近日，中国人寿驻滇单位积极响应云南省委、省政府关于优化营商环境、助力企业纾困发展的决策部署，参与由云南省财贸工会主办、招商银行昆明分行承 办的"金融助企、劳模帮企、服务暖企"行动暨首场银保企对接活动。 转自：新华财经 中国人寿财险云南省分公司协调昆明中心支公司积极参加"金融助企、劳模帮企、服务暖企"行动暨首场银保企对接活动 中国人寿云南省分公司党委委员、副总经理张莉，中国人寿财险云南省分公司党委委员、副总经理杨莉玲代表公司出席活动，并参加启动仪式。活动现场， 中国人寿驻滇单位为现场参加活动的企业与群众准备了安全应急手电筒及产品宣传、消费者权益保护、金融安全折页，并提供金融保险服务咨询，为中小企 业、餐饮服务企业、广大客户普及保险、金融知识，因地制宜提供保险产品服务。 据悉，2024年，中国人寿云南省分公司积极服务实体经济，支持国家重大战略实施，服务经济社会绿色转型、助力战略性新兴企业发展。累计承保法人客户 7936户，承保人数156万人次，累计提供风险保障2.58万亿元；为21784家中小微企业客户提供了6544亿元的风险保障，服务78家专精特新企业。该公司还积 极深入开展"精品工程"类保证保险和积极试点提放 ...

Core Viewpoint - "Hui Min Bao" serves as an effective supplementary insurance to basic medical insurance, contributing to a multi-tiered medical security system in China. The company has implemented various measures to enhance the coverage and service quality of "Hui Min Bao," resulting in a steady increase in the number of insured individuals and sustainable business development [1][2]. Group 1 - The company has organized insurance for 73,100 people this year, representing a year-on-year increase of 17% [1]. - The premium income reached 12.02 million yuan, with a year-on-year growth of 21.3% [1]. - The market share of "Hui Min Bao" has increased to 22.36%, up by 4.1 percentage points year-on-year [1]. Group 2 - The "Hui Min Bao" program has been operational since 2021, with over 2.12 million people covered and total compensation exceeding 200 million yuan over five years [1]. - The company is addressing common issues such as declining renewal rates and insufficient customer expansion by upgrading the insurance plan based on extensive research and public feedback [2]. - The 2024 plan includes a one-stop settlement system, lower deductible standards, expanded network of hospitals and pharmacies, and enhanced reimbursement processes for outpatient medications [2]. Group 3 - A new internet outpatient service has been introduced, allowing insured users to pay only 30 yuan for up to 6,000 yuan in reimbursement for online consultations and medications [2]. - A special premium of 10 yuan has been introduced for low-income individuals, maintaining the same reimbursement ratio to enhance the program's inclusivity [2]. - The company aims to strengthen public awareness and increase participation in "Hui Min Bao" to address social risk management and improve community resilience [2].

青海共和县塔拉滩戈壁，曾经是黄沙漫卷的不毛之地。六月中旬，当记者随中国人寿的调研车队驶入这 片土地，推开车门，眼前的景象却令人屏息，目之所及并非想象中的荒凉戈壁，而是一片浩瀚无垠 的"蓝色海洋"。 6244兆瓦的光伏板矩阵在高原烈日下折射出粼粼波光，在全球最大的光伏发电园区中正汲取着太阳的能 量。这片闪耀的蓝色矩阵下，还藏着一派生机勃勃的田园牧歌，成群结队的"光伏羊"悠然啃食着茂盛的 牧草。这不仅是国寿资产90亿元股权投资领投的青海黄河上游水电开发有限责任公司（下称"青海黄河 公司"）的战略眼光，更是保险资金服务国家五篇大文章中绿色金融战略、润泽普惠金融民生的生动缩 影。 作为西北能源供应的主力军，青海黄河公司混改引战项目在2019年末尘埃落定。国寿资产受托实施的90 亿元投资，成为当年央企混改第一大单，更成为撬动西部清洁能源发展的关键支点。这笔"耐心资本"的 注入，为黄河上游水电开发与"西电东送"战略提供了坚实依托，体现了险资支持国家重大项目的责任担 当。 蓝色矩阵下的三重奏 "看！我们的'光伏羊'！"顺着青海黄河公司工作人员的手指望去，光伏板的间隙里，成群的绵羊正悠闲 啃食着茂盛的牧草。 这幅"牧光共生" ...

