Core Viewpoint - The financial regulatory authorities have initiated a crackdown on illegal activities in the financial sector, particularly focusing on loan fraud and extortion under the guise of insurance claims [1][5]. Group 1: Loan Fraud Cases - The first case involves a group led by Ning, who engaged in loan fraud by creating "professional debtors" and falsifying documents to secure loans, resulting in a total fraud amount of over 7.38 million yuan [2][3]. - The court sentenced Ning to 16 years in prison and imposed fines totaling 800,000 yuan for loan and credit card fraud, with other accomplices receiving varying sentences [3][4]. - The financial regulatory authorities emphasized the need for a comprehensive crackdown on such organized crime, which disrupts financial order and poses a significant threat to national financial security [3][4]. Group 2: Insurance Extortion Cases - The second case involves Lin and Ma, who operated under the pretense of "high-value insurance refunds" to extort money from policyholders, causing losses of 2.1762 million yuan to insurance companies and illegally profiting 489,600 yuan [5][6]. - The court found Lin and Ma guilty of extortion, sentencing Lin to 11 years and Ma to 10 years in prison, with additional penalties imposed on their accomplices [6]. - The financial regulatory authorities have reiterated that any organization or individual must not engage in illegal activities related to insurance refunds, as these actions disrupt the insurance market and mislead policyholders [6][7].

香港联交所最新资料显示，9月10日，长城人寿保险股份有限公司增持秦港股份（601326） (03369)218.45万股，每股作价为2.4087港元，总金额约为526.18万港元。增持后最新持股数目为2.66亿 股，最新持股比例为32.05%。 ...

两部门联合发布首批金融领域"黑灰产"违法犯罪典型案例 中新网9月15日电 据"公安部"微信公众号消息，金融监管总局、公安部持续加大工作协同力度，深化行 政执法与刑事司法衔接，重拳出击严厉打击金融领域"黑灰产"突出违法犯罪行为，取得积极成效。现将 第一批典型案例公布如下： 案例一 宁某等人包装"职业背债人"实施贷款诈骗、信用卡诈骗案 基本案情 基本案情 2020年12月至2023年4月期间，林某某、马某某为非法获利，以全额退保或高额退保为诱饵，发布违法 广告，怂恿、诱导投保人委托其代理退保，杜撰、虚增、编造保险公司及业务人员存在违规行为的内容 和证据，向监管部门邮寄信件、反复投诉，同时教唆投保人、离职保险业务员消极对抗后续调查、询 问，导致保险公司及相关业务员向投保人支付保险现金价值，并被胁迫额外给予保费总额60%-100%的 高额补偿款，林某某、马某某从中抽成保费总额的20%-30%据为己有。林某某、马某某合作一段时间 后，各自发展业务，但仍相互介绍客户。2021年10月起，马某某还成立了法务公司，雇请何某某、吴某 某等人从事代理退保业务。 2019年7月至2020年5月期间，被告人宁某伙同沈某某等人(另案处 ...

Core Viewpoint - The financial data for August indicates a weak demand for financing in the real economy, with signs of improvement in corporate long-term investments, while consumer confidence remains low, leading to a "deposit migration" phenomenon influenced by the performance of the capital market [12][13]. Group 1: Social Financing and Loan Data - The total social financing scale increased by 2.57 trillion yuan, slightly above market expectations, but decreased by 463 billion yuan year-on-year, marking the first decline in the year [3][5]. - New RMB loans amounted to 590 billion yuan, a year-on-year decrease of 310 billion yuan, remaining at a low level compared to previous years [3][5]. - Government bond net financing was 1.37 trillion yuan, becoming a drag on social financing for the first time in ten months due to a high base effect from last year [5][12]. Group 2: Credit Structure and Consumer Behavior - Resident loans increased by 30.3 billion yuan, a year-on-year decrease of 159.7 billion yuan, reflecting a cautious attitude towards debt amid an unstable job market [6][8]. - Consumer confidence index is low, and the employment outlook index has hit a new low since March 2020, limiting residents' willingness to leverage [6][8]. - The consumer loan interest subsidy policy started in September, and its effects are yet to be observed [8]. Group 3: Corporate Loan Trends - Non-financial corporate loans increased by 590 billion yuan, a year-on-year decrease of 250 billion yuan, with short-term loans showing a seasonal improvement for the first time in five years [8][12]. - The increase in short-term loans may be related to a recovery in production sentiment, while the decline in medium to long-term loan growth is slowing down [8][12]. Group 4: Monetary Supply and Deposit Trends - M2 grew by 8.8% year-on-year, remaining stable, while M1's growth rate increased by 0.4 percentage points to 6.0%, narrowing the gap between M2 and M1 to a 51-month low [11][12]. - In August, RMB deposits increased by 2.06 trillion yuan, a year-on-year decrease of 160 billion yuan, indicating a trend of "deposit migration" from residents to non-bank deposits [11][12]. Group 5: Future Outlook - The pace of government bond issuance will continue to impact social financing growth, with a projected decrease in net issuance in the fourth quarter compared to the previous year [12][13]. - The key factor for a rebound in private sector credit demand hinges on the stabilization of the real estate market and improvements in income expectations [13]. - The central bank's continued support and liquidity remain strong, suggesting that structural market trends may persist [13].

