12月12日，国家金融监督管理总局北京监管局发布批复，核准张伟华光大永明资产管理股份有限公司副总经理的任职资格。 批复显示，光大永明资产应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自本行政许可决定作出之日起2个月内到任，并按要求及时报 告到任情况。未在上述规定期限内到任的，本批复文件自动失效。 光大永明资产应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险合规意识，熟悉任职岗位职责，忠实勤勉履职。 （国家金融监督管理总局） ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," which sets the direction for high-quality financial development in Shenzhen [1][20]. Group 1: Political Leadership and Learning - The company prioritizes political construction, utilizing various learning methods to study Xi Jinping's latest important speeches and fostering a strong learning atmosphere through dedicated columns on their public platform [2][21]. - A structured learning matrix is established, integrating theoretical learning into daily practices, ensuring continuous engagement among party members [2][21]. Group 2: Leadership Role in Key Projects - The company plays a crucial leadership role in major project reviews and investments, ensuring alignment with national strategies and regional economic stability [5][23]. - Party members take on exemplary roles in project advancement, particularly in areas like non-performing asset management and real estate project support, contributing to high-quality economic development [5][23]. Group 3: Risk Management and Real Estate Solutions - The company actively responds to calls for real estate risk mitigation, focusing on urban renewal and policy housing, and collaborates with local governments and various departments to address challenges faced by stakeholders [9][27]. - Innovative financial solutions are implemented to restructure historical debts and attract new funding, achieving both economic and social benefits, recognized with the "2024 Best Case Award" in the national AMC industry [9][27]. Group 4: Project Revitalization and Community Support - The company engages in project revitalization efforts, employing innovative models to resolve risk conflicts, particularly in the real estate sector, and successfully isolates debt risks while achieving multi-party benefits [12][30]. - Initiatives are taken to support local governments and financial institutions, ensuring that community needs are met while promoting economic stability [12][30]. Group 5: Strategic Investment in Emerging Industries - The company embraces its political and social responsibilities by investing in emerging industries such as robotics and artificial intelligence, aligning with national strategic goals [16][34]. - Collaborative investment strategies are employed to address liquidity challenges faced by companies, enhancing the overall production capacity in Shenzhen [16][34]. Group 6: Future Directions - The company plans to continue its involvement in local financial risk management, focusing on Shenzhen's strategic emerging industries and contributing to the development of the Guangdong-Hong Kong-Macao Greater Bay Area [18][35].

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点 击查看【 ESG评级中心服务手册】 2025年12月3日，2025年中国责任投资周（2025 China SIF Week）系列活动：责任矿业——"矿业2030"午餐会顺利举行。 此次午餐会是2025年中国责任投资周（2025 China SIF Week）系列活动之一，亦是其推动可持续金融与 ESG 实践在中国市场发展的重要活动。 2025年中国责任投资周由商道融绿主办，联合国环境规划署金融倡议（UNEP FI），及联合国可持续证券交易所倡议（UN SSE）联合主办，并得到了战 略合作伙伴嘉实基金、浦银安盛基金、瑞士百达资产管理，合作伙伴Ofi Invest资产管理、新曦资产管理、亚洲研究与参与（ARE），支持机构挪威养老 基金KLP、汇丰投资管理、亚洲投资者气候变化联盟（AIGCC）、CDP、商道咨询的大力支持。本届年会媒体合作伙伴包括：上海证券报 · 中国证券网、 新浪财经等。 新浪财经ESG评级中心简介 新浪财经ESG评级中心是业内首个中文ESG专业资讯和评级聚合平台 ...

Core Insights - Bloomberg's Multi-Asset Class Factor Risk Model (MAC3) has been adopted by Marshall Wace, a leading global alternative asset management firm with over $70 billion in assets under management, to enhance its quantitative research and systematic investment strategies [1][3] - The MAC3 model provides advanced modeling techniques, precise risk forecasting, and robust portfolio analysis capabilities, enabling comprehensive measurement and monitoring of multi-asset portfolio risks [1] - The MAC3 model is recognized as a state-of-the-art risk factor model, utilizing over 3,000 factors for daily calculations, offering superior predictive accuracy for various investment portfolios, ranges, and styles [1][2] Group 1 - Marshall Wace's adoption of MAC3 reflects the growing demand among institutional investors for high-precision risk models that help in understanding the factors driving portfolio risks [1] - The modular design and strong factor structure of MAC3 support quantitative and systematic managers in enhancing portfolio construction and risk prediction capabilities [1] - Bloomberg's PORT Enterprise, powered by the MAC3 model, serves over 800 clients with advanced portfolio risk analysis and attribution, featuring enhanced customization and batch reporting capabilities [2] Group 2 - Established in 1997, Marshall Wace is a leading alternative investment management company specializing in long/short equity and systematic trading strategies [3] - The company operates globally with offices in major financial hubs including London, New York, Hong Kong, Singapore, Abu Dhabi, and Shanghai, employing over 750 staff [3] - Marshall Wace's commitment to innovation and technology upgrades is a key driver of its success, supported by a robust and scalable global infrastructure [3]

爱马仕投资管理的新兴市场债券首席投资组合经理Mohammed Elmi表示，由于美元走弱以及美联储可 能进一步降息，新兴市场在2026年可能继续享有宽松的融资环境。Elmi指出，特朗普多次表达希望美联 储更快、更大幅度降息的意愿。随着现任美联储主席鲍威尔任期将于2026年5月结束，特朗普有机会任 命一位更符合其政策优先的主席。Elmi表示，美元走弱已成为2025年的主要主题之一，今年迄今美元已 下跌约8.2%。他补充道："更多降息可能会对美元施加进一步下行压力。" ...

