对于此次大埔大火所涉及的保单，张云正透露，保险业根据大埔地址在数据库中查找到1800份财产及意 外保险保单，以及1万份寿险保单。保险公司已开始直接联系保单持有人或住户，将根据他们的需求提 供协助。 香港保险业联会行政总监刘佩玲指出，大多数保险公司已针对本次事故免除提交死亡证明的要求，同时 对于家居财物险也豁免了单据证明。部分赔偿金额已达到理赔上限。她强调，业界将秉持"应赔尽赔、 特事特办、快速简化处理"的原则处理相关案例。 张云正强调，从整体监管框架来看，个别事件不会对单一公司乃至整个保险业构成影响。 （文章来源：21世纪经济报道） 南方财经 21世纪经济报道记者张伟泽实习生金颖香港报道 12月8日，香港保险业监管局行政总监张云正对南方财经记者表示，保险业的审慎监管是香港保监局的 核心法定职能。确保保险业在重大事故中能够足额、快速赔付，是其对保险业界最基本的要求。 张云正表示，香港保监局已于去年7月启动以风险为本的资本监管制度。该制度标准严格，从资产数 量、资产质量以及资产与风险匹配度等方面全面强化监管。自去年起，香港对保险公司偿付能力的监管 已更为有效。 据了解，香港保险业风险为本资本制度于2024年7月1 ...

北京商报讯（记者 胡永新）12 月6日，北京商报记者从香港保险业监管局获悉，香港保险业监管局行政 总监张云正近日表示，香港保险业监管局在宏福苑火灾发生后马上成立专责小组，协调保险业界根据客 户的登记住址，主动寻找和接触受影响人士，以尽快提供适切协助。 张云正表示，业界明白现时正需要体现保险可为社会作出贡献，所有保险公司都反应迅速，而且非常合 作。保险业界正全力及快速协助灾民，例如安排保费假期、简化手续、预付部分赔偿、提供保单贷款利 息减免。最重要的是以最简单的方法赔偿给有需要的人。除了联系产险公司外，专责小组已主动接触全 港所有活跃的寿险公司，了解到它们已着手在其资料库内寻找和宏福苑地址相符的客户。与受影响人士 有关的寿险保单数目暂时约为7600张，产险则约为1100张，涉及约30家保险公司。由于跟进工作持续， 相关数字或会不时更新。 ...

近年来，人工智能（AI）技术迅猛发展，正以前所未有的速度重塑全球产业格局，成为推动社会进步 和经济发展的核心驱动力。作为现代社会经济体系中不可或缺的"稳定器"和"助推器"，保险行业顺应技 术发展趋势，积极拥抱和布局AI，探究人工智能＋保险的融合模式。 作为一家专业寿险公司，弘康人寿通过AI赋能优化客户体验、提升运营效率、精准管控风险。弘康人 寿方面认为，AI技术的运用并非一种技术点缀，而是系统重塑寿险价值链的核心抓手。为此，弘康人 寿已制定专项AI规划，将AI因子深度融入业务内核，旨在完成从"卖保单"到"管健康、管生活"的生态转 型。 AI引领，驱动全链革新 对于前瞻性的寿险公司而言，抢抓人工智能等技术革新带来的战略机遇，已不是在追逐一个选项，而是 在争夺未来市场的入场券。 弘康人寿表示，人工智能对现代寿险公司而言，其核心意义远超一项技术工具，它本质上是一种战略性 的重构力量。 "短期看，AI是效率革命的引擎。它通过自动化核保、理赔和处理海量非结构化数据，实现了显著的降 本增效，优化了客户体验。"弘康人寿方面进一步分析道："长期看，AI是商业模式和竞争力的核心。它 的颠覆性在于推动公司从'经验驱动'转向'数据 ...

