华创证券：保险资负管理要求将深化提升行业长期稳健经营能力

智通财经网2025-12-22

智通财经APP获悉，华创证券发布研报称，12月19日，《保险公司资产负债管理办法(征求意见稿)》(以下简称《办法》)向社会公开征求意见。该行认为，《办法》意在引导行业均衡考虑成本收益与久期匹配，深化资负联动管理，提升行业长期稳健经营能力。考虑久期缺口约束，险企新单销售或有控制终身寿险业务规模的趋势，同时部分险企或考虑增加长久期利率债配置;考虑成本收益匹配，险企新单定价或更审慎。从行业格局来看，该行...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2593070751?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-22 15:47","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2593070751","market":"hk","top_or_hot":-1,"title":"华创证券：保险资负管理要求将深化 提升行业长期稳健经营能力","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，华创证券发布研报称，12月19日，《保险公司资产负债管理办法(征求意见稿)》(以下简称《办法》)向社会公开征求意见。该行认为，《办法》意在引导行业均衡考虑成本收益与久期匹配，深化资负联动管理，提升行业长期稳健经营能力。考虑久期缺口约束，险企新单销售或有控制终身寿险业务规模的趋势，同时部分险企或考虑增加长久期利率债配置;考虑成本收益匹配，险企新单定价或更审慎。从行业格局来看，该行...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222160018a4696d9d&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>华创证券：保险资负管理要求将深化 提升行业长期稳健经营能力</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n华创证券：保险资负管理要求将深化 提升行业长期稳健经营能力\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-22 15:47 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222160018a4696d9d&s=b><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，华创证券发布研报称，12月19日，《保险公司资产负债管理办法(征求意见稿)》(以下简称《办法》)向社会公开征求意见。该行认为，《办法》意在引导行业均衡考虑成本收益与久期匹配，深化资负联动管理，提升行业长期稳健经营能力。考虑久期缺口约束，险企新单销售或有控制终身寿险业务规模的趋势，同时部分险企或考虑增加长久期利率债配置;考虑成本收益匹配，险企新单定价或更审慎。从行业格局来看，该行...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222160018a4696d9d&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1769817096.USD","symbol_name":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222160018a4696d9d&s=b","article_id":"2593070751","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222160018a4696d9d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2593070751","pubTimestamp":1766389659,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"智通财经APP获悉，华创证券发布研报称，12月19日，《保险公司资产负债管理办法》向社会公开征求意见。该行认为，《办法》意在引导行业均衡考虑成本收益与久期匹配，深化资负联动管理，提升行业长期稳健经营能力。头部险企由于具备规模效应、品牌优势等，负债成本管控能力预计高于行业水平，一定程度上减轻资产端压力。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"82318":"中国平安-R","601318":"中国平安","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0359201612.USD":"贝莱德中国基金A2","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","IE0008368742.USD":"首域中国增长基金I Acc","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU0594300419.USD":"富达中国消费基金A","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","02318":"中国平安","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","01336":"新华保险","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","BK1610":"ETF&股票定投概念","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","03145":"华夏亚洲高息股","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU2348774022.SGD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc SGD-H","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0181495838.USD":"施罗德新兴亚洲A Acc","00966":"中国太平","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","HPAD.SI":"Ping An Ins HK SDR2to1","BK1507":"粤港澳大湾区","BK1550":"内险股","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","PNGAY":"中国平安ADR","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC"},"translate_title":"Huachuang Securities: Insurance asset management requirements will deepen and enhance the industry's long-term stable operating capabilities","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"601318":0.6,"02318":0.9,"PAImain":0.6,"03145":0.6,"PNGAY":0.6,"HPAD.SI":0.6,"01336":0.9,"00966":0.9},"content_text":"智通财经APP获悉，华创证券发布研报称，12月19日，《保险公司资产负债管理办法(征求意见稿)》(以下简称《办法》)向社会公开征求意见。该行认为，《办法》意在引导行业均衡考虑成本收益与久期匹配，深化资负联动管理，提升行业长期稳健经营能力。考虑久期缺口约束，险企新单销售或有控制终身寿险业务规模的趋势，同时部分险企或考虑增加长久期利率债配置;考虑成本收益匹配，险企新单定价或更审慎。从行业格局来看，该行认为《办法》或对中小险企行为影响更为明显，头部险企战略资产配置思路或更清晰。事件：12月19日，《保险公司资产负债管理办法(征求意见稿)》(以下简称《办法》)向社会公开征求意见，同日金融监管总局有关司局负责同志答记者提问。华创证券主要观点如下：近年长端利率中枢持续下行导致净投资收益率承压，行业或面临潜在“利差损”挑战2025H1，上市险企净投资收益率：国寿2.8%(仅考虑租金与利息年化)、平安1.8%(未年化)、太保1.7%(未年化)、新华3%、人保3.7%、太平3.1%、阳光3.8%，平均值约3.5%(平安、太保简单年化处理，未考虑国寿，下同);综合投资收益率：平安3.1%(未年化)、太保2.4%(未年化)、新华6.3%(考虑FVOCI债)、阳光5.1%、太平1.86%(考虑FVOCI债)，平均值4.85%。2025年开始保险行业季度资金运用情况不再披露投资收益表现，最新2024年度财务/综合投资收益率分别为3.43%/7.21%。2023年以来行业积极推动预定利率调整、报行合一，上市险企新单成本显著下行，随着新单流入存量成本或有下行趋势截至2025H1，基于内含价值敏感性分析表测算，上市险企VIF打平收益率(即存量保单综合负债成本，以下简称“存量成本”)在[2.21%,3.39%]区间，均值2.72%;NBV打平收益率(即新单综合负债成本，以下简称“新单成本”)在[1.5%，2.89%]，均值2.15%。2025H1上市险企人身险新单成本均有明显下降，同比平均下降65bps，预计主要受预定利率下调和个险渠道报行合一驱动;存量成本变化较小，部分险企略有上升，预计部分受早期低资金成本保单退出的负向影响。当前新单成本均低于存量，预计随着新单持续流入，早期保单退出影响边际弱化，存量成本或有整体下行趋势。该行认为，头部上市险企遵循战略资产配置，积极应对利差损挑战，当前资负匹配压力或相对较小长端利率下行带来“利差损”危机，本质上是久期缺口带来的投资收益与负债成本非对称变动，当前资产久期普遍小于负债。拉长资产久期面临“资产荒”难题，同时久期拉长一定程度或意味着放弃部分超额收益，即久期匹配和成本收益匹配一定程度上存在“斥力”。头部险企由于具备规模效应、品牌优势等，负债成本管控能力预计高于行业水平，一定程度上减轻资产端压力。产品同质化下的“价格战”、报行合一之前费用高企等问题，或导致中小险企普遍负债成本压力较大，进而或使部分险企将成本收益匹配置于首位，间接导致久期敞口风险。风险提示：政策变动、利率下行、权益市场波动","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2593070751","isCrawlerRequest":true}

华创证券：保险资负管理要求将深化 提升行业长期稳健经营能力

精彩评论

华创证券：保险资负管理要求将深化提升行业长期稳健经营能力