完善"长钱长投"生态 稳市机制底气足 2025年中央经济工作会议提出，持续深化资本市场投融资综合改革。业内人士认为，"稳股市"目标今年 已逐步实现，因此今年年末的中央经济工作会议对于资本市场的指导意见延续了去年"持续深化资本市 场投融资综合改革"的改革要求。 "在各方共同努力下，投资者信心和预期明显改善，市场韧性和抗风险能力明显增强。"在近日举行的中 国证券业协会第八次会员大会上，证监会主席吴清表示，今年以来A股市场总体稳健活跃，总市值超过 100万亿元，实现了量的合理增长和质的有效提升。 今年也是新"国九条"实施一周年，是中长期资金加速入市的一年。东吴证券统计数据显示，2025年前三 季度A股上市险企总投资收益平均增长超过35%，其中第三季度单季增长近67%。近日，金融监管总局 发布通知调整保险公司投资相关股票的风险因子，这意味着鼓励"长钱长投"的政策信号继续明确，这也 是"十五五"时期资本市场的重点改革方向之一。 资本市场稳运行 回顾过去一年资本市场的运行，"稳健有韧性"是特点之一。 "今年以来，受美国关税冲击等因素影响，资本市场受到较大冲击，一度出现剧烈下跌。但市场很快就 出现V型反弹，并且大盘指数创出 ...

Group 1: Monetary Policy and Interest Rates - The Bank of Japan (BOJ) has indicated further progress in wage growth, which is a key factor for potential interest rate hikes this week [1][2] - A report from the BOJ shows that most companies expect to raise wages in FY2026 at a rate similar to FY2025, which was a period of significant wage increases [1][2] - Market expectations for an interest rate hike to 0.75% are high, with traders estimating a 94% probability of this occurring [2] Group 2: Economic Confidence and Wage Negotiations - Confidence among Japan's largest manufacturers has risen for the third consecutive quarter, reaching a four-year high, while non-manufacturing data remains near its highest level since the early 1990s [1] - The largest labor union in Japan, Rengo, achieved its highest wage increase in nearly 30 years and aims for at least a 5% wage increase in the upcoming negotiations [2] Group 3: ETF and J-REITs Sales - The BOJ may begin selling its holdings of exchange-traded funds (ETFs) as early as next month, with a plan to sell at a rate of approximately 3.3 trillion yen annually [8][11] - The total value of the BOJ's ETF holdings is reported to be 37.1 trillion yen on the books, with a market value of 83 trillion yen (approximately $534 billion) [8] - The sale of ETFs and Japanese real estate investment trusts (J-REITs) is seen as a significant step towards normalizing monetary policy after a prolonged period of ultra-loose monetary conditions [11]

据知情人士透露，日本央行可能最早于下月开始出售其持有的交易型开放式指数基金(ETF)，预计这一 过程需要数十年才能完成。据日本央行透露，截至9月底，该央行持有的ETF账面价值为37.1万亿日 元，市值达83万亿日元(约合5340亿美元)。 日本央行自2010年开始购买ETF，以振兴企业部门，通过增加资金供给降低资本成本，并鼓励经济中更 多的风险投资活动。日本央行是唯一一家通过购买ETF向经济注入现金的主要央行。而这类基金通常由 机构和散户投资者持有。 日本央行最初大量投资日经225指数ETF，该指数包含日本的重量级公司。但在2021年，日本央行修改 了指引，只购买跟踪更广泛东证指数(Topix)的ETF。 2013年黑田东彦就任日本央行行长后，资产购买规模迅速扩大，这推动日本股市上涨——当年日经指数 飙升57%。不过，效果随着时间推移逐渐减弱。2020年，大流行引发的市场波动导致日本央行将ETF购 买规模推至峰值，之后规模逐步下降，2023年仅进行了三次购买。日本央行在2024年3月宣布，将停止 购买ETF，并同时终结全球最后的负利率政策。 知情人士表示，日本央行希望保持每月出售ETF的步伐稳定。他们补充称， ...

12月9日,中国投资有限责任公司(以下简称"中投公司")发布《2024年度报告》(以下简称《年报》)。《年 报》公布了中投公司截至2024年12月31日的财务状况、经营业绩、境外投资业务以及境内股权管理等信 息。 《年报》显示，截至2024年12月31日，中投公司总资产达1.57万亿美元，净资产达1.37万亿美元。境内 股权管理方面，中投公司全资子公司中央汇金受托管理的国有金融资本达6.87万亿元人民币，较年初增 长6.44%。 十年累计年化6.92%2025年上半年投资收益指标已完成 《年报》显示，中投公司境外投资组合资产类别中，另类资产（对冲基金、泛行业私募股权、私募信 用、房地产、基础设施、资源商品等）占比48.49%，公开市场股票投资（对上市公司的股权投资）占 比34.65%，固定收益占比15.53%，现金产品及其他占比1.33%。境外投资组合自营和委托投资比例为 37.47%和62.53%。 此外，《年报》披露了公开市场股票行业类型，信息科技、金融、可选消费占比25.85%、16.41%和 11.85%。 中经记者 郭婧婷 北京报道 中央汇金做好资本市场"稳定器" 境内股权管理方面，中央汇金是中投公 ...

