国家金融监督管理总局最新数据显示，截至2025年底，保险机构股票配置余额占资金运用总额的比例创 近四年新高。与此同时，中国银行保险资产管理业协会的调研释放出明确信号：银行保险机构对2026年 的权益资产配置信心指数较去年显著提升。这清晰勾勒出险资配置的关键转向——从"固收独大"到"固 收+权益"均衡配置的格局正加速形成。 进一步来看，险资负债端的转型与会计准则的变革，正深刻重塑险资投资行为。近两年，险企大力推进 产品转型，以分红险为代表的浮动收益型产品成为主流，进一步降低负债端的刚性成本，为险资在资产 端的布局提供更大空间。同时，新会计准则全面落地，险企资产的公允价值变动对其利润与偿付能力的 影响更加直接，险资更倾向于布局高股息、低波动、现金流稳定的优质资产，既控制波动，又能兑现长 期收益，形成"稳中有进"的配置风格，深化价值投资理念。 结合监管政策和国际成熟市场经验来看，我国险资的股票配置比例仍有较大提升空间。伴随政策持续优 化、市场生态完善、险资投研能力升级，险资将以更理性、更聚焦、更长期的姿态布局权益资产。这不 仅将改写保险资金的运用格局，也将推动我国资本市场走向更成熟、更稳健、更具价值发现能力的新阶 ...

每经记者｜袁园 每经编辑｜黄博文 在中长期资金入市的背景下，保险公司通过私募基金布局的动作不断。 天眼查信息显示，天津兰沁股权投资合伙企业（有限合伙）（以下简称"天津兰沁"）于近日成立，泰康 人寿等多家险企现身其合伙人行列。《每日经济新闻》记者注意到，2025年以来，险资参与出资私募股 权基金动作频频，中国人保等头部险企均有新项目面世。 有业内人士表示，在政策持续鼓励"长钱长投"的背景下，险资正加速通过布局私募股权基金等方式，深 度参与国家战略性新兴产业以及与保险主业相协同的产业。据悉，私募基金的投资方向主要是投前期股 权和一级市场，可以发挥保险资金特别是寿险资金的长期资本和耐心资本的特色。 天眼查公开信息显示，天津兰沁的注册资本为86.01亿元，注册地在天津，执行事务合伙人为高和明德 （北京）企业管理服务有限公司。从经营范围看，天津兰沁的经营范围为以私募基金从事股权投资、投 资管理、资产管理等活动，但须在中国证券投资基金业协会完成登记备案后方可从事经营活动，而且不 得投资《外商投资准入负面清单》中禁止外商投资的领域。 需要指出的是，天津兰沁背后的合伙人队伍十分"豪华"，除了高和明德（北京）企业管理服务有限公 ...

近日，银行业理财登记托管中心发布《中国银行业理财市场年度报告（2025年）》（以下简称"报 告"）。报告显示，截至2025年末，理财市场存续规模达33.29万亿元，较去年初增长11.15%；理财产品 全年为投资者创造收益7303亿元，平均收益率为1.98%。更多投资者进入银行理财市场"掘金"，截至 2025年末，持有理财产品的投资者数量已达1.43亿，较年初增长14.37%。 "2025年，理财市场规模实现较快增长，创历史新高。在债市波动增加以及监管趋严的背景下，银 行理财经营模式持续调整，资产配置与产品结构均出现明显变化。"民生银行首席经济学家温彬表示， 展望2026年，银行理财有望再次迎来规模增长大年，理财机构需把握窗口期。 市场规模与投资者数量"双增" 根据普益数据测算，截至2025年末，"固收+"理财存续规模同比增长16%至10.8万亿元，高于固定 收益类10.9%的整体增速。 素喜智研高级研究员苏筱芮认为，固收类理财产品存在较高的占比，较为契合理财市场主流客群的 理财需求。"个人投资者占据绝大多数与产品以固收类为主，是当下银行理财市场最为典型的两个特 征。个人投资者多具有较低的风险偏好，以追求绝对收 ...

Core Viewpoint - The number of cash dividends and the scale of dividends among A-share listed companies have reached a new high ahead of the Spring Festival, driven by policy encouragement for multiple dividends and pre-dividends [1][2]. Group 1: Dividend Scale and Companies - A total of 348.8 billion yuan in dividends will be distributed by 235 listed companies on the Shanghai, Shenzhen, and Beijing stock exchanges before the Spring Festival, surpassing the total from the previous year [2]. - Financial and consumer sectors are the main contributors to dividends, with the banking sector distributing 243.4 billion yuan, accounting for nearly 70% of the total [4]. - Private enterprises have shown a significant increase in dividend willingness, with pre-Spring Festival dividends amounting to 61.6 billion yuan, a 130% year-on-year increase, rising from 8% to 18% of the total dividends [5]. Group 2: Market Signals and Investor Insights - The large-scale dividends signal that companies have more stable profitability and cash flow, which boosts market confidence and expectations [5]. - Investors are advised to focus on companies with a history of stable dividends, with over 1,800 companies in A-shares having maintained dividends for more than five years, and nearly 800 for ten years [6]. - The sincerity of a company's dividend can be assessed by its dividend yield, emphasizing that a higher yield may indicate a more genuine commitment to returning value to shareholders [7]. Group 3: Cautionary Notes on Dividends - Investors should be cautious of companies with dividend payouts that significantly exceed net profits, as this may indicate potential stock price manipulation [6][7]. - Companies with negative cash flow or insufficient capital adequacy ratios may pose risks, as they might distribute dividends without actual cash backing [7].

