老，可怕吗？年龄"80+"的老人，可以有多拼？ 2月1日下午，临近春节，位于北京昌平区的一家养老社区，记者看到了老人们格外忙碌的身影。 图为平均年龄超过80岁的"非洲鼓俱乐部"成员为春节联欢会排练节目。 微镜头："让过年的气氛热起来" "一堂非洲鼓课程，原计划练习45分钟就够，结果我们每次练习，都超过了一小时，因为没人喊累。"82 岁的韩淑琴老人，一个多月前搬进了位于北京昌平区的国寿嘉园·北京乐境养老社区。在这里，她不仅 拥有了新的"朋友圈"，还组建起平均年龄超过80岁的非洲鼓俱乐部，原本每周两堂练习课的频次，最近 这一周"提速"到了四至五次，只为2月10日农历小年当天，在养老社区即将举办的春节联欢会上精彩亮 相。 "大伙儿一商量，决定演奏《打靶归来》，旋律熟悉，节奏感强，关键是咱们有专业的萨克斯手，91岁 的王洪鸣老大哥领衔独奏，加上我们10人小组打起非洲鼓，肯定能让过年的气氛热起来！"练习室内， 几位年龄"80+"的女鼓手们信心十足，期待着小年当天闪亮登场。 记者了解到，韩淑琴老人和她的"鼓友们"，自从2025年12月陆续入住这家养老社区后，对这里开阔的环 境、可口的饭菜、周到的服务、先进的适老化设备非常 ...

近年来，人身险行业已进入高质量发展转型的关键时期。在宏观经济环境复杂多变、低利率长期持续的 背景下，得益于监管政策红利释放、权益市场回暖，以及养老金融、数字金融等商业模式的扩展，行业 发展基本面逐渐改善，高质量发展基础进一步夯实。 在负债端，价值创造能力已成为衡量人身险公司高质量、可持续发展的核心指标，亦是险企构建长期盈 利的"蓄水池"。在人身险行业从规模扩张转向价值深耕的关键阶段，建信人寿锚定负债端转型方向，不 断提升负债业务的"含金量"。截至2025年末，建信人寿剩余边际余额累计达248亿元，较去年同期增长 11.80%，实现续期保费315.27亿元，同比增幅11.20%。公司存量业务拉动效应显著增强，为未来利润的 平稳释放提供坚实保障。 在负债成本管控方面，建信人寿依托精细化管理和数字化转型，严格控制负债端的费用支出，稳步压降 负债成本。得益于业务结构优化与精细化费用管控双重发力，公司负债资金成本率较年初下降6个基 点，新单负债资金成本率较年初下降39个基点，推动费用投入产出效率的实质性提升，为公司长期稳健 经营奠定基础。 把握市场脉络 筑牢发展根基 伴随人身险市场的持续发展，广大消费者的保险配置理念也 ...

（来源：北京商报） 按照《保险公司偿付能力管理规定》，保险公司须同时满足核心偿付能力充足率不低于50%、综合偿付 能力充足率不低于100%、风险综合评级在B类及以上三项指标，才能被认定为偿付能力达标。 这三项关键指标中任何一项不符合要求，都会导致偿付能力不达标。在此次披露的2025年四季度偿付能 力报告中，除了长生人寿外，另外4家均是近年来偿付能力不达标的"常客"。 具体来看，安华农险、华汇人寿、亚太财险和前海财险2025年二季度和三季度的风险综合评级结果均为 C级。长生人寿则是因综合偿付能力充足率不足导致偿付能力不达标的保险公司。截至2025年四季度 末，该公司核心偿付能力充足率为64.8%、综合偿付能力充足率为79.7%。 风险综合评级是衡量保险公司全面风险管理水平的关键指标，持续被评为C类，意味着相关公司可能在 公司治理、内部控制或风险管理方面存在较为明显的问题。首都经济贸易大学保险系教授赵明表示，一 般而言，中小保险公司偿付能力不达标主要是因为其资本基础相对薄弱，业务规模和多样性有限，导致 抗风险能力较弱。这些公司在激烈市场竞争中往往面临盈利能力不稳定、资本补充渠道狭窄等挑战，加 上内部治理和风险管理 ...

