"三大新引擎"轰鸣，将重塑中心城区发展格局 当前，福田区正奋力打造河套深港科技创新合作区、香蜜湖新金融中心、环中心公园活力圈"三大新引 擎"。 全球目光将再次聚焦深圳，一场共享机遇、共创未来的盛事即将启幕。12月5日，2025深圳全球招商大 会将在深圳会展中心（福田）举办。 作为深圳的中心城区，福田区将借2025深圳全球招商大会契机，向全球企业发出邀请：来福田，与未来 同频！翻开福田的"成长日记"，辖区总面积78.66平方公里，2024年创造了5948.82亿元的GDP，地均 GDP、税收均居全国全省前列。福田用实力诠释了何为"寸土寸金"，更用行动证明了"小空间"能迸发 出"大能量"。 深圳河畔，一片仅3.89平方公里的土地上，前沿科创实践正在上演。作为《粤港澳大湾区发展规划纲 要》中唯一以科技创新为主题的特色平台，河套深港科技创新合作区以"一河两岸、一区两园"的独特格 局，成为深港协同创新的"超级连接器"。 总部企业高度集聚。121家市级总部企业扎根于此，本土世界500强企业3家，世界500强企业中有三分之 一在福田设立区域总部或者分支机构。此外，拥有159栋纳税超亿元楼宇，数量位居全国各商务区第 一，彰显 ...

行业周报 | 金融 保险开门红展望积极，坚持银行板块配置策略 金融行业周报（2025/11/30） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨幅为+0.68%，跑 输沪深 300 指数 0.96pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金融 指数涨跌幅分别为+0.74%、+0.20%、+2.31%。2）本周银行（申万）涨跌幅 为-0.59%，跑输沪深 300 指数 2.23pct。其中，国有行、股份行、城商行、 农商行本周涨跌幅分别为-1.32%、-0.57%、-0.17%、+1.34%。 投资观点：1）保险：本周保险Ⅱ(申万)涨跌幅为+0.20%，跑输沪深 300 指 数 1.44pct。居民挪储诉求旺盛，分红险的"保底+浮动"特征精准匹配居民 "稳健为先、兼顾增值"的核心诉求，头部险企均将分红险产品作为战略核 心，产品储备丰富。我们认为，伴随 2026 年"开门红"分红险的集体登场， 行业逻辑正从"营销驱动"向"能力驱动"切换，具备卓越投资能力、深厚 渠道优势与丰富产品储备的头部险企，将在分红险转型时代占据核心生态 位。2026 年新单保费增长确定性强，叠加 NBVM 在报行合一 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].

"项目聚焦乡村道路安全短板，重点解决急弯、学校周边等高风险区域的通行隐患，通过科学布设 减速带、完善标线标识等措施，从源头化解安全风险，提升路口通行效率。"平安产险大连分公司总经 理杨晓迪表示，"预计11月底前完成全部设施安装后，将惠及沿线数万居民及学校师生，为乡村振兴筑 牢安全基石。"大连市公安局交通管理支队负责人介绍，此次改造选取的9个乡镇均为近三年交通事故多 发区域。项目落地后将显著改善重点乡镇道路通行条件，降低事故发生率。 近日，平安产险大连分公司联合中华社会救助基金会启动"平安助力乡村振兴公益计划"，平安产险 大连分公司通过定向捐赠交通安全设施物资，助力大连市重点乡镇道路安全升级，切实提升农村交通基 础设施水平。 该项目针对大连乡村道路穿村过镇开口密集、大型货车高频通行等安全隐患，精准投放交通安全设 施。具体包括：542.52平方米热熔标线、1297.13平方米震荡线、357.75米钢制减速丘及38面多功能交通 标志。这些设施将科学布设于事故多发路段，通过完善标线标识、增设减速装置等工程措施，系统提升 道路安全水平。 作为保险行业服务乡村振兴的创新探索，该项目通过专业化风险减量实践，展现了平安产险大 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Views - The insurance sector is preparing actively for the 2026 "opening red" period, with a focus on dividend insurance products, which are expected to outperform traditional insurance due to higher yield rates [6] - The brokerage sector continues to show high profitability, with wealth management, investment banking, and overseas business expected to drive earnings improvement [5][7] - The long-term interest rates are stabilizing at the bottom, which is expected to support the asset side logic and improve the liability cost for insurance companies [6] Summary by Sections Insurance Sector - The insurance companies are gearing up for the 2026 "opening red" with dividend insurance becoming the main product, offering a yield rate significantly higher than traditional insurance [6] - The market share of listed insurance companies is expected to increase due to the expansion of bank insurance channels and the release of "storage demand" [6] - The overall outlook for the liability side is optimistic, with potential improvements in the value rate of dividend insurance supported by rate adjustments and structural optimization [6] Brokerage Sector - The average daily trading volume of stock funds from January to November increased by 77.1% year-on-year, indicating strong market activity [7] - The China Securities Regulatory Commission has proposed to include commercial real estate in the public REITs pilot program, which is expected to enhance the market for REITs [7] - Major brokerage firms are expected to see significant ROE expansion under the current growth-oriented strategy, with low valuations presenting strategic allocation opportunities [7] Recommended Stocks - Recommended stocks include China Pacific Insurance, Ping An Insurance, China Life Insurance H, Huatai Securities, Guotai Junan, and others [8]

