每经记者：涂颖浩每经编辑：董兴生 近日，比亚迪财险公布2025年第四季度偿付能力摘要（审计前），公司去年实现保险业务收入28.71亿 元，同比翻倍增长；净利润从2024年的-1.69亿元增长至2025年的9362.40万元。 业内分析认为，比亚迪财险的快速盈利，离不开与母公司比亚迪在新能源汽车领域的深厚产业协同优 势。 近日，全球各大车企集团陆续公布2025年销量数据，比亚迪以全年460.2万辆的成绩首次进入全球车企 集团销量前五；在新能源汽车领域，比亚迪继续保持全球领先地位，连续四年位居全球新能源车销量榜 首。 比亚迪财险也因此获得稳定且庞大的客户来源。从其业务结构看，2025年车险业务占比超过99%，2025 年车险签单保费达28.36亿元，业务规模的快速扩张不仅摊薄了固定成本，更为风险定价提供了充足数 据基础。 净利润转正得益于承保端情况大幅改善。从"三率"表现来看，该公司综合成本率实现大幅优化，由2024 年的308.81%降低至2025年的102.49%，距离承保盈利仅一步之遥。综合费用率从74.88%快速压降至 5.21%，规模效应带来的费用摊薄效果显著；同时综合赔付率从233.92%稳步降至97 ...

来源：今日保 一个160%的激增，一个180%的暴涨，在刚刚过去的2025年，保险行业看上去，似乎正在明显地好起来 了。 随着近期各家非上市险企陆续发布2025年四季度偿付能力报告，行业的整体经营与业绩逐渐明朗。 人身险方面，我们在《2025非上市寿险公司史诗级盈利：净利暴增160%，但遭遇净资产致命危机》 中，已描述了人身险公司的大赚、增幅达160%的盈利，以及背后悬挂的隐忧。 财险公司这边业绩上的亮眼表现也不遑多让，截至目前，发布四季度偿付能力报告的76家非上市财险公 司：2025的整体合计净利润146.32亿元，较2024年同比增长更是达到179.08%，接近180%的水平，火热 程度在表面上甚至还要压过人身险公司一头。 相较于人身险那边十几家非上市公司发不出偿付能力报告，及漂亮利润下的净资产和偿付能力隐忧，财 险公司的情况似乎更理想些。 但出于"财险老三家"的绝对江湖地位、保费规模和利润能力，纵然多数财险公司披露了去年业绩，但相 对体量过小。 根据统计，76家非上市财险公司2025年保费收入合计4752.38亿元，国家金融监管总局披露的数据显示 2025年财险公司整体原保费收入达到17570亿元，非上 ...

专题：聚焦美股2025年第四季度财报 信诺（Cigna）周四发布 2026 年盈利与营收预测，不及华尔街预期，显示公司仍面临持续的医疗成本与 利润率压力。 过去两年，美国保险公司普遍面临高成本困境，原因是政府支持的医保计划对医疗服务的需求持续上 升。 但信诺的业务结构与同行不同：该公司更依赖药品福利业务与雇主赞助的医保计划。它已不再为 65 岁 及以上老年人和残障人士提供 "联邦医保优势计划"（Medicare Advantage），并已采取措施收缩 "奥巴 马医改" 相关业务。 尽管医疗成本环比上升，但信诺的健康服务部门以及专科药房业务的增长，仍推动其四季度业绩好于预 期。 旗下负责药品福利管理业务的健康服务部门Evernorth，营收增长20%，达363 亿美元，主要得益于现 有客户合作深化与新业务拓展。 其主营高成本药物的专科药房业务Accredo，生物类似药的使用量持续提升。 本季度，信诺的医疗赔付率（即保费中用于医疗支出的占比）为88%。据路孚特（LSEG）数据，分析 师此前预期该比率为87.34%。 公司表示，医疗成本上升主要由个人及家庭医保计划业务驱动。 信诺预计，2026 年经调整营收约为28 ...

