一场规模空前的财富迁徙正在中国各大银行的理财窗口前悄然发生。据机构测算，约有32万亿元居民定期存款陆续到期。而六大国有银行相继停售的5年期 大额存单与普遍跌破1%的利率，让海量到期资金急切寻找新的"安全港"。银行理财经理的电脑屏幕上，存款利率曲线一路向下的图表，与旁边保险销售系 统中演示收益闪烁的分红险产品界面，构成了这个时代最真实的金融剖面。 市场的反应是迅猛而热烈的。有机构测算，这股由"存款搬家"驱动的资金洪流，预计将在2026年1月为银保渠道带来超过3000亿元的增量资金。1月29日，北 京商报记者通过多方调研了解到，在存款利率持续下行的背景下，客户存款到期后转化为保险产品的意愿，较之前提升了约15%。支撑这股热潮的，还有直 接而有效的市场激励，在部分股份制银行，保险销售提成比例可达6%—8%。 北京商报记者注意到，分红险，这一在保险公司会计年度结束后，将可分配盈余按比例分配给客户的人寿保险，如今已从众多产品中脱颖而出，站上了银行 渠道的"C位"。当数以十万亿计的到期存款在利率下行通道中急切寻找出口，当"保底+浮动"的分红险成为银行主推的"新储"选择，这场看似多方共赢的局 面，其底层逻辑是否坚实？它究竟 ...

（文章来源：每日经济新闻） 港股国企ETF（159519）跟踪的是内地国有指数（H11153），该指数聚焦于在香港上市的中国内地大型 国有企业，选取以市值规模领先的龙头企业作为指数样本，以反映相关上市公司证券的整体表现。指数 成分涵盖金融、资讯科技等多个领域，且全部成分股均纳入沪深港通机制，市场流动性良好。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 中信建投指出，保险行业预定利率2026年或将保持稳定，调整节奏从快速下行转向温和企稳。虽然在短 期看可能导致负债端面临一定高基数压力，但在居民对储蓄险旺盛需求的支撑下，负债端仍有望实现较 快增长。储蓄险产品作为后资管新规时代少数可提供长期确定收益的金融产品，在净值化转型、非标转 标驱动居民财富配置重构的过程中有望持续承接居民庞大的稳健投资需求。对于香港市场，在美 ...

Core Viewpoint - A significant wave of "high-interest fixed deposit maturities" is expected in 2026, with approximately 50 trillion yuan of funds set to be unlocked, impacting residents' asset allocation strategies [1][4][5]. Group 1: Market Context - The high-interest deposit wave is a result of a previous surge in deposit rates during 2020-2021, where five-year fixed deposit rates reached as high as 5% due to increased credit demand and competitive banking strategies [3][4]. - The period of 2022-2023 saw a rise in "passive savings" due to market pressures, leading to a significant increase in the amount of fixed deposits maturing in 2026 [3][5]. Group 2: Deposit Maturity Scale - Estimates suggest that the scale of fixed deposits maturing in 2026 will be around 45 trillion to 50 trillion yuan, with a notable increase from 2025 [4]. - A more comprehensive analysis indicates that the maturing amount of residents' fixed deposits could reach approximately 75 trillion yuan, reflecting a 12% increase compared to 2025 [5]. Group 3: Investment Preferences - Despite declining interest rates, many conservative investors are likely to continue renewing their fixed deposits due to a low tolerance for risk and a preference for capital safety over higher returns [6][7]. - The shift in investment behavior is evident as residents are moving from riskier assets to more stable income-generating assets, indicating a cautious approach to asset allocation [5][10]. Group 4: Financial Products and Trends - The demand for stable financial products, such as "solid income+" funds and conservative insurance products, is increasing as investors seek safer alternatives to traditional deposits [8][14]. - The insurance market is witnessing a revival, with products like dividend life insurance becoming popular due to their stable returns compared to fluctuating financial products [11][12]. Group 5: Future Outlook - The insurance sector is expected to gain market share as a result of the deposit migration trend, driven by changing demographics and regulatory support for floating income products [13]. - Financial institutions are adapting to the changing landscape by offering competitive rates on fixed deposits and diversifying their product offerings to attract cautious investors [7][16].

