文/刘思嘉 从"一年一考"到"五年一盘" ， 险资入市迎政策升级 。 戴上"五年婚戒" 的险资， 能否做到爱情长 跑 ？ 近日， 财政部印发《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》 （以下简称《通知》） ， 将经营效益类指标的净资产收益率和（国有）资本保值增值率的考 核方式， 调整为 " 当年度指标+3年周期指标+5年周期指标 " 。 考核方式的调整，绝非 只是 表面上 考核期限 的 简单延长，而是保险资金投资价值观的一次深度转 向。 来 积极落实长期稳健投资的相关要求，发挥领导作用。 业内人士认为， 三 年以上的长周期考核机制设定，不仅引导保险资金更积极布局权益市场，削弱保 险资金"高抛低吸、择机离场"的短期操作冲动，促使其转向更为长期、稳健的投资布局。 也是对A 股市场中长期稳定发展的一种制度性支持，预计将在稳市场、优结构、强信心等方面发挥积极作用。 但 也有业内人士 提出警惕 ， 一方面 ， 险资是否会 在 高股息板块 出现扎堆效应 ， 而 与 政策 支持险资入市以增添市场活力、优化市场结构的初衷背道而驰 ； 另一方面，还需考虑大规模资 金 入市伴随系统性风险隐患， ...

金十图示：2025年07月21日（周一）富时中国A50指数成分股午盘收盘行情一览：盘面整体涨跌互现，银行、保险板块普跌，能 源、汽车板块多数走高 富时中国A50指数连续 -0.01(-0.18%) -0.11(-0.93%) +0.01(+0.12%) 光大银行 2522.95亿市值 3.91亿成交额 4.27 -0.03(-0.70%) 保险 中国太保 中国平安 中国人保 明 3692.70亿市值 3493.15亿市值 10372.55亿市值 10.66亿成交额 17.82亿成交额 3.45亿成交额 36.31 8.35 56.96 -0.78(-2.10%) -0.11(-0.19%) -0.04(-0.48%) 酿酒行业 贵州茅台 山西汾酒 五粮液 18114.50亿市值 2180.56亿市值 4750.70亿市值 22.87亿成交额 15.77亿成交额 9.13亿成交额 1442.01 178.74 122.39 +5.01(+0.35%) -2.36(-1.30%) -1.39(-1.12%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2310.57亿市值 2446.80亿市值 3170. ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating an expectation for the industry to outperform the overall market [3][14]. Core Insights - The report forecasts a year-on-year increase of 12.1% in net profit attributable to shareholders for A-share listed insurance companies in the first half of 2025, reaching approximately 192.63 billion yuan [3]. - The report highlights strong growth in new business value (NBV) for listed insurance companies, with significant contributions from dividend insurance products, particularly from companies like Xinhua Insurance and China Life [4]. - The report anticipates continued improvement in the combined ratio (COR) for property and casualty insurance companies, driven by effective risk control and cost reduction strategies [5]. - The investment environment is expected to improve, with a downward trend in long-term interest rates, which may alleviate pressure on the fair value of bonds [6]. Summary by Sections Life Insurance - The report predicts robust NBV growth for listed insurance companies in 1H25, with Xinhua Insurance expected to grow by 50.1% year-on-year and China Life by 10.9% [4]. - The transition to dividend insurance has become a strategic focus for several companies, with notable increases in the proportion of dividend insurance products [4]. Property and Casualty Insurance - The report notes a 5.2% year-on-year increase in original insurance premium income for property and casualty insurance companies in the first five months of 2025, alongside a 2.3% decrease in claims [5]. - The report expects the COR for major companies to show continued improvement, with estimates of 94.7% for China Property & Casualty and 97.3% for China Ping An [5]. Investment Outlook - The report emphasizes the importance of undervalued stocks and mid-year performance, suggesting that the anticipated reduction in interest rates could optimize new liability costs [6]. - Companies recommended for investment include Xinhua Insurance, China Life (H), China Pacific Insurance, ZhongAn Online, China Property & Casualty (H), and China Ping An [6].

