二、北大方正人寿保险有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年1月21日，国家金融监督管理总局宝鸡监管分局发布批复称，《北大方正人寿保险有限公司陕西 分公司关于宝鸡中心支公司变更营业场所的请示》(北大方正人寿陕字〔2026〕10号)收悉。经审核，现 批复如下： 一、同意北大方正人寿保险有限公司宝鸡中心支公司将营业场所变更为：陕西省宝鸡市渭滨区高新大道 58号B区1号楼5楼01室。 ...

他表示，金融服务业在香港经济中占据举足轻重的地位，而香港亦具备其他金融中心无法提供的独特优 势，包括高度国际化的市场、完善的监管制度及与内地紧密的联系，欢迎更多企业来港投资及发展。 洪丕正强调，香港去年整体金融业表现非常强劲，多个领域均录得显著增长，包括股票市场、新股上 市、银行业、保险业、财富管理及家族办公室等，发展势头令人鼓舞。 香港金融发展局主席洪丕正在亚洲金融论坛专题早餐会上致辞时表示，去年是前所未有的一年，全球政 策波动频繁，影响范围广泛，促使投资者重新检视其投资组合是否过度集中于某一领域，并期望通过更 好的资产配置，减低政策变化带来的风险。 他指出，金融发展局将继续发挥其角色，积极提出具前瞻性的政策建议，确保香港金融业保持国际竞争 力，并持续向全球投资者及金融机构推广香港作为首选金融平台的优势。 洪丕正指出，香港在过去一年发挥了重要作用，一方面协助国际投资者将投资从成熟市场分散至新兴市 场，另一方面亦帮助内地投资者把资产由本地市场分散配置至全球，充分体现香港作为国际金融中心的 桥梁角色。 ...

在加快构建更加强大的现代化产业体系方面，报告明确，加快新兴产业发展壮大和未来产业成形成势。 做大做强新能源、新材料、智能网联汽车、智能机器人、医药和医疗器械、航空航天、集成电路、低空 经济、生物制造等新兴产业，培育更多新兴支柱产业。进一步加强未来产业布局，大力发展第六代移动 通信、具身智能、细胞与基因治疗、脑科学与脑机接口、氢能及先进核能、深海探测、量子科技等重点 细分产业，加快成形成势。 在加快培育和发展新质生产力方面，报告提出，加强原始创新和关键核心技术攻关。强化有组织的创 新，全链条推动量子科技、脑科学与脑机接口、人工智能、智能机器人、集成电路、工业母机等领域关 键核心技术攻关取得突破。加强基础研究战略性、前瞻性、体系化布局。 报告表示，2025年是中国式现代化进程中具有重要意义的一年，也是广东改革发展历程中很不平凡的一 年。2025年，广东省经济运行稳中有进、稳中向好，地区生产总值增长3.9%、总量连续37年居全国首 位；地方一般公共预算收入增长3%；货物进出口增长4.4%，贡献了全国24.1%的增量；规上工业企业达 7.6万家、增加值增长3%。 报告提出，坚定不移深化改革，充分激发全社会创新创造活力 ...

Group 1 - The Guangdong provincial government aims for a GDP growth target of 4.5%-5% for the year, emphasizing the importance of a strong start to the 14th Five-Year Plan [1] - The report highlights the need to enhance the scale and capability of the financial sector, support insurance product innovation, and facilitate corporate financing and mergers [1] - By 2025, Guangdong's GDP is projected to grow by 3.9%, maintaining its position as the top province in China for 37 consecutive years, with public budget revenue increasing by 3% and goods import-export growth at 4.4% [1] Group 2 - The report emphasizes the acceleration of emerging industries such as new energy, new materials, and smart vehicles, aiming to cultivate more pillar industries [2] - It calls for strengthening original innovation and tackling key core technologies, particularly in quantum technology, artificial intelligence, and integrated circuits [2] - In the real estate sector, the focus is on stabilizing the market through targeted policies, promoting the utilization of idle commercial properties, and enhancing the quality of housing and property services [2]