"保险+期货"护航，筑牢农业发展"安全网" 同时，该县通过财政金融协同专项融资对接会议"三进"(进园区、进企业、进银行)、选派园区金融助理 宣讲政策、建立市场主体需求清单库等举措，成功为64家企业融资3.62亿元；累计发布金融信贷产品10 期，召开"财政+金融"工作推进会、政银担企对接会各4次，靶向破解"融资难、融资贵"问题。 普惠金融扩面，激活微观主体"一池春水" 静宁县坚持做好"金融五篇大文章"，推动普惠金融实现"增量、扩面、降价、提质"。2025年，全县普惠 型小微企业贷款余额达27.18亿元，银行网点实现24个乡镇全覆盖；通过创业担保贷款与脱贫人口小额 信贷"双轮驱动"，精准满足不同群体融资需求。 在创业就业领域，截至2025年末，全县创业担保贷款余额21924.55万元(961笔)，2025年新发放313笔 8500万元，新增财政贴息664.08万元，有效缓解创业者资金压力。在脱贫攻坚成果巩固方面，脱贫人口 小额信贷坚持"应贷尽贷"，2025年新发放5.06亿元，为2.14万户脱贫户、监测户全额财政贴息4335万 元；截至2025年底，全县累计发放脱贫人口小额信贷贷18.32亿元，支持3.69万户次 ...

日本30年期国债周四在拍卖中获得强劲需求，有效缓解了市场对长期债务的短期担忧，带动30年期国债收益率回落。在备受关注的大选即将到来 之际，此次拍卖结果缓解了债券市场的紧张情绪。 政治与财政背景 目前的市场背景仍然复杂。日本首相高市早苗此前计划削减食品销售税，曾导致上月收益率飙升至历史高位，并引发了波及全球债券市场的抛售 潮。虽然这种压力近期有所缓解，但日本30年期国债收益率目前仍接近其发行以来的最高水平。 本周末的众议院提前选举将决定未来的财政支出规模。据环球网，根据日程安排，日本众议院选举将于2月8日投计票。 日元与货币政策考量 在日本财务省周四举行的拍卖会上，30年期国债的投标倍数较上月显著上升，显示投资者认购意愿增强。受此推动，30年期国债收益率一度下跌5 个基点至3.585%。买盘情绪蔓延至整条收益率曲线，基准10年期国债收益率随之下跌1.5个基点至2.23%。 此次拍卖是本周对长期债务投资者胃口的第二次测试。此前，周二进行的10年期国债拍卖显示，投资者对财政支出上升的担忧依然挥之不去。然 而，最新的30年期国债拍卖数据表明，尽管面对即将到来的众议院提前选举所带来的财政不确定性，较高的收益率水平仍成功 ...

