爆买阿里，新进京东+黄金ETF。 北京时间5月15日凌晨，全球知名投资机构桥水基金(BridgeWater)向美国证券交易委员会(SEC)递交了截至今年3月31日的一季度持仓报告(13F表)。报告显 示，桥水在一季度持仓出现了重大变化，在减持科技股龙头英伟达的同时，大幅加仓阿里巴巴和黄金。 在中概股方面，桥水一季度还加仓了百度近188万股，期末持仓总额1.9亿美元，位列第22大持仓；同时一季度加仓近50万股拼多多，持仓规模达到174万 股，位列所有持仓第20位。此外，建仓京东278.68万股，增持蔚来56万股。 在卖出股票方面，桥水基金对其第一大持仓SPDR标普500ETF(SPY)大幅度减持27.4亿美元，使其占整体仓位的比例从去年四季度的22%降至不足9%。 SPDR标普500ETF作为追踪美国标普500指数的交易型开放式指数基金(ETF)，一直是全球投资者配置美股的重要工具。 在美国科技股方面，桥水基金在一季度对科技股有增持有减持。在减持方面，英伟达持仓减少65.54万股，减少了18.74%；减持谷歌57.9万股，减少了 15.99%；减持Meta19.55万股，减少了31.47%。桥水基金对微软、亚马 ...

21世纪经济报道记者 郭聪聪 北京报道 在资本市场发展的进程中，投资者权益保护始终是维护市场公平正义的重要基石。2025年5月15日全国 投资者保护宣传日当天，北京金融法院发布10起投资者保护典型案例，其中三起案例聚焦资管行业与信 息披露领域的核心争议，通过司法实践明晰责任边界、统一裁判尺度。 这三起案例分别指向资管产品管理人未履行勤勉义务、上市公司信息披露"失守"、实控人操纵关联交易 未披露等典型问题。北京金融法院通过这一系列案例，以司法裁判倒逼市场主体归位尽责，筑牢投资者 权益保护防线，为推动资本市场规范健康发展提供了有力的法治支撑。 资管管理人未尽"勤勉义务"被判担责40%，法院确立"六步审查法" 2017年，某投资者认购某基金公司管理的契约型基金产品，投资100万元。因投资标的公司违约，基金 未能兑付。投资者认为，基金公司未充分履行尽职调查义务，既未核实标的公司合作协议的实际履行情 况，也未发现标的公司应收账款质押存在在先登记冲突，导致其无法优先受偿，遂将基金公司诉至法 院，要求赔偿全部本金及利息损失。 法院指出，本案中，尽管上市公司实际控制人存在刻意隐瞒关联关系、掩盖关联交易的行为，但根据证 券法第 ...

Core Viewpoint - The "Three Investments" (Rational Investment, Value Investment, Long-term Investment) advocated by the Shanghai Stock Exchange is becoming a guiding principle for institutional investors in the context of high-quality development in the capital market [1] Group 1: Challenges of Long-term Investment - Insurance funds, as natural long-term capital, should ideally support the capital market, but their allocation to stocks and funds is only 13.2% of the total, significantly below regulatory limits [2] - Three main challenges for "Long Money Long Investment" are identified: 1. Constraints from assessment mechanisms, where annual performance targets may lead to reduced stock allocations [2] 2. Limitations from solvency requirements under the "Solvency II" framework, which increases risk capital for equity investments [2] 3. Increased uncertainty in the external environment, including global economic policy changes and geopolitical risks [2] Group 2: New Requirements for Investment Strategy - The rise of new productive forces has increased the market capitalization of technology and manufacturing in A-shares from 17% in 2007 to 36.6%, necessitating insurance funds to balance high growth opportunities with volatility risks [3] - Three core difficulties in adapting to this new requirement include: 1. Investment philosophy challenges in balancing stability with high-growth potential [3] 2. Investment management challenges due to strict risk control processes that may not meet the fast-paced needs of tech companies [3] 3. Investment research challenges requiring an upgrade of existing research systems to capture investment opportunities in technological changes [3] Group 3: Optimizing Long-term Investment Mechanisms - To address pain points and achieve "Long Money Long Investment," several strategies are proposed: 1. Optimizing long-term assessment mechanisms, with state-owned insurance companies increasing the weight of "net asset return" to at least 60% [4] 2. Considering a reduction in risk factors for equity assets under the "Solvency II" framework to lower capital requirements [4] 3. Enhancing investment capabilities to improve returns amidst a complex external environment [4] Group 4: Risk Management in Long-term Investment - Five key areas for insurance funds to focus on in risk management include: 1. Clarifying the positioning of insurance funds to ensure they serve the main business and match long-term liabilities [5][6] 2. Defining risk preferences with a focus on prudent and stable investment [6] 3. Establishing a robust investment culture emphasizing stability and seriousness [6] 4. Implementing comprehensive risk control mechanisms throughout the investment process [6] 5. Setting systematic performance metrics to guide investment teams in adhering to the "Three Investments" philosophy [6] - A three-tiered risk defense system for equity investments is established, focusing on pre-investment research, in-process management, and post-investment performance attribution [6]

