中国经济网北京12月22日讯 据东营市中级人民法院公众号消息，2025年12月19日，山东省东营市 中级人民法院一审公开宣判中国人民财产保险股份有限公司原党委委员、监事会主席张孝礼受贿一案， 对被告人张孝礼以受贿罪判处有期徒刑十年六个月，并处罚金人民币一百万元；对张孝礼受贿犯罪所得 予以没收，上缴国库。 东营市中级人民法院认为，被告人张孝礼的行为构成受贿罪，数额特别巨大，应依法惩处。鉴于张 孝礼归案后如实供述罪行，主动交代办案机关尚未掌握的大部分受贿犯罪事实，认罪悔罪，受贿犯罪所 得已全部退缴，依法可对其从轻处罚。法庭遂作出上述判决。 (责任编辑：田云绯) 经审理查明：2009年7月至2024年9月，被告人张孝礼利用担任中国人民财产保险股份有限公司董事 会秘书局/监事会办公室主任、党委委员、副总裁、一级资深专家等职务上的便利以及职权、地位形成 的便利条件，直接或通过其他国家工作人员职务上的行为，为相关单位和个人在承揽保险业务、资金拨 付、人员入职、工作调整等方面谋取利益，非法收受财物共计折合人民币990万余元。 ...

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, indicating an expectation that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [28]. Core Insights - The new asset-liability management regulations aim to deepen the alignment between asset and liability management, enhancing the industry's long-term stability and operational capabilities [16]. - The report highlights that the recent decline in long-term interest rates has put pressure on net investment returns, posing potential "spread loss" challenges for the industry [8]. - The report notes that the head-listed insurance companies are expected to manage their liability costs better than smaller firms, which may face greater pressure due to cost management issues [16]. Summary by Sections Regulatory Changes - The new regulations clarify asset-liability management goals, principles, governance structures, policies, procedures, and establish regulatory and monitoring indicators [3]. - Key changes include institutional integration, improved organizational structures, and optimized calculation standards for regulatory indicators [3]. Monitoring Indicators - Regulatory indicators for property insurance companies focus on cost-benefit matching, duration matching, and liquidity matching, with specific minimum standards set for various metrics [4][5][6]. - Life insurance companies have indicators such as effective duration gap and comprehensive investment income coverage ratio, with strict monitoring requirements [4]. Investment Performance - As of H1 2025, the average net investment return for listed insurance companies is approximately 3.5%, with significant variations among companies [8]. - The report indicates a notable decline in new business costs for life insurance companies, driven by adjustments in preset interest rates and unified pricing strategies [12][15]. Strategic Implications - The report suggests that the new regulations may lead to a trend of controlling the scale of whole life insurance business sales and increasing allocations to long-duration bonds [16]. - It is anticipated that the pricing of new insurance products will become more cautious as companies focus on cost-benefit matching [16].

Core Viewpoint - The article emphasizes the importance of safety production as a lifeline for enterprise development and a cornerstone for social stability, highlighting the role of Jinan PICC in providing tailored safety production liability insurance to local businesses [2][5]. Group 1: Company Overview - Jinan PICC is a specialized service institution within the PICC system, focusing on the safety production insurance needs of enterprises in Jinan [2]. - The company has a strong brand reputation, substantial financial reserves, and professional risk control capabilities [2]. - Jinan PICC has been recognized for its contributions, receiving awards such as the "National May Day Labor Award" and "Shandong Province Most Influential Brand Award" [6]. Group 2: Insurance Products and Services - The safety production liability insurance product is designed to cover various industries, including high-risk sectors like construction and mining, as well as ordinary businesses like retail and logistics [2][5]. - The insurance provides comprehensive coverage for compensation responsibilities related to personal injuries and property damage, along with additional services such as emergency rescue and medical treatment [2][5]. - The company has established a dedicated service team with expertise in both insurance and safety production management, offering full-process services from pre-insurance risk assessments to post-incident support [3]. Group 3: Impact and Achievements - Since the promotion of safety production liability insurance, Jinan PICC has provided over 1 billion yuan in risk protection to dozens of local enterprises, effectively mitigating economic losses and legal liabilities from safety incidents [5]. - The company successfully assisted a construction firm in resolving a compensation dispute within 24 hours after an accident, demonstrating its commitment to timely support and service [5]. - In 2024, the company achieved a premium income of 2.86 billion yuan, providing risk protection exceeding 5.86 trillion yuan to various sectors, including over 72,000 vehicles and 8,300 enterprises [7].

