购买《保险新时代2024》 注：文章原题《低利率周期与科技革命下的资产配置战略重构》，当前标题为编者所加。 编者按 低利率毫无疑问就是当下中国保险业所面临的最基本事实之一，也是推动国内保险业深度转型的关键因素之一。面对低利率带来的利差损压力、偿付能力 压力、流动性压力，保险公司资产配置战略应做出哪些调整？ 2025年10月17日，由新浪财经与慧保天下联合主办的"2025ESG全球领导者大会·资管专场"在上海正式举行，来自行业协会的领导、各类保险公司的投资 负责人、多家保险资管公司高管，以及券商、基金公司的高管们，齐聚一堂，围绕共同关心的"低利率周期与科技革命下的资产配置战略重构"这一主题展 开演讲，并进行深入讨论。 中国人保资产管理有限公司党委副书记、副总裁（主持工作）黄明出席此次会议并发表重要讲话，他总结了宏观和产业革命给行业带来的机遇和挑战，指 出，国内低利率周期尚未结束，但仍需关注积极因素：人口红利消退的同时，中国"工程师红利"具备较强竞争力；产业升级步伐加快，电子半导体等领域 不断突破。他认为，从长期来看，当前1.5%-1.6%的利率水平已接近极值，底部基本探明。同时，科技成为经济增长新动能，也催生新 ...

Core Points - China Pacific Insurance (601319) announced the appointment of Mr. Zhao Peng as the Chief Financial Officer, effective from October 17, 2025 [1] - The appointment was approved by the National Financial Regulatory Administration, confirming Zhao Peng's qualifications for the role [1] Summary by Category Company Announcement - The fifth session of the board of directors will review the proposal to appoint Zhao Peng as CFO on August 27, 2025 [1] - The company has received the approval from the National Financial Regulatory Administration regarding Zhao Peng's qualifications [1] Regulatory Approval - The National Financial Regulatory Administration has officially approved Zhao Peng's appointment as CFO [1]

证券之星消息，10月24日保险板块较上一交易日下跌0.56%，中国太保领跌。当日上证指数报收于 3950.31，上涨0.71%。深证成指报收于13289.18，上涨2.02%。保险板块个股涨跌见下表： 从资金流向上来看，当日保险板块主力资金净流出3.69亿元，游资资金净流出1605.55万元，散户资金净 流入3.85亿元。保险板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601318 | XD中国平 | 57.88 | 0.14% | 55.82万 | 32.40 Z | | 601336 | 新华保险 | 68.78 | -0.03% | 20.00万 | 13.68亿 | | 601628 | 中国人寿 | 44.38 | -0.20% | 19.19万 | 8.50亿 | | 61319 | 中国人保 | 8.76 | -0.23% | 58.08万 | 5.07亿 | | 601601 | 中国太保 | 37.22 | -0.32% | 19.92万 | 7. ...

证券研究报告 保险 险资红利策略 2.0 华泰研究 2025 年 10 月 24 日│中国内地 专题研究 战略上坚持，战术上灵活 1H25 险资加速配置红利股，上市公司增配红利股近 3200 亿元，超过去年 全年增配规模。由于现金收益持续下降，险资仍不得不倚重红利投资，但红 利股估值抬升和股息率下降对险资红利策略形成挑战。险资红利策略可能已 经告别"买买买"的 1.0 阶段，进入精挑细选、左右平衡的 2.0 阶段，需要 在获取稳定现金收益的同时降低资本亏损概率，同时需要考虑是否止盈以及 跌价风险。在估值已经明显抬升之后，险资集中加仓红利股的机会正在减少， 可选红利股范围逐渐收窄。我们估计目前全行业仍然欠配红利股 0.8-1.6 万 亿人民币左右，或在未来两三年内完成配置。建议关注资产负债表有韧性、 均衡增长的中国平安 A/H、中国太保 A/H、中国人寿 A/H、中国人保 A。 红利策略或步入新阶段 受制于刚性负债成本居高难下，险资需要尽力维持现金投资收益。由于利息 贡献不足，险资不得不求诸股息，这是险资红利策略的来源。在低利率背景 下，增配红利股仍然是险资长期目标。但短期看，红利股估值上升推高了跌 价风险，股 ...

二、中国人民财产保险股份有限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禄丰支公司碧城营销服务部营业场所变更为：云南省楚雄彝族 自治州禄丰市碧城镇碧城社区居民委员会南小区J2号杨文刚私宅504室。 2025年10月16日，楚雄金融监管分局发布批复称，《关于中国人民财产保险股份有限公司禄丰支公司碧 城营销服务部变更营业场所的请示》（楚人保财险发〔2025〕120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正蓝旗支公司将营业场所变更为：内蒙古自治区锡林郭勒盟正 蓝旗上都镇夏日登吉区金莲川宾馆综合楼106-206铺。 2025年10月23日，国家金融监督管理总局锡林郭勒监管分局发布批复称，《中国人民财产保险股份有限 公司锡林郭勒盟分公司关于中国人民财产保险股份有限公司正蓝旗支公司变更营业地址的请示》（锡人 保财险发〔2025〕109号）及相关补正材料收悉。经审核，现批复如下： ...

