从资金流向上来看，当日保险板块主力资金净流出1.43亿元，游资资金净流入7388.1万元，散户资金净 流入6880.33万元。保险板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月10日保险板块较上一交易日上涨0.45%，新华保险领涨。当日上证指数报收于 3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。保险板块个股涨跌见下表： ...

10月17日，中国平安发布2025年半年度权益分派实施公告称，本次利润分配以总股本181亿股为基数， 每股派发现金红利0.95元，共计派发现金红利172.02亿元。其中，A股股本为107亿股，A股共计派发现 金红利101亿元。现金红利发放日为10月24日。该公司披露，本次分红派息经8月26日召开的董事会会议 审议通过。 10月13日，中国人寿发布2025年半年度A股利润分配实施公告称，本次利润分配以总股本282.65亿股为 基数，每股派发现金红利0.238元，共计派发现金红利67.27亿元。现金红利发放日为10月17日。公告 称，本次股利分配后，公司偿付能力仍保持充足水平，满足监管要求。本次利润分配方案已经9月25日 召开的临时股东大会审议通过。 来源：中国银行保险报 12月4日，新华保险发布2025年半年度权益分派实施公告，拟派发现金红利20.9亿元。此前，中国人 保、中国人寿、中国平安已发布半年度分红方案，拟分别派发现金红利33.17亿元、67.27亿元、172.02 亿元，4家上市险企2025年中期分红累计293.36亿元。 新华保险2025年半年度权益分派实施公告称，本次利润分配方案于10月31日经公 ...

证券日报网讯 12月9日，新华保险在互动平台回答投资者提问时表示，公司重视股东回报，将综合考虑 全年利润实现情况、资金状况及风控指标，从长短期平衡的角度进一步研究制定公司的分红方案。 （文章来源：证券日报） ...

Core Insights - The life insurance industry is shifting focus towards participating insurance products in response to declining interest rates, with a significant increase in the launch of such products [1][2] - New business premium growth for participating insurance is projected to reach nearly 2 trillion yuan from 2025 to 2027, becoming a key growth driver for the life insurance market [1] - Xinhua Insurance has demonstrated strong performance in the participating insurance market, maintaining competitive dividend levels despite low interest rates [1][2] Industry Trends - As of late 2025, the dynamic adjustment mechanism for the predetermined interest rate in life insurance will be implemented, marking the entry of insurance products into the "1" era [2] - Participating insurance offers a dual-layered return structure, combining guaranteed benefits with variable dividends based on the insurer's investment performance, aligning with consumer needs for long-term savings and retirement planning [2] - Xinhua Insurance reported a 24.9% year-on-year increase in premium income from participating insurance in the first half of 2025, with over 70% of new business from individual channels being participating insurance [2] Performance Metrics - The average dividend realization rate for participating insurance in 2024 is approximately 54%, with a median of 50%, indicating the importance of this metric for consumers [3] - Xinhua Insurance's participating insurance products have shown exceptional performance, with 56 out of 59 products achieving a dividend realization rate of 100% or more, and an average of 152% [3] Product Launches - In the second half of 2025, Xinhua Insurance launched three flagship participating insurance products aimed at wealth inheritance, quality retirement, and high-age coverage, which have been well-received in the market [4] Investment Strategy - Xinhua Insurance has achieved an annualized total investment return rate of 8.6% in the first three quarters of 2025, leading the industry, with a comprehensive investment return rate of 6.7% [5] - The company emphasizes a long-term value investment approach, focusing on low-volatility and absolute return investment assets, while actively participating in projects that support national strategies and new productive forces [6][7] Customer-Centric Products - The newly launched "Shengshi Glory Celebration Edition" participating insurance product offers stability, flexibility, and quality dividend accounts, catering to consumer needs for secure and growth-oriented asset allocation [10] - This product integrates a comprehensive service system, providing clients with access to high-quality medical resources, wealth inheritance, and lifelong solutions, showcasing Xinhua Insurance's commitment to creating long-term value for customers [11]

