今年以来，险资继续加大私募股权基金投资力度。执中数据科技(苏州)有限责任公司(以下简称"执中") 数据显示，在今年(截至12月19日)备案的私募股权基金中，保险机构作为有限合伙人(LP)向私募股权基 金出资合计达1097.56亿元，较去年同期增长55.85%。 "今年以来，监管部门发布了一系列鼓励险资加大股权配置力度的政策。"张令佳表示，例如，国家金融 监督管理总局将保险公司投资单一创业投资基金的账面余额占该基金实缴规模的比例上限从20%提高至 30%。同时，进一步加强国有商业保险公司长周期考核，提升了险资对短期波动的容忍度，鼓励其进行 更长期的布局。 业内人士认为，险资加码私募股权投资是宏观经济环境、监管政策导向与险资自身资产配置需求三重因 素共振的结果。未来，预计险资还将继续加大这一领域的投资力度。 寿险公司出资额最大 根据出资总金额看，2025年在私募股权投资领域最活跃的5家保险机构依次为：中国太平洋人寿保险股 份有限公司，出资额达205.99亿元；中国平安人寿保险股份有限公司，出资额为150亿元；阳光人寿保 险股份有限公司，出资额为114.88亿元；友邦人寿保险有限公司，出资额为106.75亿元；人保 ...

华夏幸福是环京地产圈的产业新城运营商，总部位于北京，以"政府主导、企业运作、合作共赢"的PPP 模式为核心。王文学是华夏幸福的创始人和实控人。按照官网，1967年出生的王文学为中专学历，曾任 全国第十二届政协委员，目前是华夏控股的董事长兼总经理、华夏幸福董事长。 南都湾财社记者了解到，对于上述五项提案遭否决，平安方面暂未给出回应。 伴随着"平安系"五项提案遭华夏幸福否决，备受资本市场关注的中国平安与华夏幸福的债务纠葛又陷入 僵局。在此之前，双方矛盾已经公开化，平安人寿、平安资管在本月份已经将华夏幸福及其控股股东诉 至法院。当下，这场始于2018年的资本联姻，正演变为围绕债务重组与利益分配的深度博弈，而在业绩 持续承压、重整进程尚未明朗的背景下，华夏幸福的出路仍充满不确定性。 华夏幸福全数否决平安五项提案 前河北首富"硬怼"保险大佬 12月22日晚间，华夏幸福公告称，公司董事会12月19日下午收到公司股东平安人寿送达的《关于提请华 夏幸福基业股份有限公司2025年第三次临时股东大会增加临时提案的通知》，提议新增以下提案并提交 公司2025年第三次临时股东大会审议。五项临时提案包括《关于将与公司预重整、重整、清算 ...

Group 1 - UBS increased its long position in Ping An Insurance (Group) Company of China, Ltd. - H shares from 8.99% to 9.02% as of December 17, 2025 [1] - UBS raised its long position in Contemporary Amperex Technology Co., Limited - H shares from 4.74% to 5.03% as of December 17, 2025 [1] - UBS decreased its long position in ZTE Corporation - H shares from 9.04% to 8.98% as of December 17, 2025 [1]

Core Viewpoint - The article discusses the recent performance of the Chinese stock market, particularly focusing on the rise of China Ping An and the Securities Insurance ETF, while also highlighting the upcoming regulatory changes in the insurance sector. Group 1: Market Performance - China Ping An's stock rose over 1.6%, reaching a four-year high, while the Securities Insurance ETF increased by over 0.9%, with a performance of +71.69% over the past 356 days, indicating potential short-term pullback needs if market sentiment declines [3][10]. - The Securities Insurance ETF's trading status shows a slight increase of +0.97%, with a current price of 0.933, and a trading volume indicating a negative委比 of -27.76% [4][11]. Group 2: Regulatory Changes - On December 19, 2025, the Financial Supervision Administration will release a draft for the "Asset-Liability Management Measures for Insurance Companies," which aims to systematically upgrade existing regulatory rules, set to take effect on July 1, 2026 [4][12]. - Institutions indicate that this new regulation marks a transition to a more systematic and standardized phase in the industry's asset-liability management [5][12]. Group 3: Investment Strategy - The article emphasizes the long-term benefits of systematic investment plans, noting that over the past 200 years, the stock market has outperformed other asset classes significantly, with a growth of 100,000% compared to gold and long-term bonds [5][12]. - Previous investment plans have shown substantial returns, with gains of +139%, +128%, and +114% for various periods, indicating the effectiveness of the investment strategy [7][14].

