2026 年 01 月 13 日 开源晨会 0113 ——晨会纪要 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2025-01 2025-05 2025-09 沪深300 创业板指 昨日涨跌幅前五行业 行业名称 涨跌幅(%) 传媒 7.798 计算机 7.256 国防军工 5.664 社会服务 3.214 通信 2.742 数据来源：聚源 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 石油石化 | -0.997 | | 煤炭 | -0.466 | | 房地产 | -0.295 | | 农林牧渔 | 0.126 | | 基础化工 | 0.297 | 吴梦迪（分析师） 【中小盘】重视卫星产业链投资机会——中小盘周报-20260111 【非银金融】非银金融行业 2026 年度投资策略：景气向好，攻守兼备——行业投 资策略-20260112 【传媒】AI 应用精彩纷呈，继续布局 AI 营销/社交/游戏——行业周报-20260111 【机械】新剑传动启动上市辅导，特斯拉供应链核心资产有望迎来价值重估—— 行业周报-20260111 【非银金融】预计投行和资管 ...

Core Viewpoint - Analyzing an insurance company requires a comprehensive approach that considers multiple indicators such as risk, profitability, development, and scale, rather than focusing solely on premiums or profits [1]. Group 1: Comprehensive Strength of Insurance Companies - The "13精" comprehensive competitiveness ranking has been published for six consecutive years, evaluating companies based on six key indicators [1][4]. - The ranking aims to guide insurance companies to prioritize consumer rights protection by adjusting the evaluation system to include service capability [1]. Group 2: Top Competitors in 2025 - In the first half of 2025, the top 30 companies in the "13精" comprehensive competitiveness ranking included five AAA-rated companies: Ping An Property & Casualty, PICC Property & Casualty, Taiping Property & Casualty, China Life Property, and Yingda Property [5][6][14]. - The ranking reflects the ongoing "Matthew Effect" in the insurance industry, where leading companies maintain their competitive edge [14]. Group 3: Financial Performance and Trends - In the first half of 2025, the net profit of 84 property insurance companies reached 52.5 billion, marking a continuous growth for five years and nearing the total net profit of 60.5 billion for 2024 [11]. - The profitability of property insurance companies has improved due to better underwriting capabilities and a favorable investment environment, with many companies experiencing significant year-on-year profit increases [12][19]. Group 4: Individual Company Analysis - Ping An Property & Casualty demonstrated strong growth in both scale and profitability, with a double-digit growth rate in non-auto insurance premiums [16][19]. - PICC Property & Casualty achieved a comprehensive cost ratio of 94.72%, down 0.81 percentage points from the previous year, with a return on equity (ROE) exceeding 9% [20][22]. - Taiping Property & Casualty improved its net asset return to 8.9%, benefiting from a reduction in comprehensive cost ratios [24]. Group 5: Industry Dynamics and Challenges - The transition towards non-auto insurance has led to increased differentiation among insurance companies, with some small and medium-sized firms improving profitability while others struggle [12][28]. - The industry continues to experience a "Matthew Effect," where larger firms outperform smaller ones in both scale and profitability, despite overall improvements in cost ratios across the sector [25][28]. Group 6: Industry Metrics and Comparisons - The average premium growth rate in the industry was 4.04%, with an average ROE of 6.86% and a comprehensive solvency adequacy ratio of 239.30% [30]. - The ranking system has been refined over time to better reflect the industry's focus on high-quality development, including adjustments to the scoring of premium growth and the introduction of service capability metrics [52][54].

新趋势确立，资金与情绪全面回暖 越走越强的A股正受到全球投资者的高度关注。 上周末，瑞银发布最新研究报告，全面解读2026年A股市场的短期态势、全年逻辑与布局方向。瑞银判 断，2026年A股正迎来新的上行趋势，资金与情绪全面回暖，与上市公司盈利支撑实现共振，市场结构 性机会凸显。 瑞银给到的具体交易策略是：聚焦成长，优选周期，建议投资者超配电子、电信、非银金融、国防军 工、有色金属、化工、电力设备七大板块。 01 瑞银在研报中写道："2025年四季度A股受全球科技股波动、板块拥挤度高企及年末获利了结影响，呈 现震荡走势，但这些短期扰动因素在2026年已逐步转化为利好。" 开年以来，A股市场活跃度显著提升，日均成交额攀升至2.46万亿元，较2025年的1.73万亿元大幅增 长；两融余额更是创下2.58万亿元的历史新高，反映出资金入场意愿强烈。 全球市场也为A股提供了良好环境，美股纳斯达克、日经225等指数持续走强，科技板块引领全球权益 市场上行，带动A股科技相关板块情绪修复。 同时，2026年全国消费品补贴政策提前落地，进一步提振了市场对经济增长的信心，多路资金净流入推 动A股形成新的上行趋势。 值得关注的是， ...

