董责险在A股市场正进入加速普及期。 近日，上海市建纬律师事务所、险律科技（北京）有限公司及明亚保险经纪股份有限公司联合发布 《中国上市公司董责险市场报告（2026）》（以下简称《报告》）显示，2025年共有643家A股上市公 司公告购买董责险计划，较上年同比增长19%。其中，256家为首次披露，显示出强劲的新增需求。 制造业与民企成增长主力 董责险是为上市公司董事、监事及高级管理人员在履职过程中因不当行为，如疏忽、错误陈述等被 追究个人赔偿责任时，提供法律抗辩费用及民事赔偿保障的险种。 董责险费率降至"洼地" 近年来，随着新证券法与新公司法的实施，以及康美药业、瑞幸咖啡等标志性事件，引发了市场对 高管责任的空前关注。叠加监管环境趋严，董责险的价值被重新发现，市场需求被激活。 《报告》显示，在2025年新增投保董责险的A股上市公司中，制造业公司数量依然遥遥领先，"计 算机、通信和其他电子设备制造业"最多，随后是"专用设备制造业"和"软件和信息技术服务业"。 从企业性质看，民营企业需求崛起，但国有企业渗透率领先。在2025年新增投保公司中，民营企业 占比近六成。在新公司法强化董监高个人责任的背景下，民营上市公司及 ...

2026年初，各家人身险公司陆续披露的2025年12月万能险结算利率数据，勾勒出低利率环境下这一险种 的新图景。1月20日，北京商报记者通过Wind统计，在已披露结算利率的约460只万能险产品中，大部 分产品的年结算利率已降至2.5%—3%区间，仅有少数产品能超过3%。 近两年，监管规范万能险产品设计和营销、引导行业从资产和负债两端强化管理的态度十分明确。那 么，在结算利率持续下行的背景下，万能险面临着怎样的挑战？市场又该如何应对？ 仅少数产品结算利率超3% 万能险结算利率持续缩水 重构产品吸引力迫在眉睫 万能险是指包含保险保障功能并可追加保费或调整保险金额、设立单独保单账户、提供最低收益保证， 且产品名称中包含"万能型"字样的人身保险产品。其利率分为最低保证利率和结算利率，最低保证利率 是指保险公司向保单持有人承诺的最低收益率，结算利率则是保险公司向保单持有人实际分配收益的利 率。曾几何时，万能险一度被部分消费者视为"高息存款"的平替，结算利率能超过4%甚至达到5%，如 今这一产品的结算利率已出现明显下滑。 根据Wind统计，万能险结算利率总体处于下降态势。截至目前，已有458款万能险产品的2025年12月 ...

Core Insights - Munich Re's 2025 Natural Disaster Loss Report highlights significant economic losses due to climate change, estimating total losses at approximately $224 billion, with the insurance industry bearing around $108 billion of this amount [1] - Meteorological disasters are identified as the primary risk factor, accounting for 92% of global losses and 97% of insurance losses [1] - The report emphasizes the increasing frequency and severity of extreme weather events linked to climate change, with recent years being the warmest on record [1] Group 1: Global Impact - The report indicates that multiple natural disasters in 2025, such as wildfires in Los Angeles and hurricanes in the North Atlantic, are closely related to climate change [1] - The economic losses from natural disasters in the Asia-Pacific region reached approximately $73 billion, surpassing the 10-year average of $66 billion, while insurance losses were only about $9 billion [2] - The report notes that low-income countries have an insurance penetration rate of less than 5%, exacerbating the impact of natural disasters [2] Group 2: Regional Challenges - In China, natural disasters in 2025 primarily included floods, geological disasters, earthquakes, and typhoons, affecting over 67 million people and causing direct economic losses of approximately 241.6 billion yuan [2] - The Ministry of Emergency Management's data highlights the urgent need for the insurance industry to enhance its integrated service capabilities for disaster prevention, emergency response, and timely compensation [2] - A new policy aims to expand the coverage of catastrophe insurance to include common natural disasters, effectively doubling the basic insurance amount [3] Group 3: Insurance System Development - The establishment of a multi-layered catastrophe risk diversification system is underway, with pilot programs in over 20 provinces to strengthen disaster prevention and mitigation [3] - The report underscores the importance of a robust catastrophe insurance system in enhancing societal disaster response capabilities and risk prevention [3] - There remains significant potential for growth in both commercial and government-led catastrophe insurance in terms of coverage and depth of protection [3]