12月9日，中投公司发布的《2024年度报告》显示，截至2024年12月31日，中投公司总资产达1.57万亿美元，净资产达1.37万亿美元，过去十年对外投资年化净收 益率按美元计算为6.92%，超出业绩目标61个基点；中央汇金受托管理的国有金融资本达6.87万亿元人民币，较年初增长6.44%。 2024年，全球宏观经济面临高利率、高通胀、高波动环境，宏观范式的转换影响不断深化，地缘政治加速变局，金融市场持续震荡，不同经济体之间发展分化加 剧，机构对外投资活动变数和挑战明显增多。与此同时，加速发展的数字化、绿色化、智能化，既为全球增长注入新动能，也带来新投资机遇。 证券时报·券商中国记者从中投公司了解到，2024年，中投公司始终保持战略定力，坚守长期投资者定位和国际化、市场化、专业化、负责任原则，持续优化投资模 式、把握投资机遇，以加强统筹管理和提升专业化水平为着力点，完善对外投资管理机制和全面风险管理体系，优化资产配置和组合管理，不断提升总组合的韧性 和质量。近年来，公司总组合业绩连续跑赢长期绝对收益目标。 境外投资公开市场股票中，信息科技行业占比靠前 根据年报内容，截至2024年末，中投公司境外投资组合中， ...

Core Insights - The report from China Investment Corporation (CIC) indicates total assets of $15.7 trillion and net assets of $13.7 trillion as of December 31, 2024, with an annualized net return on foreign investments of 6.92%, exceeding performance targets by 61 basis points [1] - The macroeconomic environment in 2024 is characterized by high interest rates, high inflation, and increased volatility, leading to greater challenges and uncertainties in foreign investment activities [1] - The acceleration of digitalization, greening, and intelligence is creating new investment opportunities alongside global growth [1] Investment Strategy - CIC maintains a strategic focus on long-term investments, emphasizing internationalization, marketization, professionalism, and responsibility while optimizing investment models and enhancing management systems [1] - In the public market, the investment portfolio is 34.65% in publicly traded stocks, with the top five sectors being Information Technology (25.85%), Financials (16.41%), Consumer Discretionary (11.85%), Health Care (9.88%), and Industrials (9.72%) [2] - The company is adapting its investment strategies in both public and private markets to respond to market trends and risks, enhancing flexibility and effectiveness in investment management [2] Performance and Outlook - In the first half of 2025, CIC reported good investment returns in the public market, exceeding board assessment indicators, while maintaining a flexible and proactive approach in the private market [3] - Central Huijin, a wholly-owned subsidiary of CIC, plans to increase its holdings in exchange-traded funds (ETFs) to support market stability, continuing its role as a stabilizing force in the capital market [4] - Central Huijin aims to enhance the governance and competitiveness of its controlled institutions, ensuring compliance and effective risk management to safeguard the quality of financial assets [5]

Core Insights - The total market value of A-shares held by various long-term funds reached approximately 21.4 trillion yuan by the end of August this year, marking a 32% increase compared to the end of the 13th Five-Year Plan [1] - Insurance funds invested in stocks and equity funds exceeded 5.4 trillion yuan, with an 85% increase since the end of the 13th Five-Year Plan [1] - The China Securities Regulatory Commission (CSRC) aims to enhance the role of long-term funds as stabilizers in the capital market, focusing on improving cross-border investment convenience to attract more global capital [1] Group 1: Long-term Capital Market Dynamics - Long-term funds are crucial for maintaining the stability and healthy operation of the capital market, with recent measures introduced to facilitate their entry [2] - Since September last year, the CSRC has implemented guidelines to enhance long-term fund investment, including improving long-term assessment mechanisms and increasing equity investment ratios [2] - The total scale of public funds in China reached 36.25 trillion yuan by the end of August, with equity funds nearing 10 trillion yuan, making them the largest institutional investors in the A-share market [4] Group 2: Investment Strategies and Market Impact - The implementation plan for promoting long-term fund investment includes quantifiable targets, such as a minimum annual growth of 10% in public fund holdings of A-shares over the next three years [3] - Long-term funds are expected to stabilize the market, lead value investment, and improve corporate governance by actively participating in company operations [5] - The number of listed ETFs has increased from 370 to 1282, with assets growing from 1.1 trillion yuan to over 5 trillion yuan, establishing China as the largest ETF market in Asia [4] Group 3: Market Ecosystem and Future Directions - A suitable market ecosystem is essential for attracting long-term capital, which includes enhancing the quality of listed companies and ensuring reasonable returns [6][8] - Continuous improvement in the quality of listed companies and strict enforcement against financial misconduct are necessary to create a favorable environment for long-term investments [7] - The development of a robust pension system and ongoing capital market reforms are critical for expanding the sources of long-term funds [8]