Core Insights - The top three companies with net inflows of southbound funds are Xiaomi Group-W (01810) with 1.061 billion, Southern Hang Seng Technology (03033) with 831 million, and Meituan-W (03690) with 750 million [1][2] - The companies with the highest net outflows are China Mobile (00941) at -437 million, China Pacific Insurance (02328) at -286 million, and China Construction Bank (00939) at -243 million [1][2] - In terms of net inflow ratios, the top three are Wanguo Gold Group-Old (02979) at 100.00%, Jianfa International Group (01908) at 81.19%, and Far East Horizon (03360) at 72.83% [1][2] Net Inflow Summary - Xiaomi Group-W (01810) had a net inflow of 1.061 billion, representing a 25.55% increase, closing at 41.220 with a 0.78% rise [2] - Southern Hang Seng Technology (03033) saw a net inflow of 831 million, with a 9.25% increase, closing at 5.350, up by 1.13% [2] - Meituan-W (03690) recorded a net inflow of 750 million, a 19.44% increase, closing at 101.300, up by 1.81% [2] Net Outflow Summary - China Mobile (00941) experienced a net outflow of -437 million, a -26.50% decrease, closing at 84.450, up by 0.18% [2] - China Pacific Insurance (02328) had a net outflow of -286 million, a -25.31% decrease, closing at 16.540, up by 1.22% [2] - China Construction Bank (00939) faced a net outflow of -243 million, a -14.81% decrease, closing at 7.430, up by 0.54% [2] Net Inflow Ratio Summary - Wanguo Gold Group-Old (02979) achieved a net inflow ratio of 100.00%, with a net inflow of 233,500 and closing at 7.340, up by 0.69% [3] - Jianfa International Group (01908) had a net inflow ratio of 81.19%, with a net inflow of 198 million, closing at 17.190, up by 1.84% [3] - Far East Horizon (03360) recorded a net inflow ratio of 72.83%, with a net inflow of 62.835 million, closing at 8.470, up by 1.68% [3]

中国财险 分时图 日K线 周K线 月K线 16.66 0.16 0.97% 1.58% 1.03% 0.55% 0.00% 0.55% 1.03% 1.58% 16.24 16.33 16.41 16.50 16.59 16.67 16.76 09:30 10:30 12:00/13:00 14:00 16:10 0 261万 523万 784万 2025年12月11日，国家金融监督管理总局泰安监管分局发布批复称，《中国人民财产保险股份有限公司 泰安市分公司关于岱岳支公司满庄营销服务部营业场所变更的请示》(泰人保财险发〔2025〕85号)收 悉。经审核，现批复如下： 二、中国人民财产保险股份有限公司泰安市分公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国人民财产保险股份有限公司泰安市分公司满庄营销服务部将营业场所变更为：山东省泰安 市岱岳区金光大道58号满庄镇便民服务大厅一楼北侧第一窗口。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1][2]. Core Insights - The "Insurance Company Asset-Liability Management Measures (Draft for Comments)" aims to comprehensively standardize the asset-liability management system of insurance companies, reinforcing the primary responsibility of companies and clarifying regulatory indicators to guide long-term stable operations [2][3]. - The introduction of the new measures is expected to enhance the asset-liability management framework, particularly under the backdrop of interest rate fluctuations and accounting standard reforms, benefiting leading insurance companies that align with stricter regulatory requirements [4]. Summary by Sections Regulatory Framework - The draft requires insurance companies to establish a governance structure for asset-liability management, with the board of directors ultimately responsible and senior management directly leading the efforts [4][5]. - It specifies the need for a professional department dedicated to asset-liability management, ensuring independence from business and investment management departments [4][7]. Management Policies and Procedures - The measures outline requirements for asset and liability analysis, product pricing management, asset allocation policies, and stress testing [4][5]. - Regulatory indicators include minimum standards for liquidity coverage ratios and effective duration gaps, with specific metrics for property and life insurance companies [9][10]. Monitoring and Risk Management - Monitoring indicators are established to identify and warn against asset-liability mismatch risks, enhancing risk management capabilities [4][9]. - The report emphasizes the importance of aligning asset-liability management with long-term operational goals, with a focus on achieving cost-revenue matching and liquidity matching [4][10]. Investment Recommendations - The report suggests that the new measures will guide the industry towards long-term stable operations and optimize asset-liability matching, maintaining an "Overweight" stance on the industry [4][12]. - Recommended companies include China Ping An, China Pacific Insurance, New China Life, and China Life Insurance [4][12].

