2025年9月、12月国寿寿险和人保健康分别成立国寿(南京)健康管理公司、人保健康管理有限公司，此 前太保、新华、平安、泰康、阳光等险企也设立了专业健康管理公司，积极构建完整的康养服务生态。 该行预计保险机构将进一步加快在康养领域布局节奏，依托政策引导，通过"保险产品+康养服务"模式 开辟第二增长曲线，构建与其他金融企业差异化的竞争优势。 风险提示：长端利率趋势性下行;新单增长不及预期。 关键词阅读：商业健康险 分红险 康养 责任编辑：栎树 1)中国保险行业协会在京召开健康保险高质量发展工作座谈会，围绕商业健康保险发展、深化商业保险 与医药医疗领域交流合作等进行了研讨。①近10年商业健康险年均复合增长率超过20%，在售医疗保险 产品超过1.1万个。②目前市场上大多数的主流医疗险产品包含了新技术、新药物、新器械的保障责 任，涵盖了肿瘤靶向药、质子重离子疗法等高价值技术。据行协估计，2025年商业健康保险对创新药械 的总赔付金额约为147亿元，连续四年高速增长，年复合增长率达70%。2)精算师协会组织开展商业医 疗保险净成本表编制工作，同时推进创新药品成本测算和分析、惠民保净成本表编制等工作，建立与医 药行业常态 ...

央广网北京1月26日消息（记者朱敏 王利 相海坤）据中央广播电视总台中国之声报道，"家财万贯，带毛的不算"，一句老话道出了农村融资的困境。农 业设施和畜禽活体是农业经营主体的重要资产，价值开发空间巨大。然而，由于这些资产监管难度高、价值波动大、流转空间小，长期以来许多金融机构不 接受其作为抵押物，不仅影响了农业经营主体融资扩大再生产，还制约了农业规模化集约化发展。 转机来了！近日，中国人民银行、农业农村部、国家金融监督管理总局联合印发《关于推广农业设施和畜禽活体抵押融资的通知》，从国家层面正式赋 予畜禽活体和农业设施合法抵押地位。"无证的棚""带毛的牛"如何作为抵押物去申请贷款？这项创新如何唤醒农村"沉睡的财富"？ 安徽省亳州市蒙城县是养牛大县，记者探访的一家养殖场一厂养了1000多头肉牛。前两年，该厂想再建一个二厂，将养殖规模再扩大2000头，但面临较 大的资金缺口。负责人赵理想说，没想到，当地一项新的政策让他们成功以肉牛为抵押，向银行贷款了200万元。放在以前，这个路子根本行不通，蒙城县 是怎么打通这个堵点的呢？ 周瑞辰说，这样既打破了活体抵押难、风险大的行业堵点，又能精准匹配养殖户的资金需求。 赵理想负 ...

"十五五"开局之年，商业健康险的高质量发展，既是行业自身转型升级的内在要求，也是服务国家战 略、保障民生福祉的责任担当。 1月22日，商务部、国家卫生健康委、国家医保局、国家金融监管总局等9部门联合印发《关于促进药品 零售行业高质量发展的意见》，明确提出构建商业保险支付保障体系，引导商业健康保险与基本医疗保 险协同发展。意见强调，支持保险机构开发适配药品零售场景的商业健康保险产品，满足群众多元化保 障需求。鼓励商业保险机构推出涵盖健康管理、康养照护等服务的商业健康保险产品。针对高值药品、 器械，支持药品零售企业与商业保险机构建立风险共担、便捷高效的支付协同机制，切实降低患者支付 压力。 同日，中国保险行业协会在北京召开健康保险高质量发展工作座谈会，面对行业发展的机遇与挑战，保 险行业协会、精算师协会、银行保险资管业协会、银保信公司立足自身职能，精准发力、协同联动，为 商业健康险高质量发展筑牢基础、注入动能。 保险业协会 锚定行业规范，搭建协同桥梁 2025年以来，中国保险行业协会广泛听取各方意见，积极推动跨行业交流，着力研制商业医疗险行业示 范条款与医疗险药品保障支付清单；加强与医药卫生领域协会沟通，吸纳医药 ...

