2025年12月19日，国家金融监督管理总局发布《保险公司资产负债管理办法（征求意见稿）》[1]（以下简称"《办法》"），对现行监管规则作系统性 整合升级，计划于2026年7月1日起施行。 （文章有删减，完整内容请见报告原文） Abstract 摘要 《办法》出台的背景和目的？ 本次《办法》的出台，旨在具体落实 保险业新"国十条" 强化资产负债联动监管的精神、解决行业当前存在的资产和负债管 理脱节、政策和程序不清晰等问题，同时为2026年保险业全面切换至新会计准则做好制度准备。新准则下保险公司净资产波动加剧，《办法》的推出有助 于建立起与新准则相适应的审慎管理机制，引导行业平稳完成新准则切换。 《办法》确立量化监管与监测双层指标体系： 1）明确监管指标，人身险聚焦有效久期缺口、综合投资收益覆盖率、净投资收益覆盖率、压力情景下流动 性覆盖率，财险则聚焦沉淀资金覆盖率、收入覆盖率及压力情景下流动性覆盖率；2）建立监测指标体系，如各类利差分析、修正久期缺口；3）优化指标 计算口径，将成本收益指标评价周期拉长至3-5年，引导公司长期经营。 细化治理架构与全流程要求。 在组织上，《办法》细化了保险公司董事会、高级管理层 ...

专家认为，为达成长期收益目标，险资资产配置可能更倾向高股息股票、长周期基础设施股权等能提供 稳定现金流的资产 其中，对收益监管指标和监测指标的计算均有期限要求，意在引导险资"长钱长投"。例如：在监管指标 方面，计算人身险公司净投资收益覆盖率，以过去三年的净投资收益和负债保证成本为基础；在监测指 标方面，部分利差指标计算也要求以过去三年的数据为基础。 国泰海通证券发布研究报告认为：在长周期考核导向下，《征求意见稿》优化指标计算口径，如对成本 收益指标评价周期拉长到3至5年，利好引导保险公司长期稳健经营；预计经营导向契合严监管强化资负 匹配管理要求的头部险企更为受益。 对外经济贸易大学创新与风险管理研究中心副主任龙格对上海证券报记者表示，为满足收益考核要求， 险企可能在严格风控下适度增配权益类和另类资产，这对资产负债管理能力较弱的公司构成挑战。 ◎记者 何奎 "我们正抓紧研究意见稿的具体细则，其中一些定量监管、监测指标对未来投资影响较大。"12月22日， 一家中小险企相关负责人对上海证券报记者表示。 上述相关负责人所说的"意见稿"，正是金融监管总局12月19日起公开征求意见的《保险公司资产负债管 理办法（征求意见 ...

金融监管总局 拟 资产负债管理新规 自2026年7月起施行 ①资产负债管理 侧重三大目标 ，考验长期经营 ②新增监管指标和监测指标 不达标的公司会被采取监管措施 ③寿险公司资负管理监管指标 综合投资看5年，净投资看3年 ④董事会负最终责任 成立资产负债管理部门 资负管理纳入保险公司监管评级 1 预定利率影响负债成本 资负管理考验，稳健经营能力 这也是为何，近年来，金融监管总局在多个文件中，都提到要加强资产负债管理。 比如，保险公司监管评级办法中，也有资产和负债管理的指标，详见《 保险公司分类监 管统一 》 近日，金融监管总局下发《保险公司资产负债管理办法（征求意见稿）》，这标志着自 2 0 18年运行以来，资产负债管理即将迎来新的升级，并从暂行办法升级为正式文件。 对 于 从 业人 员 来讲 ， 对 偿 付 能力都 很熟悉 ， 对 预定 利 率 动 态 调 整 机 制 也 有 所 了 解 ， 但 是，什么是资产负债管理呢？ 简单来讲，偿付能力是指保险公司履行赔付义务的能力，而预定利率决定了负债成本的 高低。 但是，资产端的久期匹配、投资收益能否覆盖成本、现金流稳定性等，则能更全面的考 察，公司长期经营稳健能力 ...

