Core Viewpoint - The recent surge in local governments' initiatives to attract insurance capital reflects a pressing need for long-term, stable funding to support economic transformation and major projects amid economic pressures and limited traditional financing options [5][6][9]. Group 1: Government Initiatives - Multiple local governments, including those in Henan, Shaanxi, Tibet, Shandong, and Liaoning, are actively promoting "insurance capital into X" initiatives to channel large-scale insurance funds into local economies and significant projects [1][7]. - The "insurance capital into Henan" initiative has successfully attracted over 1 trillion yuan in insurance funds since its launch in July 2022, with a notable increase in investment scale and diversification of investment methods [3][4]. - The introduction of insurance capital is seen as a strategic move by local governments to address capital shortages and enhance financing structures during economic transitions [5][6]. Group 2: Investment Trends - Insurance funds are increasingly being directed towards emerging industries and projects, moving away from traditional sectors like chemicals and infrastructure, with plans to invest over 5 billion yuan in health-related initiatives [3][4]. - The total investment scale of China Life in Henan has exceeded 140 billion yuan, showcasing the significant role of major insurance companies in local economic development [4]. - The competition for attracting insurance capital is not limited to inland provinces but is also evident in coastal and northeastern regions, indicating a nationwide trend [7][8]. Group 3: Economic Context - The push for insurance capital is driven by the need for stable, long-term investments to support infrastructure, technological innovation, and green projects, particularly in the context of economic downturns and rising financing costs [6][9]. - The insurance sector is facing pressure due to declining long-term interest rates, prompting a search for stable returns through investments in significant local projects [9][10]. Group 4: Challenges and Solutions - The successful integration of insurance capital into local projects requires a robust framework that includes project quality, credit enhancement measures, policy support, and exit mechanisms [12][13]. - Local governments must establish a credible, long-term policy environment to attract insurance capital, balancing short-term funding needs with the long-term stability that insurance funds require [12][13].

Core Viewpoint - The regulatory authority has imposed severe penalties on Anxin Insurance for violations, including a ban on new business in several insurance categories and penalties for 19 responsible individuals, highlighting significant governance and operational issues within the company [1][2][9]. Regulatory Actions - Anxin Insurance has been ordered to stop accepting new business for credit guarantee insurance for 36 months, short-term health insurance for 24 months, and vehicle insurance for 6 months [1][9]. - 19 individuals associated with Anxin Insurance received warnings and fines totaling 770,000 yuan, with several facing industry bans ranging from 6 to 11 years [2][9]. Financial Performance - Anxin Insurance has reported continuous losses since its inception, with net losses from 2016 to 2021 amounting to 7.3 million yuan, 29.9 million yuan, 49.5 million yuan, 10.6 million yuan, 57.8 million yuan, and 27.6 million yuan respectively [10]. - The company's insurance business revenue peaked at 2.721 billion yuan in 2019 but significantly declined to 1.758 billion yuan in 2020 and further to 373 million yuan in 2021 [2][10]. Solvency Issues - Anxin Insurance's solvency ratio deteriorated sharply, with a core solvency ratio of -175.83% by the end of 2020 and -871.59% by the third quarter of 2024, indicating severe financial distress [3][12]. - The company has been mandated to halt new business operations due to insufficient solvency levels, with a reported net asset value of -735 million yuan as of September 2024 [12]. Strategic Developments - Anxin Insurance has relocated its headquarters from Beijing to Suzhou, which is speculated to be a strategic move to facilitate the establishment of Dongwu Insurance, potentially indicating a restructuring or rebranding effort [5][14]. - Dongwu Insurance was approved for establishment with a registered capital of 2 billion yuan, suggesting a possible lifeline for Anxin Insurance amid its ongoing challenges [5][14]. Industry Implications - The situation of Anxin Insurance serves as a cautionary tale for the insurance industry, particularly for emerging internet insurance companies, emphasizing the importance of sustainable growth and risk management over short-term performance [15].

