中央经济工作会议12月10日至11日在北京举行。会议分析了当前经济形势，并对2026年经济工作进行了 部署。 来源：中国基金报 管理规模超80万亿元的资产管理行业代表机构纷纷发声。多家机构认为，中央经济工作会议为2026年经 济工作定调，擘画"十五五"开局之年的宏观经济发展路线，为我国经济高质量发展指明了方向。资本市 场将持续深化投融资综合改革，强调创新驱动，以金融"活水"助力科技创新。 为金融行业服务国家发展大局指明方向 中央经济工作会议对当前经济形势作出研判，同时用全新的"五个必须"总结了对做好新形势下经济工作 的新认识和体会。 易方达基金表示，中央经济工作会议全面总结了今年和"十四五"时期经济工作，深入分析了当前经济形 势，系统部署明年经济工作，提出了"引导金融机构加力支持扩大内需、科技创新、中小微企业等重点 领域"等要求，为公募基金行业指明了行动方向。 嘉实基金认为，中央经济工作会议为2026年经济工作举旗定向，明确了"稳中求进、提质增效"的总基调 和一系列重点任务。这不仅擘画出"十五五"开局之年的宏观经济发展路线，也为资本市场和公募基金行 业提供了新阶段服务实体经济与国家战略、满足居民财富管理需求的 ...

【导读】80万亿元资管行业代表机构发声：中央经济工作会议为2026年经济工作定调，为金融行业服务 国家发展大局指明方向 中国基金报记者 李树超 张玲 中央经济工作会议12月10日至11日在北京举行。会议分析了当前经济形势，并对2026年经济工作进行了 部署。 管理规模超80万亿元的资产管理行业代表机构纷纷发声。多家机构认为，中央经济工作会议为2026年经 济工作定调，擘画"十五五"开局之年的宏观经济发展路线，为我国经济高质量发展指明了方向。资本市 场将持续深化投融资综合改革，强调创新驱动，以金融"活水"助力科技创新。 江苏高科技投资集团（以下简称高投集团）也表示，会议深入研判形势，系统部署经济工作，为确 保"十五五"开好局、起好步提供了行动指南。高投集团将深入学习领会会议精神，准确把握核心要义， 充分发挥私募股权和创业投资功能作用，推动科技创新和产业升级，在服务国家战略和谱写"强富美 高"新江苏现代化建设新篇章中展现新担当、实现新作为。 投融资环境有望持续优化 会议强调"坚持改革攻坚，增强高质量发展动力活力"，其中提到"持续深化资本市场投融资综合改革"。 高投集团表示，集团将构建"投贷联动""投保联动"复合型 ...

为金融行业服务国家发展大局指明方向 中央经济工作会议对当前经济形势作出研判，同时用全新的"五个必须"总结了对做好新形势下经济工作 的新认识和体会。 易方达基金表示，中央经济工作会议全面总结了今年和"十四五"时期经济工作，深入分析了当前经济形 势，系统部署明年经济工作，提出了"引导金融机构加力支持扩大内需、科技创新、中小微企业等重点 领域"等要求，为公募基金行业指明了行动方向。 嘉实基金认为，中央经济工作会议为2026年经济工作举旗定向，明确了"稳中求进、提质增效"的总基调 和一系列重点任务。这不仅擘画出"十五五"开局之年的宏观经济发展路线，也为资本市场和公募基金行 业提供了新阶段服务实体经济与国家战略、满足居民财富管理需求的行动指南。 敦和资产管理有限公司总经理张志洲表示，2026年是"十五五"时期开篇布局之年，在此承前启后的重要 时刻，中央经济工作会议既考虑了2026年的短期经济社会发展，还统筹衔接未来五年的中期发展，为实 现下阶段发展目标的政策工具箱储备了充足的财政货币政策"弹药"，以充分的政策储备推动经济社会发 展"稳中求进、提质增效"。 君联资本表示，中央经济工作会议强调，"坚持创新驱动，加紧培育壮大 ...

