消息面上，2026年以来，银行超50万亿元的天量高息定期存款到期，资金流向成为市场热议的话题。东 海证券指，受存款搬家催化，以及权益市场提振带动分红险保险竞争力提升，2026保险"开门红"销售火 热，头部险企新单保费增速亮眼。该行预计，在居民稳健理财需求持续释放、银保渠道产能进一步兑现 的支撑下，"开门红"期间行业整体保费规模将保持高增态势，头部险企凭借渠道与产品优势，保费增长 动能将持续领先行业。 华创证券指出，着眼短期，预计上市险企2025年业绩预增可期，或主要受投资端业绩驱动。把握中期， 2026年上半年基数压力相对较小，权益市场活跃+负债端欣欣向荣，有望驱动业绩超预期。放眼长远， 当前长端利率企稳趋势明显，利差损压力大幅减轻，该行认为PEV估值或有望向1x修复，居民挪储或带 动NBV强劲增长，或驱动部分优质龙头险企PEV估值提升至1x以上。 内险股震荡走高，截至发稿，新华保险（601336）(01336)涨3.48%，报65.4港元；中国太保（601601） (02601)涨3.48%，报39.9港元；中国平安（601318）(02318)涨3.03%，报73.1港元；中国人寿（601628） (02 ...

中国太保 20260128 摘要 中国太保坚持稳健经营和长期主义，负债端和投资端均遵循此策略，四 季度延续前三季度稳健态势，主要指标保持稳定。 预计 2025 年全年实际税率处于正常区间，财政部新保险合同准则企业 所得税处理公告对后续实际税率无重大影响。 2025 年投资业绩依赖于长期资产配置积累，固收方面拉长久期，增加 长期限利率债配置至 40%以上，权益端采用股息价值策略，关注成长性 板块。 固收配置结合宏观环境和负债端变化调整，差异化投资策略应用于不同 产品账户，权益类资产计划适当增加 FVOI 占比。 2026 年开门红策略强调"收关开门一体化"和分客群经营，代理人渠 道分红期缴推进好于预期，银保渠道符合预期。 代理人渠道全年分红期缴计划为高个位数正增长，银保渠道增长指引为 20%~30%，预计 2026 年三季度无预定利率调整带来的炒停现象。 银保渠道坚持"价值银保策略"，深耕股份制银行和国有大行网点，保 持稳定发展节奏，不会过度扩张，着力提升服务能力和系统支持。 Q&A 公司 2025 年全年的投资业绩更多依赖于多年来资产配置的积累。从单个季度 来看，某些投资动作难以显著影响整体大盘。近年来，公司 ...

| 成交量(万份) | 成交额(万元) | 相对当日收盘折价 (%) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | | 580.00 | 1417.52 | 6.87 | 机构专用 | 华宝证券股份有 公司上海东大名 证券营业部 | | 1280.00 | 3127.04 | 6.87 | 机构专用 | 瑞银证券有限责 公司上海花园7 路证券营业培 | | 3940.00 | 9625.42 | 6.87 | 机构专用 | 华宝证券股份有公司 公司上海东大2 | （数据来源：Wind） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2026年1月28日，矿业ETF(561330.SH)收涨7.38%，发生3笔折价大宗交易，成交价均为2.44元，较当日收盘价折价6.87%。成交额分别为1417.52万元， 3127.04万元，9625.42万元，总成交额为1.42亿元，居全市场第一。（数据来源：Wind） 矿业ETF(561330.SH)，场外联接(A：018167；C：018168)。 ...