Market Performance - The A-share market experienced a strong rally on June 24, with the Shanghai Composite Index rising over 1% to close at 3420.57 points, marking a three-month high and approaching the year's peak [2] - The ChiNext Index surged by 2.3%, achieving its largest single-day gain in one and a half months, while the North Star 50 Index increased by 3.65% [2] - Over 4700 stocks in the market saw gains, with significant increases in sectors such as solid-state batteries, robotics, autonomous driving, and automotive parts [2] Financial Sector Strength - The large financial sector emerged as a key driver of market growth, with notable performances from brokerage stocks, including Guosheng Financial and Xiangcai Securities, both hitting the daily limit [2] - Insurance stocks also showed strong performance, with major companies like Ping An, China Life, and New China Life experiencing substantial gains [2] Solid-State Battery and Autonomous Driving Trends - The solid-state battery sector saw a notable uptick, with stocks like Liyuan Heng and Taihe Technology hitting the daily limit of 20% [5] - Upcoming events, such as the first "Lithium Sulfide and Sulfide Solid-State Battery Forum," are expected to catalyze further developments in the solid-state battery field [5] - The autonomous driving sector also performed well, with stocks like Sanyou Technology and Wanma Technology seeing significant increases, driven by Tesla's launch of Robotaxi pilot services in Austin [5] Regulatory Developments in Insurance - The Financial Regulatory Bureau issued guidance to life insurance companies regarding the dividend levels for 2024, aiming to enhance the sustainability of dividend insurance and protect consumer rights [3] - This regulatory move is expected to benefit leading insurance companies by standardizing the floating cost levels of dividend insurance and improving asset-liability matching [4] Foreign Investment Sentiment - Several foreign institutions are increasingly optimistic about structural opportunities in the Chinese market, with a recommendation to overweight A-shares and Hong Kong stocks [6] - Goldman Sachs has raised its target for the CSI 300 Index to 4600 points, indicating a potential upside of approximately 10% [6] - UBS noted a growing interest among European investors in Chinese stocks, shifting from a previously underweight position to a more neutral stance [6]

作为中国人寿与客户的年度之约，"国寿616"客户节已悄然走过十九载。自2005年的线下服务日到如今的"智汇国寿 一生守护"主题活动，这场品牌盛会始 终像一面镜子，映照着金融服务的迭代升级——线上"企微＋"客服如影随形，线下VIP服务体系枝叶渐丰，形成覆盖全生命周期的服务矩阵。"就像为客户配 备了一位全天候的专属顾问。" "当《民营经济促进法》遇上中国经济新周期，企业家该如何锚定航向？"论坛现场，经济学博士马光远以一贯犀利的视角切入主题。这位媒体财经频道的常 客、"光远看经济"主理人，手持"政策温度计"剖析中国经济新周期，从"要素驱动"到"创新驱动"的转型逻辑被他拆解为"破茧三部曲"。互动环节中，马光远 就个人投资、能源发展、文化产业等热点问题与客户深入交流，其对政策的独特解读与实战建议赢得阵阵掌声。现场一位科技企业负责人表示："这场论坛 既有政策高度，又有落地建议，让我们对企业未来发展更有方向感。" "论坛只是客户节的'开胃菜'。"深圳国寿相关负责人介绍，未来将继续围绕康养、投资、文化、艺术四大主题，丰富高星客户服务供给，打造具有深圳特色 的服务新体系。随着客户节的持续开展，公司还将推出多项特色活动，以"33 ...

从中证港股通非银行金融主题指数持仓样本的行业来看，保险占比64.29%、其他资本市场占比 21.65%、证券公司占比12.73%、其他金融服务占比1.02%、消费信贷占比0.31%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。特殊情况下将 对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题企 业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速纳 入指数。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通范围发生 变动导致样本不再满足港股通资格时，将进行相应调整。 从指数持仓来看，中证港股通非银行金融主题指数十大权重分别为：中国平安（14.97%）、友邦保险 （14.53%）、香港交易所（14.11%）、中国人寿（8.82%）、中国财险（6.76%）、中国太保 （6.63%）、中国人民保险集团（4.13%）、新华保险（3.91%）、中信证券（2.5%）、ESR （2.35%）。 从中证 ...

