2025 年四季度以来，平安银行零售业务的修复趋势如何？ 中国平安 20260110 摘要 平安银行持续调整信贷结构，重心从高收益高风险资产转向中收益资产， 零售端尤为明显，消费贷和信用卡利率下降，按揭贷款利率相对稳定， 整体收益率呈现缓慢下降趋势。 平安银行大力控制存款成本，压降高成本存款，提高活期存款比例，改 善存款结构。预计 2026 年理财需求稳步恢复，对资本市场活动持乐观 态度，全年贷款增速小幅提升，但整体保持稳健。 平安银行预计 2026 年贷款收益仍有下行压力，但通过优化负债端成本 可实现边际企稳，希望 2026 年息差水平相比 2025 年降幅收窄。新发 放贷款利率可能小幅下行。 平安银行按揭贷款 LTAV 保持在较低水平，抵押物充足，资产质量控制 力较强。消费贷和信用卡风险已大力出清，中收益资产投放有助于控制 零售客户风险。 平安银行预计 2026 年信用成本将保持稳定，拨备覆盖率基本稳定，维 持充足的拨贷比，为后续风险处置留有余量，从而进一步稳定经营。 Q&A 平安银行在 2026 年的信贷投放和资产布局有哪些变化和安排？ 2026 年初，平安银行的信贷投放计划尚未有明确的数据目标，但整体 ...

（编辑 郭之宸） 长城人寿此次成功发行永续债，体现了其总资产规模、稳健经营风格及完善的风险管理体系等方面得到了监管机构和市场 的认可。长城人寿通过永续债补充核心资本，将有效筑牢合规经营的"安全垫"。 同时，对于长城人寿而言，此次成功发行永续债能起到"赎旧借新"的资本优化作用，这也是当前险企运用永续债的主流模 式。随着该公司此前发行的资本补充债自动到期，此次10亿元永续债不仅可以补充资本，而且也能实现资本结构升级，有望缓 解其偿付能力压力。根据最新信息披露，截至2025年三季度末，长城人寿的核心/综合偿付能力充足率为102.21%/153.84%，虽 高于监管红线但环比有所下滑，永续债的成功落地有助于筑牢合规基础。 此外，永续债"无固定期限、利息可递延支付"的特性，也为长城人寿提供了更高的财务灵活性。在不稀释股东权益的前提 下，既能支撑健康险、养老险等核心业务的持续扩张，又能为康养生态布局等长期战略储备充足资本，也能为其投资业务提供 更稳定的资金支持——近年来长城人寿通过举牌高股息资产等方式加大权益资产配置力度，助力我国资本市场发展的同时，提 升自身投资收益，2025年前三季度投资收益率达4.65%，永续债的落 ...

保险对消费的提振作用，体现在为消费提供长期稳定的支撑。寿险等保险产品兼具的储蓄属性，能 够帮助个人进行长期财务规划，保障退休后收入稳定，实现跨生命周期的消费均衡。另外，寿险产品集 聚而成的保险资金注入实体经济，为经济稳定运行夯实基础，进而激活消费潜能。 近日召开的中央经济工作会议明确要求，引导金融机构加力支持扩大内需。保险如何发挥经济减震 器和社会稳定器的独特功能，为提振消费提供有力支撑？ 保险对消费的提振作用，体现在为消费破解"后顾之忧"。在生产生活中，人们面临着各种风险，如 疾病、意外、财产损失等，企业也面临着生产经营、研发投入等风险。这些风险不仅直接影响生产生活 质量，还会抑制消费意愿。保险恰恰能够通过风险分散和经济补偿，帮助个人和企业经营者管理风险， 降低风险事件导致的经济负担，为消费提供有力保障。 聚焦高质量供给主线，保险要增强主动性，以民生所需为升级供给、激活消费潜力的关键切入点。 特别是当前，人们的养老消费需求被充分激活，保险业要抓住这一机遇，不断延长养老服务产业链，精 准匹配老年人"老有所养、病有所医、老有所乐"的核心需求。围绕老年人健康管理、康复护理、精神慰 藉等细分需求，开发个性化保险产品 ...

一份保单的真正分量，并非在签约时感受，而是在风险突袭、生活陷入晦暗时，它能否化为一双坚实的手，撑起一片晴空。当一纸拒赔通知如寒流般袭 来，永达理保险经纪顾问李静没有退缩，她选择用自己的专业与执着，为客户的信任而战，诠释了"守护"二字的真谛。 从职业觉醒到专业灯塔：不止于销售，更是人生顾问 每一个优秀的保险经纪顾问，心中都有一张从"自我"走向"利他"的航海图。对于永达理的优秀合伙人李静而言，这张图的起点，始于对"价值感"的深刻求 索。 曾经，李静是格子间里一名出色的企划，手握广告设计与市场营销双学历，凭借才华屡获赞誉。然而，后台工作的成就感，终究隔着一层玻璃。她渴望亲 手触摸市场的脉搏，渴望自己的努力能直接为他人创造价值，而非仅仅是报表上的一个数字。 对于老朋友兼老客户的孙建国（化名）一家来说，李静早已是他们家庭风险规划中不可或缺的"定海神针"。基于这份全然的信任，孙先生夫妇的健康险与 养老险配置，几乎都在与李静两三次会面后便安心敲定。他们总以为，健康险是一份遥远的安心符，或许会静静地躺到退休，转化为安逸的养老金。 然而，生活的平静，有时会被打扰。 2020年夏天的一个夜晚，正看着电视的孙建国准备起身，却瞬间感 ...