Core Viewpoint - The "Three Investment" concept can enhance the efficiency of resource allocation in capital markets, directing funds towards enterprises with long-term development prospects, thereby achieving rational resource distribution [1] Group 1: Investment Strategies in Hard Technology - The importance of the hard technology sector, such as semiconductors and integrated circuits, has increased due to changes in the international competitive environment, characterized by high growth potential, high technical risks, and high market uncertainties [1][4] - Institutions are encouraged to adopt innovative approaches like PE, S funds, and mergers to create new investment pathways that are risk-controlled and adaptable to timeframes [1][5] - Value investment is defined as discovering and creating value, which goes beyond traditional metrics like market share and ROE, especially in early-stage investments [2] Group 2: Investment Examples and Trends - In 2018-2019, China's integrated circuit imports exceeded $300 billion, surpassing crude oil as the largest import commodity, highlighting the significant impact of the semiconductor industry [3] - The investment team at Zhongbao Investment has invested over 5 billion yuan in the semiconductor sector, recognizing its foundational role in supporting emerging technologies like digital economy and AI [3] Group 3: Challenges and Solutions in Hard Technology Investment - Insurance funds face challenges in investing in hard technology due to the sector's high growth potential and rapid technological iterations, which complicate the investment research system [4] - S funds are identified as suitable investment vehicles for insurance capital, offering clearer underlying assets and potentially higher annualized returns [5] - The REITs market presents significant investment potential, with only 58 listed REITs valued at 170 billion yuan, indicating a low asset securitization rate of less than 0.6% [5][6] Group 4: Future Directions and Strategies - Zhongbao Investment is expanding its REITs portfolio into advanced production assets, aiming to cultivate high-risk assets into stable cash flow generators [6] - A comprehensive investment strategy is essential for alternative investments like REITs and S funds, requiring attention to macroeconomic stability, industry research foresight, and the capabilities of decision-makers [6]

生命资产发布公告称，朱海马拟任公司董事长。公开信息显示，朱海马现任富德集团董事局秘书、副总 裁，前海富德能源总经理。曾任富德保险控股董事长办公室主任、富德生命人寿海南分公司总经理等 职。 来源：中国银行保险报 朱艳霞 近日，保险资管行业迎来新一轮人事调整。平安资管、新华资管、生命资产、民生通惠资管等公司相继 宣布高管变动，涉及董事长、总经理等职位。 民生通惠资管发布公告称，经董事会决议，并经金融监管部门核准，公司于4月6日正式任命吴志军担任 董事、董事长。这是该公司原董事长葛旋去年5月辞任后的首次核心管理层补位。吴志军2013年加入民 生人寿，历任民生人寿首席运营官、执行总裁、合规负责人、财务负责人、首席风险官、总经理等职。 值得关注的是，保险资管公司近期陆续披露2024年年报。根据34家公司披露的数据，行业整体呈现营收 利润双增态势，2024年合计营收416亿元、净利184亿元，比上年分别增长14.4%、18.1%。 相关业内人士认为，2025年，权益市场投资价值将进一步凸显，债券市场收益率下行趋势有望改善。保 险资管行业应积极应对低利率环境新动态，持续探索差异化定位，努力发展服务新质生产力的途径和手 段。 ...

近日，除华夏久盈资产因处于风险处置期，暂缓披露2024年度信息披露报告外，34家保险资管公司2024 年财报均已悉数披露。 数据显示，2024年，保险资管公司累计实现营业收入415.99亿元、净利润185.075亿元，同比分别增长 14.41%、17.4%，其中21家公司实现营业收入与净利润"双增"。 33家公司实现盈利 2024年，34家保险资管公司中，33家实现了盈利。其中，国寿资产、泰康资产、平安资管稳居净利润前 三，分别为38.57亿元、28.43亿元、24.51亿元。太平资本成为唯一亏损机构，2024年亏损0.16亿元。 分析人士指出，保险资管公司业绩普涨得益于两方面：一是资本市场回暖带动投资收益提升；二是行业 在另类投资、权益配置等领域的提前布局。 提升内控管理水平 保险资管公司作为金融市场的重要参与主体，承担着保险资金保值增值的主要职能。在资产规模扩张的 同时，保险资管行业对风险管理的重视程度空前。近期，多家保险资管公司发声，为内部控制优化与全 面风险管理建言献策。 随着金融市场不断发展，保险资管公司面临的操作风险日益复杂多样，对内部控制的要求更加严格。人 保资产表示，2024年7月实施的《银行 ...