Core Viewpoint - The asset management industry is experiencing a competitive collaboration era, with various financial institutions vying for partnerships with insurance companies to enhance investment opportunities and address asset-liability matching challenges [1][2][7]. Group 1: Industry Dynamics - Financial institutions, including brokers, funds, and banks, are increasingly seeking collaboration with insurance companies due to the stable and relatively sustainable nature of insurance liabilities [1][2]. - The low-interest-rate environment has intensified the need for insurance companies to find superior asset management partners to achieve stable and lasting investment returns [2][4]. - Regulatory changes, such as increasing the equity asset investment ratio and reducing risk factors for stock investments, have opened avenues for insurance companies to diversify their asset allocations [2][3]. Group 2: Collaboration Strategies - Various asset management firms are tailoring their offerings to meet the specific needs of insurance companies, focusing on providing stable investment solutions and customized product offerings [4][6]. - Insurance companies are looking for asset management partners that not only have strong research capabilities but also offer unique and distinctive products [5][6]. - The collaboration is characterized by a mutual understanding of the long-term investment philosophy, with asset managers encouraged to align their strategies with the investment goals and risk preferences of insurance funds [6][7]. Group 3: Competitive Landscape - The competition among asset management firms to attract insurance clients is intensifying, with firms adjusting their personnel, performance assessments, and business divisions to better align with insurance needs [5][6]. - The trend of collaboration is expected to become a norm in the asset management market, reflecting a complex interdependence among various financial products and institutions [7].

中央经济工作会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增 量政策集成效应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。 机构人士表示，2026年财政政策仍有发力空间，货币政策会采用多种结构性工具，为高质量发展提供更 加精准有效的支撑。在有力高效的政策支撑下，2026年中国经济有望继续保持高质量发展的良好势头， 资本市场行稳致远基础进一步巩固。 保持必要的财政赤字 会议指出，要继续实施更加积极的财政政策。保持必要的财政赤字、债务总规模和支出总量，加强财政 科学管理，优化财政支出结构，规范税收优惠、财政补贴政策。 中信证券首席经济学家明明表示，我国财政将继续保持一定的支持力度和支出强度，2026年财政赤字率 或维持在4%，对应财政赤字规模将提升至6万亿元左右。以短期视角看，预计2026年地方专项债新增额 度将有所增加，同时会在适当时机继续推出新型政策性金融工具，支持地方优质项目的投资建设，起到 推动投资止跌回稳的效果。 "2026年财政政策仍有发力空间。"财信证券首席经济学家袁闯预计，2026年财政赤字率在3.5%-4%，中 央加杠杆仍将是财政政策发力的重要方向。 科技成长 ...

中央经济工作会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增 量政策集成效应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。 机构人士表示，2026年财政政策仍有发力空间，货币政策会采用多种结构性工具，为高质量发展提供更 加精准有效的支撑。在有力高效的政策支撑下，2026年中国经济有望继续保持高质量发展的良好势头， 资本市场行稳致远基础进一步巩固。 保持必要的财政赤字 ● 本报记者 吴玉华 刘英杰 谭丁豪 会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效 应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。要增强宏观政策取向一致性和有效性。将 各类经济政策和非经济政策、存量政策和增量政策纳入宏观政策取向一致性评估。健全预期管理机制， 提振社会信心。 明明表示，明年的政策制定可能不会过度关注短期内的刺激效果，更多着眼于"十五五"时期整体经济的 长远发展规划，既关注新增政策的出台，也重视已有政策的落实落细，体现对宏观政策协同以及落地效 果的重视。 "在政策取向上，会议提出'提质增效'。"张文朗认为，这个要求的内涵是让财政、货币、产业等政 ...

瑞银资产管理的Kevin Zhao计划利用明年10年期美国国债大幅上涨的机会卖出，并认为鸽派美联储以及 美国总统特朗普在中期选举前刺激增长的努力将重新激化通胀。在瑞银资产管理担任主动管理型主权、 固定收益和外汇基金负责人的Zhao表示，市场可能会在明年年底前开始计入一次美联储加息的风险， 从而削弱较长期美债的吸引力，并推动其相对于短债之间的利差扩大至2021年以来的最宽水平。 ...

Core Viewpoint - Italy's largest insurer, Generali, is expected to announce the cancellation of its plans to merge its asset management business with BPCE's Natixis shortly [1] Company Summary - Generali is Italy's biggest insurer and is currently involved in discussions regarding its asset management business [1] - The merger with BPCE's Natixis was anticipated but is now expected to be dropped [1]