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大行评级丨高盛:内险股风险回报正在改善 第三季盈利或好过预期
Ge Long Hui· 2025-10-10 05:20
内险股中,高盛预期中国人寿第三季从股市及收益率变动中受益最多,其次为中国太平;新华保险盈利 增长表现或最强,但同时账面值及偿付能力比率可能落后于同业。该行将内险股2025年盈利预测上调 2%至20%,国寿及新华上调幅度最多,分别达20%及19%。该行并将中国太保评级从"中性"上调至"买 入",太平的评级则从"沽售"升至"中性"。 高盛发表研究报告指,内险股自7月底起表现逊色,H股及A股股价平均下跌2%及6%,而恒指及沪深 300指数同期升幅为8%及14%,相信是由于内险股自4月初股价反弹以后,估值水平已偏高,以及2024 年下半年高基数效应导致盈利增长前景乏力所致。展望即将公布的第三季业绩,高盛认为内险股风险回 报正在改善,憧憬在股票投资收益推动下,第三季盈利或好过预期,而明年新业务价值可能录得双位数 增幅,合约服务利润率亦将迎来增长拐点。 ...
“保险系”养老社区部分项目入住率超80%实现盈利,区位优势成关键
Di Yi Cai Jing· 2025-10-10 04:35
具体看来,静安城心社区是大家保险在上海落地的首个城心养老社区,该养老社区于9月底开业,截止 目前床位预订率已超80%。该机构相关负责人告诉记者,大家保险在全国范围内的16家城心社区平均入 住率80%。其中北京市朝阳区的项目入住率高达95%,凭借入住率的快速提升,该项目在2023年实现利 润转正。 同样,泰康保险投资建设的上海部分养老社区项目也因入住率增长,而早于预期实现盈利;以及,中国 太保旗下高品质养老社区太保家园,截至2025年上半年已有10个投入运营,其中,南京、上海普陀两家 社区入住率超90%。 区位优势被相关项目负责人视为入住率提升的关键。该人士称,"重资产"模式下,险企自主投资、开发 并运营社区,回报周期虽长,却利于品质统一与品牌沉淀;以租赁为主的"轻资产"则大幅压缩前期投 入,聚焦"重服务"输出。眼下,险资正以"轻重并举"策略抢占地铁沿线的市区稀缺地块,用区位换流 量,用流量换融资。 行业正从"有没有"转向"赚不赚钱"。 一边是全国养老机构入住率仅45%,一边是中心城区优质项目"一床难求",行业痛点正从"有没有"转 向"赚不赚钱"。 "养老机构这种冰火两重天的格局下,再贷款、REITs评估、银行 ...
内险股集体走高 分红型健康险时隔22年重新回归 有助提升保险产品吸引力
Zhi Tong Cai Jing· 2025-10-10 02:59
Core Viewpoint - The recent rise in domestic insurance stocks is attributed to the issuance of guidelines by the Financial Regulatory Bureau aimed at promoting the high-quality development of health insurance, which includes the reintroduction of participating long-term health insurance products after a 22-year hiatus [1] Group 1: Stock Performance - Domestic insurance stocks collectively rose, with notable increases: Xinhua Insurance up 3.11% to HKD 48.46, China Pacific Insurance up 3.02% to HKD 31.4, China Life Insurance up 3.02% to HKD 22.52, and Ping An Insurance up 1.03% to HKD 54.05 [1] Group 2: Regulatory Changes - The Financial Regulatory Bureau issued guidelines that outline the overall direction and phased goals for the development of health insurance, specifically supporting well-rated insurance companies in launching participating long-term health insurance products [1] Group 3: Market Implications - The reintroduction of participating health insurance is expected to enhance product attractiveness and stimulate growth potential in the health insurance market, especially in the context of continuously declining preset interest rates [1] - The guidelines are anticipated to enrich product offerings and improve the appeal of "product + service," potentially leading to a new wave of development opportunities for various health insurance types, while also reducing risk related to interest rate spreads for insurance companies, thereby benefiting profitability and valuation levels [1]
护航科技创新 金融活水为专精特新企业破除发展焦虑
Zhong Guo Zheng Quan Bao· 2025-10-09 23:29