Core Insights - The launch of the Xinhua Insurance Huizhou Leisure Base marks a significant step in the company's expansion into the high-quality health and wellness tourism sector, supported by the Huangshan municipal government [1] - The "Xinhua Yue" leisure service network has achieved nationwide coverage with 55 projects across 45 cities, addressing the challenges of an aging population and contributing to the development of the silver economy [1] Group 1: Market Context - China's aging population is projected to exceed 400 million by around 2035, accounting for over 30% of the total population, indicating a shift in consumer demand from survival to development and enjoyment [2] - The leisure and tourism market for elderly care in China is expected to reach 670 billion yuan by 2024, with total tourism consumption by the elderly projected to surpass 2.4 trillion yuan by 2050, highlighting a significant market opportunity [2] Group 2: Project Details - The Xinhua Insurance Huizhou Leisure Base integrates national ecological and cultural resources, transforming standardized services into unique experiences, situated in a region with a 84.78% forest coverage rate and recognized as a "natural oxygen bar" [3] - The project spans 1,100 acres and will be developed in five phases, focusing on health and wellness, combining cultural experiences with modern living environments [3] Group 3: Service Network Development - Xinhua Insurance is enhancing its service offerings by creating a high-quality, customizable customer service network, responding to the evolving demands of the population [4] - By November 2025, Xinhua Insurance plans to establish 53 quality health and wellness communities in 37 cities and 55 leisure projects in 45 cities, forming a national network framework [4] Group 4: Financial Strength - Xinhua Insurance, established in 1996, has a total asset scale of 1.83 trillion yuan and serves approximately 32 million individual clients and 78,000 institutional clients, supported by over 1,700 branches nationwide [5] - The company reported a total investment income of 79.687 billion yuan in 2024, a year-on-year increase of 251.6%, with a stable annualized total investment return rate of 8.6% in the first three quarters of 2025 [5] Group 5: Strategic Importance - The opening of the Huizhou Leisure Base represents a milestone in Xinhua Insurance's systematic health and wellness strategy, reflecting the company's commitment to building a trusted health and wellness service platform for the public [6] - The initiative aligns with national strategic priorities and societal concerns regarding health and aging, showcasing the company's responsibility and commitment to enhancing public welfare [6]

为此，大摩最新研究观点指出，国家金融监督管理总局发布《关于调整保险公司相关业务风险因子的通 知》，对符合条件的CSI300、上交所科创板等综合股票提供10%的折扣。此举可能通过减轻资本要求惠 及保险公司，并鼓励保险公司作为长期投资者参与股市，有利于股权市场，因为保险公司是主要投资 者。大摩预计2026年将继续有保险资金流入股市。此外，该行重申首选中国平安，相信该公司可进一步 受惠于新监管制度。 智通财经APP获悉，部分内险股午后上扬，截至发稿，中国再保险(02628)涨2.47%，报1.66港元；中国 平安(02318)涨2.07%，报61.7港元；新华保险(01336)涨1.73%，报50.05港元；中国太保(02601)涨 1.14%，报33.8港元。 消息面上，近日，国家金融监督管理总局发布《关于调整保险公司相关业务风险因子的通知》。国家金 融监督管理总局表示，《通知》针对保险公司投资的沪深300指数成分股、中证红利低波动100指数成分 股以及科创板股票的风险因子，根据持仓时间进行了差异化设置，以培育壮大耐心资本、支持科技创 新。同时，调整了保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7]. Core Insights - The non-bank financial sector has shown strong overall performance this week, with brokerages expected to maintain high growth trends in 2025. The report suggests focusing on the sector's future allocation value [2][4]. - The China Banking and Insurance Regulatory Commission (CBIRC) has issued a notice adjusting risk factors related to insurance companies' business, which is expected to enhance the certainty of ROE improvement and accelerate valuation recovery in the medium to long term [4][6]. - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, as well as those with significant advantages in business models and market positions [4]. Market Performance - The non-bank financial index increased by 2.3% this week, outperforming the CSI 300 by 1.0%. Year-to-date, the non-bank financial index is up 5.9%, but underperformed the CSI 300 by 10.6% [5][17]. - The average daily trading volume in the market decreased to 16,961.78 billion yuan, down 2.35% week-on-week, while the margin financing balance rose to 2.48 trillion yuan, up 0.48% [5][39]. Key Industry News & Company Announcements - The CBIRC has adjusted risk factors for insurance companies, which is expected to support the growth of patient capital and enhance service quality to the real economy [6][64]. - Companies such as Zhongtai Securities and New China Life have announced their respective stock issuance and dividend distribution plans for the first half of 2025 [6].

