每经记者｜杨建 每经编辑｜彭水萍 ｜2025年10月29日 星期三｜ NO.1 网络安全法完成修改，自2026年1月1日起施行 据新华社报道，10月28日相关会议表决通过了关于修改《网络安全法》的决定，自2026年1月1日起施 行。2016年制定的网络安全法是网络安全领域的基础性法律。此次网络安全法的修改，适应网络安全新 形势新要求，重点强化网络安全法律责任，加强与相关法律的衔接协调。回应人工智能治理和促进发展 的需要，修改后的网络安全法明确，国家支持人工智能基础理论研究和算法等关键技术研发，推进训练 数据资源、算力等基础设施建设，完善人工智能伦理规范，加强风险监测评估和安全监管，促进人工智 能健康应用和发展。 国务院新闻办公室10月28日举行新闻发布会，介绍第八届中国国际进口博览会筹备情况，并答记者问。 商务部盛秋平表示，以中国大市场的"确定性"应对全球需求的"不确定性"。进博会是近距离观察中国高 水平对外开放的"大舞台"，也是沉浸式感受中国超大规模市场优势的"体验区"。 NO.5 IDC：上半年中国MaaS市场规模同比增长421.2% 10月28日，国际数据公司（IDC）最新发布的《中国模型即服务（Maa ...

Core Insights - The 2025 Financial Street Forum in Beijing emphasized the importance of establishing a comprehensive macro-prudential management system to support the real economy and promote high-quality financial development [1] Group 1: Macro-Prudential Management - The global financial crisis of 2008 highlighted the need for macro-prudential policies to address systemic risks, leading China to pioneer a macro-prudential policy framework [2] - The People's Bank of China (PBOC) plans to enhance the monitoring and assessment of systemic financial risks, with a focus on separating macro-prudential assessments from monetary policy evaluations [2] - Key measures will include strengthening oversight of systemically important banks and insurance companies, improving liquidity risk management, and enhancing cross-border capital flow management [3][4] Group 2: Financial Strengthening and Reform - The "14th Five-Year Plan" has seen significant progress in mitigating financial risks, with a focus on enhancing the adaptability of financial services to support sustainable economic development [5][6] - The PBOC aims to deepen reforms and expand openness in the financial sector, promoting a diverse and healthy financial ecosystem [5] - There will be an emphasis on improving risk management and coordination among various financial policies to prevent systemic risks [6] Group 3: High-Level Opening Up - New policies will be introduced to enhance cross-border trade facilitation and optimize foreign exchange management, significantly increasing the number of businesses able to conduct foreign exchange transactions [7][8] - The global trade volume is projected to grow at an annual rate of 5.4% from 2019 to 2024, with China playing a crucial role in enhancing global economic resilience [8] - China's foreign exchange market transactions are expected to increase by 37% compared to 2020, indicating a strong momentum for high-level opening up [8]

Core Viewpoint - The Financial Regulatory Administration has issued a notification supporting domestic insurance companies to issue "sidecar" insurance-linked securities in the Hong Kong market, which allows for better risk management of catastrophic events [1][2]. Group 1: Regulatory Framework - The notification allows domestic insurance companies to transfer catastrophic risks from natural disasters or public health emergencies to specially established purpose insurance companies, which will issue equity or debt securities to raise funds for fulfilling compensation obligations [1]. - This initiative follows a previous notification from 2021 that supported the issuance of catastrophe bonds by domestic insurance companies in Hong Kong [1]. Group 2: Financial Implications - The introduction of "sidecar" insurance-linked securities is expected to enhance the financial stability of insurance companies by allowing them to share catastrophic risks with the capital market, thereby smoothing operational volatility [2]. - The new securities are anticipated to provide a unique investment product in the Hong Kong market, with low correlation to traditional financial assets, as their triggers are primarily related to natural disasters rather than economic cycles [2]. Group 3: Future Developments - The Financial Regulatory Administration plans to continue supporting willing insurance companies in issuing "sidecar" insurance-linked securities to enrich risk management tools and improve the management of catastrophic risks [2].

