公募密集布局权益市场 新发基金聚焦科创和港股 银行理财大举配置科创债ETF 随着第二批14只科创债ETF集体上市，市场规模进一步扩大，理财资金正成为这一创新债券品类的主力 配置力量。最新数据显示，多家银行系理财机构已大举入场，通过科创债券ETF实现收益与流动性的平 衡。业内人士表示，流动性管理需求、分散风险诉求及政策导向共同驱动理财公司加码布局，推动科创 债ETF从"创新起步"迈向"规模扩容"。与此同时，机构也提醒，科创债ETF虽具配置价值，但仍需警惕 成分券波动与信用风险。（上证报） 前三季度业绩预告启幕 超八成公司预喜 A股前三季度业绩预告陆续披露。截至10月12日19时，A股共有51家上市公司对外披露前三季度业绩预 告，42家预喜，预喜比例达到82.35%。部分上市公司业绩预告发布后，股价出现较为明显的上涨。除 了业绩预告外，A股三季报也陆续披露，金岭矿业、道氏技术两家公司率先披露三季报，引发市场关 注。（智通财经） 资讯数据显示，截至10月12日，已有269款万能险产品披露了9月份结算利率，其中最高为3.50%，最低 为0.36%。结算利率的平均值为2.68%，同比下降约18个基点，中位数为2.60% ...

本报记者 杨笑寒 Wind资讯数据显示，截至目前，共有269款万能险产品披露了9月份结算利率。其中，85只产品的结算 利率在3%及以上，占比为31.6%，相较去年同期约62%的占比下滑幅度较大；179只产品的结算利率在 2%（含）—3%（不含）之间，占比为66.5%；另有5款产品的结算利率低于2%。整体来看，269款万能 险产品的平均结算利率为2.68%，同比有所下降。 近年来，万能险产品的结算利率持续下滑。对此，对外经济贸易大学创新与风险管理研究中心副主任龙 格对《证券日报》记者表示，主要原因有三点：一是投资端承压。固收类资产收益率下降，以及权益市 场波动等因素导致保险公司投资收益下滑，结算利率随之调整；二是监管引导。为避免利差损风险，监 管部门要求万能险产品结算利率与实际投资收益匹配，压降利率上限；三是险企主动调整，为降低负债 成本、保障财务稳健，险企主动下调了结算利率。 今年4月份，国家金融监督管理总局发布《关于加强万能型人身保险监管有关事项的通知》（以下简称 《通知》），要求保险公司应当基于万能险单独账户资产的实际投资状况，审慎合理确定万能险结算利 率，并允许保险公司在满足相应约束条件时，对万能险产品 ...

新华财经北京10月13日电四大证券报内容精华摘要如下： 中国证券报 A股前三季度业绩预告陆续披露。截至10月12日19时，A股共有51家上市公司对外披露前三季度业绩预 告，42家预喜，预喜比例达到82.35%。部分上市公司业绩预告发布后，股价出现较为明显的上涨。除 了业绩预告外，A股三季报也陆续披露，金岭矿业、道氏技术两家公司率先披露三季报，引发市场关 注。 ·前沿技术竞相亮相竞逐低空新蓝海 10月10日-12日，第二届中国（西安）国际低空经济发展大会在西安国际会展中心举办。大会现场集中 展示低空智能制造领域的无人机、eVTOL、飞行汽车、通用航空、轻型飞机、飞艇、低空通信导航、 低空监管等新产品与前沿技术。低空经济作为战略性新兴产业，正从小众试验走向大众视野。中国民航 局预测，2025年我国低空经济市场规模将达1.5万亿元，到2035年有望突破3.5万亿元。 上海证券报 ·挖" 出特色等风来定制指数基金乘势"突围 定制指数基金正在迎来新的机遇。此前，由于底层资产同质化、用户理解困难等多重原因，发展长期处 于"尴尬"状态的定制指数基金，近期凭借编制特色与市场风向，迎来规模的显著跃升。业内人士认为， 差异化定位 ...

本报记者 杨笑寒 近日，万能型人身保险产品（以下简称"万能险"）陆续公布9月份结算利率。 将更加考验险企投资能力 从保费收入情况来看，近年来，万能险市场发展整体呈现稳中有降的趋势。 国家金融监督管理总局最新数据显示，今年前8个月，人身险公司的保户投资款新增交费（可近似视为万能险保费收入） 为4588亿元，去年同期则为4589亿元。而2024年人身险公司的保户投资款新增交费为5787亿元，同比下降2.8%。 对此，北京排排网保险代理有限公司深圳分公司保险产品经理苏晓天对《证券日报》记者分析称，万能险保费收入自去年 以来再度出现的小幅下滑，是市场、产品和监管多重因素共同作用的结果。一是，以增额终身寿险为代表的保证收益型产品所 拥有的收益确定、增长透明的特点在利率下行周期中更受青睐，分流了万能险的储蓄需求。二是，消费者风险意识增强，在不 确定性增加的环境下更倾向于锁定长期、确定的收益。此外，监管持续引导保险回归保障本源，并对中短存续期产品进行严格 限制，从源头上规范了万能险的发展，使其规模增长趋于平稳。 Wind资讯数据显示，截至10月12日，已有269款万能险产品披露了9月份结算利率，其中最高为3.50%，最低为 ...