（原标题：新型第三方估值引分歧，最新解读来了！） 【导读】理财公司试水新型第三方估值，多估值源将规范化共存 中国基金报记者 李树超 张玲 随着理财估值整改临近最后期限，日前，部分理财公司使用新型第三方估值工具，再次引发业内关注。 业内人士表示，理财公司采用新型第三方估值的主要是为了缓解债市"负反馈"效应，提高投资者的持有 体验。目前的主流第三方估值和新型第三方估值各有利弊，后续行业多估值源共存是必然，但会走向规 范化。 缓解债市"负反馈"效应 去年12月，监管部门对银行理财产品估值进行规范，要求理财估值、直投或委外均不得违规使用收盘价 调整、平滑估值、自建估值模型等估值方法来平滑净值波动，并明确要在2025年底前全部整改完毕。 近期，部分理财公司采用新型第三方估值工具引发市场关注，并被指出存在"平滑净值"的可能。 目前，国内的资管产品投资债券都需要参考第三方估值，包括中债估值、中证估值等。部分理财公司开 始使用的新型第三方估值，主要由中诚信指数公司、中债资信评估公司提供。 根据中诚信指数公司网站，中诚信综合运用金融工程建模方法、机器学习模型与大数据技术，将市场交 易数据和中诚信特有的信用研究数据应用于债券估值 ...

【导读】理财公司试水新型第三方估值，多估值源将规范化共存 中国基金报记者 李树超 张玲 随着理财估值整改临近最后期限，日前，部分理财公司使用新型第三方估值工具，再次引发 业内关注。 业内人士表示，理财公司采用新型第三方估值的主要是为了缓解债市"负反馈"效应，提高投 资者的持有体验。目前的主流第三方估值和新型第三方估值各有利弊，后续行业多估值源共 存是必然，但会走向规范化。 缓解债市"负反馈"效应 去年12月，监管部门对银行理财产品估值进行规范，要求理财估值、直投或委外均不得违规 使用收盘价调整、平滑估值、自建估值模型等估值方法来平滑净值波动，并明确要在2025年 底前全部整改完毕。 近期，部分理财公司采用新型第三方估值工具引发市场关注，并被指出存在"平滑净值"的可 能。 目前，国内的资管产品投资债券都需要参考第三方估值，包括中债估值、中证估值等。部分 理财公司开始使用的新型第三方估值，主要由中诚信指数公司、中债资信评估公司提供。 根据中诚信指数公司网站，中诚信综合运用金融工程建模方法、机器学习模型与大数据技 术，将市场交易数据和中诚信特有的信用研究数据应用于债券估值模型。中诚信估值基于扎 实的信用研究和有效的 ...

Group 1 - The core message of the Central Economic Work Conference emphasizes a proactive and forward-looking macro policy framework to foster a positive economic environment for the "14th Five-Year Plan" [1] - The conference outlines a three-dimensional policy framework of "income increase - deregulation - quality enhancement" aimed at boosting consumption and addressing core issues related to consumer capacity and willingness [2][3] - The focus on enhancing domestic demand is deemed necessary in light of potential external demand weaknesses, with a commitment to implement special actions to stimulate consumption [2][3] Group 2 - The emphasis on hard technology innovation is identified as a key link connecting consumption upgrades, effective investment, and combating "involution," making it a priority for foreign investment in the Chinese market [4] - The support for hard technology is expected to increase, providing foreign investors with strong, long-term investment opportunities as the "14th Five-Year Plan" approaches [5] - The conference's focus on innovation-driven growth aligns with the goal of "self-reliance and strength in technology," highlighting the importance of technological innovation in enhancing national competitiveness [6]

Core Viewpoint - The Central Economic Work Conference outlines proactive and forward-looking macroeconomic policies to create a positive policy environment for the "14th Five-Year Plan" [1] Group 1: Economic Policy Direction - The conference emphasizes "domestic demand as the main driver" and aims to build a strong domestic market, focusing on increasing urban and rural residents' income, addressing consumption barriers, stabilizing investment expectations, and rectifying "involution" competition [3] - The meeting's framework of "income increase - deregulation - quality improvement" targets the core issues of insufficient consumer capacity and willingness, aiming for sustainable consumption recovery [3][4] Group 2: Investment Opportunities - The conference's signals are viewed positively, likely to restore market expectations and optimize resource allocation, creating structural opportunities in the intersection of consumption upgrade, effective investment, and industrial upgrade [3][4] - The focus on hard technology innovation is seen as a key growth engine, linking consumption upgrade, effective investment, and "involution" [7][9] Group 3: Foreign Investment Perspective - The support for hard technology is expected to provide strong long-term investment targets for foreign capital, with China having structural advantages in R&D, talent, and data in this sector [8][9] - The proactive macro policies and emphasis on innovation-driven growth reflect a shift from short-term stability to long-term structural optimization, fostering a positive policy atmosphere for the "14th Five-Year Plan" [9]