看好证券保险岁末年初行情！20251207 摘要 监管鼓励券商整合，支持并购重组，旨在提升行业集中度和竞争力，头 部券商如国泰海通的并购案例显示出规模效应，预示行业整合加速。 监管提倡价值竞争，转变过去的价格竞争模式，通过提供高质量服务获 客，稳定费率，促进券商行业健康发展，公募基金费率改革已落地，券 商轻资产业务费率预期触底。 险资偿付能力新规调整风险因子，降低了沪深 300、科创板股票及出口 信用保险业务的风险权重，支持长期资金入市，缓解了中小保险公司的 资本补充压力。 截至 2025 年 9 月末，险资二级市场权益配置规模达 5.59 万亿元，较 2024 年末增加 1.49 万亿元，配置比例接近 15%，提升 2.6 个百分点， 险资入市进程超预期。 调降股票投资风险因子预计为 A 股上市险企带来 789 亿元的股票增配空 间，并优化最低资本 200 亿元，核心和综合偿付能力充足率平均提升 1.5 和 2.1 个百分点。 末已大幅消除。此外，中金办理发行股份收购信达中心等并购事件也推动了整 个板块的表现。 吴清主席强调监管逐步回暖，并充分肯定过去四年多来证券公 司的整体发展，包括总资产、净资产及服务实 ...

Core Viewpoint - Xinhua Insurance plans to issue up to 10 billion yuan in perpetual bonds to enhance its capital strength and improve its core solvency ratio, with the funds primarily aimed at supplementing core capital and allocating fixed-income assets [2][3] Group 1: Bond Issuance Details - The company intends to issue the perpetual bonds in the domestic market, which will not have a fixed maturity date, and the first redemption option is set for the end of the fifth year [3] - The issuance is subject to approval from the shareholders' meeting and regulatory authorities [3] - The core solvency ratio of Xinhua Insurance has decreased from 170.72% at the end of Q2 to 154.27% by the end of Q3 2025, indicating a need for capital enhancement [3][4] Group 2: Financial Performance - For the first three quarters of 2025, Xinhua Insurance reported a significant increase in operating income of 137.25 billion yuan, up 28.3% year-on-year, and a net profit attributable to shareholders of 32.86 billion yuan, up 58.9% year-on-year [6] - The investment income for the same period reached 40.41 billion yuan, a staggering increase of 687.16% compared to 5.13 billion yuan in the previous year [6] - The annualized total investment return improved to 8.6%, up 1.8 percentage points year-on-year, driven by a recovery in the capital market and increased stock investment returns [6] Group 3: Insurance Premiums and Policy Performance - The original insurance premium income for the first ten months of 2025 was 181.973 billion yuan, reflecting a year-on-year growth of 17% [7] - The company’s first-year premium income for long-term insurance increased by 59.8%, with first-year regular premium income rising by 41.0% and first-year lump-sum premium income soaring by 109.2% [7] - The surrender rate improved to 1.2%, a decrease of 0.1 percentage points compared to the same period last year, indicating better policy retention [8]

摘要 / 创造新的增量 嘿嘿，周五没什么好的段子，就没发文，唯一一个我觉得好笑的就是，保险券商 异动股的时候，群里传出小作文，说"会议重提jzjx"! 盘后保险业务相关因子调整的文件出来了，谁又知道内幕抢跑了！ 《通知》明确： 1）险资持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数 成分股的风险因子从0.3下调至0.27，持仓时间根据过去6年加权平均持仓时 间确定。 2）险资持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至 0.36，持仓时间根据过去4年加权平均持仓时间确定。 3）保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的 保费风险因子从0.467下调至0.42，准备金风险因子从0.605下调至0.545。 根据申万宏源，以9月末水平静态测算，本次调降险资股票投资风险因子合计给A 股上市险企带来200亿元最低资本优化，调整后核心/综合偿付能力充足率平均提 升1.5/2.1pct。假设调整风险因子后，A股上市险企维持偿付能力充足度不变， 沪深300成分股(持有3年以上)的潜在增配空间达789亿元。 没有增量，创造增量也要上！ 这个拼音缩写大概率是降准降息，哈哈哈 ...