↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 储户发现之前的存款到期后续存 ， 利率大幅下降 ， 可能就会考虑其他投资方式 ， 理财和保险都可能承接存款搬家的资金 。 实际上理财确实也卖 得相当好 （ 图3 ） 。 作者： 汤诗语 来源：雪球 根据我搜集到的信息 ， 今年保险销售开门红 ， 甚至红得发透了 。 我简单搜了一下数据 ， 用保险公司整体的原保费收入减去赔付 ， 算滚动12个月 ， 发现已经快到3.7万亿了 ， 如图1 。 这个钱可以大致视为保险 公司必须投资出去的钱 。 由于保单销售开门红十分旺盛 ， 今年搞不好这个数能升到4万亿以上呢 。 为什么保单卖这么好 ？ 可能跟银行存款利率降太快 、 且前些年的长期限高利率存款到期量大有关 （ 图2 ） 。 而且 ， 保险公司是必须买股票的 。 为什么呢 ？ 很简单 ， 因为保险公司投债等固收类资产已经快无法覆盖负债成本了 （ 图6 ） 。 保险公司的 负债端跟银行不同的 ， 银行负债端的久期短 ， 最长的定存也不过5年 ， 且占比很小 ， 多数是1~3年的 ， 降息周期中虽然 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 银行大额存单利率不断走低，如今更是降到了"1字头"，有的银行甚至已无在售的新大额存单。昔日靠大额存单理财的人们，正在犯难。对此，专业人士表示，现在没必要抢大额 存单，而应基于当前现实调整资产配置策略。 文 ｜ 陈大壮 编辑 ｜ 朗明 来源｜ 财经天下WEEKLY （ID： cjtxweekly） 封面来源 ｜ IC photo 随着新一批5年期大额存单即将到期，很多储户想靠高利息"躺赚"日子就要结束了。 坐标四川的张小姐最近正在发愁。2021年1月，她在当地一家城商行存了一笔50万元按月付息的大额存单，存款期限5年，年利率为4.5%。其间，张小姐每 月都有一笔1875元的利息到账，"比工资还准时，简直不要太香"。 但是，这笔存款2026年1月即将到期，5年坐收共计11多万元的利息后，她不知道去哪里再找这么好的投资方式。 天津的王先生，同样也是5年前在当地一家农商行存了一笔50万元额度的大额存单，利率高达4.8%，到期后他的利息能拿到12万元。而现在 ...

Core Viewpoint - Hongan Real Estate has completed the purchase process of an insurance policy from Manulife Financial, marking a significant step in its financial strategy [1] Group 1 - Hongan Real Estate's indirect wholly-owned subsidiary has received the final policy and confirmation letter from Manulife Financial [1] - The total initial premium paid by the insurer amounts to approximately $4.85 million, equivalent to about HKD 37.73 million [1]

Core Insights - The article highlights a case of telecom fraud where an individual was misled into transferring assets due to a scammer impersonating a bank employee [1] Group 1: Fraud Awareness - Financial consumers are urged to enhance vigilance against telecom and online scams by adhering to the "three no's and one more" principle: do not click unknown links, do not trust unfamiliar calls, do not disclose personal information, and verify transfers [2] - It is emphasized that banks and law enforcement agencies will never request transfers to "safe accounts" via phone or text, and any financial transactions should be verified through official channels [2][3] Group 2: Insurance and Policy Management - Caution is advised regarding policy cancellations, as insurance contracts are significant financial agreements that may lead to economic losses and loss of risk coverage if not handled properly [3] - In case of suspected fraud, individuals should preserve evidence such as chat logs and transaction records, report to authorities immediately, and contact relevant financial institutions to mitigate losses [3]

