保险行业迎来产品转型关键期。10月9日，北京商报记者通过中国保险行业协会网站梳理发现，9月上新 的分红险占人寿保险产品数量的超四成，共110款。就整个前三季度而言，新推出的分红险产品总量同 样占比四成左右。人身险公司产品研发的侧重，与人身险预定利率调整不无关联，9月1日，人身险预定 利率再度下调，正式挥别2.5%。 预定利率下调背景下推进分红险业务转型，正在产生哪些影响？保险客户对于分红险的接受度如何？ 产品切换进行时 10月9日，北京商报记者通过中国保险行业协会的人身保险产品信息库发现，9月，行业新增271款人寿 保险产品，其中9月1日单日上新超百款，为117款。 虽然投保人往往会将当前产品与过往同类产品进行对比，保费差价会引发心理落差，但整体而言，保险 产品与其他金融产品相比，仍有一定的比较优势。 从监管端看，预定利率下调直接压缩了传统储蓄型保险的收益空间，而分红险通过"低保证利率+高分 红潜力"的结构设计，既能满足监管降成本要求，又为客户保留收益弹性。市场端，在存款利率下行、 资管新规打破刚兑的宏观环境下，消费者对"保本+增值"的需求激增，分红险恰好契合这一心理预期。 从保险公司经营视角，分红险的浮动收 ...

投资者"双节"把钱放在哪儿？ 老中青理财偏好大画像 本报记者 田 鹏 "假期前赎回了部分股票基金，打算节后看看市场再决定是否加仓""刚把攒的实习工资买了短债基金， 先试试水""给孙子配置了教育金保险，自己的养老金账户也加了点'固收+'"……在这个超长假期中，不 同年龄段的投资者在休闲之余，也在积极规划资产配置。 值得一提的是，Z世代对投资领域的新鲜事物展现出极强的敏感度与接受度，从创新型理财产品到尚在 成长的新兴投资赛道，他们总能第一时间关注并积极尝试，让严肃的投资过程多了几分"探索乐趣"。 例如，北方大数据交易中心上线积分数据交易板块后，不少对数字经济感兴趣的Z世代迅速"入局"。刚 接触该板块的互联网行业从业者小任就直言："之前从没接触过数据类投资，这个板块不仅门槛不高， 还能顺便了解数字资产的价值逻辑，比单纯买基金多了点'新鲜感'。"这种将投资行为与新鲜知识探索 结合的选择，正是Z世代投资偏好的典型体现。 中年人：兼顾"收益+抗风险" 步入30岁后，投资者逐渐进入"上有老、下有小"的人生阶段，投资偏好从"试错"转向"务实"——既要追 求一定收益以应对家庭开支，又要通过分散配置降低风险，核心需求是资产稳健增 ...

本报记者 田鹏 "假期前赎回了部分股票基金，打算节后看看市场再决定是否加仓""刚把攒的实习工资买了短债基金，先试试水""给孙子配 置了教育金保险，自己的养老金账户也加了点'固收+'"……在这个超长假期中，不同年龄段的投资者在休闲之余，也在积极规 划资产配置。 从20岁出头、初涉投资领域的Z世代，到肩负家庭责任、投资风格更趋稳健的中年人，再到注重资产安全、着眼长期保障 的银发族，投资者的偏好随着年龄增长、人生阶段变迁与责任重心转移，呈现出鲜明的差异。今年国庆中秋假期，记者通过与 不同年龄段的投资者交流，勾勒出一幅鲜活的中国投资者偏好画像。 Z世代：偏爱"低门槛+高灵活" 作为投资市场的"新兵"，Z世代的投资关键词是"小额、灵活、好玩"。他们大多刚步入职场，正处于职业起步阶段，收入 水平有限、储蓄规模不大，但对新鲜事物的接受度极高，更倾向于用日常"闲钱"试水投资，在低压力环境中探索资产增值的可 能性。 "我每个月工资到账后，都会固定拿出500元投入基金，选的基本是当下热门主题，比如之前的白酒、中药板块，以及现在 热度很高的人工智能赛道。"刚工作满一年的医务工作者小张向《证券日报》记者分享，他挑选基金的首要标准是" ...

