近日，国家金融监督管理总局发布2025年三季度银行业保险业主要监管指标数据情况。2025年前三季 度，商业银行累计实现净利润1.9万亿元。2025年三季度末，平均资本利润率为8.18%，平均资产利润率 为0.63%，盈利水平保持稳定。 值得关注的是，相比于二季度，商业银行三季度不良贷款余额有所增长，不良贷款率同步微升。2025年 二季度末，商业银行不良贷款余额3.4万亿元，较上季末减少24亿元；商业银行不良贷款率1.49%，较上 季末下降0.02个百分点；三季度末，商业银行不良贷款余额3.5万亿元，较上季末增加883亿元；不良贷 款率1.52%，较上季末上升0.03个百分点。从贷款分类来看，正常贷款余额228.8万亿元，其中正常类贷 款223.7万亿元，关注类贷款5.1万亿元，风险预警机制持续有效。 保险机构和保险资产管理公司增速明显加快，尤其是人身险公司和保险资产管理公司。2025年三季度 末，保险公司和保险资产管理公司总资产40.4万亿元，较年初增加4.5万亿元，增长12.5%（二季度增速 9.2%）。其中，财产险公司、人身险公司、再保险公司、保险资产管理公司总资产分别是3.2万亿元、 35.4万亿元、8 ...

Core Viewpoint - The insurance industry's fund utilization balance has steadily increased, with a further rise in equity asset allocation and a decrease in bond asset allocation, indicating the growing importance of active management capabilities in investment [1][4]. Group 1: Fund Utilization Overview - As of Q3 2025, the insurance industry's fund utilization balance reached 37.5 trillion yuan, a year-to-date increase of 12.6%, driven by stable growth in new and renewal premiums, with a year-on-year premium growth of 8.8% [2]. - The life insurance sector accounted for 33.7 trillion yuan, also up 12.6% year-to-date, while the property insurance sector reached 2.4 trillion yuan, increasing by 7.5% [2]. Group 2: Asset Allocation Changes - By the end of Q3 2025, the insurance industry allocated 3.62 trillion yuan to equity assets, an increase of 1.19 trillion yuan year-to-date, with an allocation percentage of 10.0%, up 2.5 percentage points from the beginning of the year [3]. - The allocation to equity funds rose to 5.5%, up 0.2 percentage points year-to-date, while bond asset allocation was 50.3%, up 0.8 percentage points year-to-date but down 0.8 percentage points from Q2 [3]. - Bank deposits accounted for 7.9% of the allocation, down 1.1 percentage points year-to-date, and other assets (primarily non-standard) accounted for 18.4%, down 2.7 percentage points year-to-date [3]. Group 3: Investment Management Strategy - The net investment yield is trending downward due to a low interest rate environment and narrowing credit spreads, indicating a need for insurance companies to shift from passive to active management strategies [4]. - The focus should be on flexibly seizing market opportunities and continuously optimizing asset allocation structures to achieve stable investment returns [4]. Group 4: Investment Recommendations - The expectation is that insurance companies will continue to optimize their asset allocation strategies, leading to improved profitability, maintaining an "overweight" rating for the industry [5].

继车险、人身险之后，非车险"报行合一"政策已于11月1日正式落地。这一政策的实施，将对整个 行业产生深远影响，深刻重塑竞争格局。 我国保险市场发展尚不成熟，与世界发达国家仍有差距，发展中的问题需在发展中解决。最大诚信 原则是保险公司立身之本，不能搞急功近利短期行为，不能以追求"规模和速度"而与政策背道而驰牺牲 行业形象。国家决不允许金融出半点混乱，决不允许破坏金融大厦根基，哪怕是侵蚀一点点也不行。若 行业长期亏损，如何承担市场、社会风险，如何为经济发展"保驾护航"？又如何为绿色发展、科技创 新、人工智能、产业链安全等重大战略提供稳定风险保障？ 险企只有精准把握政策变化，遵循游戏规则，加强风险管控，防范化解金融风险，优化创新服务模 式，才能在激烈竞争中决胜，在规范健康道路上走得更实更稳更远。非车险报行合一，标志着我国非车 险市场进入新发展阶段。 （作者单位系中国人民财产保险股份有限公司常熟中心支公司） 一些中小财险公司本就发展艰难，在夹缝中求生存，也被行业乱象所困，甚至被拖累拖垮。 我国保险市场潜力巨大，已是保险大国，市场呼唤规范。近年来，金融改革稳步推进，从"见费出 单"到"报行合一"，一步步向纵深发展。市场 ...

