在传统寿险模式下，预定利率形成刚性兑付义务，当投资端收益持续下行时，险企需以自有资本弥补缺 口。而分红险通过将大部分收益设置为"非保证红利"，显著降低保证利率水平，使险企在低利率环境中 获得更大缓冲空间。当前监管对于分红险预定利率保底上限要求为2.0%，2025年中期以来，部分险企 陆续下调至1.5%，以更好地应对当前资产负债匹配压力。 智通财经APP获悉，国信证券发布研报称，本轮分红险发展本质是保险业在低利率环境中构建"负债结 构优化-投资能力提升-资本市场稳定"的正向循环。从行业视角看，其核心价值在于系统性降低利差损 风险，同时通过浮动收益特性维持产品吸引力，为险企在低息周期内赢得转型时间窗口。对资本市场而 言，分红险资金有望成为高股息资产价值重估的长期催化。 国信证券主要观点如下： 分红险成为保险行业应对利率下行周期的关键产品 分红险是指保险公司在每个会计年度结束后，将上一会计年度该类分红保险的可分配盈余，按一定的比 例分配给客户的一种人寿保险。因其"低保底+高浮动"的特点，险企与客户共担收益风险，有效降低险 企的刚性兑付成本，因此在利率下行时期，分红险具有较大的发展潜力。我国分红险经历了多轮发展周 期 ...

Core Viewpoint - The article discusses the recent adjustments in the predetermined interest rates for personal insurance products in China, highlighting the implications for various insurance companies and the market dynamics involved. Group 1: Predetermined Interest Rate Adjustments - The research value for the predetermined interest rate of ordinary personal insurance products is set at 1.99%, triggering a condition for rate reduction as it has been above this value by 25 basis points for two consecutive quarters [3][8][22]. - Major insurance companies such as China Life, Ping An, and Taikang have announced adjustments to their maximum predetermined interest rates, effective from September, with ordinary products at 2.0%, participating products at 1.75%, and universal products at 1.0% [2][9][18]. - Since the beginning of 2023, the predetermined interest rates have been reduced three times, with significant and rapid declines observed in the three major reference rates [19][20]. Group 2: Market Dynamics and Product Strategy - Insurance companies are promoting participating insurance products, which have only seen a 25 basis point reduction in predetermined interest rates, making them more attractive for equity investments and enhancing floating returns [33][34]. - The small adjustment in the predetermined interest rate for participating insurance products reflects a strategic shift towards products that offer both guaranteed and floating returns, aligning with current market conditions [38][41]. - The actual yield for new participating insurance products launched after October 2024 is expected to exceed 3.05%, with over 90% of these products achieving a dividend realization rate above 100% [42][43][48]. Group 3: Regulatory and Economic Context - The adjustments in predetermined interest rates are in line with the dynamic adjustment mechanism established by the financial regulatory authority, which aims to link predetermined rates with market rates [8][22]. - The continuous decline in long-term interest rates, such as the 5-year fixed deposit rate dropping from 2.65% to 1.3%, has influenced the insurance product pricing and development strategies [29][32]. - The insurance industry is undergoing a transformation towards high-quality development, with a focus on product diversification and adapting to regulatory changes [56][57].