（原标题：21专访｜深圳国寿吴超：如何服务平均年龄32.5岁的年轻城市） "未富先老"、"未备先老"是我国迈入老龄化社会亟须破解的问题之一。 近日，国家统计局《中国统计年鉴2025》披露，我国已有19个省份进入中度老龄化社会。截至2024年 末，全国60岁及以上老年人口为3.1亿，65岁及以上老年人口2.2亿。 但在养老供给端，目前我国养老保险体系"三大支柱"（基本养老保险、职业养老金、个人养老金）面临 发展不平衡的问题。 据贝莱德建信理财《2025中国养老金金融白皮书》，截至2024年底，我国基本养老保险参保率已达 95%；而参与企业年金的职工人数仅相当于参加基本养老保险人数的3%，个人养老金开户人数占参加 基本养老保险人数的7%。 "基本养老保险仅能满足'活下来'的基础需求，若要实现高品质、有尊严的养老生活，必须依靠商业化 路径。"中国人寿保险股份有限公司深圳市分公司总经理吴超告诉记者。 那么，目前有哪些养老金融产品具备明确的配置价值？海外成熟养老市场有哪些经验值得借鉴？在深圳 这一平均年龄32.5岁的"年轻城市"，保险机构如何服务结构复杂、需求差异显著的消费者？近日，21世 纪经济报道记者专访中国人寿保 ...

"未富先老"、"未备先老"是我国迈入老龄化社会亟须破解的问题之一。 但在养老供给端，目前我国养老保险体系"三大支柱"（基本养老保险、职业养老金、个人养老金）面临 发展不平衡的问题。 据贝莱德建信理财《2025中国养老金金融白皮书》，截至2024年底，我国基本养老保险参保率已达 95%；而参与企业年金的职工人数仅相当于参加基本养老保险人数的3%，个人养老金开户人数占参加 基本养老保险人数的7%。 "基本养老保险仅能满足'活下来'的基础需求，若要实现高品质、有尊严的养老生活，必须依靠商业化 路径。"中国人寿保险股份有限公司深圳市分公司总经理吴超告诉记者。 那么，目前有哪些养老金融产品具备明确的配置价值？海外成熟养老市场有哪些经验值得借鉴？在深圳 这一平均年龄32.5岁的"年轻城市"，保险机构如何服务结构复杂、需求差异显著的消费者？近日，21世 纪经济报道记者专访中国人寿保险股份有限公司深圳市分公司总经理吴超。 21世纪经济报道：目前，我国养老面临"未富先老""未备先老"等特点，企业职工基本养老金平均替代率 约为45%，低于国际劳工组织建议的55%标准。商业保险产品能否成为平滑养老现金流缺口的重要工 具？我国现有养 ...

下文中资本补充债是广义的资本类补充债券，涵盖2015 年以来发行的保险公司资本补充债券，以及 2023 年以来发行的保险公司无固定期限资本债券。 资本补充债是指保险公司发行的用于补充资本,发行期限在5年以上(含5年)，清偿顺序列于保单责任和其他普通负债之后，先于保险公司股权资本的债 券。 正文： 2015 年 1 月，人民银行联合原银保监会发布《保险公司发行资本补充债券有关事宜》，允许保险公司或保险集团(控股)公司发行资本补充债券，用于补 充附属一级资本。 2022年8月人民银行联合原银保监会发布公告《关于保险公司发行无固定期限资本债券有关事项的通知》，允许保险公司发行无固定期限资本债券，明 确可用于补充核心二级资本。 其中，2025年已经有16家寿险公司发行了17次资本补充债，发行规模高达664亿元。 大家知道，一方面保险业偿付能力充足率近两年有所下降！ 仅2025年三季度，行业的综合和核心偿付能力充足率同比分别下降25.7和19.2个百分点。 而另一方面，2025年保险公司发行的资本补充债规模664亿元！（其中永续债规模500亿元） 那么，发行资产补充债能为行业的偿付能力提升多少呢？ 本次，"13精"将分 ...

