二、中国人寿财产保险股份有限公司和田地区中心支公司应按照有关规定及时办理变更及许可证换领事 宜。 一、同意中国人寿财产保险股份有限公司和田地区中心支公司将营业场所变更为：新疆维吾尔自治区和 田地区和田市屯垦西路25号（第三层）。 2025年11月6日，和田金融监管分局发布批复称，《关于中国人寿（601628）财产保险股份有限公司和 田地区中心支公司变更营业场所的请示》（国寿财险和发〔2025〕32号）收悉。经审核，现批复如下： ...

保险在普惠金融领域发挥的作用越来越大，也是一个值得关注的趋势。根据报告，2024 年，全国保险 密度为4044.86 元/人，同比增长11.26%，同比多增约2个百分点；保险深度为4.22%，较上年稳中有升。 近四成受访人士表示持有保险产品和服务。 2024年6月，金融监管总局印发《关于推进普惠保险高质量发展的指导意见》，引导保险行业健全普惠 保险产品供给体系，加大特定领域和特定风险群体保障力度。根据报告，过去一年，一些创新实践在全 国多地开花，有效弥补了特定风险群体保障空白或不足问题。 来源：中国银行保险报 许予朋 11月7日，中国人民银行发布《中国普惠金融指标分析报告(2024—2025年)》(以下简称"报告")，从使用 情况、可得性、质量等多维度反映普惠金融发展情况。报告显示，从2024年综合指标数据和相关情况来 看，各有关部门多措并举提升普惠金融发展质效。在加大普惠信贷支持力度、完善普惠保险产品供给等 方面，金融业均取得了一定进展。 特定风险群体保障力度持续加大 报告指出，2024年，我国普惠金融在延续较好发展势头的基础上，呈现出一些新特点，包括金融支持乡 村振兴更加有力，民营和小微企业信贷支持力度持 ...

Core Insights - Warren Buffett will retire as CEO of Berkshire Hathaway at the end of the year, with the company achieving a remarkable 5,502,284% increase in shares from 1965 to 2024, significantly outperforming the S&P 500's 39,054% return [1][2]. Company Summaries Apple - Apple is the largest position in Berkshire's portfolio, accounting for 23.9% of it, with investments starting in 2016 [3][4]. - The company has integrated AI technology into its products, including real-time text analysis and battery management optimization, although it has not developed its own AI models [3][4]. - Apple is reportedly paying Alphabet $1 billion annually to utilize a custom AI model for its Siri assistant, indicating a strategic partnership approach [4][6]. Chubb - Chubb represents 2.5% of Berkshire's portfolio and is known for its innovative use of AI in automating underwriting, claims processing, and fraud detection [7][8]. - The company recently launched an AI-powered optimization engine for personalized insurance recommendations, showcasing its commitment to leveraging technology [8][10]. - Chubb's combined ratio for property and casualty insurance in 2024 was 86.6%, outperforming the industry average of 96.6%, indicating strong profitability [10][11]. Visa - Visa, which constitutes nearly 1% of Berkshire's portfolio, was an early adopter of AI, implementing it in risk and fraud management as early as 1993 [12][13]. - The company's AI platform, Visa Advanced Authorization, prevents approximately $28 billion in fraud annually, highlighting its effectiveness [13][14]. - Visa is also developing AI tools to enhance the online shopping experience, positioning itself as a leader in payment processing alongside Mastercard, which together handle 90% of payment processing outside China [14][15].

Investment Rating - The report indicates a positive outlook for Chinese stocks, with Goldman Sachs expecting 10.4% annualized total returns over the next decade [1]. Core Insights - The report highlights that MXCN gained 1% while A-shares slipped 1%, with October credit and activity data broadly missing expectations [1]. - The PBOC adopted a less dovish tone in its Q3 monetary policy report, leading to a revision in policy rate cut expectations [1]. - The report notes that Alibaba is launching the "Qwen" personal AI assistant project to compete with ChatGPT, indicating a focus on technological advancements [1]. - Southbound Connect saw US$3.2 billion inflows this week, reflecting investor interest in Chinese equities [1]. - Real export growth is expected to be 5-6% year-on-year in the coming years, despite uncertainties surrounding US tariff policies [1]. Performance Summary - MXCN/CSI300 12-month forward P/Es are reported at 13.0x and 14.6x respectively, with EPS growth estimates for 2025/26 at 2%/16% for MXCN and 14%/14% for CSI300 [8]. - The report emphasizes that AI beneficiaries have significantly contributed to North Asia's year-to-date performance, with Taiwan, Korea, and China showing strong gains [11]. - The report suggests that A shares are likely to modestly outperform H shares in the next three months [22]. Sector and Market Insights - The report identifies key sectors for investment, favoring Internet/Media/Entertainment, Consumer Retail & Durables, and Tech Hardware & Semiconductors, while being underweight on Telecom Services and Utilities [10]. - The macro backdrop is seen as favorable for global and domestic cyclicals along with dollar-sensitive sectors [10]. - The report indicates that 83% of all China-listed companies have reported earnings so far, with 9M/3Q25 earnings rising 6%/11% year-on-year [20].