今天看到一个很有意思的新闻，说，阿里的千问，发布了"2025十大AI提示词"，也就是统计了一下，大家最爱找AI问什么问题，虽然我现在对千 问的能力有比较大的质疑，其C端基数也还完全不够打，但看看也无妨。 " 本次入选的十大高频提示词分别为： 股票、八字、情感咨询、朋友圈文案、景点推荐、双色球号码、失眠、解答这道题、离婚财产分割、人 生的意义 。 " 从前三大提示词可以看出，发财、升官、（）老婆/公，确实一直是中国人 最硬核的人生目标，也是最困扰大家的。 不过这个榜单有一个地方有点看不懂，双色球每次开奖都是独立的随机事件，理论上历史的结果无法影响下一期，所以，大家问双色球号码是为了啥？ 而"解答这道题"，确实是很实用的场景，现在把题目用AI拍照提问，可以给出非常完整的解题过程，解决了大量三年级及以上家长，无力教子女写作业的 问题。 另外，个人感觉，未来C端用户足够大的大模型公司，都能自己搞个量化公司炒股，因为投资的本质是"人性"，是"相信相信的力量"，是"寻找共 识"，大模型有了足够多的客户基数后，可以相对准确地刻画出人性和一致预期，这些用户自己输入的语料，可以最终凝练为非常好的量化因 子，比现在量化从全市场的 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On Monday, the yields of treasury bond cash bonds were short - strong and long - weak. The yields of 1 - 3Y bonds decreased by about 0.50 - 0.80bp, while the yields of 10Y and 30Y bonds increased by 1.10bp and 1.50bp to 1.85% and 2.24% respectively. Treasury bond futures weakened collectively, with the main contracts of TS, TF, T, and TL falling by 0.02%, 0.06%, 0.09%, and 0.28% respectively. The weighted average rate of DR007 fluctuated around 1.43%. [2] - In November, industrial growth and social retail sales slowed down marginally, fixed - asset investment continued to decline, and the unemployment rate remained stable. The financial data showed structural differentiation. Under the boost of direct financing, the increase in social financing exceeded expectations; credit continued to weaken, with household loans being the main drag, and the medium - and long - term investment demand of enterprises remained weak. Affected by the base effect, the growth rates of M1 and M2 declined, and the M1 - M2 gap widened again. [2] - In November, CPI continued to improve, with a year - on - year increase of 0.7%; the anti - involution effect slowed down marginally, and the year - on - year decline of PPI slightly expanded. Overseas, the core CPI in the US in November increased by 2.6% year - on - year, the lowest level since 2021. The non - farm payrolls in November exceeded expectations, but the unemployment rate unexpectedly rose to a four - year high, and the non - farm data in October was significantly revised downwards. [2] - Overall, the external demand improved slightly in November, but the internal economic momentum still needs to be boosted. The tone of the Central Economic Work Conference and the Political Bureau Meeting in December was positive, and the fiscal and monetary policies next year will continue the loose tone, increasing the expectation of loose money. However, the market still has differences on the implementation rhythm of reserve requirement ratio cuts and interest rate cuts. In the short term, there is a lack of incremental information, and the unilateral market lacks momentum. Interest rates may continue to fluctuate in the short term. [2] Summary by Relevant Catalogs 1. Futures Market - **Futures Prices and Volumes**: The closing prices of T, TF, TS, and TL main contracts were 107.980 (-0.09%), 105.860 (-0.06%), 102.464 (-0.02%), and 111.980 (-0.28%) respectively. The trading volumes of T, TF, TS, and TL main contracts were 85093 (an increase of 29051), 64185 (an increase of 8687), 35943 (an increase of 3341), and 113123 (an increase of 9517) respectively. [2] - **Futures Spreads**: For example, the spread of TL2603 - 2606 was -0.22 (-0.04↓), and the spread of T03 - TL03 was -4.00 (0.51↑). [2] - **Futures Positions**: The positions of T, TF, TS, and TL main contracts were 226386 (-4537↓), 141789 (-1573↓), 76460 (552↑), and 144814 (2892↑) respectively. The net short positions of T, TF, TS, and TL top 20 were 8966 (-2440↓), 13750 (-1437↓), 9441 (58↑), and 7330 (-1547↓) respectively. [2] 2. CTD Bonds - The net prices of some CTD bonds changed. For example, the net price of 250018.IB (6y) was 100.3406 (-0.0822↓), and the net price of 250017.IB (2y) was 100.1136 (0.0051↑). [2] 3. Active Treasury Bonds - The yields of active treasury bonds decreased. For example, the yield of 1y was 1.3525 (-1.75↓bp), and the yield of 10y was 1.8350 (-0.70↓bp). [2] 4. Short - term Interest Rates - The short - term interest rates showed different trends. For example, the silver - pledged overnight rate was 1.2736 (7.36↑bp), and the Shibor overnight rate was 1.2720 (-0.13↓bp). [2] 5. LPR Rates - The 1 - year LPR was 3.00 (0.00↑bp), and the 5 - year LPR was 3.5 (0.00↑bp). [2] 6. Open Market Operations - The issuance scale was 673 billion, the maturity scale was 1309 billion, and the interest rate was 1.4% for 7 - day reverse repurchase, with a net withdrawal of 636 billion. [2] 7. Industry News - The National Financial Regulatory Administration issued the "Measures for the Asset - Liability Management of Insurance Companies (Draft for Comment)" and solicited public opinions. [2] - The LPR quotes in December remained stable, with the 1 - year LPR at 3% and the 5 - year - plus LPR at 3.5%. [2] - The People's Bank of China issued a one - time credit repair policy, which helps individuals reshape their credit and promotes the development of inclusive finance. [2] 8. Key Points of Attention - On December 23 at 21:30, pay attention to the US Q3 core PCE price index and Q3 real GDP. [3] - On December 25, the US, Hong Kong, European, and South Korean stock markets will be closed, and Brent crude oil futures trading will be suspended. [3]

