来源 | 独角金融 作者 | 刘银平编辑 | 付影 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在完成成立以来最大一笔增资后，横琴人寿保险有限公司（简称"横琴人寿"）董事长钱仲华在朋友圈留 下这样一句话：我的任务基本完成了。这或许意味着，这位曾临危受命、执掌公司不到两年的老将，在 带领公司完成新一轮增资后，或将退位。 钱仲华是一名27年太保老将，2023年，他在退休后被聘为横琴人寿独立董事，在首任董事长兰亚东退休 后，2024年4月，62岁的钱仲华随即被推选为公司第二任董事长。然而在其任内，横琴人寿营业收入持 续下滑，亏损局面未能扭转。直至近日，他主导完成了18.52亿元的增资，被视为其在职期间的重要收 官。 横琴人寿成立九年来，资产规模曾快速扩张，但盈利始终未能站稳。公司仅在2020年和2021年实现盈 利，自2022年起陷入连续亏损，累计亏损额已超22亿元。与此同时，高管团队近两年频繁变动。 随着增资落地与董事长可能更迭，横琴人寿再次站在转折点上。在新股东的支持下，稳定的管理层能否 形成？战略能否持续落实？这家年轻的保险公司，能否走向稳步盈利之路？ 1 63岁董事长"任务"完 ...

Group 1 - Shenzhen Nanshan District officially announced that its GDP will exceed 1 trillion yuan by 2025, becoming the third "trillion-yuan district" in the country and the first trillion-yuan district under a city jurisdiction [1] - Shanghai Pudong New Area disclosed that its GDP is expected to reach approximately 1.88 trillion yuan by 2025, positioning it as the first "2 trillion-yuan economic region" in the country [1][3] - In terms of economic scale, Pudong has a significant advantage with a resident population of 5.7858 million and a GDP of 1.88 trillion yuan, nearly double that of Nanshan [1][3] Group 2 - Nanshan District has a higher development efficiency, with a per capita GDP exceeding 500,000 yuan, which is 1.7 times that of Pudong, and a land GDP of over 5 billion yuan, which is 3.5 times that of Pudong [1][3] - Pudong New Area is a core functional area for Shanghai's international economy, finance, trade, shipping, and technological innovation, housing numerous high-end platforms [6][8] - Nanshan District is recognized for its high density of listed companies, with 218 listed companies and 6,037 high-tech enterprises, making it the highest in the country [10] Group 3 - Beijing's Chaoyang District is projected to be the next to reach a GDP of 1 trillion yuan, with an expected GDP of 966.85 billion yuan in 2025, just 350 billion yuan short of the target [11][13] - Chaoyang's economy is heavily reliant on the service sector, with over 95% of its GDP coming from tertiary industries, significantly higher than that of Pudong and Nanshan [13]

中经记者 陈晶晶 北京报道 近日，横琴人寿在完成超18亿元的增资之后，其董事长钱仲华发微信朋友圈公开表示，"横琴人寿的增 资工作已经全部完成，2026年的'开门红'工作也顺利展开，可以说我的'任务'基本完成了"。 对于上述变动，横琴人寿相关负责人对《中国经营报》记者表示："公司在核实中，请以官方公告为 准。" 记者查阅横琴人寿官网高管信息披露注意到，截至2026年1月28日，该公司党委书记、执行董事、董事 长仍为钱仲华。 横琴人寿披露显示，钱仲华出生于1962年，现年64岁，是横琴人寿第二任董事长。其于2024年4月，受 横琴人寿股东委派担任董事长，其任职资格在当年7月获监管核准。 横琴人寿主要从四个方面来推进"金莲花"模式。首先在队伍结构上，组建"精英化、复合型"的人生规划 师队伍；其次是产品上依托横琴粤澳深度合作区及粤港澳大湾区的双区叠加优势，主推跨境养老、高端 医疗、财富传承等；在服务上，提供"一揽子"、人生规划解决方案；最后，总部赋能上，为业务前线提 供全方位的产品、工具、资源与智力支持。 不过，与多年前相比，当下个险渠道的展业压力倍增，尽管"金莲花"模式试点有所成效，但是从经营数 据看，未能带动整体 ...

