● 本报记者李静 "我们目前正着手两项关键工作，一是面向全国新增地区的母行分支机构理财经理开展养老理财产品培 训，二是积极在市场上遴选合适的养老理财投资资产。"某股份行理财公司人士日前对记者透露。国家 金融监督管理总局下发《关于促进养老理财业务持续健康发展的通知》后，多家理财公司迅速响应，从 产品创新、资产配置及投顾服务等方面加快布局。 通知鼓励试点理财公司发行10年期以上，或者最短持有期5年以上等长期限养老理财产品。支持试点机 构依法在养老理财产品购买、赎回、分红等方面进行灵活设计，更好匹配投资者个性化养老需求。 "基于这一洞察，在投资管理过程中，我们特别注重控制组合波动与回撤，目标是在保障投资者持有体 验的基础上，争取实现长期稳健的回报。"贝莱德建信理财养老项目负责人童雪敏介绍。 此外，结合渠道反馈与市场研判，贝莱德建信理财计划适时推出适合不同风险偏好的养老理财产品，以 更好地响应客户需求与市场变化。 业内人士表示，经过四年试点，此次金融监管部门将养老理财产品试点地区扩大至全国，是大力发展养 老金融大文章的具体举措，将为投资者提供更丰富的选择，也将为资本市场引入更多长期资金。 创新驱动 通知将养老理财产品 ...

● 本报记者 李静 通知坚持投资于物和投资于人紧密结合。支持理财公司投资与养老特征相匹配的长期优质资产，加大对 健康产业、养老产业和银发经济的支持力度。支持理财公司完善养老理财产品设计，丰富产品形态，为 投资者开立养老理财账户，提供养老理财顾问咨询、信息查询等多样化养老金融服务。支持理财公司在 风险可控前提下，综合考虑养老理财产品所投资资产的风险收益特征与投资者的风险偏好，实现经济效 益与社会效益相统一。 丰富养老理财产品形态 记者调研发现，客户对养老金融产品的核心诉求明确集中在低风险、收益稳定等方面。 通知鼓励试点理财公司发行10年期以上，或者最短持有期5年以上等长期限养老理财产品。支持试点机 构依法在养老理财产品购买、赎回、分红等方面进行灵活设计，更好匹配投资者个性化养老需求。 "基于这一洞察，在投资管理过程中，我们特别注重控制组合波动与回撤，目标是在保障投资者持有体 验的基础上，争取实现长期稳健的回报。"贝莱德建信理财养老项目负责人童雪敏介绍。 "我们目前正着手两项关键工作，一是面向全国新增地区的母行分支机构理财经理开展养老理财产品培 训，二是积极在市场上遴选合适的养老理财投资资产。"某股份行理财公司人 ...

