Core Viewpoint - The asset management industry is experiencing a competitive collaboration era, with various financial institutions vying for partnerships with insurance companies to enhance investment opportunities and address asset-liability matching challenges [1][2][7]. Group 1: Industry Dynamics - Financial institutions, including brokers, funds, and banks, are increasingly seeking collaboration with insurance companies due to the stable and relatively sustainable nature of insurance liabilities [1][2]. - The low-interest-rate environment has intensified the need for insurance companies to find superior asset management partners to achieve stable and lasting investment returns [2][4]. - Regulatory changes, such as increasing the equity asset investment ratio and reducing risk factors for stock investments, have opened avenues for insurance companies to diversify their asset allocations [2][3]. Group 2: Collaboration Strategies - Various asset management firms are tailoring their offerings to meet the specific needs of insurance companies, focusing on providing stable investment solutions and customized product offerings [4][6]. - Insurance companies are looking for asset management partners that not only have strong research capabilities but also offer unique and distinctive products [5][6]. - The collaboration is characterized by a mutual understanding of the long-term investment philosophy, with asset managers encouraged to align their strategies with the investment goals and risk preferences of insurance funds [6][7]. Group 3: Competitive Landscape - The competition among asset management firms to attract insurance clients is intensifying, with firms adjusting their personnel, performance assessments, and business divisions to better align with insurance needs [5][6]. - The trend of collaboration is expected to become a norm in the asset management market, reflecting a complex interdependence among various financial products and institutions [7].

下一步，交易中心将继续加强一、二级市场联动，携手市场参与主体提升资源配置效率，夯实金融服务 实体经济本职和社会责任担当。 下一步，交易中心将继续加强一、二级市场联动，携手市场参与主体提升资源配置效率，夯实金融服务 实体经济本职和社会责任担当。 未来，江西银行将继续坚守"服务城乡居民、服务中小企业、服务地方经济"的发展定位，进一步做强主 责主业、做精金融"五篇大文章"、做优服务生态，为谱写中国式现代化江西篇章贡献更多金融力量。 未来，江西银行将继续坚守"服务城乡居民、服务中小企业、服务地方经济"的发展定位，进一步做强主 责主业、做精金融"五篇大文章"、做优服务生态，为谱写中国式现代化江西篇章贡献更多金融力量。 12月9日，中国外汇交易中心支持江西银行股份有限公司（以下简称"江西银行"）在全国银行间债券市 场成功簿记发行2025年金融债券，本期债券发行规模40亿元，发行期限3年期，票面利率1.91%，全场 认购倍数2.7倍。本期募集资金将用于优化江西银行中长期资产负债匹配结构，增加稳定中长期负债来 源并支持新增中长期资产业务的开展。 12月9日，中国外汇交易中心支持江西银行股份有限公司（以下简称"江西银行"）在全 ...

"有了理念，还需推动理念落地。在策略落地方面，围绕'守正创新'的总体方向，系统推进固定收益、 二级权益与另类投资三大条线的能力建设与策略升级，以专业化、体系化的投资架构应对市场变革。与 此同时，要夯实基础，以体系化建设支撑策略落地。"李巍说。 李巍分析，保险资管凭借长期视野、稳健风格和跨周期配置能力，在为保险主业提供坚实支撑的同时， 也在大资管格局中逐渐展现独特而重要的影响力。当前，保险资管行业面临两个重要命题：一是如何 在"低利率、高波动"环境中实现稳定可持续的投资收益，以匹配负债的长期属性与刚性成本；二是如何 在高度不确定性的环境中准确识变、科学应变、主动求变，推动行业行稳致远。 结合实践探索，李巍分享了保险资管稳健发展与识变应变的思考。一是立足行业属性，在功能定位与错 位发展中坚守本源。他表示，宏观经济转型、行业功能强化与财富管理格局演变，共同构成了保险资管 发展的三大驱动力。保险资管既要坚守服务国家战略、保险主业与财富管理需求的三重使命，也要在顺 应经济发展大势中把握机遇，在强化资产负债匹配中筑牢防线，在坚守稳健投资与多元竞合中找准差异 化发展路径，实现与实体经济共发展、与资本市场同成长的价值追求。二 ...