行 业 及 产 业 非银金融 2025 年 07 月 20 日 建议重视香港 RWA 业务发展对估 行 业 研 究 / 行 业 点 评 值的正向催化作用 看好 —— 非银金融行业周报（2025/7/14-2025/7/20） 本期投资提示： 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 研究支持 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 相关研究 - ⚫ 保险：本周申万保险 II 指数收跌 1.35%，跑输沪深 300 指数 2.44pct。7 月 17 日，协鑫 科技发布公告称，拟就 RWA 全球发行与太保资管香港达成战略合作，合作领域包括： 1）共建 R ...

链博会现场，金融机构展示的创新实践清晰传递出一个信号：金融支持产业链供应链现代化，正从传统 的信贷支持向更深入的风险管理、更精准的图谱服务、更高效的数智化平台演进。 （文章来源：新华财经） 交通银行在"五篇大文章"指引下，重点展示了"交银蕴通·易链"和"交银蕴通·财资"等一批数字金融高质 量创新服务。 其中，"蕴通易链"以交通银行数智化转型为契机，强化科技创新引领，着力解决企业融资难、融资贵问 题。其核心路径包括：一是完善"基础产品+线上产品+秒融产品"的多元化产品体系；二是加强数字化 赋能，深化平台场景化生态合作；三是聚焦重点行业，构建一站式场景综合服务，通过做优产品、数字 赋能、聚焦行业。 "蕴通财资"则集中展示了面向企业的财资管理与支付结算数字金融产品。其中，"云跨行"平台作为交通 银行打造的具有自主知识产权的企业多银行财资管理工作平台，尤为引人注目。该平台集账户、结算、 资金、票据、投融资管理以及银企互联、移动办公等十大功能于一体，并推出跨行代发、智慧记账、银 企支付、跨境结算、行业洞察五大特色应用，助力企业实现财资管理"看得见、调得动、管得住、用得 好"。 新华财经北京7月19日电（记者丁雅雯刘旭阳 ...

值得关注的是，这些政策工具正与前沿的风险管理研究形成叠加效应。在本届链博会上，中国人保联合 中国贸促会发布了《2025产业链风险研究白皮书》。这份全国首创的白皮书聚焦低空经济、大飞机、储 能等9大关键产业链，创新性地从战略、采购、销售、运营、财务五大维度进行"链式"风险扫描，精准 识别薄弱环节，并提出"一链一策"的系统性风险解决方案。这标志着风险管理正从传统的"一企一策"单 点保障，向服务全链条韧性安全的"系统防护"转变，为金融支持产业链升级提供了坚实的风险缓释与制 度保障。 科技创新再贷款与制造业中长期贷款政策协同发力，推动高技术制造业中的信息服务业、航空、航天器 及设备制造业在1-5月的投资同比分别增长41.4%、24.2%。"精准滴灌+系统集成"的模式，为金融高质量 发展提供了坚实的制度保障。 以"金融活水"浇灌创新与绿色动能：链式服务赋能实体显成效 7月的北京，全球产业链供应链合作的目光再次汇聚。第三届中国国际供应链促进博览会（链博会）正 如火如荼地举行，以"链接世界，共创未来"为主题，搭建起全球产业协作、创新交融的顶级平台。在这 场聚焦先进制造、数字科技、绿色农业等六大产业链的盛会上，一个关键角色愈 ...

XDIstue XD中国牧 十几码代 (0.2) 1898.43亿市值 2368.38亿市值 7218.12亿市值 17.75亿成交额 7.13亿成交额 8.17亿成交额 29.50 9.23 15.29 +0.07(+0.24%) +0.12(+0.79%) +0.04(+0.44%) 证券 电池 中信证券 宁德时代 国泰海通 CATL 4200.14亿市值 3464.24亿市值 12364.85亿市值 18.87亿成交额 18.55亿成交额 59.82亿成交额 28.34 19.65 271.20 +0.09(+0.32%) +0.35(+1.81%) +5.70(+2.15%) 消费电子 互联网服务 工业富联 立讯精密 东方财富 F 5383.90亿市值 2808.71亿市值 3717.11亿市值 35.27亿成交额 53.15亿成交额 61.94亿成交额 27.11 38.73 23.52 -0.39(-1.42%) -0.67(-1.70%) -0.08(-0.34%) 家电行业 食品饮料 海天味业 格力电器 kk 海尔智家 2681.95亿市值 2419.85亿市值 2265.78亿市值 10.0 ...

