一家产品销往全球23个国家的低空清洗无人机企业——九思智能，其创始人在初创阶段烦恼的不是产业能 否规模化发展，而是在出海的过程中能否有定制化的保险服务配套，以解决海外本土化生产和退换货物流 成本过高等问题，助推未来全球不断扩大的市场空间。 日前，券商中国记者走访了多家位于深圳的低空经济企业。九思智能的创始人但晓江告诉记者，第三者风险曾 制约产品在海外市场的发展，尤其是布局海外本土化生产，希望保险服务能快速响应和调整，跟上低空经济出 海的步伐。 据了解，我国的低空经济尤其是无人机驾驶航空器是全球领先的，改革开放前沿阵地深圳也在着力打造全球低 空经济"第一城"，但新兴产业发展过程中面临的风险多样，目前国内的低空经济保险主要为制造和运营场景提 供服务，产业链中还有非常多的风险没有得到保险产品的覆盖。 低空经济是一种"多领域、跨行业、全链条"的经济形态，产业链上下游所涉及的内容、学科、领域非常复杂和 多样，产业主要分为制造、运营、综合服务及安全保障四个方面。国内当下的低空经济保险创新，更多集中在 拆分运营场景或者标的类型，去承保同质化的风险，而缺少多样化的风险创新意识。 记者获悉，中国太保产险是较早介入低空经济产业的 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The non-bank financial index increased by 0.81%, outperforming the CSI 300 index which decreased by 0.08%. The brokerage and insurance sectors continue to show good trends, with valuations at low levels and relatively stagnant performance throughout the year. The Federal Reserve's interest rate cuts are beneficial for the equity market, directly favoring the profitability of securities firms' overseas businesses due to lower liability costs and asset expansion [4][5] - The average daily trading volume of stock funds reached 2.39 trillion, a 15.1% increase month-on-month, indicating a recovery in trading activity. The cumulative average daily trading volume for the year is 2.05 trillion, a 69.5% year-on-year increase [5] - The China Securities Regulatory Commission's recent positive stance signals a potential "policy easing period" for the industry, which may lead to an increase in leverage limits and support for the profitability of the securities industry. The report recommends focusing on strategic opportunities in undervalued leading companies in the brokerage and insurance sectors [5][6] Summary by Sections Brokerage Sector - The Federal Reserve's interest rate cuts are favorable for the overseas business of brokerages, and new regulations are set to standardize fund sales practices. The report highlights three main lines of recommended stocks: Huatai Securities, Guotai Junan, and CICC for their advantages in overseas and institutional business; GF Securities and Dongfang Securities for their wealth management strengths; and Guosen Securities for its retail advantages [5][6][7] Insurance Sector - The liability side is expected to achieve a "good start," with the transformation of dividend insurance continuing to progress. The demand for "savings" from residents is likely to persist, and the insurance distribution channel is expected to maintain high growth. On the asset side, stable long-term interest rates and a favorable equity market are expected to boost investment returns in the medium to long term [6][7]

Core Insights - The report emphasizes that new regulations in fund sales are reshaping the fund ecosystem, creating opportunities for investment as the spring market approaches [1][2] - The insurance sector is expected to see high growth in performance, supported by the introduction of a new commercial health insurance drug directory, which encourages product innovation [2][16] - The report suggests focusing on specific stocks within the insurance sector, including Xinhua Insurance, China Life, Ping An, and others, as they are likely to benefit from these developments [2][16] Weekly Performance - As of December 13, 2025, the Shanghai Composite Index reported a decrease of 0.34%, while the Shenzhen Component Index increased by 0.84% [11] - The average daily trading volume in the Shanghai and Shenzhen markets was 1.95 trillion yuan, reflecting a week-on-week increase of 15.14% [6] Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with long-term interest rate spreads showing marginal improvement [13][16] - The 10-year government bond yield was 1.84%, down 1 basis point from the previous week, providing a supportive environment for insurance stock valuations [13][16] Securities Sector - The issuance of the "Publicly Raised Securities Investment Fund Sales Behavior Norms (Draft for Comments)" aims to systematically regulate sales behavior and protect investor rights [17][18] - The new regulations mark a shift from a scale-driven approach to one focused on investor interests, promoting a fundamental transformation in the industry [18][23] Key Company Valuation and Financial Analysis - The report provides detailed valuation metrics for key companies in the insurance and securities sectors, indicating a "Buy" rating for several firms based on their projected earnings and price-to-earnings ratios [7][8] - For instance, Ping An is rated with a target price of 76.65 yuan per share, while Xinhua Insurance has a target price of 94.21 yuan per share, reflecting strong expected performance [7] Regulatory and Policy Environment - The national financial system work conference emphasized the need for risk prevention, strong regulation, and promotion of high-quality development in the financial sector [25][26] - The focus will be on stabilizing the market, enhancing financial governance, and addressing local government debt risks, which will shape the future landscape of the financial industry [25][29]

