专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则 基金会（IFRS Foundation）北京办公室协办，新浪财经与世界绿色设计组织北京代表处承办，上海市黄 浦区人民政府支持。 申能集团作为大会全球合作伙伴，在"申能集团专场分论坛"上，围绕"全球变革中的上海行动与多元协 同"这一核心议题，热议"打造可持续发展的东方样板"、"解码上海产业升级的可持续动力"、"探索上海 五大中心的增长新范式"等话题。 公司MSCI的ESG评级达到最高AAA级，目前是中国大陆唯一达到该评级的保险机构，这标志着我们的 ESG管理得到了国际权威机构的全面的认可。 中国太保副总裁、首席投资官、财务负责人苏罡出席大会并做主题演讲。苏罡表示，上海"五个中心"建 设是国家战略的重要布局，是推动高质量发展的关键引擎。作为扎根上海的金融保险企业，中国太保始 终将服务"五个中心"建设作为核心战略任务，以专业能力为基石，以可持续发展理念为内核，深度融入 上海发 ...

Core Insights - The core viewpoint of the article emphasizes the dominance of whole life insurance products in the market, highlighting their sustained growth in sales and premium income over recent years [2][20][26]. Group 1: Market Trends - In 2024, whole life insurance remains the top-selling product, continuing its three-year streak as the market leader, with one product exceeding 50 billion in premium income [2][20]. - The total premium income for the top five insurance products in the life insurance industry reached 1.22 trillion yuan, accounting for 38.4% of the total original insurance premium income [26][29]. - The concentration of premium income among the top five products has decreased from 48.4% in 2017 to 38.4% in 2024, indicating a trend towards diversification in product offerings [29]. Group 2: Product Performance - The number of whole life insurance products in the top five has increased significantly, with 188 products generating a total premium income of approximately 72.23 billion yuan in 2024 [22]. - The average premium income for whole life insurance products is 38.4 million yuan per product, which is the highest among all product categories [22]. - In 2024, 42 companies reported that their top premium-generating product was whole life insurance, although this number decreased by two companies compared to the previous year [20][24]. Group 3: Cash Flow Metrics - The cash flow payout to income ratio for the top five products in 2024 was 2.3%, a decrease of 0.4 percentage points year-on-year [10][39]. - The average cash flow payout to income ratio for the top seven companies was 2.1%, while smaller companies had an average of 2.4% [10][39]. - Among 323 products with payout amounts, the simple average cash flow payout to income ratio was 3.6%, with a weighted average of 2.3% [41][42].

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector is seen as a safe haven amid rising market uncertainties, with high dividend yield assets becoming increasingly attractive [1][41] - The securities sector is benefiting from a surge in trading volumes and increased stamp duty revenues, indicating strong performance in upcoming quarterly reports [1][43] - The insurance sector is experiencing significant growth in investment income and new business value, driven by increased equity market exposure and favorable policy support [1][45] Summary by Sections Market Review - As of October 16, 2025, the banking index increased by 5.53%, the securities index decreased by 0.57%, and the insurance index rose by 6.27%, while the CSI 300 index fell by 0.48% [11] - Among the sub-sectors, Chongqing Bank (+15.90%), GF Securities (+8.98%), and New China Life Insurance (+12.21%) showed the best performance [11] Valuation Situation - As of October 16, 2025, the banking sector's price-to-book (PB) ratio is 0.73, with state-owned banks at 0.79, joint-stock banks at 0.62, city commercial banks at 0.73, and rural commercial banks at 0.65 [22] - The securities sector's PB ratio is 1.59, indicating potential for valuation recovery [24] - Insurance companies' price-to-earnings value (PEV) ratios are as follows: New China Life (0.74), China Pacific Insurance (0.59), Ping An (0.69), and China Life (0.72) [25] Recent Market Indicators - As of October 16, 2025, the one-year Medium-term Lending Facility (MLF) rate is 2.0%, and the one-year and five-year Loan Prime Rates (LPR) are 3.0% and 3.50%, respectively [29] - The average daily trading volume in the A-share market is 22,359.31 billion, showing a decrease of 13.57% [33] - The total social financing scale reached 437.08 trillion yuan, with a year-on-year growth of 8.7% [41] Company Announcements - New China Life Insurance expects a net profit of 29.986 billion to 34.122 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45% to 65% [45] - Shanghai Bank announced a cash dividend of 0.30 yuan per share, totaling 4.263 billion yuan [41]

