WAIC 2025 世界人工智能大会 论坛：2025年7月26日-28日 上海世博中心 展览：2025年7月26日-29日 上海世博展览馆 当人工智能以大模型、Agent、低代码等技术形态加速重塑金融产业版图，从智能投顾服务的认知重构，到合规风控的智能监测，再到支付基础设施的高 效协同，AI技术正为全球金融行业注入全新的想象空间。然而在技术飞速演进的背后，金融落地的现实挑战同样凸显 —— 从算力投入的高成本压力到模 型透明性与监管合规的平衡，从中小机构的技术门槛到国际跨境监管的复杂性，AI+金融在穿越"实验室与真实世界"的断层带时，正面临多重结构性矛盾 的考验。 在此背景下，2025世界人工智能大会暨人工智能全球治理高级别会议聚焦AI赋能金融与投资生态，将从听、看两方面呈现。 「智听未来」AI+金融前沿论坛矩阵 WAIC 2025 AI+金融板块设置9场重点论坛，围绕金融创新和投资生态两大主线，打通产学研投全链路生态，围绕金融核心业务与未来创新展开深入对 话。 金融创新板块 金融创新论坛板块围绕人工智能与金融业务全链路场景创新，邀请全球顶尖银行家、经济学家、院士、科研领军人物、企业创始人、投资人和政策制定者 ...

Regulatory Changes - The new regulation "Report and Practice Unified" aims to address issues such as commission rate chaos and "yin-yang contracts" in the non-auto insurance sector, which is expected to reshape the competitive landscape of the property insurance market [2][3] - The regulation mandates that the insurance terms and rates executed by companies must strictly align with the materials submitted to regulators, effectively eliminating inconsistent practices [3][4] Market Dynamics - The non-auto insurance sector has seen rapid growth, now accounting for a significant portion of the property insurance market, but has also been plagued by price wars and regulatory violations [3][4] - The implementation of the new regulation is anticipated to exacerbate the existing "80/20" market distribution, where a few large companies dominate the majority of profits [5][6] Impact on Companies - Major players like PICC Property and Casualty, Ping An Property & Casualty, and others have reported a combined net profit of 20.88 billion yuan in Q1 2025, capturing over 80% of the market's profits, indicating their strong market position [6] - Smaller companies, lacking competitive advantages, face increased survival challenges as they can no longer rely on aggressive commission strategies to gain market share [7][9] Challenges for Small Insurers - Many small insurers have historically engaged in practices like inflated commissions and aggressive underwriting, which are now unsustainable under the new regulations [8][10] - The experience from the life insurance sector suggests that small insurers may see a decline in premium growth and market share, leading to potential financial distress [9][10] Strategies for Survival - Some small insurers are exploring niche markets and specialized operations as a means to survive, with examples like Modern Insurance showing potential for growth in specific segments [15][17] - However, not all small insurers possess the necessary resources or capabilities to successfully pivot, leading to a potential wave of exits or acquisitions in the industry [20][21]

Core Viewpoint - The A-share market appears vibrant but is experiencing underlying issues, with significant capital outflows and a lack of strong participation from various sectors [3][5][12]. Market Performance - The Shanghai Composite Index closed at 3532 points, but there was a net outflow of 2.4 billion yuan from major funds, indicating a hidden struggle beneath the surface [3]. - The banking sector showed strength, with Guiyang Bank rising by 4% and Postal Savings Bank increasing by 2.22%, but this was not supported by other sectors, leading to a lack of overall market momentum [3][12]. - The brokerage sector faced disappointment, with a 0.27% average decline, and the critical 5-day moving average at 2087 points is at risk [3][12]. Trading Volume and Market Dynamics - The trading volume in the Shanghai market was only 41 billion yuan, down by over 5 billion yuan compared to the previous Friday, indicating insufficient capital for sustained index growth [5]. - The market is showing a bifurcation, with small-cap stocks like Guangsheng Nonferrous and Silver Star Energy performing well, while other sectors remain sluggish [7]. Policy Impact - Positive policies are still in play, such as Indonesia's nickel export restrictions boosting energy metal stocks, but the impact is less widespread than before [9]. - The financial technology and AI sectors, previously favored by policies, are now underperforming as funds shift towards traditional industries [9]. Sector Analysis - The power sector is emerging as a "second battlefield," with stocks like Yangtze Power and Huaneng Hydropower showing resilience, indicating a potential safe haven for investors during market volatility [12]. - Insurance stocks, particularly China Life and China Pacific Insurance, have shown stability, with reports of significant ETF purchases by insurance giants, suggesting a cautious outlook on the broader market [11]. Key Support Levels - The critical support level for the index is at 3513 points, with 3521 points acting as a dividing line for market strength [12]. - The afternoon trading session will hinge on whether the banking sector can break through the 4626-point resistance and if the brokerage sector can maintain the 2079-point support [14].

