一周新闻速览 监管动态 医保局：医保目录新增114种药品，首版商业健康险创新药目录同步发布 医保局局长章轲：中国必将成为全球最重要的创新药首发地 医保局黄心宇：国家医保目录将保持每年一调的节奏 金融监管总局副局长肖远企：保险公司商业模式可持续性应纳入监管重点 赵宇龙与越南财政部副部长黎晋近（Le Tan Can)举行会谈 赵宇龙："十四五"时期保险业建设养老社区项目130个，长护险覆盖1.8亿人 赵宇龙：商业保险在发展养老金融方面具备三方面的独特优势 香港：三季度保险收益指数同比均录得双位数升幅 泰康资产：企业年金投管规模超6,900亿，居市场前列！ 中国平安：起诉华夏幸福及其董事长王文学 人事变动 香港保监局：香港市场已发行七宗保险连接证券，累计发行总额达8亿美元 公司动态 瑞众人寿：举牌青岛啤酒H股，持股比例达到5% 和谐健康：12月4日至8日增持金融街股份703.84万股 长城人寿：被出具警示函，涉违规增持新天绿能 泰康养老：增资20亿，为养老金融发力蓄能 平安人寿：发行200亿2025年资本补充债券 新华保险：拟发不超100亿永续债增强资本实力 中英人寿：获批发行10年期可赎回资本补充债券、无固定期限 ...

Core Viewpoint - As of the end of October, Henan has attracted over 1 trillion yuan in insurance funds, quadrupling since the end of 2020, with annual increments exceeding 100 billion yuan for four consecutive years, and the balance of insurance fund utilization surpassing 700 billion yuan, exceeding the "14th Five-Year Plan" target [2] Group 1 - Insurance funds are characterized by large scale, long duration, stable sources, and flexible forms, serving as a natural patient and long-term capital for the development of key areas in the real economy [2] - The "Insurance Capital Henan" project library has been launched, integrating high-quality project resources across the province to provide digital support for precise investment by insurance funds [2] - The investment scale of insurance funds in Henan is rapidly increasing, with investment methods becoming more diverse and investment fields expanding from traditional sectors to emerging industries [3] Group 2 - Insurance funds are expected to support the construction of a healthy Henan through models like "Insurance + Big Health" and "Insurance + Big Elderly Care," with planned investments exceeding 5 billion yuan [3] - China Life Asset Management has invested over 140 billion yuan in Henan, including local government bonds, credit bonds, bank deposits, stocks, and asset-backed plans [3] - The company aims to leverage its advantages to participate in Henan's green and digital transformation strategies, supporting high-quality economic development [4] Group 3 - The investment balance of Xinhua Asset Management in Henan has reached 25 billion yuan, covering key sectors and important enterprises [4] - The company plans to continue increasing its allocation to Henan government bonds and support the development of major state-owned enterprises in the province [4] - The Henan Financial Supervision Administration has invited investment institutions to deepen cooperation and enhance financing and intellectual support, aligning the long-term advantages of insurance funds with Henan's development plans [4] Group 4 - The "Insurance Capital Henan" project library has over 60 projects with a total investment amount exceeding 130 billion yuan, covering advanced manufacturing, infrastructure, and green low-carbon sectors [5] - This project library aims to build a dedicated bridge for information exchange and resource matching between insurance funds and high-quality industrial projects in Henan [5] - The initiative is expected to break down information barriers and facilitate precise connections for insurance capital entering Henan [5]

一、同意中国人寿保险股份有限公司杭州市临安支公司青山营业部的营业场所变更为：浙江省杭州市临 安区青山湖街道鹤山街872号1幢206室。 二、中国人寿保险股份有限公司浙江省分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12月5日，国家金融监督管理总局浙江监管局发布批复称，《中国人寿保险股份有限公司浙江省 分公司关于变更中国人寿保险股份有限公司杭州市临安支公司青山营业部营业场所的请示》(国寿人险 浙发〔2025〕400号)收悉。经审核，现批复如下： ...

