关键词阅读：商业健康险 责任编辑：小讯 1月22日，据商务部网站，商务部等9部门联合发布关于促进药品零售行业高质量发展的意见。其中提 到，构建商业保险支付保障体系。引导商业健康保险与基本医疗保险协同发展，支持保险机构开发适配 药品零售场景的商业健康保险产品，满足群众多元化保障需求。鼓励商业保险机构推出涵盖健康管理、 康养照护等服务的商业健康保险产品。针对高值药品、器械，支持药品零售企业与商业保险机构建立风 险共担、便捷高效的支付协同机制，切实降低患者支付压力。 ...

《意见》还提到，鼓励保险机构开发无人机药械配送责任险。 《意见》提到，引导商业健康保险与基本医疗保险协同发展，支持保险机构开发适配药品零售场景的商 业健康保险产品，满足群众多元化保障需求。鼓励商业保险机构推出涵盖健康管理、康养照护等服务的 商业健康保险产品。针对高值药品、器械，支持药品零售企业与商业保险机构建立风险共担、便捷高效 的支付协同机制，切实降低患者支付压力。 北京商报讯（记者 李秀梅）1月22日，商务部等9部门发布《关于促进药品零售行业高质量发展的意 见》（以下简称《意见》）。 ...

格隆汇1月22日｜香港交易所信息显示，FMR LLC在中国人寿H股的持股比例于01月19日从5.04%降至 4.95%，卖出的平均股价为32.0682港元。 ...

（文章来源：第一财经） 商务部等9部门发布关于促进药品零售行业高质量发展的意见。其中提出，构建商业保险支付保障体 系。引导商业健康保险与基本医疗保险协同发展，支持保险机构开发适配药品零售场景的商业健康保险 产品，满足群众多元化保障需求。鼓励商业保险机构推出涵盖健康管理、康养照护等服务的商业健康保 险产品。针对高值药品、器械，支持药品零售企业与商业保险机构建立风险共担、便捷高效的支付协同 机制，切实降低患者支付压力。 ...

21世纪经济报道记者 黄子潇 深圳报道 1月22日，21世纪经济报道记者从深圳市地方金融管理局获悉，该局研究起草了《深圳市关于保险业助力科技创新和产业发展的行动方案 （2026-2028年）》（简称《行动方案》），于1月22日公开征求意见。 上述16条政策覆盖多个新兴科技领域，针对性地提出加快研发相适应的风险保障措施与产品。 《行动方案》提出，力争到2028年底完成三方面工作目标： 一是建立并完善与深圳经济社会发展水平相匹配的现代保险服务体系，推动保险业为"20+8"战略性新兴产业集群和未来产业发展、企业"走出 去"、深港金融合作提供坚实支撑，助力深圳建设具有全球重要影响力的产业科技创新中心、产业金融中心和全球海洋中心城市。 二是科技保险规模、质量与竞争力全面提升，科技保险保费收入年均增速超10%，每年为科技企业提供风险保障超5万亿元；低空经济、人工 智能等新兴产业保险服务实现突破，每年推出不少于30款保险创新产品。 三是保险业规模持续扩大，全市保险法人总资产规模超11万亿元，深圳地区三年保费收入超7000亿元。 这标志着，深圳保险业未来三年的重心或将落在"科技保险"领域。同时，深圳还最新提出推动"险资入深" ...

关键词阅读：新能源车险 保险业 责任编辑：栎树 1月22日，据深圳市地方金融管理局网站，该局发布了关于公开征求《深圳市关于保险业助力科技创新 和产业发展的行动方案（2026—2028年）（公开征求意见稿）》意见通告。其中提到，优化新能源车险 供给，研究推出"基本+变动"新能源车险组合产品。鼓励保险机构主动顺应智能驾驶趋势，与智能驾驶 开发商、生产厂商、运营商加强数据合作，积累风险分析数据，细化智能驾驶车辆保险产品供给。在城 市交通等特定场景领域，探索"车电分离"模式汽车商业车险产品。推动建立完善维修和理赔标准，推动 合理降低新能源汽车维修使用成本。推进数据跨行业共享，引导消费者培养良好用车习惯，建立风险减 量管理生态。 ...

上海金融监管局印发《上海银行业保险业养老金融高质量发展行动方案》。其中提出，创新股权和债权 投资方式。支持信托公司开展定制化的家族信托、家庭服务信托、保险金信托等服务，整合家庭多元化 财产，满足老年群体综合养老需求；开展不动产信托盘活存量地产，丰富养老资金来源，继续探索新型 养老服务信托、特殊需要服务信托等在养老、助老领域的应用场景。鼓励金融租赁公司开展养老服务业 融资租赁等金融业务。支持养老理财等养老金融产品，投资与养老特征相匹配的长期优质资产。 ...