2025年召开的中央经济工作会议、中央农村工作会议对做好"三农"工作作出了系统部署。近年来，我国农业 保险保费规模稳步提高，保障水平持续提升，有效服务乡村全面振兴。来自国家金融监督管理总局的数据显 示，"十四五"时期，保险业累计赔付9万亿元，较"十三五"时期增长61.7%，农业保险为8亿户次农户提供风险 保障。 农作物保障水平提高 在1月20日举行的国新办新闻发布会上，财政部金融司司长于红表示，我国农业保险保费规模稳居全球第一， 在稳定农户收益、保障国家粮食安全等方面发挥了积极作用，支撑我国粮食产量稳定在1.4万亿斤以上。 稻谷、小麦、玉米的播种面积占我国粮食总面积的比重超过八成，产量占比超九成，是老百姓饭碗里主要的 粮食品种，也是农业保险政策的"主干道"。2007年多部门联合探索物化成本的"基本险"，2012年"基本险"拓 展至全国，2018年开始探索完全成本保险和种植收入保险，2023年这两个保险品种拓展至所有产粮大县， 2024年在全国全面实施。回望农业保险的发展历程，每5年至6年就迈上一个发展台阶，制度体系持续完善， 保障能力持续增强。2023年，河南发生的"烂场雨"导致成熟小麦霉变，农业保险赔付超过 ...

美国财政部预算办公室曾在2023年2月发出警告，如果不调整债务上限，美国联邦政府将在当年7月至9月期间发生债务违约。 美联储于2025年12月12日起每月购买400亿美元国债，并计划至少持续至2026年4月15日。美联储主席鲍威尔强调，这一操作并非重启量化宽松，而是为了增 加银行存款准备金，确保市场流动性。但市场分析认为，这是美联储在海外投资者持续抛售背景下的直接接盘行为。 2026年1月，两条看似不相干的消息背后，一场关乎全球金融秩序的暗战正在加速。中国持有的美国国债规模已跌破7000亿美元，创下2008年以来新低，而 丹麦、瑞典等欧洲养老基金也悄然清仓美债。与此同时，特朗普政府在筹备4月访华前，突然解雇了两名主导对华技术封锁的关键官员。 这两件事像拼图一样，揭示了美国债务危机与外交策略的深层裂痕：当"美元霸权"的信任基石被盟友与对手同时动摇，白宫不得不以人事洗牌换取谈判筹 码。数据背后，是美债流动性枯竭、关税政策反噬、以及全球央行增持黄金的连锁反应，而特朗普的"交易式外交"正将中美博弈推向更复杂的未知象限。 2025年10月，美国财政部发布的国际资本流动报告显示，中国当月净卖出118亿美元美国国债，持仓规 ...

医疗资源的全域整合为医养融合注入专业动能。泰康布局的仙林鼓楼医院、同济（武汉）医院等五大医 学中心已全部运营，提供超5000张医疗床位，依托老年医学、慢病管理等学科优势，打通健康管理、就 医绿通、康复照护全流程，不断为老人提供更高层次、更多元化的医养融合服务。 产品体系创新 筑牢养老筹资保障网 西海新闻记者 季蓉 "十四五"时期是我国人身保险业深化改革、回归本源的关键阶段。五年来，泰康人寿贯彻落实中央金融 工作会议精神，锚定金融强国建设目标，深耕金融"五篇大文章"，以"支付+服务+投资"三端协同的新寿 险模式破局，在医养融合、产品创新、服务升级、民生保障等领域多点发力，实现经营规模与发展质量 的双重跨越，为行业高质量发展提供了实践样本。 医养实体筑基 构建全周期服务生态 为应对人口老龄化国家战略，泰康全面开启医养领域布局，打破传统寿险二维结构，将虚拟保险与实 体"医养康宁"服务深度融合，构建起覆盖全生命周期的服务体系。这种以医养康宁实体为新主业的模 式，依托保险资金"耐心资本"属性，为产业注入长期资本，形成服务端与支付端双向赋能、投资端精准 支撑的良性循环。 泰康之家养老社区作为医养融合核心载体，已在全国37 ...