Core Insights - The insurance sector is evolving from a phase of broad coverage to a focus on high-quality development, emphasizing the importance of inclusive insurance as a key component of inclusive finance [2] - The implementation plan for high-quality development of inclusive finance aims to establish a comprehensive system by 2025, enhancing the role of inclusive finance in promoting common prosperity [2] Group 1: Innovations in Road Traffic Accident Assistance - The "Yue Rescue" cloud platform has significantly improved the efficiency of road traffic accident assistance, reducing the processing time from over one day to just 0.3 days [3] - Since taking over the operation of the Guangdong Road Traffic Accident Social Rescue Fund in March 2023, the company has processed 15,269 assistance applications and successfully aided 9,838 injured individuals, with disbursements exceeding 680 million yuan [3] - The success rate of life-saving interventions for traffic accident victims has increased from 97.37% in 2023 to 98.16% in 2025 due to the establishment of an online review mechanism [3] Group 2: Outreach and Recovery Efforts - The company has developed a multi-dimensional publicity system, distributing over 96,000 promotional materials to ensure that rescue policies reach the public effectively [4] - An integrated recovery system has been established, recovering 149 million yuan, with a recovery rate of 26% in 2025, promoting the sustainable operation of the rescue fund [4] Group 3: Risk Mitigation for Small Enterprises - The company has introduced a gas alarm and automatic shut-off system to prevent potential gas explosion incidents, covering over 500 small catering businesses [5][6] - Upgraded safety monitoring systems have been implemented to reduce false alarms and provide real-time risk tracking, effectively preventing property losses from water leaks [6] - The company has provided over 230 million yuan in risk protection for small enterprises and conducted more than 30 training sessions to enhance their risk resilience [6] Group 4: Trends in Inclusive Insurance - The inclusive insurance sector is transitioning from a focus on scale to quality enhancement, with technology playing a crucial role in improving service efficiency and effectiveness [7] - The company's innovative practices reflect a shift towards a comprehensive risk management model that includes compensation, prevention, and service [7] - The company aims to continue its commitment to serving the public with more precise services and innovative models, strengthening the insurance safety net across the region [7]

华夏幸福公告称，公司2025年第三次临时股东大会原定于12月31日召开。12月21日，公司董事会收到股 东中国平安人寿保险股份有限公司邮件，提议调整已审议通过的《股东会议事规则》。经核查，同意取 消原《关于修订的议案》，将调整后的该议案重新提交审议。除取消原议案和增加临时提案外，原股东 大会通知事项不变。 ...

Core Viewpoint - The ongoing conflict between Huaxia Happiness and its shareholder China Ping An highlights significant disagreements over the company's pre-restructuring process and governance issues, which could impact the success of its restructuring efforts [2][9]. Group 1: Company Developments - Huaxia Happiness announced on December 22 that its board rejected five temporary proposals from China Ping An, which included issues related to the company's pre-restructuring, board appointments, and financial due diligence [2]. - The company is currently undergoing a pre-restructuring process, which involves negotiating with creditors and potential investors to create a restructuring plan before entering formal restructuring procedures [8]. - Huaxia Happiness has stated that the pre-restructuring process can be initiated either by creditors or the company itself, and that the current process does not require board or shareholder meetings since it was initiated by creditors [5]. Group 2: Shareholder Actions - China Ping An has made multiple moves against Huaxia Happiness, including a public statement on November 19 claiming ignorance of the pre-restructuring announcement and questioning its legality [4]. - On December 19, China Ping An proposed five new items for discussion at the upcoming shareholder meeting, focusing on the pre-restructuring and financial due diligence [6]. - The board of Huaxia Happiness voted against these proposals, indicating a continued rift between the company and its major shareholder [7]. Group 3: Restructuring Challenges - Successful pre-restructuring requires navigating several key steps, including asset and liability assessment, developing a restructuring plan, and obtaining creditor approval [10]. - The relationship between Huaxia Happiness and China Ping An has evolved beyond a simple creditor-debtor dynamic, now involving deeper issues related to corporate governance and risk management in the real estate sector [9]. - The pre-restructuring process is critical for Huaxia Happiness to avoid bankruptcy and improve its chances of recovery, especially given the changing market conditions and previous commitments made during debt restructuring discussions [8].

