北京商报讯（记者 李秀梅）2026年春节临近，阖家团圆、走亲访友、燃放烟花、聚餐饮酒成为节日标配。然而，欢庆背后也潜藏风险：酒后意 外、孩童闯祸、旅行延误等事件频发，轻则破财，重则伤人。为应对这些"年关烦恼"，保险公司设计了场景化、碎片化的特色保险产品，如"安心 喝酒保险""熊孩子险"等，以低门槛、高针对性的保障，为年味增添一份安心。 春节期间，孩子们脱离学校监管，活动自由度大幅提升，燃放烟花爆竹、在商场奔跑打闹、误触贵重物品等行为频发。一旦造成他人人身伤害或 财产损失，家长作为监护人需承担民事赔偿责任。近期，一则网传视频显示，两名男孩在小区玩耍烟花时，引燃公区内的狗笼，导致笼内犬只不 幸死亡，此事引起网友关注。 实际上，市面上有一类专门针对熊孩子闯祸导致经济赔偿的保险，被称为"熊孩子险"，可以帮助家长转移风险。浙大城市学院副教授林先平表 示，"熊孩子险"本质是监护人责任险，核心保障未成年人过失造成的第三者人身伤亡与财产损失，部分含法律诉讼费用，可覆盖财物损坏等场 景。 北京商报记者浏览各大保险销售平台发现，市面上监护人责任险产品的准入门槛较低，部分产品价格亲民，最低每月十几元，家长能以很低的成 本获得保障。 ...

图说：北京商报记者浏览到的仍活跃于短视频平台的"退保"视频 手机屏幕的光，映照着一张张看似专业、诚恳的脸。"律师事务所"的认证标识赫然在目，短视频中弹出 诱人的承诺："年前就能帮你拿回全部保费""不管哪家公司，通通都能退"。这并非发生在某个隐秘的地 下交易市场，而是在我们日常刷到的短视频平台里，触手可及。 国家金融监督管理总局等五部门联合发布风险提示，剑指此类"全额退保"陷阱仅仅三天后，北京商报记 者在社交平台上，依然能轻易地"偶遇"这些幽灵般的账号。它们像狡黠的捕猎者，将短视频平台作为公 开的"诱饵投放点"，一旦有潜在客户上钩，便迅速将交流阵地转移到更为私密的社交应用，在"一对 一"的聊天中，继续兜售着"1—3个月全额退保"的虚假希望。 这些视频里，常常闪现着金融机构的标识与场景，配以"新政已开通道""专业法务团队"等极具迷惑性的 说辞，甚至用"葆费"代替"保费"，以躲避平台的文字审核。一面是监管层高调拉响的警报，另一面是地 下黑灰产如野草般在算法缝隙中继续滋生。在这场围绕保单现金价值的隐秘战争中，谁是猎人，谁又是 猎物？当"维权"成为一门被精心包装的生意，消费者乃至整个保险行业，又暴露在怎样的风险之下？ ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights a significant increase in new A-share accounts, with January 2026 seeing 4.92 million new accounts opened, a year-on-year increase of 213% and a month-on-month increase of 89%, marking one of the highest monthly figures in nearly a decade [5][13]. - The insurance industry is projected to achieve steady growth in 2025, with original insurance premium income expected to reach CNY 6.12 trillion, a year-on-year increase of 7.43%, and total assets expected to grow to CNY 41.32 trillion, a 15.06% increase [36][37]. - The report emphasizes the positive correlation between market recovery and the performance of brokerage firms, suggesting that the high growth in account openings will provide a solid customer base for the brokerage industry in 2026 [5][13]. Summary by Sections 1. Securities Business Overview and Weekly Review - The report notes that the recent regulatory measures on virtual currencies aim to strengthen financial security and curb speculative activities, which is expected to create a more stable investment environment [12]. - The performance of major indices showed a mixed trend, with the Shanghai Composite Index down 1.27% and the Shenzhen Component Index down 2.11% during the week [14]. - The brokerage sector's PB valuation stands at 1.37 times, which is at the 67th percentile of its historical range over the past three years, indicating a relatively attractive valuation [30]. 2. Insurance Business Overview and Weekly Review - The insurance sector is experiencing a clear differentiation in growth, with life insurance premiums reaching CNY 4.36 trillion, up 8.9%, while property insurance premiums grew by 3.9% to CNY 1.76 trillion [36][37]. - The report identifies life insurance as the core growth driver, with significant contributions from bancassurance channels, while property insurance is seeing growth in non-auto segments, particularly in agricultural and health insurance [37][38]. - The future growth trajectory of the insurance industry is expected to be shaped by a shift towards high-quality development, with an emphasis on diversified product offerings and enhanced distribution channels [38]. 3. Market Liquidity Tracking - The report indicates that the central bank's recent operations resulted in a net withdrawal of CNY 6.56 billion, reflecting ongoing adjustments in liquidity management [44]. - The issuance of local government bonds totaled CNY 5.80 billion, with a net injection of CNY 5.79 billion, highlighting active fiscal measures in the market [44].

