2025年上半年全球资本市场正在经历一场压力测试——关税壁垒重筑地缘博弈硝烟、美国双赤字叠加高 债务叙事引导黄金大幅回升、美元弱势与利差回落引导资金流向新兴市场。在"多线索"交织动荡的宏观 背景下，新鸿基公司（00086）仍实现了强劲的经风险调整回报。 财报显示，2025年上半年公司总营收为18.03亿元（单位：港元，下同），总收益为28亿元，同比增长 43.47%；公司股东应占溢利8.87亿港元，同比增加1076%；基本每股盈利45.3港仙，拟派发中期股息每 股12港仙。 净利润增长逾10倍，这份在中报季独占鳌头的成绩单，无疑是港资机构独特的投研基因的精准兑现—— 既具备跨市场套利的全球视野，又深谙亚太地区政策周期的微妙脉动。新鸿基公司凭借稳健的投资回 报、严格的风险管理及营运灵活性，将波动率转化为超额收益的催化剂。 资本市场正在用真金白银为新鸿基公司的战略成果投票。自8月初盈喜公告发布以来，公司股价跃升逾 20%，年初至今股价更是大涨60%，这份强势表现已显现出另类资管巨头的特征溢价—其市盈率TTM快 速扩张至7倍左右，对应市盈率（净）突破21.88倍。这背后是买方机构对其"经风险调整回报"能力的重 新定 ...

Group 1 - The first batch of pilot reforms for long-term investment of insurance funds is set at 50 billion, the second batch at 112 billion, and a third batch of 60 billion is pending approval, totaling 222 billion [1] - The total scale of insurance funds is projected to reach 34.93 trillion by the end of 2024, with an average annual growth rate of 16% [1] - The unique operational logic of insurance funds, characterized by long-term and stable attributes, significantly influences asset allocation strategies and has a profound impact on the development of the stock market [1] Group 2 - The primary issue in the Chinese stock market is the short-term nature of funding, which leads to volatility, while the long-term nature of insurance funds effectively addresses this problem [2] - The combination of insurance funds and other long-term capital is expected to transform the short-term funding characteristics of the Chinese stock market, potentially leading to a new phase of stable and healthy development [2]