行政处罚信息显示，阳光财险阳泉中心支公司因以虚构保险中介业务方式套取费用，被责令改正，处10 万元罚款。施占伟（时任阳光财产保险股份有限公司阳泉中心支公司总经理）因以虚构保险中介业务方 式套取费用，被警告，并处3万元罚款；梁晓磊（时任阳光财产保险股份有限公司盂县支公司客户经 理）因以虚构保险中介业务方式套取费用，被警告，并处1万元罚款。 | 序 | 当事人 | 决定书文 | | 主要违法违规行 行政处 作出决 | | | --- | --- | --- | --- | --- | --- | | 특 | 名称 | | 为 | 罚内容 | 定机关 | | | | 를 | | | | | | 阳光财 | | | | | | | 产保险 | | | | | | | 股份有 | | | 即 款 | 咸阳金 | | 1 | 限公司 | | | 28.6万 | 融监管 | | | 咸阳中 | | | 元 | 分局 | | | 心支公 | | | | | | | 司 | | | | | | | 马利涛 | | | | | | | (时任 | | | | | | | 阳光财 | | 财务数据不真 | | | | | 产保险 ...

"银发经济方兴未艾，养老金融大有可为。"国家金融监督管理总局局长李云泽在2025陆家嘴论坛开幕式 上介绍，预计2035年60岁以上人口将突破4个亿，银发经济规模有望达到30万亿元。 在健全机制与队伍的同时，该分公司聚焦机构准入、失能评估、稽核检查、档案管理、服务管理、待遇 结算和群众满意度等重点工作和关键环节，做好日常管理管控，确保长护险承办工作安全、规范、高效 运行，为失能人员提供更高质量长期护理服务。截至目前，中国人寿寿险公司已参与承办80个长期护理 保险项目、130多个城市定制型商业医疗保险项目和200多个大病保险项目。 阳光财产保险股份有限公司（简称"阳光财险"）同样针对当前国内老龄化现状，助力构建多层次医疗保 障体系，广泛参与各地长护险项目，且不断扩大服务覆盖区域。截至去年7月末，阳光财险共计承保7省 15个地市长护险和慢病保险项目，为超1075万人提供健康风险保障2万亿元。 积极应对人口老龄化，事关国家发展全局、亿万百姓福祉和社会和谐稳定。养老金融作为我国应对人口 老龄化的重要举措，正成为一片新"蓝海"市场。 近年来，保险机构通过创新产品、完善服务等方式聚焦老年客户群体，持续在养老金融多元化服务发 ...

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for both beta and alpha resonance in the market due to upcoming mid-year performance catalysts [5]. Core Insights - The introduction of new regulations for insurance capital, promoting long-term investments, is expected to enhance the matching of assets and liabilities for insurance companies, thereby increasing their equity investment ratios and stabilizing profit margins [1]. - The performance of listed securities firms is anticipated to show robust growth in the first half of 2025, with several firms projecting significant year-on-year profit increases, driven by active market conditions and improved business operations [2]. - The China Securities Association's new self-regulatory management guidelines aim to enhance the quality of the securities industry, focusing on compliance and risk management, which is expected to support sustainable growth in the sector [3]. Summary by Sections Market Review - Major indices experienced gains, with the Shanghai Composite Index rising by 1.09% and the Shenzhen Component Index increasing by 1.78% during the week of July 7-11, 2025 [8]. Securities Sector - The total trading volume in the A-share market reached 8.80 trillion yuan, with a daily average trading amount of 1.47 trillion yuan, reflecting a 2.25% increase week-on-week and a 118.28% increase year-on-year [17]. - The IPO underwriting scale for the year reached 391.22 billion yuan, while refinancing underwriting amounted to 795.95 billion yuan as of July 11, 2025 [17]. Insurance Sector - The new regulations for insurance capital are expected to improve the long-term investment capabilities of insurance companies, enhancing their ability to provide stable returns and support economic growth [1]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 425.7 billion yuan, resulting in a net withdrawal of 226.5 billion yuan from the market, indicating tightening liquidity conditions [28]. Investment Recommendations - The report suggests focusing on leading insurance companies such as China Pacific Insurance, Sunshine Insurance, and China Life, as well as top securities firms like CITIC Securities and Huatai Securities, due to their strong market positions and growth potential [39][40].