Core Viewpoint - The earnings season is gaining momentum as major publicly traded companies report quarterly financial results, with a focus on four Dow Jones Industrial Average companies this week and their potential impact on the SPDR Dow Jones Industrial Average ETF (DIA) [1] Group 1: Earnings Reports - 3M Company reported earnings, missing revenue expectations but beating earnings per share (EPS) estimates, marking its first revenue miss after seven consecutive beats [3][4] - Johnson & Johnson is expected to report EPS of $2.48 and revenue of $24.15 billion, both showing year-over-year growth, continuing its trend of beating EPS estimates for over 10 quarters [5][6] - Travelers is anticipated to report EPS of $8.60 and revenue of $11.65 billion, both lower than the previous year's figures, while maintaining a strong track record of beating analyst estimates [9][10] - Procter & Gamble is projected to report EPS of $1.87 and revenue of $22.27 billion, with a focus on consumer shopping trends and health, despite a slight decline in EPS expectations [11][12] Group 2: Company Performance and Stock Movements - 3M's stock fell 7.8% to $155.84, with a 52-week range of $121.98 to $174.69, while being up 5.4% over the last year [4] - Johnson & Johnson's stock trades near all-time highs at $217.89, reflecting a 47.1% increase over the past 52 weeks [8] - Travelers shares are priced at $270.57, up 13.1% over the last year, with a 52-week range of $230.42 to $296.85 [10] - Procter & Gamble's shares are down 9.3% over the last 52 weeks, trading at $146.72 with a range of $137.62 to $179.99 [13] Group 3: ETF Impact - The earnings from the four companies are expected to create volatility in ETFs like DIA, which is currently trading at $484.45, up 10.8% over the past year [14][15]

Core Viewpoint - A significant wave of "high-interest fixed deposit maturities" is expected in 2026, with approximately 50 trillion yuan of funds set to be unlocked, impacting residents' asset allocation strategies [1][4][5]. Group 1: Market Context - The high-interest deposit wave is a result of a previous surge in deposit rates during 2020-2021, where five-year fixed deposit rates reached as high as 5% due to increased credit demand and competitive banking strategies [3][4]. - The period of 2022-2023 saw a rise in "passive savings" due to market pressures, leading to a significant increase in the amount of fixed deposits maturing in 2026 [3][5]. Group 2: Deposit Maturity Scale - Estimates suggest that the scale of fixed deposits maturing in 2026 will be around 45 trillion to 50 trillion yuan, with a notable increase from 2025 [4]. - A more comprehensive analysis indicates that the maturing amount of residents' fixed deposits could reach approximately 75 trillion yuan, reflecting a 12% increase compared to 2025 [5]. Group 3: Investment Preferences - Despite declining interest rates, many conservative investors are likely to continue renewing their fixed deposits due to a low tolerance for risk and a preference for capital safety over higher returns [6][7]. - The shift in investment behavior is evident as residents are moving from riskier assets to more stable income-generating assets, indicating a cautious approach to asset allocation [5][10]. Group 4: Financial Products and Trends - The demand for stable financial products, such as "solid income+" funds and conservative insurance products, is increasing as investors seek safer alternatives to traditional deposits [8][14]. - The insurance market is witnessing a revival, with products like dividend life insurance becoming popular due to their stable returns compared to fluctuating financial products [11][12]. Group 5: Future Outlook - The insurance sector is expected to gain market share as a result of the deposit migration trend, driven by changing demographics and regulatory support for floating income products [13]. - Financial institutions are adapting to the changing landscape by offering competitive rates on fixed deposits and diversifying their product offerings to attract cautious investors [7][16].

Core Viewpoint - A significant wave of "high-interest fixed deposit maturities" is expected in 2026, with approximately 50 trillion yuan of funds set to be released, reshaping the asset allocation landscape for residents [1][6][7]. Group 1: Background and Causes - The upcoming maturity wave is a result of two overlapping funding cycles: high-interest fixed deposits from 2020-2021 and passive savings due to market pressures in 2022-2023 [1][5]. - In 2020-2021, banks initiated a high-interest deposit campaign, with five-year fixed deposit rates reaching as high as 5%, leading to a significant accumulation of funds maturing in 2026 [4][6]. - The passive savings trend emerged in 2022-2023 due to market volatility, prompting many investors to redeem their investments and seek safety in fixed deposits [5][7]. Group 2: Current Market Conditions - Current fixed deposit rates have significantly decreased, with major banks offering rates around 1.2% for three-year deposits, down from previous highs [8][9]. - Despite the decline in interest rates, many conservative investors are likely to continue renewing their fixed deposits due to a low tolerance for risk and a preference for capital preservation [9][10]. Group 3: Investment Alternatives - The market is witnessing a competition among various financial products, including fixed deposits, wealth management products, insurance, and funds, to attract the migrating capital [1][11]. - "Stable" wealth management products have gained popularity as they offer better returns than current fixed deposit rates, with some achieving annual yields above 3% [11][12]. - Insurance products are also becoming a favored option, with long-term stable returns appealing to investors seeking safety and growth [14][16]. Group 4: Fund Management and Future Outlook - Fund management companies are expected to enhance their asset management capabilities to effectively attract and manage the incoming funds from maturing deposits [20]. - The shift in investor sentiment towards diversified financial products indicates a potential for sustained growth in the insurance and fund sectors, particularly for products that offer a balance of safety and returns [17][18].

（编辑 张昕） 本报讯 （记者袁传玺）天眼查工商信息显示，近日，锦泰财产保险股份有限公司发生工商变更，注册资本由约23.8亿元增 至约31.9亿元。 ...

