1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Last week, the traditional "stock-bond seesaw" effect failed again, with both the stock and bond markets rising and falling together. Long-term interest rates fluctuated sharply between the "reality of loose money" and the "frustration of strong expectations," and the oversold of ultra-long-duration assets reflected the crowding of market funds and the fragility of market sentiment [3][91]. - In the last four trading weeks of the year, the fact that the "sales new rules" have not fully "landed" remains the main market concern, but the approaching important meetings have restored the "loose money" expectation. The focus of market gaming may still be the emotional fluctuations caused by marginal policy changes [3][92]. - The report maintains the judgment of a recovery market in December but expects the downward space of interest rates to be relatively limited. It is recommended to adopt a left-side layout configuration rhythm, prioritize switching positions to medium - and short - term treasury bonds and policy financial bonds, and pay attention to trading opportunities of secondary perpetual bonds of the same term. As the meeting window approaches, gradually increase the offensive nature of the portfolio, control the overall duration center of the portfolio within the medium - to long - term range of 5 - 7 years, and avoid high - congestion assets [3][92][93]. 3. Summary According to the Directory 3.1 Important Matters - On December 5, 2025, the central bank will conduct a 1000 - billion - yuan 3 - month (91 - day) fixed - quantity, interest - rate - tendered, multi - price - winning bidder - selected买断式逆回购 operation. The net investment of the central bank in treasury bonds in November was 5 billion yuan, far lower than the market's relatively optimistic expectation of 100 billion yuan. On December 5, 2025, six major banks stopped selling 5 - year large - denomination certificate of deposit products [6][9]. 3.2 Money Market 3.2.1 Open Market Operations and Fund Interest Rate Trends - From December 1 to 5, 2025, the central bank's 7 - day reverse repurchase operation had a net investment of - 84.8 billion yuan. It is expected that the basic currency will have a maturity withdrawal of 66.38 billion yuan from December 8 to 12, 2025. At the beginning of the month, the fund market was generally loose, and DR001 fell below 1.3% for the first time this year [14][15]. 3.2.2 Certificate of Deposit Interest Rate Trends and Repurchase Transaction Situations - In the primary market, the issuance scale of inter - bank certificates of deposit last week was 495.91 billion yuan, a decrease of 63.54 billion yuan from the previous week. The net financing scale was 47.1 billion yuan, an increase of 289.69 billion yuan from the previous week. The issuance interest rates of inter - bank certificates of deposit generally increased last week. In the secondary market, the yields of inter - bank certificates of deposit generally increased last week [25][31][34]. 3.3 Bond Market - In the primary market, the supply scale of interest - rate bonds decreased last week, with an actual issuance of 430.717 billion yuan and a net financing of 128.844 billion yuan. As of December 5, 2025, the cumulative net financing scale of various treasury bonds in 2025 was about 6.23 trillion yuan, and that of various local bonds was about 7.11 trillion yuan, showing a significant increase compared with the average values from 2021 to 2024. As of last week, the issuance scale of special refinancing bonds in 2025 had reached 2.29 trillion yuan, mainly with long - term and ultra - long - term maturities [38][44][48]. - In the secondary market, at the beginning of the month, the short - term interest rates were stable, while the ultra - long - term interest rates continued to be affected by market noise and increased significantly. The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year treasury bonds changed by - 0.01BP, - 1.46BP, 1.39BP, 0.17BP, 0.68BP, and 7.20BP respectively. The 10Y - 1Y treasury bond yield spread increased from 43.95BP to 44.64BP. The yields of the same - term CDB bonds also changed, and the 10Y - 1Y CDB bond yield spread increased from 34.94BP to 37.66BP. The implied tax rate of 10 - year CDB bonds increased slightly [51]. 3.4 Institutional Behavior Tracking - Last week, the leveraged trading scale was generally stable due to the relatively loose fund market. In the cash bond market, state - owned banks significantly increased their holdings of treasury bonds within 5 years and local bonds within 10 years; rural commercial banks mainly increased their holdings of 5 - 10 - year policy financial bonds and treasury bonds over 5 years; insurance companies continued to prefer local bonds over 10 years; securities firms and funds were the main sellers last week [68][73]. - In October 2025, the leverage ratio of all institutions in the inter - bank market was about 118.77%, an increase of about 0.06 percentage points from September. The leverage ratios of commercial banks, securities companies, and other institutions in the inter - bank market in October 2025 were about 110.31%, 191.29%, and 132.17% respectively [68]. 3.5 High - Frequency Data Tracking - Last week, the settlement price of rebar futures increased by 2.47% week - on - week, the settlement price of wire rod futures remained flat, the settlement price of cathode copper futures increased by 5.02% week - on - week, the cement price index decreased by 0.40% week - on - week, and the South China Glass Index decreased by 4.70% week - on - week. The CCFI index decreased by 0.62% week - on - week, and the BDI index increased by 9.92% week - on - week. In terms of food prices, the wholesale price of pork decreased by 0.84% week - on - week, and the wholesale price of vegetables increased by 3.31% week - on - week. The settlement prices of Brent crude oil futures and WTI crude oil futures increased by 0.09% and 1.91% respectively week - on - week. The central parity rate of the US dollar against the RMB was 7.07 last week [88]. 3.6 Market Outlook - The report maintains the judgment of a recovery market in December but expects the downward space of interest rates to be relatively limited. It is recommended to adopt a left - side layout configuration rhythm, prioritize switching positions to medium - and short - term treasury bonds and policy financial bonds, and pay attention to trading opportunities of secondary perpetual bonds of the same term. As the meeting window approaches, gradually increase the offensive nature of the portfolio, control the overall duration center of the portfolio within the medium - to long - term range of 5 - 7 years, and avoid high - congestion assets [3][92][93].

