证券研究报告 金融行业周报 ——银行盈利修复，监管发布养老预收费存管指引 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 3、12 部门联合印发《金融支持北京市提振扩大消费实施方案》。11月18日，中国人民银行北京市分行等12部门联合印 发《关于金融支持北京市提振和扩大消费的实施方案》。二十届四中全会指出，要大力提振消费、深入实施提振消费专 项行动。《实施方案》的提出有助于贯彻落实这一重要决策部署：它覆盖了商品消费、文旅体育等多领域及重点群体， 金融支持手段多元且贴合北京城市特色，既注重扩大消费供给，又着力优化消费环境，将有效撬动金融资源赋能消费提 振，为提振扩大消费提供坚实支撑。 2 2 CONTENT 目录 重点聚焦 请务必阅读正文后免责条款 2025年11月23日 1 核心观点 银行盈利修复，监管发布养老预收费存管指引 1、银行盈利修复，息差边际企稳。11月14日，国家金融 ...

2025年11月17日，喀什金融监管分局发布批复称，《关于泰康人寿保险有限责任公司新疆喀什伽师营销 服务部变更营业场所的请示》（泰康人寿新发〔2025〕157号）收悉。经审核，现批复如下： 二、泰康人寿保险有限责任公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意泰康人寿保险有限责任公司新疆喀什伽师营销服务部将营业场所变更为：新疆维吾尔自治区喀 什地区伽师县瓜乡路3号远东花苑小区7号商业楼2-31号商铺。 ...

二、中国人寿保险股份有限公司桐乡市支公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国人寿保险股份有限公司桐乡市支公司桐乡市支公司大麻镇营销服务部将营业场所变更为： 浙江省嘉兴市桐乡市大麻镇光明路19号大麻新天地（301277）大厦南区2幢102、103室。 2025年11月18日，国家金融监督管理总局嘉兴监管分局发布批复称，《中国人寿（601628）保险股份有 限公司浙江省分公司关于变更中国人寿保险股份有限公司桐乡市支公司大麻镇营销服务部营业场所的请 示》（国寿人险浙发〔2025〕384号）收悉。经审核，批复如下： ...

Core Viewpoint - Modern logistics infrastructure is becoming a new favorite for insurance capital real estate investment, with a focus on high-standard warehousing and logistics facilities in key urban areas of the Yangtze River Delta and the middle reaches of the Yangtze River [1][5]. Group 1: Investment Fund Details - A new logistics investment fund has been established with a total asset scale exceeding 1.7 billion RMB, co-founded by Cainiao and China Life [1]. - The fund aims to create an intelligent, green, and efficient modern logistics node network, although it currently does not target Henan province [1][5]. - The fund has attracted diverse institutional investors, including Shentong Express and several life insurance companies, reflecting a strong consensus on the value of modern logistics infrastructure [3]. Group 2: Previous Collaborations - This collaboration builds on previous successful partnerships between Cainiao and China Life, with a total asset management scale exceeding 15 billion RMB from prior projects [3]. - The management of the fund is handled by Guoshou Capital Investment Co., Ltd., a wholly-owned subsidiary of China Life Group, which manages over 30 funds with a cumulative signed scale exceeding 230 billion RMB [3]. Group 3: Industry Trends - The logistics and warehousing industry in China is transitioning from scale expansion to quality upgrading, with a focus on possessing intelligent and efficient core assets at key nodes [6]. - High-standard intelligent transfer hubs are critical in the modern logistics system, enhancing the efficiency of cargo transfer and overall service levels [5][6]. - The "light-heavy separation" model is emerging as a mainstream approach in modern logistics infrastructure construction, allowing logistics companies to expand network influence while avoiding heavy balance sheets [6].

Core Viewpoint - The company emphasizes the importance of inclusive finance, aiming to enhance financial services' accessibility and diversity to benefit all citizens, particularly focusing on vulnerable groups and small to medium enterprises [1] Group 1: Inclusive Financial Services - The company has been actively promoting inclusive finance, particularly in key areas such as supporting vulnerable groups, small and medium enterprises, and rural revitalization [1] - The "Women's Health Insurance" program, launched in collaboration with the All-China Women's Federation, offers low premiums and high coverage, ensuring timely compensation for women facing health risks [3] - The company has developed various inclusive insurance products, including critical illness insurance and long-term care insurance, to provide comprehensive coverage for different demographics [4] Group 2: Support for Small and Medium Enterprises - The company has tailored financial solutions for small and medium enterprises, exemplified by the customized "Hui Credit" loan products that address specific funding needs [5] - In the first three quarters of 2025, the company serviced over 6,000 specialized small enterprises, handling more than 1.2 million claims with a total payout exceeding 6.5 billion [6][7] - The growth rate of inclusive loans for small and medium enterprises was approximately 5.9%, with a significant reduction in average interest rates [7] Group 3: Agricultural Support - The company has introduced innovative insurance products, such as the comprehensive meteorological index insurance for fruit farmers, which covers critical weather-related risks [8] - In the first three quarters of 2025, the company insured over 100 million acres of staple crops, providing risk coverage exceeding 100 billion [9] - The growth rate of inclusive agricultural loans reached about 12.2% by the end of the third quarter of 2025 [9] Group 4: Commitment to Social Responsibility - The company views inclusive insurance as a mission and responsibility, aiming to enhance its role in promoting high-quality development of inclusive finance [9] - The leadership emphasizes the importance of standing firm on the people's stance and continuously injecting energy into the development of inclusive finance [9]

