近日，《证券日报》记者从业内独家获悉，2025年，全行业实现车险签单保费(包含商业车险和交强险) 约9963.7亿元，同比增长2.99%。已结赔款约6224.6亿元，同比增长4.06%。其中，新能源商业车险签单 保费约1576.1亿元，同比增长33.88%；已结赔款约799.2亿元，同比增长36.09%。 总体来看，去年车险整体保费维持低速增长，而今年1月份，受多种因素影响，已有多家险企的车险保 费出现显著下滑。有业内人士预计，1月份全行业保费同比将呈下滑态势。 去年车险保费整体低速增长 2025年，车险签单保费同比实现2.99%的小幅增长，市场以存量竞争为主。业内人士认为，随着我国汽 车保有量的持续增加，车险市场以存量业务为主的特征将长期延续，增量市场则主要集中在新能源车险 领域。同时，不同险企针对新能源车险的战略选择差异，或将重塑市场格局。 从增量市场来看，新能源车险无疑是增长主体，其商业车险保费同比增速远高于车险整体增速。业内人 士向记者表示，这一方面与我国新车销售结构有关。中国汽车工业协会近日发布的数据显示，2025年， 我国汽车销量为3440万辆，同比增长9.4%。其中，新能源汽车销量为1649万辆 ...

Group 1 - The core viewpoint of the article is the Guangdong Provincial Development and Reform Commission's issuance of a work plan aimed at optimizing the market-oriented business environment by 2026, with a focus on enhancing financing efforts for enterprises [2][3] - The plan includes establishing a "Financial Service Day" on the 10th of each month to facilitate connections between government, banks, and enterprises, promoting policies and financing opportunities [2] - Various financing models such as "Credit Easy Loan," "Park Loan," and "Innovation Loan" will be promoted to improve the accessibility and reduce the cost of financing for small and micro enterprises [2][3] Group 2 - The plan aims to strengthen the incubation system for listed companies and support technology-driven enterprises in overcoming key technological challenges to go public [2] - A risk-sharing and reward mechanism for bond issuance will be established to encourage more technology companies to enter the bond market's "Technology Board" [2] - The initiative includes the innovation of insurance products and services tailored to technology research and development, technology achievement transformation, and entrepreneurship [2]

Group 1 - Wang Gang has been approved as the chairman of Lujiazui Guotai Life Insurance by the Shanghai Financial Regulatory Bureau on January 30 [2] - Wang Gang, born in 1982, holds multiple positions including member of the Party Committee and Deputy General Manager of Shanghai Lujiazui Financial Trade Zone Development Co., Ltd. [2] - His previous roles include various positions at the Shanghai Municipal Taxation Bureau, China Securities Regulatory Commission, and Hai Tong Securities [2]

（来源：工人日报） 根据《意见》，补充工伤保险的具体补偿项目包括：一次性伤残就业补助金、停工留薪期间的护理费和 工资福利补偿金、工伤事故住院医疗费补偿、职业病医疗费补助金。宁夏将强化政府在制度建设、政策 支持和监督管理方面的引导作用，充分发挥市场在资源配置中的决定性作用，支持具备资质的商业保险 机构依法合规承办业务，鼓励其提供差异化、个性化保险服务，满足多样化市场需求。 本报讯（记者马学礼 李静楠）日前，宁夏回族自治区人社厅印发《宁夏回族自治区关于开展补充工伤 保险工作的指导意见》，通过重点行业领域先行、健全风险管控机制、优化服务流程等举措，推动补充 工伤保险覆盖范围进一步扩大，构建起多层次工伤保险制度体系，有效分散用人单位风险、保障工伤职 工合法权益。 《意见》配套出台的《宁夏回族自治区补充工伤保险实施办法》，进一步明确了参保对象、缴费标准、 办理渠道、待遇申领等全流程规范。基于补充工伤保险的公益性定位，科学确定缴费标准与待遇水平， 设定3个参考缴费档次：一档每人每月5元，二档每人每月7元，三档每人每月10元。同时，提出将根据 年度收支情况，动态调整缴费标准和待遇标准。 ...