Core Viewpoint - The development of health insurance in China is transitioning from merely existing to improving quality, with a focus on enhancing service as a key driver for sustainable growth in the industry [1][20][21]. Group 1: Importance of Service in Health Insurance - Service is identified as a crucial element for driving customer engagement and sustainable operations in health insurance [2][21]. - The industry must balance three core relationships: alignment of healthcare supply with customer needs, collaboration between customer growth and diverse channel strategies, and interaction between medical inflation and risk reduction [2][21]. - The "service flywheel" concept illustrates how effective service can create a self-reinforcing cycle that enhances customer loyalty and attracts new clients [3][25]. Group 2: Service Flywheel Mechanism - The service flywheel effect describes how initial investments in customer service can lead to exponential growth in value through enhanced customer experience and retention [3][25]. - The flywheel's acceleration is driven by the "service multiplier" effect, where each health service provided generates greater value than the initial investment [3][25]. - A successful service flywheel can stabilize customer bases and mitigate the risks associated with long-term health insurance operations [4][25]. Group 3: Transition from Risk Pricing to Value Pricing - The shift from risk pricing to value pricing in health insurance is essential to address challenges such as medical inflation and changing customer expectations [16][36]. - Value pricing integrates health services into product design, allowing for a more comprehensive approach to customer needs and risk management [16][36]. - The industry is encouraged to expand coverage through innovative service combinations that address out-of-pocket expenses and provide dynamic protection throughout the customer lifecycle [18][37]. Group 4: Challenges and Solutions in Health Management - The integration of health management with insurance faces challenges such as low adherence to health management practices and difficulties in measuring effectiveness [34][35]. - Establishing a scientific mechanism for validating the impact of health services on risk reduction is crucial for aligning service investments with core business metrics [35]. - The use of artificial intelligence and data analytics can enhance personalized health management, improving adherence and breaking the linear cost growth pattern [35][36]. Group 5: Future Directions for Health Insurance - The health insurance sector must evolve from a reactive compensation model to a proactive health management partner, enhancing its role in the healthcare ecosystem [19][38]. - Companies are encouraged to deepen their engagement in health services to strengthen competitive advantages and avoid detrimental market practices [19][38]. - The establishment of a robust service framework is seen as a complex but necessary step for achieving high-quality development in commercial health insurance [19][38].

一、同意中国太平洋财产保险股份有限公司罗江支公司将营业场所变更为：四川省德阳市罗江区万安北 路东侧318号(禾顺.翰林苑一期)102附1、103号。 2026年1月19日，国家金融监督管理总局德阳监管分局发布批复称，《关于中国太平洋财产保险股份有 限公司罗江支公司变更营业场所的请示》(德太保产〔2025〕16号)收悉。经审核，现批复如下： 二、中国太平洋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。 ...

从田间地头到产业协同，中国太保锚定农业农村现代化，将"保险+"融入更广泛的金融服务生态，为农 业高质量发展、乡村全面振兴注入强劲动能，在全面助力特色富民产业高质量发展的同时，让农户在面 对自然灾害和市场波动时，既有从容应对的心态，更有坚实可靠的底气。 以前靠运气 现在有保险 "养猪就像坐过山车，价格高时笑，价格跌时愁。"在福建省龙岩市新罗区，养殖户李斌(化名)看着自家 存栏的4000多头生猪，语气中透出多年经营的感慨，而如今他的神情显得从容许多。 近日，李斌投保的福建省首单"育肥猪期货收入保险"正式生效，这意味着无论市场价格如何波动，他的 养殖收入有了坚实的"保护垫"。 这一创新保险产品由中国太保产险福建分公司联合兴证期货共同推出，标志着在应对"猪周期"、稳定生 猪生产方面，探索出一条"保价格"更"保收入"的市场化新路径。 针对广东岭南水果全产业链需求，中国太保产险推出了11款水果专属险种。2025年，为荔枝、黄皮、龙 眼等岭南水果提供了25亿元的风险保障，覆盖种植面积超83万亩。 与此同时，中国太保产险持续创新保险服务模式，落地地方政策性荔枝气象指数保险，并进一步拓展荔 枝花期、采摘期气象指数保险，实现全生 ...

刘强东给老家送年货，村委会广播通知村民：骑三轮车来拉年货 1月27日，刘强东老家宿迁光明村村委会通过广播喊话村民领年货。"明天下午先来村口看演出，有咱自己村的村晚，后天29号早上10点，正式开始发年 货！今年给每家每户的年货还是特别实在，大家备好人手，三轮车、小推车，能用的都用上！" "小年"火车票开售！广铁预测2月7日现客流高峰 去年我国房地产贷款余额减少近万亿，普惠小微贷增长明显 1月27日，中国人民银行发布2025年四季度金融机构贷款投向统计报告。据中国人民银行统计，2025年四季度末，金融机构人民币各项贷款余额271.91万 亿元，同比增长6.4%，全年人民币贷款增加16.27万亿元。其中，普惠小微贷款余额同比增长11.1%，增速比各项贷款高4.7个百分点；房地产贷款余额同 比下降1.6%，全年减少9636亿元；不含个人住房贷款的消费性贷款余额同比增长0.7%。 长达18年的印度与欧盟的自由贸易协议谈判，终于落定。据央视新闻，当地时间1月27日，印欧领导人在新德里举行会晤。印度总理莫迪宣布，印度和欧 盟达成自由贸易协定。 欧盟委员会称，印度给予欧盟的关税减免将大幅改善欧盟出口产品的市场准入。例如，汽车 ...