证券日报网讯1月12日，中粮资本（002423）在互动平台回答投资者提问时表示，公司始终密切关注政 策与行业发展趋势，坚持以提升上市公司质量、保护股东权益为根本，持续增强核心竞争力。未来，公 司将依托中粮集团的产业链场景优势，坚持深化产融结合的发展模式，不断巩固和提升在保险、信托、 期货等核心主业上的竞争力。如有任何涉及须披露的具体计划或进展，公司将严格按照法律法规及监管 要求，及时履行信息披露义务。 ...

北京商报讯（记者 李秀梅）1月12日，国家金融监督管理总局河南监管局发布行政处罚信息显示，中国太平洋 人寿保险股份有限公司商丘中心支公司，因给予投保人保险合同约定以外的利益；未按规定使用经备案的保险 费率；员工行为管理不到位，被罚款39万元。 | 总监) | | | | | --- | --- | --- | --- | | 中国太 | | | | | 平洋人 | | 给予投保人保险 | | | 寿保险 | 商金罚决 | 合同约定以外的 | 罚款 | | 股份有 | き | 利益;未按规定 | | | 3 | | | 39万 | | 限公司 | [2025] | 使用经备案的保 | | | | | | 元 | | 菌丘中 | 29号 | | 险费率:员图片来源：国家金融监督管理总局河南监管局 | 中国太平洋人寿保险股份有限公司商丘中心支公司副总经理总监田俊洲、中国太平洋人寿保险股份有限公司商 丘中心支公司副总经理王静华分别被警告并罚款4万元。 ...

Core Viewpoint - The appointment of Wang Hao as the Chief Actuary of Yong'an Property Insurance Co., Ltd. is seen as a significant step towards improving corporate governance and risk management amidst ongoing legal and regulatory challenges faced by the company [2][10]. Regulatory Issues - In 2025, Yong'an Insurance received a total of 26 fines amounting to over 5 million yuan, with penalties issued across multiple provinces including Henan, Shandong, and Guangdong [2][4]. - Specific fines included 650,000 yuan for the Guangzhou branch due to false financial data and improper benefits to policyholders, and 630,000 yuan for the Zhengzhou branch for providing false reports [3][4]. - Common violations included "false financial data," "fictitious expenses," and "misappropriation of funds," indicating significant governance and compliance issues within the company [4]. Legal Challenges - Yong'an Insurance is facing two major lawsuits with potential liabilities exceeding 100 million yuan, stemming from disputes over credit guarantee insurance contracts with partners [5][6]. - The lawsuits involve claims from Chongqing Ma Shang Consumer Finance and Ningbo Bank, with the court ruling in favor of the partners, indicating that Yong'an may be liable for service fees regardless of insurance payout obligations [6]. Management Changes - The company has undergone significant management changes, including the appointment of a new general manager in February 2025, ending a six-year vacancy in the position [7][8]. - The restructuring of the management team is part of a broader effort to address compliance and governance shortcomings that have persisted due to a prolonged power struggle among shareholders [7][9]. Financial Performance - Despite the regulatory and legal challenges, Yong'an Insurance reported a premium income of 8.054 billion yuan in the first three quarters of 2025, a year-on-year increase of 1.12%, and a net profit of 833 million yuan, representing a 144% increase [9]. - The company's solvency ratios are robust, with core solvency adequacy ratio at 339.68% and comprehensive solvency adequacy ratio at 347.52%, indicating a stable financial position [9].

Core Insights - The article discusses the increasing risks children face during the upcoming winter vacation, highlighting the need for parents to consider insurance options to mitigate these risks [1] Group 1: Insurance Needs - Parents are increasingly anxious about potential risks during the winter vacation, leading to a growing interest in insurance products for children [1] - Among various insurance products, accident insurance is favored due to its suitability for high-frequency risks during the holiday period, offering low premiums and high coverage [3] - The market for children's accident insurance is characterized by high product homogeneity but significant differences in coverage details, with annual prices ranging from tens to hundreds of yuan [3] Group 2: Selecting Accident Insurance - When selecting children's accident insurance, it is recommended to choose products with medical coverage of at least 50,000 to 100,000 yuan to cover typical treatment costs [3] - Parents should prioritize policies with zero deductible, no restrictions on social insurance medications, and 100% reimbursement to minimize out-of-pocket expenses [3] - Many standard accident insurance policies exclude coverage for high-risk activities such as skiing and ice skating, necessitating the selection of specialized policies or additional coverage for these activities [3] Group 3: Liability Insurance for Children - "Naughty Kid Insurance" is designed to cover financial liabilities arising from children's accidental damages, helping parents transfer risk [4] - This type of insurance, essentially a guardian liability insurance, covers third-party injuries, property damage, and legal costs resulting from children's actions [4] - The market for guardian liability insurance has a low entry threshold, with some products available for as little as a few yuan per month, providing affordable protection for parents [5] Group 4: Considerations for Purchasing Insurance - Parents should carefully review policy terms, focusing on coverage limits and exclusions, as different products have varying maximum compensation amounts [5] - It is important to avoid duplicate coverage, as some children's accident insurance products already include guardian liability coverage, making separate purchases unnecessary [5]