来源：中保新知 偿付能力是所有保险机构绕不过的一道坎。 近年来，为强化险企风险抵御能力，监管持续加大对险企偿付能力的考核。在发展过程中，险企偿付能 力"亮红灯"并不少见。 长生人寿，一家成立22年的合资寿险公司，其偿付能力充足率在2025年第三季度断崖式降到监管红线以 下，2025年第四季度虽有所改善，但仍"不合格"， 核心偿付能力充足率为64.8%，综合偿付能力充足率 为79.7%。长生人寿也表态，已加快推进资本补充的相关工作。 不仅如此，2025年长生人寿还亏损了5.12亿元，目前来看变成了"亏损王"。 从合格到不合格，从小亏损到大亏损，这样的变化不得不令人警惕。在利率持续下行的大背景下，如何 提高资产负债的匹配，如何提高风险抵御能力，成为每家险企的必修课，长生人寿也不例外。 偿付能力"亮红灯" 01 金融监管总局此前发布的2025年三季度银行业保险业主要监管指标数据显示，截至2025年三季度末，保 险业综合偿付能力充足率为186.3%，核心偿付能力充足率为134.3%。其中，财险公司、人身险公司、 再保险公司的综合偿付能力充足率分别为240.8%、175.5%、246.2%；核心偿付能力充足率分别为 2 ...

证券研究报告 | 行业点评 gszqdatemark 2026 02 05 年 月 日 非银板块整体业绩与估值均具备强 beta 属性，全面看好非银板块。 保险：资负共振，寿险景气度提升新周期确立。1）资产端：长端利率企 稳、资本市场稳中向好，保险投资端全面向好，具备业绩弹性，且头部公 司利差损风险大幅缓解释放估值修复空间。2）负债端：开门红表现为全 年新单奠定良好基调，有望提振 2026 年负债端整体表现，寿险行业长期 持续受益于银行存款搬家趋势，除银行存款外，保险也是具备刚性兑付特 征的金融产品。多元化的理财储蓄、医疗、养老等保险需求将推动行业持 续扩容。随着头部险企产品结构转向分红险，投资环境的向好进一步提升 保险产品的竞争力，实现资产负债两端正向循环。 券商：慢牛环境下，基本面与估值严重错配，配置性价比高。2025 年全年 A 股市场股基日均成交额 2.08 万亿，同比增长 70.36%；IPO 审核通过家 数同比大增 109.43%，募资金额增长 208.01%；全年上证指数上涨 18.41%、沪深 300 指数上涨 17.66%、创业板指上涨 49.57%。已发布业 绩预告的上市券商合计归母净利润 ...

Market Overview - The A-share market has seen a rotation of hotspots this year, while the Hong Kong stock market has also experienced a shift in focus, with the Hang Seng Tech Index down nearly 20% since its peak in October last year [1] - In contrast, stable and dividend-paying local giants in Hong Kong have been on the rise recently [1] Sector Performance - The energy, real estate, and financial sectors have shown the highest gains in the recent uptrend of the Hong Kong stock market [2] - Bank, insurance, real estate, and public utility stocks in Hong Kong have seen a significant increase in popularity and valuation recovery since last year [3] Financial Sector Insights - The financial sector's strong performance is attributed to multiple favorable factors, including the implementation of new regulations for the Renminbi cross-border payment system (CIPS), which positions Hong Kong as a "Renminbi offshore pricing center" [11] - The Hong Kong Monetary Authority reports double-digit growth in Renminbi deposits and cross-border settlement volumes, enhancing the business potential for financial institutions [11] - The active IPO and refinancing market in Hong Kong has created a wealth effect, boosting demand for wealth management services and benefiting brokerage and investment banking businesses [11] Real Estate Sector Insights - The rise in the Hong Kong real estate sector is influenced by both mainland and local property companies, with recent policies from the mainland stabilizing market expectations [12] - The Hong Kong real estate market has shown signs of recovery, with the total number of property sale contracts reaching a four-year high in 2025, and residential prices increasing for seven consecutive months [13][20] - The overall private residential sales volume in Hong Kong is expected to rise by 18% in 2025, marking two consecutive years of growth [20] Rental Market Dynamics - The rental market in Hong Kong is experiencing strong demand due to an influx of professionals and students, leading to rising rental prices [24] - The rental index has shown continuous growth, with a 4.26% increase in 2025, indicating a robust rental market compared to the sales market [24][27] Future Outlook - The Hong Kong real estate market is projected to see a 10% increase in property prices in 2026, the largest annual increase since 2017 [35] - Despite the positive outlook, there are still risks associated with geopolitical uncertainties and the presence of financially troubled companies in the sector [36]