1月26日，国家金融监督管理总局梅州监管分局发布行政处罚信息显示，中国太平洋财产保险股份有限 公司（下称"太保产险"）梅州中心支公司，存在农业保险承保信息记载不真实的违法违规行为，被责令 改正并处罚款10万元。对相关责任人丘金龙给予警告并处罚款1万元。 | Hally Pr | | --- | | 发布时间: 2026-01-26 来源:广 11 12 12 12 | | 序 | 当事人名 | 主要违法违规行为 | 行政处罚内容 | 作出决定机关 | | --- | --- | --- | --- | --- | | 号 | 称 | | | | | | 中国太平 洋财产保 险股份有 限公司梅 | | 责令中国太平 洋财产保险股 份有限公司梅 州中心支公司 | 国家金融监督 | | 1 | 州中心支 | 农业保险承保信息记载不真实 | 改正并处罚款 | 管理总局梅州 | | | | | 10万元。对丘 | 监管分局 | | | 公司及相 关责任人 | | 金龙给予整告 并处罚款1万 | | | | 员 | | 元。 | | 记者留意到，本月内，太保产险广东已有多家分支机构领罚单。1月6日，广东金融监管局已集中开 ...

证券之星消息，1月27日保险板块较上一交易日上涨2.23%，中国人寿领涨。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。保险板块个股涨跌见下表： | 代码 | 名称 | 主力净流入（元） | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601318 中国平安 | | 6.671Z | 6.75% | -5.42 Z | -5.49% | -1.25 Z | -1.26% | | 601336 新华保险 | | 2.17亿 | 7.76% | 9753.73万 | 3.49% | -3.14亿 | -11.25% | | 601601 中国太保 | | 1.56亿 | 6.10% | 9015.50万 | 3.52% | -2.47 Z | -9.62% | | 601319 中国人保 | | 7597.37万 | 7.64% | 3701.80万 | 3.72% | -1.13亿 | -11.37% | ...

Investment Rating - The industry investment rating is "Recommended" for the insurance sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [8][21]. Core Insights - The report highlights a significant increase in public fund holdings in the insurance sector, with the total holding rising to 2.29% in Q4 2025, reflecting a 1.19 percentage point increase from the previous quarter. This increase is attributed to improved annual performance expectations, public fund reforms, and the initiation of year-end promotional activities [3][6][7]. - The report notes that individual stock holdings within the insurance sector have generally increased, with China Ping An's holding rising to 1.20%, a substantial increase of 0.73 percentage points. Other companies like China Life and New China Life also saw increases in their holdings [6][7]. - The long-term interest rates are expected to stabilize in 2025, with a potential upward trend in 2026, which may alleviate previous concerns regarding "interest spread losses" and positively impact the valuation of the life insurance sector [6][7]. Summary by Sections Public Fund Holdings - The overall non-bank financial holdings increased by 1.19 percentage points, with the insurance sector's holdings at 2.29% and the securities sector at 0.84%. The multi-financial sector saw a decrease to 0.17% [3][4]. - The report provides a detailed breakdown of public fund holdings in major insurance companies, indicating a general trend of increased investment in the sector [9]. Market Dynamics - The report attributes the increase in public fund holdings to three main factors: reduced performance pressure due to base changes, structural market opportunities despite some adjustments, and the initiation of promotional activities by listed insurance companies [7][8]. - The anticipated performance of the insurance sector is expected to remain strong, supported by the equity market and the demand for savings products from residents [8][10]. Recommendations - The report recommends specific companies for investment, including China Taiping, China Ping An, China Life H, and China Pacific Insurance, based on their expected performance and market conditions [10].