近年来，浙江浩坤昇发资产在私募圈快速崛起，旗下产品频频跻身绩优榜单，规模实现爆发式增长。近期，该公司合伙人、基金经理李佳佳接受《上海证券 报》专访,深度拆解了其"洞见先机，灵动制胜"的投资逻辑，以及通过利益绑定、合规风控护航发展的核心思路。 经济观察报 1202 ▲过去三个月,沪指从3040点一路稳步攀升至 3600点,累计涨幅超过 18% ◀上提 01 版 因为市场风格切换特征显著,当 日,李佳佳的目光紧锁在交易终端上, 捕捉着盘中随时异动情况,选取强势板 块的交易机会。 7月24日收盘,这根久违的阳线 稳稳定格在 3600点上方,沪深两市全 天成交额达 1.84 万亿元。这是自 2022 年1月以来沪指营次收于 3600点上 方。去年同期,沪指还徘徊在 2900点。 过去三个月,沪指从3040点一路 稳步攀升至 3600点,累计涨幅超过 18%。 波动上涨行情中,投资者的怀疑与 亢奋在空气中交错,像两股电流 从高股息板块频创新高,到科技板 块崛起,再到雅江概念股、"反内卷"概 念股在近日"鹏势而起",A 股的板块轮 动让市场热度持续攀升。 "噢到牛市的味道了!"有投资者 称。也有怀疑者说:"面等等。"有人 ...

Core Insights - The A-share market has been active in the second half of the year, with major indices rising and market confidence improving, leading to an influx of incremental capital [1] - Wealth management companies are increasingly allocating funds to equity markets as a strategy to counteract the pressure on fixed-income asset returns in a low-interest-rate environment [1][5] - The issuance of equity and mixed-asset wealth management products has significantly increased, with a notable rise in "fixed income +" strategies that combine fixed-income products with equity assets [1][5] Product Development - Wealth management companies have accelerated their equity allocations, with 32 companies reporting a total investment in equity assets exceeding 600 billion yuan by mid-year [1][5] - The popularity of "fixed income +" products has surged, with many companies actively participating in capital markets and increasing direct investment efforts [1][5] - The issuance of equity wealth management products has risen sharply, with 13 new products launched this year compared to only 2 last year, indicating a shift towards passive index-tracking products [2][5] Market Trends - There is a growing willingness among clients to invest in products with net value fluctuations, reflecting a maturation in investment behavior [4] - The demand for equity investments is being driven by existing clients who are becoming more accepting of market volatility [4] - Wealth management companies are increasingly engaging in research on listed companies, with 26 companies conducting nearly 1,800 company investigations this year [5][6] Direct Investment Capability - Wealth management companies are still heavily reliant on selecting external managers for equity investments, with internal direct investment remaining limited [7] - However, there is a notable increase in direct investment activities, with companies becoming more proactive in participating in secondary market transactions [7][8] - The enhancement of investment research capabilities is expected to lead to a gradual increase in the proportion of direct investments in equity markets [7][8]

Core Viewpoint - The Bank of Japan (BOJ) has decided to maintain its benchmark interest rate at 0.5% for the fifth consecutive meeting, aligning with market expectations, while announcing plans to sell its holdings in exchange-traded funds (ETFs) and Japanese real estate investment trusts (J-REITs) [1][4]. Group 1: BOJ's ETF and J-REITs Sale Plan - The BOJ will sell ETFs at an annual rate of approximately 3.3 trillion yen (book value) and J-REITs at about 5 billion yen annually, marking the first time the BOJ has detailed its plan for disposing of ETF holdings [1][4]. - As of March 2025, the BOJ's ETF holdings have a book value of 37 trillion yen and a market value of 70 trillion yen, with an estimated unrealized gain of 4.38 trillion yen as of mid-September [1][4]. Group 2: Implications of the Sale - The sale of ETFs is seen as a step towards normalizing the BOJ's operations after years of unconventional monetary policy, which included purchasing ETFs to stimulate the economy and combat deflation [5][7]. - The BOJ's ETF holdings account for approximately 7% of the total market capitalization of the Japanese stock market, raising concerns that the sale could undermine investor confidence, especially as the Japanese stock market reaches historical highs [5][7]. Group 3: Historical Context of ETF Purchases - The BOJ began purchasing ETFs in 2010 to revitalize the corporate sector and encourage risk investment by increasing the supply of funds and lowering capital costs [7][8]. - The BOJ's ETF purchases significantly increased after Haruhiko Kuroda became governor in 2013, leading to a 57% rise in the Nikkei index that year, although the effectiveness of these purchases has diminished over time [7][8]. Group 4: Criticism of BOJ's ETF Holdings - The BOJ's initial purchase of Nikkei 225 index ETFs faced criticism for favoring a few high-weighted stocks, distorting the market and leading to excessive volatility during policy adjustments [8]. - The large ETF holdings have reduced the availability of tradable shares in the market and weakened shareholder influence on corporate governance [8].