2026年1月28日，国家金融监督管理总局临汾监管分局发布批复称，《中国人寿（601628）保险股份有 限公司临汾分公司关于撤销襄汾县支公司永固乡营销服务部的请示》(国寿人险临发〔2025〕187号)收 悉。经审核，现批复如下： 一、同意撤销中国人寿保险股份有限公司襄汾县支公司永固乡营销服务部。 二、接此批复文件后，中国人寿保险股份有限公司襄汾县支公司永固乡营销服务部应立即停止一切经营 活动，于15个工作日内向临汾金融监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From January 26th to January 30th, the performance of general credit bonds was stronger than that of secondary capital bonds, possibly due to some institutions taking phased profit - taking after the yields of secondary capital bonds declined for two consecutive weeks. Large banks increased their allocation of interest - rate bonds due to abundant liabilities, small and medium - sized banks became more cautious, wealth management products increased their allocation of low - volatility amortized cost - based bond funds under the net - value constraint, and insurance preferred local government bonds. In the next few weeks, the concentrated opening of amortized bond funds will benefit specific - term credit bonds, and the market of secondary capital bonds is driven by the buying power of funds and insurance, with different yield performances for each term. In terms of future allocation, it is recommended to focus on 5 - year AA+ and AAA urban investment bonds with more attractive interest - rate differentials, and for secondary capital bonds, focus on the allocation opportunities of medium - and long - term varieties after phased profit - taking and the warming of market sentiment [3]. - The overall credit bond market recently followed the fluctuations of interest - rate bonds but showed relative resilience. Urban investment bonds generally outperformed secondary and perpetual bonds. The short - end interest rates of interest - rate bonds rose due to the temporary tightening of the capital market, while the long - end and ultra - long - end interest rates fluctuated under the alternating influence of stock market sentiment and policy expectations. The weakening participation of trading - type funds in ultra - long - term interest - rate bonds led to a shift of funds to credit bonds, which is a key reason for the relatively better performance of credit bonds [7]. - The behaviors of major investment institutions have significantly diverged, affecting the supply - demand pattern of credit bonds. Large banks increased their net purchases of interest - rate bonds due to asset shortages and abundant liabilities, which created conditions for the narrowing of credit spreads. At the end of 2025, wealth management products slightly increased their holdings of credit bonds but significantly increased their holdings of public funds, cash, and deposits. This reflects the demand for stable asset net values under the net - value transformation [8]. - In the future, asset supply and specific product cycles will directly affect the credit bond market. Although the supply of government bonds in January was large, the market interest rates remained stable due to the active participation of insurance and other allocation funds, providing a good allocation window for credit bonds. The upcoming opening peak of amortized cost - based bond funds in the next 16 weeks will bring re - allocation demand for corresponding - term credit bonds, and the deepening of the net - value transformation of wealth management products may increase the demand for medium - and long - term amortized bond funds, benefiting medium - and long - term credit bonds [9]. - The recent strong market of secondary capital bonds is driven by the implementation of the new public - fund fee regulations, the structural change of bond - type funds, and the hot sales of dividend - insurance products. Currently, the market has shown signs of differentiation. The yields of 1 - 3 - year varieties have fallen back to near the previous lows, with a narrowing spread protection space, while the 5 - year, 7 - year, and 10 - year varieties still have a certain spread protection margin and relatively high allocation cost - effectiveness. The market rhythm is expected to slow down, and medium - and long - term secondary capital bonds still have certain allocation value. In terms of the allocation strategy, it is recommended to focus on 5 - year AA+ and AAA urban investment bonds and medium - and long - term secondary capital bonds with relatively sufficient spread protection [10]. 3. Summary According to Relevant Catalogs 10Y Treasury Bonds: Large Banks Net Buy, Small and Medium - Sized Banks Net Sell - Since January 7, 2026, as the yield of 10 - year treasury bonds gradually declined, the net purchase volume of 7 - 10 - year treasury bonds by large banks showed a fluctuating upward trend, with a single - day peak of 14.105 billion yuan. The increase in large - bank purchases of 10 - year treasury bonds has created conditions for the narrowing of credit spreads. On the demand side, bank deposits have shown super - seasonal growth, increasing the scale of on - balance - sheet funds and reducing the pressure on the liability side. On the supply side, the slow issuance of government bonds, especially local government bonds, has created an asset gap, forcing large banks to increase their net purchases [19]. - In contrast, small and medium - sized banks have a more obvious left - hand trading characteristic in bond investment. Since January 7, 2026, as the yield of 10 - year treasury bonds declined, their willingness to allocate medium - and long - term treasury bonds decreased. Their conservative trading strategy is a passive choice due to the weakening of the traditional profit model. The narrowing of the interest - rate spread of 3 - year large - denomination certificates of deposit between representative city commercial banks and large banks has limited their bond - allocation funds, and the increasing difficulty and risk of obtaining capital gains through trading in the volatile bond market have made them more cautious, focusing on stable coupon income [24]. Bank Wealth Management: Slightly Increase Holdings of Credit