| 12 号 | 产品名称 | 酒店 房 管理人 长率 | 最大可口撤 | 年(省政府) 14 | | --- | --- | --- | --- | --- | | | 宁赢个股臻选混合类开放 式理财产品2号(最短持有 | 宁银理财 28.12% 15.04% | | 16.32% | | | 3年) | | | | | | 我有用於 : | 宁银理财 24.00% | 9.48% | 11.95% | | | 财1号(最短特有2年) | | | | | | 宁赢平衡增利混合类开放 式理财2号(最短持有500 | 宁银理财 18.38% 6.42% | | 8.65% | | | 天) | | | | | 4 | 宁赢长三角发展混合类理 | 宁银理财 17.23% | 7.79% | 11.36% | | | 财产品(最短持有18个月) | | | | | ਟੇ | 宁赢个股臻选混合类开放 式理财产品1号(最短持有 宁银理财 17.03% | | 7.50% | 10.54% | | | 2年) | | | | | 6 | 宁赢混合类FOF策略开放 | 宁银理财 14.69% | 5.44% | 7.79% ...

券商资管子公司调研频率略低一些，前三季度共调研4216次，调研3321只个股。其中科创板调研个股数 量最多，有886只，其次是创业板，调研883只，深证主板调研882只，上证主板仅调研646只。对高成长 潜力、科技含量高的公司更为偏爱。 前三季度以财通证券资管、东证资管、长江资管、浙商资管、光证资管调研频率比较高，超过300次。 三季度长江资管、东证资管、财通证券资管调研积极性依然较高，其中长江资管最关注鼎通科技、金力 永磁、高测股份等，东证资管青睐华中数控、松霖科技、普蕊斯等。财通证券资管同样关注松霖科技， 此外，北方稀土、迈威生物-U也是重点关注的调研对象。其中普蕊斯、迈威生物-U均为创新药概念 股。 随着股市在三季度出现不小涨幅，部分股票估值走高，资管机构对于上市公司的调研热情趋于下降。21 世纪资管研究院统计发现，三季度券商资管、保险资管、理财公司、信托合计调研上市公司次数环比下 降24.8%，其中以理财公司环比降幅最大。 而在二季度股市横盘震荡期间，资管机构调研上市公司热情一度大增，券商资管、保险资管、理财公 司、信托合计调研上市公司次数曾环比大增49.31%。三季度资管机构继续频繁调研科技股，与此 ...

Core Insights - Southbound funds reduced their holdings in Jingji Financial International (01468.HK) by 1.79 million shares on October 16, 2025, marking a decrease of 0.18% [1] - Over the past five trading days, there has been a cumulative net reduction of 4.56 million shares, while in the last twenty trading days, the total net reduction reached 27.1875 million shares [1] - As of now, southbound funds hold 977 million shares of Jingji Financial International, accounting for 56.25% of the company's total issued ordinary shares [1] Trading Data Summary - On October 16, 2025, total shares held were 977 million, with a decrease of 1.79 million shares [2] - On October 15, 2025, total shares held were 979 million, with a decrease of 0.58 million shares [2] - On October 14, 2025, total shares held were 276.26 million, with a decrease of 0.85 million shares [2] - On October 13, 2025, total shares held were 980 million, with a decrease of 1.14 million shares [2] - On October 3, 2025, total shares held were 981 million, with a decrease of 0.20 million shares [2] Company Overview - Jingji Financial International Holdings Limited primarily engages in insurance business through seven divisions, including insurance brokerage, insurance technology, network and investment, fur sales, securities, lending, and asset management [2]

"我们既不是完全的国际机构，也不是纯粹的本土公司，而是要在两者之间找到最佳平衡点。"孙晨说。 在投资研究方面，富达建立了独特的"双重视角"研究体系：一方面，依托全球研究平台，富达能够从跨 国比较的维度分析行业发展趋势；另一方面，本土团队深耕中国市场，对中国经济发展的纵深脉络有着 深刻理解。这种纵横结合的研究方法，使富达能够更精准地把握中国市场的投资机会。 "我们的研究员既要有全球视野，又要懂中国市场。在分析某个新兴产业时，我们既会参考国际发展经 验，又会结合中国特色的发展路径，这种双重视角让我们能够做出更准确的判断。"孙晨称。 孙晨 ◎记者 王彭 作为全球资管巨头富达国际旗下全资公募基金，富达基金自成立以来，坚持走差异化发展路线——不做 简单的模式复制者，而是致力于成为连接中国与全球资本市场的桥梁。凭借其横跨北美、欧洲、亚洲的 全球网络资源，以及近半个世纪的主动管理经验，富达基金致力于将其在全球市场的成功基因深度嫁接 至中国市场。 近日，富达基金总经理孙晨在接受上海证券报记者专访时表示，中国资管行业正处在从规模扩张向质量 提升转型的关键阶段。富达基金将充分发挥其国际资管机构的独特优势，将全球经验与中国市场实际 ...