北京商报讯（记者 李秀梅）12月8日，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， 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。 肖远企指出，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。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。 ...

Group 1 - The core viewpoint of the news is that the National Financial Regulatory Administration has lowered the risk factors for insurance companies' long-term holdings in equity assets, which is expected to release more capital for investment in the stock market [1][3][11] - As of the end of the third quarter, the balance of insurance capital invested in stocks was 3.62 trillion yuan, with an estimated 40% in the CSI 300 and 5% in the CSI 100 Low Volatility Index [1][3] - The adjustment in risk factors is anticipated to improve the solvency adequacy ratio of the insurance industry by approximately 1 percentage point if no additional stock investments are made [1][3] Group 2 - The reduction in risk factors allows insurance funds to invest more in the capital market while meeting solvency requirements, positively impacting market liquidity and stability [4][11] - The China Securities Regulatory Commission (CSRC) is also expected to relax leverage restrictions for securities firms, which may enhance capital utilization efficiency and indirectly influence the market [7][11] - The upcoming political bureau meeting may lead to positive policy changes, further supporting the potential for a cross-year market rally [10][11]

Core Viewpoint - UBS reaffirms China Ping An (02318) as the top pick in the insurance sector, maintaining a "Buy" rating with a target price of HKD 70, citing attractive risk-reward dynamics due to a significant acceleration in operating profit growth in Q4 [1] Group 1: Company Analysis - The expected dividend yields for 2025 and 2026 are relatively high at 4.9% and 5.1% respectively, with a clear dividend policy in place [1] - The company is likely to be a major beneficiary of the recent relaxation in solvency regulations [1] Group 2: Industry Insights - The domestic insurance sector has recently strengthened following the release of a notice by the National Financial Regulatory Administration, which encourages long-term patient capital, positively impacting market sentiment [1] - Rising yields on Chinese government bonds and a steepening yield curve are expected to benefit insurance companies, particularly life insurers, by providing higher reinvestment returns and positively affecting embedded value and solvency [1] - Some insurance companies are anticipated to have met their annual targets, shifting focus towards sales performance for the upcoming year [1] - Ongoing macroeconomic uncertainties and strong savings demand, along with some banks raising the minimum purchase threshold for three-year fixed deposits, are expected to significantly benefit insurance sales, especially through bancassurance channels [1]

Core Viewpoint - UBS reaffirms China Ping An (601318)(02318) as the top pick in the insurance sector, maintaining a "Buy" rating with a target price of HKD 70, citing attractive risk-return profile due to significant acceleration in operating profit growth in Q4 [1] Group 1: Company Performance - The group is expected to achieve relatively high dividend yields of 4.9% and 5.1% for 2025 and 2026 respectively, with a clear dividend policy [1] - The company may become a major beneficiary of the relaxation of solvency regulations [1] Group 2: Industry Trends - The domestic insurance sector has strengthened recently due to the National Financial Regulatory Administration's announcement on adjusting risk factors for insurance companies, which encourages long-term patient capital [1] - The recent rise in Chinese government bond yields and a steepening yield curve are favorable for insurance companies, particularly life insurers, as they lead to higher reinvestment yields and positively impact embedded value and solvency [1] Group 3: Market Outlook - Some insurance companies are expected to have met their annual targets, shifting focus to next year's sales performance [1] - Ongoing macroeconomic uncertainties and strong savings demand, along with some banks raising the minimum purchase threshold for three-year fixed deposits, are expected to significantly benefit insurance sales, especially through bancassurance channels [1]

