养老金业务实现三支柱全覆盖 当前养老金管理市场呈现多行业多机构的竞争格局。在我国养老金体系不断完善的过程中， 泰康资产积极把握了企业年金、基本养老和职业年金市场化运作带来的发展机遇。 泰康资产 及子公司养老金业务全面实现覆盖养老一、二、三支柱。 在第一支柱方面，泰康资产于2 0 1 6 年入选基本养老保险基金证券投资管理机构；在第二支柱方面，2 0 0 7年获得企业年金基金投 资管理资格，2 0 1 8年开始参与职业年金投资管理；在第三支柱方面，2 0 2 2年证监会发布首批 个人养老金投资基金产品和销售机构名录，泰康资产旗下子公司泰康基金的三只目标风险型 养老目标基金成功入围。 发展养老金融是促进中国特色金融和养老事业高质量发展良性循环的关键着力点。面对日益多元 化的养老金融市场需求，泰康资产将养老金作为战略性业务长期投入，持续升级中长期资金投资 能力，健全养老金产品和服务体系，推动养老金资产稳健增值。 泰康资产还积极储备和打磨新策略，在养老金投资管理组合和策略类型上不断取得新突破。 自2 0 1 3年公司首次获得养老金产品备案批复以来，经过十余年的布局完善，公司旗下养老金 产 品 线 覆 盖 所 有 年 ...

Core Viewpoint - The aging population in China presents unprecedented opportunities for the pension finance sector, with a projected 400 million people aged over 60 by 2035 and a silver economy expected to reach 30 trillion yuan [1][2]. Group 1: Pension Finance Development - The banking industry is focusing on three key areas: pension finance, pension service finance, and pension industry finance, which are seen as having significant growth potential [3]. - The demand for pension security is increasing as the population ages and income levels rise, leading to a greater awareness of the importance of early retirement savings [4]. - As of September 30, 2025, there are 1,181 personal pension products available, with 888 currently on sale, indicating a growing market [5]. Group 2: Challenges in Pension Fund Investment - Pension funds face challenges such as a lack of long-term assets that meet their needs for safety and moderate returns, as well as an imbalance in the development of the three pillars of pension insurance [7][8]. - The first pillar (basic pension insurance) dominates, while the second pillar (enterprise and occupational annuities) has limited coverage, and the third pillar (personal pensions) needs further development [7]. - Market volatility poses a significant risk to pension funds, which require high asset safety and cannot withstand large fluctuations [7]. Group 3: Service Enhancement and Ecosystem Building - The banking sector is shifting from a product-centric approach to a customer-centric service model, focusing on enhancing service quality and building a collaborative ecosystem [9]. - Banks are encouraged to diversify product offerings to meet the varied needs of different customer segments, such as creating tailored pension products for different age and income groups [10]. - Technology is being leveraged to improve service delivery, with tools like personalized asset allocation suggestions and automated processes for pension fund management [11]. - Continuous improvement of services for the elderly is essential, with banks optimizing both online and offline experiences to build trust and understanding [11]. - Collaborative efforts are being made to support the pension industry financially, integrating financial products with services to create comprehensive solutions [12].