Group 1: Industry Performance Overview - The Hong Kong stock market has seen significant performance reports from various sectors, including non-ferrous metals, insurance, and telecommunications, with leading companies in non-ferrous metals and insurance showing rapid growth, while telecommunications leaders maintain stable performance [1] - Resource stocks, particularly in the rare earth sector, have reported substantial increases in earnings, with Jinli Permanent Magnet achieving a revenue of 5.373 billion yuan, up 7.16%, and a net profit of 515 million yuan, up 161.81% [2][3] - Zijin Mining reported a revenue of 254.2 billion yuan, a 10.33% increase, and a net profit of 37.864 billion yuan, up 55.45%, with its gold business being a significant profit driver [2][3] Group 2: Insurance Sector Growth - Major insurance companies have reported rapid earnings growth, with China Pacific Insurance expecting a net profit increase of 40% to 60% for the first three quarters of 2025 [6] - China Life Insurance anticipates a net profit of approximately 156.785 billion to 177.689 billion yuan, reflecting a growth of 50% to 70% [7] - New China Life Insurance expects a net profit of 29.986 billion to 34.122 billion yuan, a year-on-year increase of 45% to 65% [7] Group 3: Telecommunications Sector Stability - The three major telecommunications operators, China Mobile, China Telecom, and China Unicom, reported stable growth, with China Mobile achieving a revenue of 794.7 billion yuan, up 0.4%, and a profit of 115.4 billion yuan, up 4% [8][9] - China Telecom's revenue reached 396.998 billion yuan, a 0.6% increase, while China Unicom reported a revenue of 293 billion yuan, up 1% [9] Group 4: Retail Sector Losses - High-end retail giant Gao Xin Retail reported a projected net loss of 110 to 140 million yuan for the six months ending September 30, 2025, compared to a profit of 186 million yuan in the same period last year [10][11] - The loss is attributed to increased market competition and weak consumer demand, leading to a decline in average transaction value and revenue [11]

Core Insights - The property insurance industry is experiencing a slowdown in growth, with non-auto insurance business contributions surpassing auto insurance [1][10][11] - Ping An Property & Casualty has outpaced the market with a growth rate of 7.1%, driven by both auto and non-auto insurance segments [18][20] - Companies like Taikang and others have seen their rankings rise, with premium growth exceeding 20% for firms like BYD and Samsung [25][27] Group 1: Industry Overview - In the first half of 2025, the property insurance sector reported a premium income of 964.5 billion, showing a slight slowdown in growth [11][15] - The growth rate of non-auto insurance has decreased, with health insurance growth dropping from double digits to single digits [14][15] - The overall premium growth for the property insurance industry is expected to be below 5% when excluding the impact of new entrants like Sheneng Insurance [15][17] Group 2: Company Performance - Ping An Property & Casualty's premium income reached 1,804.88 million, with a growth rate of 6.9%, contributing significantly to the overall market [1][20] - Sheneng Insurance, in its first year, achieved a premium of over 80 billion, ranking 12th among property insurers [10][14] - Other companies such as Dadi and Zhong'an have also reported premium growth rates exceeding the market average, with non-auto segments contributing significantly [22][23] Group 3: Growth Drivers - The shift towards non-auto insurance is evident, with many companies reporting high growth rates in segments like health and agricultural insurance [21][24] - Companies with premium growth exceeding 20% are primarily smaller firms, indicating a trend where smaller insurers are capturing market share through rapid growth [27][28] - The regulatory environment is evolving, with new guidelines aimed at enhancing the quality of non-auto insurance business, which may further influence growth dynamics [22][23]

当《关于加强非车险业务监管有关事项的通知》（以下简称《通知》）下发，非车险"报行合一"的倒计时钟声便已敲响。市场旋即闻风而动，10月23日，北 京商报记者梳理发现，中国人保、平安产险、阳光财险、太平财险、中华财险、大地保险、中路财险、恒邦财险等多家险企相继发文，旗帜鲜明地表示将积 极落实监管要求，有序推进相关工作。 市场生态重塑在即 路径明晰各显其彰 近日，金融监管总局发布的《通知》，不仅清晰划定了非车险赛道的新边界，还规范了相关产品的开发使用，强化保险费率管理，要求严格执行经备案的保 险产品，推动非车险产品的使用符合备案内容，即明确了非车险"报行合一"的要求。 北京商报记者梳理发现，《通知》发布后，多家险企相继结合自身特点绘就"施工图"。中国人保近日发布的信息显示，公司全面启动非车险费用治理工作， 其中制定了《营销费用治理优化工作方案》，优化营销费用管理模式，从产品、客户、团队维度明晰费用应用场景、列支形态和配置规则，实现产品、业务 与营销场景的精准匹配和闭环管理，确保费用支出真实、透明、合规。 平安产险同样呼应了系统性治理，平安产险近日发文称，公司全面落实监管要求，强化内部管理。积极推进条款备案、系统改造 ...

每经AI快讯，10月23日，中国人保（601319）(601319.SH)公告称，公司收到金融监管总局关于赵鹏担 任财务负责人的任职资格批复，任职自2025年10月17日起生效。 ...