作为战略投资者，社保基金等长钱能够以战投的身份高比例持股上市公司，更深入地参与到公司治理中 去，例如通过派驻董事、参与重大决策等方式，帮助上市公司提升治理水平、优化发展战略。 近日，证监会对上市公司证券发行注册管理办法相关条款做了修改。这是落实推动中长期资金入市的又 一项新举措。 新规中最大的亮点在于对战略投资者类型进行扩容，明确全国社保基金、基本养老保险基金、银行理财 等机构投资者可以作为战略投资者，以耐心资本作为战略性资源对上市公司战略投资。同时，将上述投 资者界定为资本投资者，将其他实业投资者界定为产业投资者。 战略投资者不同于普通财务投资者，他们不仅提供资金，还往往与被投资公司建立更为紧密的关系，参 与公司治理，帮助公司提升价值。 战投阵营的扩容，相当于为A股市场引入了新的长钱"活水"。这些资金具有规模大、期限长、追求稳定 收益的特点，恰恰是资本市场最需要的"压舱石"。 资本投资者的新定义，意味着社保基金等长钱身份的进一步转变，从"旁观者"到"参与者"，他们在资本 市场里的参与度自然会更高。 资本投资者的规模通常很庞大，数万亿的长线资金如果只是简单地在二级市场买卖股票，其资源配置的 效率会十分有限。而 ...

（2）2025年公募基金利润突破2.6万亿元，投资者获得感显著提升。展望2026年，机构普遍认为，随着资本市场深化改 革、企业盈利持续改善、长期资金加速入市，科技等核心赛道投资逻辑愈发清晰，基金行业在居民财富积累与资产配置中 的功能将进一步强化，有望迎来新一轮高质量发展。 （3）公募REITs 2025年四季报显示，77只产品合计营收59.13亿元、净利润5.26亿元，逾七成实现盈利。尽管产业园、仓储 物流仍承压，但底层资产出租率与租金水平总体保持稳健，"以价换量"策略带动部分项目现金流改善。业内人士指出，随 着扩募落地和资产类型拓宽，REITs板块有望维持稳中向好态势，为2026年分红提供支撑。 一、交易提示 大量资金正在借道公募基金入市。今年以来，新基金成立速度显著提升，新发基金规模已突破千亿元。其中权益类与FOF 贡献主要增量，多只产品发行规模超30亿元并现"日光"。目前仍有百余只基金排队待售，渠道预计春节前后新发节奏保持 高位，为春季行情持续输送增量弹药。 1月29日,A股各大指数走势两极分化,沪指窄幅震荡,创业板指冲高回落,科创50指数跌超3%,而上证50指数涨超1%,截至收盘, 沪指涨0.16%, ...

新华保险 20260128 摘要 新华保险 2026 年初权益仓位较高，与同行相比处于较高水平，未来将 择机交易，但不会大幅加仓，响应长期资金入市号召，但尚未收到明确 通知，操作将视市场行情而定。 新华保险预计长期利率保持低位，中枢在 1.8%-2.0%之间，可能阶段 性上升。投资策略上，若有机会将增加长期债券配置以稳定收益，目前 有效久期缺口较小，无迫切需求拉长久期。 新华保险资产端修正久期约 10 年，负债端 13-14 年；资产端有效久期 与修正久期相近，负债端有效久期较短，总体风险可控。分红险占比提 高对投资策略影响有限，分红型账户上市权益比例可能更高。 新华保险优先配置静态收益可观、流动性好的利率债，长久期利率债收 益可达 2.2%-2.3%。新会计准则增强了抗波动能力，未来可能加大成 长型赛道投资比例，电子、化工和有色金属等弹性板块有所增加。 新华保险增额寿险为主力产品时，整体负债久期不短，长债可接住，主 要配置 30 年期债券，看重久期匹配。目前不同品种信用利差不大，主 要选择利率债，而非根据品种收益差异调整。 Q&A 2026 年一季度新华保险的整体投资表现如何？对于全年的市场看法是什么？ 2 ...

