Core Viewpoint - The influx of various funds into the Beijing Stock Exchange (BSE) new shares has significantly increased, with industrial capital, including listed companies and New Third Board enterprises, actively participating in new share subscriptions [1][2][3]. Group 1: Industrial Capital Participation - Companies like LeEco, Diens, Jufeng, and Huachuang have announced plans to use idle funds for subscribing to BSE new shares, indicating a strategic shift towards enhancing investment returns [2][4][5]. - LeEco plans to invest no less than 150 million yuan in BSE new shares and government bond reverse repos [4]. - Diens intends to use up to 12 million yuan of idle funds for BSE new share subscriptions, with the flexibility to roll over the funds [4]. - Jufeng announced an additional investment of 25 million yuan, bringing the total investment limit to 40 million yuan for various securities, including BSE new shares [4]. Group 2: Surge in Subscription Scale - The average subscription scale for BSE new shares has skyrocketed from 26.7 billion yuan in 2022 to 650 billion yuan in 2025, with a peak exceeding 860 billion yuan [3][10]. - The participation of industrial capital is just one segment of a broader trend, with total frozen subscription funds surpassing 800 billion yuan [9]. Group 3: Unique Characteristics of BSE New Share Subscriptions - BSE new share subscriptions are characterized by a cash-only requirement, allowing participation without needing a stock collateral, which is a significant advantage over the Shanghai and Shenzhen exchanges [6][8]. - The allocation of new shares is based on a proportional distribution rather than a lottery system, meaning that larger subscription amounts lead to higher chances of allocation, often resulting in a near 100% success rate for maximum subscriptions [6][7]. Group 4: Market Performance and Trends - In 2023, 24 new stocks were listed on the BSE, with none experiencing a price drop below the issue price, and the lowest first-day increase was 133%, while the highest was 1211% [8]. - The trend of increasing funds entering BSE new shares is accelerating, with the average subscription amount for new stocks rising significantly year-on-year [10].

资产配置 | 策略报告 当低利率邂逅风偏回归，资产配置被动为 盾，主动为矛 ——2026 年多资产配置展望 研究结论 报告发布日期 2025 年 12 月 12 日 | 王晶 | 执业证书编号：S0860510120030 | | --- | --- | | | wangjing@orientsec.com.cn | | | 021-63325888*6072 | | 周仕盈 | 执业证书编号：S0860125060012 | | 021-63326320 | | --- | | 交易平稳，预期主导：——资产配置月报 | 2025-12-03 | | --- | --- | | 202512 | | | 资产配置策略中低波分化，行业策略转 | 2025-12-03 | | 向：——资产配置模型月报 202512 | | | 资产配置不仅仅是风险分散：——主动型 | 2025-11-27 | | 资产配置新思路 | | | 全天候模型仓位平稳，行业策略推荐科技/ | 2025-11-03 | | 有色/新能源等板块：——资产配置模型月 | | | 报 202511 | | | 关注权益和商品机会：——资产配置月 ...

Group 1 - The core viewpoint emphasizes the achievements of China's capital market opening during the 14th Five-Year Plan, including increased foreign investment participation and the introduction of diverse cross-border investment products [1] - The China Securities Regulatory Commission (CSRC) aims to enhance cross-border investment and financing convenience, optimizing the Qualified Foreign Institutional Investor (QFII) system to provide a more efficient environment for foreign investors [2] - The CSRC is committed to deepening cooperation between mainland and Hong Kong capital markets, supporting the introduction of RMB-denominated government bond futures in Hong Kong to enhance offshore RMB risk management tools [2] Group 2 - The CSRC encourages international institutions to invest in China, aiming to discover investment opportunities within the context of Chinese modernization and to contribute to reform and development [3] - The CSRC advocates for international institutions to maintain market stability by adhering to legal regulations and promoting a long-term investment approach, thereby strengthening the risk management framework [3]