Core Viewpoint - The collaboration between Cainiao and China Life aims to establish a logistics investment fund with total assets exceeding 1.7 billion RMB, focusing on high-standard logistics infrastructure in key cities of the Yangtze River Delta and Central Yangtze region [1] Group 1: Investment Fund Details - The newly established logistics investment fund has a total asset scale of over 1.7 billion RMB [1] - The fund will primarily invest in modern logistics infrastructure that is intelligent, green, and efficient [1] - A diverse range of quality institutional investors are participating in the fund, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, alongside Cainiao and China Life [1]

Core Viewpoint - China Life Insurance Co., Ltd. emphasizes a customer-centric approach, focusing on service quality and technological empowerment to meet the evolving needs of the public during the "14th Five-Year Plan" period [1] Group 1: Service Innovation - The company has implemented a digital transformation strategy to enhance service efficiency, introducing a new "Smart Operation" model that integrates resources and improves service delivery [2] - The online service platform, including the China Life Insurance app, has seen significant growth, with registered users reaching 168 million, a 79% increase over five years [4] - The company has achieved a 99.99% paperless application rate for personal long-term insurance and a 95.56% intelligent underwriting approval rate, showcasing its commitment to efficiency [5] Group 2: Customer Satisfaction and Protection - China Life has established a comprehensive consumer protection mechanism, reaching over 1.629 billion people through educational campaigns in the past five years [8] - The company has maintained high customer satisfaction ratings, with annual evaluations capturing feedback from over 15 million customers [10] - The consumer protection initiatives have positioned the company as a leader in the industry, with its innovative "Consumer Protection+" model recognized as an excellent case in financial consumer protection [8] Group 3: Inclusive Services - The company has developed services tailored for special groups, including the elderly and outdoor workers, providing support in multiple dialects and languages [12] - The "Respect for the Elderly" mode in the China Life Insurance app has received recognition for its accessibility features, enhancing service for older clients [12] - The company has expanded its service ecosystem through various community engagement activities, increasing participation in events by an average of 40.6% annually over the past five years [13] Group 4: Future Commitment - Looking ahead, China Life aims to continue its mission as a financial state-owned enterprise, focusing on integrated, digital, and diversified services to enhance customer experience and satisfaction [15]

Core Insights - The partnership between Cainiao and China Life has been strengthened through the establishment of a logistics investment fund with total assets exceeding 1.7 billion RMB [1] - The fund will focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The initiative aims to create a modern logistics node network that is intelligent, green, and efficient [1] - A diverse range of quality institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, have participated in the fund [1]

Core Viewpoint - The strategic partnership between Cainiao and China Life has been deepened with the establishment of a logistics investment fund exceeding 1.7 billion RMB, focusing on high-standard logistics infrastructure in key cities of the Yangtze River Delta and Central Yangtze region [1][3]. Group 1: Fund Overview - The newly established fund aims to create a modern logistics node network that is intelligent, green, and efficient, attracting diverse institutional investors including Shentong Express and AIA Life [1][3]. - This fund marks the third collaboration between Cainiao and China Life in the logistics infrastructure sector, with previous asset management totaling over 15 billion RMB [3]. Group 2: Industry Context - The logistics and warehousing industry in China is at a critical stage of high-quality development, driven by the robust growth of the e-commerce sector and systematic government policy guidance [5]. - The government has outlined plans to reduce logistics costs through various reforms and initiatives, emphasizing the need for intelligent, green, and efficient logistics systems [5]. Group 3: Project Focus - The fund will invest in high-standard, modern logistics facilities, including intelligent transfer hubs that integrate automation and digital technologies for efficient cargo transfer [6]. - These transfer hubs are crucial for enhancing logistics efficiency and service levels, forming an integral part of a robust logistics network [6].

Group 1 - The core point of the article is the strategic cooperation between Cainiao and China Life to establish a logistics investment fund with a total asset scale exceeding 1.7 billion RMB [1] - The fund will focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The initiative aims to create a modern logistics node network that is intelligent, green, and efficient [1] Group 2 - The fund has attracted a diverse range of quality institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, in addition to Cainiao and China Life [1]