Investment Rating - The industry investment rating is Attractive [7][9]. Core Insights - The insurance sector has shown strong performance over the past two years, driven by anti-involution, improved business quality, and market beta [9]. - Anti-involution measures are expected to continue benefiting both life and property & casualty (P&C) insurers, enhancing long-term profitability and balance sheet strength [3][9]. - Life insurers face risks related to interest rate spread loss, which has pressured valuations down to approximately 0.5x price-to-book (P/B) by early 2024 [4]. - P&C insurers are expected to benefit from eased competition in both auto and non-auto lines, potentially expanding underwriting margins [9]. Summary by Sections Life Insurance - The anti-involution measures for life insurers include cutting commissions and expenses across all channels, reducing pricing interest rates from 3.5% to an estimated 2-2.25%, and introducing a floating pricing interest rate mechanism [4]. - The introduction of a long-term evaluation mechanism on insurers' investment and efficiency is also part of the regulatory changes [4]. Property & Casualty Insurance - A restricted expense policy for P&C insurers has been in place since 2018 and was further strengthened in 2023 and 2024, with regulations expanding to non-auto lines in July 2025 [5]. Company Ratings - AIA Group Ltd: Overweight [61] - Ping An Insurance Group Co of China Ltd: Overweight [61] - China Life Insurance Co Ltd: Equal-weight [61] - China Pacific Insurance Group Co Ltd: Overweight [61] - PICC Group: Overweight [61] - ZhongAn Online P & C Insurance Co Ltd: Overweight [61]

据了解，中证上海国企指数以上海市（含区县）国资控股以及重要参股的上市公司证券为待选样本，结 合盈利能力、成长能力、股东回报水平等进行选样，以反映基本面情况较好的上海国资国企相关上市公 司证券的整体表现。该指数以2012年12月31日为基日，以1000.0点为基点。 金融界7月14日消息，A股三大指数收盘涨跌不一，中证上海国企指数 (上海国企，950096)上涨0.07%， 报1398.01点，成交额247.42亿元。 数据统计显示，中证上海国企指数近一个月上涨3.22%，近三个月上涨8.05%，年至今下跌1.62%。 从指数持仓来看，中证上海国企指数十大权重分别为：中国太保（8.41%）、国泰海通（6.06%）、上 海机场（5.68%）、浦发银行（5.05%）、上海电气（3.85%）、上海银行（3.79%）、上汽集团 （3.28%）、东方证券（3.15%）、华域汽车（3.02%）、申能股份（2.98%）。 从中证上海国企指数持仓的市场板块来看，上海证券交易所占比100.00%。 从中证上海国企指数持仓样本的行业来看，金融占比29.11%、工业占比23.07%、可选消费占比 11.80%、房地产占比10.14% ...

Group 1 - The Shanghai Reform and Development Theme Index closed at 2523.18 points, with a trading volume of 29.016 billion yuan, reflecting a 0.51% increase [1] - Over the past month, the index has risen by 3.32%, and by 8.67% over the last three months, while it has decreased by 0.07% year-to-date [1] - The index primarily selects stocks from companies listed on the Shanghai Stock Exchange, focusing on themes such as the "Belt and Road" initiative, "Four Centers," and Free Trade Zone development [1] Group 2 - The top ten weighted stocks in the index include SAIC Motor (8.68%), Shanghai Port Group (7.73%), and Pudong Development Bank (7.62%) [1] - The index's holdings are entirely composed of stocks from the Shanghai Stock Exchange, with the industrial sector representing 29.98%, financial sector 22.30%, and consumer discretionary 18.22% [2] - The index samples are adjusted quarterly, with changes implemented on the next trading day following the second Friday of March, June, September, and December [2]

- 96 110 . . in for 老屋 太平 CPic L s . C / w 8 - t 2025年是"7.8全国保险公众宣传日"活动举办的第十三年。中国太保寿险山东分公司根据行业协会及总公司部署要求，积极开展"爱和责任 保险让生活更美 好"2025年"7.8全国保险公众宣传日"主题活动，通过绿色健步走+科普市集+公益行动的创新形式，将金融知识送到百姓身边，用脚步丈量责任，用行动传递 温度。 科普市集：金融知识零距离 在各地行业协会组织的宣传活动现场，中国太保宣传服务展台成为市民"打卡点"。 在济南泉城公园，中国太保寿险山东分公司、济南中心支公司联合济南源申康复医院，一起展示"保险+健康"服务生态；在淄博，员工走进孝妇河湿地公 园，向市民宣传金融安全知识，揭露"代理退保"骗局，帮市民捂紧"钱袋子"；在菏泽，由20余人组成的"太保惠民服务方阵"参加市大剧院启动仪式，并在现 场设置"党员服务岗"，用案例解析新《反洗钱法》；在威海，"太保蓝"闪现幸福门，用方言向市民讲解新《反洗钱法》要点，让普法更接地气；在临沂，员 工深入社区、商圈，为外卖员、保洁人员等特殊群体普及防诈骗知识，并设立"便民服务点"提供清凉降 ...

