Core Viewpoint - The company, Ocean Group, has entered into a service procurement agreement with China Life Insurance Beijing Branch, indicating a strategic move to enhance its service offerings in the elder care sector with a total contract value expected to not exceed RMB 5.5 million [1] Group 1: Agreement Details - The agreement is between Chuanxuanmou, a wholly-owned subsidiary of Ocean Group, and China Life Insurance Beijing Branch [1] - The purpose of the agreement is for Chuanxuanmou to provide elder care service rights to designated clients of China Life Insurance Beijing Branch [1] - The total contract amount is anticipated to be no more than RMB 5.5 million [1]

Core Viewpoint - The speech by the Governor of the People's Bank of China emphasizes the importance of establishing a comprehensive macro-prudential management system to enhance risk prevention measures in key institutions and sectors [1] Group 1: Macro-Prudential Management System - The construction of a comprehensive macro-prudential management system is being accelerated [1] - There will be improvements and strengthening of risk prevention measures for key institutions and sectors [1] - The additional supervision of systemically important banks will be reinforced, utilizing counter-cyclical capital buffers and recovery and resolution plans [1] Group 2: Financial Market Stability - The central bank's role in maintaining financial market stability will be expanded through macro-prudential management [1] - Attention will be focused on the leverage levels and maturity mismatches of financial institutions to prevent the accumulation of liquidity and interest rate risks [1] - Measures will be taken to curb the "herd effect" in financial markets [1] Group 3: Financial Infrastructure and Cross-Border Capital - The regulation of financial market infrastructure will be improved, establishing liquidity risk constraints and support mechanisms for central counterparties [1] - Continuous enhancement of macro-prudential management of cross-border capital flows will be implemented, with counter-cyclical adjustments as necessary to maintain overall stability [1] Group 4: Real Estate Financial Management - Macro-prudential management of real estate finance will be prioritized, with the establishment of a robust analytical framework for real estate finance [1] - The foundational systems for real estate finance will be optimized [1]

任职获批尚不满一年，国联人寿总经理赵雪军"闪辞"。 近日，国联人寿保险股份有限公司（下称国联人寿）披露的公告显示，国联人寿第四届董事会第二十三 次会议通过了《关于公司聘任临时负责人的议案》。根据有关规定，国联人寿决定聘任钮磊磊为临时负 责人，赵雪军因个人原因辞任国联人寿总经理职务。 2024年4月，国联人寿时任总经理夏寒辞职，曾任中融人寿副总经理的赵雪军任国联人寿临时负责人。 今年1月，国联人寿发布公告称，公司董事会同意聘任赵雪军为公司总经理。1月10日，国家金融监督管 理总局江苏监管局核准了赵雪军的总经理任职资格。 赵雪军出生于1975年10月，早年任职于国华人寿，曾任银行保险部总经理兼新渠道业务部总经理，上海 分公司总经理。2011年4月，他加盟中融人寿任总公司营销管理中心副总经理。2012年1月起担任中融人 寿江苏分公司总经理，2014年7月起任中融人寿总经理助理，2018年5月起任中融人寿副总经理。 在中融人寿任职副总经理期间，赵雪军曾分管银保业务。 值得注意的是，在赵雪军获批出任国联人寿总经理两个多月后，时任国联人寿董事长丁武斌到龄退休。 接替他的，是出生于1981年6月的无锡市国联发展（集团）有限 ...

Group 1 - The core message emphasizes the importance of high-quality development as a guiding principle for China's economic and social progress over the next five years, as outlined in the 14th Five-Year Plan [1] - The focus is on transforming the high-quality development blueprint into actionable steps, including setting clear targets, addressing issues, and fostering collaboration [1] - Key strategies include promoting innovation, coordination, green development, openness, and shared benefits, while strengthening the real economy [1] Group 2 - The financial sector is highlighted as essential for supporting the real economy, with significant growth in loans to technology-driven SMEs and green financing during the 14th Five-Year Plan, averaging over 20% annual growth [2] - Financial institutions provided a total of 170 trillion yuan in new funds to the real economy, demonstrating their role in stabilizing supply chains and supporting strategic national initiatives [2] - Looking ahead, the financial sector aims to provide targeted support for the construction of a modern industrial system, ensuring sustainable high-quality development [2] Group 3 - Strengthening institutional mechanisms is crucial for aligning financial services with industrial needs, including the development of specialized financial service frameworks and risk assessment mechanisms [3] - Financial and industrial policies must work in tandem to ensure resources are effectively allocated, with differentiated credit policies tailored to specific industries and growth stages [3] - Clear guidance on technology and industry development paths is necessary to help financial institutions identify quality projects and reduce service costs [3] Group 4 - Resources should be directed towards emerging productive forces and weak links in industrial development, focusing on areas like artificial intelligence and aerospace [4] - Financial support for technology research and development, as well as risk compensation for small and micro enterprises in manufacturing, is essential for fostering growth [4] - The goal is to create a robust modern industrial system by ensuring that financial resources flow into advanced manufacturing and green sectors [4][5]