证券之星消息，1月28日保险板块较上一交易日下跌0.38%，中国平安领跌。当日上证指数报收于4151.24，上涨0.27%。深证成指报收于14342.9， 上涨0.09%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交重(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601336 | 新华保险 | 82.69 | 0.93% | 27.23万 | 22.51 Z | | 601601 | 中国太保 | 44.18 | -0.05% | 53.51万 | 23.75 7 | | 601628 | 中国人寿 | 48.34 | -0.33% | 26.45万 | 12.84 Z | | 601319 | 中国人保 | 9.08 | -0.55% | 98.80万 | 8.99 Z | | 601318 | 中国平安 | 64.75 | -0.86% | 199.29万 | 129.53亿 | 从资金流向上来看，当日保险板块主力资金净流出6.02亿元，游资资金净流出1.12亿元，散户资金净流入7.14亿元。保险板块个股资金 ...

Core Viewpoint - The development of health insurance in China is transitioning from merely existing to improving quality, with a focus on enhancing service as a key driver for sustainable growth in the industry [1][20][21]. Group 1: Importance of Service in Health Insurance - Service is identified as a crucial element for driving customer engagement and sustainable operations in health insurance [2][21]. - The industry must balance three core relationships: alignment of healthcare supply with customer needs, collaboration between customer growth and diverse channel strategies, and interaction between medical inflation and risk reduction [2][21]. - The "service flywheel" concept illustrates how effective service can create a self-reinforcing cycle that enhances customer loyalty and attracts new clients [3][25]. Group 2: Service Flywheel Mechanism - The service flywheel effect describes how initial investments in customer service can lead to exponential growth in value through enhanced customer experience and retention [3][25]. - The flywheel's acceleration is driven by the "service multiplier" effect, where each health service provided generates greater value than the initial investment [3][25]. - A successful service flywheel can stabilize customer bases and mitigate the risks associated with long-term health insurance operations [4][25]. Group 3: Transition from Risk Pricing to Value Pricing - The shift from risk pricing to value pricing in health insurance is essential to address challenges such as medical inflation and changing customer expectations [16][36]. - Value pricing integrates health services into product design, allowing for a more comprehensive approach to customer needs and risk management [16][36]. - The industry is encouraged to expand coverage through innovative service combinations that address out-of-pocket expenses and provide dynamic protection throughout the customer lifecycle [18][37]. Group 4: Challenges and Solutions in Health Management - The integration of health management with insurance faces challenges such as low adherence to health management practices and difficulties in measuring effectiveness [34][35]. - Establishing a scientific mechanism for validating the impact of health services on risk reduction is crucial for aligning service investments with core business metrics [35]. - The use of artificial intelligence and data analytics can enhance personalized health management, improving adherence and breaking the linear cost growth pattern [35][36]. Group 5: Future Directions for Health Insurance - The health insurance sector must evolve from a reactive compensation model to a proactive health management partner, enhancing its role in the healthcare ecosystem [19][38]. - Companies are encouraged to deepen their engagement in health services to strengthen competitive advantages and avoid detrimental market practices [19][38]. - The establishment of a robust service framework is seen as a complex but necessary step for achieving high-quality development in commercial health insurance [19][38].

Group 1 - Ping An Life increased its stake in China Life H-shares by acquiring 11.891 million shares at an average price of HKD 32.0553 per share, totaling approximately HKD 381 million [1] - After the acquisition, Ping An Life's total holdings in China Life H-shares rose to 681 million shares, increasing its ownership percentage from 8.98% to 9.14% [1] - This is not the first time Ping An has invested in China Life H-shares, as it previously reached the 5% threshold in August 2025 and has continued to increase its holdings without exceeding the 10% threshold [1] Group 2 - Ping An Life has also made significant investments in other financial institutions, including Agricultural Bank of China H-shares, where its stake surpassed 20%, and has actively increased holdings in several state-owned banks [1] - The investment strategy of insurance capital, as analyzed by Huachuang Securities, focuses on two main objectives: prioritizing high-yield assets with stable future dividend cash flows and targeting state-owned enterprises with monopolistic positions and mature profit models for long-term equity investments [2]

