Core Viewpoint - The yield on 10-year government bonds is expected to range between 1.7% and 2.1% by 2026, with the spread between 30-year and 10-year government bonds likely returning to around 50 basis points, reflecting a comprehensive consideration of macroeconomic and policy environments, as well as changes in institutional allocation behavior [1] Group 1 - The market's primary focus since December of last year has been on the supply and demand issues related to ultra-long-term bonds [1] - The capacity of insurance funds and large banks to absorb ultra-long-term bonds has significantly lagged behind the pace of supply expansion, leading to a pronounced steepening of the yield curve during the process of rising yields [1]

| 2026年1月14日星期三 | NO.1 央行开展3586亿元7天期逆回购操作 1月13日，央行公开市场开展3586亿元7天期逆回购操作，操作利率1.40%。Wind数据显示，当日162亿 元逆回购到期，7天期逆回购净投放3424亿元。 点评：本次逆回购操作规模较大且利率保持稳定，表明央行在维护流动性合理充裕方面态度明确。在当 前经济企稳复苏的关键阶段，此举有助于稳定市场预期，平滑资金面波动，为金融机构提供适宜的流动 性环境。 点评：增资有助于公司增强资本实力，拓展年金、养老保险等业务空间，符合行业向专业化、规模化发 展的趋势。 NO.3 张精科拟升任杭州银行行长 近日，杭州银行公告称，公司董事会同意聘任张精科为公司行长，任期至第八届董事会届满之日止，其 任职资格待监管部门核准。去年4月初，杭州银行原行长虞利明因个人原因辞任，此后该行董事长宋剑 斌代为履行行长职责。 NO.4 美联储风波叠加地缘政治不确定性，黄金白银期价再创新高 据新华社，受美国联邦储备委员会主席遭调查和地缘政治高度不确定影响，美国纽约商品交易所2月黄 金期货价格12日一度突破每盎司4640美元，3月白银期货价格一度冲上每盎司86美元，均 ...

Core Viewpoint - The Chinese government is focusing on stabilizing economic growth, expanding domestic demand, supporting technological innovation, and stabilizing the real estate and stock markets as it prepares for the economic goals of 2026, the first year of the 14th Five-Year Plan [1][2]. Economic Policy Initiatives - Various ministries are implementing proactive macroeconomic policies, including enhancing economic monitoring, improving policy tools, and ensuring effective fiscal and monetary policy coordination [2]. - The fiscal policy for 2026 will be more active, with an expanded fiscal spending plan and optimized government bond tools to enhance local financial capabilities [2][3]. - The People's Bank of China will maintain a moderately loose monetary policy, focusing on high-quality economic development and reasonable price recovery, with expectations of a 25-50 basis point reduction in the reserve requirement ratio [2][3]. GDP and Fiscal Projections - The GDP growth target for 2026 is expected to remain around 5%, with a fiscal deficit rate holding steady at 4% and an increase in special bonds to 4.8 trillion yuan [3][4]. - The broad deficit scale is projected to rise from 11.86 trillion yuan in 2025 to approximately 12.45 trillion yuan in 2026, corresponding to a broad deficit rate increase from 8.4% to 8.5% [3]. Consumer and Investment Stimulus - The government aims to boost consumption through practical measures, including optimizing the trade-in policy for consumer goods and expanding service consumption [5][6]. - Investment will be supported through various government funding initiatives, including the issuance of special bonds and increased central budget investments [5][6]. Real Estate and Stock Market Stability - Policies will focus on stabilizing the real estate market through targeted measures, including optimizing housing purchase policies and promoting the use of existing housing for social needs [12]. - The central bank will work on mitigating financial risks in key areas and enhancing market confidence through specific monetary policy tools [13]. Emerging Industry Development - There is a strong emphasis on fostering new and emerging industries, including integrated circuits, new materials, and artificial intelligence, with significant investments planned in these sectors [8][9]. - The establishment of the National Venture Capital Guiding Fund aims to attract substantial investment in high-tech fields, with an expected total investment scale exceeding one trillion yuan [9]. Innovation-Driven Growth - The focus for 2026 will be on building an innovation-driven growth model, enhancing the modern industrial system, and promoting technological self-reliance [10].

