发布会现场，平安人寿副董事长兼副总经理蔡霆在主旨演讲中详细介绍了"享平安"的内涵。蔡霆表示， 客户的追求，就是平安努力的方向。基于对中国家庭对体育、教育、文娱、健康管理等核心需求的深刻 洞察，平安人寿焕新推出"享平安"客户权益体系，打造丰富、优质的线上增值服务及线下活动场景，覆 盖体育运动、子女教育、文娱生活、健康管理四大领域，提供近百项增值"好权益"，助力客户及其家人 畅享"好生活"。 在体育运动方面，"享平安"链接优质供应商，打造多场景覆盖的体育生态，聚焦广受客户欢迎的户外运 动、智力运动、球类运动、滑雪运动四大领域，推出俱乐部活动，满足客户锻炼、休闲、社交等多维需 求。同时，还为客户提供滑雪VIP通道、健身月卡、高球预约等服务权益，帮助客户一键实现健身与休 闲自由；此外，平安还与各领域权威机构合作，打造适合大众的体育赛事，帮助更多客户感受竞技体育 的魅力。 在子女教育方面，"享平安"链接名企名校、行业大咖、专业教育机构等多种资源，提供升学咨询等服 务，帮助客户在教育规划上先人一步；同时，打造研学营、升学营、留学营三大类活动体验，覆盖客户 子女教育的素养提升、升学规划、留学服务三大关键需求，提供全学龄段一 ...

证券研究报告 | 2025年07月13日 2025 年 7 月 11 日，财政部发布《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考 核的通知》（以下简称"《通知》"），调整国有商业保险公司绩效评价指标，新增五年周期考核权重，推动 险资长期入市。 国信非银观点：《通知》通过将 70%考核权重锚定三年以上周期，有望从根源上化解保险资金属性与考核 错配的矛盾，持续释放险资增量资金潜力。结合偿付能力优化、风险因子调降等配套措施，险资有望持续 加大资金入市规模。短期看，险资入市为市场注入流动性活水；长期看，其"耐心资本"属性将持续推动 以红利资产为代表的配置诉求，建议关注本次政策下相对受益的中国人寿、中国平安、中国太保、中国财 险、新华保险。 评论： 政策核心：长周期考核权重提升至 70%，制度设计直击险资入市堵点 7 月 11 日，财政部正式印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核 的通知》（财金〔2025〕62 号），标志着保险资金长周期考核机制全面落地。该政策将国有商业保险公司核 心绩效指标"净资产收益率"（ROE）和"（国有）资本保值增值率"的考核方式，由此前 ...

非银行业周报 20250713 中报业绩催化下，非银板块有望迎β和α共振 2025 年 07 月 13 日 ➢ 险资"长钱长投"新规发布，助力资本市场中长期资金供给，推动险企资产 和负债更为匹配。2025 年 7 月 11 日，财政部《关于引导保险资金长期稳健投 资 进一步加强国有商业保险公司长周期考核的通知》（以下简称《通知》），将 现有的国有商业保险公司经营效益类绩效评价指标"净资产收益率"和"资本保 值增值率"调整为"1+3+5"模式（当年度指标+3 年周期指标+5 年周期指标） 的考核方式，从考核制度层面进行改革，有助于提升保险资金对投资收益短期波 动的包容性，长期来看有望提升险资权益投资占比，在为资本市场提供增量资金 的同时，险企自身有望同时获得稳健的股息收入和资本利得，从而提升权益投资 收益和净利润弹性，有助于更好地进行资产负债匹配。头部险企凭借更完善的公 司治理、更强大的综合投研能力而更为受益。 ➢ 上市券商陆续发布 2025 年上半年业绩预增公告，1H25 券商业绩有望保持 较快增速。7/9 红塔证券率先发布首份上市券商 2025 年上半年业绩预告，截至 7/11，已有 6 家上市券商和 1 ...

