文 | 银行螺丝钉 （转载请注明出处） 年金融危机之后，最大熊市。 而人民币利率2022年之后整体下降,所 以人民币债券，反而出现了一轮牛市。 (2) 利率对股票市场也会产生影响，其 中对红利等价值风格、以及小盘股，影 响更明显。 在利率下降周期: ·小盘股对资金更敏感,利率下降,市场 流动资金充裕，会带动小盘股上涨，例 如2014-2015年的 A股小盘股牛市,当时 就是伴随着人民币利率大幅降低。 ·利率下降,对红利等股息率较高的资产 也有利。 因为像保险、养老金等机构投资者， 篇 要定期现金流，支付给客户。 债券的现金流是债券利息;股票的现金 流就是股息分红。 如果长期债券、存款的利息降低，那保 险等机构，就需要将一部分长期债券的 资金,挪到股息率较高的红利类资产 上，这样才能保证每年现金流稳定。 2022年之后,人民币利率降低,红利指 数就 受 到 了 保 险 等 机 构 的 加 仓 , 2022-2024年红利等策略比较强势。 反过来,美股2022年之后利率上升,美 元长期债券利息比较高，美股投资者对 美股红利指数基金的需求没有太旺盛, 这几年美股红利类品种,反而跑输了美 股大盘。 风险提示 本文仅为 ...

其中提到，互联网应用程序（APP）应当在用户使用具体功能时方可索要对应的必要个人信息权限，并 同步告知使用目的，不得提前索要。用户拒绝的，互联网应用程序不得频繁索要影响用户正常使用其他 功能。 市场监管总局公布新规：优化消费维权，规制恶意索赔 宏观动态 事关互联网应用程序个人信息收集使用，网信办公开征求意见 为规范互联网应用程序个人信息收集使用活动，保护个人信息权益，促进个人信息合理利用，根据《中 华人民共和国网络安全法》《中华人民共和国个人信息保护法》《网络数据安全管理条例》等法律法 规，国家互联网信息办公室起草了《互联网应用程序个人信息收集使用规定（征求意见稿）》，现向社 会公开征求意见。意见反馈截止时间为2026年2月9日。 线，制定2026年度安责险事故预防服务费用的预算和目标时，将严格按照不低于本年度实际收取安责险 保费总额的20%进行计提和投入，并确保专款专用、足额使用。 为适应市场监管新形势新要求、提升投诉举报处理质效、更好保护消费者和经营者合法权益，近日，市 场监管总局修订发布《市场监督管理投诉举报处理办法》（以下简称《办法》）。《办法》的修订实施 将有力健全统一权威、科学高效、便民利企的市场 ...

Group 1: A-Share Market - The A-share market showed strong performance this week, with significant increases in trading activity. The CSI 500, CSI 1000, and CSI 2000 indices rose by 7.92%, 7.03%, and 6.54% respectively, indicating a strong performance of small-cap stocks [3][7] - The market's upward trend was driven by increased risk appetite, with technology innovation sectors such as brain-computer interfaces, commercial aerospace, and AI applications becoming the main focus. Industries like electronics, computers, and defense received substantial capital inflows [5][7] - The average daily trading volume reached 2.85 trillion, a significant increase of 35.68% compared to the previous period [3][7] - The outlook for the A-share market remains positive, with expectations of continued upward momentum in the short term, particularly in the first quarter, driven by macroeconomic improvements and favorable policies [8] Group 2: Hong Kong Market - The Hong Kong market exhibited a weaker overall performance this week, with major indices such as the Hang Seng China Enterprises Index, Hang Seng Technology Index, and Hang Seng Index declining by 1.31%, 0.86%, and 0.41% respectively [9] - Despite the overall decline, there was structural differentiation within the market, with the healthcare sector leading gains at 10.06%, while telecommunications, information technology, and energy sectors underperformed [9] - The geopolitical situation, particularly U.S.-China relations, has influenced market sentiment, with recent announcements regarding increased U.S. defense spending impacting risk appetite [9] - Future expectations for the Hong Kong market suggest a potential recovery in the technology sector, influenced by the rising sentiment in the A-share technology sector and domestic economic recovery [9]

Group 1 - The China People's Property Insurance Company has received approval to change the business location of its Yuanzhou branch's Pengbao marketing service department to a self-built office at the entrance of the grain depot in Pengbao Town, Yuanzhou District, Guyuan City, Ningxia Hui Autonomous Region [1] - The company is required to handle the change and license renewal matters in accordance with relevant regulations in a timely manner [1] Group 2 - The Guyuan Financial Regulatory Bureau issued a reply on December 31, 2025, confirming the receipt of the request regarding the change of business address for the China People's Property Insurance Company Yuanzhou branch's Pengbao marketing service department [2]