两位总精算师获任新职 12月5日，瑞泰人寿在官网发布总经理任职公告。根据北京金融监管局批复及董事会决议，自12月3日起，蔡廉和 担任瑞泰人寿总经理。据悉，蔡廉和2024年7月进入瑞泰人寿工作， 获批出任总经理后 ，全面主持公司业务经营 管理工作。 越来越多的总精算师，从专业岗位人员成长为保险公司的掌舵者。 近日，瑞泰人寿迎来新任总经理蔡廉和、光大永明人寿新董事长张晨松 获批 ，二人的共性是均有总精算师背景。 据券商中国记者梳理，国内已有约五分之一的寿险公司，选用或聘用的董事长或总经理具有精算专业背景。 同一天，天津金融监管局官网公布批文，核准张晨松光大永明人寿董事长的任职资格。张晨松此前为光大永明人 寿总经理。 这两人均有总精算师任职经历。 从行业来看，精算师人才成长为寿险公司董事长或总经理近年已不鲜见。 据券商中国记者梳理，在国内74家寿险公司中，有16家寿险公司的17位董事长或总经理具有精算专业背景，公司 占比约五分之一。 精算师出身的寿险公司董事长/总经理 | 类型 | 寿险公司 | 职务 | 姓名 | | --- | --- | --- | --- | | 中资 | 中国人寿 | 总裁 | 利明光 | ...

二、接此批复文件后，该机构应立即停止一切经营活动，于15个工作日内向天津金融监管局缴回许可 证，并按照有关法律法规要求办理相关手续。 2025年12月1日，天津金融监管局发布批复称，《关于撤销中国人寿（601628）保险股份有限公司天津 市蓟州区支公司第二营销服务部的请示》（国寿人险津发〔2025〕179号）收悉。经审核，现批复如 下： 一、同意撤销中国人寿保险股份有限公司天津市蓟州区支公司第二营销服务部。 ...

Core Viewpoint - The introduction of specialized trademark insurance by China Life Property & Casualty Insurance aims to protect companies like Shandong Dezhou Chicken Co., Ltd. from trademark infringement risks, supported by a 60% government subsidy on premiums [1][5]. Group 1: Company Overview - Shandong Dezhou Chicken Co., Ltd. was established in 2010 and has received multiple accolades, including being recognized as a "Chinese Time-honored Brand" and a national key leading enterprise in agricultural industrialization [2]. - The company has a history of over 300 years and has modernized its production techniques while maintaining its traditional craft [2]. - The company faces significant challenges from trademark infringements, with over a hundred incidents reported in 2024 alone, impacting its reputation and incurring high legal costs [2]. Group 2: Insurance Product Development - China Life Property & Casualty Insurance has identified a gap in the market for intellectual property protection and has developed tailored insurance products, including trademark and patent infringement insurance [3]. - The insurance covers direct economic losses and related legal costs incurred due to trademark infringements, providing a safety net for companies like Dezhou Chicken [3][4]. - Other companies, such as Dezhou Shenggang Paper Co., Ltd. and Shandong Century Star Sports Equipment Co., Ltd., have also adopted similar insurance products to protect their patents and trademarks [4]. Group 3: Government Support and Industry Impact - The Shandong provincial government offers a 60% subsidy on insurance premiums for companies that invest in intellectual property insurance, promoting innovation and economic development [5]. - The initiative is part of a broader strategy to support "specialized, refined, and innovative" enterprises, which are seen as vital for high-quality economic growth [5].

| 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251130 | 2025/11 | 制造业 PMI | % | 49.20 | 49.00 | 50.30 | | 20251130 | 2025/11 | 非制造业 PMI:商务活 动 | % | 49.50 | 50.10 | 50.00 | | 20251114 | 2025/10 | 社会融资规模增量:当 | 亿元 | 8161.00 | 35299.00 | 14120.00 | | | | 月值 | | | | | | 20251113 | 2025/10 | M0(流通中的现金):同 比 | % | 10.60 | 11.50 | 12.80 | | 20251113 | 2025/10 | M1(货币):同比 | % | 6.20 | 7.20 | -2.30 | | 20251 ...

（来源：领盛Optivest） 基本面总结： 1．欧元区经济增速超过初值，主要得益于内需提振： 欧元区第三季度经济增速超过初值，得益于投资和消费提振。周五数据显示，产出较前三个月增长0.3%，增幅高于欧盟统计局0.2%的初步估计。净贸易 成为增长拖累因素。2025年下半年面对关税扰动，该地区经济展现出令人意外的韧性。稳健的劳动力市场支撑私人消费，而企业支出则受益于低借贷成 本。欧洲央行行长拉加德等官员认为，尽管地缘政治紧张局势持续带来不确定性，但经济前景的风险已趋于更加平衡。强劲的经济表现助力工资持续稳健 增长。另据数据显示，7月至9月期间人均薪酬同比增幅达4%，与前三个月增速持平。欧元区2025年第三季度就业人数同比增长0.6%，环比增长0.2%。 欧元区整体数据表现为欧洲央行暂停降息提供了充足依据和叙事观点支撑。欧洲央行官员近期的表态普遍暗示，他们对当前的利率水平感到满意，并认为 政策"基本中性"。会议纪要显示，强劲的宏观经济前景强化了市场对欧洲央行维持现有利率水平的信心，排除了短期内进一步降息的可能性。市场目前预 计欧洲央行将在未来几个月继续"按兵不动"，降息可能要等到2026年上半年才会恢复讨论。 2 ...