以幸福人寿为例，2024年因其持有南京银行3.68%股权并派驻董事，该投资改用权益法核算后确认了 12.25亿元营业外收入，从而实现扭亏为盈。 目前，平安人寿所持招商银行股份对应的净资产份额约为507.47亿元，高于其账面价值439.56亿元。若 未来平安人寿向招商银行派驻董事，形成重大影响，则可能确认约67.91亿元的营业外收入。尽管2025 年6月招商银行曾表示"长期资金未谋求董事席位诉求"，但当时平安人寿持股比例尚未达到3%的董事提 名门槛。如今其持股比例已升至3.61%，情况已有所不同。 此外，2025年以来，险资向银行派驻董事的现象逐渐增多。大家人寿、新华人寿、弘康人寿已分别向兴 业银行、杭州银行、苏农银行新派驻董事。其中，大家人寿的持股比例仅为3.38%。 1月8日，平安人寿发布公告称，由其委托平安资管管理的资金投资于招商银行H股。截至2025年12月31 日，持股比例已达到招商银行H股总股本的20%，约占总股本的3.61%。 为何招商银行年内四度被平安人寿举牌？ 一方面，在新会计准则下，保险公司可将此类股权投资计入"以公允价值计量且其变动计入其他综合收 益"科目。这意味着股价波动不影响当期利润， ...

彭博大宗商品指数是大宗商品投资领域广泛使用的基准指数，截至去年10月，跟踪该指数的资产规模约 1000亿美元。 最猛资产突然跳水。 贵金属价格突然大幅走低， 国际金价日内一度下探近70美元，白银、铂金和钯金尾盘跌幅均超过4%。 在创下1979年以来最大年涨幅后，资金选择了落袋为安。 美国商品期货交易委员会数据显示，截至12月30日当周，COMEX黄金投机者净多头头寸减少10668手 至126873手，白银净多头减少7270手至16595手。 此外，指数再平衡调整引发市场恐慌性抛盘。 1月8日起，彭博大宗商品指数的年度权重调整将正式启动。 这不是个例。2025年全年，险资共举牌35次，创2016年以来新高。 保险资金配置股票的规模正在趋势性上升，截至2025Q3已经达到3.6万亿元，占保险资金的比例为 10%，中信证券预期未来保险资金行为将会越来越影响A股市场风格特征。 此次调整中，市场预期黄金、白银权重被明显下调：黄金:19.6%→14.9%，白银:7.7%→3.9%。 权重下调，意味着被动资金卖出。 花旗预计，黄金、白银的卖盘规模 均在70亿美元左右:黄金AUM338亿美元→270亿美元，白银AUM129 ...

Core Viewpoint - Insurance capital's stake in listed companies has significantly increased, with over 30 instances of stake acquisitions in 2025, marking a new high in recent years [1][10]. Group 1: Stake Acquisition Trends - In 2025, insurance companies made 35 stake acquisitions, up from 20 in 2024, indicating a growing trend in equity market participation [2][11]. - The financial sector is the primary focus for insurance capital, with 15 stake acquisitions involving 6 banks and 2 insurance companies [1][4]. - The H-share market is the main venue for these acquisitions, as it offers better valuation opportunities compared to A-shares [1][4]. Group 2: Active Participants - A total of 14 insurance institutions participated in stake acquisitions in 2025, with Ping An Life leading with 12 acquisitions [2][11]. - Other notable participants include Great Wall Life and China Post Life, each with 4 acquisitions, and several others with fewer [2][11]. - August 2025 was particularly active, with 7 acquisitions, including Ping An Life's significant stake in Postal Savings Bank [2][11]. Group 3: Investment Characteristics - Insurance capital favors low-valuation, high-dividend stocks with stable performance, particularly in the banking sector [4][13]. - The new accounting standards encourage insurance companies to increase stake acquisitions to stabilize profit and loss fluctuations [3][12]. - Financial stocks, especially H-shares, are preferred due to their higher dividend yields compared to long-term bond yields [4][13]. Group 4: Financial Performance of Target Companies - Six banks targeted by insurance capital showed a range of return on equity (ROE) from approximately 6% to 11.55% [5][14]. - The banks reported stable dividend distributions, with China Merchants Bank having the highest number of cumulative dividends at 24 [5][14]. - In the first three quarters of 2025, five banks reported year-on-year profit increases, with Postal Savings Bank achieving a net profit of 765.62 billion yuan, up 0.98% [5][14]. Group 5: Market Reactions and Future Outlook - Stake acquisitions by insurance capital have positively influenced stock prices, often leading to short-term price surges [6][16]. - Insurance stocks have outperformed other sectors, with significant annual increases in stock prices for major insurance companies [8][18]. - The trend of insurance capital acquisitions is expected to continue into 2026, driven by considerations of dividend yield and return on equity [9][19].