2025 年 11 月 28 日 开源金股，12 月推荐 策略研究团队 ——投资策略专题 韦冀星（分析师） weijixing@kysec.cn 证书编号：S0790524030002 策略：近期调整结束后成长或仍占优 本轮调整结束后有望延续前期成长风格，把握 AI 硬件优质 Alpha 的同时重视科 技潜在的高低切：军工、传媒（游戏）、AI 应用、港股互联网、电力设备等。 商贸零售：上美股份（2145.HK） Q4 主推产品有望快速放量，双十一表现亮眼。 传媒：巨人网络（002558.SZ） 圣诞、元旦活动或推动《超自然行动组》DAU、流水等关键数据突破新高。 电子：北方华创（002371.SZ） 财务压力得到改善，长鑫与长存上市进展公布、国内 FAB 开启招标、地缘政治 带动自主可控情绪加强。 金融工程：基于行业轮动模型的 12 月行业多头 基于行业动力学模型，12 月行业组合为：美容护理，社会服务，家用电器，石 油石化，商贸零售，通信，交通运输，汽车，传媒，食品饮料。 海外：阿里巴巴-W（9988.HK） 积极投入 AI 基础设施建设并计划追加更多投入有望驱动云业务增长提速，淘天 短期加大闪购投入，用户 ...

证券之星消息，11月28日保险板块较上一交易日下跌0.67%，中国人寿领跌。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601336 | 新华保险 | 65.67 | 0.03% | 10.92万 | | 7.17亿 | | 61319 | 中国人保 | 8.66 | -0.12% | 61.32万 | | 5.28亿 | | 601318 | 中国平安 | 66'88 | -0.59% | 43.36万 | | 25.54亿 | | 601601 | 中国太保 | 34.75 | -0.86% | 25.41万 | | 8.85 亿 | | 601628 | 中国人寿 | 43.52 | -0.98% | 7.93万 | | 3.46亿 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 ...

一、同意中国人寿财产保险股份有限公司赣州市南康区支公司营业场所由"江西省赣州市南康区东山大 道东顺园小区1081-1082号、2068-2074号商铺"变更为"江西省赣州市南康区东山街道办事处金融中心地 块一（一期工程1号楼123号2304室、2306-2309室）"。 二、中国人寿财产保险股份有限公司赣州市南康区支公司应按照有关规定及时办理变更及许可证换领事 宜。 2025年11月25日，国家金融监督管理总局赣州监管分局发布批复称，《关于中国人寿财产保险股份有限 公司赣州市南康区支公司变更营业场所的请示》（国寿财险虔发〔2025〕23号）及相关材料收悉。经审 核，现批复如下： ...

Core Viewpoint - The article emphasizes that under the strategic guidance of ecological civilization construction, green development is becoming a prominent feature of high-quality growth, with China Life Insurance Company integrating sustainable development into its asset management system and promoting green building projects to support the green transformation of the real economy [1] Group 1: Green Building Projects - China Life's green building projects are driven by technological innovation and prioritize ecological considerations, effectively transforming "ecological capital" into "development capital" [1] - The projects incorporate advanced energy-saving curtain wall systems and intelligent shading technologies, significantly reducing energy consumption and improving indoor air quality through VRV central air conditioning systems [2][4] Group 2: Resource Management and Efficiency - The implementation of solar photovoltaic technology helps meet daily energy needs and reduces reliance on traditional power grids, while a comprehensive water recycling system converts rainwater into usable resources [4] - A real-time monitoring network using IoT technology oversees energy consumption and environmental conditions, enabling efficient coordination and remote control of various subsystems [6] Group 3: Sustainable Operations and Culture - China Life promotes a green culture by integrating sustainability into daily operations, encouraging energy-saving habits, and implementing intelligent control systems in public areas [9] - The company collaborates with professional organizations to ensure effective waste management and resource recycling, enhancing overall resource utilization rates [9] Group 4: Recognition and Certification - China Life's buildings have received high recognition from domestic and international green building evaluation systems, establishing them as benchmarks in the industry [11] - Several buildings have achieved international LEED certification and WELL HSR certification, demonstrating excellence in sustainability, resource efficiency, and health environment [11][12] Group 5: Future Commitment - Moving forward, China Life's major asset operation projects will align with national strategic goals, enhancing green practices and contributing to the realization of a green economy [13]