金价屡创新高，其未来走势与投资价值引发业界广泛讨论。目前，国家金融监督管理总局开展保险资金 投资黄金业务试点已近一年，保险资金投资黄金业务动向自然备受市场关注。 那么，保险资金是否已大举入场？记者近日从相关保险公司独家了解到，多家险企已经试水黄金投资， 但整体来看尚未大比例配置。对此，多位受访人士表示，险资短期谨慎缘于试点初期必须的审慎探索、 团队建设需要周期以及金价近一年来一路高企。从长期来看，黄金具有鲜明的避险特征，同时属于无息 资产，对于拥有长期资金的险资来说，择机进行配置并长期持有，是其多元化资产配置的良好选择。 险企称将择机推进配置 2025年2月7日，国家金融监督管理总局发布《关于开展保险资金投资黄金业务试点的通知》（以下简称 《通知》），正式允许保险资金试点参与黄金投资，首批试点主体涵盖10家险企。 北京大学应用经济学博士后、教授朱俊生在接受《证券日报》记者采访时表示，在当前试点阶段，监管 部门对保险资金参与黄金投资的比例严格设限，险企也以防御性配置为主，逐步积累经验。同时，需要 特别关注的是，当前金价已处于历史高位区间，短期存在估值消化和阶段性回调压力，这在一定程度上 削弱了对其进行短期配置的 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The recent strength of the bond market is mainly driven by three factors: stable buying by allocation funds and full clearing of trading funds, alleviation of the pressure from the price - comparison relationship, and the central bank's liquidity support. The current market recovery is more of a phased rebound, and the trend pressure on the fundamentals has not been falsified. After the second quarter, the possibility of the resonance of rising investment returns, the recovery of corporate leverage, and capital inflows needs to be monitored [2][5][7]. 3. Summary by Related Catalogs 3.1 Factors Driving the Bond Market Strength - **Stable Buying by Allocation Funds**: Since the beginning of the year, small and medium - sized banks, insurance companies, and wealth management products have maintained a seasonal or even higher - than - usual allocation intensity. For example, due to the "good start" effect, insurance companies have net - bought over 220 billion yuan of bonds since the beginning of the year, higher than the levels in the same period of 2024 and 2025. Large banks have actively increased their allocation of 7 - 10 - year bonds, indicating the release of the allocation capacity for long - duration assets after the EVE indicator adjustment at the beginning of the year [2][7][8]. - **Full Clearing of Trading Funds**: From multiple perspectives, it can be seen that the selling pressure of trading funds was concentrated in the first two weeks of the year. For example, the selling scale of funds in the first five trading days was close to the weekly extreme of the past year. The overall duration of medium - and long - term bond funds has fallen to around 2.7 years (the 25th percentile in the past three years), and the market divergence index has risen to around the 69th percentile in the past three years, presenting a pattern of "low duration + high divergence" that is conducive to a rebound. The micro - trading sentiment index of the bond market has also shown a certain release of pessimistic sentiment [17]. - **Alleviation of Price - Comparison Pressure**: In the past two weeks, the pressure from the seesaw relationship between equities, commodities, and bonds has eased. On one hand, the regulatory authorities have actively cooled the equity market. On the other hand, from a price - comparison perspective, the valuation of interest rates relative to commodities is at a reasonable level. After the adjustment at the beginning of the year, the 10 - year interest rate has rebounded to the 15th percentile since 2021, and the prices of commodities such as building materials, rebar, coke, and the copper - gold ratio have also rebounded to certain percentiles, with the average percentile of interest rates and commodities basically matching [19]. - **Adequate Liquidity Injection**: Although the structural monetary tools took the lead at the beginning of the year and there were many seasonal disturbance factors, the central bank's overall liquidity injection scale remained at an adequate level. Since January, the central bank has net - injected 1 trillion yuan through MLF and outright repurchase, with a large - scale net injection of 70 billion yuan through MLF and an earlier injection time, which has alleviated the market's concerns about the recurrence of last year's situation in the capital market under the "good start" of credit and supply pressure [22]. 3.2 Sustainability of the Bond Market Rebound - **Historical Experience**: Referring to the performance of rebound markets during periods of cautious sentiment in history, the average duration is about 15 trading days, with an amplitude of about 18BP. The rebound in October last year lasted for 24 trading days, with an amplitude of 11BP. In contrast, the current rebound has lasted for about 12 trading days, with an amplitude of about 7BP, indicating that there is still room for the rebound in terms of both duration and amplitude [3][26]. - **Sentiment Indicators**: The market sentiment has currently recovered to around the median level (about the 54th percentile), and the duration and divergence indicators are still in the "low duration + high divergence" pattern, which is usually conducive to the continuation of the rebound. Moreover, the market's expectation of loose monetary policy is still relatively cautious, and there is still room for moderate recovery if the central bank continues to show a positive attitude [3][26]. 