Core Viewpoint - The 20th Central Committee's Fourth Plenary Session is a milestone meeting aimed at advancing towards the second centenary goal, with significant insights from General Secretary Xi Jinping on China's economic and social development during the 14th Five-Year Plan and the blueprint for the 15th Five-Year Plan [1][2]. Group 1: Achievements and Confidence - The 14th Five-Year Plan period has seen unprecedented achievements, with the insurance industry, led by the People's Insurance Group, experiencing significant growth, including total insurance liabilities of 13.5 trillion yuan, approximately 20 times the GDP during the same period, and total compensation payments exceeding 2 trillion yuan [2][15]. - The insurance sector is positioned as a key player in supporting national development goals, with expectations for premium income to surpass 730 billion yuan [2][15]. Group 2: Strategic Opportunities - The 15th Five-Year Plan period is identified as a critical time for achieving socialist modernization, with the insurance industry expected to benefit from rising insurance demand as GDP per capita increases [3][17]. - Significant financial needs are projected, including over 25 trillion yuan for carbon peak goals by 2030 and a potential 30 trillion yuan for the aging economy by 2035, creating strong momentum for the insurance sector [3][17]. Group 3: Development Guidelines - The 20th Central Committee has outlined guiding principles for the 15th Five-Year Plan, emphasizing the importance of aligning the insurance sector's development with national economic and social goals [4][18]. - The People's Insurance Group aims to embody these principles throughout its development process, ensuring its role as a leader in the insurance industry [4][18]. Group 4: Service and Support - The People's Insurance Group is committed to enhancing consumer services and supporting the expansion of domestic demand, focusing on new consumption trends such as green and intelligent products [6][19]. - The company has developed various insurance products to meet emerging consumer needs, including sports event insurance and new energy vehicle insurance, covering 11.6 million new energy vehicles, which is nearly 20% of the global total [6][19]. Group 5: Technological Innovation - The 15th Five-Year Plan emphasizes the importance of technological self-reliance, with the People's Insurance Group actively developing a comprehensive technology insurance product system to support innovation and modern industrial development [7][20]. - The company has established partnerships and funds to facilitate technological advancements, addressing critical challenges in sectors like integrated circuits [7][20]. Group 6: Social Welfare and Governance - The insurance sector plays a vital role in enhancing social welfare, with the People's Insurance Group covering nearly 1 billion people through various social insurance programs [8][21]. - The company is also focused on improving public safety and social governance, managing local disaster insurance in 20 provinces and 118 cities, and responding to over 1,000 major disaster incidents [9][22]. Group 7: High-Quality Development - The concept of a "financial power" has been integrated into the national development strategy, with the People's Insurance Group committed to high-quality development and the establishment of a world-class insurance financial group [10][24]. - The company aims to strengthen its governance and political integrity while enhancing its service capabilities to better support the real economy and public welfare [10][24]. Group 8: Risk Management - The People's Insurance Group recognizes the importance of risk prevention and management as essential for achieving high-quality development, focusing on optimizing its risk management systems [12][26]. - The company is dedicated to maintaining stability and preventing systemic risks while balancing growth and risk management [12][26].

Core Viewpoint - The announcement of the 2025 National Green Computing Power Facility List aims to promote the green and low-carbon development of computing power facilities in accordance with the national energy-saving and carbon reduction action plan [1]. Group 1: Industrial Sector - The list includes various computing power facilities in the industrial sector, such as Hongsheng Copper Industry Data Center [2]. - The facilities are part of a broader initiative to enhance energy efficiency and reduce carbon emissions in the industrial domain [1]. Group 2: Information and Communication Sector - Numerous data centers from China Telecom and China Mobile are featured, including the China Telecom Hangzhou Smart Computing Center and the China Mobile Yangtze River Delta (Jinhua) Data Center [2][3]. - These facilities are expected to contribute significantly to the digital infrastructure and support the transition to a low-carbon economy [1]. Group 3: Energy Sector - The list highlights energy-related computing power facilities, such as the State Power Investment Corporation Guian Data Center and the Southern Power Grid Green Smart Data Center [3][4]. - These facilities are crucial for integrating renewable energy sources and enhancing the overall efficiency of energy management [1]. Group 4: Internet Sector - The Internet sector is represented by facilities like the Karamay Carbon and Water Cooling Data Center and the New Silk Road Cloud Computing Center [4]. - These centers are designed to support large-scale data processing and storage while adhering to green standards [1]. Group 5: Financial Sector - Financial institutions are also included, with data centers such as the Bank of Communications Data Center and the People's Insurance Group Northern Information Center [4]. - This inclusion reflects the financial sector's commitment to sustainability and efficient data management practices [1]. Group 6: Public Institutions - The list features data centers from public institutions, including the Beijing Urban Sub-center Administrative Office Data Center [4]. - These facilities are essential for improving public service delivery and enhancing data management capabilities in government operations [1].