10月16日至18日，以"携手应对挑战：全球行动、创新与可持续增长"为主题的2025可持续全球领导者大会在上海黄浦区世博园区正式召开。 作为中国保险业可持续发展理念的创新引领者和坚定践行者，中国太保再次以联合合作伙伴身份深度参与大会，并在"绿色产业与可持续消费博览会"中设 立主题展厅，全面展示其在绿色金融、低碳运营、社会责任等领域的创新实践与丰硕成果。 这是中国太保连续第二年亮相该国际盛会。展厅以清新的绿色与深邃的太保蓝为主色调，融合科技感与人文关怀，成为现场观众争相打卡的热点。步入展 厅，一座悬浮的地球装置尤为引人注目。地球模型清晰呈现了陆地与海洋的分布，表面则标注了中国太保覆盖全球160多个国家和地区的海外业务网络， 累计提供了超3万亿元的海外保额，服务直连20余家境外保险机构。在模型下方，"ESG"三个渐变字母在灯光映照下与地球装置相映生辉，象征着中国太 保守护地球家园的坚定承诺。 在绿色实践板块，一组组数据彰显出中国太保的"绿色实力"：中国太保提供绿色保险保额147万亿元，首创航运业欧盟碳排放成本价格指数保险等30多款 绿色保险，新能源汽车保险已超530万辆；大病、长护、惠民保等政策型健康险覆盖240 ...

Core Viewpoint - The insurance sector experienced a decline of 2.76% on October 17, with XD China Life leading the drop. The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1]. Group 1: Market Performance - The insurance sector's individual stock performance showed declines across major companies, with China Life Insurance (China Life) down 4.11% to a closing price of 40.81, and China Ping An down 1.28% to 57.28 [1]. - The total net outflow of funds from the insurance sector was 1.203 billion yuan, while retail investors saw a net inflow of 1.064 billion yuan [1]. Group 2: Fund Flow Analysis - XD China Life had a net outflow of 171 million yuan from institutional investors, while retail investors contributed a net inflow of 140 million yuan [2]. - China Ping An experienced a net outflow of 489.17 million yuan from institutional investors, with retail investors contributing a net inflow of 331 million yuan [2]. - China Pacific Insurance saw a significant net outflow of 218 million yuan from institutional investors, while retail investors had a net inflow of 163 million yuan [2].

Core Viewpoint - The Hebei Financial Regulatory Bureau has approved the relocation of the Shijiazhuang Chang'an District branch of China Pacific Property Insurance Co., Ltd. to a new address in Shijiazhuang, Hebei Province [1] Group 1 - The new business location for the Shijiazhuang Chang'an District branch is set to be at 20 North Jian She Street, Hive Building, Rooms 1423 and 1424 [1] - China Pacific Property Insurance Co., Ltd. is required to handle the necessary changes and obtain new permits in accordance with relevant regulations [1]

中国旅游研究院预测，"十四五"时期末我国出游率较高、旅游消费较多的健康老年人将超过1亿人，老年人已经成为旅游市场的重要消费群体。随着老年人 规模扩大和旅居养老渗透率上升，旅居养老将逐步由小众市场向主流市场转变，进入快速发展期。 "最近北京降温，离冬天不远了，我也要开始收拾东西了。"近日，北京王阿姨在感慨降温的同时，也开始盘算起她后续的行程。作为资深"候鸟人"，王阿姨 每到冬天都要去三亚住3个月左右，以躲避北京的寒冷，这也成了王阿姨多年来雷打不动的习惯。 记者注意到，随着老年人对养老生活质量的要求不断提高，旅居已成为近年来养老领域的热门话题。"旅居养老火起来，背后反映的是中国老年人生活观念 的一次转变。"知名商业顾问霍虹屹对《每日经济新闻》记者表示。在他看来，以前讲养老，更多是"安度晚年"，而现在的老年人更想要"活得有趣、有品 质"。北方冬天太冷，南方气候温和，这本身就有自然迁徙的动力。但真正支撑旅居养老热的，不只是气候，更是人心。很多老年人希望在晚年还能换个环 境，结识新朋友，过有节奏、有风景的生活。 在老年人旅居需求的推动下，与养老行业具有天然关联的保险机构也纷纷布局旅居养老。霍虹屹认为，保险公司具有天然的 ...

