每日晨报│2025 年 10 月 30 日 主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 26,346 | -0.33% | +31.34% | | 恒生科技指数 | 6,093 | -1.26% | +36.38% | | 国企指数 | 9,375 | -0.97% | +28.61% | | 沪深 300 | 4,747 | +1.19% | +20.64% | | 上证综合指数 | 4,016 | +0.70% | +19.82% | | 深证成份指数 | 13,691 | +1.95% | +31.46% | | 中小板指 | 8,392 | +1.68% | +31.48% | | 道琼斯指数 | 47,632 | -0.16% | +11.96% | | 标普 500 指数 | 6,890 | +0.00% | +17.15% | | 纳斯达克指数 | 23,958 | +0.55% | +24.07% | | 伦敦富时指数 | 9,756 | +0.61% | +19.37% | | CAC40 指 ...

Core Viewpoint - The release of the fourth mortality table for the life insurance industry in China reflects a significant update in mortality rates and life expectancy, impacting premium pricing for various insurance products [3][6][9]. Group 1: Release of the Fourth Mortality Table - The China Actuarial Society officially released the "China Life Insurance Experience Mortality Table (2025)" on October 29, marking the fourth version since the last update in 2016 [3][4]. - The new mortality table is based on nearly ten years of comprehensive policy data, making it the largest sample size in the global insurance market [5][6]. Group 2: Changes in Mortality Rates and Life Expectancy - Compared to the previous table, the fourth mortality table shows a decrease in mortality rates by approximately 20% to 30% and an increase in life expectancy by about 2 years [8][9]. - The average life expectancy in China is projected to reach 79 years by 2024, up from 76.34 years in 2015, reflecting improvements in healthcare and living standards [6]. Group 3: Impact on Insurance Premiums - The decline in mortality rates is expected to lower premiums for term life insurance products, while premiums for annuity products may rise due to increased life expectancy [9][10]. - The actual impact on premiums will vary by company, as pricing strategies will also consider market conditions, interest rates, and other factors beyond the mortality table [10]. Group 4: Regulatory Guidelines - The notification accompanying the new mortality table outlines specific requirements for its application, including the need for insurance companies to use the table in determining minimum statutory reserves for various insurance products [8][12]. - Insurance companies are required to establish a review mechanism to ensure the accuracy of their actuarial models and to report any significant deviations in mortality rates [12].

| | 中国人民 | | | | | | --- | --- | --- | --- | --- | --- | | | 人寿保险 | | | | | | | 股份有限 | | | 罚款6万 | | | 3 | 公司庆阳 | | | 元 | | | | 市中心支 | | | | | | | 公司 | | | | | | | 葛宝玉 （时任人 | | | | | | | 民人寿庆 | | | | 国家金融 | | | 阳市中支 | 庆金监行处 | 存在虚假宣传行为 | 警告并罚 | 监督管理 | | 4 | | (2025) 76 | | 款 1.2 万 | | | | 总经理助 | 름 | | 元 | 总局庆阳 | | | 理兼城区 | | | | 监管分局 | | | 本部负责 | | | | | | | 人) | | | | | | | 秦雪 (时 | | | | | | | 任人民人 | | | | | | | 寿庆阳市 | | | | | | 5 | 中支城区 | | | 警告 | | | | 本部代理 | | | | | | | 人) | | | | | 截图：国家金融监督管理总局官网 凤凰网财经讯 ...

Group 1 - Jebang Technology (301326.SZ) reported its Q3 2025 results, with 18 institutional investors holding a total of 55.9761 million shares, representing 76.99% of the total share capital [1] - The top ten institutional investors collectively hold 75.24% of the shares, a decrease of 2.08 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Penghua Consumer Select Mixed Fund, increased its holdings by 0.23% compared to the previous period [2] - One public fund, Penghua Core Advantage Mixed A, saw a slight decrease in holdings [2] - Nine new public funds were disclosed this period, including various funds from the Fortune series [2] - One insurance fund, Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product, reported a slight decrease in holdings [2] - Two pension funds were not disclosed this quarter, both related to Qianhai Life Insurance [2]

1. 公开市场操作 央行公告称， 10 月 29 日以固定利率、数量招标方式开展了 5577 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 5577 亿元，中标量 5577 亿元。 Wind 数据显示，当日 1382 亿元逆回购到期，据此计算，单日净投放 4195 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 央行 公开市场逆回购操作进一步放量，银行间市场资金面转松，主要期限回购加权利率回落，其中存款类机构隔夜回购利率跌超 6bp 至 1.40% 位置；匿 名点击（ X-repo ）系统上，隔夜报价亦较上日回落到 1.38% ，供给在近千亿。非银机构质押存单及信用债融入隔夜报价在 1.45% 左右，亦低于上日水 准。交易员指出，税期目前影响不大，周三逆回购投放规模也明显加大， 央行 意图很明显，稳定月末资金面。整个市场的预期还是挺积极的。 海外方面，最新美国隔夜融资担保利率为 4.27% 。 （IMM） // 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 附近，较上日下行超 2bp 。 （*数据来源：Wind-国际货币资金情绪指数、资 ...