Core Viewpoint - The article emphasizes the growing demand for safe and profitable financial tools in the savings insurance market, highlighting the unique features of the "Fumanjia C" whole life insurance product launched by Zhongying Life, which combines guaranteed returns with dividends to meet various financial needs [1]. Product Design - The Fumanjia C product features a dual return structure of "guaranteed returns + floating dividends," balancing safety and growth, making it an ideal tool for the current economic cycle [2]. - The guaranteed portion of the policy provides a safety net, ensuring that benefits are secure regardless of market fluctuations, thus safeguarding wealth [2]. - The floating dividends allow policyholders to share in the insurance company's investment success, offering potential returns that exceed inflation, which is crucial in the current low-interest-rate environment [2]. Fund Flexibility - The product offers high flexibility in dividend usage, allowing policyholders to choose how to manage their dividends, breaking away from traditional rigid distribution methods [3]. - There are four options for handling dividends: cash withdrawal, accumulation with interest, premium offset, and additional coverage purchase, catering to different financial needs [4][5]. Value Growth - The Fumanjia C product demonstrates rapid cash value growth, with the cash value exceeding total premiums paid by the fourth year, significantly reducing liquidity concerns [6]. - The internal rate of return (IRR) surpasses 2.0% by the fifth year, indicating strong mid-term growth potential, making it suitable for short to medium-term financial planning [6][7]. Asset Utilization - The product features clear and transparent rules for reducing coverage, allowing for orderly access to funds, which is crucial for liquidity [8]. - The contract stipulates a maximum reduction limit of 20% of the basic coverage, ensuring reliability and legal protection for policyholders [8]. Insurer Strength - Zhongying Life is backed by strong shareholders, including COFCO Group and Aviva, combining local resources with global expertise [9]. - The company boasts robust financials, with total assets exceeding 108.3 billion and a solvency ratio well above regulatory requirements, indicating strong risk resilience [9][10]. - The company has maintained a high risk rating of "AAA," reflecting its financial stability and operational integrity, which supports the long-term viability of its dividend insurance products [10]. Target Audience and Recommendations - The Fumanjia C product is particularly suitable for investors seeking stable mid to long-term returns, families planning for education or retirement, and high-net-worth individuals focused on efficient asset transfer [11]. - It is recommended that investors consider this product as part of a broader financial strategy, especially in a low-interest-rate environment, to build a protective wealth framework [11].

Summary of Key Points from Conference Call Records Industry Overview Financial Industry - The financial industry is expected to gradually return to a positive cycle by 2026, with economic sustainability improving despite not entering a significant upturn [2] - The central bank has implemented flexible interest rate cuts and reserve requirement ratio reductions, with a total of 7 trillion yuan in special re-loans to support small and micro technology enterprises [2][3] - December social financing data shows stable loan issuance, with a slight rebound in medium- and long-term loan growth, supporting infrastructure and helping to exit deflation [2] Automotive Industry - The automotive market in early 2026 is experiencing a downturn, with retail and wholesale sales significantly declining due to overdrawn demand for new energy vehicles and consumer hesitance regarding promotional subsidies [7][9] - A forecasted decline of 5-7% in passenger vehicle sales for Q1 2026, with an expected overall wholesale decline of 3% for the year [9] - The cost pressure in the automotive sector is increasing due to rising raw material prices, with an estimated increase in single vehicle costs by 6,000 to 8,000 yuan, impacting gross margins by 4-5 percentage points [11] Wind Power Industry - The wind power sector is expected to maintain a positive growth trajectory during the 14th Five-Year Plan, with annual new installations projected between 100-120 GW [15] Property Management Industry - The property management sector is anticipated to maintain low growth, with increasing differentiation among companies [16] - Major players like China Resources Mixc Life, Greentown Service, and Country Garden Service are expected to show strong performance due to stable cash flow and favorable dividend policies [17] Company-Specific Insights SF Express and Jitu - SF Express and Jitu have entered into a cross-shareholding agreement, with SF acquiring 10% of Jitu and Jitu acquiring 4.3% of SF, which is expected to have limited short-term EPS impact but potential long-term benefits due to resource synergy [4] - The collaboration is expected to enhance market presence in both domestic and overseas markets, particularly in cross-border logistics [5] China Resources Mixc Life - Recent stock price fluctuations for China Resources Mixc Life are attributed to slightly lower-than-expected earnings forecasts, but long-term growth potential remains intact with a projected EPS growth rate of 5-6% [18] Greentown Service and Country Garden Service - Greentown Service is expected to maintain a stable cash return due to its high-quality project structure, while Country Garden Service is anticipated to exceed shareholder return expectations with strong cash flow [17] Additional Considerations - The financial sector is benefiting from a shift in household financial asset allocation, with an annual growth rate of approximately 12% expected [3] - The automotive industry faces challenges from rising costs and cautious promotional strategies, with a need for adaptation to new policies impacting sales [8][12] - The property management sector is seeing a healthier profit structure as major companies release impairment pressures and rationalize non-core business operations [16]

银行大额存单利率步入"0字头"时代 国际金价屡创新高 回调风险需警惕 大额存单利率步入"0字头"时代，银行正通过"短期化、高门槛、低利率"的组合策略开启负债端深度调 整。2026年开年，超40家银行发布的首期产品显示，1年期以下利率普遍跌破1%，3年期多低于2%，5 年期近乎绝迹，而百万元起存门槛产品悄然浮现。业内专家指出，这一结构性变化是银行业在净息差持 续低于1.5%的严峻压力下，为配合实体经济融资成本下行、实现自身稳健经营的必然选择。展望全 年，专家普遍认为，在适度宽松货币环境与银行息差压力持续的双重作用下，大额存单利率低位运行将 成常态，这标志着居民资产配置逻辑与银行负债管理模式正经历深刻重构。（经济参考报） 中金公司：2025年ETF市场增长空间充足 规模增速或放缓 中金公司研报指出，2025年ETF市场多点开花，规模与结构更为优化。总结来看，我们认为ETF市场无 论在长期维度还是今年都有较充足的增长空间，在公募整体市场内的份额还将继续上升，但今年的规模 增速或将继续放缓。同时结合资金流向与投资者结构的信息，我们认为无论对于宽基、行业主题、还是 跨境产品而言，资管机构资金的重要性都有明显提升，基金管 ...