Core Viewpoint - The introduction of a long-cycle assessment mechanism for pension funds in China is expected to significantly promote long-term investments and increase the inflow of medium to long-term capital into the market [1][4][6]. Group 1: Long-Cycle Assessment Mechanism - The Ministry of Human Resources and Social Security has initiated the development of a long-cycle assessment mechanism for pension funds, aiming to establish a "long money, long investment" policy framework [2][10]. - Key measures include extending the contract duration of pension funds, lengthening the assessment period, and optimizing the evaluation mechanism to focus on medium to long-term goals [2][10]. - The shift from short-term performance assessments to long-term evaluations is expected to mitigate the short-termism prevalent in pension fund investments [3][11]. Group 2: Impact on Investment Behavior - Historically, pension funds have been assessed based on annual returns, leading to a focus on short-term gains and potentially undermining long-term asset allocation [3][11]. - The new long-cycle assessment is anticipated to encourage fund managers to adopt a long-term perspective, enhancing risk control and cross-cycle asset allocation [3][11]. - As fixed-income asset yields decline, the role of equity assets in pension fund investments is expected to increase, supported by the new assessment framework [4][12]. Group 3: Regulatory and Policy Context - The introduction of the long-cycle assessment aligns with broader regulatory efforts to enhance the stability of medium to long-term capital investments in the Chinese market [5][6]. - Recent policies from the Central Financial Office and the China Securities Regulatory Commission emphasize the establishment of long-cycle assessment mechanisms across various types of funds, including commercial insurance and public funds [6][14]. - The shift in regulatory focus from quantity restrictions to prudent management is seen as a significant change that will benefit the development of medium to long-term capital in China [7][14].

回顾2025年，险资在资本市场留下深刻印记，如举牌次数创十年新高，大举加仓红利资产，成为诸 多热门科技股的重要股东。2026年，险资权益投资会有何新动向？配置盘和交易盘将采取怎样的策略？ 会在哪些领域寻找"结构性α"？ 从资产大类看，低利率环境、政策导向及负债端产品结构调整走向纵深，将持续强化险资配置权益 类资产的内在动力；从市场驱动逻辑看，与2025年主要由估值驱动不同，2026年A股市场或转向盈利驱 动，这将促使险资的权益投资策略发生相应调整。 "整体策略基调将更趋审慎与精细化""从追求市场整体弹性转向精选个股和赛道的超额收益""在权 益仓位动态调整上将更趋灵活与精细""策略重心将转向结构优化"……在谈及2026年的投资策略时，多 位险资人士如是说。同时，"寻找中国经济转型升级中的投资机会"成为险资的寻"牛"共识。 瑞众保险相关负责人表示："预计2026年宏观经济将更加注重内需发力，政策回归高质量发展主 线，总体上将呈现流动性平稳、经济稳中向好、通胀回升格局，为权益市场提供较好的基本面支撑；监 管层将持续引导中长期资金入市，为险资增配权益提供有力的制度支撑；在浮动收益产品转型推动下， 人身险行业的投资策略 ...

Core Viewpoint - The company has approved a proposal to authorize the general manager to invest up to RMB 1.7 billion in various financial products to enhance fund utilization efficiency and provide better returns for shareholders [1] Group 1 - The board of directors will hold its third meeting on December 8, 2025, to review the investment proposal [1] - The approved investment includes fixed income products, non-fixed income products, and equity assets [1] - The investment authorization is valid for 12 months from the date of board approval, and the funds can be used on a rolling basis [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月6日，2025北京PE论坛在北京举办，会议以"新链接 新动能 新融合：塑造新质生产力的未来图景"为 主题，中国人民大学国家金融研究院院长、中国资本市场研究院院长、国家一级教授吴晓求出席本次论 坛并发表"资本市场改革的三个目标"主题演讲。 吴晓求首先回顾了一年来市场的积极变化。对比去年同日（2024年12月29日）同一论坛时市场前景 的"不明朗"，他指出，经过一系列改革，当前资本市场态势已转向明朗。上证指数从当时的约3400点攀 升至今日的3902点，约15%的涨幅标志着市场正摆脱长期徘徊格局，步入上升趋势。 "市场要持续健康成长，改革必须向纵深推进。"吴晓求强调，当前改革应聚焦三个关键端口协同发力： 第一，资产端改革。核心是调整上市公司结构，推动以高新技术企业、科创型企业成为上市公司主体。 这为市场提供成长性与可预期性，也为私募股权投资（PE）提供了广阔舞台。PE的本质是促进高科技企 业发展，并通过多元化退出机制实现资本循环，进而推动经济可持续增长与产业升级。 第二， 需求端（资金端）改革。重点是提升市场流动性，引导更多中长期资金 ...

