来源：新浪基金∞工作室 港股通非银ETF（513750）业绩比较基准为同期中证港股通非银行金融主题指数收益率(使用估值汇率 折算)，管理人为广发基金管理有限公司，基金经理为罗国庆、曹世宇，成立（2023-11-10）以来回报为 86.37%，近一个月回报为10.39%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 1月7日，港股通非银ETF（513750）跌0.11%，成交额34.66亿元。当日份额增加6.18亿份，最新份额为 172.30亿份，近20个交易日份额增加22.76亿份。最新资产净值计算值为321.18亿元。 ...

今天所有人都沉浸在股市开门红的喜悦中，就王石可能心情有点糟糕，关于田女士大量删除和老王的合影，并离婚的消息，传得沸沸扬扬。 虽然当事人已经辟了谣，但老王肯定是高兴不太起来的。 我个人觉得，这几年看下来，田女士和老王之间， 有点像MCN公司的负责人，和旗下IP的关系 ，田女士负责掌舵、找项目，然后贴到老王这个 IP上去，比如，do脸这个事，就属于MCN对IP的一种打磨。 你再看老王做的个别项目，比如卖燕窝那事儿，很明显就是女性老板的视角，压根没想过老王这个IP适不适合卖燕窝，失败也是明摆着的事。 而老王这个IP，偶尔能自带点流量，比如，上次老王和田女士采访段永平，老段昨天就发了个雪球帖子，说就是为了还个人情——很显然，就是 MCN老板看到雪球的专访火了，觉得可以复刻一下，然后让旗下的IP自己去勾兑了一下，想找个爆点。 但这些年，这一IP相关的项目，无一例外都折戟了，这肯定就让MCN的老板觉得很窝火——我这么牛逼的策划，怎么就炒不火你？看来是IP本身 有问题啊。 我个人对这事，有点衍生的理解。 大家都喜欢有"能力"的人，也都喜欢有"野心"、有"进取心"的人。 但是， 大家不太喜欢的，是有野心但是没能力的人，或者说 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 港股通非银ETF（513750）业绩比较基准为同期中证港股通非银行金融主题指数收益率(使用估值汇率 折算)，管理人为广发基金管理有限公司，基金经理为罗国庆、曹世宇，成立（2023-11-10）以来回报为 73.50%，近一个月回报为4.78%。 12月29日，港股通非银ETF（513750）跌1.42%，成交额18.20亿元。当日份额增加4.42亿份，最新份额 为157.54亿份，近20个交易日份额增加7.63亿份。最新资产净值计算值为273.38亿元。 ...

转自：中国证券报·中证网 中证网讯 12月5日，港股保险板块午后涨幅扩大，截至14:35，中国平安和中国太保涨超5%。摩根士丹 利今日发布研报，将中国平安纳入重点关注名单，维持"首选"评级，同时大幅上调目标价。相关指数中 证港股通非银行金融主题指数（931024）盘中涨超3%。 展望后续保险板块投资机会，中信建投证券赵然团队表示，美联储降息背景下，港股市场流动性宽松， 关注非银板块向上弹性。其中，上市险企资负两端业绩有望迎来共振改善，建议重视保险业长期业绩增 长与估值修复的"戴维斯双击"投资机会。（张凌之） Wind数据显示，港股通非银ETF（513750，场外联接A/C类020500/020501）是全市场唯一跟踪中证港股 通非银行金融主题指数的品种，标的指数因"68.8%保险+12.8%港交所+14%证券"的成分底仓而备受资 金关注，是全市场"保险含量最高、港交所含量"最高的ETF。港股通非银ETF（513750）年内持续获资 金加仓，年内累计获净买入超235亿元，最新规模达245亿元。 ...