本文字数：2593，阅读时长大约4分钟 作者 | 第一财经 杜川 "全面降息弊大于利，不应被视为刺激经济的灵丹妙药。"日前，摩根士丹利中国首席金融分析师徐 然在接受第一财经记者专访时表示。 新年伊始，货币政策靠前发力、精准滴灌。1月15日，中国人民银行宣布包含8项措施的政策组合 拳，核心围绕结构性货币政策工具"加量降价"，通过下调利率、增加额度等方式，定向支持民营中 小微企业、科技创新等重点领域与薄弱环节。 徐然认为，结构性降息率先落地意味着总量政策大概率不会很快到来。"金融产品是靠利率风险分层 的，降息不会刺激消费和信贷，反而合理的风险定价才会有可持续的信贷供给和需求的合理增 长。"他预计，2026年中国金融体系将逐步回归正向循环，其中，政策层面对降低利率的推动力减 弱，金融资产收益率预计在2026年下半年出现反弹。 全面降息弊大于利 1月19日，再贷款、再贴现利率下调0.25个百分点，资金定向流向民营中小微企业等重点领域。 开年以来，围绕货币政策走向的讨论持续升温，与主流声音形成鲜明对比的是，徐然不赞同全面降准 降息，并强调这一政策选择"弊大于利"。 2026.01. 20 在他看来，监管层最终选择结构性 ...

Core Viewpoint - The meeting organized by the China Insurance Industry Association focused on the development of the life insurance sector, emphasizing the importance of adapting to economic conditions and regulatory frameworks to promote high-quality industry growth [1] Group 1: Economic Outlook - Experts noted that China's economy is resilient and vibrant, progressing towards new and improved development despite facing pressures in 2025 [1] - The development of new productive forces and enhanced social security levels were highlighted as key factors in supporting the life insurance industry [1] Group 2: Interest Rate Research - The current predetermined interest rate for ordinary life insurance products is set at 1.89% [1] - The committee has successfully implemented a mechanism for linking predetermined rates to market rates, allowing for dynamic adjustments [1] Group 3: Industry Transformation and Innovation - The life insurance sector is focusing on transformation and innovation, particularly in health and pension areas, while optimizing structural adjustments [1] - The use of technology to enhance service quality and efficiency is a priority for the industry [1] Group 4: Research and Recommendations - The committee has conducted in-depth research on the impacts of new accounting standards, changes in international trade patterns, and insurance asset allocation [1] - Constructive suggestions for industry development have been provided, contributing positively to the sector's growth [1]

Core Insights - The net asset scale of the life insurance industry reached 2.03 trillion yuan in Q3 2025, an increase of approximately 200 billion yuan compared to the same period in 2024, reflecting a year-on-year growth of 10.93%, but the growth rate has significantly slowed down [1][36] - The increase in net assets is primarily driven by the stable growth of large and medium-sized insurance companies and the capital raising activities of smaller firms [2][36] - Among the 72 life insurance companies that reported their Q3 2025 net assets, 54% achieved positive growth, while 46% experienced a year-on-year decline, indicating a challenging industry environment [4][38] Net Asset Growth - The top 10 companies in terms of net asset growth are dominated by large and medium-sized insurers, with the top seven including China Life, Ping An, New China, Taiping, AIA, PICC Health, and China Post Life, collectively increasing their net assets by 206.17 billion yuan [1][36] - The number of companies experiencing a decline in net assets has doubled compared to the previous year, with 33 companies reporting a decrease in Q3 2025, up from 14 in Q3 2024 [4][40] - The proportion of companies with a net asset ratio exceeding 10% is only 28%, while 72% of companies fall below this threshold, indicating a significant disparity in financial health across the industry [23][36] Capital Raising Activities - A total of 12 life insurance companies have been approved for capital increases from October 1, 2024, to September 30, 2025, with several smaller firms showing significant growth due to capital injections [8][36] - The issuance of bonds for capital supplementation has also been a key strategy for many smaller insurers, with 16 companies issuing bonds during the same period [9][36] Net Asset Ratio Trends - The number of companies with an increasing net asset ratio has dropped sharply from 38 in Q3 2024 to only 20 in Q3 2025, while 72% of companies have seen their ratios decline [24][36] - The net asset ratio of the top 10 companies is predominantly above 20%, but five of these companies have experienced a decline in their ratios compared to the previous year [27][36] Performance of Major Insurers - The "big four" insurers (China Life, Ping An, Taiping, and Taikang) collectively hold 1.33 trillion yuan in net assets, accounting for 65.37% of the industry's total net assets [7][41] - Notable changes in rankings have occurred, with China Post Life entering the top 10 due to significant capital increases [40][41] Challenges and Future Outlook - The industry faces significant challenges, with many companies struggling to maintain positive growth amid changing accounting standards and market conditions [20][41] - The future landscape of the industry will likely be shaped by the resilience and internal capital generation capabilities of insurers as the effects of recent capital-raising activities and accounting changes stabilize [33][41]