Core Viewpoint - The commercial health insurance sector is increasingly positioned as a crucial component of China's multi-tiered medical security system, especially in the context of high prices for innovative drugs and tightening medical insurance payment spaces [1][4]. Group 1: Growth of Commercial Health Insurance - The compensation scale for innovative drugs and medical devices by commercial health insurance has been growing rapidly, with a projected total compensation amount of approximately 14.7 billion yuan by 2025, reflecting a compound annual growth rate of 70% over four consecutive years [3][4]. - The demand for high-quality health insurance is rising due to limited accessibility to high-quality medical services under the current medical insurance system, making commercial health insurance an important supplement [3][4]. Group 2: Challenges Faced by the Industry - The lack of reliable incidence and cost data presents a significant challenge for commercial health insurance in assessing risks associated with innovative drugs, leading to potential profit erosion and losses for insurance companies [5][6][7]. - The industry is working on creating a unified net cost table for commercial medical insurance to improve risk assessment and pricing accuracy, which has historically relied on limited internal data [8][9]. Group 3: Industry Collaboration and Investment - Insurance companies are transitioning from being mere financial payers to becoming collaborative partners within the medical industry, leveraging their capital to support healthcare and elderly care sectors [10][12]. - By 2025, insurance funds are expected to invest over 150 billion yuan in medical-related projects, with direct equity investments in the healthcare sector nearing 30 billion yuan [11][12]. Group 4: Regulatory Environment and Future Directions - The China Insurance Industry Association emphasizes the need to adhere to fundamental insurance principles while expanding product offerings, reflecting a shift towards sustainable commercial practices [14][17]. - The relationship between the National Medical Insurance Administration and the National Financial Regulatory Bureau is characterized by both cooperation and competition, with the former pushing for commercial health insurance to take on more responsibilities [15][16][17].

Group 1 - Multiple heavyweight stocks experienced significant sell orders at the close, with Zijin Mining's sell order amount exceeding 4 billion yuan [1] - The head of broad-based ETFs has seen a continuous reduction in shares, with the average share reduction of 27.24% for six large-scale ETFs over the past seven trading days [1] - The CSI 1000 ETFs have seen a dramatic decline, with an average share reduction of 47.9% over the same period, and two products experiencing a drop of over 50% [1] Group 2 - The Dalian Commodity Exchange announced the listing parameters for soybean meal and corn options, set to begin trading on February 2 [2] - The international gold price has reached a new high, with spot gold surpassing 5,100 USD per ounce, leading to a rise in gold jewelry prices in Shenzhen [3] - The global laptop shipment is expected to decrease by 14.8% in Q1 2026 due to rising prices of CPUs and memory [4] Group 3 - The global production of lithium iron phosphate is projected to reach 70,000 tons by 2026, up from 28,500 tons in 2025, driven by demand in electric vehicles and consumer electronics [4] - SoftBank has terminated negotiations to acquire data center operator Switch, impacting its AI infrastructure ambitions [5] - Porsche plans to reduce its dealer network by 30% this year, with no current plans for local production in China [5] Group 4 - Hunan Gold plans to integrate gold mines, expecting to add approximately 4 tons of gold reserves upon reaching production capacity [7] - The stock of *ST Tianshan may face delisting due to projected losses of 16 million to 23 million yuan for 2025 [9] - Jiangzhong Pharmaceutical will change its stock name to "China Resources Jiangzhong" to enhance brand recognition [10] Group 5 - Changyuan Donggu received a notice of being selected as a supplier for a well-known domestic passenger car project, with an estimated sales amount of 2.2 billion to 3 billion yuan [11] - Shankai Intelligent won a project for developing a smart water service platform, with a bid amount of 12.11 million yuan [12] - Several companies, including Koli Yuan and Shenling Environment, forecast significant profit increases for 2025, with expected growth rates ranging from 49.69% to 420% [13][14][15][17][19]