【河南金融监管局：河南省累计引入保险资金突破万亿元】12月11日，国家金融监督管理总局河南监管 局（以下简称"河南金融监管局"）局长向恒在2025年"保险资管河南行"产融对接会上表示，截至2025年 10月末，河南省累计引入保险资金突破万亿元。投资方式日趋丰富，保险资金投资河南私募股权基金实 现零的突破，股票、股权、不动产等多种形式并存的投资格局在逐步形成。此外，保险业还通过"保险 +大健康""保险+大养老"，积极参与健康河南建设，总投资计划超50亿元。 中国人寿资产管理有限公司党委委员、副总裁樊燕明在会上表示，截至2025年11月末，中国人寿系统内 保险资金在河南省存量投资规模超1400亿元，包括投资河南省地方政府债、信用债、银行存款、股票、 保险债权计划、资产支持专项计划等。 河南省发展改革委一级巡视员刘琦表示，河南省委、省政府始终高度重视引入保险资金，省发展改革 委、河南金融监管局、省委金融办已经牵头开展了两次"险资入豫"产融对接活动，建立项目储备机制、 畅通融资对接渠道，拓宽合作布局领域，优化险资运用环境。各家保险资管机构充分发挥保险资金期限 长、规模大的优势，为河南重大项目建设和重点产业发展提供了长 ...

中经记者 陈晶晶 何莎莎 北京报道 12月11日，国家金融监督管理总局河南监管局（以下简称"河南金融监管局"）局长向恒在2025年"保险 资管河南行"产融对接会上表示，截至2025年10月末，河南省累计引入保险资金突破万亿元。投资方式 日趋丰富，保险资金投资河南私募股权基金实现零的突破，股票、股权、不动产等多种形式并存的投资 格局在逐步形成。此外，保险业还通过"保险+大健康""保险+大养老"，积极参与健康河南建设，总投资 计划超50亿元。 中国人寿资产管理有限公司党委委员、副总裁樊燕明在会上表示，截至2025年11月末，中国人寿系统内 保险资金在河南省存量投资规模超1400亿元，包括投资河南省地方政府债、信用债、银行存款、股票、 保险债权计划、资产支持专项计划等。 河南省发展改革委一级巡视员刘琦表示，河南省委、省政府始终高度重视引入保险资金，省发展改革 委、河南金融监管局、省委金融办已经牵头开展了两次"险资入豫"产融对接活动，建立项目储备机制、 畅通融资对接渠道，拓宽合作布局领域，优化险资运用环境。各家保险资管机构充分发挥保险资金期限 长、规模大的优势，为河南重大项目建设和重点产业发展提供了长期稳定的资金保障 ...

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]

许昆林表示，以金融高质量发展助力辽宁全面振兴，离不开中国人民银行、金融监管总局的关心指导， 离不开中央金融机构的帮助支持。希望大家进一步关注辽宁、信任辽宁，深化拓展务实合作，支持辽宁 统筹做好金融"五篇大文章"，助力实体经济发展，与我们一道共享振兴发展机遇、开创美好未来。 会上，国家开发银行、中国进出口银行、中国农业发展银行、中国工商银行、中国农业银行、中国银 行、中国建设银行、交通银行、中国邮政储蓄银行、中国人民保险集团股份有限公司、中国人寿 （601628）保险(集团)公司、中国出口信用保险公司等中央金融机构主要负责同志先后发言。 12月11日，辽宁省与中央金融机构座谈会在北京举行。辽宁省委书记许昆林主持并讲话。中国人民银行 行长潘功胜，国家金融监督管理总局局长李云泽出席并讲话，辽宁省委副书记、省长王新伟介绍辽宁经 济社会发展总体情况。辽宁省委副书记、大连市委书记熊茂平，12家中央金融机构主要负责同志出席会 议。 许昆林表示，辽宁将搭建高效便捷的政金企对接平台，完善融资担保和风险补偿机制，为金融机构开展 业务创造更好条件。我们将全力打造一流营商环境，坚决整治破坏营商环境的问题，加强社会信用体系 建设，政府 ...

