为积极践行"金融五篇大文章"，深度融入国家社会保障数字化建设进程，近日，经国家人力资源与社会保障部批准，"农银人寿百岁人生（A款）"专属商业 养老保险产品正式入驻电子社保卡平台，为超10亿的电子社保卡用户提供安全稳健、多重保障、投资灵活的养老保险服务，积极助力养老"第三支柱"保险业 务高质量发展。 "农银人寿百岁人生（A款）"专属商业养老保险产品同时又是一款个人养老金产品，此次进驻人社部电子社保卡平台，是中国农业银行(个人金融部)与人社 部框架合作的重点工作，是不断拓宽养老金融服务新赛道的重要举措。 目前，该产品位于个人养老金专区四款保险产品首位，产品设计灵活，提供"保底+浮动"利率，百元起投，领取灵活，根据政策每年最高可享5400元个人所 得税税收优惠，为百姓提供"省心、省力、省钱"更具性价比养老金储备解决方案。 来源：金融界资讯 ...

发展新质生产力已成为推动我国高质量发展的重要着力点。今年3月，金融监管总局、科技部、国 家发展改革委联合印发《银行业保险业科技金融高质量发展实施方案》，首次明确未来5年科技保险发 展目标，以"扩面、提质、增效"为核心，聚焦科技创新重点领域与薄弱环节，提供更精准高效的金融保 障。 近年来，保险业已构建起覆盖战略性新兴产业、科技企业全生命周期、绿色低碳转型的多元保障体 系，通过产品创新、风险管理及资金支持为新质生产力发展精准护航。 科技保险护航国家重点产业 从集成电路、生物医药到高端装备制造、新能源，这些国家重点战略产业领域的技术突破与产业化 落地，离不开稳定可靠的风险保障体系。近年来，与国家战略发展相适配的科技保障体系逐渐建立。金 融监管总局数据显示，"十四五"期间，科技保险累计提供风险保障超过10万亿元。 针对重点战略产业中首台（套）重大技术装备、首批次新材料"不敢用、不好推"痛点，财险业通过 扩大保障范围、提高补偿比例、简化理赔流程，降低企业创新试错成本。目前，首台（套）、首批次保 险已为全国各类重大技术装备和全国重点新材料首批次应用提供了近万亿元的风险保障。自2015年试点 启动以来，该类保险补偿机制累计 ...

个人养老金制度实施已满三周年。 作为多层次、多支柱养老保险体系的重要组成部分，2022年11月末，个人养老金制度率先在北京、 上海等36个城市或地区启动试点。两年后，2024年12月15日，个人养老金制度开始在全国范围内推广实 施。 3年来，个人养老金制度不断优化升级，开户人数突破1.5亿人，产品数量持续扩容至1245只，已形 成"开户数稳步增长、产品供给多元、收益结构稳健"的发展态势。不过，如何进一步提升居民参与度仍 然备受关注。业内专家普遍认为，未来，需要继续探索优化个人养老金支持政策、产品体系等，更好激 活"第三支柱"活力。 制度设计不断升级 "个人养老金制度实施3年来，整体成效显著。"邮储银行研究员娄飞鹏表示，特别引导居民从储蓄 养老逐步认识并转向投资养老，为居民积累个人养老资产、积极应对人口老龄化积累了经验。 与基本养老保险不同，个人养老金是一项由政府政策支持、个人自愿参加、市场化运营的补充养老 保险制度，实行个人账户制，缴费完全由参加人个人承担，实行完全积累，目前每年额度上限为12000 元，所有参加基本养老保险的劳动者都可以参加。 作为我国养老保险体系"第三支柱"的重要组成部分，3年来，从36个 ...

Core Viewpoint - Insurance capital, characterized by its large scale, long duration, and strong stability, is becoming a key target for investment attraction across various regions in China [1][5]. Group 1: Regional Efforts to Attract Insurance Capital - Multiple regions, including Tibet and Shaanxi, have recently implemented policies and organized special activities to attract insurance capital investments [1][5]. - The Tibet Autonomous Region has initiated actions to encourage insurance capital investment, exploring partnerships with state-owned enterprises and large private enterprises [1][5]. - Shaanxi Province hosted an event to promote insurance capital investment, attracting over ten leading domestic insurance institutions [1][5]. Group 2: Characteristics and Benefits of Insurance Capital - Insurance capital is recognized for its large single investments and long investment cycles, providing stable financial support for local economic development [1][6]. - The capital is particularly beneficial for long-term major projects, especially in infrastructure and industrial upgrades, helping alleviate local financing pressures and promoting high-quality economic growth [2][6]. Group 3: Diversification of Investment Methods - The investment approach of insurance capital has evolved from primarily debt and equity to a diversified model that includes stocks, real estate, and private equity funds [3][7]. - A notable example includes the introduction of insurance institutions into a private equity fund in Henan, marking a significant breakthrough in insurance capital investment [3][7]. - Insurance capital is increasingly targeting sectors beyond traditional infrastructure, such as technology and elderly care, with recent projects signed in these areas [3][7]. Group 4: Regulatory Support and Future Trends - The enhancement of insurance capital investment enthusiasm is supported by regulatory policies aimed at promoting high-quality development in the insurance industry [4][8]. - Future investment trends may see insurance capital expanding into areas like technological innovation and green industries, with a focus on risk prevention and long-term benefits [4][8]. - Predictions indicate a shift from traditional debt investments to tools like REITs and industrial funds, aiming to create a closed loop of investment, operation, and exit to improve capital efficiency [9].