13精资讯-增加2025年11月上市公司保费 13精资讯-增加2025年11月万能险结算利率2100条 13精资讯-增加法规保险公司资产负债管理办法 13精资讯-增加最近一周保险公司被处罚数据 13精资讯-增加最近一周保险公司投连险净值数据 13 精利用最新录得数据做的研究报告之419 期： 17家寿险公司新会计准则利源分析：息差收入对营业利润的贡献由负转正！ 先 说 结论： 1、 结合新会计准则下的利润表，"13精"对寿险公司利源结构进行拆解： "13精"数据库第419周更新公告 其中， 营运偏差= 保险服务收入-保险服务费用-合同服务边际摊销 息差收入 指的是负债支持资产部分实际投资收益高于准备金要求回报的差额。 息差收入= 利息收入+投资收益+公允价值变动损益+投资性房地产租金收入-信用减值损失-其他资产减值损失-承保财务损益-净资产投资收益 净资产投资收益 使用平均净资产与总投资收益率乘积估算而得。 合同服务边际摊销 是将初始的合同服务边际逐渐摊销到利润表中的过程。这是保险公司利润来源的重要组成部分，有助于保持保险公司的财务稳定性 和盈利能力的可持续性。 营运偏差、息差收入、合同服务边际摊销和净资产投 ...

