当有银行理财经理向你推荐"保本保息"的保险产品时，你是否意识到这背后是一场规模数千亿的市场博弈？ 2025年，背靠工商银行、建设银行、邮储银行等大型银行的十家银行系保险公司，交出了一份亮眼的成绩单：全 年合计保费收入4775.15亿元，同比增长15.29%；净利润243.64亿元，同比增长145.06%。 十家公司2025年无一亏损，中信保诚人寿、光大永明人寿两家机构成功扭亏为盈。然而，行业分化亦在悄然加 剧：有公司营收破千亿元独占鳌头，也有公司营收增速仅0.2%；有公司综合投资收益率近5%，有公司则跌入负 值；有公司净资产翻三倍，有公司却骤降近九成。 记者留意到，"报行合一"政策自2023年8月在银保渠道率先落地实施，2025年已进入政策深化期。2025年银行系险 企整体业绩增长背后，是依托母行渠道优势的"躺赢"，还是行业转型期的阶段性红利？当部分公司合规风险暴 露、偿付能力逼近监管红线，这场"银保盛宴"的争夺战，谁将笑到最后？ 保费：梯队分化明显，一家破千亿 2025年，十家银行系险企凭借渠道优势，保费规模实现稳步增长，合计保险业务收入达4775.15亿元，同比增幅 15.29%，显著跑赢同期人身险行业整 ...

下一步，国家发展改革委、金融监管总局、中国民航局将会同有关部门抓好《实施意见》贯彻落实工 作，着力完善低空保险政策，不断丰富低空保险产品，持续增强保险保障作用，加快形成覆盖广泛、保 障有力、服务专业、市场规范的低空保险体系，助力低空经济高质量发展。（记者 孙榕） 近年来，我国以无人驾驶航空器为代表的新型低空航空器技术创新和产业升级深入推进，农林作业、巡 查巡检、城市治理、应急救援、物流配送等场景有序拓展，低空飞行活动日益增多，亟须建立完善低空 保险政策制度、产品服务和监督管理体系，保障人民群众生命财产安全。为落实《中华人民共和国民用 航空法》《无人驾驶航空器飞行管理暂行条例》有关规定，加快建立健全低空保险政策体系，近日，国 家发展改革委、金融监管总局、中国民航局印发了《关于推动低空保险高质量发展的实施意见》（以下 简称《实施意见》）。 《实施意见》分为六部分12条。第一部分明确总体要求，即以习近平新时代中国特色社会主义思想为指 导，全面贯彻党的二十大和二十届历次全会精神，坚持系统谋划、重点突破、协同推进、稳步实施的原 则，更好满足各类应用场景保障需求，对低空经济安全健康发展的保障作用持续增强。第二至五部分从 ...

距2025年8月底人身险产品预定利率切换尚不足半年，分红险保底收益水平再下新台阶。据财联社记者从3家寿险中介平台了解到， 目前市 面上已经出现预定利率为1.25%的分红险产品，这较去年监管划定的分红险预定利率上限1.75%，出现了明显下调。 值得注意的是，1.25%这一新定价锚点的出现，释放了何种信号？多位业内专家认为，从"高保证+低浮动"向"低保证+高浮动"转型，已是 人身险产品演进的明确趋势。 未来，主动调降分红险预定利率的险企或逐步增加，客户选品将会更加倚重保险公司在长期投资管理方面的专业能 力，以及持续稳健经营的综合实力。 据财联社记者从业内获悉，在寿险"老六家"中，至少已有4家完成预定利率1.25%分红险产品的报备与储备，但短期内不会推向市场。相比 之下，5家分别来自北上广深及天津的中型险企则明确表示，计划于2026年推出该定价水平的分红险，以补充产品矩阵，适配客户多元化的 需求。 首都经济贸易大学教授、博士生导师范庆泉对财联社记者表示："在利率下行背景下，保险公司主动调降预定利率，是为匹配负债成本、确 保长期稳健经营而做出的理性选择，尤其对于具有保底给付特性的分红险，此举有助于打破内卷式竞争，引导 ...