Core Insights - The financial market reform in China is deepening, leading the asset management industry into a golden development period, with total entrusted management scale nearing 180 trillion yuan [1] - The core functions of bank wealth management and insurance asset management, which together account for approximately 70 trillion yuan, include providing long-term wealth growth products, supporting stable capital market operations, and injecting financial resources into the real economy [1] Group 1 - The total scale of the domestic asset management market is close to 180 trillion yuan, with bank wealth management, insurance asset management, and trust business regulated by the National Financial Regulatory Administration accounting for nearly 100 trillion yuan [1] - Bank wealth management and insurance asset management are the main product providers in the market, offering tools for long-term wealth growth [1] - These sectors play a crucial role in providing long-term financing support for the capital market and act as cornerstone investors [1] Group 2 - Insurance funds are actively supporting national strategies and new productive forces, with a registered scale exceeding 3 trillion yuan in major strategic areas [2] - As of the end of Q3 this year, the balance of long-term equity investments by insurance funds exceeded 2 trillion yuan, providing full lifecycle support for technology innovation and strategic emerging industries [2] - Insurance funds have participated in the reform of the Sci-Tech Innovation Board, enhancing investor structure and stabilizing valuations, with a total investment in stocks and securities investment funds reaching 5.6 trillion yuan [2]

Market Performance - The three major U.S. stock indices showed mixed opening trends, with the Dow Jones Industrial Average opening up 0.17% to reach a new historical high, while the Nasdaq opened down 0.45% and the S&P 500 opened down 0.2% [1] - Broadcom's sales outlook fell short of expectations, leading to a decline in technology stocks, with Broadcom dropping over 7% and AMD and Oracle falling nearly 1% [1] - Gold and silver sectors performed strongly, buoyed by interest rate cut expectations, with Hecla Mining and Harmony Gold both rising over 3% [1] Chinese Stocks - Among Chinese stocks, 36Kr rose over 9%, Kingsoft Cloud increased over 4%, and NetEase gained over 3% [1] - Conversely, Oriental Culture fell over 15%, WoKe Medical dropped over 10%, and Haitan Network declined over 3% [1] AI and Power Supply - NVIDIA is set to hold a closed-door summit next week aimed at addressing the severe power shortage issues in the AI era [2] - Morgan Stanley has raised its forecast for the cumulative power shortfall in U.S. data centers from 44 GW to 47 GW for the years 2025-2028, equivalent to the power consumption of nine Miami cities or fifteen Philadelphias [2] Investment and Employment - Brookfield Asset Management plans to invest $1 billion to build a global capability center in Mumbai, which is expected to create 15,000 direct jobs and 30,000 indirect jobs [4] AI Talent Recruitment - JD.com is recruiting talent in the field of edge AI chips, focusing on integrated storage and computing AI chips for use in robotics and smart home appliances [5] - The company is offering salaries ranging from $40,000 to $100,000 for positions related to chip design, although there has been no official response from JD.com regarding this recruitment [5] Automotive Industry Compliance - XPeng Motors has issued a statement supporting the "Automotive Industry Pricing Behavior Compliance Guidelines," committing to enhance transparency and compliance in its pricing management system [6] - The company has pledged to strictly adhere to the principle of clear pricing to protect consumer rights and prevent any form of price fraud or unfair competition [6]

Core Viewpoint - The banking wealth management companies are increasing their focus on "fixed income +" strategy products in response to market volatility in both stock and bond markets [1][2]. Group 1: Product Strategy and Market Trends - "Fixed income +" products are gaining popularity among wealth management companies, with a steady increase in issuance numbers, indicating a strong market trend [2]. - The strategy involves a mix of fixed income assets and a small allocation to equities to enhance performance, with a typical equity allocation around 5% [1]. - The "fixed income +" strategy aims to provide asymmetric returns, where the net value increase during stock market gains exceeds the absolute value of declines during downturns, leveraging the "risk premium" from the fixed income portion [1][3]. Group 2: Investment Opportunities and Asset Allocation - Companies are diversifying their asset allocation by incorporating dividend assets and overseas investments to seek excess returns, while balancing individual stock returns and risks through in-depth research [2]. - The low interest rate environment is making it increasingly challenging to achieve stable high returns, which is a core objective of the "fixed income +" strategy [3]. - The strategy is designed to cater to investors seeking to combat inflation or capitalize on potential market opportunities while maintaining a low-risk profile [2][4]. Group 3: Selection Criteria for "Fixed Income +" Products - Investors are advised to assess their risk tolerance and the specific characteristics of "fixed income +" products, including net value performance, portfolio management, and drawdown control [4][5]. - The selection process should include evaluating the product's historical performance, risk management practices, and the reputation and investment philosophy of the fund management company [5].