北京商报讯（记者 胡永新）新年伊始，A股保险板块因亮眼的表现备受关注。1月6日，北京商报记者了解到，A股保险板块延续上一个交易日的狂飙态势， 继续走强。截至发稿，新华保险、中国太保涨超5%，中国人保涨超3%，中国人寿、中国平安涨超2%。 将视角拉至港股保险股方面，截至记者发稿，中国人寿、中国平安、阳光保险、众安在线均涨超4%。 昨日，A股开启了2026年的新征程。A股保险股全线大幅上涨，五大A股上市险企当日涨幅均超过5%。其中，新华保险领涨，新华保险、中国太保全天涨幅 分别为8.87%及7.52%，中国人寿、中国平安、中国人保涨幅均超5%。 股价"创新高"成为一大关键词。除了新华保险、中国太保一度打破了去年底创下的股价历史新高，中国平安当日以72.36元/股收盘，股价更是创下五年来新 高。 2026年A股首个交易日的表现，被视为去年抢眼表现的延续。回顾刚刚过去的2025年，A股保险板块已走出一轮强劲行情。 支撑股价上涨的原因，是行业基本面的切实改善。金融监管总局发布的数据显示，2025年前11个月，保险业累计实现原保险保费收入5.76万亿元，可比口径 下同比增长7.56%。细分来看，人身险公司保费收入增长9. ...

今年以来，河南省一大批关系国计民生的重点险种扩面提质增效，走在全国前列。面对秋季连阴雨重大 灾害，保险业抢前抓早，早赔快赔，让风雨不再是风险，以实际行动践行了金融工作的政治性、人民 性。 作为长期资金、耐心资本，保险资金规模大、期限长、来源稳、形式活，近年来对河南实体经济输血能 力持续增强。 本报讯 （记者肖艳青）12月11日，2025年"保险资管河南行"产融对接会在河南郑州航空港区举行。 国家金融监督管理总局河南监管局党委书记、局长向恒在致辞中表示，近年来，河南金融市场保持平稳 健康发展态势，保险业充分发挥"两器""三网"功能，"十四五"期间，行业高质量发展实现新跨越，保险 业总资产8380亿元，5年跨过4个千亿平台。 向恒提到，河南是中华民族和华夏文明的重要发祥地，经过新时代十余年砥砺奋进，逐步完成从传统农 业大省向新型工业大省、从传统交通要道向现代交通枢纽、从传统内陆省份向内陆开放高地的华丽转 变。比亚迪（002594）、上汽乘用车郑州工厂正式投产，郑州航空港区的比亚迪已经成为全球连片最大 的汽车制造基地，蜜雪冰城、泡泡玛特、胖东来等现象级"顶流"企业不断涌现，豫商豫企的新风貌新气 象在全国获得高度关注 ...

作为长期资金、耐心资本，保险资金规模大、期限长、来源稳、形式活，近年来对河南实体经济输血能 力持续增强。 向恒提到，保险资金投资规模快速提升，截至10月末，河南累计引入保险资金突破万亿元大关。投资方 式日趋丰富，保险资金投资河南私募股权基金实现零的突破，股票、股权、不动产等多种形式并存的投 资格局在逐步形成。投资领域不断拓宽，资金投放从传统煤炭化工、基础设施加快向新兴产业延伸，为 河南一批大型项目、重点产业提供了长期稳定资金支持。 在持续向实体经济输血的同时，通过"保险+大健康""保险+大养老"，积极参与健康河南建设，总投资计 划超50亿元，有力带动了上下游配套产业发展，为积极应对人口老龄化贡献了保险力量。 向恒在致辞中介绍，近年来，河南金融市场保持平稳健康发展态势，保险业充分发挥"两器""三网"功 能，"十四五"期间，行业高质量发展实现新跨越，保险业总资产8380亿元，5年跨过4个千亿平台。 今年以来，河南省一大批关系国计民生的重点险种扩面提质增效，走在全国前列。面对秋季连阴雨重大 灾害，保险业抢前抓早，早赔快赔，让风雨不再是风险，以实际行动践行了金融工作的政治性、人民 性。 "河南是中华民族和华夏文明的重 ...

Core Viewpoint - The Financial Regulatory Administration has issued a notification aimed at enhancing the role of insurance funds in supporting the real economy and encouraging insurance companies to increase their support for foreign trade enterprises [1] Group 1: Risk Factor Adjustments - The risk factor for stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index held for over three years has been reduced from 0.3 to 0.27 [3] - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been decreased from 0.4 to 0.36 [3] Group 2: Export Credit Insurance and Reserves - The risk factor for premiums in export credit insurance and overseas investment insurance by the China Export & Credit Insurance Corporation has been lowered from 0.467 to 0.42 [4] - The reserve risk factor has been adjusted from 0.605 to 0.545 [4] Group 3: Internal Control and Management - Insurance companies are required to improve internal controls, accurately measure investment holding periods, and enhance long-term fund investment management capabilities [4] - There is an emphasis on strengthening solvency management and ensuring that solvency data is true, accurate, and complete [4]

