Group 1 - The third batch of 600 billion yuan insurance funds for long-term investment pilot programs is being approved, with Zhongyou Insurance and Zhongyou Insurance Asset Management participating with a scale of 100 billion yuan [1] - The pilot program for long-term investment reform started in October 2023, with China Life and Xinhua Insurance each contributing 25 billion yuan to establish the Honghu Fund, while the second batch involved 8 insurance companies with a total scale of 112 billion yuan [1] - Once the third batch is fully approved, the total amount for the long-term investment reform pilot will increase to 222 billion yuan [1] Group 2 - A new situation has emerged in the third batch of pilots where private fund managers and private fund investors come from different insurance capital systems, differing from previous batches where insurance companies collaborated with their own asset management companies [3] - Many small and medium-sized insurance companies, lacking their own asset management companies, are opting to participate in privately established funds from other insurance asset management companies to benefit from the long-term investment reform policies [3] - The Honghu Fund Phase III, approved for 40 billion yuan, aims to invest in large-cap blue-chip stocks, reducing short-term price fluctuations' impact on insurance companies' financial statements [3] Group 3 - Large and medium-sized bank-affiliated insurance institutions are actively participating in the pilot to address investment barriers and comply with policy requirements [4] - The pilot's accounting methods, such as equity method accounting and OCI asset measurement, help mitigate the impact of equity market volatility on insurance companies' profit statements [4] - The long-term investment pilot is expected to enhance insurance companies' equity investments, stabilize the capital market, and promote a positive interaction between insurance funds and the capital market [4]

编者按： 保险业新"国十条"已实施半年多，金融监管总局细分政策密集落地。保险业服务实体经济有哪些新探 索？创新过程中面临哪些新挑战？细分监管政策又取得哪些成效？近期，上海证券报记者走访调研四 川、广东、山东、天津等地的创新实践，实探保险业在改革创新中展现的新活力，以及服务实体经济高 质量发展的新路径。 ◎记者 韩宋辉 四川成都的小邓送外卖时发生交通意外事故，导致职业伤害四级伤残，每月可领3700多元的职业伤害保 障伤残津贴。在成都市锦江区惜子宫南街5号，有一个专门经办职业伤害保障业务的便民利民窗口，上 海证券报记者在现场看到，很多快递员、外卖员、网约车司机都在这里咨询、办理职业伤害保障。 2024年11月，四川金融监管局与四川省财政厅印发方案，将各类地质灾害纳入城乡居民住宅巨灾保险， 并提升保障金额。"在落实四川省方案的基础上，我们加大对农村住宅巨灾保险的保费补贴比例，农村 居民参保第一份，保费补贴提高至75%。"国家金融监督管理总局阿坝监管分局表示，同时鼓励农村居 民购买第二份保险，保费补贴60%。 5月4日，阿坝州汶川县突发大风灾害，造成县域内多处民房受损。"人保财险的理赔人员第二天就到现 场勘查了，对我 ...

Group 1 - The event was organized by China Life Insurance's Jiangsu branch to promote the national fitness strategy and enhance financial cultural collaboration among its institutions [1] - The first sports meeting featured 18 teams from various subsidiaries, showcasing a vibrant and energetic atmosphere during the opening ceremony [1] - The event included 21 competitive events such as basketball, football, badminton, and track and field, encouraging teamwork and sportsmanship among participants [2] Group 2 - The Jiangsu Life Insurance branch won the overall championship, while the Guangfa Bank Nanjing branch achieved multiple awards, demonstrating strong team spirit and competitive skills [2] - The closing ceremony highlighted the event as a significant display of the spirit of China Life, with a commitment to enhancing service quality and contributing to the modernization of Jiangsu [3]

