责任编辑：曹睿潼 来源：中国再保险 来源：中国再保险 1月9日，中国再保党委书记、董事长庄乾志，党委副书记、副董事长、拟任总裁朱晓云会见中国银行党 委副书记、副董事长、行长张辉，党委委员、副行长刘承钢一行。 中国再保与中国银行战略合作基础深厚，双方围绕金融体系绿色转型和气候风险治理能力提升、银保共 同服务科技金融、携手为"一带一路"中国海外利益提供金融支持等方面开展深入交流。下一步，双方将 聚焦银保主责主业，牢牢把握金融工作的政治性、人民性，共同做好金融"五篇大文章"。 集团公司相关部门、相关子公司参加会谈交流。 中国再保与中国银行战略合作基础深厚，双方围绕金融体系绿色转型和气候风险治理能力提升、银保共 同服务科技金融、携手为"一带一路"中国海外利益提供金融支持等方面开展深入交流。下一步，双方将 聚焦银保主责主业，牢牢把握金融工作的政治性、人民性，共同做好金融"五篇大文章"。 集团公司相关部门、相关子公司参加会谈交流。 责任编辑：曹睿潼 1月9日，中国再保党委书记、董事长庄乾志，党委副书记、副董事长、拟任总裁朱晓云会见中国银行党 委副书记、副董事长、行长张辉，党委委员、副行长刘承钢一行。 ...

Core Viewpoint - The A-share market is experiencing a trend of upward fluctuations with increased trading volume, driven by the surge in AI applications and emerging sectors like commercial aerospace, while traditional industries face adjustments [4][5]. Market Performance - The three major indices of the A-share market are showing a trend of upward movement, with the Shanghai Composite Index breaking through the 4100-point mark, although gains were narrowed by the financial sector [4]. - A total of 3918 stocks rose, indicating a broad-based market rally, with significant gains in sectors such as AI applications, commercial aerospace, humanoid robots, and small metals [4]. Trading Volume - The total trading volume of the two markets reached 3.7 trillion yuan, marking an increase of 11.51%, and is the fifth instance in A-share history to surpass the 3 trillion yuan threshold [5]. - The surge in trading volume is attributed to the explosive growth of new themes like AI applications and commercial aerospace, which attracted substantial short-term capital inflows [5]. Fund Flow and Investor Sentiment - Institutional investors are adjusting their portfolios, with capital flowing into media, internet services, and small metals, while reducing positions in semiconductors, consumer electronics, and insurance [7]. - Retail investors are favoring short-term operations, focusing on popular themes such as media and internet services, showing a high acceptance of new concepts like AI and commercial aerospace [7]. Market Sentiment - The sentiment among retail investors is positive, with 75.85% of participants expressing bullish views on the market [8]. - A significant portion of investors, 67.55%, anticipate a market rise in the next trading day, reflecting growing confidence [12][13].

【导读】沪指时隔10年重回4100点，多家基金公司研判后市 2026年首个交易周，A股迎来"开门红"！ 2026年A股市场或有望逐步迈向深化阶段 从中长期维度看，永赢基金认为，本轮行情本质上仍处于自2024年9月启动的上涨市格局中，并且相较 于历史水平，当前市场或仍存在较大的演绎空间，市场情绪也尚未到达过热状态。随着基本面修复从点 向面逐步扩散，并伴随居民资金持续入市，2026年A股市场有望逐步迈向深化阶段。 今日（1月9日），市场震荡拉升，上证指数时隔10年重新站上4100点，深证成指涨超1%。两市成交额 突破3万亿元，全市场超3900只个股上涨，连续2日超百股涨停。板块方面，仅银行、非银金融下跌，传 媒、综合、国防军工等涨幅靠前。 多位业内人士认为，开年来，市场表现强劲，主要受到资金面、政策面与产业趋势三重积极因素的共同 驱动。展望后市，市场内在的上升趋势较为明确，行情有望在震荡中延续，投资上应紧密关注政策发力 与产业景气方向。 多重利好叠加 沪指时隔10年重回4100点 1月9日，三大指数继续上涨，沪指回到4100点上方，信达澳亚基金高级市场研究分析师刘翀表示，从成 交量来看，市场情绪较高，A股"春季躁 ...

