wen | dujiaojinrong xiemeiyu

编辑 | 付影

zongjingliluoding3geduoyuehou，guangdayongmingrenshoubaoxianyouxiangongsi（yixiajiancheng“guangdayongmingrenshou”）zaicichuxianzhongdarenshibiandong。

ju《beijingshangbao》baodao，jinriyouxiaoxicheng，guangdayongmingrenshou12yue2rizhaokaihuiyi，xuangaozhongdarenshirenming，sunqiangbuzaidanrengongsidangweishuji、dongshizhang，gaiyouzongjinglizhangchensongzandaixiangguanzhize。

yikaoguangdayinxingdequdaoyoushi，guangdayongmingrenshoubaofeiguimo2018nianyitupobaiyi，2024nianqiansanjidu，qibaoxianyewushouruwei161.5yiyuan，danjinglirunquebutaihaokan，kuisunle12.86yiyuan。 cong2022qi，budaosannianshijian，guangdayongmingrenshoukuisunyichaoguo30yiyuan。

nianneizongjingli、dongshizhangxiangjishengbian，guangdayongmingrenshoujiexialaiyaoruhezhongzhenqigu？

1、总经理落定3个月后，董事长生变

gongkaiziliaoxianshi，sunqiangchushengyu1968nian11yue，shiyiming“guangdaxi”chengzhangqilaidelaojiang。

1997nian，sunqiangjiaruzhongguoguangdayinxing，xianhoudanrenguangzhoufenxingzhuhaizhixingfuxingzhang、shantouzhixingxingzhang，zongxingjianchabaoweibuzongjinglizhuli，gongsiyewubuzongjinglizhuli、fuzongjingli，tongyejigoubufuzongjingli（zhuchigongzuo）、zongjingli，gongsiyewubuzongjingli，xingzhangzhuli，fuxingzhangdengduogezhongyaozhiwei。

2020nian5yue，guangdayongmingrenshouyuandongshizhangzhangyukuanliren，tongyuesunqiangchurenguangdayongmingrenshoudangweishuji、shirenzongjingliliufengquandaixingdongshizhangzhize；2020nian9yuesunqiangshangrengongsidongshizhang。

rujin，zhangduoguangdayongmingrenshou4nianduodesunqiangxierendongshizhangzhiwei，yougongsixianrenzongjinglizhangchensongjiangzandaidongshizhangzhize。

zhuanjingtexinqiyegaozhiliangfazhancujingongchengzhixingzhurenyuanshuaizhichu，“dongshizhangdelirenkenenghuijiguangdayongmingrenshoudailaiyidingdeguoduqitiaozhan。xinlingdaocengdediaozhengxuyaoshijianlaishuxigongsideyewuheshichanghuanjing，zheikenenghuizaiyidingchengdushangyingxianggongsideduanqiyewukaizhanheshichangtuozhan。”

buguo，yuanshuaitongshibiaoshi，“guangdayongmingrenshouzuoweichengshudejinrongjigou，yongyouwanshandezhilijiegouhezhuanyetuandui，youwangpingwenduguozheiyiguoduqi。”

zhideyitideshi，zhangchensongjinnian8yuecaizhengshihuopichurenguangdayongmingrenshouzongjinglizhiwei，jietijinnian3yuelikaideliufengquan。

ziliaoxianshi，liufengquan2019nian2yuejiaruguangdayongmingrenshou，rengongsidangweifushuji，tongnian4yuechurengongsizongjingli，2020nian1yuechurengongsidongshi。

liufengquanhaicengzaizhongguorenshoubaoxiangongsi、zhongguorenshoudianzishangwuyouxiangongsidanrenduogezhiwei。jianrenguangdayongmingzichanguanligufenyouxiangongsidongshi、zhongguobaoxianxingyexiehuizijinyunyongzhuanyeweiyuanhuichangwuweiyuan、zhongguobaoxianxingyexiehuishengyufengxianguanlizhuanyeweiyuanhuichangwuweiyuan。

erzhangchensongshiyiming“70hou”，chushengyu1974nian1yue，yongyouzhongguo、beimei、yingguojingsuanshizhicheng。zi2013nian7yueqi，qidanrenguangdayongmingrenshouzongjingsuanshiyizhizhangda11nianzhijiu，zhidao2024nian6yue，zhangchensongxierengaizhiwu。

ciwai，2018nian12yue，zhangchensongrenguangdayongmingrenshoulinshicaiwufuzeren；2019nian5yueshengrengongsifuzongjingli；2019nian5yuezhi2023nian3yuerengongsicaiwufuzeren，tongshihaijianrenguangdayongmingziguangongsidongshi、zhongguojingsuanshixiehuichangwulishi、zhongguobaoxianxuehuilishi。

zhongguokuangyedaxue(beijing)guanlixueyuanshuoshishengqiyedaoshizhipeiyuanrenwei：“zongjingsuanshizhangqizaijingsuanlingyushengeng，qiduishouxianchanpinsheji、fengxianpinggu、zibenguanlidengguanjianyewuhuanjiedeshenkelijie，weigongsizhanlvejuece、yunyingyouhua、chanpinchuangxintigonglebukehuoquedezhuanyeshijiao。”