专题：第20届中国保险创新论坛 2025年12月17日，以"融创共生"为主题的第20届中国保险创新论坛暨第20届中国保险创新大奖颁奖盛典 在常州举行。江苏九洲投资集团董事长刘灿放为论坛致辞。 刘灿放指出，希望与保险界的各位伙伴一道，以创新为帆，以合作为桨，共驭中国保险与健康养老产业 融合发展的蓝海，为千家万户的幸福安康，为行业的高质量发展，贡献我们的绵薄之力！ 团董事长 刘灿放 江苏九洲投资集 以下是刘灿放的致辞全文： 尊敬的魏副主席、罗会长，各位来宾、保险业的领导们： 大家上午好！ 孟冬伊始，岁物丰盛的时节，非常荣幸能与各位相聚在美丽的常州，共同迎来第二十届中国保险创新论 坛的召开。作为本届论坛的联合承办单位，我谨代表江苏九洲投资集团，向远道而来的各位领导、专家 学者、业界精英及朋友们，表示最热烈的欢迎和最诚挚的感谢！ 本届论坛以"融创共生"为主题，聚焦保险业高质量发展的未来路径，可谓恰逢其时。保险，是社会 的"稳定器"和"减震器"，其核心价值在于保障人民安康、护航美好生活。而这份价值的实现，在新时代 背景下，正呼唤着更广阔的视野、更深入的融合与更前沿的探索。 借此机会，请允许我简要介绍一下江苏九洲集团。我 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The non-bank financial sector has shown a decline in trading volume, with the commercial real estate REITs pilot program progressing steadily [1] - The insurance industry has surpassed a total asset value of 40 trillion yuan, indicating robust growth [5][23] - The report highlights the performance of various sub-sectors within non-bank finance, with insurance leading in growth [11] Summary by Sections Non-Bank Financial Sub-Sector Performance - In the recent five trading days (November 24-28, 2025), all sub-sectors of non-bank finance underperformed compared to the CSI 300 index, with insurance up by 0.21%, securities by 0.75%, and multi-financial by 1.63% [10] - Year-to-date, the insurance sector has increased by 14.41%, while multi-financial has risen by 6.76% [11] Securities Sector - Trading volume has decreased month-on-month, with the average daily trading amount for November at 22,411 billion yuan, a 12.90% decline from the previous month but a 4.61% increase year-on-year [15] - The China Securities Regulatory Commission (CSRC) has released a consultation draft for the commercial real estate REITs pilot program, aiming to enhance the market [18][21] Insurance Sector - As of Q3 2025, the total assets of insurance companies reached 40.4 trillion yuan, a 12.5% increase from the beginning of the year [23] - The insurance sector's premium income for the first three quarters was 5.2 trillion yuan, reflecting an 8.5% year-on-year growth [23] - The report indicates a strong cyclical characteristic in the insurance industry, with expectations for improvement in both liabilities and investments as the economy recovers [27] Multi-Financial Sector - The trust industry is experiencing a stable transition, with total assets reaching 29.56 trillion yuan in 2024, a 23.58% year-on-year increase [30] - The futures market saw a trading volume of 6.03 billion hands in October 2025, with a transaction value of 61.22 trillion yuan, indicating a 4.56% year-on-year growth [35] Industry Ranking and Key Company Recommendations - The report ranks the non-bank financial sectors as follows: insurance > securities > other multi-financial [46] - Key recommended companies include China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [46]

Core Insights - The release of the "China Life Insurance Industry Experience Life Table (2025)" marks a significant shift in the life insurance sector, reflecting profound changes in population structure and longevity trends, which directly impact industry development logic [1][2][3] Group 1: Life Table Updates - The new life table will be implemented starting January 1, 2026, and represents a comprehensive coverage of industry data, significantly improving data processing efficiency [1] - The introduction of artificial intelligence and machine learning technologies allows for a more scientific and precise depiction of mortality rates and life expectancy [1] - The updated life table indicates a transition to a longevity era in China, with a general decline in mortality rates and an increase in life expectancy, highlighting improvements in healthcare and living standards [1] Group 2: Industry Transformation - The update of the life table is a crucial milestone for the transformation of the life insurance industry, as it shifts focus from sales-driven competition to actuarial capabilities, risk management, and product quality [2] - The new life table will influence product pricing structures, with declining mortality rates allowing for potential price reductions in death benefit products, while increased longevity may raise costs for annuities and pension products [2] - The life table's release necessitates a rethinking of product development logic, emphasizing the growing demand for chronic disease management, rehabilitation care, and long-term care solutions [2] Group 3: Regulatory and Governance Implications - Accompanying regulatory notifications outline the requirements for using the life table in rate determination, reserve assessments, and dividend distribution, establishing a strict retrospective mechanism [3] - These institutional arrangements aim to enhance industry governance, mitigate long-term risks, and improve the sustainability of product guarantees [3] - The life table's update encourages the industry to redefine its responsibilities, focusing on comprehensive risk management throughout the life cycle and supporting national efforts to address aging populations [3]