Core Viewpoint - The Chinese financial system is at a historical juncture, emphasizing the construction of a financial powerhouse and the development of a dynamic pension finance system to support the aging population and enhance the economy [1][22]. Group 1: Understanding Pension Finance - Pension finance is not a single product but a comprehensive financial service system covering the entire personal retirement lifecycle, typically divided into three pillars: basic pension insurance, enterprise annuities, and personal pensions [3][25]. - Traditional savings for retirement is a static wealth preservation method, while pension finance is a dynamic system that continuously generates and optimizes cash flow throughout the retirement period [4][26]. Group 2: Benefits of Pension Finance - Pension finance can address longevity risk, ensuring that individuals do not outlive their savings by providing long-term, stable cash flow through various products like annuities and pension funds [5][27]. - It better hedges against inflation and preserves value, as pension products often involve professional asset allocation in capital markets, allowing individuals to benefit from long-term market growth [6][28]. - Pension finance significantly reduces the risk of funds being misused or lost to fraud, as products typically have defined lock-in periods and withdrawal rules, promoting disciplined spending [6][28]. Group 3: Challenges and Market Development - The primary challenge in promoting pension finance is a lack of awareness and understanding among the public, as many individuals are unfamiliar with long-term pension products and prefer short-term returns [8][30]. - Current pension products generally yield stable returns in the range of 3%-5%, which aligns with the goal of prioritizing safety over high short-term returns [8][30]. Group 4: Targeting Younger Demographics - Pension products should be designed with younger individuals in mind, featuring lower investment thresholds and flexible payment options to accommodate their financial situations [9][31]. - Simplifying the purchasing process and providing incentives for long-term holding can encourage younger people to participate in pension finance [10][32]. Group 5: Regulatory and Market Structure - The safety and long-term sustainability of pension products are ensured through strong regulatory oversight, with a focus on stable asset investments [12][35]. - The market for personal pension products has developed a diverse range of options, allowing for tailored investment strategies based on individual risk tolerance and retirement timelines [13][36]. Group 6: Capital Market Considerations - For pension funds to effectively contribute to solving China's retirement issues, the capital market must be cleaner and more efficient, with a focus on eliminating poorly performing companies [17][41]. - The shift towards a "silver economy" indicates a significant market potential, with approximately 330 million elderly individuals in China, representing a market size of 3 trillion to 15 trillion yuan depending on consumption levels [19][42]. Group 7: Policy Support and Industry Development - The "14th Five-Year Plan" aims to cultivate the pension finance sector into a substantial industry, balancing both protective and developmental aspects to meet the diverse needs of the elderly population [20][43]. - The demand from the elderly is multi-faceted, requiring a comprehensive service system that goes beyond basic needs to include health, social participation, and emotional support [21][43].

临近年末，多家银行密集加大对个人养老金开户、缴存专属优惠活动的推广力度，通过抽奖派送微信立 减金、现金红包等福利，吸引客户。与往年不同的是，银行营销策略重点不再是"拉新客开户"，而是侧 重于"留客活客"。通过完善的产品体系为居民财富保值增值成为银行机构发展个人养老金业务的核心竞 争力。 眼下，个人养老金投资理财体系正在加速完善。自2022年11月25日个人养老金制度试点启动至今，个人 养老金开户人数突破7000万户，产品数量持续扩容至1245只。 "十五五"规划建议提出，"积极应对人口老龄化，健全养老事业和产业协同发展政策机制"，"积极开发 老年人力资源，发展银发经济"。可以看到，健全养老金融产品体系、为居民解决后顾之忧是应对人口 老龄化和发展银发经济的基础。 老龄化社会居民财富保值增值备受关注 来自民政部的数据显示，"十四五"期间，我国人口预期寿命达到79岁。截至2024年底，我国60岁及以上 老年人口达3.1亿人，占总人口的22%；65周岁及以上老年人口达2.2亿人，占总人口的15.6%。 伴随长寿周期延长与养老金替代率压力，居民财富保值增值成为维系晚年生活质量的核心议题。目前， 我国的养老金融包括基本养 ...

除了平安人寿，另有一些人身险公司也获得了较高额度增资。例如，今年6月，中邮人寿增资获批，其 注册资本由286.63亿元变更为326.43亿元，增资金额39.8亿元。今年4月，中信保诚人寿增资获批，其注 册资本由48.6亿元变更为73.6亿元，增资金额25亿元。 此外，今年6月，泰康养老发布公告称，为满足业务发展和偿付能力需求，公司股东泰康保险集团决定 向泰康养老增资20亿元。此次增资后，泰康养老的注册资本从90亿元增至110亿元，该增资事项已于日 前获得监管部门批准。 事实上，在外源性资本补充方面，今年以来行业可谓动作频频。除了规划增加注册资本，发债也成为险 企补充资本的重要选项。在发债品种上，永续债成为险企发债的主流，用以提升核心偿付能力充足率。 新华保险、泰康养老、泰康人寿、交银人寿、平安人寿、招商信诺人寿、阳光人寿、工银安盛人寿等险 企纷纷发布发债计划获批公告。 此外，个别险企还发行了零息可转债。例如，今年6月初，中国平安公告称，拟发行117.65亿港元于 2030年到期的零息可转换为该公司H股股份的债券，并将所得款项净额用于满足其未来以金融为核心的 业务发展需求，用于补充资本需求，支持医疗、养老新战略 ...

