行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 2025 年 11 月 16 日 居民存款搬家在途，险资 3Q25 二 级市场权益资产配置规模显著提升 看好 ——非银金融行业周报（2025/11/10-2025/11/14） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 券商：本周申万券商 II 指数收跌 1.01%，跑赢沪深 300 指数 0.08pct。1）资金活化与存款搬家 同步进行。资金活化：10 月 M2 同比+8.2%，M1 同比+6.2%，M2-M1 剪刀差持续收窄到 2021 年以来低位，反映资金的活化程度进一步提高。活化的资金开始 ...

记者注意到，在此轮"开门红"期间，分红险产品成为险企的主打产品，传统的增额终身寿险、年金险等 固定收益型产品已较为少见。多位保险销售人员向记者表示，"开门红"期间推出的分红险产品保底利率 为1.75%，还有一部分浮动收益，整体利率不低于3.2%。 比如，中国人寿推出国寿鑫鸿福养老年金险（分红型），新华保险推出盛世荣耀庆典版终身寿险（分红 型），平安人寿推出平安御享金越（2026）终身寿险（分红型）、平安御享金越年金保险（分红型）、 泰康人寿推出鑫享世家2026终身寿险（分红型）、友邦保险推出传世充裕年金险（分红型）等。 对于险企主打分红险的原因，北京排排网保险代理有限公司总经理杨帆认为，这是市场策略与产品特性 共同作用的结果。分红险"保证利益+浮动红利"的设计，既满足了客户在低利率环境下对资产增值的期 待，又通过"利益共享、风险共担"机制，为险企提供了更大的经营灵活性和资产负债匹配空间。这种潜 在的增值预期对客户具有较强吸引力，使其成为险企冲刺规模、快速抢占市场的较好工具。 险企花式揽客 在"开门红"期间，多家险企通过降低投保门槛、提供更高收益率、附赠增值服务等方式来吸引客户。 多位保险代理人提到，"开门红" ...

近日，多家大型保险公司开始推出"开门红"产品，从产品设计看，更多地向浮动设计的分红险产品转型， 即"保证收益+浮动分红"。分红主要来源于保险公司的实际经营盈余，尤其考验险企的投资水平和经营能 力。 目前，保险预定利率已连续三年下调，今年正式启动动态调整机制，当前预定利率是近20年最低水平。普通型 产品从3.5%降至2%，分红型产品从2.5%、2.0%降至1.75%，分红型预定利率降幅较普通型更小，具备相对收 益优势。 平安人寿总经理助理及总精算师孙汉杰接受记者专访表示，参考海外寿险市场经验，美国、日本、英国等保险 市场在利率下行期均加强了各类利率敏感型保险产品的推动，扩大分红、投连等浮动收益型产品的占比来降低 利率风险。 产品结构重点转向分红险 保险产品预定利率，已进入1字头时代。连续三年，保险预定利率下调，前两次降幅都是50bp，今年又下调了 25pb。其中，普通型产品从3.5%、3.0%、2.5%降至2%，分红型产品从3.0%、2.5%、2.0%降至1.75%。 据了解，今年正式启动动态调整机制，当前预定利率是近20年最低水平。早在2024年8月，国家金融监督管理 总局首次提出建立预定利率动态调整机制，今 ...

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，11月12日，共1只港股获公司回购，粉笔获公司回购62.0万港元。截至11 月12日，今年已有245只港股获公司回购，58只个股年内累计回购金额超亿港元。其中，腾讯控股、汇 丰控股、友邦保险年内累计回购金额最大，分别获公司回购609.65亿港元、302.57亿港元和176.93亿港 元。 ...

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 小米集团-W(01810) | 20.38 亿元 | 21.12% | 4.37% | | 腾讯控股(00700) | 17.05 亿元 | 19.03% | 2.34% | | 泡泡玛特(09992) | 16.89 亿元 | 36.55% | 14.19% | | 阿里巴巴-SW(09988) | 14.51 亿元 | 9.58% | -5.15% | | 中国平安(02318) | 13.68 亿元 | 37.01% | 12.92% | | 小鹏汽车-W(09868) | 10.67 亿元 | 23.00% | 6.50% | | 友邦保险(01299) | 7.31 亿元 | 38.16% | 17.84% | | 协鑫科技(03800) | 5.65 亿元 | 18.40% | -4.53% | | 中国石油股份(00857) | 5.20 亿元 | 30.43% | 1.57% | | 建设银行(00939) | 5.00 亿元 | 21.52% | -3.91% | 前十大沽空偏 ...