南方财经全媒体记者 孙诗卉 林汉垚 在当前利率中枢持续下行的背景下，如何平滑穿越周期、防范利差损风险，已成为行业共同面临的严峻考题。 2024年发布的《国务院关于加强监管防范风险推动保险业高质量发展的若干意见》明确提出"强化资产负债联动监管"。 近日，国家金融监管总局发布《保险公司资产负债管理办法（征求意见稿）》（以下简称《办法》），进一步推动保险公司不断强化改进资产 负债管理架构、政策和程序。 国家金融监管总局有关司局负责人在答记者问中表示，《办法》是国家金融监管总局落实国务院重要文件精神、提升行业经营韧性、健全审慎 监管制度体系的重要措施之一。 应对行业新挑战 有效的资产负债管理是金融机构可持续经营的基础。2018年以来，监管部门陆续发布了《保险资产负债管理监管暂行办法》（以下简称《暂行 办法》）和五项监管规则，初步构建了符合国内保险行业特征的资产负债管理和监管体系。 但近年来，我国保险业面临的内外部环境发生了显著变化，这对保险公司的资产负债管理能力提出了严峻考验。 北京大学应用经济学博士后朱俊生教授在接受21世纪经济报道采访时表示，《办法》的出台，源自我国保险行业近年来面临的内外部环境变 化，尤其是日益 ...

Core Insights - The article discusses significant economic policies and events in China and Japan, highlighting the launch of the Hainan Free Trade Port and the Bank of Japan's interest rate hike, which marks a shift in monetary policy after decades of ultra-loose measures [9][11]. Group 1: Hainan Free Trade Port - The Hainan Free Trade Port officially commenced full island closure operations on December 18, 2025, implementing a series of tax and customs policies aimed at enhancing trade and investment [9]. - The port focuses on four main industries: tourism, modern services, high-tech industries, and tropical agriculture, differentiating its development from that of Hong Kong and Macau [10]. - The "zero tariff" policy aims to maximize trade facilitation and efficient flow of resources, covering 86 industries, with tax differences exceeding 10% in 10 sectors, thereby enhancing market stability and supporting the real economy [10]. Group 2: Bank of Japan's Monetary Policy - On December 19, the Bank of Japan raised its policy interest rate by 25 basis points to 0.75%, the highest level in 30 years, driven by persistent inflation and currency depreciation [11][12]. - This decision is seen as a critical step in Japan's economic transformation, aiming to balance inflation control with stable growth amid ongoing structural reforms and global economic changes [12]. Group 3: Government Meetings and Policies - The State Council of China emphasized the need for proactive implementation of economic policies to ensure a strong start to the 14th Five-Year Plan, urging departments to take responsibility and expedite the formulation of specific action plans [13][15]. - The People's Bank of China released the "Management Measures for the Identification of Beneficial Owners of Financial Institution Clients," effective January 20, 2026, aimed at enhancing anti-money laundering and compliance measures [17]. - A joint announcement by three departments introduced the "Price Behavior Rules for Internet Platforms," which regulates pricing practices to protect consumer rights and ensure fair competition among platform operators [18]. Group 4: Insurance and Financial Regulations - The draft "Asset-Liability Management Measures for Insurance Companies" was released for public consultation, aiming to strengthen asset-liability management and regulatory oversight in the insurance sector [20]. - The measures include establishing regulatory indicators and monitoring systems to prevent asset-liability mismatches and promote sustainable development in the insurance industry [20]. Group 5: Foreign Exchange Market - In November, China's banks recorded a foreign exchange settlement surplus of $15.7 billion, indicating a stable foreign exchange market amid ongoing global financial volatility [21]. - The stability in the foreign exchange market reflects China's resilience against external shocks, enhancing investor confidence and demonstrating the economy's ability to withstand fluctuations in the international market [22].