展望后续保险板块投资机会，中信建投证券赵然团队表示，美联储降息背景下，港股市场流动性宽松， 关注非银板块向上弹性。其中，上市险企资负两端业绩有望迎来共振改善，建议重视保险业长期业绩增 长与估值修复的"戴维斯双击"投资机会。 港股通 - 银ET 基金代码:513750 12月5日，港股保险板块午后涨幅扩大，截至发稿，中国平安和中国太保涨6%、中国人寿涨4%。摩根 士丹利今日发布研报，将中国平安纳入中国内地/中国香港重点关注名单，维持"首选"评级，同时大幅 上调目标价，A股目标价从70元升至85元（+21%），H股目标价从70港元升至89港元（+27%）。大摩 相信中国平安可以抓住居民理财、医疗健康和养老领域的关键增长机会。同时，市场的主要担忧正在逐 步出清，为该公司估值提升铺平道路。中证港股通非银行金融主题指数（931024）盘中涨超3%。 联接A: 020500 联接C: 020501 Wind数据显示，港股通非银ETF（513750，场外联接A/C类020500/020501）是全市场唯一跟踪中证港 股通非银行金融主题指数的"独苗"品种，标的指数因"68.8%保险+12.8%港交所+14%证券"的成分底仓 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 港股通非银ETF（513750）业绩比较基准为同期中证港股通非银行金融主题指数收益率(使用估值汇率 折算)，管理人为广发基金管理有限公司，基金经理为罗国庆、曹世宇，成立（2023-11-10）以来回报为 62.93%，近一个月回报为-3.13%。 来源：新浪基金∞工作室 12月3日，港股通非银ETF（513750）跌2.05%，成交额7.34亿元。当日份额减少1400.00万份，最新份额 为149.65亿份，近20个交易日份额增加12.30亿份。最新资产净值计算值为243.88亿元。 ...

Core Insights - The Hong Kong Stock Connect Non-Bank ETF (513750) increased by 0.24% on November 20, with a trading volume of 1.106 billion yuan [1] - The fund's shares rose by 93.5 million, bringing the total shares to 15.218 billion, with an increase of 2.494 billion shares over the past 20 trading days [1] - The latest net asset value is calculated at 25.696 billion yuan [1] - The fund's performance benchmark is the return rate of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, using valuation exchange rates [1] - Managed by GF Fund Management Co., Ltd., the fund has achieved a return of 68.82% since its establishment on November 10, 2023, and a return of 2.56% over the past month [1]

Group 1 - The A-share market continues to experience fluctuations, with lithium battery materials seeing price increases, leading to a surge in lithium carbonate futures and related stocks [1] - The total net inflow of funds into ETFs reached 17.1 billion yuan on November 17, with about one-third of ETFs receiving additional investments [1] - The largest battery ETF (159755) saw a net inflow of 361 million yuan, increasing its total size to 16.29 billion yuan, making it the only battery-themed index fund over 10 billion yuan in size [1] Group 2 - The "lonely" Hong Kong Stock Connect non-bank ETF (513750) received a net inflow of 310 million yuan, reaching a new high of 25.8 billion yuan after 12 consecutive trading days of being favored by investors [2] - The largest Hong Kong innovative drug ETF (513120) also saw a net inflow of 57 million yuan, accumulating over 1.7 billion yuan in net inflows for November, with a total size of 25.4 billion yuan [2] - The combined size of two innovative drug ETFs managed by GF Fund has exceeded 30 billion yuan, making it the only fund manager with over 30 billion yuan in innovative drug-themed ETFs [2] Group 3 - The Shanghai Gold ETF (518600) recorded a net inflow of 145 million yuan, with a total size of 3.82 billion yuan and a year-to-date return of 49.71% [3] - Over the past three complete calendar years (2022-2024), the Shanghai Gold ETF has shown returns of 8.41%, 15.36%, and 26.63%, indicating strong defensive attributes [3] - The market sentiment indicators suggest a neutral zone, with potential opportunities for investors to adjust their positions towards a "barbell strategy," focusing on technology and defensive dividend sectors [3]

