贾飙 ◎记者 何奎 累计管理规模已超4500亿元、陪伴中国"英伟达"们成长……十年栉风沐雨、砥砺前行，中保投资有限责 任公司（下称"中保投资"）作为"中字头"保险行业基金——中国保险投资基金的管理人和普通合伙人， 成立十年来，交出了一份亮眼的"成绩单"。 1 2015年，国务院同意中国保险投资基金设立方案；同年12月18日，中保投资在上海成立，并被赋予"服 务实体经济发展，促进经济提质增效升级"的使命。如今，中保投资拥有"股+债+夹层"特点鲜明的丰富 产品工具箱，是国内长期投资、耐心资本领域不容忽视的重要力量，也成为耐心资本服务国家战略的成 功典范。 近日，中保投资董事长、上海资产管理协会会长贾飙在接受上海证券报记者专访时表示，公司将继续坚 定以耐心资本服务实体经济发展的使命，未来将通过"一基、两业、三全、四化"的新战略规划实施，致 力于打造一流的综合性资产管理集团。 为国担当： 当好耐心资本服务新质生产力发展 12月5日，成立仅5年、号称"中国版英伟达"的摩尔线程在科创板上市，以114.28元/股的发行价、近80亿 元的募资总额，双双创下2025年科创板IPO之最，成为资本市场名副其实的"明星项目"。在摩尔 ...

Group 1 - The core idea is that young investors are increasingly using AI tools as financial assistants to navigate the complex market environment and a vast array of mutual fund products [1][2][5] - There are currently over 13,000 mutual fund products in the market, leading to challenges for investors in selecting suitable funds [2][4] - AI tools are gaining popularity among young users who view them as search engines or advisors, particularly in data-intensive fields like investment [2][3] Group 2 - A complete set of AI input instructions has been developed to guide users in selecting funds, covering aspects such as market outlook and decision-making [3] - AI-generated fund combinations reflect a diversified investment strategy, including sectors like technology, consumption, dividends, gold, and bonds [3][4] - AI tools are being tested for their practical utility in fund selection, with suggestions based on current policies and market trends [4][5] Group 3 - Despite the advantages of AI tools in processing vast amounts of information, there are significant limitations, including reliance on historical data and challenges in predicting unforeseen risks [5][6] - The penetration of AI wealth management among individual investors is still in its early stages, with common uses being product comparison, learning, and market information [6] - Future developments in AI wealth management are expected to focus on deeper integration, enhanced professional capabilities, and more human-like experiences [6]

Core Insights - Pacific Investment Management Company (PIMCO) has raised $7 billion for a new asset-backed financing strategy [1] Group 1 - The fundraising effort indicates strong investor interest in asset-backed financing solutions [1] - The new strategy aims to capitalize on market opportunities and provide attractive returns [1] - PIMCO's expertise in managing fixed-income investments positions it well for this initiative [1]

Core Viewpoint - The U.S. labor market shows signs of weakness with November non-farm payrolls increasing by 64,000, which is better than the expected 45,000, but the unemployment rate unexpectedly rose to 4.6% from 4.4% in October, indicating ongoing volatility in the job market [1]. Group 1: Employment Data - November non-farm employment increased by 64,000, surpassing expectations, while October saw a decline of 105,000, marking the largest drop since the end of 2020 [1]. - The unemployment rate rose to 4.6% in November, higher than the anticipated 4.5%, reflecting challenges in the job market as layoffs increase and many unemployed individuals struggle to find new jobs [1]. Group 2: Federal Reserve Response - The Federal Reserve has cut interest rates for the third consecutive time, with Chairman Powell indicating this is to support a "gradually cooling" labor market and acknowledging "significant" downside risks [1]. - Analysts suggest that the recent employment data, despite being better than expected, may not significantly alter market expectations for further rate cuts, as the data is influenced by special circumstances such as the government shutdown [9]. Group 3: Market Reactions - Following the release of the employment report, U.S. stock futures initially surged but later retraced gains, while the dollar remained weak [3]. - Market participants continue to bet on the Federal Reserve making two rate cuts in 2026, indicating a cautious outlook on the economy despite the recent employment figures [9]. Group 4: Analyst Perspectives - Analysts express caution regarding the employment data due to potential distortions from the government shutdown, suggesting that the Federal Reserve may not place significant weight on this report [9]. - There is a consensus among some analysts that the labor market is cooling, which may support further monetary easing, with expectations that the number of rate cuts next year could exceed the one currently indicated by the Fed's dot plot [11].

Group 1 - The "Warm Alpaca" brand from Peru has expanded to over 30 stores in China, offering more than 300 product variations, driven by Chinese consumer demand and favorable policies [3][5] - During the "14th Five-Year Plan" period, foreign enterprises in China have witnessed significant growth, with a 16.2% increase in newly established foreign-funded enterprises in the first nine months of 2025 [5][6] - High-tech industries have shown remarkable performance, with foreign investment in sectors like e-commerce services and aerospace manufacturing increasing by 155.2% and 38.7% respectively [5][6] Group 2 - The Chinese government has implemented over 500 regulatory changes to enhance the business environment for foreign investors, including the removal of restrictions on foreign investment in manufacturing [6][7] - Tax incentives, such as the profit reinvestment tax credit for foreign investors, have been introduced to encourage further investment in China [7][8] - The establishment of foreign investment task forces and regular communication with foreign enterprises has improved the operational environment for foreign businesses [7][8] Group 3 - The shift from "pure export" to "joint innovation" among foreign companies in China reflects the growing demand for quality and innovation driven by Chinese consumers [10][11] - China has become a global hub for innovation, with many multinational companies establishing regional headquarters and R&D centers in the country [10][11] - The integration of local cultural elements into product design has become a trend, as seen with brands like Aike Air, which draws inspiration from traditional Chinese designs [13][14] Group 4 - The "15th Five-Year Plan" emphasizes the need for a more open market, reducing the negative list for foreign investment and promoting efficient cross-border data flow [17][18] - Recent improvements in the efficiency of foreign investment approvals, such as the record speed of processing for qualified foreign institutional investors, indicate a commitment to facilitating foreign investment [18] - The ongoing development of a market-oriented, law-based, and international business environment in China aims to provide stability and certainty for foreign investors [18]