Investment Rating - The report maintains a positive outlook on the insurance and brokerage sectors, suggesting an "Overweight" rating for both industries, indicating expected outperformance compared to the overall market [2][66]. Core Insights - The brokerage sector is experiencing a fundamental and valuation mismatch, with a recommendation to focus on leading firms benefiting from improved competitive dynamics [2][5]. - The insurance sector is poised for a systematic value reassessment, with significant regulatory changes expected to enhance asset-liability management practices [2][17]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,568.18 with a slight decline of -0.28% over the week, while the non-bank index rose by 2.90% [5]. - The brokerage, insurance, and diversified financial sectors reported gains of 1.01%, 7.03%, and 1.39% respectively [5]. Key Data in Non-Banking Sector - As of December 19, 2025, the average daily trading volume in the stock market was 18,033.77 billion yuan, reflecting a decrease of 15.23% compared to the previous month [41]. - The margin trading balance reached 24,993.66 billion yuan, an increase of 34.0% from the end of 2024 [15]. Brokerage Sector Insights - The report highlights the merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, marking a significant consolidation trend in the brokerage industry [2][29]. - The brokerage index's price-to-book ratio (PB) is currently at 1.38, indicating a low valuation compared to historical levels [2]. Insurance Sector Insights - The new asset-liability management regulations are expected to significantly impact the insurance industry, emphasizing the need for effective risk management and alignment of assets and liabilities [2][17]. - The insurance sector index increased by 7.03%, outperforming the Shanghai Composite Index by 7.30 percentage points [2]. Investment Recommendations - For the brokerage sector, the report recommends focusing on top-tier firms such as Guotai Junan, GF Securities, and CITIC Securities, which are expected to benefit from improved competitive conditions [2]. - In the insurance sector, companies like China Life, Ping An, and China Pacific Insurance are highlighted for their potential in the ongoing value reassessment [2].

作者 | 《财经》研究员 丁艳 编辑 | 杨芮 张孝礼为相关单位和个人在承揽保险业务、资金拨付、人员入职、工作调整等方面谋取利益 12月19日，据"东营市中级人民法院"微信号消息，山东省东营市中级人民法院一审公开宣判中国人民财 产保险股份有限公司（下称"人保财险"）原党委委员、监事会主席张孝礼受贿一案，对被告人张孝礼以 受贿罪判处有期徒刑十年六个月，并处罚金人民币一百万元；对张孝礼受贿犯罪所得予以没收，上缴国 库。 经审理查明：2009年7月至2024年9月，被告人张孝礼利用担任人保财险董事会秘书局/监事会办公室主 任、党委委员、副总裁、一级资深专家等职务上的便利以及职权、地位形成的便利条件，直接或通过其 他国家工作人员职务上的行为，为相关单位和个人在承揽保险业务、资金拨付、人员入职、工作调整等 方面谋取利益，非法收受财物共计折合人民币990万余元。 从时间线来看，2024年8月，人保财险原党委委员、监事会主席张孝礼涉嫌严重违纪违法而"落马"。今 年4月，张孝礼被开除党籍。8月12日，东营市中级人民法院一审公开开庭审理了张孝礼受贿一案。 东营市中级人民法院认为，被告人张孝礼的行为构成受贿罪，数额特别巨大，应依 ...