21世纪经济报道记者 张伟泽 实习生 周静怡 香港报道 1月13日，凯基首席投资总监梁启棠在2026年环球市场展望发布会上表示，新质生产力的崛起与政策宽 松将成为内地和香港股市的核心驱动力，市场投资策略正从"防守"全面转向"进攻"。 梁启棠指出，内地和香港股市已经进入估值修复与盈利增长双轮驱动阶段。当前恒生指数预测市盈率约 13倍，若上调至13.5倍，叠加8%的盈利增长，将支撑恒指冲击30000点，潜在升幅约14%。 凯基投顾董事长朱晏民指出，随着美联储开启降息并转向宽松政策，全球资金预计将回流新兴市场。在 此背景下，估值优势显著的内地及香港股市有望直接受益。 谈及近期上市的纯大模型企业股价波动，梁启棠认为，这主要反映出港股投资者对该类公司的商业模式 与估值逻辑尚需时日熟悉与消化。 对于港股AI板块的差异化特征，梁启棠对21世纪经济报道记者补充道，港股企业布局AI多采用"技术赋 能主业"模式，也就是并非依赖AI直接创收，而是通过AI优化原有业务，进而提升整体盈利能力，这与 纯AI上市公司的盈利逻辑形成本质区别。 在技术发展层面，朱晏民对21世纪经济报道记者表示，中国正凭借其庞大的市场和百万级的年度科创人 才储 ...

Core Viewpoint - Huang Qifan emphasizes the need to increase the proportion of direct financing through multiple channels, advocating for the development of both the stock market and enterprise equity investment funds, as well as improving the market-oriented capital supplement mechanism for enterprises [1][2]. Group 1: Funding Sources and Potential - Huang Qifan suggests establishing an equity guidance fund involving bank funds, social security funds, commercial insurance funds, and foreign exchange funds, which could potentially create a fund size of several trillion yuan [1][2]. - If banks allocate 3% of their capital for equity investment, approximately 1 trillion yuan could be sourced for equity investment funds [1]. - Social security funds could generate around 2 trillion yuan for equity investment funds if 30% is allocated [1]. - Insurance funds could contribute approximately 3 to 4 trillion yuan under a similar 30% allocation [1]. Group 2: Long-term Capital and Investment Strategies - The total potential from banks, social security, insurance, and foreign exchange could lead to the formation of equity investment funds worth 40 to 50 trillion yuan, supporting enterprise capital replenishment [2]. - The long-term capital source is crucial for the development of equity investment in China, as the current fundraising market lacks substantial "long money" [2]. - Venture capital (VC) and private equity (PE) funding sources in international markets primarily come from pension funds, endowment funds, and family wealth, while domestic penetration remains low at 2-3% [2]. Group 3: Recent Developments in Financial Asset Investment Companies (AIC) - As of 2025, the number of bank-affiliated AICs has expanded to 9, with signed fund amounts exceeding 3.8 trillion yuan [5]. - The AIC model has been successfully implemented in 18 cities, with a total signed amount surpassing 3.5 trillion yuan [4]. - The establishment of AICs aims to leverage insurance capital and professional management to attract more social capital [4][5]. Group 4: Insurance Capital in Private Equity - Since the second half of 2020, insurance capital has increasingly engaged in private equity investments, becoming a significant source of funding for VC/PE [6][7]. - A recent notification increased the maximum investment ratio of insurance companies in single venture capital funds from 20% to 30%, providing substantial support for the equity investment industry [7]. - Insurance capital is particularly focused on sectors closely related to its core business, such as healthcare and strategic national industries, including new infrastructure and renewable energy [8][9]. Group 5: Future Expectations and Trends - The alignment of insurance capital with mother funds is seen as beneficial for stabilizing returns and reducing risks, thus enhancing the investment ecosystem [9]. - The anticipated influx of insurance capital into the equity investment sector is expected to accelerate the growth of the industry [9]. - The establishment of various social security and insurance funds targeting technology innovation indicates a growing trend towards long-term capital investment in strategic industries [6][8].

| 项目名称 | 国任财产保险股份有限公司20000万股 股份(占总股本4.991%) | 项目编号 | G32025BJ1000893 | | --- | --- | --- | --- | | 转让底价 | 33081.86万元 | 披露公告期 | 自公告之日起不少于2 | | 信息披露起始日期 | 2025-12-19 | 信息披露结束日期 | 2026-01-19 | | 所在地区 | 广东省深圳市 | 所属行业 | 保险业 | | 委托会员 | 机构名称:中铁建锦鲤资产管理有限公司 联系人: 叶经理 / 联系电话: 010-52681161 | | | | 交易机构 | 项目负责人:揭经理 / 联系电话: 010-66295751 部门负责人:刘经理 / 联系电话: 010-66295655 | | | 值得注意的是，国任财险的公司治理方面似乎出现问题。2025年，该公司召开的3次股东大会中均出现了一定数量的反对票。其中，在12月的第四十七次临 时股东大会上，《关于修订公司章程及附件的议案》虽然获得通过，但遭到了6.01亿票反对，同意的票数为32.26亿票。 国任财险第二大股东联美量子股份有限公司（ ...