2025年末金融反腐风暴持续纵深，中原资产管理有限公司（以下简称"中原资产"）再掀波澜。近日，该 公司原副董事长李建国因涉嫌严重违纪违法被查，成为近年来第三位接连落马的高管。作为肩负区 域"坏账清道夫"使命的地方资产管理有限公司（以下简称"地方AMC"），中原资产一边在不良资产一 级市场频频出手，持续推进资产扩张，一边却深陷盈利增长乏力的困境，2025年前三季度营业收入与归 母净利润双双下滑。高管接连落马暴露的治理缺陷、规模扩张与盈利质量的失衡、行业变局与监管收紧 的双重压力，叠加经济波动下不良资产处置难度攀升，让这家老牌地方AMC站在了转型发展的关键十 字路口。如何清除自身"不良"病灶、夯实治理根基，从而实现高质量转型发展，成为中原资产待破解的 核心命题。 三任高管连续被查 前任高管被查，再度将这家地方金融机构推至公众视野。12月15日，据河南省纪委监委消息，中原资产 原党委副书记、副董事长、总经理李建国涉嫌严重违纪违法，目前正接受河南省纪委监委纪律审查和监 察调查。 李建国出生于1965年7月，在职研究生学历、硕士学位，高级经济师。入职中原资产前，他曾任河南省 农业综合开发有限公司党委委员、副总经理；20 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 12月16日，根据西藏证监局发布的公告，西藏达孜盛世景投资管理有限公司因个别产品募集阶段未履行 谨慎勤勉义务、未充分履行关联交易信息披露义务，被采取出具警示函措施。 登录新浪财经APP 搜索【信披】查看更多考评等级 12月16日，根据西藏证监局发布的公告，西藏达孜盛世景投资管理有限公司因个别产品募集阶段未履行 谨慎勤勉义务、未充分履行关联交易信息披露义务，被采取出具警示函措施。 ...

Core Viewpoint - The Bohai Huijin Low-Carbon Economy One-Year Holding Mixed Initiation Securities Investment Fund is set to terminate automatically due to its net asset value falling below 200 million yuan, as stipulated in its fund contract [1][2]. Fund Registration and Contract - The fund was registered with the China Securities Regulatory Commission (CSRC) under approval number 1991 in 2022 and the fund contract became effective on November 29, 2022 [1]. - The fund contract specifies that if the net asset value is below 200 million yuan three years after the effective date, the contract will terminate automatically without the need for a meeting of fund shareholders [1][2]. Fund Performance - As of November 28, 2025, the cumulative unit net value of the fund was 0.8148 yuan, with a cumulative return rate of -18.52% [2]. - The fund's performance this year shows a growth of 42.37%, while the cumulative return since inception is -18.52% [4]. Comparison with Peers - The fund's average return this year is significantly higher than the peer average of 29.15% and the CSI 300 index return of 15.68% [4].

（来源：吴说） 吴说获悉，据芝加哥期权交易所（Cboe）官网信息，资管巨头景顺（Invesco）与数字资产及数据中心 基础设施提供商 Galaxy Asset Management 合作推出的质押型 Solana 交易所交易产品 Invesco Galaxy Solana ETP（QSOL）已于本周一（12 月 15 日）在 Cboe BZX 正式上市。该产品提供 SOL 现货投资敞 口，管理费率为 0.25%，初始持仓约 1.75 万枚 SOL。 来源：市场资讯 ...

在竞争日益激烈的资管行业，锐联如何构建自身优势？许仲翔从理念与实际操作层面阐述了其差异化路 径。 作为知名外资私募锐联景淳海外母公司锐联的创始人，许仲翔博士在量化投资与资产配置领域一直扮演 着连接东西方市场的桥梁角色。从联合发明基本面量化策略（RAFI），到带领锐联深耕中国市场，再 到8年前锐联向华夏基金等公募机构进行策略授权，这位兼具深厚学术背景与全球资产管理经验的学者 型投资人，其观点备受市场关注。近日，许仲翔接受了中国证券报记者的专访，围绕公司的策略实践、 2026年市场前瞻及行业变革等议题，发表了自己的看法。 多元资产策略获市场认可 回顾2025年，许仲翔将公司最大的突破归结于核心策略——量化多元资产配置策略获得了市场的理解与 接纳。"过去一两年，这类配置型产品因其复杂性，投资者接受需要一个过程。"许仲翔坦言，市场环境 的变化成为了理念普及的催化剂。利率持续低位徘徊、传统"刚兑"理财消失、股市起伏震荡，这些因素 让投资者意识到，没有任何单一资产品种能持续获得收益。 "当市场处于单边趋势时，大家会追逐简单的贝塔；当有保底产品时，保守者也无需他求。但现在，我 们进入了一个'真正的大资管时代'。"许仲翔说， ...