杠杆上行，大行保险买长 ——流动性与机构行为跟踪 Email：yanly@zts.com.cn Email：suht@zts.com.cn 相关报告 证券研究报告/固收定期报告 2025 年 12 月 22 日 分析师：吕品 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 执业证书编号：S0740525070001 1、《大行增仓，基金久期回升》 2025-12-15 2、《大行买短，农商接长》2025-12-08 3、《基金、券商共振抛券》2025-12-01 报告摘要 分析师：严伶怡 本周（12.15-12.19）关注要点：本周资金利率分化，大行融出日均环比增加，基金小 幅加杠杆；存单到期增加，存单到期收益率曲线下移；现券成交来看，买盘主力来自 大行，增持 3Y 以内和 5-10Y 利率债为主，基金净买入规模减少，主要增持短端信用， 大保险继续增配 20-30Y 超长利率债，农商行抛利率债为主。 货币资金面 同业存单与票据 请务必阅读正文之后的重要声明部分 联系人：苏鸿婷 本周（12.15-12.19，下同）共有 6685 亿元逆回购到期。周一至周五央行分别投放逆 ...

来源：今日保 越来越多的中小公司正在放弃在个险上的布局和努力，而发力银保。 事实上，整个寿险行业都出现了"银进个退"现象，更有人把银保称为 "C"位渠道。 这背后的原因其实是发展个险的成本高昂，无以为继。如果叠加会计准则切换与"报行合一"全覆盖，成 本问题更加突出。这对中小公司来说直接就是"致命"的。 苦战银保成为中小公司不得已而为之的选择。 而对于大公司来说，银保带来的快速流转的资金也能极大缓解在流动性方面的压力与挑战，自然成为重 要阵地。 所以，看上去，银保的确"C"了，而背后，是资产负债、投入产出、生死存亡的精细考量。 关键原因 下滑的"750曲线" 将极大改变太多机构的经营策略 作为保险公司的准备金负债评估折现率乃至寿险产品定价的重要基准 ，"750日移动平均国债收益率曲 线"的不断下行，对行业影响巨大，尤其是正在击穿中小寿险公司维持生存的平衡线。 "750曲线"在2020年后持续、明显地加速下降，被认为是寿险业面临的最大挑战，也是行业转型中最为 显著的外部压力。这个看上去具有很强专业性的词汇，成为直接关乎行业、甚至近乎能决定一众公司生 死存亡的关键词。 当然，无论是"750曲线"的变化与在保险业的影 ...

曾几何时，风口、机会与短期的高收益是人们茶余饭后的谈资；如今，安稳、存续与如何构筑家庭财务的"压舱石"，成了更普遍的关切。当六大行相继调整 中长期定期存款产品，市场传递出的信号愈发清晰：利率中枢下行或成长期趋势，传统储蓄方式的保值效能正在经受考验。在波动成为常态的环境里，何处 才能寻得一份兼具安全性与成长性的长久依靠？ 在低利率成为新常态的今天，寻找既能守护本金安全、又能分享经济增长成果的财富管理工具，已成为众多家庭的迫切需求。分红型保险产品，因其"保证 +分红"的独特结构，正成为连接"安全"与"成长"的优选桥梁。 鑫如意（臻享版）终身寿险（分红型） ①精准定位于此，以"终身保障"为确定性底色，以"分红机制"为参与市场提供助力，聚焦"保障+财富增长"的双重价 值，旨在为客户提供覆盖全生命周期的周全守护。 这款产品的设计，紧紧围绕三个核心特点展开："终身增""享分红""多选择"。所谓"终身增"，意味着保单的有效保险金额自第二个年度起，每年按上一年的 1.0175倍稳健递增。这份增长白纸黑字写入合同，独立于市场短期波动，如同为家庭资产安装了一台稳定运转的"复利引擎"筑牢"底仓"。 在这一背景下，平衡"确定"与"可 ...

Core Insights - The insurance industry in China is entering a critical year in 2025, focusing on high-quality development and internal reforms despite a complex external environment [1] Group 1: Life Insurance Sector - The life insurance industry is transitioning from reliance on interest rate spreads to a new cycle of value growth, emphasizing risk management and marketing reforms [2] - A dynamic adjustment mechanism for the predetermined interest rate was implemented, with the minimum guaranteed rates set at 2.0% for ordinary products, 1.75% for participating products, and 1.0% for universal insurance [2] - The insurance agent workforce is being upgraded, with a shift towards professional roles such as "health wealth planners" and "insurance wellness consultants" [3] Group 2: Property Insurance Sector - The property insurance sector is addressing challenges such as the difficulty in insuring new energy vehicles and enhancing management of non-auto insurance [4] - The "Good Insurance for Cars" platform was launched, involving 37 property insurance companies and providing coverage for over 1.1 million vehicles, with a total insured amount of 1.1 trillion yuan [5] - Non-auto insurance is undergoing stricter regulation, with a focus on improving compliance and quality, as outlined in the new regulatory framework [5] Group 3: Insurance Capital - Insurance capital is increasingly being utilized as patient capital, with total investment exceeding 37 trillion yuan, a 16.5% year-on-year increase [6] - Policies supporting insurance capital investment have been strengthened, including adjustments to asset allocation ratios and long-term investment assessments [7] - The scale of long-term investment pilot programs has expanded, with a total of 222 billion yuan approved for participation from various insurance companies [8]