3.3 Comparison with the 2022 - 2023 Market and the Nature of the Current Market - **Differences from 2022 - 2023**: There are several important differences between the current environment and that of 2022 - 2023. In terms of the credit cycle, the transmission chain of PPI→ROIC→credit cycle is being formed, and the transmission smoothness is expected to improve. In the inventory cycle, the current industrial enterprises are at the end of the destocking cycle, and the rebound of the leading indicator PPI increases the possibility of a new cycle start. In terms of asset - pricing expectations, the macro - expectations implied by the exchange rate and the equity market are significantly stronger than those at the end of 2022 to the beginning of 2023, and the enterprise's willingness to settle foreign exchange has been continuously rising [4]. - **Nature of the Current Market**: The current market recovery is more of a phased rebound. Considering the "short duration + high divergence" pattern in the microstructure of the bond market and the relatively low fundamental headwinds at present, the market is in a phased rebound process. However, the trend pressure on the fundamentals has not been falsified, and after the second quarter, the possibility of the resonance of rising investment returns, the recovery of corporate leverage, and capital inflows needs to be monitored [5][44]. 3.4 Market Performance and Index Analysis - **Central Bank's Monetary Operations**: This week, the central bank carried out a net injection of 22.95 billion yuan through reverse repurchase, and conducted a 900 - billion - yuan 1 - year MLF operation on Friday, with a net injection of 70 billion yuan, the highest since January 2024 [46]. - **Funds Rate Movement**: The operating centers of DR001, DR007, and DR014 have moved up 1bp, down 2bp, and up 4bp respectively to 1.37%, 1.49%, and 1.58%. Affected by the tax - payment period, the funds rate first rose and then fell during the week [46]. - **Treasury Yield Changes**: Except for the 1 - year treasury yield, which rose by 4bp to 1.28%, the yields of other - term treasuries declined. The 10 - year treasury yield fell by 1bp to 1.83%, and the 10 - 1 - year term spread narrowed by 5bp to 55bp [47]. - **Bond Duration Changes**: From January 19th to January 23rd, the median duration of public funds increased slightly by 0.01 to 2.71 years, at the 28th percentile in the past three years. The duration divergence index rose rapidly to 0.58, at the 91st percentile in the past three years [49]. - **Interest Rate Synchronous Indicators**: This week, the signals released by the ten interest rate synchronous indicators were mainly "bearish", accounting for 6/10. Compared with last week, the enterprise recruitment forward - looking index and the US dollar index sent "bearish" signals [52]. 3.5 Local Bond Market Analysis - **Local Bond Financing and Issuance Scale**: This week, the net financing scale of local bonds increased month - on - month, with a significant increase in the issuance scale of special refinancing bonds. From January 1st to 23rd, 2026, the total issuance of local bonds was 424.1 billion yuan, slightly lower than 513.7 billion yuan in the same period of 2025. The issuance scale of various types of local bonds was lower than that of last year, with the issuance scale of new general bonds and ordinary refinancing bonds significantly lower than last year [53][65]. - **Local Bond Issuance Term**: This week, the weighted average issuance term of local bonds decreased month - on - month, mainly due to the decrease in the issuance term of special refinancing bonds. From January 1st to 23rd, 2026, the weighted average issuance term of local bonds was 18 years, basically the same as last year. The weighted average issuance terms of new general bonds and special refinancing bonds decreased, while those of new special bonds and ordinary refinancing bonds increased [58][67]. - **Local Bond Issuance Spread**: This week, the issuance spread of local bonds decreased by 3bp month - on - month. The weighted average spread between the local bond issuance rate and the secondary - market local bond rate of the same term was - 4bp, a slight decrease from - 1bp last week. Except for ordinary refinancing bonds, the issuance spreads of other types of local bonds continued to decline [61]. - **Local Bond Issuance Progress**: In January, the actual issuance progress of local bonds was 52% of the planned issuance. Sichuan, Zhejiang, Ningbo, Gansu and other places have completed the planned issuance scale, while Hunan, Jiangsu, Inner Mongolia, and Jiangxi have relatively slow issuance progress. Next week (January 26th - 30th), the expected issuance scale of local bonds is 383.1 billion yuan [71].

