景顺长城基金管理有限公司 2025年12月27日 MACD金叉信号形成，这些股涨势不错！ 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》(中国证券监督管 理委员会公告[2017]13号)等有关法律法规规定，景顺长城基金管理有限公司（以下简称"本基金管理 人"、"本公司"）与托管行协商一致，自2025年12月26日起对旗下证券投资基金（ETF除外）持有的"中 微公司"（股票代码：688012.SH）按照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。 本公司将密切关注上述股票的后续经营情况及其他重大事项，进行合理评估。待上述股票复牌且其交易 体现活跃市场交易特征后，将恢复采用当日收盘价进行估值，ETF 联接基金持有的相关标的 ETF 将恢 复采用当日份额净值进行估值，届时不再另行公告，敬请投资者予以关注。 特此公告。 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。投资者投资于本基金管理人管理的基金时应认真阅读上述基金的基金合同、招 募说明书等文件。敬请 ...

Policy Direction - The policy aims to increase the proportion and stability of commercial insurance funds invested in A-shares, targeting a 30% investment of new premiums into A-shares from 2025[8] - The pilot program for long-term investment by insurance funds has been expanded, with a total of 222 billion yuan approved for long-term investments in 2023[9] - Regulatory rules are being optimized, including a 10% reduction in risk factors for stock investments and adjustments to the solvency ratio requirements for equity assets[9] Investment Projections - In a neutral scenario, insurance funds are projected to increase equity investments by 1.15 trillion yuan in 2026 and 1.45 trillion yuan in 2027, raising the equity asset proportion to 23.6% and 24.6% respectively[2] - If new premiums are allocated 30% to A-shares, the projected new equity investments would be 9.88 trillion yuan in 2026 and 10.77 trillion yuan in 2027, with equity asset proportions reaching 23.2% and 23.7%[28] Risk Factors and Challenges - Risks include lower-than-expected premium income, which could lead to insufficient new funds for investment[4] - Significant market volatility may impact investment returns and asset values, affecting the pace of insurance funds entering the market[4]

Core Viewpoint - The Shanghai Stock Exchange has revised the "Guidelines for Fund Business No. 1 - Business Handling" to enhance the regulation of securities investment funds and improve market services, effective immediately [1] Group 1: Regulatory Changes - The revised guidelines will be implemented from the date of publication, replacing the previous version issued on July 26, 2024 [1] - Fund managers and related market participants are required to strictly adhere to the updated guidelines for handling fund business on the Shanghai Stock Exchange [1] Group 2: Specific Requirements for ETFs - For existing ETF funds, if the expanded abbreviation does not include the fund manager's abbreviation, it must be updated to include the manager's identification [1] - Fund managers are required to complete the product renaming process by March 31, 2026, to ensure a smooth transition [1]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has revised its guidelines for the operation of securities investment funds to enhance market services and standardize fund operations, effective immediately upon release [1] Group 1: Regulatory Changes - The SSE has issued a revised version of the "SSE Fund Business Guide No. 1 - Business Handling," which will replace the previous version published on July 26, 2024 [1] - Fund managers and related market participants are required to follow the updated guidelines for handling SSE fund business from the date of publication [1] Group 2: Implementation Timeline - Existing ETF funds that do not include the fund manager's abbreviation in their expanded name must add the abbreviation by March 31, 2026 [1] - Fund managers are expected to complete the product renaming process in an orderly manner to ensure smooth business operations [1]