证券研究报告：固定收益报告 发布时间：2025-12-31 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 研究助理:王一 SAC 登记编号:S1340125070001 Email:wangyi8@cnpsec.com ⚫ 负债端：规模韧性仍在，但成本下行空间有限 保险负债端整体仍具韧性，保费收入持续增长，为行业资产规模 扩张提供了稳定资金来源。2024 年以来，保费收入保持正增长，带动 保险公司资产总额同步上行，负债规模扩张趋势延续。在存款脱媒背 景下，尽管保险预定利率持续下调，但对资金吸引力的边际影响相对 温和，保费增速有所放缓但未出现趋势性回落。负债成本方面，预定 利率下调主要作用于新增业务，存量业务占比仍高，使成本改善传导 偏慢。财险行业综合成本率小幅下行，分规模分化显著，头部机构凭 借规模与费用管控优势维持成本可控，而中小机构成本压力持续上 行。寿险方面，行业打平收益率整体仍处偏高区间，低预定利率新结 构下，头部及保障型寿险公司盈利韧性相对更强，而中小寿险公司仍 面临较高的投资收益门槛。总体来看，负债端对行业形成稳 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the insurance industry, focusing on the impact of new regulations on asset-liability management and the growth prospects for major insurance companies, particularly in the context of the low interest rate environment and upcoming accounting standards [1][5][6]. Key Points and Arguments Growth Projections - The insurance industry is expected to maintain strong premium growth in 2026, with a high double-digit growth potential, particularly in Q1 due to pre-emptive premium collection by major companies [2][3]. - Major insurance companies are rapidly expanding their bancassurance channels, with Ping An's network projected to grow from 6,000 to 19,000 outlets by Q3 2025, aiming for a 50% increase by the end of 2026 [2]. - The new business growth rate for major insurance companies in the bancassurance channel is estimated to exceed 30%, with companies like Ping An potentially reaching over 50% [2]. Market Dynamics - Large insurance companies are gaining market share at the expense of smaller firms, with large companies' new business growth rate around 40% and market share rising from 30% to 40% [4]. - Despite the market pressure, the risk of large-scale defaults among smaller insurance companies is considered manageable due to improved capital gains and regulatory support [4]. Regulatory Changes - New regulations have introduced quantitative indicators for asset-liability management, including duration gaps and liquidity coverage ratios, to adapt to the low interest rate environment [5][6]. - The focus of the new rules is on 3-5 year indicators rather than just current period metrics, aiming to enhance risk management and asset allocation [6]. Asset Allocation Trends - The insurance asset allocation is expected to shift towards participating insurance products, increasing equity asset allocation while reducing demand for long-duration bonds [11]. - The average liability duration for participating insurance products is around 10-12 years, while the industry average is 15-17 years [8]. Investment Strategies - Regulatory requirements for major insurance companies include directing 30% of new premiums to A-shares, which may be subject to adjustments in the coming years [13][14]. - Smaller insurance companies, which account for 35%-40% of total industry investment assets, may see a decline in demand for bank capital bonds due to new accounting standards [9]. Future Outlook - The trend indicates a significant increase in the proportion of participating insurance products, expected to reach over 60% in new business by 2026, with some aggressive players targeting 70-80% [18]. - The overall sentiment towards the stock market for 2026 remains optimistic, influencing the allocation strategies for long-term bonds [17]. Additional Important Insights - The new accounting standards and regulatory measures are expected to enhance the overall stability and risk management of the insurance sector [12]. - The impact of the stock market performance on insurance companies' asset allocation strategies will be closely monitored, especially in light of solvency pressures [15][16].

根据公告，本次举牌前，中邮保险直接持有四川路桥股票4.3467亿股，占其总股本比例为 4.9987%；12月17日，中邮保险买入四川路桥股票11.43万股，直接持有四川路桥股票4.3478亿股，占其 总股本比例为5%。 以12月17日四川路桥收盘价为基准，中邮保险持有四川路桥股票的账面余额约为43亿元，占中邮保 险2025年三季度末总资产的比例为0.63%，符合监管要求。 临近年底，险资入市脚步不停。 12月23日，中邮人寿保险股份有限公司（下称"中邮保险"）披露公告称，公司通过二级市场买入四 川路桥建设集团股份有限公司（下称"四川路桥"）股份，持股比例增至5%，触发举牌。 2025年前三季度，中邮保险实现保险业务收入1513.11亿元，同比增长17.66%；净利润91.29亿元， 同比下滑15.56%。截至二季度末，公司核心、综合偿付能力充足率分别为92.53%、165.01%。 值得一提的是，这已经是中邮保险年内第四次举牌上市公司股票。此前，该公司分别于今年5月、7 月、10月举牌东航物流A股股票、绿色动力环保H股股票、中国通号H股股票。 "2025年整个股票市场的机会显著大于过去两三年。"在今年2月的媒 ...

