【重点关注】 ·全国住房城乡建设工作会议：推动收购存量商品房用作保障性住房、安置房、宿舍、人才房等 ·我国光热发电总装机规模力争到2030年达1500万千瓦左右 ·上金所：近期贵金属价格波动剧烈，继续加强市场风险控制工作 ·国际黄金期货价格突破每盎司4500美元 【国内要闻】 ·国家发展改革委、教育部、财政部15日公开发布《关于完善幼儿园收费政策的通知》。其中提出，各 地制定调整普惠性幼儿园和其他非营利性民办幼儿园收费标准，应在成本监审或调查的基础上，以扣除 政府投入、社会无偿捐赠等后的成本为依据，综合考虑当地经济社会发展水平、群众承受能力、市场供 求状况、机构性质、服务类型等情况合理确定。 ·12月22日至23日，全国住房城乡建设工作会议在北京召开。住房和城乡建设部部长倪虹表示，要因城 施策控增量、去库存、优供给，结合城市更新、城中村改造盘活利用存量用地，推动收购存量商品房用 作保障性住房、安置房、宿舍、人才房等。优化和精准实施保障性住房供应，实施房屋品质提升工程， 有序推进"好房子"建设。 ·国家发展改革委、国家能源局日前印发《关于促进光热发电规模化发展的若干意见》提出，到2030 年，我国光热发电总装机 ...

12月23日，永太科技涨5.29%，截至发稿，报24.69元/股，成交11.42亿元，换手率5.87%，总市值228.41 亿元。 资料显示，浙江永太科技股份有限公司位于浙江省化学原料药基地临海园区东海第五大道一号，成立日 期1999年10月11日，上市日期2009年12月22日，公司主营业务涉及氟精细化学品的研发、生产和销售, 特色化学原料药、化学制剂和中成药研发、生产与销售。主营业务收入构成为：锂电及其他材料类 33.38%，贸易30.87%，植保类19.50%，医药类16.04%，其他0.21%。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益26.03%，同类 排名1965/4197；近一年收益19.73%，同类排名2540/4154；成立以来收益11.53%。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年48天，现任基金资产总规模1227.6亿元，任职期间最佳基金回报 189.31%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息 ...

◎记者 张骄 定投黄金，逐步成为河南郑州"90后"上班族小陈的理财习惯。今年9月，他在工商银行开通了积存金业 务并完成首笔交易，此后关注金价波动便成了他的日常。而小陈的经历，正是2025年全球黄金投资潮中 的一朵"浪花"。 行至年末，黄金市场的狂热没有消退。12月22日，现货黄金历史性地冲破4400美元/盎司大关。截至上 海证券报记者发稿时，其以年内近68%的耀眼涨幅，大幅跑赢其他主要资产，改写了全球资产的回报叙 事。 从投资者的"买金潮"，到机构的策略配置，再到全球央行的储备增持，黄金已从传统的"避险符号"，演 变为最具共识的核心资产。一轮新的财富故事，也随之铺开。 新老玩家众生相 2025年10月，在国际金价创新高之时，南京广告从业者徐珍妮（化名）跃跃欲试。她在每克930元左右 的价位入场，买入招商银行积存金（一种黄金投资的储蓄产品）。"美联储降息和地缘冲突的消息，让 我期待金价冲到每克1000元。"徐珍妮对上海证券报记者说。 市场的剧本演绎却没那么简单，随后的追涨加仓将她牢牢套住。每天频繁看盘，也让她心情跌宕起伏， 经常感到"坐不住"。 "没卖就是没亏！"她告诉记者。好在目前金价回升，让她庆幸11月时的 ...

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the fixed income market, particularly focusing on the bond market dynamics and the implications for various financial institutions, including banks and insurance companies [1][2][5]. Core Insights and Arguments 1. **Supply and Demand Pressure**: The supply-demand structure for bonds is under pressure, with local government bond issuance at historical highs and major banks nearing their issuance limits. This situation raises concerns about potential supply-demand gaps [1][2][5]. 2. **Long-term Bond Selling**: Funds have been continuously selling long-term bonds, with a net sell-off of approximately 60 billion, bringing the duration of medium to long-term interest rate bonds back to levels seen in early April [1][3][4]. 3. **Projected Financing Needs**: For the upcoming year, the net financing volume is expected to increase to between 6.76 trillion and 6.8 trillion, indicating a significant rise in overall financing needs [1][5]. 4. **Insurance Sector Adjustments**: The insurance sector is expected to see a decrease in demand for ultra-long-term bonds by about 200 billion due to a shift towards higher dividend insurance products in a low-interest-rate environment [1][6][7]. 5. **Banking Sector Trends**: If banks maintain their current bond purchase ratios, their share in the market may decrease by approximately 100 billion [1][7]. Additional Important Insights 1. **Market Volatility**: The bond market is anticipated to experience volatility, particularly in the long-term segment, as the demand from funds and insurance companies is expected to weaken [1][3][6]. 2. **Credit Bond Market Performance**: The credit bond market has shown a lackluster performance, with credit spreads widening as funds continue to favor short-term credit bonds [3][12][13]. 3. **Investment Strategies**: Recommendations for investment strategies include waiting for favorable conditions before making significant investments in long-term bonds and focusing on short to medium-term bonds for better liquidity and stability [11][16]. 4. **Impact of Regulatory Changes**: Regulatory adjustments, such as changes in fund sales fees and customized fund regulations, are expected to influence demand for bonds with maturities of 4-5 years, potentially increasing volatility [15][16]. 5. **Market Sentiment and Future Outlook**: The sentiment in the market is cautious, with expectations that the supply-demand gap could reach approximately 700 billion, necessitating measures such as relaxing central bank liquidity indicators to alleviate pressure [8][10]. This summary encapsulates the critical points discussed in the conference call records, providing a comprehensive overview of the current state and future outlook of the fixed income market and its participants.