"1+3+5"长周期考核背后的深意 2025 年 07 月 13 日 [Table_Author] 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com ➢ 事件：2025 年 7 月 11 日，财政部下发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》（财金〔2025〕62 号）（以下 简称《通知》），调整了相关经营指标的考核方式，国有商业保险公司自开展 2025 年度绩效评价工作开始执行。 ➢ 增设长周期考核指标，引导长期稳健投资。根据财政部《商业保险公司绩效 评价办法》，商业保险公司绩效评价指标体系中经营效益的考核占比为 25%，主 要分为 3 大指标：（国有）资本保值增值率、净资产收益率、分红上缴比例，分 别占比 10%、8%、7%。本次《通知》对其中（国有）资本保值增值率、净资产 收益率两大指标进行了调整，形成"1+3+5"（当年、3 年周期、五年周期）的考 核模式，引导险企更加着眼长期投资和稳健投资。 ➢ 净资产收 ...

在监管政策持续引导与利率下行的双重驱动下，保险资金正通过私募基金加速涌入资本市场。 《中国经营报》记者查询中国证券投资基金业协会官网获悉，国丰兴华鸿鹄志远三期私募证券投资基金 1号（以下简称"鸿鹄基金三期1号"）、国丰兴华鸿鹄志远三期私募证券投资基金2号（以下简称"鸿鹄基 金三期2号"），均已于7月7日成立，7月8日在中国基金业协会备案。 根据7月4日新华保险公告，鸿鹄基金三期1号规模为225亿元，新华保险出资112.5亿元认购私募基金份 额，中国人寿亦出资112.5亿元认购该基金份额。 自2023年年底，保险资金开启长期投资改革试点以来，现已有三批试点获批：第一批试点规模500亿 元、第二批1120亿元，第三批600亿元，共计2220亿元。目前第一批试点资金已经全部进入股市，第 二、三批正陆续落地。 险资巨头成立私募基金 公开资料显示，最新成立的鸿鹄基金三期1号、鸿鹄基金三期2号，均为第三批保险资金长期投资试点基 金。基金管理人为国丰兴华（北京）私募基金管理有限公司，由新华资产管理股份有限公司和中国人寿 资产管理有限公司各持股50%。 2025年以来，中国人寿（601628.SH）、中国平安（601318. ...