截至2025年12月10日10:48，沪深300红利低波动指数下跌0.54%。成分股华能水电领涨，川投能源、华 域汽车跟涨；招商银行领跌，农业银行、兴业银行跟跌。 消息面上，12月8日，工商银行、农业银行分别发布A股2025年半年度分红派息实施公告，两家银行此 次中期分红总额分别为503.96亿元、418.23亿元。Wind数据显示，截至12月9日，已有26家A股上市银行 披露2025年中期或季度分红方案，合计派息金额拟超2600亿元。 中国银河证券表示，上市银行中期分红力度不减且节奏提前，红利价值日益凸显。 西部证券指出，险资股票风险因子松绑，新规利好银行、公用事业、煤炭等红利板块。伴随新会计准则 即将全面落地，中小险企或将加强OCI股票配置，风险因子松绑下，红利板块有望充分受益。 数据显示，截至2025年11月28日，沪深300红利低波动指数前十大权重股分别为中国神华、双汇发展、 中国石化、格力电器、美的集团、华域汽车、大秦铁路、宝钢股份、中国移动、中国建筑，前十大权重 股合计占比35.7%。 没有股票账户的场外投资者可通过对应的沪深300红利低波动ETF联接基金（007606）把握投资机会。 300红利 ...

Core Viewpoint - The Hong Kong dividend assets are experiencing a correction, but the trend of capital inflow continues, driven by the demand for high-dividend assets from insurance companies under new accounting standards [1][2]. Group 1: Market Performance - As of November 21, the Hong Kong Stock Connect Dividend ETF (520900) fell by 1.74% with a trading volume of 33.55 million yuan [1]. - Over the past 10 days, the net inflow into the ETF was 104 million yuan, and over the past 20 days, it was 150 million yuan, with the latest fund size reaching 1.881 billion yuan [1]. Group 2: Fund Inflows and Trends - From October 13 to November 14, the ETF has seen continuous growth in shares for five consecutive weeks, with the latest share count at 1.728 billion [1]. - The demand for high-dividend stocks is expected to increase significantly as insurance companies switch to new accounting standards by 2026, with an estimated annual allocation of 250 to 500 billion yuan for high-dividend assets by five A-share listed insurance companies by 2027 [1]. Group 3: Investment Characteristics - The Hong Kong dividend assets exhibit a "defensive" characteristic in volatile markets, with a focus on high-dividend state-owned enterprises [2]. - The ETF tracks the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index, which emphasizes high-dividend state-owned enterprises, with the top three sectors being oil and petrochemicals (29.7%), telecommunications (21.2%), and transportation (13.5%) [2]. Group 4: Fund Details - The Hong Kong Stock Connect Dividend ETF (520900) was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [3]. - The current fund managers are Huo Huaming and Lv Xin, with returns of 12.68% and 26.76% respectively during their management periods [3]. Group 5: Top Holdings - The top holdings of the ETF include China Petroleum (10.86%), China Mobile (10.32%), and China Shenhua (9.70%), with significant market values for each [4]. - Investors focused on sustainable dividends and quality earnings can consider the ETF for a balanced exposure to high-dividend stocks in the Hong Kong market [4].

Core Viewpoint - Zhongyin Samsung Life Insurance Co., Ltd. is undergoing significant changes in leadership and ownership, with the retirement of Chairman Ma Chaolong and the transfer of 24% equity held by China Aviation Group, indicating challenges in management stability and capital structure [1][2][4]. Group 1: Leadership Changes - Chairman Ma Chaolong has resigned due to age, and General Manager Qiu Zhikuan will act as chairman until a new chairman is appointed [2][3]. - Qiu Zhikuan has only served as General Manager for a little over a year, and his departure raises concerns about the company's management stability and future business strategies [3]. Group 2: Equity Transfer - China Aviation Group is again attempting to sell its 24% stake in Zhongyin Samsung Life, with a starting price of approximately 1.736 billion yuan, reflecting a decrease from the previous listing price of 1.815 billion yuan [4][5]. - The ongoing attempts to divest indicate a lack of confidence in the insurance equity market and highlight the challenges faced by Zhongyin Samsung Life in securing new investment [5]. Group 3: Financial Performance - Zhongyin Samsung Life reported a net loss of 543 million yuan in the first half of the year, but reversed this trend in the third quarter with a net profit of 694 million yuan, attributed to a switch to new accounting standards [6]. - The company's insurance business revenue for the first three quarters reached 29.316 billion yuan, showcasing a significant recovery in performance [6].