Group 1 - The core viewpoint is that the "14th Five-Year Plan" period presents four significant opportunities for China's capital market, including policy dividends from deepened reforms, new momentum from economic transformation, improved institutional foundations, and value reassessment to invigorate market vitality [1][2][3] Group 2 - The first opportunity is the comprehensive deepening of reforms that will release policy dividends, with structural issues needing resolution through high-level opening and reform, which is expected to return economic growth to a reasonable range [2][3] - The second opportunity involves economic transformation that will foster new momentum, with emerging industries and the upgrading of traditional industries expected to create a market space of approximately 10 trillion yuan over the next five years [2][3] Group 3 - The third opportunity is the improvement of capital market systems, emphasizing "investor first" principles and promoting coordinated reforms in investment and financing, which will solidify the foundation for healthy market development [3][4] - The fourth opportunity is the value reassessment that will stimulate market vitality, driven by domestic economic transformation, diversification of resident assets, and global asset rebalancing [3][4] Group 4 - Wealth management institutions are expected to play a larger role in asset allocation, particularly in a low-interest and high-volatility environment, with a focus on four key areas for equity asset allocation over the next five years [4] - Gold is highlighted as having continued allocation value, with its share in private investment potentially increasing from just over 2% to 4-5% due to ongoing economic uncertainties [4] Group 5 - The future investment opportunities arising from transformation and upgrading will require enhanced asset allocation capabilities from wealth management institutions to navigate through economic cycles [4][5]

Core Insights - The insurance asset management industry is increasing its allocation to equity assets, with stock investment assets growing approximately 30.60% year-on-year and equity investment funds increasing about 36.20% [1][3][10] Group 1: Investment Trends - As of the end of 2024, insurance companies have invested a total of 30.55 trillion yuan, accounting for 91.85% of the industry's total fund utilization [1] - The allocation of insurance company investments includes 15.21 trillion yuan in bonds, 5.60 trillion yuan in stocks and public funds (excluding money market funds), and 1.92 trillion yuan in equity investment assets [3][6] - The growth rates for various equity assets include stock investment assets increasing by approximately 30.60%, public fund investments by about 10.42%, and equity investment assets by around 9.66% [3][10] Group 2: Asset Management Companies - In 2024, 34 insurance asset management companies had a total investment asset scale of 32.68 trillion yuan, representing a year-on-year growth of 25% [6] - The asset allocation structure shows that bonds account for 46% (15.18 trillion yuan), financial products for 20% (6.66 trillion yuan), and stocks for 7% (2.17 trillion yuan) [6] - The growth rates for bonds, financial products, and stocks are approximately 28%, 31%, and 36% respectively [6] Group 3: Direct Equity Investment - The total scale of direct equity investment in the industry reached 1.16 trillion yuan by the end of 2024, with a year-on-year growth of 22.2% [10] - The largest contributors to direct equity investment are insurance groups and life insurance companies, with scales of 5.78 trillion yuan and 5.06 trillion yuan respectively [10][12] - The growth in direct equity investment may be linked to insurance companies' increased focus on the healthcare and elderly care sectors, enhancing their life insurance business [12]

Core Insights - The public fund management scale has surpassed 36 trillion yuan, marking a significant shift from a focus on scale to prioritizing quality in the industry [1] - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" signifies the end of a long-standing growth model that emphasized scale over returns, prompting a reevaluation of core values across the industry [1] Industry Evolution - The public fund ecosystem is undergoing a profound transformation against the backdrop of changes in household wealth allocation, with a decline in the proportion and growth rate of money market funds reflecting an upgrade in investor demand towards stable and value-added returns [4] - The continuous increase in the proportion of equity assets not only indicates the maturity of the capital market but also reflects a return of investor trust in professional asset management capabilities [4] Investment Strategies - A complementary relationship between active and passive investments has emerged, breaking the long-standing debate of either-or within the industry, indicating a shift from meeting singular financial needs to covering comprehensive asset allocation scenarios [6] - The true value of the 36 trillion yuan milestone lies not in the number itself but in its representation of the industry's responsibility as a core link between household wealth and the real economy, which is essential for high-quality development [6] Innovation and Upgrades - Policy guidance acts as a directive for industry transformation, while product innovation and research upgrade serve as dual engines driving high-quality development, with their deep collaboration reshaping the core competitiveness of public funds [9] - The promotion of floating fee rate funds establishes a binding mechanism between managers and investors, representing a fundamental reform of traditional fee structures [9] Research and Development - The transition away from a star manager dependency model is crucial for the industry's maturity, as reliance on star fund managers has led to performance instability and a vicious cycle of talent loss and scale shrinkage for smaller institutions [13] - Industrialized research and development driven by leading firms aims to convert individual capabilities into sustainable core competitiveness for institutions, ultimately protecting investor interests [13] Challenges and Solutions - High-quality development is not without challenges, as the industry faces multiple issues, including a misalignment between investor behavior and fund performance, which highlights a lack of investor service [18] - Fund companies have historically focused too much on product sales while neglecting post-investment support, making it difficult for investors to establish a long-term investment mindset [20] - Risk management challenges are escalating due to global geopolitical uncertainties and asynchronous policy cycles, necessitating a proactive approach to risk management that integrates risk forecasting into the entire research process [22] Future Outlook - The high-quality development of the public fund industry must ultimately return to the core of creating value for investors, with product innovation, research upgrades, and investor service optimization centered around this principle [24] - The 36 trillion yuan milestone is not an endpoint but a new starting point for industry transformation, where only those institutions that adhere to professionalism, prioritize investor interests, and possess risk control capabilities will thrive in the long term [24]