Core Viewpoint - The insurance and banking industry is facing a significant adjustment period as high-yield non-standard assets approach their maturity window in the next one to two years, necessitating a reevaluation of investment strategies and risk management [4][15]. Group 1: Vanke's Debt Situation - Vanke announced an extension of the repayment period for its 2022 fourth phase medium-term notes (22 Vanke MTN004) by 12 months, now due on December 15, 2026, while maintaining the interest rate [5][7]. - Vanke has a total of 15 outstanding bonds, with a total balance of 20.316 billion yuan, and 88.9% of these bonds are due before 2026 [7]. - The market's focus on Vanke reflects a shift in the credit assessment framework for the real estate industry, as risks are increasingly concentrated among smaller firms [7][11]. Group 2: Insurance Capital Involvement - Insurance capital has historically maintained a deep funding relationship with the real estate sector, with non-standard assets being a key collaboration vehicle [8]. - Major insurance firms have invested over 34 billion yuan in Vanke through non-standard financial products, indicating significant exposure [9]. - The overall risk exposure of insurance capital to Vanke is considered manageable, with a focus on ensuring the safety of returns through collateralized debt plans [11]. Group 3: Non-Standard Asset Challenges - Non-standard assets, which were once a major source of investment returns for insurance companies, are now facing challenges due to structural adjustments in the industry [13][14]. - The proportion of non-standard assets peaked at nearly 28% of total investment assets in 2019, but has since seen a decline, with a projected 1.1 trillion yuan maturing in 2024 [14][15]. - The average yield on insurance capital's debt investment plans has dropped to around 3.7%, with some products yielding below 2.5%, indicating a narrowing window for high-yield non-standard asset investments [16]. Group 4: Strategic Adjustments - In response to the dual pressures of maturing non-standard assets and declining yields, insurance capital is actively adjusting its asset allocation strategies [19]. - There is a shift towards increasing allocations in long-term government and local bonds to match liabilities and mitigate interest rate volatility [19]. - The insurance industry is undergoing a structural transition, with a focus on low-interest, stable dividend stocks and exploring pathways for "non-standard to standard" asset conversions [20][21].

Group 1 - The establishment of Shanghai Jindongge Private Investment Fund marks a renewed influx of insurance capital into the private equity investment market, with partners including China Merchants Jin'ao Life and Lian'an Life [1] - Insurance capital is increasingly participating in private equity funds to address low interest rate challenges, broaden asset allocation channels, and enhance long-term asset holdings [1][2] - Recent collaborations, such as the partnership between China Life and Cainiao to create a logistics investment fund exceeding 1.7 billion RMB, highlight the focus on high-standard logistics infrastructure in key regions [1] Group 2 - The Guotai Haitong Zhongji Xuchuang Technology Equity Investment Fund has been registered, with a target scale of 30 billion RMB, focusing on state-owned enterprise reform and modern industrial system construction in Shanghai [2] - The active participation of insurance capital in private equity funds this year is attributed to changing asset allocation needs amid declining market interest rates [2][3] - Insurance capital is increasingly acting as limited partners in venture capital and private equity funds, leveraging professional investment institutions for better industry positioning [3] Group 3 - Policies supporting insurance capital's participation in private equity investments have been continuously improved, with local governments facilitating the introduction of long-term funds [3][4] - The Shenzhen government has proposed initiatives to enhance the role of government investment funds in promoting venture capital and private equity development [3] - Future trends indicate a strengthening of insurance capital's involvement in private equity investments, necessitating the establishment of appropriate assessment mechanisms [4]

□ 杨成长 龚 芳 陆铭俊 □ 以可得性、适配性、综合性为代表的"三性"是衡量金融服务效能的重要维度。"十五五"期间，金融机 构应转变发展理念，以客户真实需求为导向，通过全面提升金融服务的可得性、适配性与综合性，最终 推动金融与实体经济形成共生共荣的新格局 □ 金融服务的可得性旨在让各类经营主体都能便捷获取基础金融服务。破解金融服务可得性难题需要从 创新服务模式、优化产品设计、丰富数字渠道和完善信息披露等多个维度协同推进 □ 金融服务的适配性是提升金融市场资源配置效率的关键。破解金融服务适配性难题要求金融机构从企 业真实财务需求、治理需求、风险需求、运营需求出发，提供更有针对性的金融服务 □ 金融服务的综合性是金融机构之间通过加强合作，更好满足企业多元综合金融需求的能力。提升金融 服务综合性亟需金融机构在现有分业监管的要求下，加大合作，探索大项目联合服务、园区金融共同体 等机制，更好满足企业的综合金融服务需求 "十四五"期间我国金融机构以做好"五篇大文章"为导向，持续提升对实体经济的服务能力。银行业和保 险业通过多元融资渠道累计为实体经济提供新增资金170万亿元，交易所市场股债融资总额达到57.5万 亿元，直 ...