Core Viewpoint - The A-share market has shown strong performance at the beginning of 2026, with the Shanghai Composite Index returning to 4100 points for the first time in 10 years, driven by positive factors in capital flow, policy, and industry trends [1][4][5]. Market Performance - On January 9, 2026, the Shanghai Composite Index rose above 4100 points, with a trading volume exceeding 3 trillion yuan and over 3900 stocks increasing in value [1][5]. - The market sentiment is high, indicating a potential "spring rally" as seen in previous years, characterized by increased trading activity and institutional engagement [5][6]. Positive Factors - Multiple positive factors are contributing to the market's performance, including favorable macroeconomic data, a supportive liquidity environment, and expectations of policy support for economic recovery [3][6]. - The strengthening of the RMB and expectations of a potential interest rate cut by the Federal Reserve have improved the global capital flow environment, further supporting the A-share market [6][8]. Investment Strategy - Investment strategies should focus on sectors with strong growth potential, such as technology (semiconductors, AI), innovative pharmaceuticals, and new energy metals, which are expected to benefit from ongoing industrial trends and policy support [10][12]. - The market is anticipated to experience a "震荡 + 结构分化" (oscillation + structural differentiation) pattern, with a focus on thematic investments driven by policy initiatives [8][11]. Long-term Outlook - The market is expected to gradually enter a deepening phase in 2026, with continued upward momentum from the recovery of fundamentals and sustained inflow of retail investment [8]. - Key sectors to watch include technology, innovative pharmaceuticals, new energy, and strategic metals, which are poised for growth amid ongoing economic transformation [12].

Group 1: Banking Sector Developments - Major state-owned banks are raising the threshold for gold accumulation business, requiring personal clients to have a risk tolerance level of C3 or above to purchase gold starting January 12, 2026 [1] - A wave of deposit maturities is expected, with an estimated 50 trillion yuan in one-year and above fixed deposits maturing this year, primarily concentrated in two to three-year deposits [2] - In 2025, city commercial banks faced significant penalties, totaling 875 million yuan, with the Shenzhen Rural Commercial Bank receiving the largest fine of 12.84 million yuan for multiple violations [3] Group 2: Investment Activities - Several financial asset investment companies (AIC) under joint-stock banks have begun investing in emerging industries, with notable investments in sectors like semiconductors and clean energy [4] - The establishment of Yunnan Rural Commercial Bank is underway, aiming to become the first bank in the province with over 1 trillion yuan in deposits, consolidating various rural credit institutions [6] Group 3: Insurance Sector Changes - The insurance industry is experiencing a wave of personnel changes, with 81 instances of leadership transitions reported in 2025, indicating a trend towards internal promotions and a preference for specialized talent [6] - Ping An Life has made significant stock purchases in Agricultural Bank and China Merchants Bank, triggering regulatory notifications due to increased shareholding [7] Group 4: Consumer Finance Updates - China Bank Consumer Finance has undergone a major equity change, with its bad loan sales reaching 13.84 billion yuan, and the non-performing loan rate increasing from 2.80% in 2022 to 3.56% in 2024 [9] - Beijing Financial Regulatory Bureau has approved an increase in registered capital for North Bank Consumer Finance by 150 million yuan, raising its total registered capital to 1 billion yuan [10] Group 5: Financial Technology Developments - The People's Bank of China has revoked the payment license of China Steel Yintong, marking the 108th payment license cancellation, indicating ongoing regulatory scrutiny in the payment sector [11] - Guangzhou Heli Bao Payment Technology has been fined over 74 million yuan for multiple regulatory violations, highlighting compliance challenges in the payment industry [12]

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and a favorable financing environment [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies contributed 41,472 billion yuan, up 9.1%, while property insurance companies reported 16,157 billion yuan, up 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices had respective changes of -0.87%, +0.91%, and +1.95%, while the CSI 300 index increased by 2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st respectively [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector was 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank had the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate was 2.0%, with the one-year and five-year LPR at 3.0% and 3.50% respectively. The weighted average interbank borrowing rates for one day, seven days, and fourteen days were 1.33%, 1.50%, and 1.60% respectively [29][32]. Industry News - The China Banking and Insurance Regulatory Commission reported that insurance companies issued bonds totaling 104.2 billion yuan in 2025, driven by high capital replenishment needs and favorable regulatory support [39][40].

近日，中宏保险正式发布《2025年中宏保险理赔服务年报》（以下简称"年报"），全面呈现了公司在过 去一年中理赔服务的整体表现、数据洞察与服务升级成果。年报显示，2025年中宏保险通过数字化赋能 与流程优化持续提升客户满意度和服务体验，致力为每一位客户提供更高效、更便捷的理赔服务。 多年来，中宏保险始终坚持"以客为先"的服务理念，不断优化理赔流程，提升服务质量。2025年，公司 累计访问3,400余位体验过理赔服务的客户，深入了解他们的需求和反馈，并开展针对性的优化措施， 包括升级核心系统，线上理赔时效提速29%，线下理赔时效提速43%；新增"理赔申请飞签"功能，支持 远程办理；支持"一案多责"申请，实现一次提交即可完成所有所需理赔责任申请。 年报显示，2025年，中宏保险共处理个险及团险理赔案件17.6万件，赔付总金额达8.8亿元。自1996年成 立以来，公司累计处理的理赔案件总数已达294.6万件，累计赔付金额71亿元。具体到个险理赔方面， 2025年，中宏保险赔付金额达7.7亿元，同比增长19.3%；理赔件数为62,516件；豁免保费金额达2.5亿 元，切实缓解客户经济压力；理赔服务客户数达40,363人 ...