"平安集团所管理的保险资产现已超6万亿元，其中二级市场权益投资规模超8000亿元。"路昊阳透露， 平安集团内部制定了"五大匹配"原则，即资产与负债久期匹配、投资与收益要求匹配、投资与流动性需 求匹配、投资与风险安全要求匹配、投资与财务报表要求匹配。 当前，保险行业普遍面临低利率环境下资产收益无法满足负债成本要求的困境，资产负债匹配的挑战不 断加大。而全球保险机构在穿越低利率环境方面早有探索，特别是美国、日本等经历过低利率周期的国 家。日本在20世纪90年代经济泡沫破裂后、利率持续走低，其国内保险业经历了严重危机，多家保险公 司破产，剩下的险企在投资方面做对了两件事：一是大幅增加海外配置，赚取息差，缓解负债匹配压 力；二是增配国内高股息股票作为"压舱石"，有效覆盖了负债成本。美国险企面对低利率时，更多是选 择主动调降负债，在保证成本的同时大幅增配权益，与客户共同承担风险，同时利用权益的波动性弥补 低利率环境下产品吸引力的不足。德国险企虽略有保守但不缺灵活，一方面通过利率债严格把控久期缺 口，另一方面通过适当加大二级市场权益投资和挖掘一级市场的股权投资机会，全面提升长期收益水 平。 "增配权益是各国险企度过低利率 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].

Core Insights - Sunshine Life Insurance, a subsidiary of Sunshine Insurance, has signed a fund contract with Sunshine Hengyi and China Merchants Bank Qingdao Branch, marking a significant step in launching a pilot fund project with an investment of 20 billion yuan [1] - Multiple insurance capital-backed private equity funds have been established this year, focusing on the secondary market and aiming for medium to long-term stable asset appreciation, thus facilitating the long-term investment reform of insurance funds [1][2] - The establishment of these funds is expected to enhance the interaction between insurance capital and the capital market, leveraging the advantages of insurance funds as long-term investors [1][4] Fund Establishment and Management - Sunshine Hengyi has completed its business registration and is in the process of signing contracts and filing for the pilot fund, which is expected to have a total scale of 20 billion yuan, fully subscribed by Sunshine Life Insurance [1][2] - As of now, seven insurance capital-backed private equity fund companies have been established, including those from Taikang Insurance, China Pacific Insurance, and China Life Insurance [2] - The funds are primarily focused on large-cap blue-chip stocks and high-dividend targets, with a strategy that emphasizes long-term capital attributes and stable returns [2][3] Investment Strategy and Focus - The investment scope of the proposed private equity fund includes equity assets, fixed income assets, and cash management tools, with a focus on stocks from the CSI 300 Index and related ETFs [3] - The investment philosophy of these funds includes a focus on high-dividend assets, stable operations, and sectors aligned with national development strategies, such as high-end manufacturing and artificial intelligence [3][4] - The insurance capital-backed private equity funds are expected to adopt a long-term holding strategy to optimize asset-liability matching and reduce market volatility impacts on profit statements [4][5] Regulatory and Market Context - The establishment of these funds aligns with the regulatory push for increasing long-term capital inflows into the market, as outlined in the implementation plan by several financial authorities [3][4] - The pilot fund initiative has already seen three batches of funds totaling 222 billion yuan, expanding the scope of participating institutions beyond large insurance companies [3][4] - The long-term investment strategy is aimed at supporting the healthy development of the capital market and enhancing the stability of insurance companies' investment capabilities [5]

每经记者|涂颖浩 每经编辑|黄博文 国家金融监督管理总局数据显示，截至今年9月底，险资运用余额已突破37万亿元，较去年底增长 12.6%。 从财产险公司和人身险公司合计来看，险资运用余额超36万亿元，较去年底增长12.26%。其中，股票 投资余额3.6万亿元，较去年底增加近1.2万亿元，增幅为49%。同时，股票投资余额占比达到10%，较 去年底增加约2.5个百分点。整体来看，险资股票投资余额出现较大增长，投资比例持续提升。 业内指出，2024年四季度以来，中央利好政策频出，投资人信心恢复，推动股市估值修复创新高，险资 趁机加仓股票，且增量资金侧重权益资产配置，叠加股票升值，股票配置占比明显上升。 值得一提的是，受险企配置策略调整和债市调整的综合影响，债券占比出现环比下降。中泰证券非银分 析师表示，自2022年第二季度监管首次披露该数值以来，债券配置占比首现下降，归因来看主要系人身 险公司配置占比下降所致。 不过，与去年底相比，债券余额增长14%，仍增加了22532亿元。从占比来看，从去年末的49.14%增加 至50.33%，占比也有所提升。中泰证券非银分析师认为，当前险资配置债券一方面系积极践行资产负 债匹配 ...

