拉长时间看，该基金近2天杠杆资金加速流入，合计流入2130.14万元，居可比基金前2。（数据来源： Wind） 2026年1月12日，科创人工智能ETF 广发（588760.SH）收涨7.96%，成交3.79亿元。获融资买入3426.99 万元，融资偿还2050.03万元，融资净买入1376.96万元，居可比基金前2。（数据来源：Wind） 科创人工智能ETF 广发（588760.SH），场外联接(A类：024245；C类：024246）。 ...

格隆汇1月13日｜A股市场保险股集体走强，其中，中国人寿涨超4%，新华保险、中国人保涨超3%，中 国太保、中国平安涨近3%。 MACD金叉信号形成，这些股涨势不错！ | 代码 | 名称 | . | 涨幅%↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601628 | 中国人寿 | 1 | 4.41 | 14590亿 | 13.45 | | 601336 | 新华保险 | + | 3.76 | 2591亿 | 19.18 | | 601319 | 中国人保 | 1 | 3.27 | 4475亿 | 13.07 | | 601601 | 中国太保 | 安 | 2.97 | 4496亿 | 11.50 | | 601318 | 中国平安 | 1 | 2.77 | 12570亿 | 1.49 | ...

修车贵、保费高一直让新能源车主如鲠在喉，也令消费者购车时略感不安。尽管近年来多项有关新能源汽车维修和保险的政策纷至沓 来，但并未彻底扭转这一局面，或许标准先行为行业提供了另一种解题思路。 2025年12月29日，中国汽车维修行业协会在京召开了"制定完善新能源汽车维修和理赔标准工作启动会"，旨在落实国家金融监督管理 总局、工信部、交通运输部、商务部等四部委联合印发的《关于深化改革加强监管促进新能源车险高质量发展的指导意见》（以下简称 《指导意见》）。随着工作的启动，一批与新能源汽车维修和理赔相关的标准将开始紧锣密鼓地进入研究和起草程序。 "协会牵头制定这些团体标准，不是为了设门槛、搞壁垒，而是为了在尊重市场机制的前提条件下，把实践经验、整理数据和一线问 题解决方案固化在标准中，通过明确规则、统一语言、规范流程，达到降低行业运行成本，减少不必要的摩擦和争议，提升维修和理赔的 透明度、公正性和可预期性的目的，让标准真正来自行业，服务行业。"中国汽车维修行业协会会长张延华说。 电动汽车独立维修被戏称"高危职业" 在反垄断要求之下，传统燃油车企从10年前开始逐步开放售后体系，使得非授权维修厂具备了一定的汽车关键零部件维 ...

保险股接下来怎么看？20260112 摘要 从负债端来看，2025 年底至 2026 年初的数据表明，预收预录数据质量较好， 大部分转化为实收。银行存款利率下降导致居民资金流向保险产品，这使得传 统险与分红险具有吸引力。预计 2026 年全年保费增速将呈现前高后低态势， 上半年尤其是一季度增速较高，而三季度可能面临一定压力。 从资产端来看， 利率上行趋势对保险公司固收类投资有利，可以缓解利差损风险。目前十年国 债收益率已上升至 1.9%左右，相比去年增加了 30 个 BP。此外，权益类资产 占比约 15.5%，若股票市场持续走强，将进一步提升保险公司收益。 保险股估值仍处低位，中国太保和中国平安 2026 年 P/EV 分别约为 0.7 倍和 0.8 倍，内涵价值快速增长，建议投资者继续持有或适度加仓，但 需关注市场波动。 中国人寿 A 股估值高于中国太保和平安，因其内涵价值增长较快，但更 推荐港股中国人寿，因其相对于 A 股有明显折价。 2025 年底至 2026 年初预收预录数据质量较好，银行存款利率下降导 致资金流向保险产品，预计 2026 年全年保费增速前高后低，一季度增 速较高，三季度或有压力。 利 ...