来源：险企高参 华贵人寿获贵州金融监管局批复新增注册资本6.15亿元，注册资本从20亿元增至26.15亿元。 12月19日，华贵人寿获贵州金融监管局批复新增注册资本6.15亿元，注册资本从20亿元增至26.15亿元， 同时该司2024年底启动的25-45亿元大额募资计划仍在推进中，增资后注册资本将达45-65亿元。 作为贵州省首家本土保险法人机构，华贵人寿在成立第八年迎来业绩拐点，2025年前三季度实现保险业 务收入45.23亿元、同比增长31.03%，净利润1.83亿元同比扭亏为盈，投资收益率4.28%、综合投资收益 率5.23%分别位居寿险行业第14位和第8位。 此次密集增资既是公司应对"偿二代二期"监管规则落地、核心偿付能力充足率需进一步提升的主动举 措，也契合2025年保险业千亿级资本补充的趋势。截至当年12月15日全行业已补充资本金约1144亿元， 寿险公司为增资主力，中小险企"补血"与头部险企"发债"并行成为行业整体态势。 获批增资超6亿 另有一笔45亿"在路上" 12月19日，华贵人寿获贵州金融监管局批复，新增注册资本6.15亿元，注册资本从20亿元增至26.15亿 元。这是继2023年4月完成 ...

Core Viewpoint - Digital finance encompasses both technology-driven financial innovation and the digital transformation of the financial system, which is crucial for deepening financial reforms and promoting the integration of the digital economy with the real economy in China [3][4][8]. Group 1: Digital Transformation in Finance - The financial industry has made significant progress in digital transformation during the 14th Five-Year Plan period, enhancing the efficiency of financial products and services [4]. - Policies such as the "Financial Technology Development Plan (2022-2025)" and guidelines for the digital transformation of banking and insurance sectors have accelerated the pace of digital transformation in financial institutions [5]. - Financial institutions are leveraging technologies like artificial intelligence, big data, and blockchain to improve risk control, marketing, investment advisory, and operational management [5]. Group 2: Support for Digital Economy - The core industries of the digital economy are expected to account for about 10% of GDP by 2024, with significant improvements in digital innovation capabilities [6]. - The People's Bank of China and other departments have launched initiatives to accelerate digital financial innovation, supporting the development of core industries in the digital economy [6]. - The loan balance for core industries of the digital economy reached 8.2 trillion yuan, with a year-on-year growth of 13.0%, indicating a faster growth rate compared to other loan categories [6]. Group 3: Future Development of Digital Finance - The expansion of the digital economy necessitates the development of digital finance to seize opportunities presented by technological revolutions and industrial transformations [7]. - The integration of data, algorithms, and resources is accelerating the construction of a national data center system, providing foundational support for the development of digital finance [7]. - Financial institutions are required to adapt to new demands from the digital economy, enhancing their understanding of market needs and optimizing financial products and risk control models [7]. Group 4: Strategies for High-Quality Development - Strengthening policy guidance and activating new momentum for the digital economy is essential, including the formulation of a development plan for digital finance during the 15th Five-Year Plan period [8]. - A comprehensive legal and regulatory framework is needed to support digital financial governance, focusing on data security, personal information protection, and algorithm ethics [8]. - Enhancing infrastructure and technological support is crucial, with an emphasis on advancing computing power and applying technologies like cloud computing and artificial intelligence [8].