Core Insights - The Financial Regulatory Administration aims to enhance financial openness and cooperation between mainland China and Hong Kong, responding to the financial industry's needs in Hong Kong and Macau [1][2] - There is a focus on expanding high-level financial services and deepening connectivity between the two regions, with an emphasis on risk prevention and regulatory cooperation [1][2] Group 1: Financial Cooperation and Development - The Financial Regulatory Administration plans to support Hong Kong's role as an international financial center by deepening financial cooperation with mainland China [1] - Initiatives include the issuance of catastrophe bonds by mainland insurance companies in Hong Kong, which will provide new investment products and enhance the market's offerings [1] - The administration will promote the financial service facilitation in the Greater Bay Area, leveraging Hong Kong's advantages in international trade and finance [2] Group 2: Sector-Specific Collaborations - There is a commitment to enhance cooperation in various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - The administration aims to utilize Hong Kong's strengths in technology innovation and intellectual property protection to support the development of digital currencies and electronic payments [2] - The collaboration will also focus on advancing green finance practices and regulatory alignment to contribute to global low-carbon transitions [2] Group 3: Risk Management and Regulatory Framework - The Financial Regulatory Administration emphasizes the importance of balancing risk prevention with development, aiming to improve the regulatory cooperation framework between mainland China and Hong Kong [2] - There is a proactive approach to addressing external risks and maintaining financial security and stability in the country [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][17] Core Insights - The company's operating income for Q1-Q3 2025 increased by 0.82% year-on-year, while the net profit attributable to the parent company grew by 0.62% year-on-year. The non-performing loan ratio remained stable, and asset growth accelerated, with significant progress in pension finance [4][6] - The year-on-year growth rate of net profit attributable to the parent company turned positive, primarily driven by net interest margin and provisioning factors. In Q3 2025, the net profit attributable to the parent company increased by 4.19% year-on-year, an improvement of 5.6 percentage points compared to the first half of the year [4][6] - The total assets of the company grew by 10.9% year-on-year as of the end of Q3 2025, with loans and deposits increasing by 7.6% and 7.3% year-on-year, respectively. The balance of inclusive small and micro enterprise loans reached 3.81 trillion yuan, up 16% year-on-year [4][6] - The company is steadily advancing towards its goal of becoming a "pension finance professional bank," with the corporate annuity custody scale reaching 770 billion yuan, a growth of 12.64% compared to the end of the previous year [4][6] Summary by Sections Financial Performance - The company forecasts revenue for 2025-2027 to be 721.6 billion, 761.3 billion, and 811.7 billion yuan, with year-on-year growth rates of -3.80%, 5.50%, and 6.62%, respectively. The net profit attributable to the parent company is projected to be 338.5 billion, 346.2 billion, and 363.0 billion yuan, with growth rates of 0.89%, 2.27%, and 4.84% [4][6][17] - Earnings per share (EPS) are expected to be 1.27, 1.30, and 1.36 yuan for the years 2025, 2026, and 2027, respectively [4][6][17] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 7.54, 7.37, and 7.02 for 2025, 2026, and 2027, while the price-to-book (P/B) ratio is expected to be 0.73, 0.69, and 0.64 for the same years [4][6][17]

Core Viewpoint - Guoyuan Insurance's Henan branch has demonstrated significant achievements in supporting agricultural development and rural revitalization through innovative insurance products and efficient claims services, particularly in response to adverse weather conditions [1][3]. Group 1: Agricultural Insurance Services - The company has implemented emergency plans and established special working groups to efficiently conduct claims assessments and payouts in response to adverse weather, such as the "rotten field rain" in 2023 and the combined drought and rain in 2025, with total advance payments reaching 68.45 million yuan [1]. - Guoyuan Insurance has developed a "heaven, air, and ground" integrated inspection system using satellite remote sensing and drone aerial photography to enhance underwriting precision, claims efficiency, and digital management [1][3]. - The company has launched innovative agricultural insurance products, including price and feed cost insurance for pigs, corn, soybeans, and peanuts, utilizing the price risk hedging function of futures to mitigate market price volatility [3]. Group 2: Financial and Technological Innovations - Since 2021, the company has provided over 5 billion yuan in ecological risk protection through green finance products like forest and carbon sink insurance, and has offered agricultural production risk protection totaling 24.761 billion yuan to 2.9858 million farming households [3]. - The company has established a rural insurance big data center and optimized mobile service platforms to enhance risk control and service levels, promoting intelligent and transparent agricultural insurance services [3]. - Guoyuan Insurance has actively developed pension insurance products to support the construction of a multi-tiered pension security system [3]. Group 3: Community Engagement and Support - The company organizes agricultural technology expert teams and volunteer service teams to provide knowledge dissemination, technical training, disaster reduction, and material donations during critical farming periods [4]. - Guoyuan Insurance offers 24/7 service to clients during adverse weather events to ensure smooth claims processing [4]. - The company has established 216 township-level "three rural" insurance service stations and 3,246 village-level service points in Henan Province, achieving full coverage of its service network [6].

