Core Viewpoint - Commercial banks are actively adjusting the risk ratings of mutual funds they sell, enhancing their wealth management services as deposit rates decline and residents' awareness of wealth management increases [1][3][9]. Group 1: Risk Rating Adjustments - On November 25, China Construction Bank announced an increase in the risk ratings of 87 mutual fund products, marking the largest adjustment in two years [3]. - This adjustment includes 32 funds upgraded from R2 (medium-low risk) to R3 (medium risk) and 55 funds from R3 to R4 (medium-high risk), primarily affecting bond and mixed funds [3][4]. - Other banks, including Minsheng Bank and CITIC Bank, have also adjusted their fund risk ratings multiple times this year, indicating a broader trend across the banking sector [4][9]. Group 2: Fee Rate Discounts - Many banks are offering promotional discounts on fund subscription fees to boost sales, with some fees reduced to as low as 10% of the original rate [6][7]. - For example, Industrial and Commercial Bank of China has introduced a 90% discount on certain fund subscriptions starting November 24 [7][8]. - Banks are also conducting internal reviews of customer investment risk appropriateness, particularly for vulnerable groups such as the elderly [5]. Group 3: Wealth Management Strategy - Commercial banks are significantly enhancing their wealth management business to increase intermediary income, with many reporting a year-on-year increase in fee and commission income [9]. - Analysts suggest that as deposit rates decline, there will be a shift towards higher-risk financial products, and the demand for equity asset allocation may increase due to demographic changes and policy support [9].

临近年末，商业银行基金代销领域动作频频。 11月25日，建设银行官网公告显示，近期已上调87款代销公募基金产品的风险等级，而近期已有多家银行调整 代销基金风险评级。除了风险等级调整，日前，工商银行、招商银行、兴业银行等多家机构纷纷推出基金申购 费率优惠活动，部分产品申购费率低至1折。另据券商中国记者了解到，有股份行内部对客户基金申购费用甚 至可实现"全免"。 在存款利率进一步下探，居民财富管理意识增强的背景下，商业银行显著加强了公募基金、银行理财等资管产 品的代销力度。年关将至，各大银行已提前布局财富管理领域的"开门红"，有股份行零售业务经理对券商中国 记者表示，在"旺季营销"时点推动下，其所在分行近期公募基金销售异常火爆，超额完成总行布置的考核指 标。 多家银行批量上调代销基金风险等级 11月25日，建设银行官网公告，近期已调整87款代销公募基金产品风险等级。这已经是该行2025年以来，第四 次上调代销基金产品的风险等级，具体来看，今年2月上调21只产品的风险等级，5月末上调4只产品的风险等 级，9月上调7只产品的风险等级。 建行此次调整，是近2年来涉及代销基金产品规模最大的一次，此次有32款原R2级（中低 ...

11月26日早间，诺亚控股在港交所公告，2025年第三季度的净收入为人民币6.329亿元，较2024年同期 减少7.4%，主要由于保险产品分销减少导致募集费收入减少及业绩报酬收入减少；诺亚股东应占净收 益为人民币2.185亿元，较2024年同期大幅增加62.6%，乃主要由于于联属公司的投资的公允价值增加所 致。 ...

大摩闭门会：邢自强、Laura Wang：全球震荡，何去何从 摘要 美国 AI 投资采取重资产豪赌策略，追求 AGI，而中国则采取轻量化路线， 关注产业生态铺开，利用基础设施、人才和数据成本优势降低 AI 投资成 本，从而减少泡沫风险，对经济产生更稳定和可持续的影响。 当前科技股估值接近 23 倍市盈率，结构脆弱，依赖少数大盘股上涨， 长期看好科技股，受益于行业普及应用，多数标普 500 公司预期 AI 带 来盈利增长，短期有波动风险，长期增长潜力良好。 预计美联储将在 2026 年 1 月、4 月和 6 月各降息一次，总体降息幅度 不变，但 12 月份降息预期取消，美股整体行情将由普惠型辐射型行情 带动，而非仅依赖人工智能相关公司。 中国银行业未来几年将逐渐提高贷款利率，以覆盖长期风险并消化不良 资产，监管支持合理定价，民生银行将贷款利率回升作为考核重点，有 助于金融行业持续反弹。 高线城市房地产市场企稳可能要等到 2027 年，因消化前期过剩房产过 程复杂，房地产市场的传导机制广泛而复杂，单靠政策进行单点突破往 往效果不及预期。 预计 2026 年消费平稳中放缓，投资比 2025 年有所改善但全年基本持 ...

电销中心关了，投诉就会消失吗？答案显然是否定的。电销只是一种销售形式，本质上来看，引来 大量投诉的是销售误导行为，而非电销本身。若只是对电销这个渠道"一关了之"，类似问题也仍会换个 形式继续存在。保险电销的退潮不是终点，而是行业从"广撒网"式营销，转向精准合规服务的起点。 有的电销人员夸大保险责任，宣称保险产品"没有任何免赔，没有任何门槛，花多少，公司给咱们 报多少"；有的炒作"停售"与"末班车"，采用"产品即将停售""最后一波高收益产品"等话术制造紧张氛 围，误导消费者匆忙决策；有的故意隐瞒合同重要信息，对产品的保险属性、免责条款、中途退保损失 等避而不谈……事实证明，在行业高速增长时期，这种依赖人海战术、大水漫灌的粗放式发展或许会奏 效；但当行业转向高质量发展，市场更加成熟、消费者越发理性、监管环境趋严时，这套模式便再难以 为继。尽管简单粗暴的电销模式已风光不再，但专业电话咨询服务的价值仍将持久存在。未来，保险公 司电话座席的核心命题，或许不再是"如何为公司卖出更多保单"，而是"如何为投保人提供更优质的保 障和服务"。 （责任编辑：关婧） 你是否感觉到，那些曾频频响起的寿险推销电话，近年来渐渐减少了。笔者 ...