Group 1 - Konka Group's former chairman Zhou Bin and former vice president Li Hongtao are under investigation for serious violations of discipline and law, following years of losses for the company [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the Huizhou Municipal Supervisory Committee [1] Group 2 - A 61-year-old female entrepreneur, Xiong Haitao, who controls three listed companies, is under investigation and has been placed under residential surveillance [2] - The investigation notice was issued by the Sichuan Provincial Supervisory Committee, raising suspicions about its relation to Dongcai Technology, which is based in Sichuan [2] Group 3 - Tang Shuo has officially been appointed as the youngest vice president of China Construction Bank, with the appointment approved by the National Financial Regulatory Administration [3][4] Group 4 - Porsche's China president, Pan Licheng, expressed the company's commitment to "win back China" during a recent dialogue, indicating a strategy to streamline dealerships and introduce five exclusive products for the Chinese market [5] Group 5 - Shenzhen Gas announced the resignation of vice president Zhou Yunfu due to job relocation, with the company reporting increased revenue but no profit growth last year [6][7] Group 6 - There are rumors regarding the resignation of Qian Zhonghua, chairman of Hengqin Life Insurance, which has not been officially confirmed by the company yet [8] Group 7 - Everbright Bank has welcomed new executives, with Yang Wenhua, chairman of Everbright Technology, now serving as a member of the bank's party committee [9] Group 8 - Zhang Jingchuan, deputy secretary of the party committee at Huizhou Rural Commercial Bank, is under investigation for serious violations of discipline and law, just over a year after being appointed [10]

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 业绩预告期仍为重点配置时期 报告要点 [Table_Summary] 本周非银板块整体表现较强，部分公司披露 2025 年业绩预告，整体延续高增态势。券商方面， 本周证监会召开资本市场"十五五"规划上市公司座谈会，另外市场交投有所回升，整体维持 历史高位；保险方面，中长期来看三季报以来印证了存款搬家、增配权益和新单成本改善逻辑， 中长期 ROE 改善确定性进一步提升，估值有望加速修复，健康慢牛下建议积极增配保险。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 吴一凡 谢宇尘 盛晓双 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title2] 业绩预告期仍为重点配置时期 [Table_Summary2] 核心观点 1）本周非银板块整体表现较强，部分公司披露 2025 年业绩预告，整体延续高增态势。券商方 面，本周证监会召开资本市场"十 ...

固定收益定期 联储换帅、市场波动与债市逻辑 本周债市总体震荡，各期限利率变化有限。本周债市总体震荡，10 年和 30 年 国债利率分别下降 1.9bps 上行 0.2bps 至 1.81%和 2.29%。3 年和 5 年二级 资本债分别上升 3.0bps 和下降 1.6bps。1 年 AAA 存单利率保持在 1.60%。 证券研究报告 | 固定收益定期 gszqdatemark 2026 02 01 年 月 日 本周末全球市场剧烈震荡，可能部分受特朗普提名新的美联储主席影响。本周 五，美国总统特朗普宣布了新的美联储主席提名人选凯文·沃什。由于此前凯 文·沃什相对于当前美联储主席鲍威尔，在货币政策表态方面更显鹰派，例如 更为主张降息与缩表并行，以及支持联储独立性等，市场因此产生对联储政策 路径不确定的担忧。进而贵金属市场和股票市场都出现了较为显著的下跌。 我们认为新任联储主席政策存在不确定性，以往表述可以参考，但也存在变化 可能。美国总统特朗普提名凯文·沃什是货币政策宽松、维护联储独立性以及 美元地位等多方面因素综合考量的结果。而新任联储主席的政策也可能是多 重目标和多种因素综合考虑的结果，并非完全基于上任前的 ...