Core Viewpoint - The banking sector is experiencing a surge in the transfer of non-performing asset packages as it approaches the fourth quarter, driven by regulatory cycles, financial needs, and market supply and demand dynamics [1][4][6] Group 1: Non-Performing Asset Transfers - In the week following the "Eleven" holiday, at least 19 non-performing asset packages were listed by 11 banks, primarily from the construction, manufacturing, retail credit, and small and micro enterprise loans sectors [1][3] - Recent asset packages listed are substantial, with some exceeding 100 million yuan, and include both corporate and personal loans, with overdue periods varying significantly [3][5] - The transfer of non-performing assets is expected to peak in the fourth quarter, with a notable increase in the number of projects being listed for transfer over the past three years [5][6] Group 2: Regulatory and Financial Implications - The concentration of non-performing asset transfers in the fourth quarter is a strategic move by banks to lower non-performing loan balances, meet regulatory requirements for provision coverage ratios, and improve capital adequacy ratios [4][6] - The overall non-performing loan rate for commercial banks has shown a declining trend over the past two years, with rates recorded at 1.49% as of the second quarter of 2025 [5][6] Group 3: Risk Analysis and Recommendations - The primary sectors for non-performing loans include construction, manufacturing, retail credit, and small and micro enterprises, with varying levels of risk associated with each sector [5][7] - Recommendations for banks include integrating legal and financial technologies to create a dynamic non-performing asset management system, focusing on pre-loan risk assessment and post-loan monitoring [7]

Core Viewpoint - BlackRock has terminated its acquisition plan for YUNC Exchange due to compliance issues with the YUNC token's circulation structure and high internal holding ratio, leading to significant market turmoil and a sharp decline in YUNC token prices [1] Group 1: Acquisition Termination - BlackRock discovered irregularities in the YUNC token's circulation structure and internal holding ratios during the final review phase, which did not meet international acquisition audit and compliance standards [1] - The decision to halt the acquisition resulted in a drastic drop in YUNC token prices, with a near-total loss in value within a short period [1] Group 2: Market Impact - The termination of the acquisition has caused a ripple effect, impacting several companies associated with YUNC Exchange, including "凝聚未来," a subsidiary of Chairman Zhang Jian, which has announced its entry into bankruptcy liquidation [1] - The incident has led to increased market volatility and concerns among investors regarding the stability of related blockchain projects and ecosystems [1] Group 3: Future Implications - Industry analysts predict that the failed acquisition will have long-term effects on the YUNC ecosystem and related blockchain projects, potentially prompting regulatory scrutiny over token holding structures and internal circulation mechanisms [1]

在短暂的喘息之后，法国债券市场的不确定性正再度升温。未来六周内，穆迪和标普全球评级将先后对法国主权信用进行关键审查，这两次决定 或将重新点燃欧洲债市的动荡。 法国债务负担沉重、政治局势动荡，使其财政信誉承受巨大压力。尽管本周法国总理勒科尔尼成功挺过两场不信任投票，暂时稳定了政治局面， 但这场危机也暴露出法国财政与政治脆弱性的叠加风险。 目前，穆迪与标普均给予法国主权债"最低档双A"评级（分别为Aa3和AA-）。然而，另一家评级机构惠誉已在今年率先将其评级降至AA以下。 一旦穆迪或标普跟进降级，法国债券将正式跌出"双A俱乐部"，触发部分基金被动抛售。 据彭博报道，贝莱德、先锋及英国法通等大型资产管理公司旗下部分基金，均设定投资范围为"AA及以上"的主权债券。一旦法国失守评级底线， 这类被称为"评级约束型投资者"的基金将被迫削减持仓。 法国目前是欧洲最大主权债发行国，债务规模接近3万亿欧元，占欧元区政府债券市场的关键比例。若降级触发机构被动卖盘，势必对整个欧债市 场产生溢出效应。 八成机构押注年底前遭降级 市场的担忧已提前反映在债券定价中。法国与德国10年期国债利差已扩大至约77个基点，接近去年选举后高点。法国国 ...