Core Insights - The banking sector in China reported a net profit of 1.9 trillion yuan for the first three quarters of 2025, with stable profitability levels indicated by an average capital return rate of 8.18% and an average asset return rate of 0.63% [1] - There was an increase in non-performing loans (NPLs) in the third quarter, with the NPL balance rising to 3.5 trillion yuan and the NPL ratio increasing to 1.52% [1] - The banking industry's risk compensation capacity has strengthened, with a loan loss provision balance of 7.3 trillion yuan and a provision coverage ratio of 207.15% [2] Banking Sector Performance - As of the end of Q3 2025, the total assets of China's banking sector reached 474.3 trillion yuan, reflecting a year-on-year growth of 7.9% [3] - Large commercial banks accounted for 43.9% of total banking assets, with a total of 208.1 trillion yuan, growing by 10% year-on-year [3] - The asset growth rate for insurance companies accelerated, with total assets reaching 40.4 trillion yuan, a 12.5% increase from the beginning of the year [3] Financial Services and Support - The banking sector has increased its support for inclusive finance, with loans to small and micro enterprises reaching 36.5 trillion yuan, a year-on-year growth of 12.1% [4] - Insurance companies reported a premium income of 5.2 trillion yuan for the first three quarters of 2025, marking an 8.5% increase year-on-year [4] - The number of new insurance policies issued reached 846 billion, reflecting a growth of 7.9% [4]

险资最新投资图谱出炉！ | | 项目 | 截至当期 | | | --- | --- | --- | --- | | 机构类别/指标 | | 账面余额 | 足ド | | 保险公司 | 资金运用余额 资金运用余额 | 374631 23875 | 100. 00% 100. 00% | | | 其中:银行存款 | 3742 | 15. 67% | | 其中:财产险公司 | 债券 | 6696 | 40. 62% | | | 股票 | 2086 | 8.74% | | | 证券投资基金 | 1964 | 8. 23% | | | 长期股权投资 | 1471 | 6. 16% 100. 00% | | | 资金运用余额 其中:银行存款 | 337292 24865 | 7. 37% | | 人身险公司 | 债券 | 172076 | 51.02% | | | 股票 | 34124 | 10. 12% | | | 证券投资基金 | 17756 | 5. 26% | | | 长期股权投资 | 26972 | 8.00% | 国家金融监督管理总局最新披露的保险公司资金运用情况显示，截至今年三季度末，保险公司资金运用余额突破 ...

Core Points - ICBC-AXA Life Insurance Co., Ltd. received an administrative penalty of 1.15 million yuan due to violations including failure to strictly implement sales traceability, unauthorized changes to business locations, and inaccuracies in provided data [1] - The company emphasized that these issues occurred in 2023 and prior, and it is taking corrective actions to enhance compliance and internal control management [1] - The administrative penalty is not expected to have a significant impact on the company's operations, and it will adhere strictly to regulatory requirements moving forward [1] Regulatory Penalties - In July 2025, the Sichuan branch of ICBC-AXA Life was fined 450,000 yuan for not using approved insurance rates and providing false financial data, with four responsible individuals receiving warnings and fines totaling 100,000 yuan [1] - In August 2025, the Shandong branch was fined 240,000 yuan for not using approved insurance terms, with one responsible individual receiving a warning and a fine of 40,000 yuan [2] - The marketing service department in Zibo, Shandong, was fined 130,000 yuan for deceiving policyholders, with one responsible individual receiving a warning and a fine of 10,000 yuan [2]

中银三星人寿保险有限公司（以下简称"中银三星人寿"）迎来重要人事变动。11月17日，北京商报记者 注意到，中银三星人寿近日一口气公布了四则重大事项公告，根据公告内容来看，中银三星人寿董事长 马超龙将到龄退休，总经理邱智坤代行职务。 近日，中银三星人寿公告，该公司董事长马超龙因年龄原因，辞去公司董事长、董事、董事会发展规 划、资产负债管理与投资决策委员会主席及委员职务。同时，中银三星人寿公告，公司执行董事邱智坤 代行董事长职务。代行职务期限至新任董事长任职生效之日止。 根据简历信息，1965年出生的马超龙，今年刚满60周岁。马超龙来自中行体系，毕业于中国社会科学院 研究生院投资管理专业，高级经济师。曾任中国银行重庆市分行行长助理、党委委员、纪委书记兼工会 主任，中银保险有限公司党委委员、纪委书记，总经理、党委副书记、董事，中国银行天津市分行行 长、党委书记；2023年2月任中银三星人寿董事、董事长。 半个月前，便有业内消息称，中银三星人寿董事长马超龙到龄退休，邱智坤拟接任董事长一职。如今来 看，随着马超龙卸任，邱智坤也同时从中银三星人寿总经理职务上卸任，代行董事长职务。中银三星人 寿同时指定副总经理金瑜铭为公司 ...

