南方财经全媒体记者 孙诗卉 实习生 徐若萱 上海报道 11.39万亿元的资产管理信托市场，正在向保险机构敞开大门。 近日，国家金融监督管理总局发布《资产管理信托管理办法（征求意见稿）》，明确保险公司可代销资 产管理信托。这一政策不仅打破了保险机构代销信托的资格限制，更推动了保险业从传统产品销售向综 合财富管理转型。 "这意味着保险行业财富管理业务的一次战略性升级。"对外经济贸易大学创新与风险管理研究中心副主 任龙格接受21世纪经济报道记者采访时指出。 保险代销信托开闸 2025年10月31日，国家金融监督管理总局发布《资产管理信托管理办法（征求意见稿）》（下称"《办 法》"），其第35条明确规定，允许商业银行、理财公司、保险公司、保险资产管理公司等机构代理销 售信托产品。 这一规定是对今年初政策的延续与完善。 2025年1月27日，国务院办公厅转发金融监管总局《关于加强监管防范风险推动信托业高质量发展的若 干意见》的通知，第五条要求"规范（信托）销售行为，严格代销管理，严禁非金融机构代销信托产 品。" 此次《办法》则进一步明确了金融机构代销资产管理信托的细则，放开了保险机构代销信托产品的资格 限制。 中国信托 ...

来源：格上理财 我一向相信，很多答案都藏在历史中。很多人对于巴菲特的"价值投资"，依然处于传统的投资观点，即 偏好低估值（如低市净率），价值投资者。但是下面的数据，一定让你发现真实情况的不同： 在伯克希尔历史上的240个持仓样本中，仅有19只股票（约占8%）的市净率低于1，且这些投资大多集 中在20世纪70年代末的熊市期间。相比之下，92%的股票交易价格高于账面价值。 更令人惊讶的是，巴菲特持仓的市净率中位数达到3.1，平均值高达7.9。在超过85%的年份中，他的投 资组合市净率始终高于标准普尔500指数成分股的平均水平。 这说明，巴菲特并非在寻找"便宜货"，而是在为企业的"无形价值"支付合理溢价。在巴菲特眼中，企业 价值早已超越了传统的"价值投资"范围。 作者：Saint Paul 这几天投资领域最热闹的，当属巴菲特在感恩节正式宣布了自己的告别。 同样引人关注的，是这份股东信后，伯克希尔的三季报显示，伯克希尔减持106亿美元苹果，大举增持 巴菲特曾经看不懂的互联网领域：谷歌。 一时间，各种评论纷至沓来。有人认为是阿贝尔新官上任三把火，有人认为伯克希尔开始转向新的投资 方向，有人从"巴菲特估值"的角度解释苹果 ...