Company and Business Introduction - JD Insurance Agency is a nationwide professional insurance sales agency under JD Group, leveraging the brand and operational advantages of JD Group to continuously innovate products, services, and sales models [2] - The life insurance division focuses on customer service by utilizing JD's extensive online and offline scenarios and technological capabilities, aiming to build a trustworthy and professional platform-based team known as "JD Insurance Advisors" [2] Recruitment Positions Position 1: Integrated Insurance Advisor - Requirements include a full-time bachelor's degree or higher, over 5 years of experience in high-net-worth services, and a stable work history with no more than 2 job changes in the last five years [3][4] - Candidates should have self-media experience, including at least 10 video appearances and a habit of content creation [3] - Responsibilities include providing integrated solutions for high-end clients, offering 1-on-1 full-cycle services, and building a personal professional IP through content creation [6][7] Position 2: Brand Recommendation Officer - Requirements include a bachelor's degree or higher, age between 22-45, and a strong interest in the insurance industry [10] - Candidates should possess good communication skills, a strong sense of responsibility, and the ability to adapt to flexible work rhythms [10] - Responsibilities include accurately acquiring clients, understanding their insurance needs, and providing comprehensive service support [11] Benefits Offered - Exclusive customer acquisition rights through JD's ecosystem, ensuring high-quality leads without relying on personal resources [8] - A professional and objective product system with a wide selection of over 600 quality products from more than 70 leading insurance companies [12] - AI-driven tools and support for efficient operations, allowing advisors to focus on client relationships [13] - A flexible income structure with basic salary, performance bonuses, and comprehensive welfare benefits including health insurance [8]

据证券时报网报道，中信建投研报表示，负债端看好分红险持续承接居民稳健投资需求并驱动新单实现 快速增长，资产端权益市场向好有望带来业绩弹性，建议重视保险板块配置机会。中信建投认为当前储 蓄险销售和分红险转型正迎来多种利好因素的共振，一是中长期存单供给收缩和利率波动环境下，储蓄 险产品相对优势更加显著。二是分红险在需求端的市场接受度和供给端的队伍销售能力预计有所提升; 三是"报行合一"带动银保渠道价值率改善后头部险企积极加大银保渠道布局。第四，储蓄险产品作为后 资管新规时代少数可提供长期确定收益的金融产品，在净值化转型、非标转标驱动居民财富配置重构的 过程中有望持续承接居民庞大的稳健投资需求。 ...

（文章来源：第一财经） 中信建投研报表示，负债端看好分红险持续承接居民稳健投资需求并驱动新单实现快速增长，资产端权 益市场向好有望带来业绩弹性，建议重视保险板块配置机会。中信建投认为当前储蓄险销售和分红险转 型正迎来多种利好因素的共振，一是中长期存单供给收缩和利率波动环境下，储蓄险产品相对优势更加 显著。二是分红险在需求端的市场接受度和供给端的队伍销售能力预计有所提升；三是"报行合一"带动 银保渠道价值率改善后头部险企积极加大银保渠道布局。第四，储蓄险产品作为后资管新规时代少数可 提供长期确定收益的金融产品，在净值化转型、非标转标驱动居民财富配置重构的过程中有望持续承接 居民庞大的稳健投资需求。 ...

中信建投证券指出，上市险企在业绩方面有支撑，其中寿险看好2026年开门红新单增速超预期，财险看 好非车险"报行合一"带动承保利润较快增长。负债端来看，该行认为2026年开门红正迎来一系列利好因 素，一是近期5年期大额存单停售和3年期大额存单门槛提高背景下储蓄险相对吸引力有望提升；二是分 红险在需求端的市场接受度和供给端的队伍销售能力预计有所提升；三是"报行合一"带动银保渠道价值 率改善后头部险企积极加大银保渠道布局。第四，储蓄险产品作为后资管新规时代少数可提供长期确定 收益的金融产品，在净值化转型、非标转标驱动居民财富配置重构的过程中有望持续承接居民庞大的稳 健投资需求。 智通财经APP获悉，内险股延续涨势，截至发稿，中国平安(02318)涨4.08%，报71.4港元；新华保险 (01336)涨3.89%，报61.5港元；中国人寿(02628)涨3.62%，报30.9港元；中国太保(02601)涨2.81%，报 38.72港元。 消息面上，近日，国家金融监督管理总局数据显示，2025年前11个月，保险业总计实现保费收入57629 亿元，同比增长7.6%。其中，人身险公司实现保费收入41472亿元，同比增长9. ...

