在2024年取得史上最佳的盈利之后，上市险企今年一季度的经营业绩表现如何，市场倍加关注。 近日，中国人保（601319）发布业绩预喜公告称，承保业绩较快增长，投资业绩大幅提升。研究机构普 遍预计，头部财险公司承保业绩显著改善，不过寿险公司的经营业绩或有一定分化，新单保费增减不 一，权益投资收益将成利润的胜负手。 财险净利增长获双重驱动 中国人保在率先发布的业绩公告中称，预计集团一季度实现归母净利润为116.52亿~134.45亿元，同比 增长30%~50%。 根据公告，中国人保业绩增长主要得益于承保和投资两端。在保险端，该集团不断优化业务结构、提升 业务质量，承保业绩较快增长；在投资端，该集团落实中长期资金入市要求，不断优化行业配置结构， 进一步提升资产配置的稳定性、灵活性及前瞻性，投资业绩大幅提升。 中国人保财险子公司人保财险也在港股市场公告，预计一季度净利润将同比增加80%~100%。 人保财险解释称，公司优化费用投入，改善业务结构，推进风险减量服务，加之大灾损失同比减少，承 保利润同比增幅较大。同时，在保持流动性安全边际的基础上，公司适度增配具有长期价值的优质权益 类资产。受益于一季度资本市场整体回暖， ...

Core Viewpoint - The recent notification from the National Financial Supervision Administration aims to optimize the asset allocation of insurance funds, enhancing their role in supporting the real economy and promoting the development of strategic emerging industries [2][3]. Summary by Sections Adjustment of Equity Asset Allocation - The upper limit for equity asset allocation has been raised, simplifying the tiered standards and increasing the equity asset ratio corresponding to certain solvency adequacy levels by 5%, thereby expanding the investment space for equity and providing more equity capital for the real economy [2][3]. Encouragement of Investment in Venture Capital Funds - The notification emphasizes increasing the concentration ratio for investments in venture capital funds, guiding insurance funds to intensify their equity investments in national strategic emerging industries, thus effectively serving the new quality productivity [2][3]. Relaxation of Tax-Deferred Pension Ratio Regulations - The regulatory requirements for tax-deferred pension ratios have been relaxed, clarifying that the investment ratio for ordinary accounts of tax-deferred pension insurance will no longer be calculated separately, which supports the high-quality development of the third pillar of pension insurance [2][3].

近日，证监会发布实施《关于修改〈证券发行与承销管理办法〉的决定》，增加银行理财产品、保险资 管产品作为IPO优先配售对象。随后，沪深交易所修订发布首发承销细则、再融资承销细则，新增理财 公司作为IPO网下投资者，并将银行理财产品和保险资管产品纳入A类配售对象范畴。中国证券报记者 此前从业内获悉，中国证券业协会对《首次公开发行证券网下投资者管理规则》进行了修订，增加理财 公司作为网下投资者参与新股网下询价和配售业务，并在前期征求了行业意见。 业内人士认为，理财公司管理的资金规模庞大（截至2024年末，银行理财市场规模近30万亿元），其获 准参与网下打新，将直接提高网下申购的资金上限，引导更多中长期资金进入股市，优化资本市场资金 结构。长期来看，理财资金参与IPO打新的潜在量级可达数千亿元。 ● 本报记者 赵中昊 理财公司拟纳入网下打新投资者范畴 在参与新股申购方面，修订后的首发承销细则和再融资承销细则新增理财公司作为机构网下投资者，并 将银行理财产品和保险资管产品纳入网下优先配售对象范围。同时，明确理财公司、保险公司管理的多 个产品参与上市公司定增认购时，可以合并计算，视为一个发行对象，与基金公司、证券公司等保 ...

| 中信建投双鑫债券型证券投资基金 | | | | | --- | --- | --- | --- | | 基金管理人:中信建投基金管理有限公司 | | | | | 基金托管人:北京银行股份有限公司 | | | | | 报告送出日期:2025 年 03 月 31 日 | | | | | 中信建投双鑫债券型证券投资基金 | 2024 年年度报告 | | | | 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， | | | | | 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本年度报告已经三分之二以 | | | | | 上独立董事签字同意，并由董事长签发。 | | | | | 基金托管人北京银行股份有限公司根据本基金合同规定，于2025年03月28日复核了本报告中 | | | | | 的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容不 | | | | | 存在虚假记载、误导性陈述或者重大遗漏。 | | | | | 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 | | | | | 基金的过往业绩并 ...

Investment Rating - The report maintains a positive investment rating for the non-bank sector, particularly focusing on insurance and brokerage firms [6]. Core Insights - The report highlights a significant rebound in net profits for major listed insurance companies in 2024, driven by a recovery in equity investments, with notable profit growth percentages for companies like China Life (+108.9%) and New China Life (+201.1%) [2]. - The report emphasizes the importance of investment flexibility and the positive transformation of the liability side for insurance companies, suggesting a favorable outlook for the sector [2]. - The brokerage sector shows a mixed performance in 2024, with a general trend of recovery, although results vary significantly among firms [4][5]. Summary by Sections Market Review - The report notes mixed performance in major indices, with the non-bank financial sector showing resilience, particularly in insurance and diversified financial indices [10]. Securities Sector - The brokerage firms reported a total net profit of 517 billion yuan for the year, reflecting an 11% increase for those that disclosed early, while others showed a 15% increase [4]. - The report indicates a strong recovery in net profits for the fourth quarter of 2024, with a 97% year-on-year increase [5]. Insurance Sector - Major insurance companies are expected to see substantial growth in net profit, with New China Life projected to grow by 201.1% in 2024 [2]. - The report highlights a positive trend in the net premium income (NBV) growth for major insurers, with New China Life showing a remarkable increase of 106.8% [2]. Investment Recommendations - The report suggests focusing on companies like New China Life and China Pacific Insurance, while also keeping an eye on China Life and Ping An Insurance due to their favorable valuations and growth potential [2][6].

Core Insights - The article emphasizes the importance of promoting long-term funds into the market, which is crucial for the development of the equity market and investor interests [1][7] Group 1: Current Market Situation - As of the end of 2024, the scale of equity products in the banking wealth management market is only 0.06 trillion yuan, accounting for 0.2% of the total [2] - The balance of wealth management products directed towards equity assets is 0.83 trillion yuan, representing 2.58% of the total [2] - Most bank wealth management investors have a low risk appetite, with 33.83% classified as level two (stable) risk preference [3] Group 2: Challenges in Attracting Investment - The current focus of bank wealth management is on low to medium-risk fixed income products, limiting the availability of mixed and equity products for investors [2][3] - The customer access mechanism and limited sales channels hinder the ability to attract high-risk investment [4][5] - The sales process for high-risk products is complicated, requiring in-person assessments and risk matching, which discourages potential investors [4] Group 3: Strategies for Improvement - There is a need for wealth management companies to expand their sales channels beyond banks to include compliant internet platforms and fund companies [5] - The average duration of bank wealth management products is short, making it challenging to match long-term investments [5] - Enhancing equity investment capabilities and building a robust investment research system are essential for wealth management firms to compete effectively [6][8] Group 4: Future Outlook - The government encourages wealth management companies to strengthen their equity investment capabilities and issue more long-term equity products [7] - The introduction of policies allowing bank wealth management to participate as strategic investors in capital markets is expected to enhance investment efficiency and returns [7][9] - Wealth management firms are increasingly focusing on hiring professionals to improve their equity investment capabilities, indicating a shift towards more aggressive equity strategies [8]