| | 金融机构驰援香港大埔火灾捐赠情况 | | | --- | --- | --- | | 机构类型 | 机构名称 | 捐赠金额 | | | 工商银行 | 1000万港元 | | | 农业银行 | 1000万港元 | | | 中银香港 | 2000万港元 | | | 建设银行 | 1000万港元 +建银国际员工自发募集200万港元 | | | 交通银行 | 1000万港元 | | | 浦发银行 | 1000万港元 | | | 兴业银行 | 1000万港元 | | 银行 | 民生银行 | 500万港元 | | | 上海银行 | 1000万港元 | | | 汇丰银行 | 3000万港元 | | | 恒生银行 | | | | 渣打香港 | 1000万港元 | | | 东亚银行 | 1000万港元 | | | 星展香港 | 1000万港元 | | | 众安国际、众安银行 | 500万港元 | | | 友邦香港 | 2000万港元 | | | 中国平安 | 1000万港元 | | | 中国太保 | 1000万港元 | | 保险 | 阳光保险集团 | 1000万港元 | | --- | --- | --- | | | ...

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].

Regulatory Dynamics - The China Insurance Asset Management Association has been renamed to include "Bank," marking a new phase in self-regulation for the banking and insurance asset management industry [8] - Beijing has upgraded vehicle insurance real-name authentication to a dual-factor verification system using "facial recognition + mobile verification" [9] - The Beijing Financial Regulatory Bureau reported that the insurance depth and density in the region remain the highest in the country [10] - Shenzhen's insurance industry reported a premium income growth rate of 12.2% in the first ten months, leading among first-tier cities [12] - Guangdong supports insurance funds to legally increase equity investment ratios and actively participate in merger and acquisition projects [13] - Shaanxi has established mechanisms to support insurance funds in setting up private equity venture capital funds [14] Company Dynamics - Taikang Life has increased its stake in Hong Kong-listed Fuhong Hanlin by purchasing 51,850 shares, raising its holding to 5.26% [16] - China Life has increased its stake in China National Railway Signal & Communication by 115,800 shares [17] - Dajia Life has invested over 20 billion in the Huage Nengrong (Shenzhen) Expressway [18] - China Life and Cainiao have jointly established a logistics investment fund with a scale exceeding 1.7 billion [19] - Caixin Jixiang and Guoshou Capital have laid out the first water and electricity private REIT in the country [20] - China Post has been approved to operate insurance agency business [25] - 法巴天星 has been approved to commence operations, with significant stakes held by both the French insurance group and Xiaomi [26] Industry Dynamics - The recent fire in Hong Kong's Tai Po district highlighted the low penetration rate of home insurance in mainland China, with many older residential areas lacking coverage [62] - Insurance capital has accelerated its equity investments, with 37 instances of stake acquisitions this year, the highest in nearly a decade [63] - The China Insurance Investment Fund became the largest winner in the IPO of "domestic Nvidia" Moer Thread, acquiring 437,520 shares [64][65] - The insurance industry is optimistic about the upcoming market trends, with expectations of a "spring surge" in stock market activity [66] - The China Actuarial Association suggests that insurance products should shift towards being less sensitive to interest rates [67] Personnel Changes - Zhao Yulong has been elected as the president of the China Insurance Industry Association [38] - He Xin has been approved to serve as the chairman of Dongfang Jiafu Life Insurance [40] - The board of directors of Zhong An Online has elected Yin Hai as chairman [41] - Key management adjustments have been made at China Reinsurance [42]

平安是华夏幸福的第一大股东及核心债权人，但华夏幸福在未 与平安达成一致的情况下，便就重整事宜进入司法程序，这让 平安高层震怒 作者：田国宝 封图：图虫创意 11月16日，华夏幸福基业股份有限公司（600340.SH，下称"华夏幸福"）公布被债权人申请预 重整并获法院受理的消息后，迅速引发第一大股东兼核心债权人中国平安集团（下称"平安"）的 强烈反弹。 先是平安派驻华夏幸福的董事王葳公开质疑预重整公告的合规性，并向监管部门投诉；而后华夏幸 福通过董事冯念一反驳称程序合法；随后，平安以债委会名义启动对华夏幸福的财务审计，华夏幸 福则称没有义务配合审计。 自平安入股华夏幸福以来，虽然双方时有矛盾冲突，但大抵相安无事。2018年，华夏幸福第一次 爆雷时，平安作为战略投资者帮助华夏幸福实现了重生；2021年，华夏幸福第二次爆雷时，平安 牵头成立债委会，帮助华夏幸福推进债务重组。 但这一次，华夏幸福的预重整行动激怒了平安。一位接近平安的人士告诉经济观察报，华夏幸福公 布预重整消息前，并没有与平安进行充分沟通。且一旦重整，大部分债务将转股，平安作为最大债 权人之一必将遭受严重损失。 11月19日，王葳公开发表《董事登报声明 ...

11月26日下午，香港大埔宏福苑发生重大火灾，造成严重人员伤亡，牵动社会各界关注。 中国平安启动捐赠1000万港元，用于应急救灾和灾后恢复等工作，为受灾市民提供生活物资及紧急经济支援。中国平安旗下平安人寿、平安产险第一时 间启动一系列应急理赔服务。 中国平安向在本次火灾中不幸遇难的市民致以深切哀悼，向受灾家庭表达诚挚慰问，向奋战在一线的消防和救援人员致以崇高敬意。 作为植根粤港澳大湾区的企业，中国平安与香港同胞休戚与共。公司将持续关注救灾进展，根据实际需要，与各方合作为受灾居民提供支援与服务，助 力受灾居民早日恢复正常生活。 ...