2026年举办7次月度协商会，组织3项专项民主监督 1月26日上午，中国人民政治协商会议第十三届山东省委员会第四次会议在山东会堂开幕，省政协主席 葛慧君代表政协第十三届山东省委员会常务委员会作工作报告。 2026年是"十五五"开局之年。省政协常委会工作报告提出，紧紧围绕科学实施"十五五"规划，努力建设 北方地区经济重要增长极，积极履职尽责，注重提质增效，为奋力谱写中国式现代化山东篇章贡献智慧 和力量。 2025年共形成各类重要履职成果158项 省政协常委会工作报告提到，一年来省政协共形成各类重要履职成果158项，省领导同志阅批169次，数 量创历史新高，政协工作高质量发展取得新进展、新成效。 发挥专门协商机构作用，聚力服务"走在前、挑大梁"。将"打造北方地区经济重要增长极"作为专题议政 性常委会议题，组成4个课题组，深入走访重点项目企业、科研院所60余家，反映意见建议800多条。聚 焦"推动济南青岛都市圈联动发展协同开放"开展专题调研，先后召开6次情况通报会、调研座谈会深入 咨询论证，形成了具有专业性和前瞻性的研究报告。 积极建言我省城乡融合发展，围绕"完善城乡融合发展机制，高水平推进新型城镇化"开展专题议政 ...

Group 1 - The U.S. government proposed an average increase of only 0.09% in Medicare payments to insurance companies for the next year, leading to a significant drop in stock prices for Medicare insurers [1] - The Centers for Medicare & Medicaid Services (CMS) indicated that the proposal would provide an additional payment of over $700 million for Medicare Advantage plans in 2027 [1] - Major insurance companies such as UnitedHealth, CVS, and Humana saw their stock prices decline by nearly 12% in after-hours trading, while Elevance Health and Molina Healthcare experienced a drop of nearly 5% [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

【欧股】德国DAX30指数涨74.48点，涨幅0.30%，报24933.84点；英国富时100指数涨5.37点，涨幅 0.05%，报10148.81点；法国CAC40指数跌11.90点，跌幅0.15%，报8131.15点；欧洲斯托克50指数涨 7.16点，涨幅0.12%，报5955.36点；西班牙IBEX35指数涨132.52点，涨幅0.76%，报17676.92点；意大利 富时MIB指数涨99.90点，涨幅0.22%，报44931.50点。 【加密货币】比特币徘徊在8.8万附近，日内最低跌至87016美元；以太坊微涨0.94%，报2926.3美元。 【美元指数】衡量美元对六种主要货币的美元指数当天下跌0.57%，在汇市尾市收于97.035。截至纽约 汇市尾市，1欧元兑换1.1875美元，高于前一交易日的1.1789美元；1英镑兑换1.3679美元，高于前一交 易日的1.3605美元。1美元兑换154.18日元，低于前一交易日的156.14日元；1美元兑换0.7768瑞士法郎， 低于前一交易日的0.7858瑞士法郎；1美元兑换1.3720加元，高于前一交易日的1.3718加元；1美元兑换 8.9368瑞典克朗 ...

智通财经APP获悉，周一，三大指数收涨。苹果、Meta Platforms和微软等公司普遍上涨，这几家公司 均将在本周公布财报。收盘后，美国总统特朗普在社交媒体上表示："韩国国会没有履行与美国达成的 协议。我和韩国总统李在明于2025年7月30日达成了一项对两国都有利的协议，并在2025年10月29日我 访问韩国期间重申了这些条款。为什么韩国国会至今仍未批准该协议？由于韩国国会尚未通过我们之间 的历史性贸易协定，而这是他们的权力所在，我特此宣布将对韩国汽车、木材、药品以及所有其他商品 的对等关税从15%提高到25%。" 【美股】截至收盘，道指涨313.69点，涨幅为0.64%，报49412.4点；纳指涨100.11点，涨幅为0.43%，报 23601.36点；标普500指数涨34.62点，涨幅为0.5%，报6950.23点。苹果(AAPL.US)涨2.97%，Meta Platforms(META.US)涨2.06%，微软(MSFT.US)涨0.93%，特斯拉(TSLA.US)跌3.09%。 【欧股】德国DAX30指数涨74.48点，涨幅0.30%，报24933.84点；英国富时100指数涨5.37点，涨幅 ...