Core Viewpoint - The insurance industry in Chongqing is transforming from a reactive compensation model to a proactive service model, focusing on risk prevention and tailored solutions to enhance both public welfare and industrial development [1][8]. Group 1: Insurance as a "Buffer" for Livelihood - A low-cost accident insurance for the elderly, costing only 50 yuan, provides a coverage of 6,000 yuan for medical expenses, demonstrating the industry's commitment to supporting senior citizens [2]. - The insurance has already covered over 25,000 individuals, providing a total risk coverage of 1.58 billion yuan by September 2025 [2]. - New employment sectors, such as delivery and ride-sharing, have been provided with specialized insurance, covering 120,000 workers and resulting in over 4,300 claims amounting to more than 50 million yuan since 2023 [3]. Group 2: Insurance as an "Anchor" for Industry - Customized insurance solutions for businesses, such as food safety and employee accident insurance, have provided over 100 million yuan in risk coverage for companies like Sanhui Catering Culture Co., Ltd [4]. - The insurance industry is actively involved in risk management, offering services like safety training and hazard inspections alongside traditional coverage [4]. - A new insurance product for autonomous vehicles has been launched, enhancing claims efficiency through an integrated solution for liability determination [5]. Group 3: Safety as a "Firewall" for Risk Prevention - The insurance sector is shifting towards preventive measures, such as the "Red and Green Light" initiative, which has reduced accident rates by 50% in high-risk areas through infrastructure improvements [7]. - Risk reduction services have been implemented in tourist areas, providing 40 million yuan in risk coverage and enhancing safety through various precautionary measures [7]. - The insurance industry is increasingly seen as a proactive player in community safety, offering solutions that go beyond mere compensation [8].

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of Hong Kong insurance companies, with notable gains for China Taiping, China Life, and China Pacific, all rising over 4% [1] - China Ping An's stock price has reached a new high since June 2021, indicating strong market performance [1] - The overall trend shows a positive sentiment in the insurance sector, as several companies are experiencing substantial stock price increases [1]

Core Viewpoint - The insurance sector is experiencing a significant rally, driven by regulatory changes that lower investment risk factors for insurance companies, enhancing capital efficiency and supporting long-term value investment [1] Group 1: Stock Performance - As of the report, major insurance stocks have seen substantial gains: China Life (601628) up 4.4% to HKD 28, China Pacific Insurance (601601) up 4.09% to HKD 34.08, China Ping An (601318) up 2.85% to HKD 63.25, and China Property & Casualty Insurance (02328) up 0.96% to HKD 16.9 [1] Group 2: Regulatory Impact - On December 5, the Financial Supervisory Commission lowered the risk factors for insurance companies investing in related stocks, which is expected to reduce capital occupation pressure and enhance fund utilization efficiency [1] - The adjustment is anticipated to support the continuous guidance of insurance funds as "patient capital," further promoting technological innovation and empowering the real economy [1] Group 3: Industry Outlook - Donghai Securities noted that the insurance sector is currently in a historically undervalued range, suggesting a focus on large listed insurance companies with significant competitive advantages [1] - Guosheng Securities highlighted that the insurance industry will benefit from the trend of bank deposits moving, with diversified demands in pensions, healthcare, and savings expected to drive industry expansion [1] - Short-term progress in the insurance companies' New Year business is expected to boost liability performance in 2026, while the adjustment of product interest rates is likely to alleviate industry spread loss risks [1] - The "reporting and operation integration" is seen as a way to reduce internal competition and increase concentration among leading companies, indicating a positive outlook for the insurance sector's allocation value [1]