他 在中的非学上传沙 关 善治,营造长沙"城市 开福区望麓同街道 麓园如家好会客 十六年第四 , 6-11-4 日 兴旺"家业",节排系 调截位 面图 影活力 图五"解图 在线 "替也"创业绩人才 | 温暖"散草",全能左站服务作进出来以及 山下的"美学经济" 律"出来的产业集 线材置, 每年月2 数材是 买九龙变好, 取水 改 出来的 李卓 罗聿颖 清同洽四年，陕西巡抚刘典择长沙城北一佳处，修建一所专供科举学子们研学和休憩的宅邸，因与岳麓山遥遥 相望，故名"望麓园"。刘典没想到，150余年后，以这处浸染书卷气的名园命名的开福区望麓园街道，将成为党 建创新、精管善治、文旅融合、荟商聚才的长沙城市会客厅。 地处长沙繁华"城芯"，坐拥"船山学社"旧址，抬头可见青葱麓山，推窗即是五一广场璀璨灯火，过街可品潮宗 街历史韵味，这是望麓园"城市会客厅"的"老底子"；党建创新老城区焕发新颜，松桂园商圈商企近悦远来，文 脉传承串起历史地标、市井烟火和现代楼宇，这是"城市会客厅"的"新气质"。望麓园街道党工委积极学习贯彻 党的二十届四中全会精神，创新基层治理，擦亮街巷幸福底色，将倾力把"好客"的传统升华，匠心营造一个既 有城市 ...

Core Viewpoint - The development of inclusive finance in China has made significant progress, establishing a multi-level supply structure that enhances financial service coverage, accessibility, and satisfaction for the public and small enterprises [1][4]. Group 1: Inclusive Finance Development - The implementation plan for high-quality development of inclusive finance aims to establish a comprehensive system within five years, optimizing service systems and improving credit and insurance frameworks [1][3]. - The focus is on meeting diverse financial needs of the public and the real economy, addressing issues like high loan costs and accessibility [1][4]. Group 2: Local Case Study - In Jinqiu Street, Shandong Province, the local rush grass weaving industry has flourished with the support of inclusive finance, with over 300 enterprises and more than 12,000 direct employees [1][2]. - The introduction of tailored loan products like "Liu Bian Loan" has helped small business owners like Zhang Huihua secure necessary funds quickly, often with same-day disbursement [2][3]. Group 3: Financial Products and Services - Various specialized loans have been developed, including "Greenhouse Loan," "Prawn Loan," and "Catering Loan," to cater to the specific needs of local industries [3][5]. - The "Family Affinity Loan" allows family members to act as guarantors, addressing the challenge of finding collateral in rural areas [5][6]. Group 4: Insurance Role - Insurance products such as employer liability insurance and property insurance have been introduced to protect small businesses and their workers from risks, ensuring stability in production [8][9]. - The plan emphasizes the need for diverse insurance offerings that are affordable and easy to understand, enhancing the security of small enterprises [9]. Group 5: Accessibility of Financial Services - Local banks have established service stations in villages, providing essential banking services and facilitating easier access to financial products for residents [10][11]. - Initiatives like "Financial Night School" have been launched to educate the community on financial literacy, enhancing the overall understanding of financial products and services [11].

Group 1 - The 14th Five-Year Plan has seen significant achievements in China's modernization efforts, with a focus on high-quality development and addressing major challenges [2][4][5] - The Long March 5 rocket has successfully launched, symbolizing China's advancements in space technology and its commitment to becoming a space power [2][3] - China Huadian has increased its installed capacity to over 250 million kilowatts, a 50.6% increase from the end of the 13th Five-Year Plan, emphasizing renewable energy development [3] Group 2 - The China Construction Bank has added over 2 trillion yuan in manufacturing loans during the 14th Five-Year Plan, with a target to exceed 5 trillion yuan in the next three years [5][6] - China Mobile is focusing on 6G technology and AI, aligning with national goals for technological self-reliance and innovation [6][7] - The National Energy Investment Group is committed to enhancing clean energy transitions and contributing to a modern industrial system [7] Group 3 - The China Agricultural Development Bank is prioritizing rural revitalization and agricultural modernization, reflecting the importance of addressing rural issues in national policy [3][8] - The Hainan Free Trade Port is set to enhance financial openness, with banks like the Bank of China leading initiatives to support this development [8][9] - The construction of the Sichuan-Tibet Railway is a key project aimed at promoting high-quality regional development and modernization [10]