（来源：辽宁日报） 转自：辽宁日报 2025年，中荷人寿辽宁分公司迎来扎根辽沈的第二十个年头。中荷人寿辽宁分公司坚持党建引领，始终 坚守保险行业使命，秉持"诚信、担当、创新、共赢"核心价值观，锚定为民办实事目标，将社会责任融 入发展血脉。在二十周年司庆之际，中荷人寿辽宁分公司以民生需求为导向，以服务升级为抓手，聚焦 特殊群体需求，从"服务升级+爱心公益"双维度发力，切实将为民服务的承诺落到实处，用实际行动传 递保险温度。 服务阵地"提质+体验"升级双轮驱动 中荷人寿辽宁分公司始终深耕民生服务领域，秉承"客户至上、轻松尊重"的服务理念，坚持以客户为中 心，聚焦特殊人群服务，努力担负起"创造价值、值得信赖、成就未来"的企业使命，用精准务实的服务 举措赢得消费者广泛认可。 在服务阵地建设上，中荷人寿辽宁分公司及六家营销服务部落地保险温暖驿站，构建普惠便民的服务网 络。针对老年客户群体，各营业网点均配备了轮椅、老花镜、放大镜、血压仪等便利设备，让老年客户 无须自带辅助工具，办理业务时更省心省力；同时为60岁以上老年客户提供优先办理服务，减少排队等 待时间，让老年群体感受到金融暖心关怀；在便民服务方面，各营业网点在便民 ...

Core Insights - The article highlights the increasing trend of financial scams targeting the elderly, particularly through the use of AI technology and deceptive investment schemes [1][4][5] Group 1: Nature of Scams - Scammers are exploiting elderly individuals' lack of understanding of advanced technologies like blockchain and digital currencies, presenting them as low-risk, high-reward investment opportunities [3][4] - The "An Wo Gu Bao" investment product is a prime example, falsely marketed as a collaboration between Hong Kong An Wo Insurance and CITIC Securities, promising full compensation for losses without upfront fees [2][3] - The scams often incorporate a multi-level marketing structure, encouraging victims to recruit others, thereby creating a Ponzi scheme-like environment [2][3] Group 2: Trends in Elderly Scams - New scams are characterized by the use of advanced technology, emotional manipulation, and complex concepts, making them more difficult to detect [5][6] - The elderly demographic, particularly those over 50, is increasingly targeted, with 40% of scam victims falling into this age group [4][5] - The scams are evolving to include both online and offline strategies, utilizing community outreach and digital platforms to lure victims [5][6] Group 3: Preventive Measures - The government is taking steps to combat these scams by promoting awareness and education among the elderly, as well as enforcing stricter regulations on fraudulent investment schemes [6][7] - Financial institutions are encouraged to develop compliant financial products tailored to the needs of the elderly, enhancing their financial literacy and security [6][7] - Collaboration among regulatory bodies, internet platforms, and community organizations is essential to create a comprehensive defense against these scams [7]

Core Viewpoint - The recent resignation rumor of Qian Zhonghua, the chairman of Hengqin Life Insurance, comes shortly after the company announced a significant capital injection of nearly 2 billion yuan, raising concerns about the company's stability and future growth potential [1][2]. Group 1: Management Changes - Qian Zhonghua, with extensive experience in leading insurance companies, has reportedly submitted his resignation, which has been approved by the board [2]. - Hengqin Life Insurance has experienced frequent changes in its executive team, raising concerns about its operational stability and market confidence [4]. - The company maintains that its operations are normal and that management changes are part of a controlled adjustment process [4]. Group 2: Capital Injection - Hengqin Life Insurance completed a capital increase of 1.852 billion yuan, raising its registered capital from 3.137 billion yuan to 4.989 billion yuan [6]. - The new shareholders, with local state-owned backgrounds, are expected to enhance the company's market credibility and provide regional policy support [7]. - The company aims to leverage this capital increase to improve its long-term development capabilities and address industry challenges [6][7]. Group 3: Business Performance - Since its establishment in December 2016, Hengqin Life Insurance has faced a challenging growth path, with most years resulting in losses [1][9]. - The company reported a cumulative loss of 1.515 billion yuan from 2022 to 2024, continuing its trend of financial instability [9]. - In the first three quarters of 2025, the company incurred a loss of 326 million yuan, with insurance business revenue declining by 22.83% year-on-year [10]. Group 4: Future Strategies - Hengqin Life Insurance plans to enhance its business structure and operational efficiency to achieve profitability, focusing on cost control and investment returns [10][11]. - The company is exploring new product types and aims to adjust its product offerings in response to market interest rates, enhancing its competitive edge [11]. - The company is committed to integrating into the Guangdong-Hong Kong-Macao Greater Bay Area and improving its core competitiveness through specialized operations [8].