Macro Dynamics - The National Internet Information Office has drafted regulations for the collection and use of personal information by internet applications, aiming to protect personal information rights and promote reasonable use [2] - The regulations require apps to request necessary personal information only when users are using specific functions and to inform users of the purpose of data collection [2] Market Regulation - The State Administration for Market Regulation has revised the "Complaint and Reporting Handling Measures" to enhance consumer rights protection and regulate malicious claims [3] - Key revisions include strengthening rights protection, optimizing complaint jurisdiction, improving reporting procedures, and preventing abuse of the system [3] Market Data - On January 9, US stock indices closed higher, with the Dow Jones and S&P 500 reaching all-time closing highs [7] - Intel saw a significant increase of over 10%, marking its largest single-day gain since September, while Tesla and Meta also experienced gains [7] Company Dynamics - Walmart will be included in the Nasdaq-100 Index on January 20, 2026, replacing AstraZeneca [9] - OpenAI and SoftBank announced a joint investment of $1 billion in SB Energy, part of the "Stargate" initiative, with plans for a 1.2GW data center in Texas [10]

1月10日，在第三十届（2026年度）中国资本市场论坛期间，中国国家创新与发展战略研究会学术委员会常务副主席、重庆 市原市长黄奇帆，中国社会科学院原副院长、学部委员高培勇，中国人民大学国家金融研究院院长、国家一级教授吴晓 求，中国人民银行金融研究所所长丁志杰围绕中国资本市场发展分主题作演讲。 在本次论坛上，四位学者分别从如何完善企业股本补充机制；如何理解健全预算管理机制与健全资本市场治理体系的关系； 如何做好资本市场改革工作；如何优化金融结构并提高直接融资比重等话题分享了各自观点。 中央经济工作会议明确提出，健全预期管理机制，提振社会信心。在高培勇看来，这可以折射出互为关联的两个方面的信 息。一方面，市场预期偏弱，社会信心不足，实际上已经构成当下经济发展中面临的突出挑战。另一方面，眺望2026年经济 运行轨迹时，能否跳出需求管理和供给管理的视野局限，深入到预期管理层面，进而从需求、供给、预期管理三者结合的意 义上去着力稳市场、稳就业、稳企业、稳预期，将在很大程度上决定着宏观经济治理的成效。 在银行资金方面，国际上，商业银行3%的资本金可用于股权投资。我国银行资本金规模庞大，若按照3%的比例，可有约1万 亿元资 ...

Group 1 - The Shanghai Composite Index closed at 4120.43 points, marking a 16-day consecutive rise and reaching a new high not seen in over 10 years [4][6] - Nearly 4000 stocks rose, with 113 stocks hitting the daily limit, and total trading volume exceeded 30 trillion yuan [6][8] - The AI application sector experienced significant growth, leading the market, particularly in cultural media and internet industries, which saw over 5% gains [5][6] Group 2 - The market is transitioning from a phase driven by liquidity expectations to one supported by profit recovery and valuation alignment, although comprehensive profit improvement is still in its early verification stage [7] - The "spring rally" is attributed to improved liquidity conditions, with significant capital inflows from insurance and pension funds, supporting valuation recovery [8][9] - Analysts expect a balanced market structure in 2026, with a focus on sectors like AI applications, commercial aerospace, semiconductor equipment, and new energy, driven by the "14th Five-Year Plan" priorities [9]

中经记者 秦玉芳 广州报道 平安人寿于2026年1月8日公告称，平安资管受托该公司资金，投资于招商银行H股股票，于2025年12月 31日达到招商银行H股股本的20%。截至2025年12月31日，公司持有招商银行H股股票的账面余额为 439.56亿元，占上季度末总资产的比例为0.78%。 与此同时，平安人寿此前也公告指出，平安资管受托该公司资金，投资于农业银行H股股票，于2025年 12月30日达到农业银行H股股本的20%。截至2025年12月30日，公司持有农业银行H股股票的账面余额 为324.28亿元，占上季度末总资产的比例为0.58%。 2025年全年，平安人寿、弘康人寿、瑞众人寿、中国人寿、长城人寿等多家寿险公司频繁举牌银行股， 涉及邮储银行、农业银行、建设银行、工商银行、招商银行、郑州银行等9家H股和A股上市银行，尤其 以H股上市银行更为密集。 为何银行股成为险资"心头好"？ 对于保险资金持续增持上市银行股，尤其是H股银行的原因，天风证券在研报中分析指出，2025 年以 来，中长期资金入市及其他多项政策红利鼓励险资入市，显著增加险资对银行股的配置需求。银行股行 稳致远，在高股息行业中优势突出。一方面 ...