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - The report indicates that the premium income for life insurance and health insurance has shown a marginal improvement, with a year-on-year increase of 9.1% in original premium income for the first 11 months of 2025, totaling 414.72 billion yuan [1] - In November, the decline in premium income for personal insurance narrowed compared to October, with a monthly income of 154.8 billion yuan, down 2.4% year-on-year, an improvement from the previous month's decline of 4.6% [1] - The report highlights a positive trend in property insurance, with total premium income for the first 11 months of 2025 reaching 161.57 billion yuan, a year-on-year increase of 3.9%, and a monthly income of 124.8 billion yuan in November, up 2.3% year-on-year [2] - The total assets of the insurance industry reached 4.06463 trillion yuan by the end of November 2025, reflecting a robust growth of 13.2% compared to the end of 2024, driven by premium income growth and appreciation of investment assets [3] - The report suggests that the demand for savings insurance remains strong due to higher preset interest rates compared to bank deposits, which may attract some deposits into the insurance sector [4] - The supply side is expected to benefit from ongoing reforms in the insurance marketing system and the removal of certain restrictions, leading to a concentration of market share among leading insurance companies [4] Summary by Sections Personal Insurance - Original premium income for personal insurance companies from January to November 2025 was 414.72 billion yuan, with life insurance, health insurance, and accident insurance contributing 338.74 billion, 72.52 billion, and 3.46 billion yuan respectively [1] - The monthly premium income for November was 154.8 billion yuan, with life insurance at 112.6 billion yuan, health insurance at 40.2 billion yuan, and accident insurance at 2 billion yuan [1] Property Insurance - Original premium income for property insurance companies from January to November 2025 was 161.57 billion yuan, with motor insurance and non-motor insurance at 84.32 billion and 77.25 billion yuan respectively [2] - The monthly premium income for November was 124.8 billion yuan, with motor insurance at 82 billion yuan and non-motor insurance at 42.8 billion yuan [2] Asset Growth - Total assets of the insurance industry reached 4.06463 trillion yuan by the end of November 2025, with life insurance companies holding 3.57526 trillion yuan and property insurance companies holding 314.81 billion yuan [3] - Net assets totaled 367.97 billion yuan, reflecting a year-on-year increase of 10.7% [3]

Core Viewpoint - China Pacific Insurance (CPIC) reported a premium income of 438 billion yuan for the first 11 months, reflecting a year-on-year growth of 5.32% [1] Group 1: Premium Performance - The premium income from life insurance and property insurance subsidiaries was 250.32 billion yuan and 187.68 billion yuan, with year-on-year growth rates of 9.4% and 0.3% respectively [1] - The growth rate of CPIC's life insurance has shown stability, aligning closely with the industry average, while property insurance has lagged behind by 3.6 percentage points [1] - Compared to other leading companies in the industry, such as ZhongAn Online, which achieved a premium growth rate of 5.18% in the first ten months, CPIC's property insurance growth appears significantly lower [1] Group 2: Business Structure and Strategy - CPIC's life insurance has successfully navigated the transformation of its agent model, maintaining a stable workforce of 181,000 insurance agents, with a year-on-year increase in average first-year premium per agent of 16.6% to 71,000 yuan [3] - In the first three quarters, CPIC's premium and new business value grew by 14.2% and 31.2% respectively, with improvements in customer demographics and product structure [3] - The company has strategically reduced exposure in high-risk personal credit guarantee insurance, resulting in a 129.9% decline in related premiums [4] Group 3: Market Trends and Future Outlook - The premium growth rate for CPIC's life insurance saw a noticeable decline in November compared to October, likely due to preparations for the "New Year" sales period starting in October [4] - The overall pressure on property insurance premiums is attributed to adjustments in non-auto insurance business, with auto insurance and non-auto insurance showing year-on-year growth rates of 2.9% and -2.6% respectively [4] - The chairman of CPIC's property insurance division indicated that the overall combined cost ratio for non-auto insurance was 97.6%, which could improve to 94.8% by excluding the impact of personal credit guarantee insurance [4]

Core Viewpoint - The Federal Reserve is likely to lower interest rates again in December due to deteriorating employment data and persistent inflation concerns, indicating a potential risk of stagflation in the U.S. economy [2][4]. Group 1: Economic Indicators - The primary indicators influencing the Fed's decision on interest rates are employment and inflation. Recent U.S. employment data showed a significant decline, with a loss of 32,000 jobs in November, the largest drop in two and a half years, suggesting a weakening job market [2][4]. - The U.S. national debt is approaching $37 trillion, and a 2% reduction in interest rates could save approximately $750 billion annually in interest payments, highlighting the urgency for rate cuts to manage debt [9][11]. Group 2: Implications of Rate Cuts - A series of rate cuts is anticipated, with Morgan Stanley predicting up to seven cuts by 2026, which could alleviate the debt burden significantly [5][11]. - The potential for a weaker dollar due to rate cuts could lead to capital outflows from the U.S. to other markets, particularly benefiting China, which is becoming increasingly attractive to foreign investors [4][12]. Group 3: Asset Class Reactions - The anticipated rate cuts are expected to negatively impact low-risk, high-yield assets such as U.S. Treasury bonds and savings products, as the attractiveness of these investments diminishes with falling interest rates [23][24]. - Conversely, commodities like gold, silver, and other raw materials are likely to see price increases as the dollar weakens, creating investment opportunities in these asset classes [22]. Group 4: China's Economic Context - As the U.S. enters a rate-cutting cycle, China may also follow suit to stimulate its economy, particularly in light of its struggling real estate market and the need for lower borrowing costs [26][27]. - The current economic environment presents a critical opportunity for China to lower interest rates, which could further support its economic recovery while also impacting domestic savings and investment strategies [25][27].