Market Overview - A-shares showed mixed performance last week, with trading volume remaining high [1] Macroeconomic Data Analysis - In Q4 2025, actual GDP growth rate declined by 0.3 percentage points to 4.5%, with an annual growth rate of 5%, aligning with market expectations [3][18] - Net exports contributed positively to economic growth, increasing from 1.4% to 1.2%, while investment and consumption contributions decreased [18] - December retail sales growth fell for the seventh consecutive month, dropping from 1.3% in November to 0.9% in December, below the market expectation of 1.0% [18] - Fixed asset investment growth continued to decline in December, reaching -3.8%, also below market expectations [4][19] - Real estate development investment saw a significant drop, with cumulative year-on-year growth at -17.2% and monthly growth at -35% [19] Investment Outlook - The market is experiencing a divergence, with high trading volume and a slight decrease in financing levels [8][21] - Short-term views indicate a favorable liquidity environment, supported by a weak dollar cycle and gradual appreciation of the RMB, alongside active institutional funds [9][22] - Concerns about the end of the spring market rally are growing, but no significant policy tightening or fundamental deterioration has been observed [22] - Mid-term perspectives favor technology growth as a key direction, with expectations of gradual improvement in the economic fundamentals [10][23] - Long-term views highlight the ongoing U.S.-China strategic competition, with potential support for China's equity market from foreign capital inflows [11][25] Industry Insights - Defensive dividend sectors are entering an observation phase, while aggressive sectors may face pressure [12][26] - Continued focus on technology, particularly in AI and related fields, is expected to drive performance [12][26] - The market is likely to see opportunities in sectors benefiting from domestic demand and high economic activity, such as chemicals and construction materials [12][26]

Core Viewpoint - The securities ETF (159841) has seen significant trading activity despite a decline in the underlying index, indicating investor interest and confidence in the sector [1][5]. Trading Activity - As of January 8, 2026, the securities ETF (159841) recorded a turnover of 5.93% with a transaction volume of 5.91 billion yuan [1]. - The ETF experienced a net subscription exceeding 3.3 million shares, ranking first among similar products in the Shenzhen market [1][2]. Performance of Component Stocks - Major component stocks of the ETF faced declines, with Huayin Securities (002945) leading the drop at 10.00%, followed by Huazhong Securities (600909) at 5.58%, and others like Xingye Securities (601377) and Huatai Securities (601688) also experiencing significant losses [1]. Market Trends - The margin trading balance in the A-share market has seen substantial growth, reaching a historical high of 25,799 billion yuan as of January 6, 2026, with a cumulative increase of over 392 billion yuan in the first two trading days of the year [5]. - This increase in margin trading is viewed as a positive indicator of market confidence and investor sentiment, suggesting a more aggressive use of leverage by investors [5]. Institutional Insights - In 2025, the A-share market was notably active, with an average daily trading volume of 17.3 trillion yuan, reflecting a year-on-year increase of over 62% [6]. - The overall market sentiment has improved, benefiting brokerage firms and related businesses, with public fund net asset values reaching 36.32 trillion yuan, a 12.44% increase from the beginning of the year [6].

Macro Insights - The manufacturing PMI for December rose to 50.10%, marking the first expansion since April, driven by synchronized recovery in production and demand [2] - New export orders index increased from 45.90% in October to 49% in December, while the new orders index rose to 50.80%, indicating expansion [2] - The production index for December reached 51.70%, with large enterprises leading at 50.80%, while medium and small enterprises showed improvements but remained below the expansion threshold [2] Stock Market Overview - A-shares experienced narrow fluctuations from December 29 to December 30, 2025, with the Shanghai Composite Index rising 18.41% and the Shenzhen Component Index increasing by 29.87% over the year [3] - The technology sector benefited from the development of domestic models, while the "anti-involution" policy boosted cyclical stocks, particularly in the non-ferrous metals sector [3][4] - The overall performance of A-share indices in 2025 was positive, with significant gains in the ChiNext Index (49.57%) and the STAR Market Index (46.30%) [3] Industry Performance - In 2025, the non-ferrous metals and communication sectors saw substantial annual gains of 94.73% and 84.75%, respectively, while the food and beverage sector faced declines [4] - The aerospace equipment II and communication equipment sectors led the secondary industry gains with increases of 146.03% and 130.60% [4] - The communication network equipment and aerospace equipment III sectors recorded the highest gains among tertiary industries, with increases of 176.57% and 146.03% [4] Investment Recommendations - For 2026, the report suggests a favorable policy environment for industrial upgrades, supporting a "slow bull" market [5] - The report highlights potential in insurance, securities, and agriculture-related sectors, as well as opportunities in aerospace aligned with the "14th Five-Year Plan" [5] - The report emphasizes the importance of efficiency optimization and product innovation in the home appliance industry, recommending focus on leading companies in white goods and emerging technologies [11] Home Appliance Industry Insights - The home appliance sector saw a 0.7% increase, with components leading the gains, while the overall market remains competitive [7] - The current PE ratio for the home appliance industry is 15.33, indicating a relatively low valuation compared to the broader market, suggesting investment potential [8] - January 2026 production for air conditioners, refrigerators, and washing machines showed mixed results, with total production increasing by 6% year-on-year [9][10]