Core Insights - The Hong Kong International Financial Leaders Investment Summit highlighted Hong Kong's role as a crucial bridge connecting mainland China's capital markets to the global stage, with increasing competitiveness and attractiveness for global investors [1][2] Group 1: Capital Market Development - The China Securities Regulatory Commission (CSRC) aims to deepen the institutional opening of capital markets, enhancing cross-border investment and financing convenience, and improving policy stability, transparency, and predictability [2] - The total market capitalization of listed companies in A-shares has surpassed 119 trillion yuan, with the technology sector accounting for over 25% of this value [2] Group 2: International Cooperation and Investment - The CSRC encourages international institutions to invest in China, emphasizing the importance of understanding the nuances of Chinese modernization to uncover investment opportunities [3] - The CSRC proposed three initiatives for international institutions: discovering investment value, contributing to reform and development, and maintaining market stability through compliance with regulations [3]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to high-quality development during the "14th Five-Year Plan" period, aiming to build a world-class exchange while actively integrating into the national economic and social development landscape [1] Group 1: Market Development and Achievements - SSE has become the third-largest stock market globally, the largest exchange bond market, and the second-largest ETF market in Asia [1] - The proportion of technology innovation companies in the Shanghai market increased from 32% to 41% over five years, with their market value share rising from 27% to 32% [2] - The number of integrated circuit companies in the market has nearly doubled compared to the "13th Five-Year Plan," with 140 companies forming a complete semiconductor chip industry chain [2] Group 2: Financial Performance and Innovation - R&D investment by companies in the Shanghai market increased from 0.64 trillion yuan to 1.07 trillion yuan, a growth of 66%, accounting for nearly 40% of the national total [2] - The number of newly listed companies on the Sci-Tech Innovation Board reached 376, including 37 unprofitable companies, with over 40% of them achieving profitability post-listing [3] Group 3: Financing and Investment - The total financing amount from stock IPOs in the Shanghai market grew by 16% during the "14th Five-Year Plan" period, while the bond market issuance reached 31 trillion yuan, a 42% increase [4] - The REITs market saw 51 new listings, raising 140.5 billion yuan, accounting for nearly 70% of the market [4] - The issuance of technology innovation bonds reached 1.51 trillion yuan, benefiting over 400 tech companies [4] Group 4: Regulatory and Investor Protection - The SSE has implemented a new generation of company supervision systems to combat fraud and financial misconduct, resulting in nearly 800 disciplinary actions [9] - The average annual dividend yield in the Shanghai market approached 2.5% during the "14th Five-Year Plan" period, promoting a culture of shareholder returns [9] Group 5: International Cooperation and Market Openness - The SSE has actively integrated into the global market, with the cumulative trading volume of the Shanghai-Hong Kong Stock Connect reaching 99 trillion yuan, a 275% increase [8] - The SSE has established capital market cooperation with the Middle East and hosted international investor conferences to attract foreign investment [8] Group 6: Future Directions - The SSE aims to continue supporting China's modernization and financial strength, focusing on new requirements and tasks in the upcoming period [12]

Core Insights - The Shanghai Stock Exchange reported a 16% increase in initial public offering (IPO) financing during the "14th Five-Year Plan" period compared to the "13th Five-Year Plan" period [1] - The total issuance scale of the bond market reached 31 trillion yuan, marking a 42% increase from the previous five-year period, with industrial bonds and asset-backed securities (ABS) exceeding 1 trillion yuan [1] - The establishment of the REITs market has been significantly advanced, with 51 initial listings and 4 expansions, raising 140.5 billion yuan, accounting for nearly 70% of the market, contributing positively to asset revitalization and effective investment expansion [1] - The introduction of technology innovation bonds has led to cumulative issuances of 1.51 trillion yuan, benefiting over 400 technology innovation enterprises [1] - Support bonds for small and micro enterprises have been issued with a scale exceeding 19.7 billion yuan, providing assistance to over 1,800 small and micro enterprises [1]

Group 1 - The core discussion revolves around balancing risk and return in investment, particularly in technology assets, which are seen as a primary focus in both primary and secondary markets [2][3] - The event highlighted the importance of adapting investment strategies, with a shift towards "fixed income plus" products that include stocks, gold, and REITs, as well as considering foreign assets due to increasing openness [2][4] - Key investment opportunities are identified in four specific sectors: AI applications and large models, life and health sciences, integrated circuits, and new materials and renewable energy [2][6] Group 2 - The insurance industry faces challenges due to declining interest rates, leading to a need for transformation from fixed income to equity investments to capture dividend opportunities [5][6] - Investment strategies must focus on both infrastructure and individual project innovations, with a particular emphasis on foundational investments like power and computing centers [4][5] - The importance of aligning with national strategies and market trends is emphasized, with a focus on technology-related assets and niche investments such as REITs and precious metals [7][8] Group 3 - The need for a systematic approach to defining good projects is highlighted, considering team capabilities, technological barriers, and market commercialization abilities [6][7] - The investment community is encouraged to maintain a long-term perspective, focusing on sustainable returns that align with their funding characteristics while being tactical about market fluctuations [7][8] - Understanding national policies and enhancing internal capabilities are deemed crucial for providing quality investment services and fostering patience among investors [8]