Group 1 - The core viewpoint is that the insurance industry can significantly support technological innovation by providing long-term capital and financing solutions tailored to the lifecycle of tech enterprises [1][2] - The average liability duration of insurance capital and the average R&D cycle of tech companies in China are both between 10 to 15 years, indicating a strong alignment for investment opportunities [1] - Insurance capital has already directly invested thousands of billions in technology-related enterprises, highlighting the industry's commitment to supporting innovation [1] Group 2 - The insurance industry is actively adapting to the integration of technology and industry, with over 40 million new energy vehicles currently insured [2] - A memorandum of cooperation between the insurance and automotive industries aims to enhance vehicle safety, improve pricing models, and boost competitiveness [2] - The use of technology in insurance services is being expanded, including the establishment of a second-hand car information service platform to address information asymmetry in transactions [2] Group 3 - The insurance sector is encouraged to leverage technology to improve service efficiency in areas such as agricultural insurance, disaster insurance, and health insurance [2] - Advanced technologies like satellites, drones, and risk models are being utilized to enhance underwriting, claims processing, and risk reduction services [2] - The application of wearable devices and AI in health and pension insurance is aimed at providing proactive health management suggestions to policyholders [2]

Core Insights - The "2025 Shenzhen Top 500 Enterprises List" was officially released, with Ping An Insurance, Huawei Investment, and BYD ranking as the top three, maintaining their leading positions [1][16] - The list is based on the companies' revenue for the fiscal year 2024, and the accompanying report analyzes various dimensions of enterprise development, including scale, operational efficiency, innovation capability, social contribution, and internationalization [1][16] Group 1: Key Characteristics of the Top 500 Enterprises - Overall revenue growth is observed, with 18 companies exceeding 100 billion yuan in revenue, but the average sales profit margin has decreased to 4.86%, down from 5.10% in 2023 [1][2] - The number of companies in the 1-10 billion yuan revenue range has increased to 331, a year-on-year growth of 5.41%, with total revenue in this segment rising by 9.76% [1][2] Group 2: Competitive Landscape - The competition among top enterprises is intensifying, with 97 new entrants making up 19% of the list, and only 22 companies maintaining their previous rankings [2] - The revenue threshold for entering the list has been consistently rising over the past five years, indicating a rapidly evolving competitive landscape [2] Group 3: Private Sector Dynamics - Private enterprises account for 70% of the list, contributing over 45% of total revenue, particularly excelling in high-end medical devices and robotics sectors [2] - The manufacturing sector remains robust, with 207 manufacturing companies on the list showing a revenue growth of 13.82%, although traditional manufacturing faces transformation pressures [2] Group 4: Regional Development - The regional development is categorized into three tiers: Nanshan and Futian as the "core leading tier," Longgang and four other districts as the "growth and challenge tier," and Luohu and three other districts as the "transformation and adjustment tier," highlighting distinct industrial characteristics and collaboration opportunities [2] Group 5: Future Directions - Shenzhen's top 500 enterprises need to focus on enhancing value addition, optimizing innovation workforce allocation, balancing industrial development, and improving overseas business layouts to drive sustainable growth and support the city's economic high-quality development [16]

从具体内容来看，《通知》明确"侧挂车"保险连接证券的概念及发行范围。"侧挂车"是指保险公司将地震、台风、洪水等 自然灾害事件或突发公共卫生事件的巨灾风险，比例分保给专门设立的特殊目的保险公司，特殊目的保险公司为募集全额履行 上述赔偿责任的资金而发行的股权或债权型保险连接证券。 《通知》明确特殊目的保险公司的管理要求。保险公司发行"侧挂车"保险连接证券有关特殊目的保险公司设立与管理、再 保险安排、证券发行等要求，按照《中国银保监会办公厅关于境内保险公司在香港市场发行巨灾债券有关事项的通知》（银保 监办发〔2021〕102号）的规定执行。 本报记者 刘琪 10月28日，国家金融监督管理总局（以下简称"金融监管总局"）为丰富巨灾保险风险分散渠道，提升保险公司巨灾风险管 理水平，支持巩固香港国际金融中心建设，金融监管总局印发《关于境内保险公司在香港市场发行有关保险连接证券事项的通 知》（以下简称《通知》），支持境内保险公司在香港市场发行"侧挂车"保险连接证券并明确相关要求。 据金融监管总局有关司局负责人介绍，《国务院关于加强监管防范风险推动保险业高质量发展的若干意见》指出，要研究 探索巨灾债券，合理运用再保险分散风险 ...