Core Viewpoint - Insurance companies are actively increasing their capital through various means, including equity financing and bond issuance, to strengthen their financial stability and meet regulatory requirements in a challenging economic environment [1][2][3]. Group 1: Capital Increase Activities - Multiple insurance companies have completed or announced capital increases this year, totaling hundreds of billions, with life insurance companies leading the way [2][3]. - Ping An Life announced a capital increase of approximately 20 billion yuan, aimed at accelerating business development and enhancing solvency [2]. - Other notable capital increases include China Postal Life's increase from 28.663 billion yuan to 32.643 billion yuan and CITIC Prudential Life's increase from 4.86 billion yuan to 7.36 billion yuan [2]. Group 2: Bond Issuance - Issuing perpetual bonds has become a mainstream method for insurance companies to enhance their core solvency ratios [3]. - Companies such as New China Life, Taikang Life, and Ping An Life have announced bond issuance plans to support their capital needs [3]. - China Ping An also issued zero-coupon convertible bonds worth 11.765 billion Hong Kong dollars to fund its future business development [3]. Group 3: Strategic Focus on Pension Finance - Taikang Life's capital increase and bond issuance reflect its commitment to the pension finance sector, aligning with national policies promoting the development of commercial insurance annuities [4][5]. - The company has managed pension assets totaling 670 billion yuan, with a strong market presence in enterprise annuities and personal pensions [5]. - Taikang Life maintains a robust solvency position, with a comprehensive solvency ratio of 222.42% and a core solvency ratio of 131.41% as of the end of the third quarter [5]. Group 4: Regulatory Environment - The "Solvency II Phase II" rules have heightened the demand for capital replenishment among insurance companies, necessitating proactive measures to ensure compliance by the 2025 deadline [7][8]. - Regulatory requirements stipulate that companies must maintain a comprehensive solvency ratio of at least 150% and a core solvency ratio of at least 75% to engage in personal pension business [7]. - The transition period for these regulations has been extended to the end of 2025 to allow companies to adjust to the new requirements [8].

Core Insights - Shanghai Bank has evolved over 30 years, from its origins in local credit cooperatives to a significant player in the financial sector, emphasizing its mission of making life better through finance [1] - The bank has focused on supporting small and micro enterprises, contributing to local economic development, and fostering a sense of community [1] Group 1: Technological Financial Services - Shanghai Bank's Minhang branch identified a promising startup, Qionglong Technology, and provided crucial support through a credit loan of 8 million yuan, marking the first bank credit for the company [8][10] - The bank utilized a "technology flow" assessment model to evaluate the startup's potential, despite its lack of revenue and collateral [8][10] - Over four years, the bank increased its support to Qionglong Technology, raising the credit limit to 50 million yuan and expanding services to include cross-border settlements and funds supervision [10][12] Group 2: Cross-Border Financial Services - Shanghai Bank has developed a comprehensive cross-border financial service ecosystem, including cross-border investment and financing, and digital payment solutions [29] - The bank's cross-border payment capabilities have evolved significantly, with transaction volumes increasing from over 10 billion USD in 2005 to more than 160 billion USD by 2025 [29] - The introduction of digital RMB in cross-border payments marks a significant advancement in the bank's service offerings, enhancing transaction speed and efficiency [29] Group 3: Pension Financial Services - Shanghai Bank pioneered the socialization of pension distribution in China, becoming one of the first banks to offer this service in 1998 [30][33] - The bank has developed a comprehensive pension financial service model, evolving from basic pension distribution to include wealth management and intelligent services [46] - Currently, Shanghai Bank serves approximately 6 million elderly clients, maintaining a leading market share in pension services in Shanghai [46]