可以看到，平安人寿提出的五项临时议案主要聚焦在预重整事项的程序、非独立董事人员安排、财务尽 调、债务重组计划上。尤其是临时提案五，平安方面认为华夏幸福的债务重组计划执行情况严重不及预 期。 12月21日，华夏幸福召开第八届董事会第三十六次会议，审议上述议案，最终以1票同意、7票反对、0 票弃权的投票结果，未通过公司董事会审议。 12月22日，华夏幸福（600340.SH）公告，公司董事会否决了股东平安人寿提交的五项临时提案至2025 年第三次临时股东大会审议，8名董事7人反对，将双方的矛盾再一次摆到了公众面前。 就在12月17日，平安人寿及平安资管作为原告，将华夏幸福的单一第一大股东华夏幸福控股及董事长王 文学告上了上海金融法院，申请确认仲裁协议效力。 自去年10月份以来，华夏幸福和中国平安在化债问题上的分歧逐渐加大，从置换带方案到预重整，从专 项财务尽调到此次的临时提案，双方各执己见。 矛盾持续升级 华夏幸福公告显示，上述临时提案具体包括：将与公司预重整、重整、清算有关事项认定为股东大会特 别决议事项；罢免公司第八届董事会非独立董事冯念一；选举仇文丽为公司第八届董事会非独立董事； 同意公司配合《债务重组计划 ...

Core Viewpoint - The ongoing conflict between Huaxia Happiness and its shareholder China Ping An has intensified, particularly regarding the company's pre-restructuring process and related financial matters [2][6][10]. Group 1: Company Actions and Responses - Huaxia Happiness has rejected five temporary proposals from China Ping An, which included issues related to the pre-restructuring process and board appointments [2][6]. - The company clarified that the pre-restructuring application can be initiated either by creditors or the company itself, and that the current situation does not require board or shareholder meetings [4]. - Huaxia Happiness is cooperating with the temporary management to ensure the smooth progress of the pre-restructuring process, despite the lack of obligation to comply with additional financial due diligence requested by the financial creditor committee [4][6]. Group 2: Shareholder Actions - China Ping An has made multiple moves, including questioning the legality of Huaxia Happiness's pre-restructuring announcement and initiating legal proceedings to confirm the validity of arbitration agreements [3][8]. - On December 19, China Ping An proposed five new items for the upcoming shareholder meeting, focusing on the pre-restructuring and debt restructuring issues [5][6]. - The proposals were ultimately rejected by Huaxia Happiness's board, highlighting the ongoing disagreements between the two parties regarding financial and restructuring matters [6][10]. Group 3: Pre-restructuring Process - The pre-restructuring process involves negotiating with creditors and potential investors to develop a restructuring plan before entering formal legal restructuring [7]. - Key steps in the pre-restructuring process include filing for pre-restructuring, court acceptance, creditor claims, asset audits, and drafting a pre-restructuring plan [7][9]. - Successful pre-restructuring requires thorough auditing of assets and liabilities, creditor approval of the restructuring plan, and potential government support [9]. Group 4: Financial Implications - As of the end of 2024, China Ping An's exposure to Huaxia Happiness is approximately 54 billion yuan, with 43.2 billion yuan already provisioned for impairment [8]. - The relationship between China Ping An and Huaxia Happiness has evolved beyond a simple creditor-debtor dynamic, now involving deeper issues of corporate governance and risk management in the real estate sector [8][10].

据香港交易所披露，瑞银集团（UBS）对中国平安保险(集团)股份有限公司 - H股的多头持仓比例于 2025年12月17日从8.99%增至9.02%。 本文源自：金融界AI电报 ...