Group 1: Market Overview - The FTSE China A50 Index components showed a mixed performance with most sectors in the green, while the consumer electronics and internet services sectors experienced declines [1][6]. Group 2: Sector Performance - The banking sector, represented by Everbright Bank, had a market capitalization of 255.25 billion with a trading volume of 392 million, showing a slight increase of 1.17% [3]. - In the liquor industry, Kweichow Moutai led with a market cap of 1,797.53 billion and a trading volume of 3.923 billion, increasing by 1.37% [3]. - The semiconductor sector saw Northern Huachuang with a market cap of 233.94 billion and a trading volume of 1.908 billion, rising by 1.76% [3]. - In the oil sector, Sinopec had a market cap of 703.22 billion with a trading volume of 552 million, increasing by 1.22% [3]. - The coal industry was represented by China Shenhua with a market cap of 743.88 billion and a trading volume of 709 million, rising by 0.83% [3]. - In the automotive sector, BYD had a market cap of 1,793.90 billion with a trading volume of 516 million, but saw a decrease of 0.47% [3]. - The battery sector was led by CATL with a market cap of 4,189.77 billion and a trading volume of 1.153 billion, increasing by 0.88% [4]. - The consumer electronics sector, represented by Hon Hai Precision, had a market cap of 540.97 billion with a trading volume of 2.376 billion, decreasing by 0.74% [4]. - In the home appliance sector, Gree Electric had a market cap of 267.47 billion with a trading volume of 446 million, showing a slight decrease of 0.31% [4]. - The pharmaceutical sector was led by Hengrui Medicine with a market cap of 387.15 billion and a trading volume of 2.654 billion, increasing by 2.36% [4]. - The logistics sector, represented by SF Holding, had a market cap of 240.58 billion with a trading volume of 737 million, increasing by 1.04% [4].

Core Viewpoint - The release of the "2025 Industry Chain Risk Research White Paper" aims to address global industry chain risk management through a "chain perspective" [1][2] Group 1: Industry Chain Risk Analysis - The white paper analyzes risks in the industry chain from five dimensions: strategic risk, procurement risk, sales risk, operational risk, and financial risk [1] - It identifies risk points within the industry chain and proposes targeted solutions to enhance risk management for enterprises [1][2] Group 2: Insurance Sector's Role - China Pacific Insurance (China Re) emphasizes its commitment to providing comprehensive insurance solutions to stabilize the industry chain and supply chain [2] - The shift from "one enterprise, one policy" to "one chain, one policy" reflects a systemic approach to risk management in the insurance sector [2] - The white paper serves as the first national document focusing on ensuring the resilience and safety of industry chains, covering nine sub-chains including low-altitude economy and large aircraft [2]

年内保险行业人事调整仍在密集进行中。7月17日，据北京商报记者不完全统计，今年以来，已有50余家机构"一二把手"职位发生调整，此次高 管"调整潮"不仅包括一众中小险企，也包括中国人寿、中国太平等头部保险集团。在保险业的人事变动大潮中，一个显著趋势是管理层的年轻 化，不少"准80后""80后"逐渐担任起险企的核心高管职位。 密集人事换防 在严监管和市场转型的双重压力下，保险行业在2025年延续去年的高频人事变动态势。据北京商报记者不完全统计，年内超50家保险公司核心岗 位发生调整，涉及董事长、总经理等关键职位。 险企核心高管的变动原因有很多，如大型险企高管更迭或是因到龄退休，或是集团内部外部的轮岗调动；中小险企相对来说更为频繁，中小险企 人事调整的原因，更多是为了应对市场诸多不确定性因素下的业绩焦虑，乃至想要"活下去"的无奈之举。例如，前海财险总经理李功霓在履职仅 一年多后辞职，刚上任的董事长霍建梅一人"双肩挑"。 从变动分布来看，中国人寿、中国太平、中国人保等头部保险集团均出现了关键岗位调整。其中，备受市场关注的包括，中国人保副总裁李祝用 调任中国人寿集团党委副书记、田耕出任中国人保副总裁、李可东出任中国太平 ...