作为资本市场重要的机构投资者，保险资金的动向一向是市场关注的焦点。近日，中国银行保险资产管 理业协会发布《中国保险资产管理业发展报告(2025)》(以下简称《报告》)，对201家保险集团(控股)公 司和保险公司(以下统称"保险公司")的投资情况进行了系统梳理。数据显示，2024年，参与调研的保险 公司投资资产规模合计达30.55万亿元，综合收益率主要集中在4.5%以上。整体来看，保险公司在资产 配置结构上持续优化，投资收益显著提升。 资产规模稳健增长配置结构持续优化 《报告》显示，2024年，保险公司投资资产规模合计30.55万亿元，同比增长16.93%，占全行业资金运 用余额的91.85%。资产规模稳步扩大的同时，配置结构也呈现出更为稳健和多元的特征。 具体来看，债券市场仍占据主导地位。数据显示，2024年保险资金持有债券规模达15.21万亿元，占比 50.7%，较2023年提升4%；持有股票、公募基金(不含货币基金)及组合类产品合计规模为5.6万亿元；银 行存款、现金及流动性资产规模为3.11万亿元。值得注意的是，和2023年相比，保险资金持有股票的比 例上升0.9%，现金及流动性资产、债权投资计划等类别 ...

作为资本市场重要的机构投资者，保险资金的动向一向是市场关注的焦点。近日，中国银行保险资 产管理业协会发布《中国保险资产管理业发展报告（2025）》（以下简称《报告》），对201家保险集 团（控股）公司和保险公司（以下统称"保险公司"）的投资情况进行了系统梳理。数据显示，2024年， 参与调研的保险公司投资资产规模合计达30.55万亿元，综合收益率主要集中在4.5%以上。整体来看， 保险公司在资产配置结构上持续优化，投资收益显著提升。 资产规模稳健增长配置结构持续优化 综合看，2024年，保险公司行业在复杂市场环境中取得了亮眼的投资收益，综合收益率与财务收益 率均实现较大幅度提升。 《报告》显示，综合收益率方面，超过60%的保险公司综合收益率集中在4.5%以上。其中，投资收 益率中位数位于5%至5.5%区间，收益率在6%以上的保险公司占比最高，达到34%。财务收益率方面， 收益率在4%以上的保险公司数量占比为34%，较2023年提升12%。进一步分析显示，综合收益率超过 7%的51家保险公司普遍在利率债上配置比例较高，显示出稳健资产结构对收益的支撑作用。 值得一提的是，股权投资作为保险资金运用的重要方向，在20 ...

Core Viewpoint - The aging population in China presents significant challenges, with a need for improved pension systems and commercial insurance solutions to ensure a dignified retirement for citizens [1][3]. Group 1: Aging Population and Pension System - China is facing the dual challenges of "aging before becoming wealthy" and "aging without preparation," with 19 provinces already in a moderate aging society [1]. - By the end of 2024, the elderly population (60 years and older) is projected to reach 310 million, with those aged 65 and older at 220 million [1]. - The current pension system is unbalanced, with basic pension insurance coverage at 95%, but only 3% of employees participating in enterprise annuities and 7% in personal pensions [1][3]. Group 2: Commercial Insurance Solutions - Basic pension insurance meets only the basic survival needs, while a high-quality retirement requires commercial insurance solutions [3]. - Key pension products include personal pension products, commercial pension insurance, and annuity insurance, which provide stable cash flow and flexible payment options [3][4]. - The integration of insurance with health management and community care is a growing focus, offering comprehensive solutions for aging [4]. Group 3: International Experience and Investment Strategies - Spain's "insurance + health care integration" model serves as a reference, emphasizing personal pensions and tax incentives for retirement savings [5]. - In a low-interest environment, insurance companies in China are encouraged to invest long-term, with regulatory support for capital market participation [6]. - The investment side is crucial for the insurance industry, as effective asset allocation directly impacts profitability and product viability [6]. Group 4: Local Market Characteristics in Shenzhen - Shenzhen, with an average population age of 32.5, has diverse insurance needs across different demographics, including high-net-worth individuals and migrant workers [7]. - The "Shenzhen Huimin Bao" project has seen significant participation, with over 18.19 million insured, reflecting a growing demand for affordable healthcare solutions [8]. - The company has tailored insurance products for small and medium enterprises, focusing on industry-specific risks and green insurance initiatives [9].

