今日早参 2026 年 3 月 04 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 1 易峘 SAC:S0570520100005 SFC:AMH263 吴宛忆 SAC:S0570524090005 SFC:BVN199 王洺硕 SAC:S0570525070003 SFC:BUP051 常慧丽 SAC:S0570520110002 SFC:BJC906 今日热点 宏观：美国私募信贷市场波动进一步加大 2025 年以来，美国私募信贷市场（private credit）风险进一步暴露，并与 AI 恐慌形成共振，部分私募基金遭遇赎回潮，引发市场广泛关注。我们认为， 疫情以来美国私募信贷市场快速膨胀积累了一定脆弱性，不排除后续仍有零 星风险事件暴露，但考虑到 2026 年美国经济增长超预期修复（参见《再度 上调 2026 年美国 GDP 增长预测》，2026/1/11），且私募信贷市场体量不大， 银行对其直接敞口不高，私募信贷市场波动或难演变为系统性金融风险。 风险提示：私募信贷风险事件暴露超预期，美国金融条件超预期收紧。 研报发布日期： ...

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. has appointed Yu Bin as the chairman of Pacific Insurance, with Chen Hui as the new general manager, establishing a leadership team focused on enhancing operational efficiency and embracing new opportunities in technology and sustainable development [2][3]. Management Changes - Yu Bin, born in August 1969, has nearly 30 years of experience in the core business of Pacific Insurance, having held various key positions that provide him with a comprehensive understanding of the insurance industry [3]. - The management structure has been adjusted to include a team led by General Manager Chen Hui, with a clear hierarchy of roles to support the company's strategic goals [4][5]. Business Performance - In 2024, Pacific Insurance achieved original insurance premium income of 201.24 billion yuan, a year-on-year increase of 6.8%, and a net profit of 7.38 billion yuan, up 12.2% [6]. - For Q1 2025, the company reported original insurance premium income of 63.11 billion yuan, a 1.0% increase, with a comprehensive cost ratio improving to 97.4%, down 0.6 percentage points year-on-year [6]. Strategic Focus - The company is focusing on three major strategies: "Great Health and Elderly Care," "AI+," and "Internationalization," aiming to enhance its core competitiveness and support national strategies [8][9]. - The "AI+" strategy emphasizes the integration of technology into core business operations, aiming to improve operational efficiency and explore new business models [8]. Future Outlook - The company plans to deepen its digital transformation and optimize its business structure while addressing challenges such as rising comprehensive cost ratios due to natural disasters and high-risk business segments [7][9]. - The leadership is committed to high-quality development and enhancing service capabilities to better support the economy and society [9].