Bonds, Focus on Low - Volatility and High - Liquidity Assets - At the end of 2025, bank wealth management slightly increased its holdings of credit bonds, focused on increasing the allocation of public funds, cash, and bank deposits, and reduced its holdings of equity - type assets and inter - bank certificates of deposit. The proportion of bond investment was at a low level in recent years. The increase in public - fund investment may be related to the increase in the allocation of amortized cost - based bond funds and bond ETFs, and the increase in cash and bank - deposit investment may be due to the temporary increase in the supply of inter - bank deposits at the end of the year and the relatively attractive interest rates. The decrease in the scale of equity - type assets and inter - bank certificates of deposit may be due to the contraction of the net supply of inter - bank certificates of deposit [30]. New Trends in the Long - Term Bond Market: Slower Brokerage Trading, Insurance Allocation Shift - At the beginning of the year, the concentrated short - selling behavior of brokerage self - operation in 30 - year treasury bonds, combined with the weak承接 power of insurance and other allocation funds, suppressed the trading sentiment of interest - rate bonds. Trading - type investors, represented by funds, reduced their participation in 30 - year treasury bonds and shifted some funds to credit bonds, which is an important reason for the relatively better performance of credit bonds. The selling amount and borrowing balance of 20 - 30Y treasury bonds by brokerage self - operation have declined recently, but they are still at a relatively high level. Insurance institutions prefer local government bonds over 30 - year treasury bonds, mainly for the relatively higher coupon and continuous tax advantages [33]. Is the Supply of Government Bonds in January in Line with Expectations? - Although the supply of government bonds in January was large, the active participation of allocation funds, mainly insurance, in local government bonds effectively alleviated the supply pressure, and the market interest rates remained stable, providing a good allocation window for credit bonds. The actual issuance volume of government bonds in January 2026 was higher than the planned volume, and the issuance scale was basically the same as that of the same period in 2025. After adjusting for seasonal factors, the issuance scale was actually similar to that of the previous year [40]. Future 16 Weeks: Peak Opening of Amortized Bond Funds, Benefiting Corresponding - Term Credit Bonds - The next 16 weeks will be the peak opening period of amortized bond funds, with those with a fixed - opening period of less than 1 year and more than 5 years being the main types, which will have a positive impact on corresponding - term credit bonds. The demand of wealth management products for stable net values may benefit medium - and long - term credit bonds. The opening scale in February is small, but there will be a peak in March. The term structure shows that in February, bonds with a term of more than 5 years are the main type, and in March, bonds with a term of less than 1 year are the main type, which may increase the demand for corresponding - term credit bonds [48]. Adjustment of Cash - Bond Trading Data Caliber: Institutional Classification and Callable Bond Terms - The adjustment of the institutional net - purchase data caliber implemented in 2026 includes two dimensions. One is the simplification of the classification of all - market institutions, and the other is the adjustment of the calculation rule of callable bond terms from being based on the maturity date to being based on the exercise date. After the adjustment, the configuration behavior of wealth - management funds needs to be tracked through the "other" category, and the previous method of judging institutional allocation behavior of secondary capital bonds based on the net - purchase data of 5 - 10Y "other" - type bonds is no longer applicable [52]. How Long Will the Secondary Capital Bond Market Last? - The recent strong market of secondary capital bonds is driven by the improvement of policy expectations, the structural adjustment of bond funds, and the allocation demand of dividend - insurance products. Currently, insurance mainly undertakes long - term secondary capital bonds such as 10Y, while funds have become the main buyers of medium - and short - term secondary capital bonds since December 2025. However, due to the influence of the spread level of secondary capital bonds of different terms, the daily net - purchase growth rate of funds has slowed down. The yields of 1 - 3Y secondary capital bonds have fallen back to near the lows after the release of the draft new public - fund fee regulations in September 2025, with a narrowing spread protection space, while medium - and long - term secondary capital bonds still have a certain spread protection margin and relatively high investment cost - effectiveness [59]. Bond Allocation Strategy: Slightly Cooled Market Sentiment, Focus on Credit Bond Catch - Up - In the past four weeks, the market has shifted from the dominance of secondary capital bonds in mid - January to the recent leadership of general credit bonds. Based on the current interest - rate differential quantile, valuation level, and rotation rhythm, the next - week allocation priority is adjusted as follows: urban investment bonds (AA+, 5Y) > urban investment bonds (AAA, 5Y) > secondary capital bonds (AAA -, 5Y). The 5Y AA+ urban investment bonds have coupon advantages and certain credit - sinking space, and have clear valuation - repair potential; the 5Y AAA urban investment bonds have low credit risk and good liquidity; the 5Y AAA - secondary capital bonds have a relatively reasonable valuation in their sector. For previously strong varieties, such as 5Y AA and AA(2) urban investment bonds and 10Y local government bonds, caution is recommended in allocation [65].