事关车主关心的新能源车险，一地发布最新"发展方案"。9月14日，北京商报记者了解到，安徽金融监管局等七部门近日联合发布《关于促进新能源车险高 质量发展的实施意见》（以下简称《实施意见》）。政策明确提出加快建设安徽省汽车全生命周期信息数字化服务管理平台，推动实现新能源汽车数据跨行 业合规共享；丰富商业车险产品以及优化商业车险基准费率等。 其中，在丰富商业车险产品方面，支持保险行业围绕新能源汽车商业车险保障需求，推动创新优化产品落地安徽。积极参与"基本+变动"新能源车险组合产 品推广应用，支持新能源网约车根据实际运营情况灵活投保。 在优化商业车险基准费率方面，《实施意见》提出，充分发挥行业纯风险保费在定价中的基准作用，开展行业纯风险保费测算调整工作。优化新车型车险定 价标准，综合考虑新车售价、续航里程、动力性能、安全配置、保险车型风险分级等因素，提升定价精准度和合理性。 《实施意见》还提出，加快建设安徽省汽车全生命周期信息数字化服务管理平台，推动实现新能源汽车数据跨行业合规共享。 在业内人士看来，这一举措与金融监管总局等四部门年内联合发布的《关于深化改革加强监管促进新能源车险高质量发展的指导意见》形成政策合力。一 ...

