Core Points - Southbound funds reduced their holdings in Jingji Financial International (01468.HK) by 570,000 shares on October 22, 2025, marking a continuous reduction over the past five trading days with a total net reduction of 7,073,000 shares [1] - Over the last 20 trading days, southbound funds have consistently reduced their holdings, totaling a net reduction of 27,965,500 shares [1] - As of now, southbound funds hold 972 million shares of Jingji Financial International, representing 55.94% of the company's total issued ordinary shares [1] Summary by Category Shareholding Changes - On October 22, 2025, the total shareholding was 972 million shares, with a decrease of 570,000 shares, reflecting a change of -0.06% [2] - On October 21, 2025, the shareholding decreased by 1,760,000 shares, a change of -0.18% [2] - The shareholding changes over the past five trading days include reductions of 1,760,000 shares on October 21, 109,300 shares on October 20, 186,000 shares on October 17, and 179,000 shares on October 16 [2] Company Overview - Jingji Financial International is primarily engaged in insurance business as an investment holding company, operating through seven divisions [2] - The divisions include insurance brokerage, insurance technology, network and investment, fur sales, securities, lending, and asset management [2]

Core Insights - Emerging markets are expected to continue outperforming the S&P 500 index due to favorable conditions [4][5] - The Chinese government is focused on becoming a technology leader to achieve long-term development goals [7][8] Emerging Markets Performance - The MSCI Emerging Markets index has outperformed the S&P 500 this year, with conditions in place for this trend to continue [5] - A potential weakening of the US dollar is favorable for emerging market assets [5] - The presence of AI and technology leaders in Asia enhances the attractiveness of these markets [5] - China's economic policies are expected to improve its economic outlook compared to other regions [5] Investment Sentiment - There is a gradual return of foreign capital to China, reversing the net outflow trend since 2021 [5] - Asian investors are open to investing in China, with many already having exposure [6] - The willingness of US investors to consider Chinese stocks will depend on the perceived attractiveness of the market [6] Chinese Government's Role - The Chinese government aims to ensure healthy economic development while avoiding excessive stimulus [8] - The government supports industries that align with strategic goals, particularly in technology self-sufficiency [8] - There is a focus on fostering domestic innovation in response to external technological restrictions [8] Comparison with Japan - China differs significantly from Japan in the 1990s, lacking a valuation bubble and having a faster governmental response to economic challenges [9][10] - China's potential economic growth rate is higher than that of Japan during its economic stagnation [10] Korean Market Insights - The Korean KOSPI index has seen a significant increase of over 60% this year, yet the market remains relatively inexpensive [11] - The Korean government is promoting policies aimed at enhancing value, which could attract more investors [11] - International investors typically view Korea as part of a regional portfolio, but there is potential for Korea to be seen as an independent investment opportunity [12]

Core Viewpoint - Emerging markets are expected to continue outperforming the S&P 500 index due to favorable conditions, including a weak dollar, advancements in technology, and China's economic policies [3][4]. Group 1: Emerging Markets Performance - MSCI Emerging Markets have outperformed the S&P 500 index this year, with conditions in place for this trend to continue [4]. - The potential for a sustained weak dollar is beneficial for emerging market assets [4]. - The return of foreign capital to China since 2025 marks a shift from net outflows since 2021, indicating renewed interest from international investors [4]. Group 2: China's Economic Strategy - The Chinese government aims to ensure healthy economic development and is focused on becoming a technology leader through domestic innovation [6][8]. - The government is exercising restraint in economic stimulus to avoid unintended consequences, while also coordinating actions to respond positively to economic data [7][8]. - There is a significant amount of cash held by Chinese households, but consumer confidence remains a critical factor for spending [7]. Group 3: Investment Opportunities - Investors are increasingly open to investing in China, with many already having exposure to the market [5]. - The Chinese stock market is viewed as attractive, especially if it can demonstrate strong returns, which could encourage more U.S. investors to consider it [5][9]. - The current valuation of the Chinese stock market is seen as more favorable compared to Japan's peak valuation in the 1990s [9]. Group 4: Regional Market Insights - The South Korean stock market has seen significant gains, with the KOSPI index up over 60% this year, yet it remains relatively inexpensive compared to historical valuations [10]. - There is potential for South Korea to be viewed as an independent investment opportunity rather than just a regional portfolio component, driven by government policies aimed at enhancing value [10].