Core Viewpoint - Dividend insurance products have outperformed bank wealth management products in customer yield for five consecutive years, with an average customer yield of 3.2% for 2024, compared to 2.65% for bank wealth management products [4][6]. Group 1: Comparison of Customer Yields - The average customer yield for dividend insurance products in 2024 is 3.2%, which is stable year-on-year [4]. - The weighted average yield for over 40,000 existing bank wealth management products is 2.65% [6]. - From 2020 to 2024, dividend insurance products consistently provided higher customer yields than bank wealth management products [6]. Group 2: Advantages of Dividend Insurance Products - Dividend insurance products offer dual advantages of long-term equity allocation and "semi-guaranteed" protection, which contribute to their higher yields [7]. - The investment yield of dividend products is influenced by the long-term investment returns of insurance companies, which are determined by the allocation and yield of fixed-income and equity assets [9]. - Insurance companies can invest in long-term assets due to the long duration of liabilities, allowing for better cross-cycle asset allocation compared to the short-term nature of bank wealth management products [11]. Group 3: Risk Management and Investment Capability - The potential for high returns in dividend insurance products places higher demands on the investment management and risk control capabilities of insurance companies [12]. - Dividend insurance products maintain a "semi-guaranteed" feature through a combination of guaranteed interest rates and floating returns, providing a safety net for customer returns [12]. - The ability to manage long-term assets effectively is increasingly important as guaranteed interest rates decline, impacting the sustainability of floating dividends [12]. Group 4: Evaluating Insurance Companies - To assess the dividend strength of insurance companies, it is essential to consider long-term dividend realization rates, long-term investment returns, solvency adequacy, and overall operational stability [13]. - A total of 40 companies meet the criteria set by "13精" for strong dividend capabilities, with 中意人寿 being highlighted for its long-term performance and transparency in dividend realization rates [14][15]. Group 5: 中意人寿's Performance - 中意人寿 has reported a cumulative policy dividend payout of 10 billion yuan and has maintained profitability for 16 consecutive years [15]. - The company has increased transparency by disclosing nearly 20 years of dividend realization rates, averaging 110%, setting a benchmark in the industry [17][18]. - This proactive disclosure aligns with regulatory expectations and reflects the company's commitment to customer-centric, long-term business practices [18][19].

Core Viewpoint - China Life Insurance emphasizes its commitment to asset-liability matching principles and long-term, value-oriented, and prudent investment strategies while steadily optimizing its equity asset allocation [1] Group 1 - The company will release its third-quarter report on October 30, which will provide further details on its financial performance and investment strategies [1]

Core Viewpoint - The announcement by China Post Life Insurance Co., Ltd. regarding its stake acquisition in China Communications Signal Co., Ltd. (China Tonghao) reflects a broader trend of insurance capital frequently acquiring stakes in listed companies, driven by changes in accounting standards and the need for better asset-liability matching [1][2]. Group 1: Stake Acquisition Details - China Post Life's acquisition involved purchasing an additional 3.995 million shares of China Tonghao, increasing its total holdings to approximately 102 million shares, which represents 5.1692% of the company's H-share capital, thus triggering the H-share stake disclosure requirement [1]. - This marks the third stake acquisition by China Post Life in 2023, following previous acquisitions in May and July of Eastern Airlines Logistics A-shares and Green Power Environmental H-shares, respectively [1]. Group 2: Industry Trends - As of October 21, 2023, 14 insurance companies have collectively acquired stakes in 25 listed companies, with a total of 36 stake acquisitions recorded this year, significantly surpassing the 20 acquisitions made in the entirety of the previous year [2]. - Major insurance firms, including China Ping An Life Insurance Co., Ltd. and Great Wall Life Insurance Co., Ltd., have also engaged in multiple stake acquisitions, often exceeding the 5% threshold for disclosure [2]. Group 3: Accounting Standards Impact - The shift in accounting standards has heightened the requirements for asset-liability matching for insurance companies, prompting a wave of stake acquisitions as firms seek to mitigate the impact of market value fluctuations on their financial results [3]. - By acquiring stakes in listed companies, insurance firms can stabilize short-term profit fluctuations and enhance their net investment yield through high dividend-paying stocks [3]. Group 4: Investment Preferences - Insurance capital has shown a strong preference for acquiring stakes in banks, public utilities, and environmental companies, with over 40% of the stake acquisitions targeting bank stocks [4]. - The focus on H-shares is notable, with 30 out of the 36 acquisitions involving H-shares, attributed to their potential for higher returns and tax benefits on dividends [4][5]. Group 5: Future Investment Strategies - Insurance companies are advised to optimize their investment strategies by focusing on long-term value investments, selecting stable dividend-paying stocks, and enhancing their risk management capabilities [5]. - The emphasis is on conducting thorough research and analysis before making stake acquisitions to avoid short-term speculative investments [5].