华夏时报（www.chinatimes.net.cn）记者 吴敏 珠海报道 13岁的田耀星，有一个可爱的昵称——"小星星"。然而，这颗"星星"的世界从未被阳光照亮。先天性视网膜发育 不良让她自出生起便生活在永恒的黑暗中。命运却并未因此手下留情：肝病、肾衰竭、尿毒症接踵而至，一次次 将她和家庭推向绝望的深渊。 但在这漫长的黑暗中，一束名为"大爱无疆"的微光照亮了他们的前路——这是珠海市一项普惠型医疗保险项目， 也是中国人寿在普惠保险领域的又一次探索。小星星的父亲田东告诉《华夏时报》记者，小星星的医疗费用高达 79.8万元。通过基本医保、大病保险及大爱无疆项目报销后，个人仅承担了12.9万元。此外，"大爱无疆"项目还进 一步补偿了4万元现金，为这个风雨飘摇的家庭注入了一线生机。 小星星的荆棘之路：当生命与疾病赛跑 小星星的故事，折射出一个普通家庭的破碎与重生。她出生时活泼聪颖，却在9个月大时被诊断为"先天性视网膜 缺陷"。从出生起，小星星的世界就是一片黑暗，当同龄的小朋友在幼儿园学习、玩耍时，小星星大都在父母的陪 伴下四处求医。 6岁时，小星星被送往珠海市特殊教育学院的盲班，用稚嫩的手指在凹凸的纸业上叩击知识的门 ...

5月7日，金融监管总局局长李云泽在国新办新闻发布会上表示，金融监管总局将进一步扩大保险资金长期投资 的试点范围，近期拟批复600亿元，为市场注入更多的增量资金。 这宣告了长期投资试点的第三批开启，待这 600亿元批复后，险资长期投资试点规模将增至2220亿元。 第三批试点新增多家中小险企 据券商中国记者多方采访了解，第三批600亿元的保险资金长期投资试点的机构正在陆续获批。 其中，中邮保险及中邮保险资管获批参与试点，规模100亿元。 此外，第三批试点参与机构还有望新增多家中小保险公司。例如，中汇人寿，以及农银人寿、交银人寿等总部 在北京和上海的多家银行系险企。这些中小机构的资产体量也均在千亿以上。 国寿资产此前表示，拟联合相关机构共同发起设立鸿鹄志远（上海）私募投资基金有限公司三期（简称"鸿鹄 基金三期"），已于5月13日获得金融监管总局批复。国寿资产和相关机构将尽快推进鸿鹄基金三期落地相关工 作，实现中长期资金尽早入市。 券商中国记者多方了解到，鸿鹄基金三期的获批金额为400亿元，其意向出资方既有中国人寿和新华保险，也 有前述的多家中小险企。 保险资金长期投资改革试点出现"新力量"。 据券商中国记者多方采访 ...

27 May 2025 | 5:30PM HKT China Insurance Remain selective despite recent share price strength; Buy China Life H, Ping An and PICC P&C Share prices of the Chinese insurers have outperformed the HSI/CSI300 indices since early March, after a mixed set of FY24/1Q25 results. We believe the outperformance was mainly driven by fund-flow related factors, including potential onshore mutual fund re-balancing and expectations of more inflow to the A-share market, including from insurance funds. With most insurers now ...

Core Points - The Shanghai Composite Index opened lower but experienced a slight increase of 0.25%, closing at 3247.93 points with a trading volume of 47.586 billion yuan [1] - Over the past month, the index has risen by 1.60%, by 1.48% over the last three months, and by 0.54% year-to-date [1] Industry Analysis - The Shanghai Stock Exchange categorizes listed companies into five major sectors: Industrial, Commercial, Real Estate, Public Utilities, and Comprehensive [1] - The index reflects the economic conditions and overall performance of companies within these sectors, with a base date of April 30, 1993, and a base point of 1358.78 [1] Index Composition - The top ten weighted stocks in the Shanghai Composite Index include: - Industrial and Commercial Bank of China (12.82%) - Agricultural Bank of China (11.84%) - Bank of China (7.83%) - China Merchants Bank (6.09%) - China Life Insurance (5.41%) - China Telecom (4.11%) - Ping An Insurance (3.88%) - Industrial Bank (3.17%) - Shanghai Pudong Development Bank (2.39%) - CITIC Securities (2.11%) [1] - The financial sector accounts for 75.80% of the index, followed by Industrial (7.47%), Communication Services (6.66%), Consumer Discretionary (2.88%), Healthcare (2.34%), Information Technology (1.94%), Real Estate (1.06%), Consumer Staples (0.79%), Energy (0.71%), and Materials (0.35%) [2] Sample Inclusion Criteria - Securities are included in the index after three months of listing if they rank in the top ten by average total market capitalization; others are included after one year [2] - Securities under risk warning are removed from the index starting the second Friday of the month following the warning, while those that have their warning lifted are included the same way [2]