Report Summary 1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints - This week (9.8 - 9.12), the capital interest rate increased, the average daily lending of large - scale banks decreased, and funds reduced leverage. - The maturity of certificates of deposit increased, and the yields to maturity of certificates of deposit at various tenors rose. - In the spot bond trading, the main buyers were large - scale banks, with a significant increase in net buying compared to last week, mainly increasing holdings of 1 - 5Y interest - rate bonds. Insurance companies increased their allocation of 20 - 30Y interest - rate bonds, rural commercial banks increased holdings of 7 - 10Y bonds, securities firms reduced their interest - rate bond holdings, and funds were the main sellers, mainly reducing holdings of 7 - 10Y interest - rate bonds. [4] 3. Summary by Directory 3.1 Monetary Fundamentals - **Open Market Operations**: There were 1.0684 trillion yuan of reverse repurchases maturing this week. The central bank conducted reverse repurchase operations of 191.5 billion, 247 billion, 304 billion, 292 billion, and 230 billion yuan from Monday to Friday, with a total investment of 1.2645 trillion yuan and a net liquidity injection of 196.1 billion yuan for the whole week. Next Monday, 600 billion yuan of outright reverse repurchases will be invested. [7] - **Funding Rates**: As of September 12, R001, R007, DR001, and DR007 were 1.4%, 1.47%, 1.36%, and 1.46% respectively, changing by 3.7BP, 0.85BP, 4.83BP, and 2.03BP compared to September 5, and were at the 17%, 7%, 15%, and 3% historical percentiles respectively. [10] - **Large - scale Bank Lending**: From September 8 to September 12, the total lending scale of large - scale banks was 20.31 trillion yuan, with a maximum daily lending scale of 4.2 trillion yuan and an average daily lending scale of 4.1 trillion yuan, a decrease of 0.1 trillion yuan compared to the previous week's average. [13] - **Pledged Repurchase Transactions**: The trading volume of pledged repurchases increased, with an average daily trading volume of 7.49 trillion yuan and a maximum daily trading volume of 7.64 trillion yuan, a 2.46% increase compared to the previous week's average. The proportion of overnight repurchase transactions increased, with an average daily proportion of 88.4% and a maximum daily proportion of 89.1%, an increase of 0.08 percentage points compared to the previous week's average, and was at the 86.7% percentile as of September 12. [15] 3.2 Certificates of Deposit and Bills - **Issuance and Financing of Certificates of Deposit**: The issuance scale of inter - bank certificates of deposit increased this week, and the net financing turned negative. The total issuance was 782.06 billion yuan, an increase of 200.36 billion yuan compared to the previous week; the total maturity was 1252.02 billion yuan, an increase of 921.97 billion yuan compared to the previous week. The net financing was - 469.96 billion yuan, a decrease of 721.41 billion yuan compared to the previous week. [17] - **Issuance by Bank Type**: This week, the issuance scales of inter - bank certificates of deposit by state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 239.28 billion, 243.47 billion, 241.39 billion, and 38.11 billion yuan respectively, changing by 80.94 billion, 79.24 billion, 19.62 billion, and 2.97 billion yuan compared to the previous week. [17] - **Issuance by Tenor**: The issuance scales of 1M, 3M, 6M, 9M, and 1Y inter - bank certificates of deposit were 68.6 billion, 262.94 billion, 230.26 billion, 100.51 billion, and 119.75 billion yuan respectively, changing by 50.79 billion, 31.44 billion, 96.37 billion, - 14.46 billion, and 36.22 billion yuan compared to the previous week. The 3M certificates of deposit accounted for the highest proportion of the total issuance of certificates of deposit by different types of banks, at 33.62%, mainly due to more issuances by state - owned banks; the 6M tenor accounted for 29.04%, mainly due to more issuances by joint - stock banks. [17][18] - **Yields to Maturity of Certificates of Deposit**: As of September 12, the yields to maturity of 1M, 3M, 6M, 9M, and 1Y inter - bank certificates of deposit of AAA - rated commercial banks were 1.55%, 1.56%, 1.64%, 1.67%, and 1.67% respectively, changing by 10.6BP, 1BP, 0.95BP, 0.55BP, and 0.5BP compared to September 5. [30] - **Bill Rates**: As of September 12, the 3M direct discount rate of national - owned and joint - stock banks, 3M transfer discount rate of national - owned and joint - stock banks, 6M direct discount rate of national - owned and joint - stock banks, and 6M transfer discount rate of national - owned and joint - stock banks were 1.27%, 1.15%, 0.83%, and 0.79% respectively, changing by 1BP, - 3BP, 5BP, and 6BP compared to September 5. [32] 3.3 Institutional Behavior Tracking - **Inter - bank Leverage Ratio**: As of September 12, the total inter - bank leverage ratio in the bond market decreased by 0.05 percentage points to 106.51% compared to September 5, at the 34.5% historical percentile since 2021. [35] - **Leverage Ratios of Different Institutions**: As of September 12, the leverage ratios of banks, securities firms, insurance companies, and broad - based funds were 103.5%, 187.9%, 130.6%, and 104.5% respectively, changing by 0.02BP, - 0.33BP, 2.51BP, and - 0.41BP compared to September 5, and were at the 27%, 1%, 83%, and 8% historical percentiles respectively. [37] - **Duration Adjustment**: As of September 12, the weighted average duration of net purchases by funds (MA = 10) was - 3.00 years, turning negative from 3.42 years on September 5 and at the 4% historical percentile; the weighted average duration of net purchases by wealth management products (MA = 10) was 1.28 years, an increase compared to September 5 and at the 63% historical percentile; the weighted average duration of net purchases by rural commercial banks (MA = 10) was 1.78 years, an increase compared to September 5 and at the 63% historical percentile; the weighted average duration of net purchases by insurance companies (MA = 10) was 13.17 years, an increase compared to September 5 and at the 93% historical percentile. [39]

固定收益 | 固定收益点评 2025 年 09 月 14 日 作者 谭逸鸣 分析师 SAC 执业证书编号：S1110525050005 tanyiming@tfzq.com 近期报告 1 《固定收益：终端需求仍待提振-高 频跟踪周报 20250913》 2025-09-13 2 《固定收益：流动性跟踪-下周资金 再迎"考验"》 2025-09-13 3 《固定收益：固收点评-社融增速见 顶？》 2025-09-13 固收周度点评 证券研究报告 风浪未平，留一份谨慎 1、本周债市行情回顾：利率再"寻顶" 前半周，债市悲观情绪在基金费率调整的催化之下再度蔓延，以及股债联 动"不对称"、债市"急跌慢涨"的现象仍在延续，前期被认为是 10Y 期国 债利率阶段性顶部的 1.80%点位被顺畅突破。后半周，债市对央行重启买债 的期待升温，利率有所修复。 2、跌势为何加深？承接力量难抵交易盘抛压 刘昱云 分析师 SAC 执业证书编号：S1110525070010 liuyuyun@tfzq.com 唐海清 分析师 SAC 执业证书编号：S1110517030002 tanghaiqing@tfzq.com 藏多 分析师 SA ...