"锁定终身复利，保本保收益，灵活提取无压力。" "就像一个会长大的现金账户，保额每年递增，保障伴随终身。" "现金价值写进合同，不受利率下行的影响。" 近期，在银行网点、互联网保险平台及社交平台上，增额终身寿险以"稳健理财工具"的形象频繁现身， 成为不少消费者眼中对抗存款利率下行的"香饽饽"。 然而，记者调查发现，这款本质为"终身寿险"的产品，在某些保险销售人员"理财化"包装下，隐藏着收 益误导、流动性陷阱、退保高损失等多重风险，有业内专家及监管部门提示消费者需理性甄别。 供需错配：增额寿险≠理财工具 "低利率环境下，客户更愿通过保险'锁定复利'，近期咨询增额终身寿险的人明显变多。"某保险公司销 售人员向记者透露。据了解，当前市场上的增额终身寿险主要分为传统型与分红型：传统型以"固定收 益"为核心，稳定性较强；分红型采用"固浮结合"模式，收益包含保证部分与不确定的分红部分。 但从产品设计本质来看，增额终身寿险的核心功能是提供身故或全残保障，养老、储蓄功能较少，现金 价值仅为保单附属属性。多位业内人士指出，尽管该产品具备收益稳定、终身增值的特点，但消费者若 忽视保障属性、单纯将其当作理财工具，易陷入认知偏差。 ...

Core Insights - The white paper indicates a shift in family risk awareness, with a decline in traditional survival risk anxiety and a notable increase in wealth risk perception [1][2] - Families are moving beyond the traditional insurance compensation function to seek comprehensive solutions that include "products + services," reflecting a demand for professional services, smart decision-making, and personalized tools [1][7] Evolution of Family Protection Needs - The research conducted by Great Wall Life Insurance, Peking University, and Ipsos China reveals that while health, retirement, and accidental risks remain the top concerns, their attention has decreased compared to previous years. Conversely, awareness of wealth security and management risks has significantly increased, particularly regarding unemployment and wealth depreciation [2][5] - The study highlights that modern families' worries are concentrated in five key areas: healthcare, retirement planning, children's education, wealth security, and wealth inheritance, with 75.8% of families most concerned about health issues [5] Supply-Demand Mismatch - The white paper identifies four major mismatches between supply and demand in the insurance industry: 1. Mismatch between personalized demand and standardized supply, with 28% of respondents indicating that insurance plans do not meet their needs [8] 2. Mismatch between sufficient health coverage demand and low coverage supply, as the median cost of critical illness treatment is 300,000 yuan, while the average payout for critical illness insurance is below 100,000 yuan [8] 3. Mismatch between long-term wealth management needs and short-term supply, with 31.8% preferring 1-3 year investment plans and 30.9% preferring 3-5 years [8] 4. Mismatch between diversified retirement needs and weak collaborative supply, with only 25 nursing beds available per 1,000 elderly people, highlighting the need for integrated solutions [9] Strategic Opportunities for the Insurance Industry - The core finding from the research group suggests that the Chinese insurance industry is at a critical transformation point, transitioning from institutional-driven growth to economy-driven growth, with significant opportunities for expansion as the per capita GDP approaches 13,500 USD [10] - The white paper emphasizes that the ability of families to manage risks is crucial for social stability and that the insurance industry is evolving from a focus on risk compensation to comprehensive management tools for quality of life and wealth management [10] Recommendations for the Insurance Industry - The research group proposes several pathways for the insurance industry to adapt to family risk management needs: 1. Shift from a "single product-oriented" approach to a "family demand-oriented" approach to identify risk priorities at different life stages [11] 2. Implement scientific risk assessment and quantification tools to balance adequate coverage with cost [11] 3. Develop a comprehensive product system that aligns with customer needs throughout their life cycle [11] 4. Focus on long-term risk management by integrating resources to create a high-quality service ecosystem [11]