Core Viewpoint - The demand for insurance has become a prerequisite for the mass sales of embodied robots, which is a significant shift in the industry [5][10]. Group 1: Market Development - The founder of an embodied robot company, Hu Lei, is optimistic about producing over 200 robots for commercial performances this year, which is more than five times the output expected in 2025 [2]. - The "Ecological Report on Humanoid Robots 2025" indicates that the industry is entering a phase of large-scale production, with leading companies expected to deliver thousands of units [3]. - The spending on embodied intelligent robots in China is projected to exceed $1.4 billion in 2025 and soar to $77 billion by 2030, with a compound annual growth rate (CAGR) of 94% [9]. Group 2: Insurance Demand - As the number of robots purchased increases, downstream companies are increasingly aware of the risks and are requesting insurance to cover potential damages and liabilities [4][10]. - Major insurance companies have begun to offer specialized insurance products for embodied robots, but they face challenges in risk assessment due to a lack of operational data from manufacturers [5][15]. - The relationship between embodied robots and insurance is likened to the necessity of car insurance for vehicles, highlighting the growing need for insurance as robots are used in various applications [12]. Group 3: Challenges in Insurance - Insurance companies are hesitant to offer mass coverage due to the absence of critical operational data, which is often withheld by manufacturers citing confidentiality [15][16]. - The uniform appearance of robots poses a risk of fraud in claims, leading insurers to limit the number of robots they cover [16]. - The rapid technological advancements in embodied robots outpace the development of insurance risk models, complicating the underwriting process [21][22]. Group 4: Solutions and Innovations - Insurance companies are exploring partnerships with robot leasing platforms to obtain necessary data while managing risks through innovative models like "insurance + leasing" [19][20]. - There is a push for dynamic risk assessment models that can adapt to the fast-paced changes in robot technology and application scenarios [22]. - Collaborative efforts between insurance companies, research institutions, and manufacturers are essential for developing a comprehensive risk database for accurate pricing and risk management [22].

Core Insights - The insurance industry in China has shown a significant increase in claims payments for 2025, with major companies reporting substantial growth in their compensation amounts, indicating a shift in the role of commercial insurance towards becoming a more integral part of daily healthcare payments [1][3] Group 1: Claims Payment Trends - The total claims amount for China Life exceeded 100.4 billion yuan, a year-on-year increase of 10%, while New China Life reported 14.7 billion yuan in claims, averaging 40.29 million yuan per day [1] - Medical insurance claims have become the mainstream, with high-frequency, low-amount claims dominating the structure, as evidenced by 91.06% of claims from Fude Life Insurance being medical-related [3] - The report highlights a structural mismatch in family insurance coverage, particularly for the middle-aged demographic, where individuals aged 45-59 accounted for 55.48% of critical illness claims but had a lower average payout compared to minors [4] Group 2: Technological Advancements in Claims Processing - The insurance industry is increasingly leveraging AI and big data to enhance efficiency, with companies like Taikang Online processing over 2.5 billion claims in 2025, achieving an average processing time of 0.1 seconds per claim [6][7] - Automation in claims processing has reached 97% for Fude Life Insurance, significantly improving turnaround times and customer experience [6] - Direct settlement systems have been implemented, allowing for immediate claims processing upon patient discharge, with China Life serving 8.17 million people through this service [7] Group 3: Alignment with National Strategies - The insurance sector is actively supporting national strategies, with products designed for rural revitalization and technological innovation, such as China Pacific Insurance's coverage for 60,000 patents [9] - Insurance companies are focusing on agricultural risk management, with significant payouts for crop and livestock insurance, demonstrating their role in supporting the agricultural sector [10] - The industry is also adapting to the aging population by enhancing services for elderly clients, with China Life serving over 15.17 million elderly customers and providing tailored claims services [10] Group 4: Evolving Role of Insurance - The 2025 claims reports indicate a transformation of the insurance industry from merely providing financial compensation to becoming a risk management partner, integrating deeply into healthcare payments and national strategies [11]