Core Insights - The article discusses the significant financing gap in the AI sector, with an estimated $3 trillion in global data center capital expenditures expected by 2028, of which approximately $1.5 trillion will require external financing [6][7] - U.S. life insurance companies have emerged as key marginal buyers in the credit market, contributing to the narrowing of investment-grade corporate bond spreads to their tightest levels since the 1990s [9][10] - The demand for long-duration, higher-yield assets from insurance companies is creating an ideal investor base for AI-related bond issuances, leading to a transformation in traditional corporate bond market rules [9][11] Financing Needs in the AI Sector - Technology companies are facing a financing shortfall in their AI investments, necessitating a shift towards the investment-grade bond market as a primary funding source [7][8] - Major tech firms like Oracle, Meta, and Alphabet have recently issued large-scale bonds to meet their funding needs [8] Role of Life Insurance Companies - U.S. life insurance companies have become the largest marginal buyers in the credit market over the past few years, driven by the need to invest growing retirement funds [9][10] - Record annuity sales in the U.S. reached $345 billion in the first nine months of the year, reflecting the increasing demand for retirement income [9] Market Dynamics and Changes - The traditional corporate bond market is adapting to accommodate more complex financing tools and longer bond maturities due to the evolving needs of investors [11][12] - Insurance companies are increasingly willing to invest in higher-yield, more complex private placements, indicating a shift in investment strategies [11][12] Future Outlook - Analysts expect more AI-related bond issuances as insurance companies become more accepting of higher-risk, higher-reward investments [12] - Ordinary investors may need to reassess their approach to the corporate bond market, as the landscape becomes more complex and requires deeper evaluation [12]

南方财经全媒体记者 孙诗卉 实习生 徐若萱 上海报道 11.39万亿元的资产管理信托市场，正在向保险机构敞开大门。 近日，国家金融监督管理总局发布《资产管理信托管理办法（征求意见稿）》，明确保险公司可代销资 产管理信托。这一政策不仅打破了保险机构代销信托的资格限制，更推动了保险业从传统产品销售向综 合财富管理转型。 "这意味着保险行业财富管理业务的一次战略性升级。"对外经济贸易大学创新与风险管理研究中心副主 任龙格接受21世纪经济报道记者采访时指出。 保险代销信托开闸 2025年10月31日，国家金融监督管理总局发布《资产管理信托管理办法（征求意见稿）》（下称"《办 法》"），其第35条明确规定，允许商业银行、理财公司、保险公司、保险资产管理公司等机构代理销 售信托产品。 这一规定是对今年初政策的延续与完善。 2025年1月27日，国务院办公厅转发金融监管总局《关于加强监管防范风险推动信托业高质量发展的若 干意见》的通知，第五条要求"规范（信托）销售行为，严格代销管理，严禁非金融机构代销信托产 品。" 此次《办法》则进一步明确了金融机构代销资产管理信托的细则，放开了保险机构代销信托产品的资格 限制。 中国信托 ...

来源：格上理财 我一向相信，很多答案都藏在历史中。很多人对于巴菲特的"价值投资"，依然处于传统的投资观点，即 偏好低估值（如低市净率），价值投资者。但是下面的数据，一定让你发现真实情况的不同： 在伯克希尔历史上的240个持仓样本中，仅有19只股票（约占8%）的市净率低于1，且这些投资大多集 中在20世纪70年代末的熊市期间。相比之下，92%的股票交易价格高于账面价值。 更令人惊讶的是，巴菲特持仓的市净率中位数达到3.1，平均值高达7.9。在超过85%的年份中，他的投 资组合市净率始终高于标准普尔500指数成分股的平均水平。 这说明，巴菲特并非在寻找"便宜货"，而是在为企业的"无形价值"支付合理溢价。在巴菲特眼中，企业 价值早已超越了传统的"价值投资"范围。 作者：Saint Paul 这几天投资领域最热闹的，当属巴菲特在感恩节正式宣布了自己的告别。 同样引人关注的，是这份股东信后，伯克希尔的三季报显示，伯克希尔减持106亿美元苹果，大举增持 巴菲特曾经看不懂的互联网领域：谷歌。 一时间，各种评论纷至沓来。有人认为是阿贝尔新官上任三把火，有人认为伯克希尔开始转向新的投资 方向，有人从"巴菲特估值"的角度解释苹果 ...