“youneibuzishenguanlirenyuanjinshengzhigaocengzhiwei，youzhuyuquebaogongsiwenhuachuanchengheguanlilianxuxing，jianshaogaocengrenshibiandongkenengyinfadebuquedingxing，weihugongsizhanlvedelianguanxinghewendingxing；yeyouzhuyugongsizaifuzaduobiandeshichanghuanjingzhong，chixuqianghuacaiwuwenjianxinghefengxiankongzhinengli。”zhipeiyuanbiaoshi。

muqian，guangdayongmingrenshougaoguanrenshugong6ren，qizhongzhangchensongxierenzongjingsuanshihouchurenzongjingli；gaosongjietizhangchensongchurenzongjingsuanshi；fuzongjingliluweidong、suyangjuncengjiuzhiyuguangdayinxing；heguifuzerenwangshouyangzaonianduojiuzhiyulvsuojifayuan；shenjizerenrenweitiangang。

2、不到三年亏了30亿，综合退保率下降1.06%

guangdayongmingrenshouyouzhongguoguangdahejianadayongmingrenshoubaoxiangongsigongtongtouzi，yu2002nian4yue22richengli。guanwangziliaojieshao，muqianguangdayongmingrenshoudezhucezibenjinwei54yiyuan，xianyougudongbaokuoguangdajituan、jianadayongmingrenshoubaoxiangongsi、zhongbingtouziguanliyouxianzerengongsiheanshangangtiejituanyouxiangongsi。

zaiguangdayinxingdefuchixia，guangdayongmingrenshou2018nianyitupobaiyiguimo；2020nianzhi2023nianbaofeiguimojiejiepansheng，fenbiewei134.7yiyuan、140.8yiyuan、170.75yiyuan、194.7yiyuan。

2023nian，guangdayongmingrenshouzichanzongguimoshoucitupoqianyiyuan；jiezhi2024nian9yuemo，qizongzichan1251.08yiyuan。erjinnianyilai，zheijiaqianyishouxiangongsizongjinglijidongshizhangxiangjishengbian，yuanyinshishenme？

shuliguangdayongmingrenshounianbaofaxian，cong2022niankaishidao2024niansanjidu，guangdayongmingrenshouchuyuchixukuisunzhuangtai，leijikuisunyida30yiyuan。

jutilaikan，2022nian，guangdayongmingrenshouyingyeshouru199.69yiyuan，jingkuisunyue13.57yiyuan；2023nianqiyingyeshouruxiajiangwei194.73yiyuan，jingkuisunyue5.13yiyuan。2024nianqiansanjidu，guangdayongmingrenshoubaoxianyewushouru161.5yiyuan，kuisun12.86yiyuan。

图源：光大永明人寿三季度报

yuanshuairenwei，“jinnianlai，guangdayongmingrenshoumianlinjiaodadecaiwuyali，gaocengrenshibiandongkenengshigongsiweileyingduiyejitiaozhan、xunqiuxindezengzhangdianerzuochudezhanlvediaozheng。raner，renshibiandongbenshenbingfeijiejueyejiwentidezhijieshouduan，guanjianzaiyuxinrenlingdaocengnengfoudailinggongsizhidingbingzhixingyouxiaodejingyingcelve，gaishangongsidecaiwuzhuangkuang。”

yejidekuisun，raobukaijugaodetuibaolvjituibaojine。

guangdayongmingrenshouchangfunenglibaogaoxianshi，2022nian，“guangdayongmingfujiaguangmingcaifunianjinbaoxianakuan（fenhongxing）”、“guangdayongmingguangmingcaifunianjinbaoxianakuan（fenhongxing）”liangkuanchanpindetuibaolvyichaoguo85%，gainianguangdayongmingrenshoutuibaojinejuqiansanweidechanpinleijituibaoyue19.73yiyuan；2023nian，“guangdayongminganxinerhaonianjinbaoxian”detuibaolvchaoguo80%，qituibaojinejuqiansanweidechanpinleijituibaoyue11.5yiyuan。

buguo，dao2024niandisanjidu，guangdayongmingrenshouzonghetuibaolv1.85%，tongbiyixiajiang1.06%，danbufenchanpindetuibaoqingkuangrengranbuleguan，liru“guangdayongmingzhiaijiachuanzhongshenshouxian”nianduleijituibaolv42.39%；“guangdayongmingfujiazenglijinzhanghunianjinbaoxian（wannengxing）”qiansanjiduleijituibaojine5.88yiyuan。

chucizhiwai，fenjidukan，guangdayongmingrenshouzi2023nianyilaidefenhongzhanghuyewujingxianjinliujunweifuzhi，bingqieshuejuda，2023niansigejiduyiciwei-44.69yiyuan、-48.8yiyuan、-49.65yiyuanji-50.2yiyuan；2024nianqiansanjidufenbiewei-38.44yiyuan、-25.95yiyuan、-18.87yiyuan。

xiangsongzibendongshishenmengbiaoshi，daliangfenhongyiweizherenshouchanpinjinruchangfuqi，huiduibaoxiangongsideziyouxianjinliuxingchengbulideyingxiang。xianjinjingliuchushichanpinshejizhongcunzaiwenti，xuyaobuchongxindebaoxiankehu，cainengjianhuanxianjinjingliuchu。

