智通财经记者 | 冯丽君 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 随着第三季度偿付能力报告的披露，人身险公司综合退保率变化也浮出水面。 综合退保率是评估人身险公司现金流风险水位的重要指标，也是衡量保险公司业务质量的关键。 智通财经记者梳理目前已披露三季度综合退保率的70家人身险公司第三季度偿付能力报告发现，整理来 看，相比2024年前三季度，近八成人身险公司2025年三季度综合退保率呈现下降趋势，但仍有15家人身 险公司三季度综合退保率同比上升。 而从退保率、退保金额居前的具体保险产品来看，以投连险、万能险等理财属性较强的产品为主；渠道 方面，银保渠道仍是退保"重灾区"。 北京大学应用经济博士后朱俊生教授对智通财经表示，行业退保率整体下降，反映出产品结构改善、客 户经营能力增强以及市场利率预期稳定。然而，退保压力仍集中在理财属性强的产品上，尤其是投连险 和万能险。银保渠道因客户理财化特征、件均保费高、销售收益导向等因素，仍是退保的主要来源。未 来，在利率持续下行的背景下，优化产品结构、提升客户风险认知和长期经营能力，将成为险企控制退 保风险的关键。 55家人身险企退保率下降， ...

Group 1 - China Pacific Insurance (Group) Co., Ltd. increased its stake in CRRC Corporation Limited by acquiring 8.58 million shares at an average price of HKD 6.3429 per share, totaling approximately HKD 54.42 million [1][2] - Following this transaction, China Pacific Insurance's total shareholding in CRRC has risen to 265,816,000 shares, increasing its ownership percentage from 5.88% to 6.08% [1][2]

格隆汇11月21日丨根据联交所最新权益披露资料显示，2025年11月17日，中国中车(01766.HK)获中国平安保险（集团）股份有限公司在场内以每股均价 6.3429港元增持858万股，涉资约5442.21万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | | | | | (請參聞上述*註解)有技票權版(日/月/年) | | | | | | 分自分库 | | | CS20251120E00027 | 中国平安保险(集团)股份有 (1001(L) | 8,580,000(L) | HKD 6.3429 265,816,000(L) | 6.08(L)17/11/2025 | | | 限公司 | | | | 增持后，中国平安保险（集团）股份有限公司最新持股数目为265,816,000股，持股比例由5.88%上升至6.08%。 ...

Core Viewpoint - Insurance companies are accelerating capital replenishment as the transition period for the second phase of the solvency regulation approaches its end, with 19 companies issuing capital supplementary bonds or perpetual bonds totaling over 70 billion yuan this year, with nearly 70% being perpetual bonds [1][2] Group 1: Capital Supplementation Trends - As of November 20, 2023, 19 insurance companies have issued capital supplementary bonds or perpetual bonds, with a total issuance scale of 741.7 billion yuan, slightly down from the previous year but still at a high level [1][2] - Half of the issuing companies opted for perpetual bonds, with a total issuance close to 500 billion yuan, representing nearly 70% of the total [2] - Major issuers of perpetual bonds include Ping An Life (13 billion yuan), Taiping Life (9 billion yuan), ICBC-AXA Life (7 billion yuan), Taikang Life (6 billion yuan), and Sunshine Life (5 billion yuan) [2] Group 2: Cost of Issuance and Debt Management - The average coupon rate for the bonds issued this year is below 3%, with the highest at 2.8% and the lowest at 2.15% [2][3] - Some insurance companies are redeeming old bonds while issuing new ones to lower financing costs, as seen with China Merchants Jinhe Life redeeming an 8 billion yuan bond with a higher interest rate [3] Group 3: Regulatory Context and Future Outlook - The issuance of bonds is primarily driven by the need to enhance solvency and meet stricter regulatory requirements under the second phase of solvency regulations, which has seen a decline in solvency ratios [3] - The transition period for these regulations has been extended to the end of 2025, prompting insurance companies to expedite capital replenishment efforts [3] - Industry experts suggest that insurance companies should diversify their capital replenishment channels and improve their profitability and capital management efficiency for sustainable development [3]