1. Report Industry Investment Rating - The report suggests actively paying attention to opportunities in some insurance subordinated debts [5]. 2. Core Viewpoints of the Report - Insurance subordinated debts have gone through three development stages, with perpetual bonds being the mainstream issuance type currently. In the context of the domestic "asset shortage," some insurance subordinated debts have relative coupon advantages, and certain ones have relatively high investment value, but issuers with non - redemption situations or those that have not disclosed financial information for a long time should be carefully selected [2][5]. 3. Summary by Relevant Catalogs 3.1 Insurance Subordinated Debt Development History - **Three - stage Development and Current Situation**: Insurance subordinated debt development has three stages. From 2005 - 2014, only subordinated term debts were issued; from 2015 - 2023, capital supplementary bonds were the main type; since 2023, perpetual bonds have become the mainstream. As of June 6, 2025, 56 insurance companies have 100 outstanding subordinated debts with a balance of 495.41 billion yuan [2][10]. - **Issuance Scale Fluctuations**: From 2005 to the end of 2024, the issuance scale of insurance subordinated debts showed four upward and three downward trends. Factors such as economic slowdown, regulatory policies, and industry reforms influenced these fluctuations. Life insurance companies are the main issuers [15]. - **Rating and Interest Rate Characteristics**: High - rated bonds dominate. From 2016 - 2025/06/08, the issuance scale ranking of different - rated insurance subordinated debts is AAA>AA +>AAA +>AA>AA ->A +. The overall issuance interest rate has shown a downward trend, and different - rated issuers have significant differences in coupon rates [19]. - **Enterprise Nature of Issuers**: As of June 6, 2025, central - owned enterprises account for 53.5% of the outstanding scale of insurance subordinated debts, indicating good overall credit quality of issuers [26]. - **Regulatory Policy Changes**: Key regulatory policy nodes include the release of the "Interim Measures for the Administration of Subordinated Term Debts of Insurance Companies" in 2004, the "Measures for the Administration of Subordinated Term Debts of Insurance Companies" in 2011, the permission for insurance groups to issue subordinated debts in 2013, the start of capital supplementary bond issuance in 2015, and the permission for issuing perpetual bonds in 2022 [29]. - **Solvency Policy Evolution**: Solvency policies have gone through "Solvency Generation I," "Solvency Generation II Phase I," and "Solvency Generation II Phase II." "Solvency Generation I" focused on asset scale, while "Solvency Generation II" focused on risk control. The implementation of "Solvency Generation II Phase II" has put pressure on insurance companies' solvency [33]. - **Differences between Capital Supplementary Bonds and Perpetual Bonds**: Capital supplementary bonds have a definite maturity, can supplement supplementary tier - 1 capital, and are prioritized in repayment. Perpetual bonds have no fixed maturity, can supplement core tier - 2 capital, and have a stronger subordinated nature [36]. - **Special Provisions and Risks**: Some insurance subordinated debts contain special provisions such as call options and write - down clauses. There is a risk of non - redemption, and historical non - redemption cases are mainly due to solvency pressure or operating losses [39][43]. 3.2 Activity Level of Insurance Subordinated Debts - **Outstanding Debt Situation**: As of June 6, 2025, 56 insurance institutions have 100 outstanding subordinated debts, with a capital supplementary bond scale of 378.04 billion yuan and a perpetual bond scale of 117.37 billion yuan. The remaining maturities of capital supplementary bonds are mainly within 1 year and 4 - 5 years, while perpetual bonds are in the 3 - 4 years and 4 - 5 years ranges [48][49]. - **Secondary Market Transactions**: From December 6, 2024, to June 6, 2025, 89 insurance subordinated debts had secondary - market trading records. Life insurance companies had the highest trading volume and turnover, followed by property insurance companies. The average turnover rate of perpetual bonds was higher than that of capital supplementary bonds [50][52]. - **Comparison with Other Subordinated Debts**: The trading activity of insurance subordinated debts is between that of bank and securities firm subordinated debts. The trading volume is lower than that of bank perpetual bonds but higher than that of securities firm subordinated debts. The turnover rate is lower than that of commercial bank subordinated debts but higher than that of securities firm subordinated debts [3][56]. 3.3 Supply and Demand Situation of Insurance Subordinated Debts - **Supply - side Situation**: The solvency adequacy ratio of insurance companies has declined. From the end of 2020 to the end of the first quarter of 2025, the comprehensive solvency adequacy ratio dropped from 184.75% to 131.42%, and the core solvency adequacy ratio dropped from 186.37% to 149.72%. There is potential for an increase in bond issuance [60]. - **Demand - side Situation**: Insurance institutions hold each other's subordinated debts, while asset management products (public funds, securities firm asset management, and bank wealth management) hold a small proportion. As of Q1 25, these three types of products held a total market value of 20.816 billion yuan of insurance subordinated debts, accounting for 2.34% of the total market value [4][62]. - **Public Fund Holdings**: Public funds hold more capital supplementary bonds with implicit AA +/AA ratings issued by central - owned enterprises. They increased their holdings of AA +/AA - rated and central - owned enterprise - issued subordinated debts in Q1 25 compared to the end of 2024 [66][67].