（来源：福州新闻网） 经审理查明：2009年7月至2024年9月，被告人张孝礼利用担任中国人民财产保险股份有限公司董事会秘书局/监事会办公室主任、党委委员、副总裁、一 级资深专家等职务上的便利以及职权、地位形成的便利条件，直接或通过其他国家工作人员职务上的行为，为相关单位和个人在承揽保险业务、资金拨 付、人员入职、工作调整等方面谋取利益，非法收受财物共计折合人民币990万余元。 东营市中级人民法院认为，被告人张孝礼的行为构成受贿罪，数额特别巨大，应依法惩处。鉴于张孝礼归案后如实供述罪行，主动交代办案机关尚未掌握 的大部分受贿犯罪事实，认罪悔罪，受贿犯罪所得已全部退缴，依法可对其从轻处罚。法庭遂作出上述判决。 转自：福州新闻网 2025年12月19日，山东省东营市中级人民法院一审公开宣判中国人民财产保险股份有限公司原党委委员、监事会主席张孝礼受贿一案，对被告人张孝礼以 受贿罪判处有期徒刑十年六个月，并处罚金人民币一百万元；对张孝礼受贿犯罪所得予以没收，上缴国库。 ...

Core Viewpoint - The insurance industry is experiencing a continuous improvement in solvency ratios, with the comprehensive solvency adequacy ratio reaching 247% in Q3 2025, an increase of 1 percentage point year-on-year and 7 percentage points quarter-on-quarter [2][8]. Group 1: Solvency and Capital Structure - The comprehensive solvency adequacy ratio for the insurance industry in Q3 2025 is 247%, reflecting ongoing enhancements since the implementation of the 2023 regulatory standards [2][9]. - The minimum capital scale reached 354.4 billion yuan, a year-on-year increase of 7.2%, while the actual capital scale was 873.7 billion yuan, up 10.3% year-on-year [9]. - The risk structure shows that the minimum capital for insurance risk accounts for 44%, market risk 39%, and credit risk 17% [4][14]. Group 2: Risk Composition - In Q3 2025, the minimum capital for insurance risk was 227.7 billion yuan, up 2.1% from the end of last year; market risk minimum capital was 203.3 billion yuan, an increase of 15.0%; and credit risk minimum capital was 89.9 billion yuan, up 2.8% [11]. - The market risk minimum capital proportion has increased from 25.4% in 2016 to 39.0% in 2025, a cumulative increase of 13.6 percentage points [4][14]. - The secondary risk capital structure indicates that interest rate risk minimum capital has risen from 6.8% in Q1 2022 to 13.4% in Q3 2025, while counterparty default risk has decreased from 20.6% to 12.5% during the same period [5][23]. Group 3: Company-Specific Risk Structures - The top three companies in terms of risk capital structure are: - PICC Property and Casualty with 38.4% insurance risk, 46.6% market risk, and 15.0% credit risk [17]. - Ping An Property & Casualty with 45.6% insurance risk, 43.6% market risk, and 10.9% credit risk [17]. - Taiping Property Insurance with 49.3% insurance risk, 31.1% market risk, and 19.6% credit risk [17]. - The differences in risk structures among leading companies are attributed to variations in business models, investment styles, reinsurance arrangements, and strategic choices [16].