Core Viewpoint - The adjustment of accounting regulations has significantly contributed to the profits from insurance capital's stock investments, driving the rise of insurance stocks and indicating a potential long-term value reassessment in the market [2] Group 1: Investment Trends - Insurance capital has made 31 stake acquisitions this year, surpassing the peak in 2020 and setting a new record since 2015 [3] - The increase in stock investments by insurance capital is a positive response to regulatory policies, reflecting the broadening investment channels and enhancing the overall return on investment for the industry [4][5] - The allocation of insurance capital to equity assets has been increasing, with a notable rise in the proportion of equity investments [6] Group 2: Performance Metrics - As of mid-year, the total investment assets of listed insurance companies reached 21.85 trillion yuan, with the stock allocation ratio increasing by 1.44 percentage points compared to the end of 2024 [7] - The focus of insurance capital remains on high-dividend sectors such as banking, public utilities, and transportation, which align with the dual demand for safety and yield [9][11] - The technology sector has emerged as a new focus for insurance capital, with significant increases in holdings in the electronics industry, particularly in companies like Dongshan Precision, Huanshu Electronics, and Shenzhen Technology [12] Group 3: Financial Performance - The insurance sector has shown a strong upward trend, with major insurance companies reporting better-than-expected earnings, alleviating concerns over high base effects from the previous year [18][21] - The average annualized total investment return for major insurance companies reached 7.3%, a year-on-year increase of 1.2 percentage points, driven by a significant rise in equity investments [21] - The implementation of new accounting standards (IFRS 17 and IFRS 9) has increased the correlation between insurance company performance and stock market movements, allowing for higher net profit growth during market upswings [22] Group 4: Future Outlook - The strong performance in equity investments is expected to boost confidence in the sales of dividend insurance products in 2026, with projections for double-digit growth in new single premium sales [24] - The ongoing "slow bull" market in A-shares is anticipated to benefit insurance companies with strong beta attributes, leading to sustained stock price appreciation [24] - China Ping An's investment strategy is shifting towards diversified allocations, reflecting a broader market acceptance of this approach, as evidenced by significant stock price increases among leading insurance firms [14][25]

Core Viewpoint - The adjustment of accounting regulations has significantly contributed to the profits from insurance capital's stock investments, driving the rise of insurance stocks. The valuation recovery of insurance stocks is expected to evolve from a cyclical rebound into a long-term value reassessment [2]. Group 1: Investment Trends - Insurance capital has made 31 stake acquisitions this year, surpassing the peak in 2020 and setting a new record since 2015 [4]. - The increase in equity asset allocation by insurance capital is a positive response to regulatory policies, enhancing the overall return on investment and stability of the industry [5]. - The trend shows a substantial increase in the balance of insurance capital utilization and a higher proportion of equity asset allocation [7]. Group 2: Sector Performance - Insurance capital primarily holds positions in high-dividend sectors such as banking, public utilities, and transportation, which serve as the "ballast" for their portfolios [9][10]. - The defensive attributes of undervalued, high-dividend assets align well with the dual demand for safety and profitability from insurance capital [12]. Group 3: Technology Sector Investment - Insurance capital's investment in technology stocks has exceeded expectations, opening up new profit growth opportunities [13]. - In the third quarter, insurance capital's holdings in the electronics sector grew significantly, reaching nearly 11.8 billion, with increased positions in companies like Dongshan Precision, Huaxin Electronics, and Shenzhen Technology [14]. Group 4: Market Dynamics - The role of insurance capital as a "stabilizer" in the capital market is becoming more pronounced, with significant profit growth enhancing the investment value of insurance capital [16]. - Major insurance companies have seen their stock prices reach new highs, with the Hong Kong Stock Connect Non-Bank ETF (513750) rising over 50% this year [16]. Group 5: Financial Performance - The five A+H listed insurance companies reported impressive investment returns, with an average annualized total investment return of 7.3%, a year-on-year increase of 1.2 percentage points [24]. - The implementation of new accounting standards (IFRS 17 and IFRS 9) has further increased the correlation between insurance companies' performance and the stock market [25]. Group 6: Future Outlook - The strong performance of equity investments is expected to boost confidence in the sales of dividend insurance products in 2026, with a forecast of double-digit growth in new premium income [27]. - Insurance companies are likely to continue increasing their allocation to equity assets, benefiting from a sustained "slow bull" market in A-shares [27]. Group 7: Investment Strategy - The valuation recovery of insurance stocks is anticipated to transition from a cyclical rebound to a long-term value reassessment, with significant inflows of southbound capital into the A-share and Hong Kong markets [33]. - The Hong Kong Stock Connect Non-Bank ETF (513750) is highlighted as a convenient tool for investors to access the non-bank financial sector in Hong Kong [34].