Investment Rating - The report maintains a "recommend" rating for the insurance industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The insurance industry experienced a robust premium income growth in 2025, with life insurance companies achieving a nearly double-digit growth rate. The strong performance is expected to continue into 2026, particularly in the bancassurance channel, where new premium income is anticipated to double [1][6]. - Property insurance companies showed moderate growth in premium income, with a total of 17,570 billion yuan, reflecting a year-on-year increase of 3.9%. The non-auto insurance segment is expected to improve profitability due to the implementation of "reporting and operation integration" [1][6]. - Overall, the insurance industry reported a total premium income of 61,194 billion yuan in 2025, with a year-on-year growth of 7.4%. The total assets of the industry reached 4,131.45 billion yuan, marking a 15.1% increase from the beginning of the year [1][6]. Summary by Sections Life Insurance Companies - Cumulative premium income for life insurance companies reached 43,624 billion yuan, with a year-on-year growth of 8.9%. December alone saw a premium income of 2,152 billion yuan, up 6.0% year-on-year. The main driver of growth was the life insurance segment, which recorded a premium income of 16,830 billion yuan, growing by 10.1% [7]. - Health insurance premiums decreased by 5.8%, while accident insurance premiums fell by 14.4%, indicating ongoing pressure in these segments [1][7]. Property Insurance Companies - Cumulative premium income for property insurance companies was 17,570 billion yuan, with a stable growth rate of 3.9%. In December, the premium income was 1,413 billion yuan, reflecting a 4.4% increase year-on-year. The auto insurance segment generated 9,409 billion yuan, growing by 3.0% [7]. - Non-auto insurance premiums reached 8,161 billion yuan, with a notable growth of 5.0%. The agricultural insurance segment saw a dramatic increase of nearly 200% due to a low base effect from the previous year [1][7]. Overall Industry Performance - The insurance industry maintained a steady premium growth rate, with total premium income of 61,194 billion yuan, a 7.4% increase year-on-year. The total assets of the industry were reported at 4,131.45 billion yuan, up 15.1% from the start of the year [1][6]. - The report emphasizes that the "slow bull" market trend in the stock market is favorable for insurance companies' asset returns and supports the sales of floating income-type dividend insurance products [1][6].

（国家金融监督管理总局） 2月9日，国家金融监督管理总局茂名监管分局披露的行政处罚信息显示，华安财产保险股份有限公司广东分公司茂名中心支公司及相关责任人存在以下主 要违法违规行为：车险手续费和劳务费超出经备案的附加费用率上限；虚挂保险代理人业务套取费用。茂名金融监管分局对华安财产保险股份有限公司广 东分公司茂名中心支公司罚款43万元；对龚庆华给予警告并处罚款5万元。 | 序 | 当事人名 | 主要违法违规行为 | 行政处罚内容 | 作出决定机关 | | --- | --- | --- | --- | --- | | 를 | 称 | | | | | | 华安财产 | 车险手续费和劳务费超出经备案 | 对华安财产保 | | | | 保险股份 | | 险股份有限公 | | | | 有限公司 | | 司广东分公司 | | | | 广东分公 | | 茂名中心支公 | 茂名余融监管 | | 1 | | 的附加费用率上限；虚挂保险代 | | | | | 司茂名中 | | 司罚款43万 | 分局 | | | | 理人业务套取费用 | | | | | 心支公司 | | 元;对龚庆华 | | | | 及相关责 | | 给予警告并 ...

