动性强弱因股票类型和市场条件而异,通常大 盘股和上市公司股票流动性更强,但也可能因 市场或监管原因而受到转让限制。 ■ 永久性:股票是一种无期限的法律凭证,代表 着股东的永久性投资,股票持有者可以出售股 票而转让其股东身份。 专题：2025金融教育宣传周：保障金融权益 助力美好生活 基金行业在行动 带恐认识你股票、让夯按贫基金和债券达二 种常见金融产品的基本特征。 1、什么是股票: 股票是一种有价证券,是股份有限公司在筹 集资本时向投资者签发的证明股东所持股份 和享有权益的凭证。股票代表股东对股份公 司净资产的所有权,股东可凭此获得公司的 股息和红利,参加股东会并行使自己投票表 决,同时也承担相应的责任与风险。 2、股票的主要特征: (一) 股票 ▽ 收益性:股票的收益来源于两部分:一是公司 派发的股息、红利,取决于公司的经营状况和 盈利水平;二是通过股票交易赚取的买卖价差。 ■ 价格波动性和风险性:同商品一样,股票有自 己的市场行情和市场价格。价格波动的不确定 性越大,投资收益的不确定性越大,投资风险 通常也越大。 2 流动性:股票可依法在证券市场转让变现。流 (三)债券 1、什么是债券? 债券是一种有价证 ...

Core Viewpoint - The article discusses the impact of stock market performance on household consumption, highlighting the disparity in benefits between high-net-worth individuals and lower-net-worth investors during a bull market [4][9][19]. Group 1: Stock Market and Household Assets - The Shanghai and Shenzhen 300 Index has risen over 25% since April, while consumer growth has declined from 6.4% in May to 3.4% in August, indicating a divergence between the stock market and consumer fundamentals [4]. - As of Q2 2025, non-financial and housing assets account for 49% and 45.4% of total household assets, respectively, while financial assets make up 51%, with deposits, stocks, and mutual funds comprising 33.4%, 5.4%, and 5.2% [5]. - Household stock assets grew by 21% year-on-year in Q2 2025, contributing 1 percentage point to overall asset growth [6]. Group 2: Wealth Distribution and Market Impact - Stock market wealth is concentrated among high-net-worth individuals, with only 0.7% of individual investors holding over 10 million yuan, yet they account for 49% of total market value [9][10]. - High-net-worth clients have a higher risk tolerance and better access to information, allowing them to achieve excess returns during bull markets [10][11]. Group 3: Consumption Behavior and Wealth Effect - The bull market can enhance household consumption by increasing overall wealth, improving credit access, and reducing precautionary savings [13]. - Research indicates that a 10% increase in stock prices can lead to a 1.05% increase in urban household consumption, with the effect being asymmetric [15]. - Low-income households show a more pronounced increase in consumption willingness during stock market upswings, as they have a higher marginal propensity to consume [16]. Group 4: Consumption Categories Affected by Stock Market - Financial asset appreciation positively influences various consumption categories, particularly discretionary spending, with a 1% increase in stock value leading to nearly double the impact on discretionary consumption compared to essential consumption [17]. - The stock market has a significant wealth effect on automobile consumption, with a 1% increase in market capitalization correlating to a 0.16% increase in passenger car sales [18]. - Overall, while stock value increases can stimulate discretionary and service consumption, the lower consumption propensity of high-net-worth investors limits the overall impact on consumer spending [19].

（1） 浙商银行股份有限公司 客户服务电话: 95527 根据华宝基金管理有限公司（以下简称"本公司"）与浙商银行股份有限公司（以下简称"浙商银行"）签 署的《证券投资基金销售代理协议》，本公司自2025年09月16日起增加浙商银行为以下适用基金的代销 机构。 一、适用基金如下： ■ 二、投资者可到浙商银行办理上述基金的开户、认购、申赎及其他业务。投资者可以通过以下途径了解 或咨询相关情况： 客户服务电话：400-820-5050、400-700-5588 公司网址：www.fsfund.com 特此公告。 华宝基金管理有限公司 2025年09月16日 MACD金叉信号形成，这些股涨势不错！ 公司网址：www.czbank.com （2）华宝基金管理有限公司 风险提示：基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。投资者投资本公司旗下基金时应认真阅读基金的基金产品资料概要、《基金合 同》和《招募说明书》。敬请投资者注意投资风险。 ...