Core Viewpoint - The rapid growth of China's non-auto insurance sector, with an average annual growth rate exceeding 10% over the past decade, has led to high costs and irrational competition, prompting regulatory measures to reshape the market dynamics towards risk pricing and service capability [2][3][12]. Group 1: Industry Growth and Challenges - Non-auto insurance premiums accounted for over 50% of total premiums, with a significant increase in the average annual growth rate of 14.4% from 2014 to 2024, compared to 5.2% for auto insurance [3][12]. - Major insurance companies, including PICC, Ping An, and Taiping, have reported that their average non-auto insurance comprehensive cost ratio has remained above 100% since 2019, indicating underwriting losses primarily offset by auto insurance profits [4][12]. - The industry faces challenges such as high expense levels, inadequate premium sufficiency, persistent underwriting losses, and high accounts receivable [2][3]. Group 2: Regulatory Measures - The China Banking and Insurance Regulatory Commission (CBIRC) has issued several notifications and guidelines to address irrational competition and high costs in the non-auto insurance sector, including the recent "Questions and Answers on Comprehensive Governance of Non-Auto Insurance" [2][4][12]. - The new regulations emphasize the principle of "reporting and operating in unison," requiring insurance companies to strictly adhere to approved insurance terms and rates, thereby enhancing market behavior regulation [4][11]. - The regulations aim to reduce the emphasis on premium scale and growth, shifting the focus towards compliance, quality, and consumer rights protection [6][12]. Group 3: Company Responses - Leading insurers like PICC, Ping An, and Taiping have proactively initiated product term filings and cost governance in response to regulatory changes, indicating a strong commitment to compliance [6][7]. - Companies are restructuring their business models to transition from cost competition to risk pricing and service capability, with a focus on enhancing internal management and product innovation [7][8]. - Smaller insurers are encouraged to focus on niche markets and specialized products to differentiate themselves and build competitive advantages [15][16]. Group 4: Market Dynamics and Future Outlook - The implementation of the "reporting and operating in unison" policy is expected to compress some business operations in the short term but will ultimately lead to a more sustainable competitive environment based on risk identification and service quality [10][12]. - The regulatory framework aims to clarify responsibilities and streamline processes, pushing the market towards a more structured and compliant operational model [10][11]. - The anticipated market concentration will favor larger, well-managed companies, while smaller firms may need to adapt by focusing on specialized areas to survive [15][16].

Investment Logic - The core view is that new individual insurance premiums for listed insurance companies are expected to achieve double-digit growth by 2026, primarily driven by the bancassurance channel [1][18] - The individual insurance channel is anticipated to maintain steady growth, while the bancassurance channel will benefit from the migration of deposits, leading to an increase in market share for large insurance companies [1][18] - The growth in the bancassurance channel is expected to dilute fixed costs, significantly enhancing overall profitability [1][18] Bancassurance Channel - Since 2020, leading insurance companies have refocused on the bancassurance channel, transitioning from scale compensation to value pursuit, resulting in a rise in market share [2][8] - The bancassurance channel has seen a compound annual growth rate (CAGR) of 16.2% from 2019 to 2023, while individual insurance premiums have declined [9] - The "reporting and banking integration" policy implemented in August 2023 has significantly reduced costs, enhancing the value rate of the bancassurance channel [14][9] Customer Deposit Analysis - A survey of 88 frontline bank wealth managers indicates that a significant portion of residents' deposits will mature in 2026, with expectations of low renewal rates due to the withdrawal of high-yield time deposits [3][25] - The majority of maturing depositors are aged 45 and above, indicating a lower risk appetite, with insurance products being the second choice for reallocating maturing deposits [4][30] - Wealth managers believe that bank wealth management products will be the most accepted option for maturing deposits, followed by insurance products [30][27] Sales Logic for Insurance Products - Wealth managers prioritize customer returns and the brand of insurance companies when recommending insurance products [5][33] - The core advantages of participating in dividend insurance sales include stable returns, capital safety, and alignment with long-term financial planning [36][40] - Challenges in selling dividend insurance include uncertainty in returns and the long duration of products, which may deter potential customers [40][36] Market Forecast - The insurance industry is projected to see new single premium growth exceeding 25% in 2026, driven by the bancassurance channel [42][44] - The expected influx of maturing deposits into insurance products will be significant, with estimates of new funds in the bancassurance channel reaching 11,150 billion by the end of 2026 [44][44] - The concentration trend among leading insurance companies is expected to continue, with larger firms benefiting from improved profitability in the bancassurance channel [47][48]

Core Viewpoint - The announcement details a significant equity change involving Shanghai International Airport Co., Ltd., where Taibao Asset increased its shareholding from 2.09% to 5.00% through a block trade, without altering the controlling shareholder or actual controller of the company [2][5]. Group 1: Equity Change Details - On January 9, 2026, Taibao Asset completed the acquisition of 72,424,000 A-shares, raising its total holdings from 51,991,684 shares to 124,415,684 shares [2][3]. - The increase in shareholding was funded by insurance funds managed by Taibao Asset on behalf of Taibao Life Insurance [3]. Group 2: Stakeholder Information - Taibao Asset and Taibao Life Insurance are subsidiaries controlled by China Pacific Insurance (Group) Co., Ltd., and they have a concerted action relationship as per the regulations of the China Securities Regulatory Commission [2][3]. Group 3: Regulatory Compliance - The equity change does not lead to a change in the company's controlling shareholder or actual controller [5]. - The equity change is in compliance with relevant regulations, including the Securities Law and the Measures for the Administration of the Acquisition of Listed Companies [5].