Group 1 - The A-share market has reached a significant milestone with the Shanghai Composite Index closing above 4000 points, marking the highest level since August 18, 2015 [1] - The market rally since September 24 has been primarily driven by several types of funds, including broad-based ETFs and margin financing, with active equity public funds and non-broad-based ETFs focusing on industry sectors playing a key role since July [1] - Institutional investors show a preference for cyclical and large financial sectors, while individual investors are more focused on the consumer sector; both groups are interested in gold and chips, with institutions also favoring military and dividend-related sectors, while individuals lean towards pharmaceuticals and securities [1] Group 2 - The current growth rate of household deposits has not significantly declined, indicating that while there is an emerging willingness among residents to invest, large-scale market entry has not yet commenced, suggesting that the entry of residents is still in the early stages [2] - There has been a notable shift in foreign capital flows since July, with a slowdown in active foreign capital outflows and a significant net inflow of passive foreign capital, driven by the attractiveness of China's emerging industries and competitive valuations in the global market [2] - The market is characterized by a steady allocation from institutional investors, gradual participation from individual investors, and improved inflow dynamics from overseas investors, highlighting the importance of monitoring individual investor participation, domestic policy implementation, and foreign capital flows for potential structural investment opportunities [2]

Core Viewpoint - The low interest rate environment is reshaping the investment strategies of major insurance companies in China, leading to a significant focus on equity investments, particularly high-dividend stocks, to enhance returns amidst challenging fixed-income yields [1][4][5]. Investment Performance - As of June 30, 2023, the total investment assets of five major A-share listed insurance companies reached 19.73 trillion yuan, reflecting a year-on-year growth of 7.52% [2]. - Investment returns have improved due to a recovering capital market, with China Pacific Insurance reporting an annualized total investment return of 5.1%, up 1 percentage point year-on-year [2]. Asset Allocation Strategies - Insurance companies are increasing their allocation to equity investments, with China Ping An's stock investment ratio rising to 10.5% from 7.6% year-on-year [3]. - China Life's equity financial assets increased by 156.5 billion yuan in the first half of the year, with stock assets reaching 620.14 billion yuan [3]. Focus on High-Dividend Stocks - In the current low interest rate environment, insurance companies are prioritizing high-dividend assets that provide stable cash flow and align with their long-term investment strategies [4][5]. - Companies like China Life and China Ping An are actively seeking opportunities in high-dividend stocks and growth sectors, emphasizing the importance of stable returns [5]. Unique Investment Phenomena - The trend of "insurance companies acquiring other insurance companies" has emerged, with China Ping An recently increasing its stakes in China Pacific Insurance and China Life [6]. - This strategy is guided by the "three Cs" principle: reliable operations, growth potential, and sustainable dividends [6]. Diversification of Assets - Insurance companies are maintaining a high proportion of fixed-income investments while also exploring innovative asset classes such as ABS and public REITs to enhance overall returns [7]. - China Life is focusing on overseas markets, particularly the Hong Kong stock market, which has shown strong recovery and offers valuable investment opportunities [8].

Group 1 - The capital market landscape in 2025 is shifting towards diversified asset allocation, moving away from single-asset strategies to include equities, fixed income, and physical assets [1] - Emerging industry leaders and high-rated corporate bonds are becoming mainstream investment options, with a focus on a three-dimensional combination of stocks, bonds, and physical gold [1] - The Hong Kong stock market is showing structural opportunities, with specific stocks in AI healthcare and renewable energy infrastructure benefiting significantly [2] Group 2 - Gold is highlighted as a traditional safe-haven asset, particularly during the Federal Reserve's interest rate cut cycle, showcasing unique allocation value [3] - The combination of physical gold and gold ETFs meets liquidity needs while avoiding trading losses, with gold mining stocks showing a high correlation to gold prices [3] - Risk management strategies are emphasized, including the use of cross-market ETFs to hedge currency risks and volatility index products to manage market risks [5] Group 3 - The rise of smart investment advisory tools is changing allocation methods, allowing for dynamic adjustments based on economic indicators [5] - There is a recommendation to maintain a minimum of 15% gold holdings in portfolios, alongside a focus on consumer recovery stocks and high-yield municipal bonds [5] - The importance of maintaining a balance between algorithmic and actively managed products is noted to enhance portfolio differentiation [5]