北京商报讯（记者 李秀梅）2月9日，国家金融监督管理总局茂名监管分局发布行政处罚信息显示，华安财产保险股份有限公司广东分公司茂名中心支公司 及相关责任人，存在车险手续费和劳务费超出经备案的附加费用率上限、虚挂保险代理人业务套取费用的违法违规行为，茂名金融监管分局对华安财产保险 股份有限公司广东分公司茂名中心支公司罚款43万元；对龚庆华给予警告并处罚款5万元。 | 序 | 当事人名 | 主要违法违规行为 | 行政处罚内容 | 作出决定机 | | --- | --- | --- | --- | --- | | 를 | 称 | | | | | | 华安财产 | 车险手续费和劳务费超出经备案 | 对华安财产保 | | | | 保险股份 | | 险股份有限公 | | | | 有限公司 | | 司广东分公司 | | | | 广东分公 | | 茂名中心支公 | 茂名金融监 | | 1 | | 的附加费用率上限：虚挂保险代 | | | | | 司茂名中 | | 司罚款43万 | 分局 | | | 心支公司 | 理人业务套取费用 | 元:对龚庆华 | | | | 及相关责 | | 给予警告并处 | | | | 任人 | | 罚 ...

1. Report Industry Investment Rating - The industry rating is "Overweight", expecting a gain of more than 10% relative to the benchmark index in the next 6 - 12 months [35] 2. Core Viewpoints - Since the New Year's Day, the A-share market has been experiencing the overlapping resonance of three factors: further changes in liability behavior, multi-directional catalysis on the asset side, and the transfer of the bond market's "good start" seasonal market to the equity market [2][8][9] - The bull market's confidence stems from the concentrated maturity of time deposits and the activation of deposits. From "current deposits - wealth management products - dividend - insurance policies - public funds", the attractiveness and the degree of embracing equity assets increase significantly [2] - Dividend - insurance policies can serve as an alternative to high - interest time deposits after maturity. The current time deposit interest rate is lower than the "guaranteed return" part of dividend - insurance policies [2][18] - With the rapid expansion of wealth management scale, relying solely on bond funds is difficult to meet the performance requirements, forcing funds to seek elasticity in equity assets. The structure of wealth management products is moving towards equity - linked ones [2][22] - The seasonality of the bond market has not disappeared but has shifted to the stock market, forming the "good start" of the stock market [2][25] - Forget the "expectation gap", and the flywheel effect of "money - production capacity" is emerging. AI can boost the reinvestment expectations of traditional industries, and the reinflation of products will lead to changes in capital expenditure and production capacity expansion [2] 3. Summary by Relevant Catalog 3.1 Understanding from the Liability - side Perspective - **Deposit Activation and Reinvestment**: Since 2022, time deposit interest rates have been lowered multiple times. The 1 - year deposit rate has dropped from 1.75% to 0.95%, and the 3 - year rate from 2.75% to 1.25%. The re - investment of time deposits shows a "trickle - down effect", with funds flowing to current deposits and equity - linked products. The attractiveness and the degree of embracing equity assets increase step - by - step from "current deposits - wealth management products - dividend - insurance policies - public funds" [11][14][17] - **Dividend - insurance Policies as an Alternative**: Dividend - insurance policies have a "guaranteed return + floating dividend" feature, with a guaranteed return capped at 1.75% and at least 70% of distributable surplus distributed to policyholders. They have higher investment returns, lower rigid costs for insurance companies, and relatively shorter effective durations. Their liability - side characteristics lead to a higher proportion of equity investment and shorter - term fixed - income investment [18][19] - **Equity - linked Fixed - income Products**: The rapid expansion of wealth management scale poses challenges to asset - side returns. Even with an optimistic assumption for the 2026 bond market, the upper limit of the return from bond funds is only 2.1%, so adding equity is needed to increase returns. Equity - linked fixed - income products are shifting from high - dividend to high - volatility and technology sectors [22] - **Impact on Stock - Bond Balance**: The seasonality of the bond market is caused by the maturity of various deposits and the behavior of banks to meet quotas. Due to the strong trend of deposit migration to wealth management and insurance, the funds that should have flowed into bonds have instead entered equity - linked wealth management products or dividend - insurance policies, leading to the transfer of the bond market's seasonality to the stock market [25] - **The Emergence of the Flywheel Effect**: The "expectation gap" thinking is suitable for a static environment of stock - fund games. Currently, at the moment of rapid switching of liability behavior, the institutions where liabilities flow first are more leading. The AI sector has a flywheel effect on traditional industries' reinvestment and employment, and the reinflation of products will drive capital expenditure and production capacity expansion in relevant industries [27][28][31]