房地产市场进入调整下半场，跌幅收窄但对政策敏感。总需求扩张带来 的就业和收入改善是房价见底的关键，当前静态持有房产与利率相比仍 存在倒挂。 地产股定价宜采用两分法，即在手项目隐含净利润流加上未来持续拿地 补货隐含利润贴现，更贴近 DCF 模型，有效反映长期价值。房价下跌幅 度、速度及库存结构决定公司盈利能力。 股市底部通常领先于楼市底部，优秀龙头地产公司的股价底部已相对明 确，未来三年内，若房价跌幅趋缓，这些公司股价具有上涨空间。 当前非银行业股票上涨逻辑是资本市场慢牛趋势，逆周期调节机制降低 市场波动率。保险行业通过增配权益应对低利率周期，券商行业受益于 业务集中度提升。 银行板块近期调整受资金面影响，但中期维度内权益市场上行方向和银 行基本面稳定性不变，优质银行股估值已超跌，配置时点临近。 在资本市场慢牛假设下，保险和券商长周期受益，建议跟随监管逆周期 调节增配。银行股 PB 估值全面破净，超跌阶段 PB 估值和 ROE 匹配度 将反弹。 上市银行 2025 年业绩快报显示营收增速回升，净息差企稳及利净收入 增速回升是主要因素。市场聚焦 2026 年业绩展望，看好优质城商行， 推荐江浙、山东、川渝地区头部 ...

Summary of Key Points from Conference Call Records Industry Overview Insurance Industry - **Net Profit Growth**: The insurance industry is expected to maintain net profit growth in 2025, although the growth rate is anticipated to slow compared to the first three quarters. China Taiping is projected to benefit significantly from investment and tax policies, with profit growth exceeding twofold, while other insurers are expected to see relatively slower growth [3][4]. - **New Business Value (NBV)**: In the life insurance sector, the NBV is expected to continue its growth trend due to declining bank deposit rates and significant growth in the bancassurance channel. The property insurance sector faces challenges from natural disasters affecting agricultural insurance payouts, but the overall combined ratio (COR) is showing improvement [4][5]. Securities Industry - **Revenue and Profit Growth**: For 2025, the adjusted revenue growth for 42 listed securities firms is projected to be approximately 34%, with net profit growth around 46%. The fourth quarter is expected to show nearly double-digit year-on-year growth, although there may be a quarter-on-quarter decline due to changes in the self-operated stock and bond environment and management fee provisions [7][8]. - **Retail and Proprietary Business Contributions**: The core contributions to the securities firms' performance come from retail business (brokerage and margin financing) and proprietary trading. The brokerage business is benefiting from a significant increase in APT, while margin financing balances have surged [10]. Core Insights and Arguments Investment Recommendations - **Insurance Stocks**: Despite short-term fluctuations in investment returns potentially impacting stock prices, there is optimism regarding valuation recovery due to stable interest rates. The overall price-to-asset value (PAV) of insurance companies is currently below one, presenting a good opportunity for accumulation [6]. - **Securities Sector**: The securities sector is viewed as a good opportunity for left-side positioning due to improving performance and deep discount valuations. The recommendation includes focusing on large and mid-sized securities firms, particularly Guangfa Securities and Industrial Bank Securities, as they are expected to perform well in the wealth management sector [9][14]. Specific Business Performance - **Proprietary Trading**: In 2026, proprietary trading is expected to contribute approximately 45% to growth, driven by a favorable investment environment and strong stock market performance. The self-operated business has shown a recovery in yield, approaching levels seen during the bull markets of 2019 to 2021 [11]. - **Investment Banking**: The investment banking sector is projected to grow by about 12% in 2025, with significant growth in equity financing in both A-shares and Hong Kong stocks. However, the bond underwriting segment is experiencing downward pressure on fees, limiting revenue growth compared to equity underwriting [12]. Asset Management - **Securities Asset Management**: The asset management business, primarily consisting of public and private asset management, is facing challenges due to a decline in scale and excess performance fees in the first half of 2025, leading to a contraction in private asset management [13]. Additional Important Insights - **Market Conditions**: The overall market activity is expected to improve in January, enhancing the fundamentals for the securities sector. However, the valuation levels remain deeply discounted, indicating potential for upward movement in the medium to long term [8][14]. - **Natural Disaster Impact**: The impact of natural disasters on agricultural insurance payouts is noted, but the overall economic losses and frequency of major disasters in 2025 are expected to be lower, contributing to an improved COR for property insurers [4][5].