Core Viewpoint - Insurance capital is increasingly becoming a focal point for local governments aiming to attract investment, given its large scale, long duration, and stability, which can provide robust financial support for local economic development [1][2]. Group 1: Local Government Initiatives - Various regions, including Tibet and Shaanxi, are actively implementing policies and hosting events to attract insurance capital investments, such as the "Insurance Capital into Tibet" initiative and the "Insurance Capital into Shaanxi" exchange event [1][2]. - Local governments are promoting investment projects while engaging in discussions with insurance representatives to address relevant issues [2]. Group 2: Characteristics of Insurance Capital - Insurance capital is characterized by its large scale, long investment horizon, and stability, making it an attractive option for local governments to support long-term major projects, particularly in infrastructure and industrial upgrades [2][3]. - The ability of insurance capital to adapt to longer investment cycles helps mitigate short-term volatility, enhancing the sustainability of local economic development [2]. Group 3: Diversification of Investment Methods - The investment approach of insurance capital has evolved from primarily debt and equity to a more diversified strategy that includes stocks, real estate, and private equity funds [3]. - Recent examples include the introduction of insurance institutions into private equity funds in Henan, marking a significant development in insurance capital's investment landscape [3]. Group 4: Future Trends and Regulatory Support - Regulatory policies are guiding the increased enthusiasm for insurance capital investments in local economies, emphasizing the need to focus on national strategic priorities and enhance the quality of service to the real economy [4]. - Future investment trends may see insurance capital expanding into areas such as technological innovation and green industries, with a focus on risk management and long-term benefits [4].

Core Viewpoint - Insurance capital is increasingly becoming a focal point for local governments aiming to attract investment, due to its large scale, long duration, and stability, which can provide robust financial support for local economic development [1][4]. Group 1: Policy Initiatives - Various regions, including Tibet and Shaanxi, have recently implemented policies and organized events to attract insurance capital investments, such as the "Insurance Capital into Tibet" initiative and the "Insurance Capital into Shaanxi" exchange event [3][4]. - The measures include establishing platforms for cooperation and optimizing mechanisms to facilitate insurance capital investments in key industries and projects [3][4]. Group 2: Investment Characteristics - Insurance capital is characterized by its large single investments and long investment cycles, making it suitable for supporting long-term major projects, particularly in infrastructure and industrial upgrades [4][5]. - The investment approach has diversified from primarily debt and equity to include stocks, real estate, and private equity funds, reflecting a broader investment horizon [5]. Group 3: Sector Focus - Insurance capital is increasingly targeting not only traditional infrastructure sectors like transportation and energy but also emerging industries such as technology and elder care [5][6]. - Recent collaborations in elder care projects, such as the partnership between Dongwu Life Insurance and Suzhou City Investment, highlight the growing interest in this sector [5]. Group 4: Regulatory Environment - The enhancement of insurance capital's investment enthusiasm is supported by regulatory policies aimed at guiding investments towards national strategic priorities and key sectors, thereby improving the quality of service to the real economy [6][7]. Group 5: Future Trends - Predictions indicate that insurance capital may further expand into areas like technological innovation and green industries, with a focus on risk management and long-term benefits in partnerships with local governments [7]. - The investment landscape is expected to evolve from traditional debt instruments to include REITs and industrial funds, creating a closed loop of "investment-operation-exit" to enhance capital efficiency [7].

专题：香港大埔火灾，金融机构火速驰援 12月2日金融一线消息，新华保险发布公告称，公司2025年12月2日以电子邮件方式向全体董事发出第八 届董事会第四十次会议（以下简称"会议"）通知和材料，会议于2025年12月2日在北京市以现场方式召 开，审议通过了《关于新华资产管理（香港）有限公司支援香港火灾捐赠事项的议案》。 责任编辑：王馨茹 专题：香港大埔火灾，金融机构火速驰援 12月2日金融一线消息，新华保险发布公告称，公司2025年12月2日以电子邮件方式向全体董事发出第八 届董事会第四十次会议（以下简称"会议"）通知和材料，会议于2025年12月2日在北京市以现场方式召 开，审议通过了《关于新华资产管理（香港）有限公司支援香港火灾捐赠事项的议案》。 A股证券代码:601336 A股证券简称:新华保险 编号:2025-063号 H股证券代码: 01336 H股证券简称:新华保险 新华人寿保险股份有限公司 第八届董事会第四十次会议决议公告 新华人寿保险股份有限公司董事会及全体董事保证本公告内容不存 在任何虚假记载、误导性陈述或者重大遗漏,并对其内容的真实性、准 确性和完整性承担法律责任。 新华人寿保险股份有限公司 ...