证 券 研 究 报 告 保险行业周报（20250518-20250523） 25Q1 险资规模稳健增长，债券、股票环比均 推荐（维持） 增配 ❑ 本周行情复盘：保险指数下跌 0.43%，跑输大盘 0.26pct。保险个股表现分化， 太平+1.01%，众安+0.48%，人保+0.37%，太保+0.24%，财险-0.27%，平安-0.3%， 友邦-1.74%，国寿-2.09%，阳光-2.1%，新华-2.18%。10 年期国债收益率 1.72%， 较上周末+4bps。 ❑ 本周动态： （1）金监总局：①5 月 23 日，发布《银行保险机构资产管理产品信息披露管 理办法(征求意见稿)》，按照资产管理产品生命周期，对募集、存续、终止各环 节进行全面规范，旨在引导行业将信息披露融入业务全过程。②5 月 22 日， 国务院新闻办公室举行新闻发布会，金融监管总局表示，最近将批复第三批保 险资金长期投资改革试点，规模 600 亿。③5 月 16 日，公布 2025Q1 保险公司 资金运用情况。 ❑ 投资建议：从短期看，保险板块 2025 年业绩基数压力相对较大。但从中长期 看，当前保险板块主要受制于长端利率下行带来的"利差损" ...

随着新一期贷款市场报价利率（LPR）和银行存款利率的接连下调，一年期定期存款利率已经跌 破"1"字头。在此背景下，业内普遍预计，2.5%预定利率产品退场进入倒计时，新一轮预定利率下调即 将到来。 有迹象表明，保险公司正在加大分红险等浮动收益型产品供给。《每日经济新闻》记者不完全统计显 示，截至5月26日，在今年到目前为止上新的340款人寿保险产品中，分红型、万能型等浮动收益型产品 有157款，占比接近五成。 业内人士分析认为，长期看，随着利率不断走低，分红险作为一种类固收产品，能够满足市场需求，规 模增长将具有持续性。 2.5%预定利率产品步入倒计时 市场此前对新一轮存款降息已有预期。近日，六家国有大行和招商银行均于官网公示了最新的人民币存 款挂牌利率。 此次调整，中长期存款利率的降幅更大。具体而言，活期存款下调5BP（基点），整存整取三个月期、 六个月期、一年期、二年期的利率均下调15BP，三年期和五年期利率均下调25BP。 随着银行存款降息的延续，曾被视为"揽储利器"的大额存单产品正逐渐"失宠"。近期，有多家银行在调 降定期存款利率的同时，也同步下调了大额存单产品利率。目前，大额存单产品即将全面迈入"1时 ...

南方财经全媒体记者 孙诗卉 实习生 关晶月 上海报道 近期，随着2025年一季度人身险公司偿付能力报告陆续披露，行业整体呈现"总量趋稳、结构分化"的复 杂图景。73家有可比数据人身险公司合计实现保险业务收入达1.37万亿元，同比增长3.16%，但超半数 公司保费收入出现下滑，头部险企与中小险企的差距进一步拉大；与此同时，74家有可比数据的人身险 公司净利润合计约866亿元，同比大增超40%，"扭亏为盈"成为关键词，泰康人寿、中邮人寿等公司表 现尤为亮眼。 投资端表现喜忧参半，部分中小险企收益率亮眼，但超四成公司综合投资收益率为负。与此同时，中小 险企在资本实力、渠道稳定性及抗风险能力上的挑战仍在。 西部证券研报显示，人身险新业务价值保持较高增速，价值率明显攀升。良好表现主要得益于银保渠道 量价齐升，费用成本受报行合一影响大幅下降、销售规模阵痛期后显著高增；此外代理人渠道以分红险 为代表的产品结构持续优化，预定利率下降也带来了成本改善。 | | | 2025年Q1寿险公司休贺似入排行削了 | | | --- | --- | --- | --- | | 排名 | 公司 | 2025Q1(亿元) | 同比变动 | ...