来自长江养老、中国太保寿险、交通银行、海富通基金等机构的业界代表，分别从保险、银行、基金等视角分享了实 践经验与前瞻思考，为行业发展贡献多元智慧。 论坛下半场由兰州大学《西北人口》副主编吴继煜主持。来自社科院、华东政法大学、南开大学、北京大学、兰州大 学、西华大学等多位高校学者及硕博士研究生分享了在养老金融与银发经济领域的最新研究成果，内容覆盖"政策引 导+市场创新"推动养老金融助力银发经济、从法律规制角度呼吁完善企业年金受托人制度、家庭养老资产由生存型向 投资型转型的趋势、负债与收入风险对老龄家庭投资行为的影响等多个方向。 作为本次论坛的承办方，长江养老积极搭建"产、学、研、用"深度融合的交流平台，力求汇聚各方智慧，打破专业界 限、打通行业壁垒，从底层的人口基础出发，融合学术、金融和产业思维，共同探讨人口老龄化背景下养老金融的创 新路径与银发经济的发展模式。根据养老金融长期发展需要，长江养老在会上正式启动了面向全国高校的首届"长江 养老杯"大学生养老金融模拟投资大赛，旨在持续推动学术界与产业界的有效对接、深度融合，积极服务国家养老保 障体系建设。 未来，长江养老将继续秉持"专业、可信赖、有情怀"的服务理念， ...

Core Insights - The non-bank sector is experiencing a transformation driven by policy initiatives, which are expected to enhance revenue growth in the securities and insurance industries [2]. Group 1: Securities Industry - The implementation of the "Implementation Opinions on Strengthening Self-Regulation to Promote High-Quality Development of the Securities Industry" is likely to expand wealth management, investment banking, and asset management businesses, benefiting overall industry revenue growth [2]. - As of July 14, the CSI 800 Securities and Insurance Index component stocks showed mixed performance, with Guolian Minsheng leading with a 6.70% increase [1]. Group 2: Insurance Industry - The notification on guiding insurance funds for long-term stable investments is expected to increase the allocation of high-dividend stocks and long-term government bonds, enhancing the investment returns of insurance companies and improving industry valuations [2]. - The CSI 800 Securities and Insurance ETF has seen a significant increase in net value, rising by 49.53% over the past year, indicating strong investor interest [1]. Group 3: Market Performance - As of June 30, the top ten weighted stocks in the CSI 800 Securities and Insurance Index accounted for 63.35% of the index, highlighting the concentration of investment in these key players [3]. - The CSI 800 Securities and Insurance ETF has experienced a growth of 81 million shares over the past year, reflecting robust demand in the non-bank sector [1].

Core Viewpoint - The insurance industry is facing intensified regulatory scrutiny, with China Pacific Insurance (CPIC) being penalized for compliance issues, reflecting broader challenges in the sector regarding growth and governance [2][3]. Regulatory Penalties - On July 11, the National Financial Regulatory Administration announced penalties totaling 10.74 million yuan against CPIC's subsidiaries, including 4.72 million yuan for CPIC Property Insurance and 3.53 million yuan for CPIC Life Insurance, due to violations such as improper use of approved insurance terms and inaccurate reporting [5][6]. - The penalties stem from historical compliance issues, with CPIC stating that all related problems had been rectified prior to the penalties being issued [6][7]. Industry Challenges - The penalties highlight ongoing issues within the insurance industry, where some companies have previously prioritized market share over compliance, leading to various irregularities in pricing, expense management, and data reporting [6][7]. - The current regulatory environment is characterized by a significant increase in enforcement actions, with approximately 1,100 fines issued to around 600 institutions in the first half of 2025, totaling about 190 million yuan [8]. Financial Performance - CPIC's financial performance is under pressure, with a reported 1.79% decrease in revenue to 93.72 billion yuan and an 18.13% drop in net profit to 9.63 billion yuan in the first quarter of 2025 [8][9]. - For the first five months of 2025, CPIC Life Insurance reported a 10.2% increase in original insurance premium income to 134.79 billion yuan, while CPIC Property Insurance saw only a 0.5% increase to 92.38 billion yuan, indicating a significant slowdown in growth [9]. Management Changes - Recent leadership changes at CPIC Property Insurance, including the appointment of Yu Bin as chairman, raise questions about how the company will navigate the dual challenges of slowing performance and compliance governance [9].