Core Viewpoint - The National Financial Regulatory Administration has reported that as of the end of Q3, the total investment balance of insurance funds exceeded 37 trillion yuan, with an increased allocation to equity assets by both life and property insurance companies due to various factors including pressure from interest rate spreads, improved investment returns, a recovering equity market, and regulatory encouragement [1][3]. Group 1: Investment Allocation - As of the end of Q3, property insurance companies had an investment balance of 23.875 trillion yuan, with bonds and bank deposits accounting for 40.62% and 15.67% respectively, while equity investments (stocks, securities investment funds, and long-term equity investments) accounted for 8.74%, 8.23%, and 6.16% respectively [2]. - Life insurance companies had an investment balance of 33.73 trillion yuan, with bonds and stocks making up 51.02% and 10.12% respectively, and other allocations including bank deposits, securities investment funds, and long-term equity investments at 7.37%, 5.26%, and 8.00% respectively [2]. Group 2: Changes in Allocation - Compared to the end of Q2, property insurance companies increased their allocation to stocks, securities investment funds, and long-term equity investments, with the stock allocation seeing the largest increase of 0.41 percentage points [3]. - Life insurance companies also increased their allocations to stocks and securities investment funds by 1.31 percentage points and 0.73 percentage points respectively, while their bond allocation decreased by 0.88 percentage points [3]. Group 3: Factors Influencing Investment Decisions - Experts attribute the increased allocation to equity assets to three main factors: the continuous decline in interest rates leading to lower returns on traditional fixed-income assets, a steady upward trend in the equity market since Q1, and regulatory changes in April that raised the upper limit for equity asset allocation [3][4]. - The sticky nature of insurance liability costs and the faster decline in interest rates compared to these costs have made equity markets more attractive, with a shift in consumer demand towards dividend insurance products [4]. Group 4: Investment Preferences - Insurance institutions continue to favor bank stocks, with significant holdings in companies such as Minsheng Bank, SPDB, Agricultural Bank of China, and others, while also showing interest in sectors like infrastructure, energy, and logistics [5]. - The preference for stable, high-dividend, and liquid stocks aligns with the characteristics of bank stocks, which are currently favored by insurance capital [5]. Group 5: Future Investment Trends - It is expected that the scale and proportion of equity investments by insurance capital will continue to rise, with a richer variety of investment channels and a focus on stable dividend stocks and technology growth stocks [6]. - As insurance capital gains more experience in equity investments, there will likely be an increase in allocations to Hong Kong stocks and other equity assets [6].

Core Viewpoint - The National Financial Regulatory Administration reported that as of the end of Q3, the total investment balance of insurance funds exceeded 37 trillion yuan, with an increased allocation to equity assets by life and property insurance companies due to various factors including interest rate pressure and regulatory encouragement [1][3]. Group 1: Investment Allocation - As of the end of Q3, property insurance companies had an investment balance of 23,875 billion yuan, with bonds and bank deposits accounting for 40.62% and 15.67% respectively, while equity investments (stocks, securities investment funds, and long-term equity investments) accounted for 8.74%, 8.23%, and 6.16% respectively [2]. - Life insurance companies had an investment balance of 33.73 trillion yuan, with bonds and stocks making up 51.02% and 10.12% respectively, and other investments including bank deposits, securities investment funds, and long-term equity investments accounting for 7.37%, 5.26%, and 8.00% respectively [2]. Group 2: Changes in Investment Strategy - Compared to the end of Q2, property insurance companies increased their allocation to stocks, securities investment funds, and long-term equity investments, with the stock allocation seeing the largest increase of 0.41 percentage points [3]. - Life insurance companies also increased their allocation to stocks and securities investment funds by 1.31 percentage points and 0.73 percentage points respectively, while their bond allocation decreased by 0.88 percentage points [3]. Group 3: Factors Influencing Investment Decisions - Experts attribute the increased allocation to equity assets to three main factors: declining yields on traditional fixed-income assets, a recovering equity market since Q1, and regulatory changes that raised the upper limit for equity asset allocation [3][4]. - The current interest rate decline is perceived to be outpacing the decrease in insurance liability costs, making equity markets more attractive [4]. Group 4: Stock Preferences - Insurance institutions continue to favor bank stocks, with significant holdings in companies such as Minsheng Bank, SPDB, Agricultural Bank, and others, reflecting a preference for stable, high-dividend, and liquid stocks [5]. - In Q3, insurance funds increased their holdings in Postal Savings Bank, Hualing Steel, and others, indicating a focus on companies with strong fundamentals and growth potential [5]. Group 5: Future Investment Trends - It is anticipated that the scale and proportion of equity investments by insurance funds will continue to rise, with a diversification of investment channels [6]. - Insurance companies are expected to increase their allocation to stable dividend-paying stocks and technology growth stocks, as well as expand their investments in Hong Kong equities [6].