Core Insights - The insurance industry in China has achieved record high asset levels and profitability in 2025, driven by practical reforms and a focus on rational management [1][2]. Group 1: Industry Growth and Performance - By the end of October 2025, China's insurance industry total assets reached 40.59 trillion yuan, an increase of 4.68 trillion yuan from the beginning of the year, marking a growth rate of 13.03% [2]. - The total assets of the insurance industry have seen double-digit growth since 2023, primarily due to increased premium income, cost optimization, enhanced capital replenishment, and improved asset allocation [2]. - The combined market capitalization of five listed insurance companies in A-shares exceeded 3.3 trillion yuan, with a growth of over 700 billion yuan, reflecting a nearly 30% increase [3]. Group 2: Profitability and Financial Health - In the first three quarters of 2025, the five listed insurance companies achieved a total net profit of 426 billion yuan, a year-on-year increase of 33.5%, setting a historical high [4]. - The insurance sector's balance sheet has entered a phase of healthy expansion, benefiting from low interest rates and strong sales of main products like dividend insurance [4]. Group 3: Regulatory and Structural Reforms - The dynamic adjustment mechanism for insurance product preset rates was officially launched in 2025, with preset rates decreasing from 2.34% at the beginning of the year to 1.90% by the end of the year [10][11]. - The introduction of the fourth life table in October 2025 will impact insurance product pricing, reflecting changes in population structure and mortality rates [15][16]. Group 4: Market Strategies and Innovations - The insurance industry is increasingly focusing on dividend insurance products, which now account for nearly half of new life insurance products launched after September 2025 [13]. - The commercial health insurance innovation drug directory was released in December 2025, marking a significant step in clarifying the boundaries between basic medical insurance and commercial health insurance [17][18]. Group 5: Investment Trends - Insurance capital has accelerated its entry into the market, with equity asset allocation reaching historical highs, and the stock and fund allocation balance reaching 5.59 trillion yuan, a 35.92% increase from the previous year [8][9]. - The "long money, long investment" strategy has gained traction, with regulatory changes encouraging insurance funds to focus on long-term investments [7].

Core Insights - The article compares the investment returns of various life insurance companies over the past decade, highlighting the top performers and the bottom performers in terms of annualized returns. Group 1: Top Performers - The top three companies in terms of annualized returns are joint ventures: Tongfang Global (6.8%), Lujiazui Guotai (6.6%), and Zhongying Life (6.5%) [1][14] - The fourth and fifth positions are held by Taikang Life (6.0%) and Ping An Life (5.9%), respectively [14] - Other notable companies in the top ten include PICC Life, Caixin Life, Heng'an Standard, Zhonghe Life, and Zhongyi Life, with Caixin Life also having the smallest volatility among the top ten [1][14] Group 2: Bottom Performers - The company with the lowest ten-year cumulative return is Great Wall Life, which has a 40 percentage point difference compared to the top performer, Tongfang Global [2][15] - Junlong Life not only has a low return but also exhibits high volatility, while China Life's poor investment returns may be attributed to its large scale [2][15] Group 3: Historical Performance - Eight companies have previously held the top position, with Tongfang Global and Hongkang Life achieving first place twice [3][15] - The article notes that Tongfang Global has also secured second place three times and ninth place once, indicating consistent strong performance [3][15] Group 4: Risk Ratings - The bottom five companies generally have lower risk ratings, with most rated as B, except for China Life, which holds an AAA rating [3][15]

Core Insights - The insurance technology sector is experiencing a significant transformation, moving from a "traffic-driven" narrative to an "AI-driven" approach, reflecting a fundamental shift in growth paths and capital market valuations [3][24][30] Group 1: Market Developments - On December 23, 2025, Easy Health was listed and saw a first-day surge of 158%, reaching a market capitalization of over HKD 12 billion, marking it as a standout in the Hong Kong insurance technology sector [23] - White Dove Online has also passed the Hong Kong Stock Exchange's listing hearing, aiming to become the "first AI stock in the domestic insurance industry" [3][24] - The insurance technology industry is witnessing a new wave of listings, with various companies like Yuanbao and iCloud Insurance entering the market, indicating a robust trend towards public offerings [3][24][25] Group 2: AI Integration and Investment - In 2025, the Chinese insurance industry is projected to invest over CNY 67 billion in technology, with a focus on big data, cloud computing, and artificial intelligence [25] - McKinsey's research indicates that leading insurance companies utilizing AI have seen shareholder returns 6.1 times greater than those lagging behind, highlighting AI as a core competitive advantage [25] - Major insurance firms are evolving their strategies from "ALL in AI" to "AI in ALL," integrating AI across the entire value chain, including product design and risk management [25][26] Group 3: Competitive Landscape - Traditional insurance companies are enhancing their internal capabilities while new tech-driven firms are rapidly exploring boundaries, validating AI's value creation potential [26][28] - Companies like Easy Health and White Dove Online are leveraging AI technologies to transform traditional processes, focusing on areas such as health data structuring and scenario adaptation [26][28] - The competition is intensifying, with a clear divide in market valuations based on the effectiveness of AI implementation among different firms [4][25] Group 4: Narrative Reconstruction - The narrative surrounding insurance technology is shifting from acquiring large user bases to emphasizing AI technology barriers and digital solutions [30][31] - This transition is driven by market saturation, regulatory pressures, and changing consumer expectations for more precise and transparent services [32][33] - The new narrative emphasizes the importance of technology-driven value creation, moving away from the previous reliance on external traffic growth [34][39] Group 5: Challenges and Risks - The rise of AI in insurance also brings challenges related to data security and algorithm fairness, as companies must navigate the complexities of handling sensitive personal information [36][37] - There are significant risks associated with the interpretability of AI models, which can lead to unfair treatment of certain demographic groups if historical biases are present in training data [36][37] - Companies are urged to build resilience in technology and governance to address these challenges and ensure compliance with regulatory standards [36][38]