2026年1月8日，汇丰人寿发布公告称，汇丰保险（亚洲）有限公司拟增资5.56亿元，增资后汇丰人寿注册资本将由26.76亿元增至32.32亿元，无新增股东， 增资后汇丰保险（亚洲）有限公司持有汇丰人寿100%股权比例维持不变。增资事项获得监管批准之际，对该公司章程注册资本相关条款进行相应修订。 值得注意的是，此次增资已是汇丰人寿成为外资独资寿险公司后的第四次资本补充。汇丰保险分别于2022年10月、2023年6月、2025年7月3次向汇丰人寿注 资，使其注册资本由10.25亿元逐步提升至16.6亿元、23.14亿元、26.76亿元。 2025年初汇丰人寿偿付能力出现较大幅度下降。2025年一季度，汇丰人寿核心偿付能力充足率、综合偿付能力充足率分别为176.88%、252.06%，均较上季 度末下滑超16个百分点。 ...

每日经济新闻 每经AI快讯，天眼查工商信息显示，近日，泰康养老保险股份有限公司发生工商变更，注册资本由90亿元增至110亿元，增幅约22%，同时多位主要人员发 生变更。泰康养老保险股份有限公司成立于2007年8月，法定代表人为薛振斌，经营范围包括团体养老保险及年金业务、个人养老保险及年金业务、团体人 寿保险业务、短期健康保险业务等。股东信息显示，该公司由泰康保险集团股份有限公司、泰康资产管理有限责任公司共同持股。 | | | 夏公司 直老板 音关系 音风险 | | | | | --- | --- | --- | --- | --- | --- | | | 都在用的商业查询工具 国家中小企业发展子基金旗下机构 | 泰康养老保险股份有限公司 | 8 天眼一下 | 品应用、 | 商务合作 | | 基本信息 179 | 法律诉讼 32 | 经营风险 | 经营信息 999+ | 公司发展 14 | 知识 | | 变更记录 33 0 ■ | | | | | 变更项目 · | | 序号 变更日期 | 变更项目 | 周▽牛(童事) | 变更前 | | | | 1 2026-01-08 | 高级管理人员备案(董 事、监事、经理 ...

格隆汇1月13日｜A股市场保险股集体走强，其中，中国人寿涨超4%，新华保险、中国人保涨超3%，中 国太保、中国平安涨近3%。 MACD金叉信号形成，这些股涨势不错！ | 代码 | 名称 | . | 涨幅%↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601628 | 中国人寿 | 1 | 4.41 | 14590亿 | 13.45 | | 601336 | 新华保险 | + | 3.76 | 2591亿 | 19.18 | | 601319 | 中国人保 | 1 | 3.27 | 4475亿 | 13.07 | | 601601 | 中国太保 | 安 | 2.97 | 4496亿 | 11.50 | | 601318 | 中国平安 | 1 | 2.77 | 12570亿 | 1.49 | ...

Core Insights - The aging population is driving the medical and health care industry from a marginal issue to a core component of economic and social development [1] - Insurance is evolving from a mere risk compensation tool to a critical connector within the medical, rehabilitation, elderly care, and payment systems, becoming an indispensable part of the health care industry [1] Demographic Changes - By the end of 2024, the population aged 60 and above in China is expected to exceed 300 million [1] - There is a significant increase in chronic diseases among the elderly, leading to a rising demand for long-term care and medical services [1] Financial Pressures - The growth rate of medical insurance fund expenditures is consistently outpacing income growth due to accelerated aging and advancements in medical technology [2] - A growing "protection gap" is emerging as many rehabilitation, nursing, and special medical expenses remain out-of-pocket for families [2] Role of Insurance - The unique value of insurance lies in its ability to connect customer needs, service supply, and funding payments, creating a closed-loop operational mechanism [2] - Some regions are beginning to integrate insurance products with rehabilitation and nursing services, allowing policyholders to access cash benefits and direct service resources [2] Challenges for Commercial Health Insurance - Current commercial health insurance products often focus on short-term hospitalization, which does not align with the long-term care needs of the elderly [3] - Pricing pressures exist due to high risks and costs associated with elderly care, making it challenging to balance affordability for consumers and sustainability for insurance companies [3] Future Outlook - The medical and health care industry is expected to evolve into a comprehensive system encompassing payment, services, and industry chain collaboration as the "silver economy" and elderly finance become national development priorities [3]