Market Performance - The Hang Seng Index closed down 1.72% at 26,567.12 points, while the Hang Seng Tech Index fell 0.9% to 5,360.42 points, and the China Enterprises Index decreased by 1.55% to 9,032.71 points [1] - Southbound funds recorded a net inflow exceeding 20 billion HKD, with the Hong Kong Stock Connect (Shanghai) contributing over 11.476 billion HKD and the Hong Kong Stock Connect (Shenzhen) adding over 8.743 billion HKD [1] Stock Movements - Notable gainers included Haizhi Technology Group, which surged 242.2%, followed by Zhipu with a 20.65% increase, and Junyu Foundation rising 18.63% [1] - Major decliners included Mongol Mining, which dropped 17.66%, and Woan Robotics, down 13.69% [1] Large Tech Stocks - Alibaba-W decreased by 2.02%, Tencent Holdings fell 0.65%, and JD.com-SW dropped 1.85% [1] - Xiaomi Group-W saw a slight increase of 0.88%, while Meituan-W fell by 3.18% [1] Industry Insights - Industrial insights from Xinyi Securities suggest that the non-ferrous metals sector is entering a phase of commodity price fluctuations, with expectations of a rebound in mid-year due to macroeconomic support [2] - Dongwu Securities indicates that market demand remains strong, with anticipated improvements in liability costs for insurance companies due to lower interest rates and a shift towards dividend insurance [3] - China Galaxy Securities forecasts a volatile upward trend for the Hong Kong market post-Spring Festival, highlighting attractive valuations and potential growth in consumer and technology sectors [4]

渤海财险"守护消费安全" | 安阳中支普法维权 为提升公众金融风险防范意识，守护群众财产安全，1月9日，渤海财险安阳中支在龙安公园广场举办以"警惕非法中介保障资金安全依法合理维 权"为主题的消费者权益保护宣传活动。 活动现场，工作人员通过设置宣传条幅、发放宣传手册、现场答疑等多种形式，向过往群众精准普及金融消保知识。针对"虚假承诺高收益保 单""隐瞒保险免责条款""高额收费代理退保""违规代办理赔"等常见陷阱，工作人员结合典型案例进行重点拆解，生动讲解非法中介的危害及识 别方法，帮助群众提高警惕。 同时，工作人员明确告知公众正规金融服务渠道，提醒大家妥善保管身份证、银行卡密码、验证码等敏感信息，拒绝委托他人代办金融业务，避 免个人信息泄露与资金损失。针对群众关心的维权问题，工作人员详细介绍了金融消费纠纷的正规解决途径，告知群众遭遇非法中介侵害时，应 及时留存证据，通过向公安机关报案或向金融监管部门反映等合法方式维护自身权益。下一步，渤海财险安阳中支将持续聚焦群众消保需求，创 新宣传形式、扩大覆盖范围，常态化开展普及活动，营造安全健康的金融消费环境。 摘要：渤海财险安阳中支秉持责任担当与"以客户为中心"理念，1 ...

Core Viewpoint - The event "Party Building Leads to Assistance, Silk Consumption in Government Agencies" aims to integrate consumption stimulation with social welfare, rural revitalization, and the development of the private economy, showcasing the responsibility of state-owned enterprises in releasing domestic demand potential [1][4]. Group 1: Event Overview - The event was organized by the Party Branch of the Beijing Branch of People’s Insurance Company of China (PICC) in collaboration with the China National Textile Industry Federation, focusing on the theme of "East Silk West Solid" [1][3]. - It took place on January 20 and 22 at the PICC workplace and the headquarters building, respectively [1]. Group 2: Implementation and Activities - The event emphasized party leadership, led by Secretary Zhu Xiaokun, and involved close cooperation with the China Textile Federation and assisting enterprises to accurately assess employee consumption needs [3]. - A variety of products were showcased, including new Chinese-style clothing, charitable woven goods, silk home textiles, standard down jackets, and specialty agricultural products, utilizing a model of "purchase instead of donation" to effectively implement assistance tasks [3]. Group 3: Outcomes and Future Plans - The event created a vibrant atmosphere, attracting employees from the headquarters and leasing units, indicating strong interest in the showcased products [3]. - It established a solid communication bridge between PICC Beijing Branch and the China National Textile Industry Federation, reaching a consensus on resource sharing and government-enterprise services [3][4]. - Moving forward, PICC Beijing Branch plans to continue promoting consumption assistance work under the guidance of party building, deepening government-enterprise collaboration, and innovating assistance models to support rural revitalization and the private economy [4].