Core Viewpoint - The article discusses strategies for maintaining stable investment returns in a fluctuating market, emphasizing the importance of diversified asset allocation and disciplined investment approaches [1][3]. Group 1: Market Conditions - The Shanghai Composite Index has recently surpassed 4000 points, leading many to believe a bull market has arrived [2]. - Despite the bullish sentiment, many investors are still experiencing losses, highlighting the complexity of the current market environment [3][10]. - The current bull market differs from previous ones in terms of valuation recovery, policy support, and the emergence of new investment tools like ETFs [9]. Group 2: Investment Challenges - A significant percentage of retail investors are reportedly losing money this year, with estimates suggesting that up to 80% may be in the red [11]. - Key reasons for losses include chasing high prices during a bull market and failing to adapt to rapidly changing market conditions [12][13]. - Emotional decision-making and lack of clear investment goals contribute to poor performance in a bull market [13]. Group 3: Investment Selection - Investors are encouraged to build diversified portfolios that include a mix of stocks, bonds, and commodities to mitigate risks [15][16]. - Specific asset allocations mentioned include a focus on low-volatility indices, international markets, and commodities like gold [17]. - The importance of understanding personal risk tolerance and setting realistic return expectations is emphasized [19][20]. Group 4: Diversification Strategies - Diversification is crucial for reducing volatility and managing risk, especially in a market characterized by rapid changes [22]. - The article discusses the significance of both market and asset diversification, suggesting that different markets may not always move in tandem [26]. - The potential for simultaneous declines in various asset classes during extreme market conditions is acknowledged, but historical data suggests such occurrences are rare [25]. Group 5: Long-term Perspectives - The article argues that while diversified strategies may underperform during certain bull market phases, they provide stability and lower volatility over the long term [29][30]. - Investors are advised to focus on their own investment goals rather than comparing their performance to high-flying indices [31]. - The importance of maintaining a balanced approach and being prepared for market fluctuations is reiterated [39].

Group 1 - The core point of the news is that Luoniushan Co., Ltd. experienced a stock price increase of 5.12%, reaching 9.45 CNY per share, with a trading volume of 1.186 billion CNY and a turnover rate of 11.60%, resulting in a total market capitalization of 10.882 billion CNY [1] - Luoniushan Co., Ltd. is based in Haikou, Hainan Province, and was established on December 19, 1987, with its listing date on June 11, 1997. The company’s main business includes pig farming and slaughtering, cold chain operations, real estate, and educational services [1] - The revenue composition of Luoniushan Co., Ltd. is as follows: livestock farming accounts for 64.60%, food processing 13.46%, education 7.73%, real estate 7.16%, logistics 4.05%, and others 2.99% [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund holds a significant position in Luoniushan, with its Guotai Zhongzheng Livestock Breeding ETF (159865) increasing its holdings by 7.4 million shares in the third quarter, totaling 20.5156 million shares, which represents 1.78% of the circulating shares [2] - The Guotai Zhongzheng Livestock Breeding ETF (159865) was established on March 1, 2021, with a current size of 6.097 billion CNY. Year-to-date returns are 11.07%, ranking 3327 out of 4197 in its category, while the one-year return is 7.62%, ranking 3428 out of 4147. Since inception, the fund has experienced a loss of 37% [2]

证券研究报告 | 策略研究 2025 年 12 月 19 日 美联储如期降息，国内 ETF 转为净流出 ——金融市场流动性与监管动态周报（1219） 上周二级市场可跟踪资金净流入，其中融资仍作为主力增量资金。上周美联储 如期降息 25bp，整体内容基本符合市场对"鹰派降息"的预期，并且重新开启 扩表、启用 RMP 补充流动性。往后看，需要关注即将公布的日本央行利率决定， 流动性的变化将持续影响市场走势。 定期报告 相关报告 1. 《招商 A 股流动性研究体系与 流动性指数——A 股市流动性研 究之四》，2016 年 8 月 2. 《A 股机构投资者全景图—股 票市场 SCP 范式研究之一》， 2017 年 10 月 3. 《保险资金股票投资风险因子 下调如何影响 A 股？——金融市 场流动性与监管动态周报 （1209）》 | 招商 A 股流动性指数 | | | --- | --- | | 流动性指标 | 数值/金额（亿元） | | 资金供给 | | | 公募基金发行 | 111.10↑ | | ETF 净申购 | 31.16↑ | | 融资净买入 | 76.43↓ | | 资金需求 | | | 限售解禁 | ...