中证报中证网讯（王珞）近期，北京上市公司协会（以下简称"北上协"）围绕"金融高质量发展与做好 五篇大文章"主题开展了三场走进上市公司调研活动。在该系列活动中，北上协组织会员单位走进北京 银行、农业银行以及邮储银行。 该系列活动由北京证监局指导，北上协主办，各上市公司承办，北京上市公司独立董事、董事会秘书、 证券事务代表、相关领域负责人、媒体记者以及协会秘书处专职工作人员等150余人参加活动。 该系列活动以"调研参观+座谈交流"的形式展开，各参与调研活动的上市公司代表与银行面对面交流， 深入探讨金融机构如何通过科技金融、绿色金融、普惠金融、养老金融、数字金融这"五篇大文章"，精 准赋能实体经济。 北京银行：深耕科创的"首善"标准 9月15日，北上协开启了以"金融高质量发展与做好五篇大文章"为专题的第一场调研座谈活动——走进 北京银行。 11月26日，调研团走进农业银行，这也是系列调研的第二站。农业银行董事会秘书刘清介绍，农行"因 农而生，因农而兴，因农而强"，服务乡村振兴是农行"两大定位"之一。目前，农行40%的贷款、44%的 存款分布在中国的县域地区。在服务乡村振兴的同时，农行高度重视城市业务的发展与创新，形 ...

来源：城商行研究 利差降至1.42%，不良率持续承压，数百位银行家齐聚天津寻找出路。 "我们现在利差快收到1%了，可怜的。"在近期一次银行业会议上，一位农商行行长私下坦言。这并非 个例，国家金融监管总局数据显示，2025年三季度末商业银行净息差已降至1.42%的历史低位，其中城 商行、农商行净息差分别为1.37%和1.58%。 面对生存压力，中小银行选择"抱团取暖"而非"躺平"。2025年12月4日至5日，第二十届中小商业银行 CEO论坛在天津举行，中小银行高管齐聚一堂，共同探讨"十五五"规划期银行战略升维之路。 中小银行的生存挑战 中小银行正面临前所未有的经营压力。央行《金融稳定报告2024》显示，城市商业银行中有11%的机构 被列为"红区"高风险机构，农合机构和村镇银行的风险占比更高。 大型银行业务下沉给中小银行带来巨大竞争压力。"大行贷款利率只有3点几，我们很难做到这么低，很 多客户就被抢走了。"一位华南地区城商行行长表示。 2025年三季度末，商业银行不良贷款余额达3.5万亿元，较上季末增加883亿元；不良贷款率为1.52%， 较上季末微升0.03个百分点。其中城商行和农商行不良率分别为1.84%和2 ...

Core Viewpoint - The Guangdong "14th Five-Year" planning proposal emphasizes the strategic role of finance in supporting technological innovation, industrial upgrading, and high-quality development, integrating finance into the construction of a strong technological province [1][3]. Financial Strategy and Innovation - Finance is positioned not just as a resource allocation tool but as a core engine driving technological self-reliance and new development momentum [3]. - The proposal outlines a comprehensive innovation chain that includes "basic research + technological breakthroughs + results transformation + technology finance + talent support" to enhance regional innovation system efficiency [3]. Investment and Capital Development - The document details the creation of an innovative entrepreneurial investment and financing system, fostering high-quality venture capital institutions, and guiding capital towards early, small, long-term, and hard technology investments [3][4]. - It emphasizes the need for collaboration between finance, fiscal policy, and state-owned assets to strengthen government investment fund systems and enhance the effectiveness of fund utilization [4]. Financial Sector Growth - The proposal envisions the construction of a "financial strong province," promoting the development of technology finance, green finance, inclusive finance, pension finance, and digital finance [4]. - It encourages national financial institutions to increase resource allocation in Guangdong and deepen strategic cooperation with large domestic and foreign financial institutions [4]. Market and Investment Dynamics - The proposal aims to leverage government investment to stimulate private sector participation in major projects, enhance private investment activity, and increase the proportion of private investment [4]. - It calls for reforms in the investment and financing system to broaden diversified investment channels and establish a market-driven investment growth mechanism [4]. Risk Management - The proposal highlights the importance of preventing and mitigating risks associated with real estate and small financial institutions to maintain economic and financial security [4].