Core Viewpoint - The "Future Letter" interactive experience exhibition organized by CITIC Bank in Zhengzhou focuses on boosting consumption and retirement finance, aiming to engage the public in financial services through innovative and interactive activities [1][11]. Group 1: Event Overview - The event took place on November 1 at Zhengdong Vientiane City in Zhengzhou, featuring four creative interactive game zones: "Fun Future Sports Zone," "Work Awaits You," "Renewing Ideal Future," and "Letter Movement Moment" [1][11]. - The exhibition is part of a nationwide tour planned in 25 cities, highlighting key topics such as consumption stimulation and retirement finance [1]. Group 2: Financial Services Focus - CITIC Bank's Zhengzhou branch created a financial ecosystem around four major scenarios: health, work, entertainment, and love, providing services like retirement planning tailored to local consumption characteristics [1][11]. - The event aimed to transform the topic of retirement into an engaging experience for all age groups, promoting a comprehensive wealth management concept from preparation to enjoyment of retirement [11]. Group 3: Innovative Approach - The event represents a practical application of scenario-based financial innovation, breaking traditional service dependencies by making retirement finance and wealth planning tangible and interactive [12]. - CITIC Bank's approach integrates emotional connections with financial services, reinforcing the brand's message of "making wealth feel warm" through innovative formats [12].

Group 1: Hong Kong Financial Market Developments - Hong Kong's stock market average daily trading volume exceeded $32 billion this year, doubling from last year [2] - In the first ten months of this year, Hong Kong had 80 IPOs raising over $26 billion, ranking first globally in IPO fundraising [2] - The Hong Kong government is actively promoting reforms to enhance efficiency in financing and risk management for overseas companies [2] Group 2: Monetary Policy and Financial Support - The People's Bank of China (PBOC) has implemented a moderately loose monetary policy, lowering the reserve requirement ratio by 0.5 percentage points and providing 1 trillion yuan in long-term liquidity [3] - PBOC has reduced policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points to lower financing costs [3] - A total of 500 billion yuan has been allocated for consumption and pension refinancing, with an additional 300 billion yuan for technology innovation and transformation [3] Group 3: Cross-Border Financial Cooperation - PBOC has supported the Hong Kong Monetary Authority in launching a 100 billion yuan trade financing liquidity arrangement, with nearly 30 billion yuan in transactions initiated by the end of September [4] - The issuance of offshore RMB central bank bills in Hong Kong has reached 255 billion yuan this year, with a total balance of 170 billion yuan [4] - The number of bank accounts opened by Hong Kong and Macau residents has reached 475,000, facilitating cross-border financial services [4] Group 4: Regulatory and Market Opening Initiatives - The China Securities Regulatory Commission (CSRC) highlighted three achievements in capital market opening during the 14th Five-Year Plan, including increased foreign ownership in financial firms and enhanced market connectivity [8] - The CSRC aims to improve cross-border investment facilitation and strengthen communication with international investors [8] - The CSRC encourages international institutions to invest in China, emphasizing the importance of long-term investment and risk management [9]

转自：新华财经 为弘扬尊老敬老的传统美德，近日，兴业银行武汉分行在黄陂夫子山景区开展了安愉秋日游园会，活动 以"品牌暖心植入+消保知识守护+趣味互动陪伴"为主线，展现了"安愉人生"养老金融服务的专业与温 度。 当天，近30位安愉会员齐聚兴业银行武汉长江支行，在敬老服务专员的陪同与细致讲解下，了解专属金 融服务，并体验适老化智能设备；随后，大家一同前往黄陂夫子山休闲胜地，在湖光山色中正式开启游 园之旅。 在游戏互动环节，旱地冰壶比赛点燃了全场气氛。大家自由组成红蓝两队，现场PK。参赛选手全情投 入，场边加油声、欢笑声此起彼伏。 活动最后，工作人员细心地为每一位会员挑选一张活动照片，打印后装进相框，作为一份特殊的礼物送 给大家。大家也纷纷在朋友圈晒出此行的美好瞬间，并配文"在兴业银行，遇见更好的自己"。 这场秋日游园会，是兴业银行武汉分行深耕养老金融的生动注脚。未来，该行将深耕"安愉人生"品牌， 从健康养生到智慧养老，从财富管理到精神陪伴，用更贴心的服务打造老年友好生态圈，让每一份信任 都收获安心与喜悦。 编辑：焦若涵 在安愉学堂里，消保知识不再枯燥难懂，而是融入一个个趣味游戏中："三适当"原则化作趣味拼 图、" ...