Non-Banking Financial Sector - The average net investment return rate of six major listed insurance groups (China Life, Ping An, Taikang, Xinhua, PICC, and Taiping) decreased from 4.7% in 2020 to 3.6% in 2024, raising concerns about interest spread risk in a low-interest-rate environment [2][7] - Under pressure testing, the net asset decline for Taikang and China Life was 7% and 13.6% respectively when interest rates fell by 50 basis points, indicating that the risk is manageable [8][9] - The cost of new policies has effectively decreased, with the cost of liabilities for major companies like China Life and Taikang dropping approximately 50 basis points to 2.4-2.5% in 2024 [9][10] - The cost of existing policies may reach a turning point, with companies like Xinhua increasing equity ratios to hedge against interest rate declines [10][11] Agriculture, Forestry, Animal Husbandry, and Fishery - The latest pig price is 13.72 RMB/kg, with a slight decrease in average weight to 127.8 kg, indicating a short-term decline possibly due to policy-driven weight reduction [12][13] - The Ministry of Agriculture emphasizes high-quality development in the pig industry, focusing on reducing breeding stock and controlling new capacity [12][13] - The chicken industry faces a "high capacity, weak consumption" contradiction, with leading companies likely to increase market share [14][15] Machinery and Building Materials - The new Tibet Railway project marks the beginning of a significant engineering era, with expectations that cement companies in Xinjiang will benefit [22][23] - AI is driving increased demand for high-end electronic fabrics, with Low-CTE materials being particularly undervalued in the current market [23][24] - The report suggests a long-term growth potential for high-end electronic fabrics, recommending companies like Honghe Technology and Zhongcai Technology for investment [23][25] New Consumption - Huayi Group is expected to achieve a revenue of 12.661 billion RMB in H1 2025, reflecting a growth of 10.36% year-on-year, despite external macroeconomic challenges [26][27] - The company plans to distribute a cash dividend of 10 RMB per 10 shares, indicating strong dividend intentions [26][27] - The growth in orders is driven by the development of the sports industry and increased demand from strong brand orders [27][28] Transportation - Zhongyuan Expressway reported a revenue of approximately 3.105 billion RMB in H1 2025, a year-on-year increase of 13.17%, despite a decline in toll revenue in Q2 [30][31] - The company is optimizing its debt structure, which has significantly improved its expense ratio [31][32] - COSCO Shipping Specialized Carriers is expanding its fleet, with 27 new vessels expected to be delivered by 2026, supporting performance growth [34][35]

Core Viewpoint - Japan's insurance companies are facing significant losses due to rising interest rates and bond market volatility, leading to concerns about potential forced selling of government bonds [1][2][3][4][5]. Group 1: Financial Impact on Japanese Insurance Companies - The four major Japanese life insurance companies reported a total book loss of 8.5 trillion yen (approximately 600 billion USD) for the last fiscal year, a threefold increase year-on-year [1][3]. - Meiji Yasuda Life Insurance Company disclosed a staggering increase in its domestic bond losses, which surged over eightfold to approximately 1.386 trillion yen [3]. - Sumitomo Life Insurance's bond losses also more than doubled, reaching 1.518 trillion yen [3]. Group 2: Broader Asian Insurance Sector Challenges - The entire Asian insurance sector is experiencing billions of dollars in book losses, primarily due to their investment in long-term bonds [2][4]. - Taiwanese insurance companies are also facing significant declines, with net worth dropping to 2.4172 trillion TWD, marking the largest monthly decrease in two and a half years [3]. Group 3: Risks of Forced Selling - Rising interest rates are pushing insurance companies towards a "death spiral" of forced selling, as policyholders may cancel policies for higher-yielding investments, necessitating cash for payouts [5][6]. - If interest rates continue to rise, it could lead to further bond devaluation and increased book losses, creating a self-reinforcing downward cycle [6]. Group 4: Central Bank Dilemma - The Bank of Japan faces a challenging dilemma: raising interest rates could force insurance companies into liquidation, while not raising rates could lead to a collapse of the yen and soaring inflation [7]. - There is speculation that further increases in long-term bond yields may be limited, but any decline in bond prices could still compel insurance companies to sell portions of their holdings [7].

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (1299 HK) with a target price of HKD 85.00 [7][8]. Core Insights - AIA's 2024 EPS is projected at USD 0.62, exceeding the previous forecast of USD 0.56, primarily due to better-than-expected investment returns. The new business value (NBV) is expected to grow by 18% year-on-year (constant exchange rate) [1][2]. - The report highlights strong growth in the Greater China market, with Hong Kong's NBV increasing by 23% and mainland China's NBV growing by 20%. Southeast Asian markets also show robust growth, with Thailand, Singapore, and Malaysia's NBV increasing by 15%, 15%, and 10%, respectively [2][3]. - AIA's agent channel NBV grew by 16%, accounting for 79% of total NBV, with a high margin of 67.6%. The active agent count increased by 7% year-on-year, and the productivity of agents rose by 5% [3][4]. - The company has continued its stock buyback program, completing USD 7 billion of a USD 12 billion plan since 2022, with an additional USD 1.6 billion buyback announced. The expected dividend yield is 6% based on early-year prices, indicating high dividend characteristics [4][5]. Summary by Sections Financial Performance - AIA's total premium income is projected to reach USD 19.314 billion in 2024, reflecting a growth of 10.28%. The net profit attributable to shareholders is expected to rise significantly by 81.62% to USD 6.836 billion in 2024 [6][21]. - The report forecasts EPS growth from USD 0.62 in 2024 to USD 0.78 by 2027, with a consistent increase in dividends per share from USD 0.22 to USD 0.32 over the same period [6][21]. Valuation and Estimates - The target price of HKD 85 is derived from both book value and embedded value methods, with adjustments made to EPS forecasts for 2025, 2026, and 2027 to USD 0.63, USD 0.70, and USD 0.78, respectively [5][12]. - The report indicates a slight reduction in NBV growth expectations due to investment volatility, but maintains a positive outlook on AIA's long-term growth potential [5][12].