在监管层持续深化"长钱长投"政策导向与低利率环境双重驱动下，保险资金正加速涌入一级市场，以私募基金为重要通道，布局国家战略性新兴 产业。1月23日，中国人寿公告，将与关联方成立汇智长三角（上海）私募基金合伙企业（有限合伙），重点投向人工智能技术和相关应用等。 2025年以来，在政策持续引导与科技革命带来的产业机遇共同驱动下，一级市场信心逐步回升，金融机构类LP（有限合伙人），尤其是保险机构 的出资活跃度同步提升，成为不可忽视的重要力量。从人工智能、集成电路到新能源、生物医药，险资凭借规模大、期限长的核心优势，精准锚 定国家战略赛道，为产业升级注入长期活水的同时，也重塑着资本市场的价值投资逻辑。 在业内看来，保险资金的大规模出资，在为一级市场提供"源头活水"的同时，其偏好长周期、经营稳健、服务国家战略发展的投资风格，也在引 导市场向更理性、耐心的价值投资转变。科方得智库研究负责人张新原表示，险资的"长钱长投"属性与这些赛道的长期发展周期高度匹配。这些 行业通常需要较长的研发和产业化周期，与险资的资金久期相契合，能够实现稳健的资产增值。 投硬投新是主旋律 保险系私募基金的投资方向一直备受关注。从行业布局看，其投资 ...

Group 1 - The Shanghai Municipal Party Committee has approved the proposal for the 15th Five-Year Plan, emphasizing the enhancement of the international financial center's competitiveness and influence, with specific deployments for building a global RMB asset allocation center and risk management center [1] - The Shanghai financial system work meeting highlighted the importance of party organization coverage in the financial sector and shared progress on the coverage of non-public financial enterprises [2] - The "Action Plan to Enhance the Commodity Level of Nonferrous Metals" was released, aiming to strengthen the linkage between futures and spot markets [3] Group 2 - The Shanghai Financial Regulatory Bureau issued the "Action Plan for High-Quality Development of Pension Finance," proposing 20 measures to build a pension management system with Shanghai characteristics [5] - The first delivery of the futures contract for coated printing paper was successfully completed, with a total delivery volume of 1,840 tons and a delivery amount of nearly 7.6 million yuan [6] - The Shanghai Asset Management Association announced ten major initiatives for building a global asset management center by 2025, reflecting innovative achievements in the sector [8] Group 3 - The Shanghai Futures Exchange announced adjustments to the margin ratios and price limits for copper, aluminum, gold, and silver futures, effective from January 22, 2026 [9] - The Shanghai International Energy Exchange is seeking public opinion on revising its risk control management rules, with feedback due by January 28, 2026 [10] - HSBC China has launched its first local public fund custody business, providing custody services for a fund managed by E Fund Management [11] Group 4 - The launch of the "Intelligent Reporting and Review Project for Ship Insurance Certificates" by PICC Shanghai and the Shanghai Maritime Bureau marks a shift towards online and intelligent processes in insurance certificate review [12] - The Construction Bank has introduced a new RMB structured deposit product in the free trade zone, successfully facilitating two offshore enterprises in managing their funds [13] - The first batch of technology innovation convertible bonds was successfully issued, providing low-cost long-term funding for tech enterprises [14] Group 5 - Shanghai Securities has received approval for its sponsorship business qualification, marking a significant breakthrough in its core business license layout [15] - The successful implementation of the first domestic credit certificate electronic document submission business by the Bank of Communications Shanghai branch represents a new financial service breakthrough [16] - Three branches of Shanghai Rural Commercial Bank have been recognized as the first batch of green branches in Shanghai, promoting sustainable finance [17] Group 6 - The People's Bank of China is focusing on creating a favorable monetary and financial environment to support high-quality economic development [19] - The minimum down payment ratio for commercial property loans has been adjusted to no less than 30% to adapt to changes in the real estate market [20] - The State Administration of Financial Supervision has issued new regulations to standardize the administrative licensing process for financial institutions [24] Group 7 - The China Securities Regulatory Commission has expanded the range of futures market products available for foreign investors, adding 14 new futures options [29] - The CSRC has approved the registration of options for 20 rubber, low-sulfur fuel oil, and international copper, ensuring a smooth launch and operation of these products [30] - Longqi Technology has completed its "A+H" listing, marking a significant milestone in its capital market strategy [31]