长沙晚报掌上长沙11月17日讯（通讯员 陈伊歆）15日上午，由中国人寿长沙市分公司主办的"十载同行 健赴未 来"第十届"国寿700健行"活动在湘江欢乐海洋公园举行。 颁奖仪式后，参与者们共同乘坐"大王山欢乐云巴"，作为全程高架的无人驾驶空中观景移动平台，云巴凭借"四高 两低"的硬核科技，引领嘉宾穿梭于蓝天碧水之间，俯瞰度假区全景，亲身感受智能交通与自然生态的融合。这段 独特旅程，生动呼应"健赴未来"主题，以沉浸式体验展现科技赋能美好生活的无限潜力。 活动现场同步开展了金融知识宣传活动，通过发放资料、现场讲解等形式，向参与活动的嘉宾和沿途群众普及了 金融消费者权益保护、反洗钱、防范非法集资等知识，倡导大家增强风险防范意识、拒绝高利诱惑，共同维护和 谐稳定的金融生态环境。 "国寿700健行"系列活动自2016年开展以来，已走进全国200多座城市，超过100万客户参与。活动倡导的健康家庭 生活理念深受广大客户认可，彰显了中国人寿关爱生命、回馈社会、护航人民美好生活的坚定决心和使命担当。 活动在海洋精灵方阵精彩的开场表演中拉开帷幕。身着美人鱼、小精灵等特色造型的表演者与现场观众热情互 动，500余名参与者在专业教练的 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 软件锂电行业领涨 A 股震荡整理 ——市场分析 相关报告 《市场分析：光伏医药行业领涨 A 股小幅震 荡》 2025-11-14 《市场分析：半导体电池领涨 A 股震荡上行》 2025-11-13 《市场分析：金融医疗行业领涨 A 股小幅整 理》 2025-11-12 联系人： 李智 | 电话： | | --- | | 0371-65585629 | 证券研究报告-市场分析 发布日期：2025 年 11 月 17 日 投资要点： ◼ A 股市场综述 周一（11 月 17 日）A 股市场低开低走、小幅震荡整理，早盘股指低 开后震荡回落，盘中沪指在 3958 点附近获得支撑，随后股指企稳回 升，午后股指维持震荡，盘中能源金属、软件开发、互联网服务以 及船舶制造等行业表现较好；医药、贵金属、保险以及光伏设备等 行业表现较弱，沪指全天基本呈现小幅震荡整理的运行特征。创业 板市场周一震荡回落，创业板成分指数全天表现与主板市场基本同 步。 ◼ 后市研判及投资建议 周一 A 股市场低开低走、小幅震荡整理， ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7][12] Core Insights - As of the end of Q3 2025, the insurance industry's investment balance reached 37.5 trillion yuan, reflecting a year-to-date increase of 12.6% and a quarter-on-quarter increase of 3.4% [4][9] - The investment balance for life insurance and property insurance companies was 33.7 trillion yuan and 2.4 trillion yuan, respectively, with life insurance showing a year-to-date growth of 12.6% and property insurance at 7.5% [4][9] - Life insurance companies are increasing their allocation to equity assets, with a notable rise in stock and fund investments, while the proportion of bonds is marginally decreasing [10][11] Summary by Sections Investment Balance - The insurance industry's investment balance is 37.5 trillion yuan as of Q3 2025, with life insurance companies holding 33.7 trillion yuan and property insurance companies holding 2.4 trillion yuan [4][9] - The growth rates for these balances are 12.6% for life insurance and 7.5% for property insurance compared to the beginning of the year [4][9] Asset Allocation - Life insurance companies have allocated 19.69 trillion yuan to fixed income assets and 7.89 trillion yuan to equity assets, with the latter increasing by 13.3% from the previous quarter [10] - The allocation ratios for fixed income and equity assets are 58.4% and 23.4%, respectively, indicating a shift towards equities [10] - Property insurance companies have allocated 1.34 trillion yuan to fixed income and 0.55 trillion yuan to equity assets, with equity allocation increasing by 5.8% [11] Future Outlook - The report anticipates that improvements in new business value rates and asset returns will support growth in the insurance sector throughout 2025 [12] - Specific stock recommendations include China Life Insurance, China Pacific Insurance, and others [12]

Group 1 - The core point of the article highlights that a provincial branch manager of Xinhua Life Insurance is under investigation for alleged job-related crimes, while no senior management has been referred to judicial authorities for illegal activities [2] - In the third quarter, Xinhua Life Insurance faced one administrative penalty from financial regulatory authorities, amounting to 30,000 yuan, primarily due to issues related to improper personal gains from insurance business by a comprehensive clerk [3] - As of the end of the third quarter, Xinhua Life Insurance's comprehensive solvency adequacy ratio was 234.15%, and the core solvency adequacy ratio was 154.27%, reflecting decreases of 21.86 percentage points and 16.45 percentage points, respectively, compared to the previous quarter [3]

11月的深圳，风起南海，潮涌珠江。这座将举办2026年APEC会议的创新之都，即将迎来一场金融界的思想盛宴——第十九届深圳国际金融博览会暨2025中国金融 机构年会将于11月19日至21日在深圳会展中心(福田)隆重举行，这也是两大品牌活动首次强强联合。 这场由证券时报社主办的年度金融盛会，将汇聚来自银行、证券、保险、信托、期货等领域的数百位行业领袖，通过六大专业论坛，共同探寻金融业高质量发展新 路径。 金融精英汇聚鹏城，行业领袖共议金融强国建设！ 11月19-20日 中国·深圳 会议议程 11月19日 周三 9号馆 活动A区 第十九届深圳国际金融博览会 09:00-10:20 ● 2025金融科技大会开幕式 10:30-11:30 ● 2025中国金融机构年会 9号馆 活动B区 13:30-17:30 ● 2025中国金融机构年会 暨2025中国银行业年会 9号馆 活动C区 13:30-17:30 ● 2025中国金融机构年会 暨2025中国证券业资产管理高峰论坛 "2025中国金融机构年会"以"聚势赋能 重塑价值"为主题，因为今年恰逢"十四五"收官与"十五五"谋划的关键时点。在金融强国建设蹄疾步稳、中国特色 ...