Core Insights - The insurance industry is increasingly supporting the development of specialized and innovative companies by providing tailored insurance products that cover the entire lifecycle of technology enterprises [1][2] Group 1: Insurance Support for Technology Enterprises - The insurance sector has developed a comprehensive range of products and services aimed at supporting technology companies, enhancing the scope and precision of technology insurance [1][2] - Clinical trial liability insurance has emerged to bolster market confidence and facilitate orderly medical research, covering potential liabilities arising from adverse reactions during clinical trials [2][3] Group 2: Risk Management and Digital Security - Insurance plays a crucial role in risk management for biotechnology firms, providing essential coverage for clinical trials and drug safety, with China Pacific Insurance offering a total of 42.3 billion yuan in insurance coverage for 262 biotech companies in Suzhou [3] - As digital transformation accelerates, cybersecurity insurance has become vital for enterprises, addressing risks associated with data recovery, ransomware attacks, and cybersecurity liability [3][4] Group 3: Intellectual Property Protection - Intellectual property insurance is critical for specialized and innovative companies, providing a safety net against infringement and supporting innovation by protecting core assets [4][5] - Companies like Shangjiukai have adopted various insurance products to safeguard against market challenges, with total risk coverage exceeding 5 billion yuan since inception [5] Group 4: Growth and Market Aspirations - The support from the insurance industry allows specialized and innovative companies to focus on research and development, with some companies planning to enter capital markets through IPOs or mergers [5]
金融活水为专精特新企业破除发展焦虑
Zhong Guo Zheng Quan Bao· 2025-10-09 20:53
● 本报记者 黄一灵 提供风险保障 走进苏州工业园区播禾创新中心,这里是江苏省首批标杆孵化器,致力于成为中国首家信息科技(IT) 及生物科技(BT)交叉融合的创新孵化中心。在该中心,中国证券报记者看到,已有多家生物医药企 业入驻,同时,中国太保产险苏州分公司也在此设有经营机构。 生物医药产业是一个典型的高投入、长周期行业。研发新药需要巨额资金投入,研发周期长达10年以 上,且新药上市前需历经复杂漫长的临床试验,时间与资金投入占新药研发总投入的比重较大。 为增强市场信心、推动医疗科研有序开展,临床试验责任保险应运而生。此类保险保什么?如何促进医 药产业创新发展?中国太保产险苏州分公司相关负责人介绍,临床试验中,一旦发生因使用试验用药品 引发不良反应,导致受试者人身伤亡或出现财产损失,保险公司将按合同约定进行赔付。该保险不仅保 障了受试者的权益,还减轻了研发机构的经济负担。 护航科技创新,金融机构一直在路上。近日,中国证券报记者走进多家专精特新公司和中国太保产险苏 州分公司,调研保险力量如何支持新质生产力发展。 中国证券报记者在采访中获悉,近年来,保险业已开发覆盖科技企业全生命周期的保险产品和服务体 系,创新产品 ...
横扫港股IPO!从“固收为王”到“股债双驱”,险资重塑资本角色
Hua Xia Shi Bao· 2025-10-09 19:35
纵观全局,险资正在从传统的"固收为主、权益为辅"转向"固收打底、权益增强"的资产配置模式。其在 IPO市场上的频繁出手,不仅是资产端寻求收益突破的战术调整,更是保险资金作为"耐心资本"服务实 体经济、支持国家战略的功能体现。 "险资正在从传统财务投资者向'产业赋能型资本'转型。"北京大学应用经济学博士后、教授朱俊生在接 受《华夏时报》记者采访时表示,传统险资更关注财务收益,而近年来,随着投资能力、产业研究能力 和投后管理能力的提升,一些险资机构开始通过IPO基石投资、战略配售、联合投后服务等方式深入参 与产业链发展,实现资本与产业的双向价值创造。 本报(chinatimes.net.cn)记者吴敏 北京报道 近年来,在资本市场深化改革与利率持续下行的双重背景下,保险资金正以前所未有的活跃姿态涌入 IPO市场,成为一级市场中不可忽视的长期资本力量。从港股基石投资到A股战略配售,从半导体芯片 到新能源电站,险资的触角正深入更多具备高成长性与战略价值的产业领域。 港股IPO:险资成为基石力量 今年以来,港股市场迎来多家重磅企业上市,其中紫金矿业旗下黄金业务板块紫金黄金国际的登陆尤为 引人注目。该项目不仅是今年港股募 ...
疯狂的赴港RWA:融资还是“融势”?