Core Viewpoint - The report highlights the achievements of the company in serving national strategies, protecting investor interests, and promoting responsible finance, showcasing its commitment as a leading asset management firm since 2010 [1] Group 1: National Strategy and Economic Service - The company actively integrates into national development, focusing on key areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - In technology finance, the company emphasizes investments in semiconductor, artificial intelligence, and new energy sectors, launching various ETFs to guide capital towards technological innovation [2] - The company has developed an ESG evaluation system and is a signatory of the UN Principles for Responsible Investment, aiming to incorporate ESG issues into investment analysis and decision-making [2] Group 2: Inclusive Finance and Pension Finance - The company aims to meet the diverse wealth management needs of residents by offering a comprehensive product system and enhancing investor education and advisory services [3] - As of the end of 2024, the company has established 13 pension target funds with a total scale of approximately 4 billion, catering to different risk preferences and life cycle needs [3] Group 3: Digital Finance and Customer Service - The company is accelerating its digital transformation, utilizing digital and AI technologies across various operational aspects, with over 200 million customers served through its e-commerce platform by the end of 2024 [3] - The company prioritizes investor education, investing nearly 15 million in 2024 for educational activities, maintaining a customer satisfaction rate of over 98% [6] Group 4: Product Innovation - The company has created a multi-layered product system, including various types of funds, and has been a leader in product innovation, launching 32 public fund products in 2024, bringing the total to 342 [5] Group 5: Public Welfare and Charity - The company emphasizes gratitude as a core value, engaging in various charitable projects, including educational assistance and community support, with initiatives like the "River·Children" project continuing for 16 years [7] - In the financial charity sector, the company has trained 270 professionals in charitable asset management, managing a total of over 26.7 billion in charitable assets [8] - The company has contributed to rural revitalization and community welfare projects, including donations for water supply and medical equipment in Inner Mongolia [8]

Core Insights - The aging population in China is driving diverse demands for elderly care services, necessitating a multi-layered and high-quality supply system [1] - The personal pension system is expanding, with over 70 million accounts opened and a product shelf of 1,194 options to cater to various risk preferences [2] - The financial market for elderly care is entering a historic opportunity phase, with institutions developing differentiated products to meet the needs of various employment types [3] - A multi-faceted elderly care service system is being established, with over 36,600 community service institutions and 2.915 million beds available nationwide [4] - The long-term care insurance system is being steadily promoted, with over 1.46 million beneficiaries in pilot cities and significant participation from insurance companies [5][6] Group 1 - The demand for elderly care services is becoming increasingly diverse, requiring a robust supply system to address various needs [1] - The personal pension system has been piloted in 36 cities and will be launched nationwide by December 2024, with a significant increase in product offerings [2] - The financial sector is focusing on creating products that cater to the entire lifecycle of elderly care needs, enhancing awareness and participation in proactive aging [3] Group 2 - The current elderly care service supply structure is based on home care, community support, and institutional backing, with a significant number of community service facilities established [4] - Long-term care insurance is crucial for families with disabled members, with a growing number of beneficiaries and active involvement from insurance companies [5][6] - The long-term care insurance system is being expanded, with several provinces already implementing it statewide, indicating a strong commitment to enhancing elderly care support [6]