智通财经记者 | 吕文琦 近日，多家险企公布专属商业养老保险2025年结算利率，在寿险市场预定利率降至2%时，专属商业养老保险一枝独秀，数款产品结算利率在3%以上。 结算利率连续三年高位运行的国民养老保险所售的"共同富裕"产品继续保持较高收益，稳健、进取账户结算利率为4.01%、4.02%，紧随其后；新华养老的 盈佳人生产品稳健账户结算利率也达到4%以上，产品进取账户结算利率为3.6%，排在第三位。 专属商业养老险相较于其他保险产品的较高收益，是渠道和投资端同时发力的结果。某头部经代渠道人士向智通财经透露，各保险公司对于专属商业养老险 都十分重视，渠道费用给的比较低，尽可能让利给消费者，甚至有用自有资金补贴专属商业养老险的情况。 r up 202 在投资端，国民养老保险相关人士向智通财经介绍，公司已构建了以固收资产为"压舱石"、以权益及另类资产增厚收益弹性的稳健投资框架。"公司充分利 用保险资金运用范围广泛的特点，将投资策略覆盖主动与被动、公开与另类、境内与境外多个领域，通过多元化的分散投资，充分发挥权益、固收及另类资 产的协同优势，在追求预期收益的同时，有效平衡组合波动，力求为客户创造稳定的绝对回报。"该人 ...

Core Insights - The non-auto insurance sector in China has experienced an average annual growth rate exceeding 10% over the past decade, with premiums now accounting for over 50% of total insurance premiums, but this growth has been driven by high costs rather than sustainable practices [1][2] - The National Financial Regulatory Administration has issued several guidelines to address irrational competition and high costs in the non-auto insurance sector, aiming to shift the focus from price wars to risk pricing and service capabilities [1][4][9] Industry Growth and Trends - Non-auto insurance premiums have grown at an average annual rate of 14.4% from 2014 to 2024, significantly outpacing the 5.2% growth rate of auto insurance [2] - By mid-2025, the total insurance premium income in the property insurance industry is projected to reach 965.4 billion yuan, with non-auto insurance contributing 514.9 billion yuan, surpassing 50% of the total [2] Regulatory Changes - The recent regulatory measures include the "reporting and operation unity" policy, which mandates that insurance companies adhere strictly to approved insurance terms and rates, aiming to eliminate high fees that do not correspond to services provided [3][4][6] - The new regulations are expected to compress some business operations in the short term but will ultimately reshape the competitive landscape by emphasizing risk assessment and service quality [9][10] Company Responses - Major insurance companies like PICC, Ping An, and Taikang have begun to implement changes in response to the new regulations, focusing on compliance and optimizing their cost structures [5][7][8] - Companies are restructuring their business models to transition from fee-based competition to risk pricing and service capability enhancement [7][10] Market Dynamics - The regulatory changes are anticipated to accelerate industry differentiation, with larger firms solidifying their competitive advantages while smaller firms may struggle to adapt [15][16] - The new policies may lead to a concentration of market power among larger firms, but they also provide a buffer for smaller companies to transition and innovate within niche markets [16][17] Future Outlook - The shift towards a more regulated and quality-focused market is expected to enhance the sustainability of the non-auto insurance sector, fostering a competitive environment based on risk management and service excellence [10][12] - Smaller companies are encouraged to focus on specialized markets and innovative products to establish competitive advantages, rather than competing directly with larger firms [17][18]

《华尔街曰报》周一援引美国参议院某委员会的调查报告称，健康保险巨头联合健康集团曾采用激进手 段收集患者诊断信息，以此抬高其联邦医疗保险优势计划的赔付金额。 在盘前交易中，该公司股价下跌 1.4%，报每股 339.42 美元。 《华尔街曰报》指出，这份参议院报告并未提出正式建议，也未指控联合健康集团存在不当行为。 对于路透社的置评请求，该公司暂未予回应。 《华尔街曰报》周一援引美国参议院某委员会的调查报告称，健康保险巨头联合健康集团曾采用激进手 段收集患者诊断信息，以此抬高其联邦医疗保险优势计划的赔付金额。 在盘前交易中，该公司股价下跌 1.4%，报每股 339.42 美元。 《华尔街曰报》指出，这份参议院报告并未提出正式建议，也未指控联合健康集团存在不当行为。 对于路透社的置评请求，该公司暂未予回应。 责任编辑：郭明煜 责任编辑：郭明煜 ...