Group 1: China Economic Outlook - The company holds an optimistic view on China's economic prospects, driven by government support for large tech platforms and a focus on technological self-sufficiency [1][16] - There is significant potential for innovation across the entire technology value chain, particularly in semiconductors and artificial intelligence [1][16] - The recovery in the real estate market is expected to boost consumer confidence, contributing to a positive economic outlook [16] Group 2: Gold Market Insights - Gold prices have seen a significant increase, with a notable rise from $3,700 to around $4,380 in October, attracting international investor attention [1][3] - The company suggests maintaining a 5% allocation of gold in investment portfolios, advising against increasing this proportion despite recent strong performance [2][6][7] - The long-term outlook for gold remains positive, with expectations of upward price movement despite potential short-term adjustments [4][5] Group 3: U.S. Economic Analysis - The U.S. economy is transitioning from consumer-driven growth to investment-driven growth, supported by the AI boom and manufacturing reshoring [10][11] - Concerns exist regarding the credit market, particularly in private credit sectors where transparency is low, posing potential risks [15] - The company anticipates a slight economic slowdown in the U.S., with growth rates projected to decline to around 1.7% or 1.8% by the end of 2025 [10][11] Group 4: Investment Themes and Strategies - The restructuring of global supply chains and the pursuit of strategic autonomy will be key themes over the next decade, influencing investment strategies [18][22] - The company emphasizes the importance of identifying companies with sustainable business models in the tech and healthcare sectors, particularly those leveraging AI [20][21] - There is a focus on sectors with lower valuations in China, such as technology and biotechnology, which are expected to present attractive investment opportunities [17][21]

Core Insights - The "Global Asset Management Center Shanghai International Event Week 2025" focuses on the theme of "Asset Management and Wealth Management Cycle Driven by New Opportunities" to address the transformation needs of asset management institutions in the new era [1][2] - Shanghai is positioning itself as a global asset management center, leveraging historical advantages and market factor aggregation to enhance wealth management and asset management practices [1] Group 1: Industry Trends - The asset management industry in China is experiencing a mismatch with technological demands, particularly in equity financing, where private equity funds have a higher participation rate [1] - The shift in the industry is moving from "scale growth" to "value creation" and from homogeneous expansion to differentiated professional capability building [2] Group 2: Company Initiatives - Shanghai Trust emphasizes the integration of asset management and wealth management, adhering to the principle that "technology makes finance more inclusive" [2] - Shanghai Trust's transformation journey has led to a breakthrough of 1.3 trillion yuan in assets under management, focusing on creating a wealth management trust account system and innovative asset management product systems [2] Group 3: Strategic Recommendations - The industry is encouraged to optimize investment stages and exit channels, particularly through private equity funds, and to convert insurance asset management into long-term capital for technological innovation [1] - There is a call for the establishment of a supportive environment for technological innovation, utilizing strategic scientists and optimizing exit mechanisms and regulations [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：上海证券报·中国证券网 "其中，信托公司主要面向私募、高净值客户和机构投资者，提供专业资管产品和信托服务。理财公司 主要面向公募自然人投资者，提供广泛多样风格稳健的资管产品，保险资管公司主要为机构投资者提供 私募产品和专户投资服务。相信随着居民财富规模增长和结构变化，我国财富管理和资管行业的整体规 模仍将保持稳步上升态势。"蒋则沈补充道。 展望未来，蒋则沈认为，我国财富管理和资管市场成长发展方兴未艾，金融机构面临着前所未有的发展 机遇，也承担着重要的服务使命，更需要在深化改革、转型升级进程中主动作为，可以重点把握以下几 个方面： 总体来看，结合我国的财富管理和资产管理业务发展，蒋则沈认为，从需求侧看，随着我国国民经济持 续稳定健康发展，企业和居民财富同步稳定持续积累，结构日趋多元，家庭部门的资产负债表项目不断 丰富，对财富管理和资产管理的客观需求不断强化。 一是坚持财富管理和资产管理有机协同。财富管理和资产管理是为企业居民维护良性资产负债表的"一 体两面"，二者不可分割。 据统计，2024年全国居民人均可支配收入较上年名义增长5.3%，与国内生产总值增速 ...

Core Insights - The asset management industry faces dual challenges from low interest rates and technological advancements, necessitating an upgrade in investment research capabilities to meet client needs sustainably [1][2] Group 1: Challenges in Asset Management - Insurance asset management institutions are under pressure due to the rigid cost of liabilities and rapidly declining asset yields in a low interest rate environment [2] - High-yield assets that can cover liability costs are diminishing, with non-standard fixed income assets experiencing a decline in both volume and price, complicating asset allocation [2] - The expected annual return for insurance companies from equity assets is around 8%-10%, while major indices like CSI 300 and CSI 800 have underperformed with annualized returns of only 6.4%, 5.6%, and 4.5% since 2017 [2][3] Group 2: Investment Strategies and Solutions - To enhance returns while reducing volatility, the company suggests actively seeking high-quality long-duration assets during debt restructuring and exploring new tools like REITs and ABS [4] - The shift from broad market indices to Smart Beta products that align with the risk-return characteristics of insurance funds is recommended, focusing on style factors such as dividends, value, and quality [4] - The company emphasizes the need for "asset management industrialization" to address issues like unclear positioning and unstable excess returns, moving from reliance on individual capabilities to a more systematic approach [5] Group 3: Implementation of Industrialization and Digitalization - The company has developed a "10+10" investment research training system to cultivate experienced fund managers, with over 240 professionals and more than 90 experts with over 10 years of experience [5][6] - The "MARS Factory" model is being implemented to streamline the investment research process into four core workshops, enhancing efficiency and decision-making [6] - The integration of AI and machine learning in investment processes, particularly in convertible bond pricing, is highlighted as a means to improve efficiency and quality [6]