南都湾财社：保险业被赋予服务"新质生产力"和金融"五篇大文章"的重要使命。作为国际化综合金融保 险集团，中国太平如何重新定义自身在新时代下的角色？在从传统"风险承担者"向"风险减量管理者"转 变的过程中，集团看到了哪些最关键的行业挑战与机遇？ 何士宏：中国太平作为金融央企，服务"国之大者"是集团的根本职责使命，要在服务国家战略中主动作 为、争当表率，持续强化经济减震器和社会稳定器功能，从筑牢经济安全网、社会保障网和灾害防控网 出发，扎实服务新质生产力发展，深耕金融"五篇大文章"，着力夯实民生保障基础，提升服务实体经济 质效。"十五五"时期，中国太平即将迈入百年新征程，作为一家国际化综合金融保险集团，我们将专注 主业、错位发展，在坚持回归保险保障本源的同时，突出植根香港、跨境经营的特色优势，通过实施差 异化、特色化发展路径，努力建设一流保险集团，为加快建设金融强国、服务中国式现代化贡献更大力 量。 对于保险从传统"风险承担者"向"风险减量管理者"的转变，我们认为这是新时期背景下，行业适应经济 社会发展需求的必然选择，对提升保险服务实体经济质效具有重要意义。从机遇看，主要有四个方面： 一是政策引导力度不断加大。近 ...

部署2026年信贷工作！央行：强化消费领域金融支持 据中国人民银行2月4日公告，1月30日，中国人民银行召开2026年信贷市场工作会议，总结2025年工作成效，部署2026年重点任务。会议强调，2026年信 贷市场工作要准确把握"十五五"时期经济金融形势变化，统筹发展和安全，不断加强对重大战略、重点领域和薄弱环节的优质金融服务。 退保率上升、合规承压！中信保诚人寿创纪录盈利背后存隐忧 1月30日，中信保诚人寿发布2025年第四季度偿付能力报告摘要。数据显示，2025年该公司实现净利润50亿元，创成立以来新高；保险业务收入达337亿 元，同比增长12%，一举扭转此前连续两年亏损的局面。 黑暗且诡异！爱泼斯坦豪宅曝光：挂裸女画像，大量角色扮演服装和情趣玩具 据央视报道，美国司法部近日公开涉及已故富商杰弗里·爱泼斯坦案的剩余文件。 此前曝光的爱泼斯坦位于纽约曼哈顿豪宅内景的画面再次引发热议。 爱泼斯坦2008年因教唆未成年人卖淫被定罪，2019年7月再次因涉嫌性犯罪被捕，2019年8月死在狱中，被判定为"自杀"。然而广为流传的说法是他因掌握 一份用于勒索知名人士的"客户名单"而死于非命。 然而，业绩"大翻身"背后， ...

关键词阅读：上海保险业 原保费收入 责任编辑：山上 2025年1—12月，上海辖内保险公司原保险赔付支出累计1074.05亿元，其中财产险公司原保险赔付支出 449.48亿元，人身险公司原保险赔付支出624.57亿元。 2月4日，据上海金融监管局网站，上海金融监管局发布2025年12月辖内银行业保险业主要监管指标数据 情况显示，2025年1—12月，上海辖内保险公司原保费收入累计2979.26亿元，上海再保险运营中心跨境 再保险分入保费收入累计8.47亿元，两者合计2987.73亿元。其中财产险公司原保费收入796.87亿元，人 身险公司原保费收入2182.39亿元。 ...