12月18日，海南自贸港正式启动全岛封关运作，这是我国坚定不移扩大高水平对外开放、推动建设开放 型世界经济的标志性举措。封关不是封岛，而是更大的开放。封关后，海南与境外之间称为"一线"，货 物进出更自由便利；海南与内地之间称为"二线"，"二线"主要管住"一线"放开货物的税和证。 封关后，资金流动如何保障？本文就此解析海南自贸港自由贸易账户体系独特运作模式。 记者获悉，人民银行积极推动多功能自由贸易账户建设工作，进一步完善相关跨境资金流动管理政策。 2024年5月6日，海南自贸港多功能自由贸易账户（以下简称EF账户）正式上线运行。 可以说，资金流动的一切秘密就藏在多功能自由贸易账户（即EF账户）中，它有两个特点： 记者获悉，在促进海南自贸港跨境贸易投资自由便利及跨境资金流动自由便利过程中，国家外汇管理局 海南省分局制定了20余项创新政策，包括《合格境外有限合伙人（QFLP）试点外汇管理操作指引》 《合格境内有限合伙人（QDLP）试点外汇管理操作指引》《融资租赁母子公司外债额度共享业务实施 细则》等。 EF账户有何特点？ 《每日经济新闻》记者了解到，在海南自贸港，资金可在多功能自由贸易账户与境外账户间依法自由便 ...

Core Insights - The personal pension system in China is entering a critical phase as the deadline for contributions approaches the end of 2025, with over 1,200 personal pension products available in the market [1][3] - The personal pension system, which has been implemented nationwide for a year, is designed as a voluntary, market-driven supplementary pension scheme that offers tax benefits [3][5] Product Overview - As of December 15, 2023, there are 1,256 personal pension products, an increase of 196 since the end of Q2, categorized into four main types: savings (466), insurance (446), funds (307), and wealth management (37) [3][5] - The personal pension fund market has surpassed 15 billion yuan, reflecting a 65% growth compared to the end of 2024, driven by a recovery in the equity market [9] Tax Benefits - Contributions to personal pension accounts are tax-deductible up to 12,000 yuan per year, and investment income is not subject to personal income tax until withdrawal [5][7] - Withdrawals are taxed at a flat rate of 3%, separate from other income, providing a tax-efficient way to save for retirement [5] Account Opening Process - Individuals can open personal pension accounts through various online platforms or commercial banks, which are essential for managing contributions and enjoying tax benefits [6][7] - The annual contribution limit is 12,000 yuan, which can be made monthly, in installments, or as a lump sum [6] Investment Strategy - Investors are advised to choose products based on their age, risk tolerance, and retirement goals, with younger individuals encouraged to invest more in funds for long-term growth [8][9] - For those nearing retirement, a conservative approach focusing on savings and fixed-income products is recommended to preserve capital [9] Future Developments - Starting June 2026, the range of investable products will expand to include government bonds, enhancing the diversity of options available for personal pension accounts [12]

Core Viewpoint - Hainan Free Trade Port officially commenced full island closure operations on December 18, 2025, supported by the People's Bank of China (PBOC) through the establishment of financial policies and systems tailored to the port's needs [1] Financial Preparations - All three financial preparations for the closure have been completed, including the enhancement of cross-border capital flow management systems and the launch of the multi-functional free trade account (EF account) [1] - By the end of October 2025, 11 banks in Hainan had launched EF accounts, with transaction volumes exceeding 250 billion RMB, and funds were transferred with entities in 80 countries and regions [1] - The cross-border capital flow monitoring and early warning mechanism has been improved, enhancing the ability to prevent cross-border financial risks [1] Financial Innovation and Cross-Border Transactions - The PBOC is advancing financial innovation policies aimed at achieving "free and convenient cross-border capital flow," resulting in a continuous increase in cross-border revenue and expenditure [1] - From January to November 2025, Hainan's cross-border revenue and expenditure reached 101.61 billion USD, with an average annual growth rate of 55% since 2020 [2] Cross-Border Trade and Investment - Hainan has seen significant progress in high-level openness for cross-border trade and investment, with a total of 43.05 billion USD in cross-border trade facilitation pilot business and 2.8 billion USD in cross-border investment and financing pilot business since the policy's implementation [2] - By the end of October 2025, 144 qualified foreign limited partners (QFLP) equity investment funds had been established in Hainan, with a cumulative cross-border inflow of 2.275 billion USD [2] Cross-Border RMB Settlement - The PBOC is focusing on expanding the use of cross-border RMB, with the total RMB cross-border payment and receipt amount in Hainan reaching 484.5 billion RMB from January to November 2025, reflecting a year-on-year growth of 7.8% [2] Asset Management Pilot Programs - As of the end of October 2025, the PBOC's Hainan branch received applications from four pilot issuing institutions, with a total initial application scale of 5 billion RMB [3] - Two private placement pilot products were successfully subscribed by overseas investors, completing the fund transfer process [3]