答：《办法》制定主要遵循以下思路：一是坚持问题导向。聚焦资产和负债管理脱节、政策和程序 不清晰、指标缺乏监管标准以及监管措施不足等问题，补足制度短板。二是反映经济实质。资产负债匹 配指标及压力情景设置，反映公司真实经济价值和风险水平，减少由于规则设定或人为假设造成的干 扰。三是促进管理优化。相关指标和标准应当具有管理意义，有助于公司管理层改善经营管理、降低风 险水平、提升公司价值。四是加强制度协调。增强监管规则之间的适应性和一致性，统一指标计算口 径，避免对风险的重复覆盖。 问：《办法》主要内容包括哪些？ 答：《办法》共五章51条，包括总则、资产负债管理、监管指标和监测指标、监督管理以及附则。 近日，《保险公司资产负债管理办法（征求意见稿）》（以下简称《办法》）向社会公开征求意 见。金融监管总局有关司局负责同志回答了记者提问。 问：《办法》的制定背景是什么？ 答：有效的资产负债管理是金融机构可持续经营的基础。2018年以来，监管部门发布了《保险资产 负债管理监管暂行办法》和五项监管规则，初步构建了符合国内保险行业特征的资产负债管理和监管体 系。 近年来，我国保险业发展的外部环境和内部条件均发生重大变化，对保险 ...

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, indicating an expectation that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [28]. Core Insights - The new asset-liability management regulations aim to deepen the alignment between asset and liability management, enhancing the industry's long-term stability and operational capabilities [16]. - The report highlights that the recent decline in long-term interest rates has put pressure on net investment returns, posing potential "spread loss" challenges for the industry [8]. - The report notes that the head-listed insurance companies are expected to manage their liability costs better than smaller firms, which may face greater pressure due to cost management issues [16]. Summary by Sections Regulatory Changes - The new regulations clarify asset-liability management goals, principles, governance structures, policies, procedures, and establish regulatory and monitoring indicators [3]. - Key changes include institutional integration, improved organizational structures, and optimized calculation standards for regulatory indicators [3]. Monitoring Indicators - Regulatory indicators for property insurance companies focus on cost-benefit matching, duration matching, and liquidity matching, with specific minimum standards set for various metrics [4][5][6]. - Life insurance companies have indicators such as effective duration gap and comprehensive investment income coverage ratio, with strict monitoring requirements [4]. Investment Performance - As of H1 2025, the average net investment return for listed insurance companies is approximately 3.5%, with significant variations among companies [8]. - The report indicates a notable decline in new business costs for life insurance companies, driven by adjustments in preset interest rates and unified pricing strategies [12][15]. Strategic Implications - The report suggests that the new regulations may lead to a trend of controlling the scale of whole life insurance business sales and increasing allocations to long-duration bonds [16]. - It is anticipated that the pricing of new insurance products will become more cautious as companies focus on cost-benefit matching [16].

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [6]. Core Insights - The insurance industry is expected to benefit from the trend of bank deposits moving to insurance products, with a positive outlook for the liability side performance in 2026 due to successful short-term sales initiatives. The introduction of a tiered product pricing structure is anticipated to significantly alleviate the risk of interest spread losses. The "reporting and operation integration" is expected to promote industry consolidation and enhance the concentration of leading companies [4][31]. - The securities sector is experiencing a rise in market risk appetite and sustained high trading activity, benefiting from both valuation and performance attributes [4][31]. - Key companies to watch include China Ping An, China Life, China Pacific Insurance, Guotai Junan, and Huatai Securities [4][31]. Summary by Sections 1. Industry Dynamics - The insurance sector is undergoing a systematic upgrade in asset-liability management, with new regulations requiring comprehensive coverage, reasonable matching, and robust supervision. The new rules include three mandatory indicators for property insurance companies, all of which must not fall below 100% [1][2]. - The report highlights the performance of listed insurance companies, with New China Life reporting a cumulative premium income of 188.85 billion yuan, a year-on-year increase of 16% [14]. 2. Securities - The public fund performance benchmark reform has been initiated, focusing on the transformation of existing products and ensuring a smooth transition without drastic changes to holdings. The reform aims to enhance the attractiveness of the capital market [18]. - The average daily trading volume of stock funds was 22,219 billion yuan, a decrease of 7.20% week-on-week [22]. 3. Multi-Financial - Nanhua Futures has set the final price for its H-share issuance at 12 HKD per share, with plans to list on the Hong Kong Stock Exchange [30].