保诚(02378)发布公告，于2025年11月20日斥资289.37万英镑回购27.51万股股份。 ...

Core Insights - The "Shu Tong Chain Valley" has been established as a national blockchain application demonstration zone, aiming to create a global blockchain ecosystem [4] - The event highlighted the integration of financial resources with emerging industries, showcasing blockchain technology's potential to bridge digital and real economies [4][5] - The Shanghai Inclusive Finance Advisory System, initiated in September 2022, aims to provide financial consulting services to enterprises, addressing challenges in financing [5][6] Group 1: Event Overview - The 19th Shanghai Financial Services Entity Economy Negotiation Conference featured a special event at "Shu Tong Chain Valley," focusing on financial empowerment for the real economy [1][4] - The event served as a practical implementation of the conference's theme, facilitating connections between financial resources and emerging industry parks [4] Group 2: Blockchain Industry Growth - "Shu Tong Chain Valley" has seen explosive growth in the blockchain industry within the Jing'an District, demonstrating significant clustering effects [4] - The establishment of the financing service center within "Shu Tong Chain Valley" marks a key step in integrating blockchain industry clusters into a broader financial service network [4][5] Group 3: Financial Services and Challenges - Jing'an District has achieved dual coverage of financing service centers and inclusive finance advisory studios across three strategic emerging sectors: blockchain, ultra-high-definition audio-visual, and beauty health [5] - Enterprises expressed urgent needs for funding and resources to support rapid growth and operational challenges, highlighting the importance of investment partnerships [5][6] - Financial advisors from various institutions provided insights on enhancing enterprise value, utilizing regional policies, and managing financial operations effectively [6]

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

产业研究 证 券 研 究 报 告 理财产品跟踪报告 2025 年第 13 期（11 月 01 日-11 月 14 日） 基金市场新发降温，分红险重回主导 银行理财产品： 根据普益标准数据，本期（11 月 1 日至 11 月 14 日）理财市场新发理财产品 1167 只，较上一期（10 月 18 日-10 月 31 日）的 1130 只基本持平。产品结构 延续"固收为主、理财公司主导、中短期限集中、低门槛普及"的特征，结构 分化依然较强：按投资性质划分，固定收益类产品仍占绝对主导地位，占比高 达 97.17%（前值 97.88%）；按机构类型划分，理财公司仍为主流，本期发行产 品 850 只，占比 72.84%；按投资起点划分，依然是 1 元及以下占比最高，新 发产品总数达 755 只（占比 64.7%），其次是 1 千元-1 万元（含）263 只（占 比 22.54%）。反映出理财行业向低门槛、普惠化转型的深化。 基金产品： 根据 wind 数据，2025 年 11 月 1 日至 11 月 14 日，全市场新成立基金共计 65 只，合计募集规模达 406.73 亿元，平均单只基金募集规模为 6.26 亿元。这 ...

Summary of Key Points from Conference Call Records Industry Overview: Real Estate Market - The real estate market is under significant pressure, with transaction volumes in some cities showing slight month-on-month increases but remaining stable overall. Price reduction strategies are effective, but the market is characterized by buyer dominance, making conversion from viewings to purchases challenging, with premium space remaining high [1][2][3] - The number of listings is marginally decreasing, likely due to homeowners holding back on sales and intermediaries cleaning up ineffective listings. Both new and second-hand home prices continue to decline, with luxury and improved housing markets cooling down, and newly built homes facing downward pressure [1][5] Policy Outlook - Conventional policies such as relaxing purchase restrictions and moderate interest rate cuts have limited effectiveness. More meaningful actions would include lowering provident fund interest rates or increasing loan limits. Extraordinary policies should focus on mortgage rate discounts and may require fiscal subsidies for deep interest rate cuts [1][6] - The current environment suggests that some cities' rental-to-sale ratios are approaching loan interest rates. If deep interest rate cuts or loan subsidies are implemented alongside stable income expectations, some cities may stabilize [1][7] Financial Sector Insights - The financial industry is expected to focus on mid-to-long-term capital market policies and the allocation of insurance funds to equity assets as year-end approaches. The expiration of deposit products may lead to increased sales of insurance products, creating allocation pressures [1][8] - In the banking sector, there is optimism regarding the valuation recovery of bank stocks, driven by mid-term dividend distributions and a recovery in net interest income, particularly among city commercial banks [1][4][9] Credit and Lending Trends - October's social financing data showed weak performance, with a year-on-year decrease in both government bonds and RMB loans. The demand remains weak, influenced by tightened risk controls [1][11][12] - The overall deposit situation in October remained stable, but both resident and corporate deposits saw a decline, while non-bank deposits increased significantly, reflecting the current market environment and policy direction [1][13] Investment Recommendations - The focus should be on high-quality companies with leading products and strong cash flow, particularly in the context of potential policy support. Companies with fundamental flaws but high elasticity may also present investment opportunities if policies are enacted [1][7]