Core Viewpoint - Insurance companies are increasingly issuing perpetual bonds and capital supplementary bonds to enhance their capital and solvency, with a total issuance exceeding 15 billion yuan since November [1][2]. Group 1: Bond Issuance Trends - The total bond issuance by insurance companies has decreased compared to last year but remains at a high level, with a notable preference for perpetual bonds [1][2]. - In November, several insurance companies accelerated their bond issuance, including Zhongyou Life (1.27 billion yuan), Yingda Taihe Life (2.5 billion yuan), Zhongzheng Property Insurance (4 billion yuan), Ping An Property Insurance (6 billion yuan), and others [2]. - The primary purpose of these bond issuances is to supplement capital and enhance the companies' solvency to support sustainable business development [2]. Group 2: Factors Influencing Bond Issuance - The surge in bond issuance is attributed to multiple factors, including a favorable regulatory approval timeline and the need to address the impact of new accounting standards on solvency ratios [3]. - The relatively low financing costs have also encouraged insurance companies to issue bonds, with coupon rates ranging from 2.15% to 2.40%, significantly lower than the previous years' rates around 3.5% [3][4]. Group 3: Perpetual Bonds as a Financing Tool - Perpetual bonds have emerged as a new tool for capital supplementation, allowing insurance companies to meet regulatory capital requirements without a fixed maturity [5]. - The issuance of perpetual bonds has gained momentum since the regulatory framework was established in 2022, with major companies like Taikang Life leading the way [5][6]. - The total issuance of perpetual bonds in 2023 reached 35.77 billion yuan, with projections for 2024 indicating further growth [6]. Group 4: Long-term Capital Strategies - While bond issuance provides short-term capital relief, the long-term solution lies in enhancing the insurance companies' internal capital generation capabilities [7]. - Companies are encouraged to focus on high-quality development, optimize business structures, and improve operational efficiency to reduce reliance on external capital [7]. - Strengthening asset-liability management and leveraging technology for operational efficiency are essential for sustainable growth in the insurance sector [7].

文字数：2975，阅读时长大约5分钟 2025.11.20 本 作者 | 第一财经 孙梦凡 曾经的环京"地产一哥"华夏幸福，因一笔417.16万的工程款，于几日前被债权人申请重整，且法院已受 理"预重整"程序。 但这一"重整"计划并未得到第一大股东的认可。华夏幸福现任董事王葳于19日夜间公开发声，称自己对 预重整完全不知情，已向监管部门投诉其程序合规问题。 作为"平安系"在华夏幸福的代表，这不是王葳首次向华夏幸福表达异议。此前，王葳还对其2025年中报 的资产减值事项投出"反对票"，理由是"置换带处理不审慎"。这笔债务置换方案"涉险"通过前，债权人 曾质疑公司"掏空优质资产"。 10月下旬，平安人寿及其一致行动人平安资管，还累计减持华夏幸福7,815,487股股份，减持后平安系持 股比例从25.19%降至24.99%。 417万欠款引发的重整风波 华夏幸福的"预重整"还未有进展，便已出现意外波澜。 11月19日晚间，华夏幸福现任董事王葳发表公开声明，称对华夏幸福发布预重整公告一事完全不知情， 公司未通过任何形式进行告知。 "该公告的发布完全绕过本人，严重违反了公司章程规定的董事会议事规则和公司治理的基本程序。 ...

本文字数：2975，阅读时长大约5分钟 2025.11. 20 作者 | 第一财经 孙梦凡 曾经的环京"地产一哥"华夏幸福，因一笔417.16万的工程款，于几日前被债权人申请重整，且法院已 受理"预重整"程序。 但这一"重整"计划并未得到第一大股东的认可。华夏幸福现任董事王葳于19日夜间公开发声，称自己 对预重整完全不知情，已向监管部门投诉其程序合规问题。 作为"平安系"在华夏幸福的代表，这不是王葳首次向华夏幸福表达异议。此前，王葳还对其2025年 中报的资产减值事项投出"反对票"，理由是"置换带处理不审慎"。这笔债务置换方案"涉险"通过前， 债权人曾质疑公司"掏空优质资产"。 10月下旬，平安人寿及其一致行动人平安资管，还累计减持华夏幸福7,815,487股股份，减持后平安 系持股比例从25.19%降至24.99%。 417万欠款引发的重整风波 华夏幸福的"预重整"还未有进展，便已出现意外波澜。 11月19日晚间，华夏幸福现任董事王葳发表公开声明，称对华夏幸福发布预重整公告一事完全不知 情，公司未通过任何形式进行告知。 "该公告的发布完全绕过本人，严重违反了公司章程规定的董事会议事规则和公司治理的基本程 序 ...

