海信视像公告称，为优化财务管理，公司拟与海信财务公司续签《金融服务协议》，在2026年度开展金 融业务，构成关联交易。各类业务预计额度为：存款最高40.00亿元，信贷业务最高10.00亿元，融资类 业务利息0.20亿元，结售汇1.00亿元，代理类业务0.10亿元。协议有效期1年，存贷款利率不低于/高于 同期主要商业银行。该交易已通过董事会审议，尚需股东会批准。 ...

Core Viewpoint - The increasing correlation between non-bank financial assets and banking and insurance assets poses risks that are harder to penetrate and spread quickly, as highlighted by the Deputy Director of the National Financial Regulatory Administration, Xiao Yuanqi, at the Asia Insurance Forum 2025 [1] Regulatory Environment - Stricter regulations on capital requirements for solvency and leverage limits on large risk exposures are essential to prevent insurance companies from blindly increasing risk appetite for short-term high returns, thereby enhancing the stability of insurance assets [1] Market Trends - Since the 2008 global financial crisis, the rapid development of non-bank financial intermediaries, alongside a relaxed financing environment, has led to a significant increase in asset multiples, with global private credit exceeding $2 trillion [1] - Insurance companies, as key providers of funds, have expanded investment channels and improved asset-liability structures, resulting in higher yields [1] Credit Risk Concerns - The complexity and low transparency of these asset structures, often lacking ratings or having low ratings, increase the credit risk faced by insurance companies, as borrowers typically have high leverage and a greater probability of defaulting [1]

（原标题：【早知道】外交部：经贸合作应继续成为中美关系的"压舱石"和"推进器"） 人民财讯12月9日电，【摘要】外交部：经贸合作应继续成为中美关系的"压舱石"和"推进器"。"对券商 适当松绑"引热议！权威人士：杠杆区间将保持在合理范围，坚决不搞大干快上。商务部副部长兼国际 贸易谈判副代表凌激分别与德国汽车工业协会主席和欧洲汽车工业协会主席举行视频会谈。我国船企签 订国内单次合作签约最高金额订单。金融监管总局副局长肖远企：非银行金融资产投资与保险投资关联 性进一步提高。乘联分会：11月新能源乘用车市场零售132.1万辆，同比增长4.2%。我国新能源汽车"双 失控"风险防控技术体系建成并投入应用。 ...

12月8日，A股量价齐升，日成交额重返2万亿元上方，资金偏爱科技股，创业板指大涨2.6%，超3400只个股收涨。其 中，"牛市旗手"券商板块回暖，共封装光学（CPO）等科技细分赛道飙升，"易中天"三只个股成交火爆。 受访人士表示，年末通常攻势偏弱，但宏观数据、微观流动性与产业趋势多方共振，市场动能仍有支撑，A股上行有 望延续。不过，结构性分化加剧，后续须紧盯政策落地节奏及增量资金能否持续进场。 日成交额突破2万亿元 交易量能明显放量，今日成交额增至2.05万亿元，上个交易日成交额为1.74万亿元，一扫上周缩量阴跌的颓势；杠杆 资金方面，截至12月5日，沪深京两融余额共计2.48万亿元。 盘面上主线清晰，科技股强势。CPO概念大涨近6%，半导体、电子元件、电子设备制造、光电子器件、PCB等涨势 喜人。不过，白酒、饮料、石油天然气、白色家电、煤炭、电力等传统股微跌。 | | 东财概念指數 | | | | 东财行业指数 | | | | A股市场模心指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

（原标题：金融监管总局副局长肖远企：非银行金融资产投资与保险投资关联性进一步提高） 肖远企进一步表示，近年来，非银行金融资产与银行业保险业资产的关联度越来越高。我们知道，银行 保险机构普遍接受更加严格的监管，对客户和投资资产评级要求更高，关联度提高容易造成风险的交织 难穿透和传播更快速。从监管来说，强化偿付能力的资本占用约束和大额风险暴露的杠杆水平约束，对 防范一些保险公司为追求短期高收益而盲目提高风险偏好，从而提升保险资产的稳健性是十分重要的。 人民财讯12月8日电，金融监管总局副局长肖远企在香港亚洲保险论坛2025上表示，非银行金融资产投 资与保险投资关联性进一步提高。2008年全球金融危机以来，随着融资环境的宽松，除了保险以外的非 银行金融中介发展迅速，资产倍数增长。有数据表明，光全球私募信贷规模目前就已超过2万亿美元。 保险公司作为重要的资金供给方，一方面增加了投资渠道，改善了资产负债结构，收益率随之提升。但 另一方面，面临的信用风险也相对较高。因为这类资产结构复杂，透明度低，往往缺乏评级或评级不 高，借款人本身杠杆率通常也很高，违约退出市场的概率相对较大。 ...

