“中保”跨年策划 | 寄语2026分红险：迷津虽跌宕，新潮仍澎湃！

Core Viewpoint - The insurance industry, particularly the dividend insurance sector, is experiencing a transformation that began in late 2024 and gained momentum throughout 2025, with a focus on building confidence in "dividend expectations" as the new year begins in 2026 [1][23]. Industry Marketing Concepts - Following the "9·24" market rally in 2024, a policy-driven bull market in A-shares continued into 2025, culminating in the Shanghai Composite Index reaching 4000 points for the third time, boosting confidence in the capital market's future [2][24]. - Despite the positive market sentiment, the general public remains concerned about economic downturns and the difficulty of making money, leading to a preference for fixed-income insurance products over floating-return products like dividend insurance [2][24]. - Companies and marketers are attempting to apply the "Merrill Clock" theory to justify increasing equity asset allocations during the economic recovery phase, but it is essential to consider the current development stage of the country and the financial industry's requirements [2][24]. National Development Direction - The 14th Five-Year Plan emphasizes the development of new productive forces and the construction of a modern industrial system, with a focus on strategic emerging industries such as new energy, aerospace, and biotechnology [3][25]. - The financial sector's role is to support national strategies and new productive forces, facilitating value conversion across time and space [3][25]. Investment Strength of Insurance Companies - Dividend insurance products have lower guaranteed interest rates compared to traditional life insurance, allowing insurance companies to release more funds for long-term investments, which tests their active investment capabilities [5][27]. - The evaluation of an insurance company's investment ability is complicated by the transition to new accounting standards, making direct comparisons between listed and non-listed companies challenging [6][27]. - Key investment return metrics include net investment yield, total investment yield, and comprehensive investment yield, which reflect the company's overall investment capabilities [7][28]. Dividend Insurance Product Insights - Dividend insurance features several interest rates: guaranteed rate, illustrated rate, and client theoretical yield, with the latter two often leading to misunderstandings among clients [10][32]. - The actual dividend payout rate, which is the ratio of actual dividends distributed to illustrated dividends, is a critical metric for assessing the performance of dividend insurance products [13][34]. Comparison of Hong Kong and Mainland Dividend Insurance - Hong Kong dividend insurance has lower guaranteed interest rates but higher illustrated rates due to more flexible investment channels, raising concerns about the sustainability of high illustrated returns [14][35]. - Regulatory measures in Hong Kong aim to prevent overly aggressive investment return assumptions, promoting healthy competition and sustainable development in the insurance industry [14][35]. Client Adaptability and Suitability - The transition to dividend insurance has faced resistance from some marketers and clients who struggle to accept the concept of "floating returns," indicating a need for better education and understanding of the product [17][37]. - Certain client demographics, such as those over 65 or those with a pessimistic view of national development, may not be suitable for dividend insurance, suggesting a need for tailored product recommendations [18][38]. Conclusion - As 2026 marks the beginning of the 15th Five-Year Plan, the insurance industry is positioned to respond to national economic strategies, with dividend insurance emerging as a valuable asset allocation choice for families in the coming decade [20][41].