每经记者|涂颖浩 每经编辑|黄博文 国家金融监督管理总局数据显示，截至今年9月底，险资运用余额已突破37万亿元，较去年底增长 12.6%。 从财产险公司和人身险公司合计来看，险资运用余额超36万亿元，较去年底增长12.26%。其中，股票 投资余额3.6万亿元，较去年底增加近1.2万亿元，增幅为49%。同时，股票投资余额占比达到10%，较 去年底增加约2.5个百分点。整体来看，险资股票投资余额出现较大增长，投资比例持续提升。 业内指出，2024年四季度以来，中央利好政策频出，投资人信心恢复，推动股市估值修复创新高，险资 趁机加仓股票，且增量资金侧重权益资产配置，叠加股票升值，股票配置占比明显上升。 值得一提的是，受险企配置策略调整和债市调整的综合影响，债券占比出现环比下降。中泰证券非银分 析师表示，自2022年第二季度监管首次披露该数值以来，债券配置占比首现下降，归因来看主要系人身 险公司配置占比下降所致。 不过，与去年底相比，债券余额增长14%，仍增加了22532亿元。从占比来看，从去年末的49.14%增加 至50.33%，占比也有所提升。中泰证券非银分析师认为，当前险资配置债券一方面系积极践行资产负 债匹配 ...

Core Insights - The insurance sector's asset management balance continues to grow, with an increase in equity investments and a decrease in fixed-income asset allocation [1][2][5] Group 1: Asset Management Overview - As of the end of Q3 2025, the total asset management balance of insurance companies reached 37.46 trillion yuan, marking a year-on-year growth of 16.52% [2] - The balance of life insurance companies was approximately 33.73 trillion yuan, up 16.55% year-on-year, while property insurance companies had a balance of 2.39 trillion yuan, reflecting an 11.79% increase [2] Group 2: Equity Investments - Life insurance companies increased their stock investment balance to 3.41 trillion yuan, a rise of 539.4 billion yuan from the previous quarter, with the proportion of equity investments increasing to 10.12% from 8.81% [2] - Property insurance companies also saw an increase in stock investments, reaching 208.6 billion yuan, up 13.1 billion yuan, with the proportion rising to 8.74% from 8.33% [2] Group 3: Securities Investment Funds - The investment in securities investment funds by life and property insurance companies also increased, with balances of 1.78 trillion yuan and 196.4 billion yuan respectively, reflecting increases of 298.9 billion yuan and 12.7 billion yuan [3] Group 4: Fixed-Income Asset Allocation - Despite fixed-income assets being a primary allocation direction, their proportion has decreased, with total bond investments at 18.18 trillion yuan, accounting for 48.52% of the total asset management balance, down 0.79 percentage points [5] - Life insurance companies' bond investment balance was 17.21 trillion yuan, with a proportion decrease to 51.02% from 51.9% in the previous quarter [5] Group 5: Bank Deposits - Both life and property insurance companies saw a decrease in bank deposit allocations, with balances of 2.49 trillion yuan and 374.2 billion yuan respectively, down 128.3 billion yuan and 30.4 billion yuan [6] Group 6: Future Trends - The insurance industry is expected to continue growing in asset management balance, with a potential increase in equity asset allocation and a shift towards active management strategies [8] - Analysts suggest that the current low-interest-rate environment and the asymmetric reduction in insurance premium rates may lead to a greater focus on equity markets [8]