Core Insights - Technology assets remain the main focus in both primary and secondary markets, with a heightened emphasis on balancing risk and return in investment strategies [1][2] Group 1: Investment Strategies - Financial institutions are increasingly launching "fixed income plus" products, incorporating equities, gold, and REITs, while also considering foreign assets as part of their investment strategies [1][2] - The insurance sector is shifting from traditional fixed-income investments to equity investments to adapt to the low-interest-rate environment, focusing on infrastructure projects such as power and computing centers [2][3] Group 2: Future Investment Opportunities - The Shanghai Science and Technology Innovation Fund is focusing on four key sectors for future investments: AI applications and large models, life and health sciences, integrated circuits, and new materials and renewable energy [1][6] - The asset management sector is optimistic about long-term investments in technology-related assets, niche assets like REITs, and precious metals such as gold due to international trade tensions [6][7] Group 3: Risk and Return Balance - Investment firms are employing a diversified approach to project selection, focusing on top VC funds and balancing investments across various industries, regions, and stages to enhance resilience against market volatility [4][6] - The insurance sector emphasizes the importance of aligning investment strategies with long-term stability and sustainable cash returns, while also being adaptable to market fluctuations [2][7]

Core Insights - The asset management industry in China has evolved significantly since its inception in 1997, entering a new phase characterized by compliance, standardization, and transparency following the introduction of the "Asset Management New Regulations" [1] - A recent evaluation of asset management institutions highlights the competitive landscape across various segments, including bank wealth management, public funds, securities asset management, insurance asset management, and trusts [1] Product Performance - Smaller wealth management firms have excelled in fixed-income products, with seven out of the top ten performers in the last three years being city commercial banks or rural commercial banks [2] - Some small public funds have also performed well with pure bond funds, but their active equity funds have underperformed, indicating a need for improvement in equity investment capabilities [2] Institutional Operations - Profitability concentration among asset management institutions is increasing, with major players like China Life Asset Management, Taikang Asset Management, and Ping An Asset Management accounting for over 50% of the industry's total profit in 2024 [3] - The trust industry is facing significant challenges, with a 45.52% decline in profits from 2023 to 2024, largely due to risks in the real estate sector and industry transformation [3] Compliance Requirements - Compliance and public sentiment risks are becoming increasingly important for asset management institutions, with stricter regulations leading to a rise in penalties, particularly for trust companies [5][6] - Trust companies had the highest number of negative public sentiments in 2024, with 55 companies reporting 1,564 incidents, primarily related to underlying asset risks [6] Research and Investment Capability - The complexity of the global macro environment and domestic economic transformation has heightened the importance of research and investment capabilities, with top asset management firms leveraging strong research teams to maintain competitive advantages [8] - Enhanced research capabilities allow institutions to better analyze market trends and identify investment opportunities, which is crucial for generating excess returns [8] Technological Empowerment - Technology is increasingly empowering the entire asset management chain, from research and investment to risk control and operations, with advancements in AI and data analytics playing a key role [10][11] - Real-time risk monitoring and predictive analytics are becoming standard practices, enabling institutions to manage various risks effectively [11] Product Innovation - Asset management products are diversifying in response to evolving client needs, with innovations in themes, structures, and asset classes, including the rise of "fixed income plus" products [12][13] - The popularity of alternative assets like REITs and gold ETFs is increasing, reflecting a shift towards more diversified investment strategies [12][13] Recommendations for Competitiveness - Asset management institutions are advised to strengthen their research capabilities, integrate asset and wealth management, and leverage digital technologies to enhance operational efficiency [14][15][16] - Emphasizing multi-asset allocation and risk hedging strategies is essential to meet clients' demands for stable returns in a low-yield environment [17][18] - Developing agile internal mechanisms to respond quickly to market opportunities is critical for maintaining competitive advantages in a rapidly changing landscape [20]