huatai PineBridge enhances the synergy between fixed income and equity teams, allowing for a more comprehensive understanding of market opportunities [6] Group 4: Risk Management - A disciplined management process is crucial for "fixed income +" products, with a focus on controlling drawdowns while pursuing returns [7] - Huatai PineBridge has established a comprehensive quality assurance mechanism that includes pre-investment strategy formulation, real-time monitoring, and post-investment response protocols [7][8] - This systematic approach transforms the management of drawdowns from an art based on personal experience into a replicable scientific standard, ensuring a stable investment experience for clients [8][9] Group 5: Conclusion - The diversity of products in the "fixed income +" sector is important, but the underlying value lies in the ability to provide clarity and confidence to investors, allowing them to find suitable investment options based on their specific needs [10]

Core Viewpoint - China Pacific Insurance (CPIC) has increased its stake in Shanghai Airport through block trading, maintaining a low proportion of this investment relative to its subsidiary's total assets and investment assets, in compliance with regulatory requirements [1] Group 1: Investment Strategy - CPIC adheres to the principles of "value investment, long-term investment, prudent investment, and responsible investment" [1] - The company maintains appropriate diversification in industry allocation and product selection to build an investment portfolio capable of withstanding economic cycles [1] - CPIC aims to achieve sustained and stable performance growth for its overall investment portfolio [1]

Core Viewpoint - The recent recovery of the A-share market has led to a significant increase in market sentiment, prompting investors to seek higher returns through diversified asset allocation strategies, particularly in the context of bond-mixed funds that offer a balance of risk and return [1]. Group 1: Fund Overview - The newly launched Zhongyin Zhao Xiang 6-Month Holding Period Mixed Fund (Class A: 026497, Class C: 026498) adopts a "bond foundation, equity enhancement" strategy aimed at achieving steady net value growth while controlling maximum drawdown [1][2]. - This fund primarily invests in bond assets while also incorporating equity investments to enhance returns, aiming for a balance between stability and growth [1]. Group 2: Performance Metrics - As of the end of 2025, the bond-mixed fund index has shown a cumulative increase of 75.69% over the past decade, with annualized volatility of 4.23%, indicating a performance that lies between that of standard equity funds and long-term pure bond funds [1]. Group 3: Investment Strategy - The fund will utilize leverage, duration, and credit strategies to select high-quality individual bonds, while flexibly allocating 10%-30% of its portfolio to equity assets to capture market upswings [2]. - It employs an A+H dual market allocation strategy to explore investment opportunities in Hong Kong stocks, thereby broadening the sources of returns [2]. Group 4: Manager Profile - The fund's proposed manager, Chen Wei, has 18 years of experience in the securities industry and over 10 years in fund management, with a strong track record, including a recent award for the Zhongyin Zhao Li Bond Fund [2]. Group 5: Investment Philosophy - Chen Wei emphasizes a prudent investment philosophy, avoiding bets on single assets and balancing risk and return across different asset classes to accumulate excess returns [3]. - The manager conducts stress tests on potential risks and drawdown spaces, integrating the results into portfolio allocation to mitigate tail risks in the market [3]. Group 6: Market Outlook - Multiple internal and external factors are expected to favor the market, with the global interest rate cut cycle beginning, potentially benefiting sectors such as technology growth stocks and commodities [3].

Core Viewpoint - The market has experienced a significant rise, particularly after the New Year, with trading volume and financing balance reaching historical highs, indicating potential bubble signs in certain sectors and stocks [1] Group 1: Market Policy and Impact - The Shanghai and Shenzhen stock exchanges announced an increase in the financing transaction margin ratio from 80% to 100%, which aims to reduce market leverage and mitigate potential risks [1] - This policy serves as a signal from management to guide rational and stable investment, avoiding blind chasing of high prices and high-leverage operations [1] Group 2: Market Performance and Trends - Following the announcement, the market experienced a volatile correction, stabilizing after a rapid rise, with trading volume continuing to increase and potentially marking a peak volume for the current phase [1] - The internet services and software development sectors showed strong performance, while energy metals and major financial sectors like banking and insurance faced declines, suggesting limited short-term switching between high and low-performing sectors [1] Group 3: Future Market Outlook - The short-term market is expected to remain strong with fluctuations, but the adjustment range is likely to be limited and of short duration, maintaining an upward trend in the medium term [1] - The likelihood of a reversal trend following the recent high and subsequent pullback is low, with the spring market expected to continue [1]