（一）顺应国家政策导向，助力保险业健康发展 保险业是国民经济的重要组成部分，也是金融体系的重要支柱。保险业的稳健发展，不仅能够为经济社会提供风险保障和长期稳定 资金，还能够促进金融市场的完善和创新。随着金融市场监管不断加强，国家对保险业的监管要求日益严格。加强保险资产负债管 理，是保险公司实现稳健经营、防范系统性风险、履行核心社会责任并实现可持续发展的根本需要。 （二）守住风险底线，支持保险公司价值增长 低利率环境是保险业资产负债管理面临的核心挑战。近年来，受多重因素影响，我国长端利率中枢持续下行，对保险公司的资产负 债管理和大类资产配置形成严峻考验。保险公司资产端收益率下降，传统的以债券为主的固定收益类资产难以提供足够的收益以覆 盖负债成本；负债端产品结构调整滞后，高预定利率保单的存量风险持续释放，保险公司面临日益严峻的利差损压力。在当前低利 率环境下，如何通过优化资产负债管理来应对利差损风险，成为保险业关注的热点问题。 保险业资产负债管理的重要意义 保险资产负债管理，是指保险公司在风险偏好和其他约束条件下，持续对资产和负债相关策略进行制定、执行、监控和完善的过 程。资产负债管理作为一项战略性工作，对保险公 ...

10月16日至18日，2025可持续全球领导者大会在上海市黄浦区世博园区隆重举行。大会以"携手应对挑战：全球行动、创新与可 持续增长"为主题，旨在汇聚全球智慧力量，共探可持续发展新路径，为全球可持续治理注入澎湃的"中国动能"。 据现场工作人员介绍，2024年，中国太保提供绿色保险保额147万亿元，首创航运业欧盟碳排放成本价格指数保险等30多款绿色 保险，承保新能源汽车超530万辆；大病、长护、惠民保等政策型健康险覆盖240城4.6亿人次，"沪惠保"五年累计承保超3300万人次； 绿色投资超2600亿元；专业护航云南野生象，三江源公益林守护"中华水塔"…… 从一笔笔数据、一个个案例中不难看出，绿色可持续发展理念早已嵌入中国太保的基因，体现在方方面面的产品和服务中。接下 来，中国太保将持续完善ESG（环境、社会和治理）顶层设计，积极践行ESG理念，充分发挥保险业在负债端和资产端的专业优势， 以保险之力守护绿水青山，以金融活水润泽民生福祉，共同绘就人与自然和谐共生的壮美画卷。 聚焦"发挥保险力量，助力可持续未来"主线，中国太保连续第二年在领导者大会现场设立展厅。步入展厅内部，位于正中的地球 装置格外吸睛，模型表面清 ...

Core Insights - The return of participating critical illness insurance to the market is supported by regulatory guidance aimed at enhancing the attractiveness of health insurance products through floating income mechanisms [1][3][5] - The historical context shows that participating critical illness insurance was popular before 2003 but was phased out due to regulatory concerns over complexity and mis-selling [2][3] - The current market conditions, including a decline in predetermined interest rates, have created a need for innovative products that can provide dynamic growth in coverage amounts [3][4] Industry Trends - The insurance industry is shifting towards floating income products, with significant growth in participating insurance premiums observed in major companies like China Pacific Insurance and New China Life Insurance [4][5] - The market is experiencing a transformation where participating insurance is becoming a key area for product innovation and differentiation amid intense competition [3][4] Challenges and Recommendations - The design of participating critical illness insurance must balance coverage and dividends, posing challenges for actuarial and risk management capabilities within insurance companies [5][6] - Companies face difficulties in selling participating products due to higher premiums compared to traditional products, necessitating clear communication about dividend uncertainties to avoid consumer disputes [5][6] - Recommendations for companies include enhancing transparency in product design, improving agent training, and leveraging big data for pricing optimization [5][6]