"13精"数据库第396周更新公告 13精资讯-增加2025年8月万能险结算利率2065条 13精资讯-增加2025年2季度保险公司增资情况数据 13精资讯-增加2024年各国保费、保险深度、人均保费 13精资讯-增加最近一周保险公司被处罚数据 13精资讯-增加最近一周保险公司投连险净值数据 在上述影响内含价值变动的因素中，一些公司剔除了投资波动、经济假设变化、注资和股东分红等因素影响，设计了ROEV指标。 内含价值营运回报率（ROEV）=（年初内含价值的预计回报+新业务价值创造+营运经验偏差+假设及模型变动）/期初内含价值 2025上半年度上市寿险公司合计ROEV为6.3%，同比下降了0.5个百分点！ 从各家公司来看，中国人寿、平安寿险和太保寿险ROEV同比有所下降，而新华保险、友邦保险和阳光人寿的ROEV同比有所改善！ 2、 "13精"给出了2025上半年度上市寿险公司内含价值变动科目与期初内含价值的比值，从中可以直观观察各个科目的影响程度。 | 变动项目 | 中国人寿 | 平安寿险 | | | 太保寿险 新华保险 友邦保险 阳光人寿 行业平均 | | | | --- | --- | --- | --- ...

Core Viewpoint - The insurance industry is experiencing a recovery in premium growth driven by savings-type insurance products, particularly dividend insurance, since 2025. The recent adjustments in predetermined interest rates are expected to influence product attractiveness and sales strategies within the industry [1][2]. Industry Overview - As of the end of August 2025, the insurance industry achieved a total original premium income of 47,999 billion yuan, marking a year-on-year increase of 9.63%, with growth accelerating for five consecutive months. Life insurance accounted for 37,999 billion yuan, reflecting an 11.32% increase [2][3]. - The life insurance sector saw a significant monthly premium income growth of 47.24% in August, driven by short-term "炒停售" (speculative suspension) activities [3][4]. Product Insights - The predetermined interest rates for ordinary products, dividend insurance, and universal insurance have been lowered to 2.0%, 1.75%, and 1.0%, respectively, with reductions of 50 basis points, 25 basis points, and 50 basis points. This adjustment is expected to stimulate premium income in the short term [4][5]. - Dividend insurance is becoming a core product in a low-interest-rate environment, as it offers a "low guaranteed return + high floating return" structure, allowing insurance companies to share investment risks with policyholders and reduce rigid repayment costs [5][6]. Financial Performance - In the first eight months of 2025, property insurance companies reported a total premium income of 12,201 billion yuan, a year-on-year increase of 4.67%. Notably, auto insurance premiums reached 6,006 billion yuan, up 4.33%, while non-auto insurance premiums grew by 5.0% [6]. Recommendations - Companies with strong sales foundations, such as China Ping An (601318.SH) and China Property & Casualty Insurance (02328), are recommended for attention due to their potential benefits from the current market dynamics [7].

Core Viewpoint - The insurance industry in China has shown a strong recovery in premium income, with a total of 4.8 trillion yuan in original insurance premium income for the first eight months of the year, reflecting a year-on-year growth of 9.63% [1] Premium Income Performance - Property insurance premium income reached 1 trillion yuan, growing by 3.65% year-on-year, while life insurance premium income was 3.8 trillion yuan, with a significant growth of 11.32% [1] - In August alone, the insurance industry achieved original premium income of 591.4 billion yuan, marking a year-on-year increase of 35.61%, with life insurance premium income at 479.6 billion yuan, up 47.25% year-on-year [4] Market Demand and Trends - The strong demand for insurance and the reduction in the preset interest rate in September have driven the rapid growth in life insurance premiums [2] - Analysts predict that the premium growth rate will gradually decline after September, as the surge in August was largely influenced by the anticipation of rate adjustments [4] Product Structure Adjustment - The life insurance sector is experiencing a shift towards floating yield products, with the proportion of dividend insurance continuously increasing [7][8] - In the first half of the year, dividend insurance accounted for over 50% of the first-year premium income in individual insurance channels, indicating its importance in new premium income [7] Future Outlook - The industry consensus is to adjust product structures and increase the proportion of floating rate products to address challenges posed by low interest rates [8] - Dividend insurance is expected to contribute significantly to the industry's premium income growth for the year, supported by regulatory guidance and proactive transformation by insurance companies [9]