Group 1 - Overseas investors net purchased over 8 trillion yen (approximately 570 billion USD) in Japanese stocks and bonds in April, marking the highest level since 2005 and more than three times the average for April over the past 20 years [2][3] - The net purchase of medium- and long-term bonds reached 4.5371 trillion yen (315 billion USD), the highest since July 2022 and the second highest in history, while net purchases of stocks and investment funds were 3.6759 trillion yen (255 billion USD), also a new high for April 2023 and the third highest historically [2][3] - The surge in bond purchases is attributed to central bank reserves reallocating funds away from US assets, with a significant portion being Japanese government bonds (JGBs), viewed as a liquidity and stability choice during uncertain times [2][3] Group 2 - Factors contributing to the inflow of funds into Japan include monetary policy, profit expectations, corporate governance, and the influence of Warren Buffett, who has significantly increased his investments in Japanese companies [3][4] - Buffett's investment strategy emphasizes a long-term relationship with Japanese companies, indicating confidence in their historical performance and business practices [4] - The influx of capital into Japan is seen as a response to the volatility caused by US trade policies, with Japan being perceived as a safe haven for funds amid global economic uncertainty [4]

外资机构上调中国股票评级！ 受贸易紧张局势缓和影响，外资机构对中国股票的前景展望发生了重大逆转，纷纷表达了对中国增长前景的乐 观看法。其中，野村证券发布报告称，已将中国股票评级上调至"战术超配"，并称将把部分资金从印度转至中 国；花旗则将恒生指数的年底目标价上调2%至25000点。另外，贝莱德、安联、路博迈等资管巨头也表示，多 重利好因素将提升中国资产吸引力。 与此同时，外资开始"真金白银"押注中国资产。摩根士丹利在最新发布的报告中指出，美国对冲基金在上周增 加了对中国股票的看涨押注。M&G Investments多空多资产策略的投资总监Michael Dyer称，他的公司最近增加 了对中国的敞口。 有分析称，人民币资产吸引力提升，将促使国际资本加大对中国资本市场的配置，尤其是对具备长期增长潜力 的优质蓝筹股和高信用等级债券。 外资突然转变 5月14日，瑞银全球财富管理首席投资官胡一帆在接受媒体采访时表示，该行最近刚刚将中国科技评级上调 为"具有吸引力"，预计AI生态系统及其相关行业绝对会是中国未来的方向。 5月14日，瑞银全球财富管理首席投资官胡一帆在接受媒体采访时表示，该行最近刚刚将中国科技评级上调 为" ...

美国过去也曾要求日本重新平衡国际收支，最终达成了导致日元兑美元升值的广场协议。日本失去了在 固定汇率时代积累的国际竞争力，不再对美国经济构成威胁。特朗普政府也会强烈要求纠正人民币贬 值…… 河浪武史： 中美两国政府5月12日就相互征收的关税各自下调115%达成了协议。从联合声明可以看出 希望纠正两国经济的扭曲，致力于实现再平衡。据悉，美国财政部部长贝森特不仅是贸易问题，还在着 手处理汇率和财政问题。其背后存在美国对维持轴心货币美元信用的强烈危机感。 美国的军事力量和金融力量也在动摇 "再平衡"是金融专家兼经济史学家的贝森特喜欢使用的术语。这并不仅仅意味着消除贸易逆差。担心的 是美国的过度消费持续依赖中国过剩产能这一宏观经济的失衡。如果放任不管，"将再次演变成雷曼危 机那样的大惨剧"(贝森特)。 "双赤字"导致美元外流 美国过去也曾要求日本重新平衡国际收支。纺织、汽车和半导体等产业相继发生贸易摩擦，最终达成了 导致日元兑美元升值的广场协议。日本失去了在固定汇率时代积累的国际竞争力，不再对美国经济构成 威胁。特朗普政府也会强烈要求纠正人民币贬值。 确实，美国的国际收支出现了明显扭曲。贸易逆差达到1.21万亿美元( ...

Core Viewpoint - The "Nansha Financial 30 Measures" aims to enhance financial support for the Nansha area, positioning it as a key node in the Guangdong-Hong Kong-Macao Greater Bay Area's high-quality development and international financial hub [1][2]. Group 1: Financial Support Measures - The measures are structured around seven dimensions, including improving financial services for innovation and entrepreneurship, enhancing financial services in social welfare, developing specialized financial services, promoting cross-border financial cooperation, and ensuring supportive measures [2][3]. - The initiative is a strategic deployment to accelerate the construction of major cooperation platforms in the Greater Bay Area, aligning with the "Greater Bay Area Development Plan Outline" [2]. Group 2: Innovation and Entrepreneurship - A primary focus is on enhancing financial services for innovation and entrepreneurship, supporting the construction of technology innovation industrial cooperation bases [3]. - Specific measures include supporting financial institutions in innovating bill discount products and increasing financing support for eligible enterprises [3]. Group 3: Cross-Border Financial Services - The plan emphasizes the development of cross-border asset management centers and encourages the use of RMB for international shipping fees [4][5]. - It aims to facilitate cross-border payment services and credit financing, including expanding the range of banks for Hong Kong and Macao residents to open accounts [7]. Group 4: Commodity Futures and Insurance - The establishment of a commodity futures delivery center is proposed to enhance the integration of spot and futures markets, contributing to the pricing power of commodities [6]. - The measures also include the development of cross-border insurance products tailored for residents in the Nansha area [6].