Market Overview - The Hong Kong stock market experienced a collective decline across its three major indices, influenced by a significant drop in US stocks overnight [1] - The Hang Seng Index fell by 1.72%, while the Hang Seng Tech Index and the Hang Seng China Enterprises Index decreased by 0.9% and 1.55%, respectively [1] - The Hang Seng Index fell below the 27,000-point mark, erasing previous gains [1] Sector Performance - Major technology and financial stocks dragged the market lower, with Meituan dropping over 3% to a new low, risking a market capitalization of 500 billion HKD [1] - Other notable declines included AIA Group, China Life, Agricultural Bank of China, Bank of China, and CITIC Securities [1] - The gold sector saw significant declines due to a sharp drop in spot gold prices, with Zijin Mining and China Gold International among the hardest hit [1] - Stocks in the oil, heavy machinery, coal, steel, and Apple concept sectors also experienced declines [1] Investment Trends - Despite the overall market downturn, southbound capital saw a net inflow exceeding 20 billion HKD [1] - AI application leading stocks continued to surge, with Zhizhu GLM-5 reaching a new high and a total market capitalization surpassing 210 billion HKD [1] - Semiconductor stocks showed resilience with an upward trend, while the previously declining film sector showed signs of recovery [1]

报告指出，富卫已建立差异化的业务及客户组合，2024财年总年度化保费中，中国香港、东盟及日本分 别占42%、52%及6%，并采用多渠道结构。值得注意的是，泰国贡献30%的新业务，使富卫成为泰国第 二大保险公司，市场份额达15%。小摩认为，东盟市场复苏或泰国业务反弹可成为关键上行催化剂。 摩根大通发布研报称，首次覆盖富卫集团(01828)予"增持"评级，目标价50港元，相当于预测2027财年 内含价值1.1倍。小摩预测2027财年新业务价值将达11亿美元，与友邦保险2012年12亿美元的新业务价 值水平相若。该股目前股价较其呈报内含价值存在折让，该行认为此估值属便宜。 富卫是泛亚洲地区最大的人寿保险公司之一，在中国香港、泰国及日本拥有重要的区域业务布局。小摩 相信公司具备引人入胜的增长故事，预计未来两年新业务价值将持续录得10%的增长，经营溢利复合年 增长率达16%。 ...

智通财经APP获悉，摩根大通发布研报称，首次覆盖富卫集团(01828)予"增持"评级，目标价50港元，相 当于预测2027财年内含价值1.1倍。小摩预测2027财年新业务价值将达11亿美元，与友邦保险2012年12 亿美元的新业务价值水平相若。该股目前股价较其呈报内含价值存在折让，该行认为此估值属便宜。 富卫是泛亚洲地区最大的人寿保险公司之一，在中国香港、泰国及日本拥有重要的区域业务布局。小摩 相信公司具备引人入胜的增长故事，预计未来两年新业务价值将持续录得10%的增长，经营溢利复合年 增长率达16%。 报告指出，富卫已建立差异化的业务及客户组合，2024财年总年度化保费中，中国香港、东盟及日本分 别占42%、52%及6%，并采用多渠道结构。值得注意的是，泰国贡献30%的新业务，使富卫成为泰国第 二大保险公司，市场份额达15%。小摩认为，东盟市场复苏或泰国业务反弹可成为关键上行催化剂。 ...

Core Viewpoint - The insurance stocks in China have collectively declined, with significant drops observed in major companies, indicating potential pressure on profits due to market fluctuations and changes in capital allocation strategies [1] Group 1: Stock Performance - China Life (601628) fell by 4.14% to HKD 32.92 [1] - China Pacific Insurance (601601) decreased by 2.41% to HKD 37.26 [1] - New China Life (601336) dropped by 2.1% to HKD 58.15 [1] - China Ping An (601319) saw a decline of 3.52% to HKD 6.56 [1] Group 2: Profit Forecasts - Shenwan Hongyuan's report predicts a 22.7% year-on-year growth in net profit for A-share listed insurance companies in 2025, reaching CNY 426.4 billion [1] - The growth rate is expected to decrease by 10.9 percentage points compared to the third quarter of 2025 [1] Group 3: Market Dynamics - The narrative of "deposit migration" continues to evolve, with rumors about the scale of maturing deposits rising from CNY 10 trillion to CNY 70 trillion [1] - Bank of America reports that 70%-80% of maturing deposits are likely to remain within the banking system, with approximately CNY 1 trillion expected to flow into "non-deposit assets" [1] - If CNY 500 billion of this amount flows into insurance, it could lead to noticeable elasticity in life insurance sales [1]