Core Viewpoint - The issuance of bonds by insurance companies remains at historically high levels, with perpetual bonds accounting for nearly 70% of the total issuance in 2025, driven by the need for capital supplementation to meet regulatory requirements and enhance risk resilience [1][2][6]. Group 1: Bond Issuance Trends - As of November 2025, 19 insurance companies have successfully issued capital supplementary bonds or perpetual bonds, totaling 741.7 billion yuan, which is a decrease compared to the previous two years but still at a historical high [1][6]. - The trend shows a preference for perpetual bonds, with 10 issued totaling approximately 500 billion yuan, representing nearly 70% of the total issuance [1][3]. - Major issuers of perpetual bonds include large life insurance companies and bank-affiliated insurers, as these bonds are more favorable for long-term capital needs [4][5]. Group 2: Capital Supplementation Needs - The need for continuous capital supplementation is a common requirement in the industry, as increasing shareholder contributions is challenging, leading to a reliance on various channels for capital [2][6]. - The overall trend in bond issuance is characterized by a decrease in total volume but a high level of issuance, with a structural shift towards perpetual bonds [2][6]. Group 3: Financial Performance and Regulatory Compliance - The solvency pressure has eased in 2025, resulting in a decrease in large bond issuances compared to 2024, where several companies issued bonds exceeding 100 billion yuan [6][7]. - As of the end of Q3 2025, the comprehensive solvency adequacy ratio for the insurance industry was 186.3%, with a core solvency adequacy ratio of 134.3%, indicating a decline from the end of 2024 [7]. - The issuance of bonds has been beneficial in alleviating short-term capital pressures and providing necessary financial buffers for strategic adjustments and business upgrades [5][6]. Group 4: Financing Costs and Market Conditions - The current relatively loose interest rate environment has led to a decrease in financing costs for insurance companies, with bond issuance rates ranging from 2.15% to 2.8% [8][9]. - The trend of declining issuance rates indicates a favorable market liquidity and high investor confidence in the credit quality of insurance companies, facilitating low-cost financing [8][9]. - Companies are adopting a strategy of issuing low-cost new bonds to replace or repay existing higher-rate debts, thereby optimizing their financial structure [8][9].

Core Insights - The 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Conference took place from November 19 to 20, highlighting the rapid growth of insurance fund utilization in China since the 20th century [1] Group 1: Insurance Fund Growth - As of the end of Q3 2025, the total insurance fund utilization in China reached 37 trillion yuan, with stock investments exceeding 3.6 trillion yuan [1] - Ping An Group manages over 6 trillion yuan in insurance assets, with secondary market equity investments exceeding 800 billion yuan [1] Group 2: Investment Strategy - From 2021 to the first half of 2025, the compound annual growth rate of the company's secondary market equity investments surpassed 17%, significantly outpacing the growth rate of the company's insurance asset scale [1] - The company emphasizes the need for insurance funds to adopt a long-term investment approach, focusing on stable and value-driven assets with high dividends [1] Group 3: Global Insights and Strategies - The speaker referenced experiences from insurance institutions in Japan, the United States, and Germany during low-interest rate periods, indicating that increasing equity allocation is essential for navigating such environments [1] - When fixed-income asset returns fail to meet asset-liability matching requirements, it is advisable to relax duration matching and increase equity allocation while maintaining a conservative investment style [1]

Group 1 - The core point of the article is that China Ping An has increased its stake in China CRRC by purchasing 8.58 million shares at an average price of HKD 6.3429 per share, totaling approximately HKD 54.42 million [1] - Following this acquisition, China Ping An's total shareholding in China CRRC has reached approximately 266 million shares, representing a holding percentage of 6.08% [1]