Core Viewpoint - The correlation between non-bank financial asset investment and insurance investment has increased, particularly since the 2008 global financial crisis, driven by a more relaxed financing environment and rapid growth in non-bank financial intermediaries [1][2]. Group 1: Non-Bank Financial Assets - The global private credit market has surpassed $2 trillion, indicating significant growth in non-bank financial assets [1][2]. - Non-bank financial intermediaries have developed rapidly, leading to an increase in asset multiples [1][2]. Group 2: Insurance Companies - Insurance companies have become key funding sources, enhancing investment channels and improving asset-liability structures, which in turn has raised yield rates [1][2]. - However, insurance companies face higher credit risks due to the complexity and low transparency of these assets, which often lack ratings or have low ratings, and borrowers typically have high leverage, increasing the probability of defaults [1][2]. Group 3: Regulatory Considerations - The increasing correlation between non-bank financial assets and banking/insurance assets raises concerns about intertwined risks that can spread quickly, especially given the stricter regulatory environment for banks and insurance institutions [1][2]. - Strengthening capital requirements for solvency and constraints on large risk exposures is crucial to prevent insurance companies from blindly increasing risk appetite in pursuit of short-term high returns, thereby enhancing the stability of insurance assets [1][2].

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The recent adjustment of risk factors by the financial regulatory authority aims to enhance the long-term investment management capabilities of insurance companies, thereby better serving the real economy and promoting stable operations [1][4] - The adjustments include differentiated risk factors based on holding periods for specific indices, which will encourage insurance capital to enter the market more rapidly and stabilize market fluctuations [2][4] - The lowered risk factors for insurance companies' investments in major indices and export credit insurance are expected to boost the efficiency of capital utilization and investment returns for insurance companies [5] Summary by Sections Risk Factor Adjustments - The risk factor for insurance companies holding stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index for over three years has been reduced from 0.3 to 0.27 [3] - The risk factor for insurance companies holding stocks in the Sci-Tech Innovation Board for over two years has been reduced from 0.4 to 0.36 [3] - The risk factor for premium and reserve in export credit insurance has been adjusted from 0.467 to 0.42 and from 0.605 to 0.545, respectively [3] Market Context - The ongoing de-globalization and trade tensions between China and the U.S. have introduced unpredictability into the domestic economic recovery, making insurance capital a key stabilizing factor in the capital market [4] - The adjustments are expected to provide liquidity to the capital market and support the development of domestic enterprises, particularly in alignment with national strategies like the Belt and Road Initiative [4] Investment Recommendations - In the context of significant changes in Sino-U.S. trade relations, the role of insurance capital as a stabilizer in the capital market is emphasized [5] - The report suggests focusing on leading companies in the non-bank financial sector, which are better positioned to leverage policy innovations and enhance their operational performance [5] - The growing trend of ETFs is highlighted, indicating continued investment value in securities and insurance ETFs [5]

提到印度，你们会想到什么？ 古老的恒河水？挂满人的火车？随地的大小便。 说起去印度放贷，普通国内互金从业者直摇头—— "印度哥们儿不讲诚信的。" "没法催收吧？" "直接把APP给你删除了，你也找不到人。" 但实际情况是，最近几年在出海印度放贷的玩家也不少。 甚至，有玩家在当地挣了不少钱。 但，Google Play 对印度贷款应用的最新规定，可能又会打破这种局面。 01 谷歌新政策，"黑包"难生存 10月底，Google Play 发布针对印度地区贷款产品新规定—— 凡是要在印度Google Play 上架的个人贷款应用，都必须遵守 Google Play 的全球政策和针对印度的特定 国家/地区要求： 必须持有并展示印度储备银行（RBI）颁发的有效金融服务许可，才能提供个人贷款服务 必须向由RBI发布且可供公开查询的数字借贷应用(DLA)名单提供自身的必要信息 此名单称为"DLAs deployed by RegulatedEntities"（受监管实体部署的数字借贷应用 [DLA]）。详见RBI 网站。 目前已经在印度 Google Play 上架的个人贷款应用，都必须于 2026年1月28日之前列入 R ...

资金流未见明显结构切换， 建议适当控制仓位 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 4 月 27 日 —— 量化市场追踪周报（2025W49） 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W49)：资金流未见明显结 构切换，建议适当控制仓位 [Table_ReportDate] 2025 年 1 ...

受访人士表示，金融权重股带动A股上涨，市场本身存在技术性反弹需求，但增量资金入场意愿有限， 赚钱效应并不广泛。本周市场震荡，投资者对算力、存力、电力等AI（人工智能）基建类股票重拾信 心。预计A股将维持震荡格局，板块分化轮动，防御与高股息品种更具吸引力。 A股放量上涨 今日，沪指收涨0.7%报3902.81点，创业板指收涨1.36%报3109.3点，深证成指收涨1.08%。沪深300、上 证50、北证50收涨。 量能放大，日成交额增至1.74万亿元，上个交易日成交额为1.56万亿元。杠杆资金热度不减，截至12月4 日，沪深京两融余额增至2.48万亿元。 盘面上，非银行金融、通信设备、输变电设备、电子器件、虚拟机器人大涨，银行、半导体、石油天然 气、Chiplet概念、煤炭、航空机场收跌。 板块收涨居多，31个申万一级行业中，银行板块微跌；非银金融板块午后拉升，大涨3.5%，中银证 券、瑞达期货涨停；有色金属板块涨近3%，精艺股份、宁波韵升、西部材料、闽发铝业涨停。机械设 备、国防军工、电力设备、基础化工、计算机、汽车、通信等板块涨幅均超过1%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主 ...