A股今日（6月24日）放量大涨，沪指涨超1%重返3400点上方，创业板指涨超2%；港股亦走高，恒生指数、恒生科技指数均涨超2%。 具体来看，两市主要股指盘中强势拉升，三大股指全线走高。截至收盘，沪指涨1.15%报3420.57点，深证成指涨1.68%报10217.63点，创业板指涨2.3%报2064.13 点，北证50指数涨3.65%，沪深北三市合计成交14484亿元，较此前一日增加逾3000亿元。 场内超4700股飘红，保险、券商板块联袂拉升，湘财股份、国盛金控涨停，东方财富涨超4%，成交额位居A股首位；中国人寿、中国平安涨超3%；无人驾驶概念爆 发，三友科技、万马科技、恒帅股份、星源卓镁等涨停；人形机器人概念活跃，利元亨、兆丰股份等涨停；固态电池概念拉升，信德新材、泰和科技、华盛锂电等 均涨停。石油、航运概念大幅回落，科力股份跌近20%，通源石油、茂化实华、招商南油等跌停。 东方财富成交超百亿元 被称为"牛市旗手"的券商板块 盘中强势拉升，截至收盘，湘财股份、国盛金控涨停，锦龙股份涨近7%，中国银河、东方财富超4%。值得注意的是，东方财富全日 成交132.2亿元，位居A股成交额首位。 | 代码 名称 | ...

分析人士认为，从内外两个维度来看，首先是海外市场显著回暖，风险偏好明显上升，而美联储亦释放出降息 预期；其次是从内部来看，达沃斯论坛和阅兵的消息显然是拉升了市场的风险偏好，而从产业角度来看，稳定 币的发展为金融板块提供了想象空间，自动驾驶的启动亦为产业提供了炒作逻辑。近期，题材的活跃度依然比 较高。 突然大爆发 24日，指数级行情再度出现。上证指数一度冲高40点，而这个过程当中，非银金融是拉抬指数的主力。国盛金 控早早封死涨停板，湘财证券、锦龙股份、中国银河等大幅拉升。指南针更是狂飙超12%，财富趋势、东方财 富、艾融软件、同花顺亦是大幅拉升。 金融板块中，银行虽然较弱，但保险板块却明显走强。中国平安、中国人保、新华保险、中国太保和中国人寿 集体大涨。这意味着防守仓位今天处于劣势状态，进攻仓位处于主导地位。 值得注意的是，整个市场已经连续两天处于"和平共处"的状态，即大盘股拉升，小盘股也不拖后腿。昨天是银 行股与一众小盘股共舞，今天是券商拉升，固态电池、无人驾驶等板块亦持续拉升。市场显现出明显的强势特 征。 从外围来看，A50亦是强势拉升，港股三大指数明显走强。港股高开高走，恒生科技指数涨幅扩大至2%，理 想 ...

2025年06月24日 证券研究报告| 存款搬家下的价值回归 ——2025年下半年非银金融投资策略 行业研究·深度报告 非银金融 投资评级：优于大市（维持） | 证券分析师：孔祥 | 证券分析师：王德坤 | 联系人：王京灵 | | --- | --- | --- | | 021-60375452 | 021-61761035 | 0755-22941150 | | kongxiang@guosen.com.cn | wangdekun@guosen.com.cn | wangjingling@guosen.com.cn | | S0980523060004 | S0980524070008 | | 请务必阅读正文之后的免责声明及其项下所有内容 核心观点摘要 请务必阅读正文之后的免责声明及其项下所有内容 -25,000 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2009年3月 2009年9月 2010年3月 2010年9月 2011年3月 2011年9月 2012年3月 2012年9月 201 ...