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近年来中国实体经济不景气,导致市场实际利率继续下行,同时保险资金在各资产配置规模不变的情况下,固定收益逐年减少。因此险资被迫加大高风险的二级市场股票的配置来获取高于市场利率的收益。而保险资金与证券投资基金来源不同,保险资金风险控制要求要更加严格,中国证券投资基金最主要的特点是具有正反馈交易行为。
In recent years, the real economy in China has been in a downturn, resulting in the real market interest rate continuing to go down. Meanwhile, the fixed income has been declining year by year as insurance funds keep their asset allocation unchanged. As a result, insurance capital is forced to increase the allocation of high-risk secondary market stocks to gain above market interest rates. However, the sources of insurance funds and securities investment funds are different, and the requirements for risk control of insurance funds should be stricter. The most important feature of China’s securities investment funds is the positive feedback transaction.