【环球网财经综合报道】根据Wind统计，万能险结算利率总体处于下降态势。目前，443款万能险产品8月结算利 率出炉，结算利率最高为3.5%，最低为0.36%。其中，有6款万能险产品的结算利率为3.5%，结算利率高于3%的 万能险产品数量占比为34.53%。 相比而言，7月655款产品中，有11款万能险产品的结算利率为3.5%，结算利率高于3%的万能险产品数量占比为 41.83%。此外，今年1-4月，结算利率高于3%（含）的产品数量占比超过50%。 尽管如此，消费者选择万能险仍需谨慎。业内人士提醒，当前万能险多为组合销售，如年金险+万能账户，需确 认主险是否匹配自身需求。同时，万能账户的灵活性对保险公司投资能力提出一定要求。 进一步来讲，保险公司需通过优化资产配置、加强久期管理，努力稳定投资收益，为结算利率的合理性提供支 撑。而消费者在选择不同公司和不同产品的时候，还是需要做好充分的评估，既包括保险公司自身的资本实力、 市场口碑、过往业绩和投资能力，也包括产品的条款设计、保底收益和结算方式，再结合自己的风险偏好来做出 选择。（南木） 值得一提的是，万能险曾因结算利率超过4%，甚至达到5%，被很多消费者视为"高息 ...

Core Viewpoint - The overall trend of universal insurance settlement rates is declining, with most products showing rates between 2.5% and 3% as of September 26, 2023, which is a significant drop compared to previous years [1][2][4]. Group 1: Current Settlement Rates - As of September 26, over 1200 universal insurance products have disclosed their August settlement rates, with the highest being 3.5% and the lowest at 0.36% [1]. - Nearly 100 products have settlement rates exceeding 3%, with over 85% of products falling within the 2.5%-3% range [2]. - In comparison, during the same period in 2024, most products had rates not lower than 3%, and in 2023, hundreds of products had rates above 4% [2]. Group 2: Factors Influencing Rate Changes - The decline in settlement rates is attributed to lower investment returns from fixed-income assets and the volatility of equity assets, impacting insurance companies' overall investment income [2][5]. - Regulatory measures are also in place to mitigate interest rate risk, leading to a reduction in the upper limit of settlement rates to align with actual investment returns [2][4]. Group 3: Future Outlook - Industry experts predict that universal insurance settlement rates may continue to decline, influenced by the downward trend in market interest rates, including 10-year government bond rates and deposit rates [5]. - The premium scale for universal insurance has decreased, with a reported 1% decline in new premium income for the first seven months of the year, totaling 419.3 billion [5]. - To enhance the attractiveness of universal insurance, companies are encouraged to focus on the product's core insurance benefits and improve its long-term protection features [5][6].

Core Viewpoint - The overall trend of universal insurance settlement rates is declining, with most products showing rates between 2.5% and 3% as of September 26, 2023, which is a significant drop compared to previous years [1][2][3] Group 1: Universal Insurance Settlement Rates - As of September 26, 2023, over 1,200 universal insurance products reported settlement rates, with the highest at 3.5% and the lowest at 0.36% [1] - The majority of universal insurance products have settlement rates not exceeding 3%, with over 85% falling within the 2.5%-3% range [1] - In comparison, during the same period in 2024, most products had rates not lower than 3%, and in 2023, hundreds of products had rates above 4% [1] Group 2: Impact of Market Conditions - The decline in universal insurance settlement rates is linked to lower investment returns from fixed-income assets and volatility in equity markets, affecting insurance companies' overall investment income [2] - Regulatory measures are in place to mitigate interest rate risk, leading to a reduction in the upper limit of settlement rates to align with actual investment returns [2][3] Group 3: Future Outlook - Industry experts predict that universal insurance settlement rates may continue to decline due to ongoing downward trends in market interest rates, including 10-year government bond rates and loan market quotation rates (LPR) [3] - The premium scale for universal insurance has decreased, with new policyholder investment contributions amounting to 419.3 billion yuan in the first seven months of the year, a 1% decline from the previous year [3] - To enhance the attractiveness of universal insurance, companies need to focus on the product's core insurance benefits and long-term protection features [3][4] Group 4: Regulatory Changes and Product Strategy - In April 2023, regulatory authorities issued guidelines prohibiting the development of universal insurance products with terms shorter than five years, encouraging companies to extend the actual policy duration through design adjustments [4] - The reduction in settlement rates poses challenges to the product's appeal, shifting customer focus from price to value, emphasizing the unique advantages of universal insurance such as guaranteed rates and flexible withdrawals [4]