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 18.48%, 16.79%, and 15.54% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Lens Technology (06613), and UBTECH Robotics (09880), which increased by 2.35%, 2.34%, and 1.29% respectively [1][2] - The companies with the largest absolute decrease in short positions are Changfei Optical Fiber (06869), Mao Ge Ping (01318), and Meilan Airport (00357), which decreased by -1.26%, -0.68%, and -0.67% respectively [1][2] Group 2 - The latest short ratio for Vanke Enterprises (02202) is 18.48%, down from 19.04% previously [3] - The latest short ratio for COSCO Shipping Holdings (01919) is 16.79%, down from 16.79% previously [2] - The latest short ratio for Heng Rui Medicine (01276) is 15.54%, up from 3919.30 million shares to 4011.67 million shares [2]

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.70% on December 29, with a trading volume of 33.25 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 26, the fund had a total of 350 million shares and a total size of 349 million yuan [1] Group 2 - The fund's recent trading activity shows a cumulative trading amount of 559 million yuan over the last 20 trading days, with an average daily trading amount of 27.93 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.04% during the management period [1] - The top holdings of the fund include COSCO Shipping Holdings, Orient Overseas International, China National Freight, PetroChina, CITIC Bank, CNOOC, China Shenhua Energy, China Pacific Insurance, China Unicom, and Agricultural Bank of China, with respective holding percentages [2]

会议强调，要以更高标准加强党的全面领导，以高质量党建引领保障高质量发展。始终坚持党中央对金 融工作的集中统一领导，完善党中央重大决策部署落实机制，压紧压实管党治党责任链条，深化党建与 公司治理有机融合，促进党建工作与经营管理深度融合，纵深推进全面从严治党。 会议要求，要以更加奋发有为的精神状态履职尽责，坚持稳中求进、提质增效，坚持防风险、强监管、 促高质量发展工作主线，增强大局观念，善抓主要矛盾，勇于改革创新，扎实谋划做好2026年各项工 作，确保集团"十五五"发展高质量高标准起步。 集团党委委员参加会议；集团级高管，集团各部门、各单位主要负责人，驻集团纪检监察组副组长，各 子公司、成员公司主要负责人列席会议。 责任编辑：曹睿潼 来源：人民保险 来源：人民保险 12月29日，中国人保集团党委召开扩大会议，认真传达学习习近平总书记对中央企业工作作出的重要指 示精神，结合中央企业负责人会议要求，研究部署贯彻落实意见。集团党委书记、董事长丁向群主持会 议并讲话。 12月29日，中国人保集团党委召开扩大会议，认真传达学习习近平总书记对中央企业工作作出的重要指 示精神，结合中央企业负责人会议要求，研究部署贯彻落实意见。 ...

北京商报讯（记者 胡永新）12月26日，金融监管总局发布关于筹建富泽人寿保险股份有限公司（以下简称"富泽人寿"）的批复称，同意济南金投控股集团 有限公司、中国保险保障基金有限责任公司、中国人保资产管理有限公司、济南政金通达投资管理有限公司筹建富泽人寿。相关公司应严格按照有关法律法 规要求办理筹建事宜，自批复之日起1年内完成筹建工作。筹建期间接受金融监管总局的监督指导，不得从事金融业务活动。筹建工作完成后，应按照有关 规定和程序向金融监管总局提出开业申请。 图片来源：金融监管总局 ...

二、中国人民人寿保险股份有限公司乐平市支公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月22日，国家金融监督管理总局景德镇监管分局发布批复称，《关于中国人民人寿保险股份有 限公司乐平市支公司变更营业场所的请示》(人保寿险赣景发〔2025〕126号)材料收悉。经审核，现批 复如下： 一、同意中国人民人寿保险股份有限公司乐平市支公司将营业场所变更为：江西省景德镇市乐平市东风 北路南方翡翠城二期2号楼105-205、106-206铺。 ...