Group 1 - The China Securities Regulatory Commission has issued guidelines regarding the valuation of securities investment funds, specifically referencing the "Index Income Method" for valuation [1] - Starting from September 3, 2025, Shanghai Guotai Junan Securities Asset Management Co., Ltd. will apply the "Index Income Method" for the valuation of its securities investment funds holding "Chip Original Co., Ltd." (stock code: 688521) [1] - The valuation method will revert to using the closing price on the day of trading once the stock resumes trading and demonstrates active market trading characteristics, with no further announcements required [1]

中国经济网北京9月4日讯今日，平安基金管理有限公司发布关于旗下证券投资基金估值调整的公告。 公告称，自2025年9月3日起，平安基金管理有限公司对旗下证券投资基金(除ETF外)所持有的股票芯原 股份(证券代码688521)采用"指数收益法"进行估值；同时，对ETF联接基金持有的标的ETF，在当日份 额净值的基础上考虑上述股票的调整因素进行估值。 待上述股票复牌且交易体现活跃市场交易特征后,将恢复为采用当日收盘价格进行估值,届时不再另行公 告。敬请投资者予以关注。 ...

特此公告并提示。 招商基金管理有限公司 风险提示： 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证 最低收益。投资者投资于本公司管理的基金时应认真阅读基金合同和招募说明书。 招商基金管理有限公司（以下简称"本公司"）旗下基金持有下列股票：中芯国际（688981）。 根据中国证券监督管理委员会 《中国证监会关于证券投资基金估值业务的指导意见》（第[2017]13号） 和基金合同的相关约定，本公司经与基金托管人、会计师事务所协商一致，决定自2025年9月3日起，对 旗下证券投资基金（除ETF外）所持有的上述股票采用"指数收益法"进行估值；同时，对ETF联接基金 持有的标的ETF，在当日份额净值的基础上考虑上述股票的调整因素进行估值。 待上述股票交易体现了活跃市场交易特征后，将恢复按市价估值方法进行估值，届时不再另行公告。敬 请投资者予以关注。 2025年9月4日 ...

Core Viewpoint - The insurance industry is increasingly favoring high-dividend stocks as a key investment strategy, with significant growth in stock allocations and a notable shift in investment preferences towards equities over bonds [1][5][6]. Group 1: Investment Trends - As of June 2025, the stock investment scale of China Insurance has increased by 60.7% compared to the beginning of the year, outperforming the CSI 300 Dividend Index by 7.8 percentage points [1]. - By the end of Q2 2025, the total stock investment balance of property and life insurance companies reached 3.07 trillion yuan, a 26.3% increase from the end of 2024 [2]. - The proportion of stock investments in property insurance companies rose from 7.21% at the end of 2024 to 8.33% by Q2 2025, while life insurance companies saw an increase from 7.57% to 8.81% [1][2]. Group 2: Asset Allocation Strategy - The insurance sector is adopting a "barbell" strategy, balancing fixed income and equity investments to mitigate duration mismatch risks and enhance portfolio yield [3]. - The preference for stocks is driven by a low interest rate environment and a policy framework encouraging long-term investments, leading to a sustained demand for equity assets [5][6]. Group 3: Market Activity - In 2025, insurance capital has been a major source of incremental funds in the stock market, injecting over 600 billion yuan in the first half of the year [2]. - Insurance companies have engaged in 30 equity stakes this year, with a focus on banks and other sectors, indicating a resurgence in "stake acquisition" activities [4]. Group 4: Future Outlook - Insurance institutions expect to maintain their asset allocation ratios from early 2025, with a slight increase in stock and bond investments anticipated [5]. - The sectors expected to perform well include pharmaceuticals, electronics, banking, and defense, with a focus on high-dividend and innovative assets [6][7].