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - On December 19, the liquidity remained loose, the bond market continued to be bullish, the convertible bond market followed the equity market and continued to rise, most convertible bond issues increased, yields on US Treasuries of various maturities generally increased, and 10-year government bond yields in major European economies generally rose [2]. 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - The State Council executive meeting arranged the implementation of the decisions and deployments of the Central Economic Work Conference, emphasizing that all departments should implement the work to consolidate and expand the positive economic trend [4]. - The Shanghai and Shenzhen Stock Exchanges, together with China Securities Depository and Clearing Corporation Limited, issued notices to support overseas institutional investors in conducting bond repurchase business to deepen the opening-up of the exchange bond market [5]. - The National Financial Regulatory Administration released a draft for comments on the Asset-Liability Management Measures for Insurance Companies to strengthen supervision of the insurance industry's asset-liability [5]. - In November 2025, cross-border payments remained active, and securities investment fund flows became more stable, with a net inflow of $17.8 billion in cross-border funds from non-bank sectors [6]. 3.1.2 International News - The Bank of Japan raised interest rates by 25 basis points to 0.75%, the highest since 1995, and may continue to raise rates depending on economic and price conditions [7]. - New York Fed President John Williams said there is no urgency to cut rates further, strengthening the market's expectation of a short-term pause in rate cuts [8]. 3.1.3 Commodities - On December 19, international crude oil futures prices continued to rise, and international natural gas prices turned up. WTI January crude oil futures rose 0.91% to $56.66 per barrel, Brent February crude oil futures rose 1.09% to $60.47 per barrel, COMEX February gold futures rose 0.52% to $4,387.3 per ounce, and NYMEX natural gas prices rose 2.05% to $4.026 per ounce [9][10]. 3.2 Liquidity 3.2.1 Open Market Operations - On December 19, the central bank conducted 7-day reverse repurchase operations worth 56.2 billion yuan at an interest rate of 1.40% and 14-day reverse repurchase operations worth 100 billion yuan. With 120.5 billion yuan of reverse repurchases maturing, the net capital injection was 35.7 billion yuan [12]. 3.2.2 Funding Rates - On December 19, the liquidity remained loose. DR001 fell 0.11bp to 1.271%, and DR007 rose 0.21bp to 1.441% [13]. 3.3 Bond Market Dynamics 3.3.1 Interest Rate Bonds - **Spot Bond Yield Trends**: On December 19, boosted by LPR rate cut expectations, the bond market continued to be bullish. By 20:00, the yield on the 10-year Treasury bond active issue 250016 fell 0.70bp to 1.8350%, and the yield on the 10-year CDB bond active issue 250215 fell 1.55bp to 1.8920% [15]. - **Bond Tendering**: The issuance scale of the 3-year and 5-year Treasury bonds was 97 billion yuan and 99 billion yuan respectively, with corresponding winning yields of 1.3554% and 1.5603% [17]. 3.3.2 Credit Bonds - **Secondary Market Trading Anomalies**: On December 19, the trading prices of two industrial bonds deviated by more than 10%. "19 Shanghai Shimao MTN001" and "20 Shanghai Shimao MTN001" rose by more than 26% [17]. - **Credit Bond Events**: Multiple companies had events such as debt restructuring, being listed as an executor, being criticized for violations, and canceling bond issuances [20]. 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indexes**: On December 19, the three major A-share indexes rose, and the convertible bond market followed the equity market. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index rose 0.38%, 0.27%, and 0.52% respectively. Most convertible bond issues rose [19]. - **Convertible Bond Tracking**: On December 19, Changgao Electric's convertible bond issuance was approved, some convertible bonds proposed to lower the conversion price or were about to meet the conditions, and some were about to be redeemed early or met the early redemption conditions [24]. 3.3.4 Overseas Bond Markets - **US Bond Market**: On December 19, yields on US Treasuries of various maturities generally rose. The 2-year and 10-year yields rose 2bp and 4bp to 3.48% and 4.16% respectively. The 2/10-year yield spread widened 2bp to 68bp, and the 5/30-year yield spread narrowed 2bp to 112bp. The 10-year TIPS break-even inflation rate remained unchanged at 2.24% [22][23][25]. - **European Bond Market**: On December 19, 10-year government bond yields in major European economies generally rose. German, French, Italian, Spanish, and British 10-year yields rose 4bp, 5bp, 4bp, 5bp, and 5bp respectively [26]. - **Daily Price Changes of Chinese Dollar Bonds**: As of the close on December 19, some Chinese dollar bonds had significant price changes, with some rising and some falling [28].

关键词阅读：养老 保险业 责任编辑：栎树 近日，在由中国太保与复旦大学联合主办的长三角"双阳杯"养老社区艺术节总汇演暨"守护记忆·守护 爱"认知健康公益行活动上，复旦大学保险应用创新研究院、复旦大学公共卫生学院与太保养老投资公 司三方联合编撰的《保险业健康服务管理白皮书》发布。《白皮书》显示，比如，养老行业人才存在缺 口，人才总量供给不足、人才结构与岗位需求不匹配；行业需要复合型人才，但供给侧存在断层。养老 行业人才供给缺口约550万人，新增从业人员流失率约40%至50%，机构缺乏从业人员占比约85.6%。 ...