Group 1 - The core viewpoint of the article highlights that Sunshine Insurance Group is achieving high-quality growth driven by both life insurance and property insurance, with accelerating premium income and stable investment returns [1][2] - Sunshine Insurance is implementing the "New Sunshine Strategy" to enhance business collaboration, optimize the structure of the life insurance team, and upgrade property insurance through data-driven approaches, thereby laying a solid foundation for high-quality development [1] - The company’s premium income is growing rapidly, outpacing the industry average, primarily due to strong performance in new life insurance policies and non-auto property insurance, along with effective multi-channel marketing strategies [1] Group 2 - Sunshine Life is focusing on deepening the value of bank insurance channels and improving the quality of its agent team, with total premiums expected to reach 80.45 billion yuan in 2024, a year-on-year increase of 7.8%, and market share rising to 2.2% [1] - The proportion of traditional insurance in bank insurance channels has increased to 66.6%, while the proportion of single premium payments has decreased to 25.6%, significantly optimizing the new business value margin (NBVM) [1] - The elite agent workforce has increased by 47.0% year-on-year, with average productivity per elite agent reaching 64,000 yuan, which is 2.5 times that of the overall team [1] Group 3 - Sunshine Property Insurance is focusing on refining its auto insurance operations and achieving high growth in non-auto insurance, with premium income projected at 47.82 billion yuan in 2024, a year-on-year increase of 8.1% [2] - The company is emphasizing the layout of new energy vehicle insurance, maintaining a combined ratio (COR) of 99.1% and improving the renewal rate to 76.3% [2] - Non-auto insurance, particularly health insurance, is leading in growth with a year-on-year increase of 28.5%, while the claims ratio has decreased to 58%, below the industry average [2] Group 4 - As of the end of 2024, Sunshine Insurance's investment asset scale is expected to reach 548.58 billion yuan, with a continued optimization of asset allocation structure, where fixed-income assets account for 72.3% [2] - The company is projected to achieve total investment income of 19.85 billion yuan in 2024, a year-on-year increase of 35.8%, with investment returns stabilizing after a phase of pressure [2] - The net investment return rate and total investment return rate are expected to outperform the industry average [2] Group 5 - The company is expected to maintain steady growth in its life insurance business while proactively addressing interest rate declines and enhancing asset-liability linkage, with continuous improvement in value creation capabilities [3] - The property insurance segment is anticipated to adhere to a "progress within stability" development philosophy, with business growth expected to remain robust and combined cost ratios and underwriting profitability continuously optimizing [3] - Forecasts for total operating revenue from 2025 to 2027 are 93.6 billion yuan, 97.1 billion yuan, and 100.6 billion yuan respectively, with net profit attributable to shareholders projected at 5.9 billion yuan, 6.3 billion yuan, and 6.7 billion yuan [3]

阳光保险（06963.HK）深度报告 从高 ROE 到高股息：资负双轮驱动的价值跃迁 2025 年 07 月 09 日 ➢ 阳光保险集团：寿险与财险双轮驱动高质量增长，保费收入增长加速，投资 收益企稳，内含价值持续提升。阳光保险以寿险与财险双轮驱动为核心，构建均 衡发展的业务格局。以"新阳光战略"深化业务协同，推动寿险队伍结构优化、 财险数据化升级，叠加资管多元配置能力，夯实高质量发展基础。保费收入保持 快速增长，增速高于行业平均水平，主要得益于寿险新单业务和财险非车险业务 的强劲发展，以及多渠道营销策略的持续发力。投资收益阶段性承压但已经企稳， 2024 年综合投资收益率 6.5%。内含价值持续提升，截至 2024 年末，内含价值 1157.6 亿元，同比+11.2%，公司业务规模的持续扩大和盈利能力的增强。 ➢ 阳光人寿：银保价值释放与结构优化双轮驱动，稳居行业第二梯队。阳光人 寿以银保渠道价值深耕+代理人队伍质态提升为核心增长极，2024 年总保费 804.5 亿元，同比+7.8%，市场份额稳步升至 2.2%。银保渠道依托传统险占比跃 升至 66.6%，趸交占比下降至 25.6%，驱动 NBVM 显著优 ...

Core Insights - Sunshine Insurance Group is experiencing a dual situation of strong growth in premium income while facing significant compliance and internal control challenges [2][10][12] - In 2024, the total premium income reached 128.3 billion yuan, marking an 8.0% year-on-year increase, with Sunshine Life and Sunshine Property & Casualty reporting new premium income growth of 12.6% and 8.1% respectively [2][14] - However, the company has faced over 30 penalties totaling more than 7.6 million yuan in the first half of 2025, highlighting serious internal control issues [2][3][10] Financial Performance - In Q1 2025, Sunshine Insurance reported a revenue of 21.436 billion yuan, a 4.55% increase year-on-year, but net profit decreased by 9.92% to 1.789 billion yuan [13] - Sunshine Property & Casualty achieved a revenue of 12.402 billion yuan, up 3.08%, with a net profit increase of 133.33% to 350 million yuan, while Sunshine Life's revenue rose by 6.63% to 9.034 billion yuan, but net profit fell by 21.62% to 1.439 billion yuan [13][14] Compliance Issues - In the first half of 2025, Sunshine Insurance's subsidiaries received a total of 32 penalties, with Sunshine Life and Sunshine Property & Casualty facing 12 and 20 penalties respectively [3][4] - The penalties were primarily due to issues such as false documentation, improper use of insurance rates, and misleading sales practices [4][10] Customer Satisfaction - Consumer satisfaction has been a concern, with 5,954 complaints related to Sunshine Insurance reported on the Black Cat Complaints platform, including 939 for Sunshine Property & Casualty and 701 for Sunshine Life [9][12] Internal Control Failures - A significant internal control failure was highlighted by a loan fraud case involving a former manager who misused company resources for personal gain, resulting in a loss of over 76.23 million yuan [10][11] - The case raised serious questions about the effectiveness of Sunshine Insurance's internal control systems, which allowed fraudulent activities to persist for six years [10][11] Future Challenges - The company faces the challenge of addressing its internal control weaknesses while maintaining growth in a competitive insurance market [14][15]