Investment Rating - The industry investment rating is "Outperform" with an expectation that the industry index will perform better than the CSI 300 index by more than 5% within the next six months [44]. Core Insights - The People's Bank of China (PBOC) has emphasized a balanced approach in monetary policy, focusing on short-term and long-term growth, risk prevention, and the health of the banking system while maintaining a moderately loose monetary policy to support economic recovery and structural transformation [2][10]. - The financial statistics report for October indicates a decline in new RMB loans by 280 billion yuan year-on-year, with a total of 220 billion yuan added in October 2025, reflecting a shift in credit structure and a natural decrease in financial growth rates as the economy transitions to high-quality development [14][17]. - The recent meetings by the PBOC, the China Securities Regulatory Commission (CSRC), and the National Financial Regulatory Administration highlighted the commitment to enhancing financial stability, risk prevention, and supporting high-quality economic development [3][19]. Summary by Sections Monetary Policy Execution Report - The PBOC's third-quarter monetary policy execution report indicates a GDP growth of 5.2% year-on-year, with a focus on maintaining liquidity and optimizing credit structure to support key sectors and strategic transformations [11][12]. - The report outlines measures to lower the comprehensive financing costs and maintain a stable exchange rate while ensuring the effectiveness of monetary policy tools [12][17]. Financial Statistics Report - The October financial statistics report shows a total social financing increment of 0.82 trillion yuan, with a year-on-year growth rate of 8.5%, indicating a robust financial environment despite a decrease in new loans [14][15]. - The report also notes that M2 growth was at 8.2%, reflecting a slight decrease from the previous month, while the overall financial volume remains reasonable [17]. Market Performance - The banking, securities, insurance, and fintech indices experienced changes of +1.70%, -1.01%, +2.63%, and -2.11% respectively, with the banking sector showing resilience amid market fluctuations [21]. - The average daily trading volume for stock funds was reported at 24,965 billion yuan, indicating a slight decrease from the previous week [32][36]. Regulatory Developments - The PBOC and other financial regulatory bodies are focused on enhancing the central bank system, improving monetary policy frameworks, and ensuring effective risk management to support the financial sector's stability and growth [19][20].

截至收盘，香港证券指数下跌0.7%，中证全指证券公司指数下跌1.1%，中证银行指数、沪深300非银行金融指数均下跌1.3%。据Wind数据统计，证券保险 ETF（512070）11月以来持续获资金净流入，合计超22亿元。 相关数据显示，2025年三季度险资投资核心权益资产规模大幅提升：产寿险三季度单季投资"股票+基金"规模增加8640亿元，其中股票增加5525亿元，基金 增加3115亿元，前三季度股票+基金规模大幅增加1.49万亿元，其中股票增加1.19万亿元。人身险核心权益投资占比显著提升，股票、基金均有提高。 有分析指出，当前证券保险板块估值与公募持仓均处历史低位。随着负债端改善和资产端企稳（长端利率企稳），板块估值有望修复。 该指数由A股中市值大、流动性 好的42只银行业股票组成,反映 A股银行业股票的整体表现 证券保险ETF 跟踪沪深300非银行金融指数 该指数由沪深300指数中归属于 资本市场、其他金融、保险行业 的27只股票组成,证券川行业占 比近65%,是市场上保险行业占 比最高的指数之一 交日 该指数滑 香港证券ETF 跟踪中证香港证券投资主题指数 该指数由港股通范围内属于资产 管理与托管银行 ...

Domestic Macro - In October, major economic indicators showed a decline, with industrial, consumption, and investment growth rates slowing compared to September. The high base from last year's policy stimulus and the misalignment of holidays contributed to short-term disturbances, indicating insufficient domestic demand and external pressure that require policy support [1][7] - The industrial added value in October grew by 4.9% year-on-year and 0.17% month-on-month, while from January to October, it increased by 6.1% year-on-year. Real estate development investment from January to October was 73,563 billion yuan, down 14.7% year-on-year, and new commercial housing sales area decreased by 6.8% year-on-year [7] Foreign Macro - Overseas markets continued to experience fluctuations, particularly in US tech stocks, which affected sentiment in the A-share market. The S&P 500 index rose by 0.08%, while the Nasdaq index fell by 0.45% [8] - Several factors contributed to the ongoing adjustment in US stocks, including the absence of key economic data during the government shutdown, hawkish statements from Federal Reserve officials regarding interest rate cuts, and concerns over the sustainability of debt financing for AI giants [8][9] Bond Market - The bond market is expected to remain in a favorable period despite some pressure on the fundamentals. The central bank has indicated that during this critical economic transition, it is not advisable to overly focus on total data changes [10][15] - The overall liquidity in the market is anticipated to stay relatively loose in the medium term, with the bond market likely to continue benefiting from this environment [15] Equity Market - The market is entering a period of total policy and profit vacuum, with accelerated rotation in the tech sector and increased highlights in low-position consumption and dividends. The high-yield, risk-free financial assets are diminishing, and the influx of new capital is far from over [20] - The Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index dropped by 1.40%, and the ChiNext Index decreased by 3.01% last week, with 20 out of 31 industries showing gains [16][20] Investment Strategy - Emerging technology is expected to be a main focus, with cyclical consumption looking towards transformation. Attention should be given to sectors that have experienced prolonged corrections and significant adjustments [21][22] - Specific directions include technology growth, manufacturing expansion, cyclical consumption, and financial sectors, with a focus on areas such as internet, robotics, semiconductor, and consumer electronics [22]