"1+3+5"长周期考核背后的深意 2025 年 07 月 13 日 [Table_Author] 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com ➢ 事件：2025 年 7 月 11 日，财政部下发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》（财金〔2025〕62 号）（以下 简称《通知》），调整了相关经营指标的考核方式，国有商业保险公司自开展 2025 年度绩效评价工作开始执行。 ➢ 增设长周期考核指标，引导长期稳健投资。根据财政部《商业保险公司绩效 评价办法》，商业保险公司绩效评价指标体系中经营效益的考核占比为 25%，主 要分为 3 大指标：（国有）资本保值增值率、净资产收益率、分红上缴比例，分 别占比 10%、8%、7%。本次《通知》对其中（国有）资本保值增值率、净资产 收益率两大指标进行了调整，形成"1+3+5"（当年、3 年周期、五年周期）的考 核模式，引导险企更加着眼长期投资和稳健投资。 ➢ 净资产收 ...

拉长考核期限，风物长宜放眼量 ——《关于引导保险资金长期稳健投资 进一步加强国有商业保险 公司长周期考核的通知》点评 评级： 增持（维持） 执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn | 上市公司数 | 6 | | --- | --- | | 行业总市值(亿元) | 31,377.86 | | 行业流通市值(亿元) | 31,369.21 | 1、《未来三年视角下寿险利差压力 几何？ ——2025 年下半年保险行业 投资策略报告》2025-07-10 2、《竞争环境改善，缓解行业"内 卷"压力——从天茂集团无法披露定 期报告看当前中小险企经营挑战》 2025-07-08 3、《定调审慎边际放松，利好龙头 拥抱分红——《关于分红险分红水平 监管意见的函》点评》2025-06-25 保险Ⅱ 证券研究报告/行业点评报告 2025 年 07 月 12 日 报告摘要 风险提示：权益市场大幅波动，研报信息更新不及时的风险 请务必阅读正文之后的重要声明部分 分析师： ...

与传统的固定收益类型产品相比，分红险具备更灵活的"成本 调节机制"，因而在降低负债成本、缓释利差风险方面，展现 出明显优势。 作者： 姜鑫 封图：图虫创意 2025年6月28日下午，客户拎着包急匆匆离开座位要去接孩子放学，李玲望着手中的咖啡无奈地 笑了笑，这一单又有点悬。 李玲是一位保险代理人，她这次见面的客户是一位年轻妈妈。由于存款利率下降，银行理财、货币 基金收益也不达预期，客户考虑配置一些理财型的保险产品。 李玲说，从利率走低的明显趋势，到家庭财富保值增值的挑战增加，再到保险产品的刚兑和收益优 势，客户都能理解。但当提到分红险的平滑机制和不同产品的复杂的利益演示时，客户却皱起了眉 头。 分红险是指保险公司在每个会计年度结束后，将上一会计年度该类分红保险的可分配盈余，按一定 的比例、以现金红利或增值红利的方式，分配给客户的一种人寿保险。在目前市场上销售产品中有 分红型寿险、分红型养老险和分红型两全险等产品，也有保险公司推出了分红型重疾险。 李玲的感受是，与3.50%的预定利率产品切换时的市场热度相比，当下的客户比较冷静。 自去年下半年起，李玲所在的保险公司进行了产品调整，无论是可以享受税收优惠的个人养老金 ...

Core Insights - Insurance capital is increasingly investing in real estate, with a significant rise in large-scale investments in the first half of the year, totaling 4 insurance companies disclosing 12 large real estate investments amounting to 4.92 billion yuan, a 597.87% increase compared to the same period last year [1][2][3] Investment Scale and Growth - As of June 30, 2023, the total new investment in real estate by major insurance companies reached 4.92 billion yuan, compared to only 705 million yuan in the same period last year [1][2] - The investments include contributions from major players such as Ping An Life, China Life, Pacific Life, and Jianxin Life, indicating a robust growth trend in the sector [1][3] Investment Strategies and Trends - The investments made this year are additional contributions to previously signed real estate projects, reflecting a cautious and strategic approach by insurance companies in the current market environment [3] - Experts suggest that despite a decrease in the number and proportion of direct real estate investments compared to a decade ago, leading insurance companies are still actively acquiring high-quality commercial real estate in first-tier cities to generate stable cash flows [3] Diversification of Investment Forms - The investment forms are becoming increasingly diversified, with insurance capital exploring various financial instruments such as public REITs and real estate equity investment funds [4][5] - For instance, China Post Insurance has signed an investment agreement for a real estate special fund, indicating a trend towards collaborative investment structures [4] Compliance and Regulatory Challenges - Compliance issues remain a significant concern for insurance companies, with several institutions facing penalties for violations related to real estate investments [6][7] - The complexity of real estate investments and the potential for high returns may lead some institutions to overlook compliance standards, resulting in regulatory breaches [6][7]