Group 1 - The article discusses how different generations of investors respond to rapidly changing market trends, emphasizing a consensus on returning to value, understanding, and pursuing sustainable returns [1] - A seasoned investor, referred to as "Lao Xiang," has developed an investment strategy that combines fundamental analysis, technical timing, and sentiment analysis, achieving a nearly 30% return in 2025 [1] - Lao Xiang has reduced holdings in high-performing tech stocks and is focusing on undervalued sectors such as state-owned enterprises and the real estate industry, believing the current market resembles an extended "519 market" [1] Group 2 - Another investor, "Yang Kai," anticipates a stable return of 6%-7% in 2025, with a diversified portfolio that includes A-shares, overseas markets, and FOF funds, highlighting the importance of being present in the market [2] - Yang Kai plans to adjust his asset allocation to 40% overseas assets, 20% A-shares, and the remainder in cash, bonds, and precious metals, aiming for structural opportunities in sectors like AI and innovative pharmaceuticals [3] - A new investor, "Xiao Tian," engages in technical analysis and short-term trading, expressing a willingness to cut losses quickly, despite experiencing a 90% reduction in total assets over the year [4]

Core Viewpoint - Taiping Asset has been recognized for its robust investment management system, winning two awards at the "2025 Shanghai Securities Eagle · Golden Wealth" list, which reflects its ability to navigate complex market conditions and deliver solid performance [3]. Investment Philosophy - The company adheres to four core investment philosophies: value investment, long-term investment, prudent investment, and responsible investment, which are fundamental to achieving stable long-term performance [4]. - Long-term performance is derived from five key aspects: strict adherence to asset-liability matching principles, deepening cross-cycle asset allocation, building a professional research and investment team, establishing an efficient investment management system, and enhancing comprehensive risk management [4]. Risk Management - A comprehensive risk management framework has been established, covering pre-investment identification and assessment, in-process monitoring and control, and post-evaluation and disposal, which supports investment decision-making [5]. Asset Allocation Strategy - In a low interest rate environment, the focus is on diversifying asset allocation to secure long-term, stable returns, emphasizing the importance of enhancing portfolio certainty and resilience [6]. - The company is increasing its allocation to long-term value equity assets and high-dividend stocks, while also expanding the breadth and depth of fixed-income investments, including QDII bond funds, REITs, ABS, convertible bonds, and ESG-related strategies [7]. Long-term Strategic Insights - The company sees significant expansion potential in strategic asset allocation, particularly in light of rising global macro uncertainties, with a renewed focus on gold and other precious metals as long-term strategic assets [7]. - There is an ongoing development of asset securitization products, and the company aims to enhance its participation in the capital market through long-term equity investments [7]. Dividend Value Strategy - Taiping Asset emphasizes a "dividend value" strategy, which focuses on intrinsic value assessment rather than merely chasing high dividends, using free cash flow models to evaluate sustainable business models and stable profitability [8]. - The company targets high-quality enterprises with sound governance, clear competitive advantages, stable profit models, and ample cash flow for investment [8].

Core Viewpoint - The ability of an insurance company to navigate through cycles is significantly measured by its commitment to stable investment practices, as demonstrated by Huatai Life's focus on "steady operation and professional long-term development" in its investment management approach [1][3]. Investment Performance - Huatai Life achieved a comprehensive investment return rate of 12.73% in 2024, ranking among the industry leaders; the annualized comprehensive investment return rate for the three years from 2022 to 2024 was 5.67%, placing it in the upper-middle tier of the industry [3]. - As of September 2025, Huatai Life's total asset scale reached 70.3 billion, and it maintained an "A" class risk rating for 15 consecutive quarters since the implementation of the second phase of the solvency regime, showcasing its operational stability and excellent risk management capabilities [3]. Asset Allocation Strategy - Huatai Life employs a diversified asset allocation strategy, with the largest proportion in bonds, primarily consisting of long-term government bonds and local government bonds, which serve as the cornerstone for investment returns and asset-liability matching [4]. - The alternative investments include high-rated debt investment plans and trust plans, which provide higher investment returns while maintaining good credit quality [4]. - Other fixed-income assets consist of bank deposits, fixed-income public funds, and asset management products, enhancing the overall portfolio returns through various strategies [4]. - Equity assets mainly comprise listed stocks, equity funds, and unlisted equity, aiming for higher long-term investment returns through excellent management capabilities [4]. Professional Investment Management - Huatai Life relies on the long-standing asset management history and professional capabilities of Huatai Asset Management, one of the first insurance asset management companies in China, which has a stable professional research and investment team [5]. - As of September 2025, Huatai Asset Management's total management scale approached 1 trillion, with over 90% coming from external clients of the Huatai Insurance Group, reflecting its strong market recognition and investment performance [5]. - The company aims to continue its professional development and value growth in investment, leveraging the advantages of insurance capital as "long-term capital" and "patient capital" to achieve high-quality sustainable development in the investment sector [5].