Core Viewpoint - The insurance industry has demonstrated a strong commitment to disaster response during the recent severe snowstorm, showcasing a coordinated effort in prevention, rescue, and compensation through technology and human resources [1][18][20]. Group 1: Prevention - Prior to the snowstorm, multiple insurance companies proactively implemented risk prevention measures, including sending over 1 million safety alerts and disaster reduction tips to clients [4][7]. - Companies utilized various platforms to disseminate weather warnings and safety tips, with Ping An Property & Casualty sending over 38.63 million alerts [4]. - On-site assistance was provided to high-risk areas, with companies like Ping An conducting risk assessments and offering reinforcement advice to vulnerable structures [4][6]. Group 2: Rescue - During the snowstorm, insurance companies quickly established specialized rescue teams to coordinate resources for timely and efficient assistance [10][12]. - For instance, China Life Property & Casualty collaborated with rescue companies to enhance support in critical areas, providing emergency services such as towing and battery jump-starts [10]. - The insurance sector also engaged in joint operations with local police and emergency services to ensure effective road safety and rapid response to incidents [14][19]. Group 3: Compensation - Following the disaster, many insurance companies opened green channels for claims, simplifying processes and leveraging technology to enhance efficiency [18][20]. - For example, Ping An Property & Casualty reported that the fastest claim payment took only 9 minutes from the time of reporting [19]. - Companies utilized advanced technologies such as remote damage assessment and AI to expedite claims processing, ensuring timely compensation for clients [20].

一、同意中国太平洋财产保险股份有限公司罗江支公司将营业场所变更为：四川省德阳市罗江区万安北 路东侧318号(禾顺.翰林苑一期)102附1、103号。 2026年1月19日，国家金融监督管理总局德阳监管分局发布批复称，《关于中国太平洋财产保险股份有 限公司罗江支公司变更营业场所的请示》(德太保产〔2025〕16号)收悉。经审核，现批复如下： 二、中国太平洋财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Core Viewpoint - China Pacific Insurance (CPIC) is focusing on modernizing agriculture and rural areas by integrating "insurance+" into a broader financial service ecosystem, providing strong support for high-quality agricultural development and rural revitalization [1] Group 1: Agricultural Insurance Innovations - CPIC has launched the first "fattening pig futures income insurance" in Fujian, which protects farmers' income against market price fluctuations and production volume uncertainties [2] - This innovative insurance product combines futures prices with actual output, ensuring income stability for farmers, marking a shift from traditional price-focused insurance to a more comprehensive income protection model [2][3] - The income insurance model is expected to be applicable to other agricultural products with significant price volatility and long production cycles, such as eggs, corn, and apples, thereby enhancing the agricultural insurance system [3] Group 2: Support for Specific Agricultural Products - CPIC has introduced 11 specialized insurance products for the fruit industry in Guangdong, providing 2.5 billion yuan in risk coverage for lychee and other local fruits, covering over 830,000 acres [4] - The company has developed various insurance products for the entire growth cycle of lychee, including weather index insurance and ancient tree rescue insurance, enhancing risk management for farmers [4][5] - The integration of technology in agriculture, such as AI for disease diagnosis and satellite remote sensing for disaster assessment, has significantly improved the efficiency and productivity of lychee farming [5] Group 3: Overall Impact and Future Directions - By 2025, CPIC aims to offer nearly 5,000 agricultural insurance products, providing 1.3 trillion yuan in risk coverage to over 5.73 million farming households [5] - The company is committed to exploring the "insurance+" model to support high-quality agricultural development and rural revitalization, focusing on refined management and diversified collaboration in agricultural insurance [5]

保险的业绩情况，2025年净利润增速预期分别为国寿～49%，新华40%+，太保20%，平安5%-10%，四季度业绩整 体较三季度有所回落主要是因为四季度市场波动，叠加保险公司权益投资敞口明显放大，另外四季度计提部分资 产的减值所致，但全年业绩在去年较高的基数上均实现了正增长。 保险的业绩情况，2025年净利润增速预期分别为国寿～49%，新华40%+，太保20%，平安5%-10%，四季度业绩整 体较三季度有所回落主要是因为四季度市场波动，叠加保险公司权益投资敞口明显放大，另外四季度计提部分资 产的减值所致，但全年业绩在去年较高的基数上均实现了正增长。 2026年一季度若保险公司权益公允价值变动收益率为2%，则预计一季度净利润实现较高的增长，尤其是平安和太 保去年一季度基数较低，预计2 2026年一季度若保险公司权益公允价值变动收益率为2%，则预计一季度净利润实现较高的增长，尤其是平安和太 保去年一季度基数较低，预计26年一季度增速将更高。 ...