Asia Pacific Equity Research 12 November 2025 China Healthcare/Health Insurance Key takeaways from expert session: New opportunities in China's health insurance ecosystem We hosted an expert call on 10 Nov focusing on emerging opportunities in China Health Insurance ecosystems. Recent government directives – including updates to the Innovative Drugs Catalogue, ongoing DRG/DIP payment reforms, and the long-term fiscal pressure on the basic medical scheme from an ageing population – are driving new demand whi ...

Flash | 12 Nov 2025 02:15:20 ET │ 12 pages China Healthcare What's New from Citi 2025 China Conference: Panel Discussion Takeaways on Commercial Health Insurance CITI'S TAKE At the Citi China Conference 2025, we invited senior mgmt. from PICC Health, Sipai Health, and Yuanbao to join our panel discussion on the topic of Building a Resilient Health Ecosystem: The Role of Commercial Insurance in China's Evolving Multi-Payer System. Key consensus was that the China healthcare system is at a pivotal inflection ...

The Tel Aviv Stock Exchange rose today. The Tel Aviv 35 Index rose 0.38% to 3,447.17 points - a new record, the Tel Aviv 125 Index rose 0.41% to 3,505.73 points; but the BlueTech Global Index fell 0.92% to 597.63 points. The All Bond corporate bond index rose 0.04% to 419.53 points. Turnover totalled NIS 1.42 billion in equities and NIS 2.40 billion in bonds. On the foreign exchange market, the representative shekel-dollar rate was set 0.81% higher on Friday, at NIS 3.235/$, and the representative shekel- ...

Market Overview - The recent market pullback saw the S&P down 1.5%, Nasdaq down over 2%, and Dow dropping 800 points, raising concerns among investors about the market's direction [2][3] - The current pullback is viewed as a positioning flush of higher beta names rather than a macroeconomic issue, indicating potential for continued market growth [4][5] Investment Sentiment - Investors are expected to buy the dip, as pullbacks in high beta stocks often lead to a more rational market that rewards companies with strong fundamentals [5][6] - The overall market sentiment remains optimistic, with significant liquidity and ongoing support from monetary and fiscal policies [6][7] Company Focus: Nvidia - Nvidia's stock has risen 50% year-to-date, with a favorable valuation at 32 times earnings and strong cash reserves [8] - Expectations for Nvidia's data center revenues are higher than Wall Street's projections, with estimates potentially reaching $300 billion compared to the $258 billion forecast [9] Company Focus: MAG 7 - The MAG 7 companies exhibit strong operating leverage, allowing them to grow margins effectively, making them attractive investments [10] - There is a general bullish sentiment towards the MAG 7, with expectations of continued performance [10] Company Focus: Progressive - Progressive has shown the best earnings per share revisions since the beginning of 2024, despite underperforming the S&P 500 [11][12] - The company is trading at 13 times forward earnings, presenting a significant discount compared to the market, while maintaining strong growth and margins [13] Market Dispersion - The current market shows record high dispersion, with high-quality names underperforming relative to low-quality names [15] - There is an expectation that as the market rationalizes, high-quality names will be rewarded for their resilience [15] Cryptocurrency and Gold - The total addressable market for Bitcoin is expanding, with a shift in perception towards it being a store of value rather than a tech proxy [16][19] - Gold is increasingly viewed as a store of value rather than a hedge against market volatility, reflecting a significant change in investment strategy over the past decades [19][20]

Japanese investment giant SoftBank recently is no longer a party in interest in Israeli digital insurance company Lemonade (NYSE: LMND), which over the weekend reported its shareholders at the end of the third quarter of 2025. The report shows that SoftBank continued reducing its holdings in Lemonade and during the third quarter sold 40% of its shares. Since the end of 2024, SoftBank’s holding in the digital insurance company has declined by about 67%. At the end of the third quarter, SoftBank held about ...

声明：本系列文章基于原期刊目录和摘要内容整理而得，仅限于读者交流学习。如有侵权，请联系 删除。 期刊介绍： The Geneva Risk and Insurance Review（《日内瓦风险与保险评论》，简称GRIR）是由日内瓦协会 （The Geneva Association）出版的学术期刊，同时也是欧洲风险与保险经济学家协会（European Group of Risk and Insurance Economists）的官方期刊。GRIR的研究范围广泛，包括保险产品和市场 的经济学、不确定性下的决策理论、个人、公司和社会的风险分担或风险缓解机制。特别关注与风 险分担和缓解机制相关的市场失灵问题，例如由信息摩擦和激励问题引起的市场失灵，以及政府在 通过监管或社会保险提供风险管理方面的作用。期刊的出版周期为每年两期，分别在3月和9月发 布。 本期看点： ●现有个体的不确定性偏好测度的预测力有限。不确定性及其影响是经济政策制定的关键考量。 ●基于结构模型估计表明，健康保险虽能通过提升医疗支出对寿命产生积极影响，但该影响程度在 统计上并不显著。 ● 基于德国私人健康保险市场的分析，尽管佣金上限政策确实降低 ...