Core Viewpoint - The article discusses how China Pacific Insurance (CPIC) is adapting its asset-liability management strategies in response to a prolonged low interest rate environment, emphasizing the need for a long-term investment logic to navigate through economic cycles [1][2]. Group 1: Investment Strategies - As of Q3 2025, CPIC's investment assets reached CNY 2.97 trillion, an 8.8% increase from the previous year, with a non-annualized total investment return rate of 5.2%, up by 0.5 percentage points year-on-year [1]. - CPIC is adopting a refined "barbell" asset allocation strategy to balance fixed income, public equity, and alternative assets [1][4]. - The current equity asset allocation ratio is deemed reasonable based on internal asset-liability management models, focusing on long-term management goals [1]. Group 2: Challenges in Low Interest Rate Environment - The prolonged low interest rate environment poses significant challenges for insurance fund management, with 10-year government bonds currently in the 1.7%-1.9% range [2]. - The potential risk of interest spread loss is a major concern for the life insurance industry due to the lag in adjusting the guaranteed interest rates of insurance products [2]. - The characteristics of insurance assets, with approximately 90% sourced from policy liabilities, necessitate long-term management of funds [2]. Group 3: Asset-Liability Management - Enhancing asset-liability management capabilities is essential to meet both internal needs and external regulatory requirements [3]. - The core task of insurance asset-liability management is to allocate long-term funds to assets that can withstand shocks from interest rates, credit, and liquidity [3]. - CPIC emphasizes the need for a new asset-liability management strategy that aligns with the current low interest rate environment, moving away from traditional strategies [4]. Group 4: Principles of Asset-Liability Management - CPIC adheres to three principles: safety, profitability, and liquidity, aiming for cost-revenue matching, term structure matching, and cash flow matching [5]. - The asset side focuses on optimizing asset allocation based on the characteristics of liabilities, while the liability side aims to reduce costs and enhance flexibility [5]. Group 5: Equity Investment Strategy - CPIC's equity investment strategy centers on a dividend value approach, complemented by diverse satellite strategies [7]. - Since 2012, the cumulative return of CPIC's equity investments has reached 475.8%, significantly outperforming the benchmark by 308.2% [8]. - The long-term assessment mechanism allows CPIC to solidify professional capabilities and make timely adjustments to investment strategies [8]. Group 6: Alternative Investments - Alternative assets are increasingly becoming a key direction for insurance funds to enhance portfolio resilience, with equity investment assets projected to reach CNY 1.92 trillion by the end of 2024, a 12.95% increase [9]. - CPIC is focusing on mature targets for stable dividend income in the short term, while also exploring growth opportunities in emerging sectors driven by technological advancements [9].

苏罡解释称，对于保险资金来说，权益资产的投资比例是资产负债管理模型的重要部分，需要考虑偿付 能力这一约束性前提以及兼顾年度财务绩效的稳定性等。"权益配置比例实际上是稀缺资源，因为这需 要消耗偿付能力，也需要应对未来可能的回撤风险。"苏罡说，因此需要调整到更好的资产结构，来实 现资产负债两端的长期可持续平衡。 但值得一提的是，保持权益资产配置比例的稳定并不等于不会加仓股市。由于保险负债端会源源不断产 生新的保费收入，即使权益资产配置比例不变，在绝对值上也意味着需要进行大量的新增配置。 中报数据显示，中国太保的核心权益资产（股票+权益型基金）截至今年上半年末的比例为11.8%，较 去年末增长0.6个百分点，但从五家A股上市险企的同期比例来看处于相对较低的位置。 加强资产负债管理是低利率环境下的"头等大事"。 在政策引导及市场"慢牛"等多重因素下，险资今年的加仓动作明显。接下来大型险企的权益投资动向也 成为市场关注焦点。 "我们的权益资产配置比例是合意的，符合我们的长期管理目标。"中国太保副总裁、首席投资官、财务 负责人苏罡在近日举行的中国太保2025年资本市场开放日上表示。 苏罡称，截至三季度末，中国太保的权益投 ...