Group 1 - The core viewpoint of the news is the performance of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, which has shown significant growth in recent months, indicating a positive trend in the non-bank financial sector within the Hong Kong market [1][2] - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index increased by 2.9% to 3900.59 points, with a trading volume of 61.334 billion yuan on July 11 [1] - Over the past month, the index has risen by 7.55%, by 38.24% over the last three months, and by 30.42% year-to-date [1] Group 2 - The index comprises up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of this sector within the Hong Kong Stock Connect [1] - The top ten weighted companies in the index include China Ping An (15.49%), Hong Kong Exchanges (14.08%), AIA Group (13.98%), China Life (8.51%), and others, indicating a concentration in major financial institutions [1] - The index is fully composed of financial sector companies, with a 100% allocation to this industry [2] Group 3 - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or adding new companies that meet the criteria [2] - The handling of mergers, acquisitions, and other corporate actions is governed by specific calculation and maintenance guidelines [2]

Core Insights - The insurance industry is undergoing transformation driven by the dual forces of the digital economy and an aging society, with China Ping An Insurance Group focusing on a "comprehensive finance + medical and elderly care" dual-driven strategy [1] Group 1: Service Innovation - China Ping An's 95511 customer service hotline has evolved from a single insurance service line to a comprehensive financial service hub, reflecting the company's commitment to customer-centric service innovation [2] - As of the end of 2024, the number of individual customers for Ping An has surpassed 242 million, with an average of 2.92 contracts per individual customer [2] - The 95511 hotline has integrated over 10 service lines since 2011, establishing a unified entry point for customer needs, supported by accumulated business and service data [2] Group 2: AI-Driven Service Enhancement - The 95511 hotline has implemented multiple intelligent solutions across 13 financial business lines, with AI-driven service handling 80% of total customer service volume [3] - The AI service has evolved from basic understanding to advanced interaction capabilities, recognizing over 3,600 customer needs and providing more than 1,680 service scenarios, achieving a resolution rate exceeding 92% [3] Group 3: Elderly Care Service Upgrades - In response to the aging population, the 95511 hotline prioritizes enhancing financial services for the elderly, aligning with the group's "finance + medical health" and "finance + elderly care" ecosystem [4] - The hotline automatically routes elderly customers to human service representatives, ensuring communication is tailored to their needs, with an average of over 10,000 elderly customers served daily [4] - The establishment of a home care team provides 24/7 online services covering various aspects of elderly care, with thousands of services rendered daily [4]

Core Insights - On July 11, 2025, Zhongzhou Securities (01375), Guotai Junan International (01788), and Juxing Legend (06683) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 85.75 billion, 83.76 billion, and 51.63 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Zhongzhou Securities (01375), and Alibaba-W (09988) led the trading volume, with amounts of 31.31 billion, 31.15 billion, and 22.84 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active trading companies included: - Zhongzhou Securities (01375): 85.75 billion, net buy of +2.29 billion - Guotai Junan International (01788): 83.76 billion, net sell of -131.407 million - Juxing Legend (06683): 51.63 billion, net sell of -127.556 million - Alibaba-W (09988): 37.09 billion, net sell of -9.13 billion - Meituan-W (03690): 23.18 billion, net buy of +4.02 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active trading companies included: - Guotai Junan International (01788): 31.31 billion, net buy of +1.84 billion - Zhongzhou Securities (01375): 31.15 billion, net sell of -45.3737 million - Alibaba-W (09988): 22.84 billion, net buy of +7.30 billion - Tencent Holdings (00700): 18.63 billion, net sell of -66.2962 million - Juxing Legend (06683): 15.78 billion, net buy of +1.48114 million [2]