Core Insights - The white paper titled "White Paper on the Risk Protection System for Chinese Families under the Background of High-Quality Development of the Insurance Industry" was officially released, providing guidance for the scientific allocation of insurance for Chinese families in the new era [1] - The research highlights the need for the insurance industry to adapt to changing consumer demands and improve service capabilities to meet the new risk management needs of families [7] Industry Overview - As of the end of 2024, there are 239 insurance institutions in China, with total assets of 359,058 billion and net assets of 33,247 billion [2] - The comprehensive solvency adequacy ratio of insurance companies is 199.4%, and the core solvency adequacy ratio is 139.1%, indicating a solid foundation for sustainable development [2] - The insurance industry is currently undergoing comprehensive reforms, supported by favorable policies from the government aimed at enhancing the industry's service to the real economy [2] Consumer Insights - The white paper identifies that modern families' concerns are primarily focused on five areas: healthcare, retirement planning, children's education, wealth security, and wealth inheritance [4] - 75.8% of surveyed families are most worried about health issues, while 68.2% are anxious about retirement planning [4] Supply-Demand Mismatch - The insurance industry exhibits four major mismatches in supply and demand: 1. Mismatch between personalized needs and standardized supply, with 28% of respondents indicating that insurance plans do not meet their needs [5] 2. Mismatch between sufficient health coverage needs and low coverage supply, with the median treatment cost for critical illnesses reaching 300,000, while average claims for critical illness insurance are below 100,000 [5] 3. Mismatch between long-term wealth needs and short-term supply, with 31.8% preferring 1-3 year investment plans [5] 4. Mismatch between diversified retirement needs and weak collaborative supply, with only 25 nursing beds available per 1,000 elderly people [6] Recommendations for Improvement - The white paper suggests a comprehensive approach to building a family risk protection system, emphasizing the need for personalized risk identification and a shift from product-oriented to family demand-oriented services [7] - It proposes the development of a "Family Risk Defense Index Model" to help families balance adequate coverage with cost [8] - The establishment of a comprehensive product system covering various life stages and risks is recommended, including medical insurance, commercial annuities, and wealth transfer solutions [8] - The integration of resources to create a high-quality service ecosystem is essential, focusing on proactive health management and comprehensive retirement services [9]

Core Insights - A significant outflow of deposits from banks occurred in July, with 1.11 trillion yuan leaving the banking system, despite an overall increase of nearly 10 trillion yuan in deposits over the first seven months of the year [1][3]. Group 1: Deposit Trends - The one-year deposit interest rate has fallen below 1%, leading to minimal returns on savings, prompting individuals to seek better investment opportunities [3][5]. - In July, household deposits decreased by 1.11 trillion yuan, while non-bank financial institutions saw an increase of 4.69 trillion yuan in deposits over the same period [7][9]. Group 2: Investment Shifts - Individuals are increasingly moving their funds into more lucrative investment options such as mutual funds, stocks, and bank wealth management products, rather than letting their money sit idle in banks [5][12]. - The number of new A-share accounts opened in July reached 1.96 million, a 70.54% increase year-on-year, indicating a growing interest in stock market investments [12]. Group 3: Financial Indicators - As of the end of July, M1 (money that can be readily spent) stood at 111.06 trillion yuan, reflecting a 5.6% year-on-year increase, while M2 (total money supply) reached 329.94 trillion yuan, up 8.8% year-on-year [9][10]. - The narrowing gap between M1 and M2 suggests an increase in liquidity and a more active economic environment, as both businesses and individuals are more willing to invest their funds [10][11]. Group 4: Financial Products Popularity - Bank wealth management products are projected to grow to 30.67 trillion yuan by June 2025, with a focus on low-risk fixed-income products [14]. - The popularity of money market funds has surged, with a total scale of 12.3 trillion yuan, as many individuals are placing their short-term idle funds into these products [15][16]. Group 5: Conclusion - The shift in household deposits is not indicative of a lack of desire to save, but rather a response to declining interest rates, leading individuals to seek more valuable ways to manage their money [18].