Group 1 - The core point of the announcement is that Yimi Fund Management Co., Ltd. will adjust the valuation method for its funds holding the suspended stock "Huahong Company (code: 688347)" to the "index yield method" starting from August 25, 2025 [1] - The adjustment will remain in effect until the stock demonstrates active market trading characteristics, at which point the valuation will revert to using the closing price of the day without further announcement [1]

Core Viewpoint - Insurance capital is increasingly active in the market, with stocks being the preferred investment asset for the second half of the year, reflecting a significant shift in asset allocation strategies among insurance institutions [1][3][4]. Group 1: Investment Preferences - According to a recent survey by the China Insurance Asset Management Association, stocks are the top choice for insurance institutions in the second half of the year, followed by bonds and securities investment funds [3][4]. - As of the end of Q2 2025, the total balance of insurance capital utilization reached 36.23 trillion yuan, with stock investment balance growing by 47.57% compared to the end of 2024, surpassing 3 trillion yuan [3][4]. - The preference for stocks indicates a strategic shift towards low-valuation, high-dividend, and stable cash flow companies, aiming to ensure long-term returns while controlling downside risks [1][4][8]. Group 2: Market Dynamics - The dual drivers of a low-interest-rate environment and policy guidance are leading insurance institutions to significantly increase their stock investments [3][5]. - The average dividend yield of stocks in the CSI 300 index ranges from 3% to 4%, making them an attractive alternative to traditional fixed-income assets [5][7]. - Insurance companies are increasingly engaging in "block trades," particularly targeting high-dividend sectors such as banking and public utilities, indicating a focus on stable investment targets [6][8]. Group 3: Future Outlook - The trend of increasing equity market allocation is expected to continue and potentially strengthen over the next 2-3 years, driven by structural factors rather than short-term speculation [7][8]. - The "barbell strategy" of combining fixed income and equities is seen as effective in mitigating duration mismatch risks while enhancing overall portfolio returns [6][8]. - Despite potential market volatility, the enthusiasm for investing in high-dividend quality assets is likely to remain strong among insurance capital [7][8].

Core Viewpoint - The China Insurance Asset Management Association released a survey indicating that insurance institutions prefer stocks as their primary investment asset for the second half of 2025, followed by bonds and securities investment funds [1][4]. Macro Economic Aspects - Most insurance institutions expect stable economic growth in the second half of the year, with GDP growth projected between 4.5% and 5.5%, CPI growth between 0% and 0.5%, and PPI growth between -3.5% and -2.0%. The RMB exchange rate is anticipated to appreciate steadily, with a focus on exports, consumption, fiscal policy, and real estate investment [2]. Macro Policy Aspects - Insurance institutions predict a moderately accommodative monetary policy in the second half, with expectations for timely reserve requirement ratio and interest rate cuts to maintain ample liquidity. Fiscal policy is expected to be more proactive, leaning towards expansion to boost domestic demand and consumption, potentially increasing the issuance of ultra-long special government bonds [3]. Asset Allocation Preferences - Stocks are identified as the preferred investment asset for insurance institutions in the second half, followed by bonds and securities investment funds. Most institutions expect their asset allocation ratios to remain consistent with early 2025, with some considering slight increases in stock and bond investments [4]. Bond Market Outlook - Insurance institutions hold a neutral to optimistic view on the bond market for the second half, expecting 10-year government bond yields to range between 1.4% and 1.6%, and high-grade credit bond yields between 1.5% and 2.0%. There is a favorable outlook for ultra-long special government bonds, perpetual bonds, convertible bonds, and credit bonds with maturities over 10 years, influenced by economic fundamentals, monetary policy easing, and market liquidity [5]. A-Share Market Outlook - A majority of insurance institutions are optimistic about the A-share market, predicting the Shanghai Composite Index to likely remain between 3200 and 3800 points. They favor stocks related to the CSI 300 index, particularly in sectors such as pharmaceuticals, electronics, banking, computing, telecommunications, and national defense. Investment areas of interest include artificial intelligence, dividend assets, new productivity, high dividend yields, and innovative pharmaceuticals, with corporate earnings growth seen as a key factor affecting the A-share market [6]. Overseas Investment Preferences - Hong Kong stocks are favored for investment in the second half, with 40% of insurance institutions also optimistic about bond and gold investments [7].