报告同时指出，美元保单需求保持稳健，第三季度同比增长48%，反映在内地保证利率下调后，香港寿 险市场在产品多元性及回报竞争力方面的优势。展望第四季度，小摩预期在销售佣金率调整前，代理及 经纪渠道将共同推动新单业务保持强劲。此外，内地保险公司自2025年9月起下调非分红险保证利率， 可能进一步刺激内地访客对香港保险产品的需求。 智通财经APP获悉，摩根大通发布研报称，香港寿险业在2025年第三季度再次创下新单销售纪录，首年 保费达910亿元，同比大幅增长69%。然而，该行认为虽然销售量创新高，但整体产品结构及业务发展 的健康度不及近期季度，并预期在监管趋紧的背景下，管理增长动能将成为2026年关键。小摩表示， 2026年更偏好中国人寿(02628)及中国平安(02318)，认为其业务增长前景优于其他地区同业。 小摩表示，香港保险业监管局计划自2026年1月起下调前端销售佣金，促使经纪渠道销售贡献显著提 升，第三季度占新单保费比例达35%，同比增加8个百分点。 ...

投资咨询业务资格：证监许可【2012】31号 【国债周报（TL&T&TF&TS)】 01 PART ONE 主要观点 周度行情一览 • 上周国债期货市场呈现震荡上行的态势，超长期品种表现尤为突出。周初市场分化明显，30年期国债期货表现疲软，但随后三个交易日逐渐走强，至周五各期限 合约全线收涨。配置需求与外资流入是推动本周债市走强的主要逻辑。在优质资产欠配的背景下，银行、保险等机构对长端利率债的配置需求持续存在。特别是 保险机构"开门红"分红险销售亮眼，带动了拉长久期的需求。与此同时，境外避险资金的流入提供了额外支撑。在全球金融市场波动加大的环境下，人民币资 产避险属性凸显，部分外资机构将中国国债视为全球债市的"避风港"。尽管海外主要经济体国债收益率有所反弹，但中国债市受益于"利率西升东落"的格局， 利率中枢趋于稳定。1月22日，中国人民银行行长潘功胜发表讲话，表明2026年央行将继续实施适度宽松的货币政策。在总量政策上，将灵活高效运用降准、降 息等多种货币政策工具，以保持流动性合理充裕，并明确指出"今年降准降息还有一定的空间"。此外，讲话还强调会继续维护金融市场平稳运行，并提及将加 强债券市场等监督管理。1月 ...

Group 1 - The financial regulatory bureau of Handan approved the request from Zhonghui Life Insurance Co., Ltd. Hebei Branch for the relocation of its Fengfeng sub-branch [1] - The new business location for the Fengfeng sub-branch is specified as Room 301, 3rd Floor, Leyi Building, No. 1 Baowei Road, Fengfeng Mining District, Handan City, Hebei Province [1] - Zhonghui Life Insurance Co., Ltd. is required to timely handle the change and obtain the necessary permits as per relevant regulations [1]

Group 1: Industry Insights - The insurance industry is experiencing continuous improvement on both the liability and asset sides, with significant upward valuation potential remaining [1] - The China Insurance Industry Association held a seminar focusing on the high-quality development of commercial health insurance, highlighting a compound annual growth rate of over 20% in the past decade for commercial health insurance [2] - The Shanghai Financial Regulatory Bureau released an action plan for the high-quality development of pension finance, proposing 20 measures to enhance the pension system and support the pension industry [3] Group 2: Company Developments - Major insurance companies, including China Life and PICC, have established specialized health management subsidiaries to create a comprehensive health and wellness service ecosystem [4] - The establishment of health management companies is expected to accelerate the pace of insurance institutions' layout in the health and wellness sector, leveraging policy guidance to develop a second growth curve through the "insurance products + health services" model [4]