Core Viewpoint - China Post Life Insurance Co., Ltd. actively implements the national strategy for carbon peak and carbon neutrality, integrating green development concepts into its operations and showcasing its responsibilities as a state-owned enterprise [1][2]. Group 1: Green Finance Development - The company has established a comprehensive green finance management system and released the "Implementation Plan for High-Quality Development of Green Finance," outlining 15 specific tasks across various dimensions to ensure accountability [1]. - By the end of 2024, the scale of green bonds and non-standard ESG investments is expected to reach 31.774 billion yuan, covering projects in green rail transportation and clean energy [1]. - The company led a 4 billion yuan investment in Huaneng New Energy's capital increase project, supporting the largest private equity financing in the domestic renewable energy sector for the year [1]. Group 2: Product Innovation and Technology Empowerment - The company maintains a product strategy focused on "protection as the main priority," with over 90% of its products being risk protection and long-term savings types [2]. - The main product lines include "whole life insurance + annuity + critical illness," with innovative products like the "Zhenxiang Lifetime Dividend Whole Life Insurance" being launched [2]. - The digital transformation has led to an online service model with self-service and smart counters, achieving online processing rates of 98.7% for underwriting, 98.63% for policy maintenance, and 99.83% for claims, ranking among the industry leaders [2]. Group 3: Social Responsibility and Green Culture - The company has conducted the "Plant a Tree, Green a Piece of Sky" public welfare activity for eight consecutive years, promoting environmental responsibility [2]. - It has organized over 3,000 open day events benefiting more than 50,000 people, alongside initiatives like the "Health Station" during the National Insurance Publicity Day [2]. - The "Green Umbrella Public Welfare" brand has been established to convey a sense of responsibility and care within the community [2].

证 券 研 究 报 告 负债端"反内卷"政策成效显著，投资端表现分化 ——保险行业2025年中报综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2025.9.16 核心观点：负债端"反内卷"政策成效显著，投资端表现分化 www.swsresearch.com 证券研究报告 2 ◼ 利润表现分化，EV稳步增长。1H25 A股上市险企归母净利润yoy+3.7%至1782亿元，受投资表现及金融资产会计分类、利率波动等因素影响， 上市险企利润增速位居-23.5%至1103.5%区间；从利源结构来看，1H25 A股上市险企保险服务业绩、投资业绩合计分别达1310.50/928.45亿元， 占税前利润比重分别达58.0%/41.1%，利源结构相对均衡。截至6月末，上市险企EV较24年末增速位居2.6%-18.4%区间，表现稳健。 ◼ 负债端"反内卷"政策持续显效，NBV、COR表现亮眼。1）人身险方面，多数险企NBVM同比改善驱动NBV延续高增态势。A股上市险企 1H25合计实现NBV754.22亿元，同比增长30.5%，上市险企1H25NBV增速位居14.0%-58.4% ...

Core Viewpoint - The recent adjustment of the predetermined interest rates for life insurance products has led to a shift in focus towards dividend insurance products, which are expected to become a key sales priority for insurance companies [1][3]. Group 1: Product Changes - As of September 1, the predetermined interest rates for life insurance products have been officially lowered, with ordinary insurance products now at 2.0% and dividend insurance products at 1.75% [2]. - The adjustment marks the first decrease since the establishment of a dynamic adjustment mechanism linking predetermined rates to market rates [2]. - Many insurance companies have already launched new products, although the overall number of new offerings remains limited [2]. Group 2: Market Dynamics - The reduction in predetermined interest rates is seen as both an opportunity and a challenge for dividend insurance products, potentially enhancing their competitive edge while also increasing sales difficulty [3]. - Companies are expected to strengthen their focus on dividend insurance sales as part of their strategies to improve efficiency and meet customer needs in a low-interest-rate environment [3][5]. Group 3: Training and Development - Insurance companies are enhancing training for sales personnel to better equip them for selling dividend insurance products, which are perceived as more complex and requiring higher expertise [4]. - The transition to new products has prompted companies to initiate or intensify training programs for agents to ensure they can effectively communicate product details to clients [4]. Group 4: Strategic Initiatives - Companies like China Life are forming specialized teams to drive the transformation towards dividend insurance sales, indicating a strategic shift in their product offerings [5]. - There is a recognition of the need for innovation in technology, risk management, and product development to meet the evolving demands of the market [5].