Core Viewpoint - The current investment opportunities are rated at 4 out of 10, indicating a challenging market environment with high valuations and low investor sentiment [5][122]. Group 1: Investment Philosophy - The essence of value investing lies in the combination of contrarian thinking and analytical skills, requiring investors to assess asset values while questioning market consensus [86][90]. - The market is inherently inefficient due to human emotions such as greed and fear, which creates opportunities for value investors [52][60]. - A flexible investment approach based on fundamental analysis is essential, as extreme market conditions can lead to significant mispricing of assets [54][55]. Group 2: Investment Strategy - Baupost Group employs a broad investment strategy, focusing on various asset classes including public equities, private equity, public credit, private credit, and real estate, adjusting allocations based on market opportunities [79][80]. - The firm emphasizes maintaining a margin of safety by purchasing undervalued assets, ensuring that even partial price corrections can yield satisfactory returns [78][79]. - The investment team operates with a "mile wide, mile deep" approach, allowing for quick identification of opportunities while also enabling deep dives into specific investments when necessary [73][78]. Group 3: Market Conditions - Current market conditions are characterized by high valuations, with the S&P 500 recently reaching historical highs, while macroeconomic fundamentals remain uncertain [122][125]. - The credit market has seen a significant rebound, but the narrowing of spreads and potential interest rate cuts may diminish future investment opportunities [128]. - Commercial real estate is highlighted as a particularly interesting area, with signs of recovery in the office market leading to increased buying activity [130][131]. Group 4: Role of Technology - AI is viewed as a tool to enhance efficiency rather than a replacement for critical thinking, with the firm using it to streamline data analysis and improve research processes [135][136]. - The application of AI in investment analysis is still evolving, and while it can assist in data processing, it should not replace independent thought and judgment [140][141]. Group 5: Importance of Management - The significance of management teams in investment decisions is increasing, as understanding their intentions and strategies is crucial for assessing long-term value [97][98]. - Engaging with management allows investors to gauge their commitment to shareholder value and the direction of the company [98][99]. Group 6: Client Relationships - Establishing a long-term, patient investor base is critical for investment success, requiring clear communication of expectations and ongoing education for clients [100][110]. - The firm prioritizes aligning with clients who share a similar investment philosophy to foster a collaborative and trusting relationship [102][106].

Group 1 - The "2025 Xiangmi Lake Wealth Management Week" is being held in Shenzhen, focusing on the development of the wealth management ecosystem [1][2] - As of now, there are 135 institutions in China managing assets, including 67 trust companies, 32 wealth management companies, and 36 insurance asset management companies, with a total asset management scale exceeding 100 trillion yuan, reflecting a nearly 6% increase since the beginning of the year and over 15% year-on-year growth [1] - Shenzhen's wealth management scale has surpassed 31 trillion yuan, with significant investments from various funds supporting the development of the city's industrial financial center [2] Group 2 - The Futian District, as Shenzhen's financial center, manages over 18 trillion yuan in assets, accounting for approximately 60% of the city's total wealth management scale [2] - The "Xiangmi Lake Wealth Management Week" aims to build a bridge for government-enterprise-industry-finance collaboration, with over 900 representatives from various wealth management institutions participating [2] - The event emphasizes the importance of enhancing professional capabilities and protecting investors' rights while supporting high-quality development of the real economy [1]

Group 1 - KKR's co-CEO Joseph Bae indicated that global investors are gradually reallocating funds towards Asia as the dollar weakens and Asian fundamentals strengthen [1][2] - The firm is significantly increasing its investments in Japan, which has become KKR's largest Asian market, accounting for 40% of its regional assets [1] - Japan's household wealth, totaling $14 trillion, presents substantial opportunities as half of it remains in cash, with a shift towards new asset classes expected [1] Group 2 - KKR is also increasing its investments in India, which is its second-largest Asian market, focusing on sectors like toll roads, renewable energy, and digital infrastructure [2] - Despite Asia being a major beneficiary of global diversification, North American investors remain cautious about China, with its share of Asia-Pacific deal volume dropping from over 50% in 2020 to just 27% by 2024 [2] - KKR continues to focus on domestic consumption and value-added services in China, which remain investment hotspots despite the cautious sentiment [2]