10月28日，2025金融街论坛年会中欧保险创新论坛在北京金融资产交易所举行。论坛以"新智能、新能 源、新未来——中欧保险业在智能和绿色领域的探索"为主题，搭建起中欧保险及相关产业交流合作平 台。在主题演讲环节，国家金融监督管理总局财产保险监管司司长尹江鳌表示，要顺应智能化、绿色 化、融合化、规范化趋势，提升保障专业性、服务广泛性、产业协同性与监管有效性。随着信息技术的 发展，相关领域的融合化趋势日益明显。比如，以前汽车销售和投保后，保险公司与车企的互动并不需 要十分紧密。随着汽车逐步成为信息集聚的平台，将来可能会类似于"行驶中的手机"，车企也将掌握海 量数据。保险公司在提供服务时更需密切与汽车企业联系，加强信息共享和工作协同。 在随后的两场圆桌论坛中，嘉宾们聚焦汽车行业与保险行业协同发展的议题分享真知灼见。目前，我国 汽车保有量达3.6亿辆，今年前7个月新车L2级辅助驾驶渗透率已达62%。有机构预测，10年后，我国新 车中L2级及以上智能驾驶渗透率将超过90%。中国银行保险信息技术管理有限公司副总裁王罡表示，安 全是汽车行业与保险行业发展的共同目标，银保信已制定智能网联汽车事故保险赔偿判定规范，建议加 快基 ...

Core Insights - The release of the "2025 Experience Life Table" by the China Actuarial Association aims to scientifically reflect the actual risk status in the life insurance industry, enhancing risk management levels [1][2] Summary by Sections Importance of the Life Table - The experience life table is crucial for insurance institutions as it serves as a foundational infrastructure for pricing, reserve assessment, and cash value calculations, ensuring the stable operation of the industry [1] Background and Need for Update - The previous life table, published in December 2016, was effective in promoting scientific pricing and improving risk prevention in the insurance sector. However, changes in life expectancy and mortality rates necessitated an update to better reflect current risks [2] Key Outcomes of the New Life Table - The new life table includes three main achievements: 1. A newly compiled experience life table that reflects the latest mortality experience of the insured population, providing a scientific reference for pricing and preventing systemic risks [3] 2. The first compilation of a single life table based on individual identification numbers, enhancing comparability with population mortality rates [3] 3. A comprehensive summary of project outcomes, including reports and educational materials aimed at various audiences [3] Impact on Insurance Products - The introduction of the new life table is expected to lead to lower pricing for term and whole life insurance products, while potentially increasing pricing for annuity products [2]

一场关乎国人未来保障的精算变革，正于2025年的深秋悄然启幕。在2025金融街论坛年会金融街之声 ——"金融街发布"成果专场发布活动上，中国精算师协会正式发布了《中国人身保险业经验生命表 （2025）》（以下简称"2025版生命表"）。这是自2016年第三套生命表发布后，我国人身保险业在核心 基础工具上的又一次里程碑式更新。 当保险人群平均预期寿命较数十年前增长了约10岁，当少儿的死亡率显著降低，当各地的保障网越织越 密，生命表的每一次微调，都预示着保险产品设计与定价即将迎来一场深刻而细腻的变革。在业内人士 看来，生命表不是冰冷的数据汇编，而是时代脉搏在保险领域的生动回响。 一纸生命表十年保险路 会场内，聚光灯下，2025版生命表揭开面纱。 "生命表是以数理形式呈现保险人群生存和死亡概率分布规律的数据表，是保险产品定价、准备金评估 和风险管理的重要基础工具。"中国精算师协会执行副会长兼秘书长张晓蕾表示。 中国精算师协会同日发布的信息显示，2025版生命表包括养老类业务表、非养老类业务一表、非养老类 业务二表和单一生命体表。 这份厚重的生命表，仿佛在阅读一部中国保险人群近年来的"生命编年史"。张晓蕾指出了其中蕴 ...

Core Viewpoint - The release of the fourth mortality table for the life insurance industry in China reflects a significant update in mortality rates and life expectancy, impacting premium pricing and risk management practices in the sector [1][3][8]. Summary by Sections Release of the Fourth Mortality Table - The China Actuarial Society has officially published the "China Life Insurance Experience Mortality Table (2025)", marking the fourth edition since the last update in 2016 [1][2]. - The new table will be implemented starting January 1, 2026, as per the notification from the National Financial Regulatory Administration [1][2]. Changes in Mortality Rates and Life Expectancy - Compared to the previous table, the fourth mortality table shows a decrease in mortality rates and an overall increase in life expectancy, reflecting recent demographic changes in China [1][3]. - The average mortality rate is reported to have decreased by approximately 20% to 30%, while life expectancy has increased by about 2 years [4][6]. Impact on Insurance Premiums - The new mortality table is expected to influence premium pricing for various insurance products. For term life insurance, premiums may decrease due to lower mortality rates, while premiums for annuity products may rise due to increased life expectancy [4][5][6]. - However, the overall impact on premiums is anticipated to be modest, as companies will consider multiple factors beyond the mortality table in their pricing strategies [6][7]. Regulatory Requirements and Industry Practices - The notification outlines specific requirements for the use of the new mortality table, emphasizing the need for insurance companies to align their product pricing with the updated data while considering their own experience data [7][8]. - Companies are required to establish a review mechanism to ensure the accuracy of their actuarial models and to report any significant deviations in mortality rates [7][8].

Core Viewpoint - The National Financial Supervision Administration has issued a notification regarding the implementation of the "China Life Insurance Experience Life Table (2025)" starting January 1, 2026, which will replace the previous version from 2010-2013 [1][2]. Group 1: Life Table Implementation - The "Fourth Life Table" includes various tables for pension and non-pension businesses, with the single life table being newly compiled to better reflect individual life patterns and improve comparability with population mortality rates [1]. - The notification regulates the use of the life table for insurance product pricing, reserve assessment, and dividend distribution, while emphasizing the actuarial responsibilities of insurance companies [1]. Group 2: Industry Impact - The new life table reflects changes in population risk characteristics, aiding insurance companies in accurately setting insurance coverage and offering diverse, high-quality, and stable-priced insurance products to meet the growing demand for insurance protection and wealth management [2]. - The notification aims to enhance the precision and scientific basis of product pricing, strengthen proactive risk management, protect consumer rights, and promote high-quality development within the insurance industry [2].