程某和王某立刻下车，打开 "交管 12123" 手机应用 "视频快处" 模块进行线上报警。接警人员记录、收集双方陈述、事故现场照片、行车记录仪视频等证 据材料，并在线提交至后台民警进行事故责任认定。不到10分钟，程某和王某便收到了定责短信。随后， 双方继续在 "交管 12123" 线上申请保险理赔。 定损理赔员远程评估定损后， 王某不到1 小时便收到了保险公司的理赔款。 如此高效的处理，得益于乌鲁木齐交管部门联合中华联合财产保险股份有限公司创新推出的"警保联动"新机制。2023年9月，双方在乌鲁木齐主城区试 点"轻微交通事故线上视频快处"项目，2024 年7月正式推出"线上定责理赔一体化"服务，实现了交通事故在线定责、保险报案、查勘定损、赔款支付的一 站式服务。"处理效率较传统模式提升了超50%，还可以避免发生矛盾纠纷。"乌鲁木齐市公安局交通管理支队事故预防处理和事故鉴定大队教导员张玉 说。 前不久，在新疆乌鲁木齐市水磨沟区天山明月城附近路段， 程某在驾车过程中不慎与王某车辆发生了剐蹭。 在河西二路滨湖西街路口、弯坡等路段建设"支路哨兵""会车预警" 设备；在新市区东进场高架东向西北航站楼出口等16处道路分流 ...

经济观察网2026年2月7日，覆盖全国10座城市12个城心社区联动的"大家春晚"主题日系列活动正式启 幕。作为大家保险集团旗下养老品牌"大家的家"年度标志性文化盛事，本届春晚系列活动通过"全国城 心社区"联动、"云直播+线下演出+实时互动"结合的形式，倾力打造养老行业首台10城12个社区联动并 全程直播的云春晚。据了解，此次春晚活动主会场设在大家的家.北京阜成城心社区，共有28个节目登 台表演，参演长者平均年龄近80岁，其中年龄最大的表演者已有93岁高龄。 除了春节联欢晚会，各社区还同步开展了"大家归家宴"活动，直播探秘大家的家城心社区的膳食烹饪过 程，为长者们奉上"十二道大家风味"的年夜菜。此外，"新春家年华"则通过主题互动打卡游戏让长者及 其亲属喜赢"大家好礼"，各社区也结合在地城市特色为长者准备了轻松快乐的特色游戏。(记者姜鑫) ...

Group 1: Liquidity - The issuance of equity public funds has decreased to 8.42 billion units, down from 32.79 billion units, but remains at a historically high level[8] - The net outflow of margin financing has increased to 52.1 billion CNY, marking a 2% percentile over the past three years[13] - The net inflow of southbound funds has surged to 49.83 billion CNY, reaching a historical high and representing a 96% percentile[40] Group 2: Trading Congestion - The trading heat for the non-ferrous metals sector has increased by 17 percentage points to 49%[46] - The trading heat for the liquor sector has risen by 10 percentage points to 15%[53] - The trading heat for the communication sector has also increased by 10 percentage points to 47%[66] - The trading heat for the home appliance sector has decreased by 12 percentage points to 47%[53] Group 3: Investor Sentiment - The net inflow of retail investor funds in the A-share market was 162.44 billion CNY, a decrease of 54.4 billion CNY from the previous value, placing it at the 87.4% percentile over the past five years[2] - The Shanghai Composite Index fell by 2.5% on February 2, leading to an increase in self-media search interest in A-shares[73]