Core Viewpoint - Analyzing an insurance company requires a comprehensive approach that considers multiple indicators such as risk, profitability, development, and scale, rather than focusing solely on premiums or profits [1]. Group 1: Comprehensive Strength of Insurance Companies - The "13精" comprehensive competitiveness ranking has been published for six consecutive years, evaluating companies based on six key indicators [1][4]. - The ranking aims to guide insurance companies to prioritize consumer rights protection by adjusting the evaluation system to include service capability [1]. Group 2: Top Competitors in 2025 - In the first half of 2025, the top 30 companies in the "13精" comprehensive competitiveness ranking included five AAA-rated companies: Ping An Property & Casualty, PICC Property & Casualty, Taiping Property & Casualty, China Life Property, and Yingda Property [5][6][14]. - The ranking reflects the ongoing "Matthew Effect" in the insurance industry, where leading companies maintain their competitive edge [14]. Group 3: Financial Performance and Trends - In the first half of 2025, the net profit of 84 property insurance companies reached 52.5 billion, marking a continuous growth for five years and nearing the total net profit of 60.5 billion for 2024 [11]. - The profitability of property insurance companies has improved due to better underwriting capabilities and a favorable investment environment, with many companies experiencing significant year-on-year profit increases [12][19]. Group 4: Individual Company Analysis - Ping An Property & Casualty demonstrated strong growth in both scale and profitability, with a double-digit growth rate in non-auto insurance premiums [16][19]. - PICC Property & Casualty achieved a comprehensive cost ratio of 94.72%, down 0.81 percentage points from the previous year, with a return on equity (ROE) exceeding 9% [20][22]. - Taiping Property & Casualty improved its net asset return to 8.9%, benefiting from a reduction in comprehensive cost ratios [24]. Group 5: Industry Dynamics and Challenges - The transition towards non-auto insurance has led to increased differentiation among insurance companies, with some small and medium-sized firms improving profitability while others struggle [12][28]. - The industry continues to experience a "Matthew Effect," where larger firms outperform smaller ones in both scale and profitability, despite overall improvements in cost ratios across the sector [25][28]. Group 6: Industry Metrics and Comparisons - The average premium growth rate in the industry was 4.04%, with an average ROE of 6.86% and a comprehensive solvency adequacy ratio of 239.30% [30]. - The ranking system has been refined over time to better reflect the industry's focus on high-quality development, including adjustments to the scoring of premium growth and the introduction of service capability metrics [52][54].

北京商报讯（记者 李秀梅）1月12日，国家金融监督管理总局河南监管局发布行政处罚信息显示，中国太平洋 人寿保险股份有限公司商丘中心支公司，因给予投保人保险合同约定以外的利益；未按规定使用经备案的保险 费率；员工行为管理不到位，被罚款39万元。 | 总监) | | | | | --- | --- | --- | --- | | 中国太 | | | | | 平洋人 | | 给予投保人保险 | | | 寿保险 | 商金罚决 | 合同约定以外的 | 罚款 | | 股份有 | き | 利益;未按规定 | | | 3 | | | 39万 | | 限公司 | [2025] | 使用经备案的保 | | | | | | 元 | | 菌丘中 | 29号 | | 险费率:员图片来源：国家金融监督管理总局河南监管局 | 中国太平洋人寿保险股份有限公司商丘中心支公司副总经理总监田俊洲、中国太平洋人寿保险股份有限公司商 丘中心支公司副总经理王静华分别被警告并罚款4万元。 ...

2026年1月12日，科创债ETF嘉实（159600.SZ）微涨，主力资金（单笔成交额100万元以上）净流入 13.28亿元，居可比基金前3。（数据来源：Wind） 与此同时，该基金最新成交量为6896.45万份，最新成交额达68.87亿元，居可比基金前3。 与此同时，该基金最新成交量为6896.45万份，最新成交额达68.87亿元，居可比基金前3。 2026年1月12日，科创债ETF嘉实（159600.SZ）微涨，主力资金（单笔成交额100万元以上）净流入 13.28亿元，居可比基金前3。（数据来源：Wind） ...