Core Insights - The aging population in China is a pressing issue, with 19 provinces already in a moderately aging society, and projections indicate that by the end of 2024, there will be 310 million individuals aged 60 and above, and 220 million aged 65 and above [1][2] - The current pension system in China, which consists of three pillars (basic pension insurance, occupational pensions, and personal pensions), faces significant imbalances in development [1][2] - The basic pension insurance can only meet the basic needs of survival, and achieving a high-quality, dignified retirement life requires reliance on commercial insurance products [2][3] Pension System and Products - The average replacement rate of basic pensions for enterprise employees is approximately 45%, which is below the International Labour Organization's recommended standard of 55% [2] - Personal pension products are a key focus under national planning, but there is a need for increased consumer awareness and product purchasing rates [2] - Commercial pension insurance, particularly dedicated commercial pension products, offers flexible design and various payment methods, balancing stability and returns [2] - Annuity insurance provides a steady cash flow, making it suitable for clients with clear and stable future cash flow needs [2] Integrated Services - The development of "insurance + health + pension" integrated services is a significant direction, combining insurance products with health management and community care [3] International Experience - Spain's "insurance + health integration" model is highlighted as a reference, where personal pensions are encouraged through substantial tax incentives, and insurance companies collaborate with strong fund management firms for asset allocation [4] - The cost of care in Spain, where the monthly fee for mid-to-high-end nursing homes is about three times the average retirement salary, is comparable to some first-tier cities in China [4] Investment Strategies - The asset allocation of insurance funds is closely tied to macroeconomic conditions, with regulatory support for long-term investments in capital markets [6] - The investment side is crucial for the insurance industry's development, as effective asset allocation and operation directly influence fund yield and support product guarantees and profitability [6] Consumer Demand in Shenzhen - Shenzhen's population is characterized by a complex structure with significant differences in insurance needs among various groups, including high-net-worth individuals and the general public [7] - There is a growing demand for integrated medical services among the general population, while younger consumers are more price-sensitive and inclined towards internet-based insurance products [7] Financial Services and Innovation - The company has actively participated in the "Shenzhen Huimin Bao" project, which has seen over 18.19 million participants since its launch, demonstrating a commitment to inclusive financial services [8][9] - The company has tailored insurance solutions for small and medium-sized enterprises, addressing their specific risks and needs, and has provided substantial risk coverage for green industries and emerging sectors [10]

Core Viewpoint - The article highlights the significant growth of dividend insurance premiums, which have surpassed 10% year-on-year as of the end of Q3 2025, driven by a combination of lower guaranteed interest rates and the potential for floating returns from capital market investments [1][2]. Group 1: Dividend Insurance Premium Growth - As of September 2025, the premium for dividend insurance has exceeded 700 billion, showing a year-on-year growth of over 10% [1]. - The new policy premium growth for dividend insurance has outpaced that of traditional insurance products [2]. Group 2: Investment Strategies in Dividend Accounts - By the end of Q3 2025, the market value of investments in dividend accounts reached 57.6 billion, reflecting a 5% increase since the beginning of the year [3][6]. - The investment strategy for dividend accounts is relatively diversified, balancing fixed and floating returns [7][9]. Group 3: Asset Allocation Characteristics - Dividend accounts must consider both guaranteed and floating returns, leading to a unique asset allocation strategy that includes high-dividend sectors, although these only account for 30% of the total investments [9][10]. - The insurance companies have increased their investments in sectors such as hardware, transportation, and non-ferrous metals compared to ten years ago [11]. Group 4: Trading Frequency and Revenue Generation - Insurance companies tend to trade more frequently in dividend accounts to capture floating returns, with quarterly investments exceeding 50 billion and new investments over 70 billion [16]. - The trading strategy aims to leverage market opportunities, with companies like Ping An and China Life achieving an estimated annualized return of 20% from their trading activities in Q3 2025 [19][21].

Core Insights - The insurance companies' investment yield has increased, with total investment funds surpassing 37 trillion yuan for the first time, driven by a significant rise in stock investments and a focus on banking, energy, and transportation sectors [1][6][7]. Investment Performance - The average annualized financial investment yield for life insurance companies reached nearly 5%, with a median exceeding 4.7%, marking an increase of approximately 1 percentage point compared to the previous year [3][6]. - The total investment funds of insurance companies exceeded 37 trillion yuan, with life insurance companies managing over 33.5 trillion yuan and property insurance companies nearly 2.4 trillion yuan [6][8]. - Equity investments accounted for 23.4% of total funds, reaching a recent high of over 8.4 trillion yuan [4][6]. Stock Investment Trends - Direct stock investments surged over 55%, with the amount reaching 3.6 trillion yuan, an increase of approximately 1.3 trillion yuan year-on-year [8][10]. - The growth in stock investments is attributed to regulatory measures encouraging long-term capital market participation [10][12]. Sector Preferences - Insurance funds are heavily invested in banking, energy, transportation, and telecommunications sectors, with banking remaining the top sector, accounting for about 50% of total investments [15][20]. - By the end of Q3 2025, the market value of bank stocks held by insurance companies exceeded 3.35 trillion yuan, reflecting an increase of nearly 700 billion yuan since the beginning of the year [20][22]. Major Holdings - Companies like Ping An and China Life have increased their stakes in Agricultural Bank and Industrial and Commercial Bank, respectively, indicating a continued preference for stable, high-dividend stocks [17][23]. - The investment strategy focuses on long-term stable dividend income, particularly in industries with solid profitability [15][16].