第一财经· 2025-10-09 13:55
Core Viewpoint - The article discusses the rising trend of Real World Assets (RWA) tokenization in the Greater Bay Area, highlighting its potential benefits and challenges for companies seeking to leverage this new financing model [4][5]. Group 1: RWA Tokenization Overview - RWA refers to the tokenization of real-world assets into tradable digital asset certificates using blockchain technology, with over 13 institutions exploring this model in the past two years [4][7]. - Companies are increasingly interested in RWA not just for financing but also for brand exposure and potential stock price enhancement [4][13]. Group 2: Recent Developments and Case Studies - Since 2024, notable companies like Langxin Group and Huaxia Fund have successfully issued RWA projects, with underlying assets including funds, bonds, and real estate [7][8]. - The total market value of global on-chain RWA assets surpassed $25 billion by July 2025, with projections suggesting the market could exceed $10 trillion by 2030 [9]. Group 3: Challenges and Risks - The costs associated with issuing RWA projects in Hong Kong can be high, often exceeding HKD 2.5 million, which may deter some companies from pursuing this route [11][12]. - Not all assets are suitable for RWA; successful tokenization requires stable cash flows, clear legal rights, and verifiable off-chain data [18][19]. Group 4: Regulatory Environment - The regulatory landscape for RWA is still evolving, with a need for clear classification and compliance pathways based on asset characteristics [19][20]. - There are concerns about systemic risks if transparency and custodial measures are not adequately enforced [20][21]. Group 5: Future Prospects - RWA could provide a new avenue for Chinese companies to return to the Hong Kong market, offering a more flexible and faster alternative to traditional secondary listings [24][25]. - The development of RWA is expected to align with economic trends, with potential breakthroughs in cross-border financial products and limited trials for equity assets [25].
12年“老将”告别:中国太保公告张远瀚已辞任总精算师
Hua Er Jie Jian Wen· 2025-10-09 13:23
10月9日, 中国太保 公告,集团总精算师张远瀚已经向公司递交辞呈。 据太保披露,张远瀚原定任期到期日为第十届董事会任期届满之日(以三年任期估算,预计为2027年2 月),提前离职事由为"工作变动"; 同时,张远瀚已不在上市公司及其控股资公司任职、不存在未履行完毕的公开承诺。 这意味着在中国太保服役超12年的这名精算"老将",或将告别太保体系。 张远瀚出生于1967年,拥有北美精算师协会会员资格、美国精算师学会会员资格; 从业早期,专注外资险企,精算、财务业务方面积累了丰富经验,曾任花旗集团旅行者保险-花旗保险 总部精算师,后任联泰大都会人寿、生命人寿、光大永明人寿总精算师; 信风注意到,此前张远瀚还曾身兼多职,曾于2019年兼任太保财务负责人、2024年兼任太保寿险子公司 临时总精算师; 后续,新管理层陆续到位,太保首席投资官苏罡于2024年接任财务负责人,工银安盛人寿副总经理、首 席精算师喻凌燕则于2025年6月出任太保寿险总经理助理、总精算师; 张远瀚的职位,则重新聚焦于太保集团总精算师。 今年8月末的业绩会上,张远瀚曾分享对于低利率时代保险产品的观点,指出预定利率下调缩小了分红 险与传统险的预定利率差 ...
2025上半年内含价值增长7.7%,期初内含价值预计回报影响2.8%、新业务价值创造影响2.6%、投资回报差异影响1.4%!
13个精算师· 2025-10-09 11:04
"13精"数据库第396周更新公告 13精资讯-增加2025年8月万能险结算利率2065条 13精资讯-增加2025年2季度保险公司增资情况数据 13精资讯-增加2024年各国保费、保险深度、人均保费 13精资讯-增加最近一周保险公司被处罚数据 13精资讯-增加最近一周保险公司投连险净值数据 在上述影响内含价值变动的因素中,一些公司剔除了投资波动、经济假设变化、注资和股东分红等因素影响,设计了ROEV指标。 内含价值营运回报率(ROEV)=(年初内含价值的预计回报+新业务价值创造+营运经验偏差+假设及模型变动)/期初内含价值 2025上半年度上市寿险公司合计ROEV为6.3%,同比下降了0.5个百分点! 从各家公司来看,中国人寿、平安寿险和太保寿险ROEV同比有所下降,而新华保险、友邦保险和阳光人寿的ROEV同比有所改善! 2、 "13精"给出了2025上半年度上市寿险公司内含价值变动科目与期初内含价值的比值,从中可以直观观察各个科目的影响程度。 | 变动项目 | 中国人寿 | 平安寿险 | | | 太保寿险 新华保险 友邦保险 阳光人寿 行业平均 | | | | --- | --- | --- | --- ...
中国太保(02601.HK):张远瀚辞任总精算师
Ge Long Hui· 2025-10-09 10:05
格隆汇10月9日丨中国太保(02601.HK)公告,近日收到公司总精算师张远瀚的辞呈。张远瀚因工作变 动,辞去公司总精算师的职务。根据《公司法》《公司章程》等相关规定,张远瀚的辞呈自送达公司董 事会之日起生效。 ...