Core Viewpoint - The Hong Kong insurance stocks continue their recent upward trend, with notable increases in share prices for major companies in the sector [1] Company Summaries - China Life Insurance (02628.HK) saw a rise of 3.85%, reaching HKD 27.5 [1] - New China Life Insurance (01336.HK) increased by 2.57%, trading at HKD 51.85 [1] - China Pacific Insurance (02601.HK) experienced a growth of 2.48%, with shares priced at HKD 33.88 [1] - AIA Group (01299.HK) rose by 1.88%, with a share price of HKD 83.85 [1]

Group 1 - The core viewpoint of the articles highlights the recent upward trend in the insurance sector, with major companies like China Life, New China Life, China Pacific Insurance, and AIA experiencing significant stock price increases [1] - Several large insurance companies have launched "New Year" products focusing on dividend insurance with floating settings, which combine guaranteed returns with variable dividends based on the companies' actual operating surplus [1] - The preset interest rates for insurance products have been continuously lowered for three years, reaching the lowest levels in nearly 20 years, with ordinary products dropping from 3.5% to 2.0% and dividend products from 3.0% to 1.75% [1] Group 2 - According to Guangfa Securities, the floating returns from dividend insurance and the expansion of bank outlets are expected to drive new business growth by 2026, with an improvement in the cost of insurance expected to enhance value rates [2] - Dongwu Securities notes that the current market demand for savings remains strong, with bank deposit rates continuously declining, making insurance preset rates relatively attractive compared to deposit rates, which is beneficial for insurance product sales [2] - Listed insurance companies have seen a continuous improvement in new premium growth since Q2, with some companies achieving record growth rates in Q3 due to the impact of preset rate reductions, and the NBV growth rate for listed insurers in the first three quarters exceeding 30% [2]

Group 1 - The core viewpoint indicates that Chinese insurance stocks continue to rise, with notable increases in share prices for major companies such as China Life, New China Life, China Pacific Insurance, and AIA Group [1] - Several large insurance companies have launched "New Year" products focusing on dividend insurance with floating settings, which test the investment and operational capabilities of these companies [1] - The guaranteed interest rates for insurance products have been reduced for three consecutive years, reaching the lowest levels in nearly 20 years, with ordinary products dropping from 3.5% to 2.0% and dividend products from 3.0% to 1.75% [1] Group 2 - Looking ahead to 2026, the floating returns from dividend insurance and the expansion of bank outlets are expected to drive new business growth, with an anticipated improvement in the value rate [2] - Current market demand for savings remains strong, with bank deposit rates continuously declining, making insurance products relatively attractive due to higher guaranteed interest rates compared to deposit rates [2] - Listed insurance companies have seen a continuous improvement in new business premium growth since Q2, with some companies achieving record growth rates in Q3 due to the impact of reduced guaranteed interest rates [2]

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，11月11日，共2只港股获公司回购，康臣药业、百宏实业分别获公司回购 296.92万港元、4.65万港元。截至11月11日，今年已有244只港股获公司回购，58只个股年内累计回购金 额超1亿港元。其中，腾讯控股、汇丰控股、友邦保险年内累计回购金额最大，分别获公司回购609.65 亿港元、302.57亿港元和176.93亿港元。 ...

Core Insights - The highest short-selling ratios were observed for Lenovo Group-R, Li Ning-R, and JD Health-R, all at 100.00% [1] - The top three companies by short-selling amount were Alibaba-SW, Tencent Holdings, and Xpeng Motors, with amounts of 2.028 billion, 1.373 billion, and 1.113 billion respectively [1] - The highest deviation values were recorded for SenseTime-WR, Lenovo Group-R, and Kuaishou-WR, with values of 39.79%, 32.17%, and 30.02% respectively [1] Short-Selling Ratio Rankings - Lenovo Group-R had a short-selling amount of 1.6136 million with a ratio of 100.00% and a deviation of 32.17% [2] - Li Ning-R reported a short-selling amount of 23.8 thousand with a ratio of 100.00% and a deviation of 21.97% [2] - JD Health-R had a short-selling amount of 16.8 thousand with a ratio of 100.00% and a deviation of 26.39% [2] - The short-selling ratio for SenseTime-WR was 93.15% with a short-selling amount of 851.7 thousand and a deviation of 39.79% [2] Short-Selling Amount Rankings - Alibaba-SW led with a short-selling amount of 2.028 billion, a ratio of 17.38%, and a deviation of 2.52% [2] - Tencent Holdings followed with a short-selling amount of 1.373 billion, a ratio of 16.18%, and a deviation of -0.71% [2] - Xpeng Motors had a short-selling amount of 1.113 billion, a ratio of 12.34%, and a deviation of -3.96% [2] Short-Selling Deviation Rankings - SenseTime-WR had the highest deviation value of 39.79% with a short-selling amount of 851.7 thousand and a ratio of 93.15% [2] - Lenovo Group-R followed with a deviation of 32.17%, a short-selling amount of 1.6136 million, and a ratio of 100.00% [2] - Kuaishou-WR recorded a deviation of 30.02% with a short-selling amount of 107.84 thousand and a ratio of 79.04% [2]