Core Viewpoint - Minsheng Insurance Shandong Branch emphasizes a user-centered approach, actively responding to the call of "serving the people" by focusing on rural customers and providing convenient services [1][2] Group 1: Customer Service Initiatives - The company has implemented door-to-door services to assist customers in remote areas, ensuring convenience and warmth [1] - A specific case involved a customer, Mr. L, who was bedridden and needed to change the beneficiary of his insurance policy to his caregiver, Ms. Y. The company quickly verified the situation and processed the request [1] - The service provided by the company received recognition and praise from the customer, highlighting the company's commitment to practical actions in serving the community [1] Group 2: Ongoing Service Commitment - Minsheng Insurance Shandong Branch will continue to offer a "Five Hearts Service" which includes assurance in underwriting, peace of mind in policy maintenance, warmth in claims processing, enthusiasm in consultations, and attentiveness in follow-ups [2] - The company aims to optimize service models for vulnerable groups, including the elderly and children, and explore service methods that align with the habits of these special groups [2]

Core Insights - The five major insurance companies in A-shares reported a strong performance in the first half of 2025, with a total net profit attributable to shareholders of 178.19 billion yuan, representing a year-on-year growth of 3.7% [1][2] Group 1: Net Profit Performance - Among the five companies, Xinhua Insurance showed the highest growth rate with a year-on-year increase of over 30%, while China Ping An experienced a decline of 8.8% [2] - The net profit figures for the five companies in the first half of 2025 are as follows: China Ping An (68.05 billion yuan), China Life (40.93 billion yuan), China Pacific Insurance (27.88 billion yuan), China Reinsurance (26.53 billion yuan), and Xinhua Insurance (14.80 billion yuan) [2] Group 2: New Business Value Growth - The new business value, which reflects the expected future earnings from newly sold policies, saw significant growth across the board, with all companies achieving over 20% increases [3] - Xinhua Insurance achieved a new business value of 6.18 billion yuan, up 58.4% year-on-year, while China Ping An's new business value grew by 39.8% [3] Group 3: Cost Ratio Improvement - The comprehensive cost ratios for the "old three" property insurance companies (China Re, Ping An Property, and China Pacific Property) generally decreased, leading to improved underwriting profits [5] - China Re's comprehensive cost ratio was 95.3%, the best level in nearly a decade, while Ping An Property's ratio was 95.2%, down 2.6 percentage points year-on-year [5] Group 4: Investment Income - As of June 30, 2025, the total investment assets of the five major insurance companies reached 19.73 trillion yuan, a year-on-year increase of 7.52% [7] - The total investment return rates showed divergence, with China Pacific and China Life experiencing declines of 0.4 and 0.3 percentage points, respectively, while Xinhua Insurance and China Re saw increases of 1.1 and 1 percentage points [7] Group 5: Market Outlook - Looking ahead, companies are optimistic about the A-share market and plan to focus on sectors such as technology innovation, consumer manufacturing, and advanced manufacturing for investment opportunities [8] - The emphasis will be on high-dividend stocks to provide stable cash flow and enhance long-term returns [8]

Group 1: Market Overview - The market is expected to enter a phase where macro factors become less disruptive, with domestic policies emphasizing a "stable and active capital market" [1] - The macroeconomic environment is likely to remain stable, with reduced uncertainties from overseas factors, particularly regarding U.S. tariff policies [1][2] - The market is anticipated to maintain a range-bound fluctuation, with dividend stocks being a preferred choice for low-risk investors [1][3] Group 2: Sector Insights - The AI healthcare sector shows resilience, with ongoing positive developments despite a weak correlation with the broader healthcare market [2] - The innovative drug sector has seen unexpected strength, but there is an anticipated increase in market scrutiny regarding the fundamentals of these companies [3] - The military industry, particularly upstream targets, may experience a valuation shift due to improved recognition of domestic and foreign demand for advanced weaponry [4][5] Group 3: Investment Strategies - Focus on identifying structural opportunities within cyclical sectors, such as rare metals and agriculture, which may show fundamental changes [6] - High-dividend assets remain attractive in a liquidity-rich environment, with expectations of declining insurance policy rates and increasing dividend payout ratios [7] - The market may stabilize in June, with potential risks from external factors, but the focus will remain on sectors with independent growth logic [8][9]