Core Insights - The focus on technology assets remains a primary direction in both primary and secondary markets, with a heightened awareness of balancing risk and return in investment strategies [1][2] - The "2025 Shanghai Global Asset Management Forum" highlighted discussions among executives from various financial institutions regarding investment strategies and opportunities in technology sectors [1] Investment Strategies - Bank wealth management subsidiaries are increasingly launching "fixed income plus" products, incorporating stocks, gold, and REITs, while also considering foreign assets as part of their strategy [1][2] - Insurance companies are focusing on investing in technology infrastructure, particularly in power and computing centers, to align with their long-term investment characteristics [2] Future Investment Opportunities - Participants at the forum expressed optimism about technology assets, particularly in four key sectors: AI applications and large models, life and health, integrated circuits, and new materials and renewable energy [1][5] - The "14th Five-Year Plan" is expected to drive interest in technology innovation, with institutions committed to ongoing communication and assessment of investment opportunities [5] Risk Management - The insurance industry faces challenges due to declining interest rates, leading to a shift from fixed-income strategies to equity investments to capture dividend opportunities [3] - Private equity firms are advised to select valuable projects through a diversified approach, balancing risk and return by investing in both leading and emerging companies across various sectors [4] Asset Allocation - The focus on long-term capital markets, particularly technology-related assets, is emphasized, alongside interest in niche assets like REITs and precious metals such as gold [6] - The importance of aligning investment strategies with national policies and market trends is highlighted as a key factor for success in the current investment landscape [7]

如何实现风险与收益之间的平衡？ 不管是一级市场还是二级市场，科技资产都是主线，这时间年来投资领域的主要方向。而科技资产的风 险相对更高，如何平衡风险与收益，成为市场和机构的关注点。 10月16日，在第一财经和中国银行联合举办的"2025上海全球资产管理论坛"上，银行理财子公司、保险 公司、资管公司、股权投资机构高管对相关问题进行了探讨。 中银理财副总裁蒋海军称，正大力推出"固收+"产品和策略，比如加股票、黄金、REITS等，随着对外 开放进一步推进，也考虑加境外资产。华泰资管常务副总经理陈敏则称，结合保险资金的特点，主要投 资科技基础设施，比如投电力和算力中心。 展望未来的投资机会，与会人士均称，看好科技类资产。上海科创基金总裁杨斌说，未来，主要关注四 个细分领域：AI应用和大模型领域、生命健康、集成电路、新材料和新能源。 如何平衡风险与收益？ 对于银行理财子公司、保险公司、资管公司、股权投资机构而言，应如何实现风险与收益之间的平衡？ "这是我们发展权益产品相关过程中遇到的核心问题。"蒋海军说，一个行业要保持服务新质生产力的能 力，首先需要保持稳定的规模和良好的增长前景；其次，提升自身能力是创造耐心资本的关键 ...

Core Viewpoint - The article emphasizes the importance of "margin of safety" in dividend investing, suggesting that it is a prudent approach to navigate uncertainties in both investment and life [1][2]. Group 1: Dividend Investment Strategy - The selection criteria for dividend stocks include both long-term and current high dividend yields, which inherently provide a higher probability of safety margin [1]. - Long-term high dividend stocks are identified through in-depth research, indicating strong profitability and willingness to distribute dividends, typically found in mature companies with reduced capital expenditure needs [1]. - Current high dividend yields often correlate with lower valuations, allowing for the identification of suitable investment targets even under pessimistic long-term profitability assumptions [1]. Group 2: Risk Management and Investment Approach - The company sets buy prices with a margin of safety and establishes detailed observation and exit indicators, focusing on changes that could impact long-term profitability [2]. - Monitoring cost advantages relative to peers is crucial for assessing long-term profitability, and adjustments to investment strategies are made accordingly [2]. Group 3: Market Conditions and Performance - The article acknowledges the challenges faced during recent market downturns, highlighting that while external performance metrics may show declines, internal rates of return on holdings may actually improve [4]. - The current market conditions serve as a test for the commitment to dividend investing, prompting a reflection on whether the appeal lies in the strategy itself or merely in short-term gains [5]. Group 4: Investment Philosophy - The essence of investing is framed as a partnership with time and a focus on value creation rather than chasing price fluctuations, reinforcing the notion that short-term performance is less significant compared to long-term goals [5].