Core Viewpoint - The China Banking and Insurance Regulatory Commission has imposed penalties on Evergrande Life and several individuals for serious violations, including non-compliance in the use of insurance funds and falsification of reports [1][2][9] Group 1: Penalties and Violations - Evergrande Life was penalized for serious non-compliance in the use of insurance funds, improper benefit transfers to related parties, and false reporting [2][9] - A total of 25 individuals were penalized, with fines amounting to 2.825 million yuan, and several individuals, including former chairmen, received industry bans ranging from 5 to lifetime [2][3] - The Shenzhen Financial Regulatory Bureau also imposed fines totaling 410,000 yuan for violations related to shareholder equity and seal management [2][8] Group 2: Key Individuals - Liang Dong, the current chairman of Evergrande Life, and Zeng Songbai, the general manager, are among those penalized [3][4] - Former chairmen, including Peng Jianjun and Zhu Jialin, who were closely associated with Xu Jiayin, were also included in the penalty list [3][4][6] Group 3: Business Transition - Evergrande Life's insurance business and corresponding assets and liabilities have been transferred to Haigang Life, a state-owned insurance company [7][8] - Haigang Life has committed to fulfilling the insurance contracts signed under the name of Evergrande Life to protect consumer rights [7][8]

Core Viewpoint - The financial regulatory authorities have imposed penalties on Evergrande Life Insurance and several individuals for serious violations, including improper use of insurance funds and management issues [1][2][3]. Group 1: Penalties and Violations - Evergrande Life Insurance faced penalties for serious violations such as non-compliance in the use of insurance funds, improper benefit transfers to related parties, and false reporting [2][3]. - A total of 25 individuals were penalized, with fines amounting to 2.825 million yuan (approximately 0.4 million USD) [3]. - Key figures, including former chairmen Peng Jianjun and Zhu Jialin, received lifetime and multi-year bans from the insurance industry [3]. Group 2: Key Individuals - Peng Jianjun, a long-time associate of Xu Jiayin, has held multiple senior positions within the Evergrande Group since 2007, including chairman of Evergrande Life Insurance [5]. - Zhu Jialin, who previously served as vice president of Citic Bank, was appointed chairman of Evergrande Life Insurance in 2018 and has been closely associated with Xu Jiayin [8]. Group 3: Business Transition - On September 15, 2023, Haigang Life announced the acquisition of Evergrande Life's insurance business, assets, and liabilities, following approval from the regulatory authorities [9][10]. - Haigang Life, a national state-owned insurance company, aims to fulfill the obligations of insurance contracts signed under the Evergrande Life name [10][11].

低空经济作为"十四五"战略性新兴产业，正从政策试点走向规模化应用，无人机物流、城市空中交通、应急救援等场景快速落地。 "平安产险已累计承保超15万架无人机，提供风险保障超过900亿元，为无人机、航空器提供赔付金额超11.7亿元。"9月11日，在2025年中国国际服务贸易交 易会（以下简称"服贸会"）上，平安产险总经理史良洵在接受北京商报记者专访时表示。 从物流无人机穿梭楼宇的快速空投，到农田植保无人机的高效喷洒，再到电力巡检无人机的精准监测，低空经济产业正以多元化的深度应用，重塑千行百业 的运营模式。与此同时，低空飞行活动所面临的风险也不容忽视，低空经济要"飞得起"还要"飞得稳"，保险是低空经济商业化的"安全底座"。在2025年服贸 会上，对于低空经济发展，平安产险发布了《低空经济新兴风险治理与保险创新白皮书》（以下简称《白皮书》），为当前低空经济产业的综合风险提出了 系统性解决方案。 已承保15万架无人机 在业内人士看来，保障低空安全不仅需要相关企业的技术攻坚，更需要保险机构发挥风险管理专业优势，通过精准的风险定价与保障方案，满足产业链上中 下游的多元化保障需求。 对于低空经济风险保障需求，《白皮书》预测， ...