新华社北京10月28日电（记者张千千、李延霞）记者28日从金融监管总局获悉，为丰富巨灾保险风 险分散渠道，提升保险公司巨灾风险管理水平，支持巩固香港国际金融中心建设，金融监管总局发文支 持境内保险公司在香港市场发行"侧挂车"保险连接证券并明确相关要求。 金融监管总局当日对外发布的《关于境内保险公司在香港市场发行有关保险连接证券事项的通知》 明确，"侧挂车"保险连接证券是指保险公司将地震、台风、洪水等自然灾害事件或突发公共卫生事件的 巨灾风险，比例分保给专门设立的特殊目的保险公司后，该特殊目的保险公司为募集全额履行上述赔偿 责任资金而发行的股权或债权型保险连接证券。 该负责人表示，"侧挂车"保险连接证券是对传统再保险市场的有效补充，有利于进一步拓展我国巨 灾保险风险分散渠道；有助于平滑保险公司经营波动，提升保险业应对巨灾风险的韧性。同时，为香港 市场提供了新型投资产品，有利于丰富香港市场投资选择。 【纠错】 【责任编辑:邱丽芳】 金融监管总局有关司局负责人表示，为进一步丰富巨灾风险管理工具箱，金融监管总局在前期支持 境内保险公司在香港发行巨灾债券的基础上出台通知，支持境内保险公司在香港发行"侧挂车"保险连接 证 ...

Financial Support for the Real Economy - From November 2024 to September 2025, 98 companies in the A-share market conducted initial public offerings (IPOs), raising a total of 91.8 billion yuan, with 86% being private enterprises and 92% in strategic emerging industries [1] - Listed companies raised 996.8 billion yuan through refinancing, which is equivalent to the total amount raised in the previous two years combined [1] Improvement in Financial Services for Key Areas - A policy framework has been established focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - The introduction of a "technology board" in the bond market and the creation of risk-sharing tools for technology innovation bonds have been implemented to enhance financial support for technological innovation [2] - By the end of September 2025, loans for technology, green, inclusive, pension, and digital economy sectors increased by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all significantly higher than the overall loan growth rate [2] - Over 600 entities issued technology innovation bonds totaling approximately 1.4 trillion yuan [2]

覆盖"康、养、育、富"全生命周期综合金融服务新路径，中信保诚人寿正推动保险与康养生态深度融合 文｜《财经》记者 杨芮 编辑｜袁满 当"老龄化"不再是纸上的抽象概念，而是扑面而来的现实图景，养老这件事也从人们心中模糊的晚年想象，变成了必须作答的时代考题。截至 2024年底，中国60岁及以上老年人口达到3.1亿，占总人口的22%；65周岁及以上老年人口2.2亿，占总人口的15.6%。 "老有所养"这一目标正得到了前所未有的重视，就养老机构的选择和支出，《2025中国高净值人群品质养老报告》（下称《报告》）的调查显 示，高净值银发群体的养老选择呈现显著代际导向特征，子女定居城市（67%）是高净值银发族最主要的养老居住地。在养老方式的选择上， 当前高净值银发族选择居家养老最多（68%），其次是机构养老（21%），社区养老最少（11%）。当前，选择机构养老的中国高净值银发族 每年支付给养老机构的费用平均27.5万元，有37%的人年均花费超过30万元。 中信保诚人寿在成立25周年之际，在本次大会上举行了"中信&保诚海外金融服务"启动仪式暨传家家族办公室2.0发布以及"中信保诚人寿未来 之家"启动仪式，意味着中信保诚人寿将 ...

行情回顾及主要观点： 港股红利板块上周逆势上涨：恒生港股通中国央企红利全收益指数上涨1.11%，恒生指数下跌3.96%， 恒生科技指数下跌7.98%。恒生一级行业中，公用事业领涨，资讯科技业领跌。（数据来源：Wind，截 至2025/10/17） 配置视角：红利风格前期的震荡回调或已较为充分，当前布局性价比较显著，资金高切低下港股红利有 望受益。近期中美博弈时有反复，或对市场产生短期扰动，叠加前期成长板块累积了较高涨幅，资金存 在获利了结和高切低的可能；相较于成长板块，港股红利近两个月明显滞涨甚至有所回调，估值的性价 比更为凸显，有望承接高切低的资金。 政策视角：政策推动红利资产吸引力提升。2024 年至今，A 股上市公司分红力度明显加大，政策支持 为红利资产注入长期估值重塑动能。此外，债券增值税新规或间接利好红利类资产。 资金视角：险资等长钱配置需求有望持续释放。当成长风格占据主导时，部分交易型资金可能向成长板 块迁移；但险资为代表的中长期资金基于负债端久期匹配与收益稳定的需求，仍将为红利资产带来长期 相对稳定的资金流入。 港股央企红利的股息率更高、估值更低。恒生港股通中国央企红利指数股息率达6.02%（v ...