凤凰网财经讯 12月1日，中国人保收盘大跌4.97%，盘中一度跌超6%。据多家媒体报道，人保集团党委 委员、副总裁，人保财险总裁于泽疑似失联。凤凰网财经分别联系人保集团、人保财险，均未获回应。 公开信息显示，于泽1971年10月出生，于 1994 年 7 月至 2006 年 10 月任职于中保财产保险有限公司、 中国人民保险公司、中国人民财产保险股份有限公司，曾任天津市分公司车辆保险事业部常务副总经 理。 2006 年 10 月至 2019 年 12 月任职于太平保险有限公司、太平财产保险有限公司，2007 年 2 月任太平保 险有限公司天津分公司总经理；2009 年 5 月任太平保险有限公司市场总监；2010 年 4 月任太平财产保 险有限公司助理总经理、2012 年 10 月任副总经理、2015 年 10 月任副总经理（主持工作）、2016 年 9 月任总经理。 2019 年 12 月，于泽回归人保集团，获委任人保集团副总裁，同时他还兼任人保财险执行董事、副董事 长、总裁。 数据显示，从2021年到2024年，人保财险年度保费收入从4400亿元增至5400亿元。今年前三季度，人保 财险实现保险服务收入 3 ...

消息面上，据券商中国报道，近日，坊间流传中国人保集团党委委员、副总裁兼人保财险党委书记、总 裁于泽被带走的消息，目前尚未有官方消息发布。报道称，记者了解到，上周末业内就开始有于泽被带 走的消息流传，数位接近人保的人士证实了这一消息。据了解，人保集团已为此召开党委会会议。虽然 略显突然，但也有人士称，对于泽出事"不意外"，"各种举报没有停过"。 智通财经APP获悉，个别保险股下挫，截至发稿，中国人保(01339)跌6.1%，报6.62港元；中国财险 (02328)跌5.1%，报16.76港元。 ...

Core Viewpoint - Recent rumors about Yu Ze, Vice President and President of PICC Property and Casualty, being taken away have circulated, but no official confirmation has been made yet [1][2]. Group 1: Background on Yu Ze - Yu Ze, born in 1971, has been in the insurance industry since 1994, with a career path that includes roles at PICC, Taiping Insurance, and a return to PICC [3]. - He has served as the head of PICC Property and Casualty since March 2021, making him the longest-serving leader among the last five heads of the company [3]. Group 2: Company Performance and Market Impact - Under Yu Ze's leadership, PICC Property and Casualty has seen steady growth, with annual premium income increasing from 440 billion yuan to 540 billion yuan from 2021 to 2024, maintaining a market share of over 30% [4]. - The company's combined cost ratio has improved, dropping to 96.1% in the first three quarters of this year, while net profit rose from over 20 billion yuan to over 30 billion yuan, reaching over 40 billion yuan in the same period, marking a record high [4]. Group 3: Leadership Challenges and Corruption Issues - Three out of the last five leaders of PICC Property and Casualty have faced significant issues, highlighting a trend of instability within the company's leadership amid a crackdown on corruption in the insurance sector [5][6]. - Recent high-profile cases include the dismissal of former leaders for serious violations, with specific allegations ranging from financial misconduct to abuse of power [7][8].

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].

Core Insights - The article discusses the collaboration between China People's Property Insurance Company (CPIC) Guangzhou Branch and EHang in the low-altitude economy sector, highlighting the integration of technology finance to support this emerging market. Group 1: Industry Trends and Opportunities - The low-altitude economy is gaining traction as a focal point for technology finance to empower the real economy, driven by national strategic policies like the "National Comprehensive Three-Dimensional Transportation Network Planning Outline" [2][3] - CPIC has conducted extensive market research and identified increasing demand for risk protection and financial support in areas such as drone logistics and low-altitude tourism [2][3] Group 2: Collaboration and Innovation - The partnership with EHang, a leader in the eVTOL (electric vertical takeoff and landing) sector, resulted in the first specialized insurance project for low-altitude aircraft, marking a significant step in integrating insurance with low-altitude innovation [6][7] - The first insurance policy was signed in July 2024, providing risk coverage for EHang's EH-216S unmanned passenger aircraft, which enhances investor confidence in low-altitude transportation projects [7][8] Group 3: Future Plans and Product Development - CPIC and EHang plan to expand their collaboration by developing a comprehensive insurance service system that covers all stages of the low-altitude economy, including research, production, and operation [9][10] - Future innovations will include the development of specialized insurance products for various low-altitude applications, such as drone logistics and low-altitude tourism, utilizing advanced technologies like AI and blockchain for risk assessment and claims processing [11][12] Group 4: Ecosystem Building and Policy Support - CPIC aims to build a robust low-altitude economy ecosystem by providing comprehensive risk protection and linking various stakeholders, including government, industry associations, and financial institutions [13][14] - The company is actively involved in policy advocacy to enhance the regulatory framework for low-altitude economy and technology finance, suggesting measures like insurance subsidies and risk-sharing mechanisms to stimulate industry growth [17][18]