Core Viewpoint - In 2025, the insurance industry continues to enhance its political and people-oriented financial work, responding to societal expectations for risk protection while achieving high-quality development through a dual-driven strategy of "comprehensive finance + medical care and elderly care" [1] Group 1: High-Quality Development - The company actively implements the spirit of the 20th Central Committee, holding 7,559 meetings and 1,384 educational activities to promote high-quality development [2] - The company aims to leverage party organization to drive strategic initiatives and improve operational management, contributing to economic stability and quality enhancement [2] Group 2: Individual Insurance Channel Reform - The company has established a "four-in-one" system to support the transformation of its agent workforce, focusing on professional insurance products and services [3] - The upgraded basic law encourages agents to enhance productivity and promotes organizational efficiency [3] Group 3: Insurance + Service Upgrade - The company launched the "Add Peace" insurance + service solution, including various health and elderly care services, to meet evolving customer needs [4] - New services include traditional Chinese medicine health management and home elderly care, enhancing customer support [4] Group 4: Customer Rights System - The company introduced the "Enjoy Peace" customer rights system, offering over 100 value-added services across sports, education, culture, and health management [6] - The system has served over 12 million customers, receiving multiple awards for service quality [6] Group 5: Product Innovation - The company has launched a series of dividend and medical insurance products to meet diverse customer needs in a low-interest-rate environment [7] - New medical insurance products feature high coverage and innovative design to address various medical scenarios [7] Group 6: Channel Innovation - The company has deepened its multi-channel strategy, with significant growth in the bancassurance channel, which saw a 170.9% increase in new business value [8] - Community financial services are also expanding, contributing to the overall growth of new business value [8] Group 7: Financial Consumer Protection - The company prioritizes consumer rights protection, launching emergency plans for major disasters and enhancing financial education outreach to over 1 billion people [9] - Efforts include combating illegal insurance practices and maintaining market order [9] Group 8: Embracing Technological Change - The company has adopted advanced AI technologies to enhance business operations, including sales, training, and claims processing [10] - The implementation of the DeepSeek platform has improved efficiency and customer experience [10] Group 9: Long-Term Investment - The company promotes the "long money long investment" concept, directing insurance funds into capital markets and supporting high-quality economic development [11] - A targeted issuance of 30 billion yuan in private equity funds focuses on long-term and value investments [11] Group 10: Social Responsibility - The company engages in various public welfare activities, including educational programs and community support, benefiting thousands of individuals [12] - Initiatives include rural revitalization efforts and financial support for community projects [12]

国家统计局服务业调查中心首席统计师霍丽慧解读时表示，1月份，部分制造业行业进入传统淡季，加 之市场有效需求仍显不足，制造业PMI为49.3%，景气水平较上月下降。 制造业采购经理指数有所下降 生产继续保持扩张 1月31日，国家统计局服务业调查中心和中国物流与采购联合会发布中国采购经理指数。数据显示，1月 份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和49.8%， 比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。 企业预期保持乐观。生产经营活动预期指数为52.6%，继续高于临界点。从行业看，农副食品加工、食 品及酒饮料精制茶等行业生产经营活动预期指数连续两个月位于56.0%以上较高景气区间，相关企业对 近期行业发展信心较强。 展望后市，文韬预计，2月份，受春节假期影响，制造业运行或继续有所放缓。随着春节过后经济社会 回归正常运行，在"十五五"规划布局启动、中央经济工作会议部署落实的带动下，制造业将继续稳定扩 张，高质量发展向深向实。 非制造业商务活动指数有所回落 金融市场活跃度较高 1月份，受建筑业等行业景气度下降等因素影响，非制造业商务活动指 ...

中经记者 樊红敏 北京报道 又一家车企系财险公司杀入新能源车险市场！ "针对新能源车快速增长的趋势，丰田保险经纪正协同合作伙伴重点围绕用车安全、用车成本、用车场 景，开发特色产品。"丰田汽车金融（中国）有限公司2025年12月初曾发文称。 "新能源车由于其技术特性（如电池、智能化系统等）和使用环境（如共享出行、网约车等），在保险 定价、理赔和服务方式上都存在不同于传统燃油车的特殊性。因此，车企进入保险行业，尤其是新能源 车险市场，是顺应市场需求的必然趋势。通过拥有自己的保险业务，车企不仅能更精准地制定符合新能 源车特点的保险产品，还能通过数据驱动优化风险管控，提升用户体验。"有业内研究人士曾向记者表 示。 那么，随着新能源汽车市场的增长和保险需求的增加，未来是否会有更多车企进一步谋求财险牌照？ 天眼查信息显示，法巴天星保险的注册资本为10亿元，由法国巴黎保险集团、四川银米科技有限责任公 司（以下简称"四川银米科技"）及大众汽车金融服务海外股份公司（以下简称"大众汽车金服"）共同发 起设立，对应持股比例分别为49%、33%和18%。 从股东队伍来看，法巴天星保险的三家股东中有两家具备车企背景。具体来看，四川银米 ...