Group 1: Core Insights - The report anticipates a deeper interaction between macroeconomics and capital markets in 2026, driven by policy guidance and industrial upgrades, leading to structural opportunities in technology innovation and green economy [2] - The capital market's funding structure is expected to become more balanced, with significant inflows into public funds and asset management products as residents shift from savings to investments [2] - The securities industry is poised for a long-term improvement in ROE, with a focus on AI technology applications and cross-border business layouts, potentially increasing ROE from the current 6% to 10% [2] Group 2: Market Dynamics - Insurance companies are shifting from investment-driven strategies to focusing on genuine customer needs, leading to product innovation and value enhancement [2] - The report highlights the importance of the "super central bank" in managing monetary and liquidity cycles, which influences short-term and long-term interest rates [40][68] - The report notes that the current economic environment is characterized by a low interest rate central tendency, providing a loose liquidity foundation for economic transformation [76] Group 3: Financing and Investment Trends - The report indicates that the financing channels for the securities industry will gradually open up, supporting its transformation and upgrade [2] - Non-bank financial institutions are experiencing an increase in deposits as residents seek higher-yielding investment options, indicating a shift in asset allocation [110] - The growth of asset management institutions is highlighted, with a focus on alternative assets like ABS and REITs, which are expected to be good investment directions [116]

Core Insights - The report emphasizes that the year 2026, marking the beginning of the "14th Five-Year Plan," will witness deeper interactions between the macro economy and capital markets, driven by policy guidance and industrial upgrades, leading to structural opportunities in technology innovation and green economy [2] - The capital market's funding structure is expected to become more balanced, with a shift from savings to investments as residents become more aware of asset allocation, benefiting asset management products like public funds and bank wealth management [2] - The report anticipates a gradual relaxation of refinancing, providing long-term opportunities for the securities industry to enhance ROE from the current average of 6% to 10% by focusing on innovative areas such as AI applications and cross-border business [2] - Insurance companies are shifting from investment-driven strategies to focusing on real customer needs, leading to product innovation and value enhancement in areas like dividend insurance, health insurance, and pension insurance [2] Section Summaries 01 Structure: A New Starting Point - The financial industry is entering a new phase characterized by the dual drive of policy and industrial upgrades, fostering a new ecosystem of mutual engagement between industry and finance [2] 02 Market: A New Balance of Funds - The report highlights a structural shift in capital allocation, with increased investment in asset management products and a steady entry of long-term, low-risk institutional investors like insurance and annuities [2] - The "national team" funds are expected to continue stabilizing the market, allowing for a gradual release of previously restricted activities such as shareholder reductions and refinancing [2] 03 Securities: New Transformation After Financing - The securities industry is poised for a long-term improvement in ROE as financing channels open up, enabling a focus on innovative fields that enhance service efficiency and asset pricing capabilities [2] - The report suggests that the industry will increasingly invest in AI technology and cross-border business, moving away from homogeneous competition [2] 04 Insurance: New Value After Stabilization - Insurance companies are expected to innovate products that meet genuine customer needs, reducing reliance on investment volatility and focusing on protection-oriented businesses [2] - This transition aligns with societal trends such as aging populations and health management needs, leading to steady growth in new business value and embedded value [2]

Core Insights - The release of the "China Life Insurance Experience Table (2025)" marks a significant innovation in the precise pricing of insurance products, serving as the fourth independently developed life table in China [1][2] - The new life table indicates a general decline in mortality rates across all age groups, reflecting the achievements in economic and social development, while also extending the financial planning cycles for individuals regarding retirement and healthcare [2] Group 1: Evolution of Life Tables - The first life table was published in 1996, with subsequent updates every ten years to reflect changes in population structure and mortality rates [1] - The second life table in 2005 highlighted the decline in mortality rates due to improved living standards and healthcare conditions post-reform [1] - The third life table in 2016 showcased a significant increase in average life expectancy due to rapid economic growth [1] Group 2: Implications of the Fourth Life Table - The fourth life table reveals a nuanced risk distribution, with notable differences in life expectancy between genders and varying rates of mortality improvement across age groups [2] - This data necessitates a comprehensive review and adjustment of existing insurance products by companies, as longer life spans will extend the duration of pension payments [2] - The phenomenon of "living with illness" will become more common, prompting insurers to expand their responsibilities beyond mere payout upon diagnosis to include health management and rehabilitation services [2] Group 3: Strategic Shifts in the Insurance Industry - Insurance companies must transition from being "financial compensators" to "risk management partners" in the context of longevity [3] - Providing integrated solutions such as "insurance + health," "insurance + retirement," and "insurance + technology" will be essential for managing clients' lifestyles and reducing claims risks [3] - The fourth life table serves as a guideline for the insurance industry to address longevity risks, encouraging companies to adopt a more open, precise, and innovative approach to meet evolving challenges [3]