Core Viewpoint - The case of Mr. Huang, an 85-year-old client, highlights the efficiency of Ping An Property & Casualty Insurance's "green claims channel" and showcases the humanistic warmth of insurance services through "age-friendly" service details [1][11]. Group 1: Claims Process - The claims process began on November 2, 2025, when a traffic accident involving Mr. Huang was reported. Claims adjuster Cui Yifan quickly confirmed the accident's responsibility and initiated the "green claims channel" within 24 hours, providing the first medical payment to ensure Mr. Huang's treatment was not hindered by financial issues [3]. - A total of three medical payments were made, amounting to 12,000 yuan, demonstrating the company's commitment to addressing urgent client needs and the efficiency of its integrated "diagnosis-claims" mechanism [3][11]. Group 2: Age-Friendly Service - After Mr. Huang's recovery, he faced challenges in completing the claims process due to his age. Cui Yifan provided hands-on assistance, explaining the claims process and required materials in simple terms, and helped organize necessary documents [5][6]. - To ensure a comfortable environment for elderly clients, Cui Yifan offered Mr. Huang hot water and snacks to ease his anxiety during the claims process [6]. Group 3: Post-Claims Support - After completing the claims process, Cui Yifan did not stop at just finalizing the business. He assisted Mr. Huang out of the office and personally arranged a ride home, ensuring his safety [9]. - This case exemplifies a service that goes beyond efficiency, emphasizing respect and care, and redefines the value of insurance as a tool for social warmth in an aging society [11].

此次活动既解企业燃眉之急，也让志愿者感受传统农艺魅力，未来，平安产险安溪支公司将始终坚 守"金融为民"初心以赋能乡村振兴，护航柿饼产业蓬勃发展，让安溪的"甜蜜柿业"越做越红火。 冬日渐浓，柿香漫村，安溪县员宅村柿饼加工进入旺季。作为 "一叶五金五银" 特色农产业的重要组 成，柿饼产业承载着传统手艺与村民致富希望。近日，平安产险安溪支公司志愿者服务队聚焦企业加工 旺季人手短缺难题，走进员宅村柿饼加工企业，开展 "助农纾困办实事 志愿护航好'柿'业" 活动。 (图/文 李雯靖) 塑形环节是决定柿饼品相的核心工序，志愿者们主动围在殷阿婆身边虚心求教，反复揣摩 "轻揉慢捏、 均匀受力" 的技巧。从最初的生疏笨拙到逐渐熟练上手，大家逐颗处理晾晒后的柿果，一边揉捏一边观 察形态，及时调整力度与手法，确保每颗柿饼都圆润饱满、质感软糯，用细致操作传承传统农艺的匠 心。 "平安志愿者真是及时雨！"企业负责人满心感激，"旺季人手紧张，有你们帮忙，效率大幅提升。"他表 示，柿饼产业是村里支柱产业，带动村民就近增收，有平安助力，产业发展更有底气。 针对企业核心加工环节的用工需求，志愿者们分工明确、靶向发力，全程扎根生产一线提供精准帮 ...

Core Viewpoint - The event organized by Ping An Property & Casualty Insurance in Quanzhou aims to spread warmth and care during winter by engaging children in a cake-making activity for elderly residents living alone, fostering a sense of community and compassion [1][7]. Group 1: Event Overview - The event took place on January 2, where children participated in a DIY cake-making activity, creating sweet treats to deliver to elderly residents [1]. - Volunteers prepared fresh ingredients and guided children through the cake-making process, emphasizing the joy and focus of the children as they crafted their cakes [3]. Group 2: Community Impact - After the baking session, volunteers and children visited the homes of elderly residents, delivering the cakes and sharing greetings, which brought smiles and joy to the recipients [5]. - The interaction included helping with household chores and sharing safety tips for winter living, enhancing the sense of community support [5]. Group 3: Emotional Resonance - The elderly participants expressed deep appreciation for the gesture, highlighting the emotional connection formed through the activity [7]. - Parents noted the event's significance in teaching children the values of sharing and companionship, reinforcing the importance of community bonds [7]. Group 4: Future Initiatives - Ping An Property & Casualty Insurance plans to continue organizing similar charitable activities, aiming to spread warmth and blessings throughout the community [7].