这周A股走得那叫一个刺激！周五一根放量阳线直接突破平台高点，大盘就像憋了一个多月终于喘过大气来，技术派都在喊："主升浪要来了！"但你猜怎么 着？数据扒开一看，游资周五才疯狂扫货，机构资金却还在悄悄减仓，内资主力自己先掐起来了！这行情是真突破还是假高潮？周末 三大金融监管部门周末集体开会，口号高度一致："稳市场是头等大事！" 央行直接甩出9000亿MLF操作（比到期多2000亿），放水态度坚决；证监会喊 话"长钱长投"，要打击乱砸盘的恶庄；金监总局更狠，放话"守住不发生系统性风险底线"。 这套操作背后藏着关键信号：A股暴涨暴跌的时代结束了！ 央行放水 险资入场（今年逼着险企拿30%新保费买股票），等于给市场栓上两根安全绳。但问 题是，内资机构为啥还在观望？数据不会骗人——本周主动基金净卖出120亿，游资却抢筹80亿。说明机构怕追高，游资在赌政策短炒！这分裂格局下，散 户跟风得擦亮眼。 周五美国公布9月CPI同比仅涨3%，全线低于预期！这数据一出来，华尔街狂欢：美联储下周降息基本稳了。更关键的是，美股三大指数当晚全部历史新 高，但中概股却冲高回落只涨0.27%——外资对中国资产仍在犹豫！ 三颗 "定策炸弹"刚刚落 ...

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core View of the Report The bond market will continue to oscillate and recover. It is believed that the interest rate decline will be smoother in the second half of the fourth quarter. The 10 - year Treasury bond rate is expected to recover to the pre - adjustment level of 1.6% - 1.65% by the end of the year [5][19]. 3. Summary by Related Catalog 3.1 Market Performance and Interest Rate Trend - This week, funds remained loose, and the bond market declined slightly. The R007 was stable below 1.5%, and R001 was below 1.4%. The yields of 10 - year and 30 - year Treasury bonds rose by 2.4bps and 1.2bps to 1.85% and 2.21% respectively, and the yields of 3 - year and 5 - year secondary capital bonds rose by 2.9bps and 0.8bps [1][8]. - Fundamentally and in terms of funds, the trend supports the decline of interest rates. The slight adjustment of interest rates last week was driven by the increase in risk appetite such as the rise of the stock market. The GDP real and nominal growth rates in the third quarter slowed down, and the real growth rate may further decline in the fourth quarter [1][8]. 3.2 Bond Market Fund Supply and Demand - The bond market shows a situation where the source of funds is greater than the supply of assets, and the gap has recently widened. Except for funds, the liability - side growth rates of financial institutions such as banks, insurance, and wealth management have increased. The total growth rate of relevant items increased from 10.5% in May to 11.5% in September [2][9]. - Due to the insufficient supply of other fixed - income assets such as loans and non - standard assets, financial institutions need to allocate more bonds. The non - government bond social financing growth rate in September was 5.9%, significantly lower than the 11.5% growth rate of the liabilities of financial institutions. The gap may continue to widen in the future [3][12]. 3.3 Asset - Liability Mismatch in Duration - Although the bond market is in a state of increasing asset shortage in terms of total volume, the pressure of duration mismatch is increasing. The liability side of financial institutions shows a short - term characteristic, while the duration of the asset side is lengthening, especially in banks [3][15]. - The proportion of current deposits in total deposits of banks increased from 19.5% in May to 20.1% in September, while the average issuance period of local bonds in the first nine months was 15.6 years, significantly higher than the 13.1 - year level of the same period last year [3][15]. 3.4 Response to Duration Pressure - The increase in duration pressure should be viewed dynamically. The rise in long - term bond yields has partially reflected this situation. The rise in long - term interest rates may also lead to dynamic changes in supply and demand and adjustments in institutional allocation behavior [4][17]. 3.5 Outlook for the Bond Market - The bond market will continue to oscillate and recover. In the second half of the fourth quarter, as the bond - selling pressure of banks fades and the risk of public offering fee reform is settled, the decline of interest rates will be smoother [5][19]. - It is recommended to adopt a dumbbell - shaped strategy, which can control risks through duration and obtain double benefits from the overall decline of interest rates and the narrowing of spreads [5][19].

证券研究报告 | 2025年10月26日 港股市场速览 优于大市 市场整体回升，互联网板块领先 股价表现：整体回升，科技涨幅领先 本周，恒生指数+3.6%，恒生综指+3.6%。风格方面，大盘（恒生大型股+4.0%） ＞中盘（恒生中型股+2.1%）＞小盘（恒生小型股+1.2%）。 主要概念指数分化较大，表现较优的是：恒生互联网（+5.9%）；表现较弱 的是：恒生生物科技（-0.9%）。 国信海外选股策略均有所上涨，涨幅较领先的是 ROE 策略全天候型（+6.2%）。 25 个行业上涨，5 个行业下跌。涨幅居前的行业有：石油石化（+7.3%）、 机械（+6.8%）、商贸零售（+6.6%）、纺织服装（+5.4%）、消费者服务（+5.3%）； 下跌的行业有：综合（-2.1%）、基础化工（-1.9%）、医药（-1.4%）、钢 铁（-1.2%）、轻工制造（-0.2%）。 估值水平：整体回升至较高水平 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）+3.4%至 12.1x； 恒生综指估值+2.8%至 12.1x。 主要概念指数中，估值上升幅度较大的是恒生互联网（+5.9%至 19.0x）；估 值下降幅度较大的是 ...