3、押注富森美股票、新希望债券，偿付能力持续提升

yejishisuzhiwai，guangdayongmingrenshouhaimianlinweiguichufawenti。

juguanwangpilu，2024nianyilai，guangdayongmingrenshouqixiafengongsijixiangguanzerenrenleijishoudaojianguanchufa4ci，hejifakuanjine161wanyuan。

tuyuan：guangdayongmingrenshouguanwangjutilaikan，guangdayongmingrenshouzhejiangfengongsiyincunzaikuaquyujingyingbaoxianyewudexingwei，beijinggaobingfakuan3wanyuan，yimingzerenrenbeijinggaobingfakuan1wanyuan；guangdayongmingrenshoutianjinfengongsi、shandongfengongsizejunyincunzaiweianguidingshiyongjingbeiandebaoxiantiaokuan、baoxianfeilvdexingweibeifa，fenbiebeifakuan50wanyuanji35wanyuan，duiyingxiangguanzerenrenfenbiebeifakuan7wanyuan。

erguangdayongmingrenshousichuanfengongsizeyincaiwushujubuzhenshibeifakuan50wanyuan，shirenguangdayongmingrenshousichuanfengongsizongjingliliyunhuabeijinggaobingfakuan8wanyuan；shirenguangdayongmingrenshousichuanfengongsiyinbaoyewuguanlibuyewuzhichishizhuren、yinxingbaoxianguanlibufujingliliufei，zonghexiaoshouqudaoguangdayewubujingli、chengdouyinxingbaoxianyewuyibujingliweiqiangbeijinzhizhongshenjinrubaoxianye。

lingyimian，cong2022niansijidukaishi，guangdayongmingrenshouyidiaochualeifengxianzonghepingji，zuijinyiqidefengxianzonghepingjiweibb。

buguo，congtouziduanlaikan，2023niangaigongsishixiantouzishouyi35.44 yiyuan，tongbizengjia45.24%。2024nianqiansanjidu，guangdayongmingrenshoutouzishouyilvtongbixiajiang0.2gebaifendianzhi3.61%，danzonghetouzishouyilvyou4.15%zengzhi5.32%。

guangdayongmingrenshoumuqianchiyoufusenmei（002818.sz）gupiao，jiezhi2024nianshangbannianweifusenmeidiwudagudong，chiyouqi258.43wangu；dao2024niansanjidumo，guangdayongmingrenshouyibianweidishidagudong，chigushuliangjiangwei140.14wangu。

huaxizhengquanyanjiubaogaozhichu，fusenmeizuoweixinandiquguimojiaoda、zonghejingzhenglijiaoqiangdedaxingzhuangshijiancaijiajuliutongqiye，shengengchengdouershinian，shentoulvgao，zichiwuyechengbenyoushituchu，jingyingwendingchijiuyingli。windshujuxianshi，jinlianggeyue，fusenmeigujiazhangfu22.48%，12yue5ri，fusenmeibaoshou13.36yuan/gu。

ciwai，guangdayongmingrenshouhaichiyouxinxiwang（000876.sz）faxingdexiwangzhuanzhai，gaixiangmu2020nian2yueshangshi，2026nian1yuezhaipai，faxingguimo40yiyuan。6yue28ri，lianhezixinduigaizhaiquanxiangmupingjiweichi“aaa”。

lianhezixinpingjibaogaohaizhichu，xinxiwang2023nianyingyezongshourubaochiwending，danzhuchanyejingyingmianlinyalihenda，zhuyingyewuyinglishuipingxiajiang；caiwufangmian，jiezhi2023nianmo，xinxiwangquanbuzhaiwu747.19yiyuan，jiaoshangnianmozengzhang2.6%，zhaiwufudanzhong，zhuyaochangzhainenglizhibiaobiaoxianyiban；buguo，touzishouyiduigongsizhengtiyinglinenglixingchenglianghaozhicheng。

congchangfunenglizhuangkuanglaikan，guangdayongmingrenshouyizainuliniuzhuanbulijumian。2023nianyilai，guangdayongmingrenshoudezonghechangfunenglichongzulvsuijidupansheng，fenbiewei146.09%、150.02%、186.95%ji210.94%；2023niandisijidu，guangdayongmingrenshouhaichenggongfaxing12.7yiyongxuzhai，gonggulegongsidezibenshili。

2024nianqiansanjidu，guangdayongmingrenshoudezonghechangfunenglichongzulvfenbiewei217.26%、234.12%、235.49%。

guangdayongmingrenshouhaizaichangfunenglibaogaozhongbiaoshi，gongsijiangchixujiaqiangduichangfunenglidezhuizongheguanli，jijikuochonghetuijinwaiyuanzibendebuchong，tuidonggongsigaozhiliangzhuanxing。

duiyuguangdayongmingrenshouweilaidezhuanxingfazhan，niyoushenmekanfa？huanyingliuyanpinglun。