此次交流是政企深化党建引领、凝聚发展合力的生动实践。未来，大地保险江苏分公司将以此次座谈为 契机，持续深化与建邺高新区管委会的全方位合作，在产业升级、项目保障、职工服务等方面精准发 力，以专业保险力量助力区域高质量发展，共谱政企共赢新篇章。 通讯员 黄小晶 江南时报讯 11月27日，中国大地财产保险股份有限公司江苏分公司（以下简称"大地保险江苏分公 司"）与南京建邺高新区管委会以党建为纽带，联合举办交流座谈会。建邺高新区管委会党群工作部部 长陈伊然带队出席，双方聚焦区域经济赋能、职工服务提升等核心议题，达成多项合作共识，为政企深 度协同注入动力。 座谈中，建邺高新区管委会解读了辖区发展规划、产业布局及职工服务需求，高度认可大地保险江苏分 公司的专业能力与合作诚意。作为扎根江苏的金融保险机构，大地保险江苏分公司介绍了在重大项目风 险保障、实体经济金融支持等领域的实践成效，明确表达主动对接高新区发展战略、提供全链条风险保 障与定制化金融服务的意愿，双方还就人才梯队建设、职工愈疗解压等具体服务事项达成合作意向。 ...

（原标题：险企发债观察：发行规模仍居历史高位 永续债占比接近七成） 21世纪经济报道记者 叶麦穗 "为什么永续债几乎成了大型寿险和银行系险企的专属点心？" 南开大学金融发展研究院院长田利辉此前接受采访时表示，对险企而言，是否发行永续债取决于公司的 战略规划和资金需求。永续债具有长期性、无到期日的特点，有助于险企稳定资金来源，优化债务结 构。但是，险企同时也要考虑市场的接受问题、利息的支付压力和估值波动的风险等因素。 2025年以来，保险公司掀起新一轮"发债潮"。据不完全统计，截至11月26日，已有17家保险公司发行了 663.7亿元债券，其中资本补充债191亿元，永续债472.7亿元，其中永续债在全年发债总额中占比高达 71.2%，远超去年约25%的水平，增长势头迅猛。 与 2024 年"百亿级"大单频出不同，2025 年迄今仅平安人寿一家跨过百亿红线；去年动辄百亿的人保财 险、新华人寿等今年均未再现大手笔。隋东判断，去年四季度以来投资端回暖，行业偿付能力普遍"回 血"，资本补充节奏随之放缓。 金融监管总局最新季报显示，2025 年三季度末，保险业综合偿付能力充足率 186.3%，核心偿付能力充 足率 134 ...

二、中国大地财产保险股份有限公司应按相关规定及时办理变更及许可证换领事宜。 2025年11月24日，国家金融监督管理总局陇南监管分局发布批复称，《中国大地财产保险股份有限公司 陇南中心支公司关于中国大地财产保险股份有限公司宕昌支公司营业场所变更的请示》（大地财保陇发 〔2025〕200号）收悉。经审核，现批复如下： 一、同意中国大地财产保险股份有限公司宕昌支公司营业场所变更为：甘肃省陇南市宕昌县城关镇旧城 坝东一路118号县图书馆二楼201。 ...

Core Viewpoint - The company has achieved strong profit growth in both auto and non-auto insurance segments, benefiting from improved operational management and cost efficiency, leading to a 130.7% year-on-year increase in overall underwriting profit and a 50.5% increase in net profit attributable to shareholders [1][3] Financial Performance - In the first three quarters, the company reported an underwriting profit of 14.865 billion yuan, up 130.7% year-on-year, with insurance service revenue increasing by 5.9% to 385.921 billion yuan and a comprehensive cost ratio improving by 2.1 percentage points to 96.1% [1][2] - The net profit attributable to shareholders reached 40.268 billion yuan, reflecting a 50.5% year-on-year growth, driven by a 130.7% increase in underwriting profit and a 33.0% increase in total investment income to 35.9 billion yuan [1][2] Liability Side - Both auto and non-auto insurance segments contributed to profit growth, with non-auto insurance turning profitable. The underwriting profit increase was primarily driven by improvements in the comprehensive cost ratio [2] - The comprehensive cost ratio improved by 2.1 percentage points to 96.1%, with insurance service revenue from auto insurance and non-auto insurance increasing by 3.7% and 9.3%, respectively [2] Asset Side - The company achieved a total investment income of 35.9 billion yuan, a year-on-year increase of 33.0%, with an annualized total investment return rate of 5.4%, benefiting from a rising capital market and optimized asset allocation [2] Investment Recommendation - The company shows strong performance on both asset and liability sides, with significant profit growth in both auto and non-auto insurance segments. The estimated price-to-book ratio is 1.23, with a dividend yield of 4.2%. Projected net profit growth rates for 2025, 2026, and 2027 are 43.5%, 13.7%, and 9.7%, respectively, with a target price of 23.09 HKD [3]

Core Insights - The 19th Golden Fair's "Park Tour" event in Huangpu's Wuliqiao Street aims to deliver financial services directly to enterprises, marking the conclusion of this year's series of activities [1] - The event highlights the importance of the Golden Fair as a platform for financial services to support the real economy in Shanghai, aligning with Huangpu District's goals of optimizing the business environment and promoting high-quality development [1] Group 1 - The event focused on addressing the financial needs of small and micro enterprises, which remain largely untapped, with discussions on optimizing financial costs for companies like Shanghai KooBan Biotechnology Co., Ltd. and Shanghai Wind Leader New Energy Co., Ltd. [1] - Financial consultants from various institutions provided insights on supporting small and micro enterprises through comprehensive financial solutions, including debt financing and policy-backed guarantees [2] - The Golden Fair has evolved its format to enhance the connection between financial institutions and real enterprises, emphasizing the commitment of Shanghai's financial sector to serve the real economy [2]