Core Insights - The financial regulatory authority reported that the banking and insurance sectors continued to grow in total assets as of the end of Q1 2025, with banking assets reaching 458.3 trillion yuan, a year-on-year increase of 6.7%, and insurance assets totaling 37.8 trillion yuan, up 5.4% [1] - The report highlighted a significant increase in inclusive small and micro enterprise loans, which reached 35.3 trillion yuan, with a year-on-year growth of 12.5% [2] - The insurance sector showed stability in asset quality, with a net profit of 656.8 billion yuan for commercial banks in Q1 2025, and an insurance premium income of 2.2 trillion yuan, reflecting a 0.8% increase [4] Banking Sector - As of Q1 2025, large commercial banks held total assets of 198.5 trillion yuan, growing by 7.3% year-on-year, while joint-stock commercial banks had assets of 75.5 trillion yuan, increasing by 5.2% [1] - The financial regulatory authority set specific targets for small and micro enterprise financial services, aiming to maintain loan growth rates that are not lower than overall loan growth [2] - The banking sector's risk compensation ability remains robust, with an average capital return rate of 8.82% and an average asset return rate of 0.68% [4] Insurance Sector - The insurance industry reported a total premium income of 2.2 trillion yuan in Q1 2025, with a 0.8% year-on-year growth, while claims and benefits paid out were 827.4 billion yuan, up 12.2% [4] - The number of new insurance policies issued increased by 20.7%, indicating a strong demand for insurance products [4] - Insurance companies maintained a strong solvency position, with a comprehensive solvency adequacy ratio of 204.5% and a core solvency adequacy ratio of 146.5% as of the end of Q1 2025 [4]

Core Viewpoint - The banking and insurance sectors continue to show growth in total assets, with banks' total assets reaching 458.3 trillion yuan, a year-on-year increase of 6.7%, and insurance companies' total assets at 37.8 trillion yuan, growing by 5.4% [1][2]. Banking Sector - Large commercial banks have a total asset amount of 198.5 trillion yuan, reflecting a year-on-year growth of 7.3%, accounting for 43.3% of the total banking assets [2]. - The balance of inclusive small and micro enterprise loans reached 35.3 trillion yuan, with an increase of 1.95 trillion yuan from the end of last year, marking a year-on-year growth of 12.5% [4]. - The financial regulatory authority has set specific targets for 2025 regarding financial services for small and micro enterprises, aiming to maintain loan growth rates that are not lower than overall loan growth rates [4]. Agricultural Loans - The balance of inclusive agricultural loans stood at 13.7 trillion yuan, with an increase of 795.5 billion yuan since the beginning of the year [4]. - Banks are encouraged to set differentiated growth targets for inclusive agricultural loans and to increase credit support for key areas such as grain production [5]. Insurance Sector - The insurance industry reported a total premium income of 2.2 trillion yuan in the first quarter, a year-on-year increase of 0.8%, while claims and benefits paid amounted to 827.4 billion yuan, up 12.2% [7]. - The number of new insurance policies issued increased by 20.7% [6]. - Insurance companies maintain a strong solvency position, with a comprehensive solvency adequacy ratio of 204.5% and a core solvency adequacy ratio of 146.5% as of the end of the first quarter [7].

今天群里在传类似下面的这张图，意思是保险的预定利率又要下调了，直接说结论， 这个趋势没错，但具体数字是错的 ， 属于典型的听到风声，就直接让客户抓紧买伞的饥渴营销打法。 我们去年底在《 2025金融行业的十大猜想 》里，提到过，今年，OMO、存款利率、保险预定利率预计都会继续下调， 低 利率时代的趋势将延续 ，其中保险预定利率的下调，主要和行业普遍性的利差损风险有关。 那么，上面这个捕风捉影的消息， 其来源和背景是这样的 。 24年8月的时候，监管首次提出， 保险的预定利率，要和市场利率挂钩的动态调整机制 ，其目的，就是为了防止资产价格 哗啦啦下行的时候，保险公司还继续按照惯性，卖高利率的保单，最后利差越拉越大，不可收拾。 25年1月，监管正式出台了通知，明确了上面这个动态调整机制，具体要怎么执行，触发条件是： 比如在市场利率下行的周期，如果在售产品的最高预定利率， 连续两个季度比 " 研究值 " 高 0.25% 时 （相当于一个阈 值），就需要调整利率，并在 2 个月内完成新老产品切换。 举例来说，现在保险行业的最高预定利率，是2.5%，那么，如果连续两个季度的"研究值"，在2.25%以下，则这个最高预定 ...