阳光和远基金是险资长期投资试点基金，为契约型开放式基金，属于权益类私募证券投资基金，投资目标是在 控制风险的前提下，实现基金资产的长期保值增值。 其权益类资产投资范围为沪深300指数成份股、恒生港股通指数成份股、相关指数ETF和指数型基金，投资方 式包括但不限于连续竞价、认购非公开发行股票、大宗交易、协议转让等。 基金存续期间为，自基金成立之日起10年；在变更手续后，存续期限可以相应延长或提前终止。 阳光保险在公告中称，该试点基金专注于长期权益投资，有助于拓展本公司资金参与资本市场的广度和深度， 实现与资本市场的良性互动、共同发展，充分发挥了保险资金作为长期资金耐心资本的优势，有利于资本市场 稳定长期健康发展。同时，有助于降低权益资产市值波动对本公司净利润的影响，提升本公司投资资本市场的 能力。 近日，金融监管总局官网公布批文，批复阳光资产投资设立私募 证券基金管理公司 。 阳光资产获批私募基金公司 批文显示，金融监管总局批准同意阳光资产运用自有资金1000万元，全资设立阳光恒益私募基金管理有限公司 （下称"阳光恒益"）。 金融监管总局对阳光资产提出相关要求：在投资阳光恒益及其后续经营管理过程中，应当严格遵守 ...

Group 1 - Gree's subsidiary, Zhuhai Guangtong Automobile Co., Ltd., has had its 100% equity frozen by the court, valued at 1.806 billion yuan, due to a legal dispute stemming from a 2015 agreement involving Sun Life Insurance [2][5][6] - Sun Life Insurance has been seeking to extricate itself from its investment in Gree's electric vehicle venture, which has faced significant operational challenges and losses since Gree's acquisition [5][7] - Gree's acquisition of a controlling stake in the company has not improved its financial performance, with losses reported at 417 million yuan in 2021, 1.44 billion yuan in 2022, and 1.9 billion yuan in the first half of 2024 [6][7][20] Group 2 - Sun Life Insurance reported a total premium income of 128.38 billion yuan in 2024, a year-on-year increase of 8.0%, and a net profit of 5.45 billion yuan, up 45.8% [9][10] - The company's profitability is heavily reliant on investment income, with total investment returns reaching 19.85 billion yuan in 2024, a 35.8% increase, indicating that the core insurance business is underperforming [11][12] - Sun Life Insurance has faced numerous regulatory penalties, with nearly 30 fines totaling over 5 million yuan in the first half of 2025, reflecting ongoing compliance issues and operational challenges [13][15] Group 3 - The company's management has been unstable, with key executives resigning amid poor performance, and the new appointees facing immediate scrutiny due to compliance failures [21][22] - Sun Life Insurance's operational issues have led to a negative public perception, with over 5,900 complaints filed against the company, highlighting customer dissatisfaction with its services [12][13] - The founder's management style has come under criticism, with reports of excessive meetings and employee dissatisfaction, indicating potential internal turmoil [16][17]