Core Viewpoint - The latest data from the National Financial Regulatory Administration reveals that the total investment balance of insurance companies has exceeded 37 trillion yuan, reaching 37.46 trillion yuan, a growth of 12.6% compared to the beginning of the year [1][4]. Investment Allocation - As of the end of Q3, the investment balance of life insurance companies is 33.73 trillion yuan, while property insurance companies hold 2.39 trillion yuan [1]. - The combined investment in stocks and securities investment funds by life and property insurance companies reached 5.59 trillion yuan, an increase of 1.49 trillion yuan from the beginning of the year, representing a growth rate of 36.2% [6]. - The proportion of stocks and securities investment funds in the total investment balance rose from 12.3% at the beginning of the year to 14.9% [6]. Stock Investment Trends - By the end of Q3, the investment in stocks by life and property insurance companies amounted to 3.62 trillion yuan, up 1.19 trillion yuan from 2.43 trillion yuan at the beginning of the year, marking a nearly 50% increase [7]. - Life insurance companies' stock investment accounted for 10.12%, while property insurance companies' stock investment reached 8.74% [7]. - There have been 24 instances of insurance capital acquiring stakes in listed companies this year, matching the total number of acquisitions from the previous four years combined [7]. Bond Investment Dynamics - The total investment in bonds by life and property insurance companies reached 18.18 trillion yuan, an increase of 2.25 trillion yuan from 15.92 trillion yuan at the beginning of the year, with a growth rate of 14.1% [10]. - The proportion of bonds in the total investment balance slightly decreased to 48.5% from 49.3% at the end of Q2 [11]. - Life insurance companies' bond investments amounted to 17.21 trillion yuan, while property insurance companies held 969.9 billion yuan in bonds [11]. Future Outlook - Analysts expect that the investment balance of insurance funds will continue to grow at a double-digit rate throughout the year, driven by the rapid increase in premium income [4]. - The stability of long-term interest rates is anticipated to ease the pressure on the yield of fixed-income investments for insurance companies [12].

Core Insights - The investment balance of life insurance companies in stocks and securities investment funds reached a record high, with a total of 5.59 trillion yuan, accounting for 14.92% of the total investment balance of insurance companies as of the end of Q3 2023, marking a significant increase since the data was first disclosed in 2022 [3][5][4] Investment Trends - The proportion of investments in stocks and securities investment funds by insurance companies has surpassed the 14% mark for the first time, indicating a strategic shift towards equity investments [4][5] - As of Q3 2023, the total investment balance of insurance companies exceeded 37 trillion yuan, reflecting a year-on-year growth of 16.5% [4][5] Performance Metrics - The investment balance in stocks and securities investment funds increased by over 800 billion yuan in Q3 2023 alone, with life insurance companies holding approximately 5.19 trillion yuan, representing 15.38% of their total investment balance, an increase of 2.04 percentage points from the previous quarter [5][6] - Property insurance companies had an investment balance of 405 billion yuan in stocks and securities investment funds, with a proportion of 16.97%, up by 0.81 percentage points from the previous quarter [5] Market Activity - Insurance companies have engaged in a "buying spree" in equity investments, with a record 31 instances of significant share purchases in 2023, surpassing previous highs [6] - The performance of insurance companies has improved significantly, with many reporting record profits for the first three quarters of 2023, driven by favorable capital market conditions [6] Asset Allocation - The investment balance in bonds remains the largest among various investment types, totaling 18.18 trillion yuan, but the proportion has slightly decreased to 48.52% as of Q3 2023 [7] - Life insurance companies held 17.21 trillion yuan in bonds, with a proportion of 51.02%, while property insurance companies had 969.9 billion yuan, with a proportion of 40.62% [7] Bank Deposits - The proportion of investments in bank deposits by life and property insurance companies continued to decline, standing at 7.37% and 15.67%, respectively, as of Q3 2023 [8]