长期考核锚定价值，市场机制激活效能 中国太保的投资业绩，近年在业内持续有突出表现，也引起了许多关注和好奇。 他们是怎么做的？在利率迅速下行的周期里如何有效应对并实现优良业绩？太保中长期的资产负债战略 和原则是什么？他们是如何培养人才、打造团队并实施考核的？ 在日前举行的中国太保资本市场开放日上，公司的管理层回应了上述市场关注的话题。 资产负债的三个原则与三个匹配 中国太保集团副总裁、首席投资官、财务负责人苏罡在分享中表示，提升资产负债管理能力是保险公司 的内在需要和外在的监管要求。保险资金属性决定了长期匹配是一种刚需，保险资产约90%源自保单负 债，负债期限长，对资金端的长期化管理提出天然要求。也因此，资产负债管理的核心是将更长期资金 配置到能够穿越利率、信用、流动性冲击的资产。同时管理好负债端的风险。 苏罡还提出险资投资要回归资产负债管理的"三个原则"与"三个匹配"：即坚持"安全性，盈利性，流动 性"这三个原则；并落实"成本收益匹配、期限结构匹配、现金流匹配"的三个匹配。 这背后必须坚持以保险产品为原点，既要实现长期超越预定利率，满足偿付能力，创造长期利差贡献， 短期波动可控等目标，也要具备在不损失资产价值 ...

北京商报讯（记者 李秀梅）北京2025年入冬首场初雪于12月12日如期而至，北京商报记者从太保产险 北京分公司处获悉，12月12日8时至16时，太保产险北京分公司接到北京地区车险报案476笔，较上周五 同一时段上升21.6%，主要发生在朝阳、海淀、丰台；受理车辆救援229件，较上周五同一时段上升 16.84%。太保产险北京分公司表示，目前已全部进行施救，暂未出现排队。降雪预计持续到今天夜 间，道路湿滑，请广大市民合理出行，车主注意行车安全。 ...

新华财经上海12月12日电（记者 王淑娟）作为金融市场的基准利率之一，我国10年国债收益率已跌破2%。与此同时，全球金融经济体系正发生深刻变化， 美元信用体系根基动摇。复杂多变的宏观经济环境下，保险公司如何跨越周期？ 截至2025年6月末，中国太保的资产管理规模达3.77万亿元，较上年末增长6.5%。面对内外部的复杂环境，这家以稳健著称的大型综合性保险集团是如何投 资的？在中国太保2025年资本市场开放日活动上，中国太保集团高管及来自太保寿险、太保资产、长江养老、太保资本的管理层就如何打造跨越经济周期的 资产负债管理体系发表见解。 优化策略：动态管控期限和结构匹配 做好资产负债管理是保险公司的生命线。中国太保如何看待市场走势，又是如何通过建立机制来应对挑战的？ 中国太保副总裁、首席投资官、财务负责人苏罡表示，主要发达经济体都经历过利率长期下行阶段，中国近年来利率也持续走低。10年期中国国债收益率目 前在1.7%至1.9%的区间内低位运行，这样的长期缓慢下降过程，是保险业面临的巨大挑战。 低利率市场环境下，对保险公司而言，资产负债管理水平是维系经营稳健、防控风险的核心能力，更是战略规划、业务布局与长期可持续发展 ...

Core Insights - The insurance sector experienced a rise of 1.25% on December 12, with China Ping An leading the gains [1] - The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1] Insurance Sector Performance - China Ping An (601318) closed at 63.91, with a gain of 2.21% and a trading volume of 1.0918 million shares, amounting to a transaction value of 692.6 million yuan [1] - China Pacific Insurance (601601) closed at 38.24, up 2.05%, with a trading volume of 385,200 shares and a transaction value of 146.1 million yuan [1] - XD China Life (61319) closed at 8.55, increasing by 1.42%, with a trading volume of 698,900 shares and a transaction value of 591 million yuan [1] - XD Xinhua Insurance (601336) closed at 67.32, up 1.37%, with a trading volume of 166,000 shares and a transaction value of 1.105 billion yuan [1] - China Life Insurance (601628) closed at 45.30, with a modest gain of 0.69%, trading 163,500 shares for a total value of 73.2 million yuan [1] Capital Flow Analysis - The insurance sector saw a net inflow of 303 million yuan from institutional investors, while retail investors experienced a net outflow of 637 million yuan [1] - The overall capital flow indicates a preference for institutional investment in the insurance sector on that day [1]

格隆汇12月12日｜港股保险股午后涨幅进一步扩大，其中，中国太平、中国人寿(601628)、中国太保(601601)涨超4%，阳光保险、中国平安(601318)涨超 3%。中国平安(601318)股价再创2021年6月以来新高。 ...