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Industry**: Insurance Key Points and Arguments Sales and Growth Projections - China Life expects a recovery in dividend insurance sales by 2026 due to a smaller reduction in the preset interest rate and the floating income sharing feature [2][4] - After experiencing negative growth in new individual insurance premiums at the beginning of 2024, the individual insurance channel is projected to recover quarterly, with good development expected in 2026 [2][7] - The bancassurance channel maintains high growth rates, providing strategic support to the individual insurance channel, ensuring stable business value and premium scale [2][7] Human Resources and Team Development - The individual insurance workforce remains stable, with a focus on improving quality; metrics such as the proportion of high-performing personnel, per capita productivity, retention rates, and income are all showing upward trends [2][8] - The company emphasizes professionalization, vocational reform, and youth adjustment within its workforce [2][8] Investment Strategies - China Life has invested over 40 billion in private equity funds (Huanghu Phase II and III) since 2024, with good performance; future investments will depend on market conditions, valuations, and regulatory approvals [2][9] - In the current low bond market, the company adheres to a payment matching principle and a neutral flexible allocation strategy, focusing on high-quality credit products to maintain a reasonable payment gap [2][10] Market Outlook and Capital Allocation - China Life is optimistic about the Chinese capital market and plans to increase equity allocation in the public market, focusing on high-dividend stocks and sectors with new productive capabilities [2][5][11] - The company will actively implement mid- to long-term capital market entry requirements and adjust its public market equity investment scale according to market conditions [2][13] Product Development and Compliance - The company plans to launch a dividend-type health insurance product in 2026, aligning with the high-quality development guidelines for health insurance [2][15][16] - China Life is preparing for the upcoming "opening red" period by conducting market demand assessments, product design, agent training, and customer resource preparation [2][6] Competitive Positioning - Despite the preset interest rate reduction, China Life maintains a competitive edge in dividend insurance through its long-standing payment management capabilities [2][14] - The company is committed to a diversified product strategy to avoid potential risks associated with focusing on a single product type [2][19] Social Responsibility and Financial Inclusion - China Life supports inclusive finance while adhering to a prudent project selection process, collaborating with local governments and healthcare institutions to ensure safe and stable business development [2][18] Stock Buyback and Shareholder Communication - The company is considering stock buyback or increase plans, which would require consultation with major shareholders and timely disclosure of any arrangements [2][20] Human Resource Assessment Changes - In response to a decrease in industry personnel, China Life is enhancing recruitment standards and providing systematic training to improve agent professionalism and sales efficiency [2][21]

Market Overview - US stock indices rebounded overnight, with Hong Kong stocks slightly fluctuating and closing up 0.07% [1] - The economic outlook remains cautious, with half of the Federal Reserve districts reporting decreased hiring intentions, indicating potential interest rate cuts in December [2] International Relations - Trump urged Japanese Prime Minister Kishi to avoid escalating tensions regarding Taiwan, reflecting a more restrained stance from Japan [1] - French President Macron is set to visit China from December 3, aiming to improve Sino-French relations, which could benefit European relations as well [1] Consumer Sector - Pop Mart (09992) is expected to benefit from the upcoming holiday season, with a nearly 7% increase in stock price [3] - The automotive sector is seeing growth, with the Ministry of Commerce promoting reforms to boost consumption, leading to significant stock price increases for companies like Yongda Automobile (03669) [2] Technology and Innovation - Alibaba's Quark AI glasses were launched, with significant pre-sale success, leading to a 4% increase in stock price for related companies [4] - TCL Electronics is also entering the AI glasses market, contributing to a 6% rise in its stock price [4] Pharmaceutical Industry - Hansoh Pharmaceutical (03692) is advancing its innovative drug pipeline, with significant revenue growth and a strong project reserve [7] - The company reported a 22.1% year-on-year increase in sales revenue for its innovative drugs in the first half of 2025 [7] Gold Market - Deutsche Bank has raised its gold price forecast for 2026, indicating a structural bull market driven by official purchases rather than consumer demand [6] - The potential shift of cryptocurrency funds into physical gold could further boost prices, impacting related stocks [6] Clinical Trials and Drug Approvals - Hansoh Pharmaceutical has over 40 innovative drug candidates in clinical trials, with several new drugs entering Phase III trials [9] - The company has secured international partnerships for its ADC products, highlighting its growing recognition in the global market [9]

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601319 中国人保 | | 5655.01万 | 9.34% | -3024.74万 | -5.00% | -2630.28万 | -4.35% | | 601628 中国人寿 | | 1334.03万 | 2.81% | -387.83万 | -0.82% | -946.20万 | -2.00% | | 601336 新华保险 | | -1095.30万 | -1.34% | -588.73万 | -0.72% | 1684.03万 | 2.06% | | 601318 中国平安 | | -2808.26万 | -0.94% | 1.17亿 | 3.91% | -8897.98万 | -2.97% | | 601601 中国太保 | | -7619.69万 | -7.65% | 4435.42万 | 4.45% | 3184.27万 | 3.20% | 从资金 ...