手术室灯光下，一只误食异物的柯基正在接受紧急手术。主刀医生专注操作，一旁的助理轻声提 醒："院长，这只柯基的主人刚才又在询问手术风险……他们说有朋友遇到过不愉快的医疗服务。" "宠物医疗是风险行业。" 在北京经营着三家连锁宠物医院的张院长，毫不避讳行业的痛点。2025年， 他的医院接诊量突破2万例，同时处理的潜在服务反馈或诉求达17起，其中3起最终发展为需妥善协商的 补偿事项。 随着中国城镇养宠家庭突破7000万，宠物医院年诊疗量以超过15%的速度增长。一个曾被忽视的数字同 步攀升——调研显示，超过60%的宠物医院每年至少面临1起需经济赔偿的诊疗纠纷。 当单次纠纷赔偿额动辄数千至数万元，相当于数十次常规诊金的利润时，越来越多的院长开始思考：我 们是否该有一件属于自己的"职业防护服"？ 经济账：一例纠纷，可能吞噬百次诊疗利润 "很多人只算保费，不算风险敞口。" 上海一家中型宠物医院的财务总监算了笔账：医院年营收约800万 元，一旦发生一起需要由医院承担主要责任的诊疗事宜，随之而来的赔偿金、后续支出以及妥善处理事 项可能产生的成本，总额可能不是一个小数目。这意味着，医院可能需要额外完成数十次乃至上百次普 通诊疗的 ...

Core Viewpoint - The exclusive commercial pension insurance with a settlement interest rate exceeding 4% has attracted significant investor attention, especially in a declining interest rate environment where products yielding over 3% are rare [1] Group 1: Product Characteristics - The settlement interest rate of 4% does not equate to the actual yield received by investors, as this product is primarily a pension annuity insurance rather than a straightforward investment vehicle [3] - The insurance operates on an account management model, where premiums accumulate in an account for growth until the payout phase, typically starting at retirement or age 60 [3] - The product features an accumulation phase and a payout phase, with the settlement interest rate reflecting the overall return on the investment portfolio during the accumulation phase [3] Group 2: Investment Options - Insurance companies offer both conservative and aggressive investment portfolios, allowing policyholders to choose or mix between them [4] - The conservative portfolio primarily invests in fixed-income assets, while the aggressive portfolio has a higher allocation to equity assets, often resulting in lower guaranteed rates for aggressive options [4] - Despite the potential for higher returns in aggressive portfolios, some conservative options have demonstrated higher settlement rates, indicating variability in performance across different products [4] Group 3: Historical Performance - Notable products with high settlement interest rates include the Agricultural Bank of China Life's pension insurance, with settlement rates of 4.35% for conservative and 4.55% for aggressive portfolios, although guaranteed rates are relatively low [5] - Many current products have guaranteed rates around 1.5% to 1.75%, with a few reaching 2%, but the settlement rates have been declining in recent years due to lower interest rates [5] Group 4: Payout Mechanism - The design of these insurance products encourages long-term holding, with penalties for early withdrawal within the first five years and limited returns for withdrawals made between six to ten years [6] - Upon reaching the payout phase, the insurance company calculates the monthly or annual payout based on the accumulated account value at the time of withdrawal, with options for lifetime or fixed-term payouts [6][10] - The payout amounts can vary significantly based on the chosen payout method and the conversion tables used, which may change over time based on market conditions [10][11] Group 5: Conclusion - Exclusive commercial pension insurance is primarily intended as a supplementary retirement solution rather than a straightforward investment product, with a focus on providing retirement security [12] - While a 4% settlement interest rate appears attractive, the guaranteed returns are limited to the guaranteed interest rate, and future settlement rates remain uncertain [12]

Market Overview - A-shares experienced a collective pullback today, with the Shanghai Composite Index down 0.64% closing at 4075.92 points, the Shenzhen Component down 1.44% at 13952.71 points, and the ChiNext Index down 1.55% at 3260.28 points [3][4] - The trading volume in the Shanghai and Shenzhen markets was significantly reduced to 2.19 trillion yuan, a decrease of 309 billion yuan compared to the previous day [3][4] Sector Performance - The consumer sector, particularly represented by "two bottles of liquor," led the gains, driven by expectations of increased consumption during the Spring Festival [4] - The beauty and personal care sector ranked first in gains, followed by tourism and hospitality, with significant contributions from Kweichow Moutai and Wuliangye to the market indices [4] Declining Sectors - Precious metals, including gold and silver, saw significant declines, impacting related sectors such as energy metals and non-metallic materials [5] - The coal and mining sectors also faced notable declines, influenced by previous gains due to production cuts in Indonesia [5] Technology Sector Insights - The technology sector's performance is closely linked to the U.S. market, with significant drops in major tech stocks like AMD and Nvidia, raising concerns for A-share tech stocks, particularly in the semiconductor sector [6] - The potential for a turning point in A-share tech stocks is highlighted, especially if U.S. tech stocks continue to decline due to high valuations and decreasing demand [6] Market Dynamics - The market saw a rebound led by bank stocks in the morning, followed by a surge in the securities sector, which contributed to the formation of a market bottom [6] - The insurance sector's performance in the afternoon further solidified the rebound, with notable performances from companies like China Ping An [6] Hong Kong Market Trends - The Hong Kong market also exhibited a rebound, with the Hang Seng Index closing up 0.14% and a significant increase in trading volume [7] - Notable individual stock performances included Tencent rebounding from a 3% drop and Baidu's strong performance following a share buyback announcement [7]

2月4日，中国保险行业协会召开2026年全面从严治党工作会议暨专题警示教育会，学习贯彻习近平总书 记在二十届中央纪委五次全会上的重要讲话和全会精神，总结2025年工作，部署2026年重点任务。中国 保险行业协会党委书记、会长赵宇龙出席会议并讲话，党委委员、副会长张亮主持会议，协会党委班子 成员出席会议。 来源：中国保险行业协会 2月4日，中国保险行业协会召开2026年全面从严治党工作会议暨专题警示教育会，学习贯彻习近平总书 记在二十届中央纪委五次全会上的重要讲话和全会精神，总结2025年工作，部署2026年重点任务。中国 保险行业协会党委书记、会长赵宇龙出席会议并讲话，党委委员、副会长张亮主持会议，协会党委班子 成员出席会议。 会议指出，2025年，中国保险行业协会党委在金融监管总局党委的正确领导下，深入贯彻习近平总书记 关于党的建设的重要思想、关于党的自我革命重要思想，用党的创新理论武装头脑。扎实开展贯彻落实 中央八项规定精神学习教育，主动谋划党风廉政建设和反腐败工作，认真落实全面从严治党主体责任。 以政治建设为统领，着力增强全面从严治党的政治自觉。构建严密责任体系，推动"两个责任"贯通协 同。深化党风廉政 ...