Core Viewpoint - The Financial Regulatory Administration has announced a reduction in risk factors for insurance companies' related businesses to enhance their capital efficiency and support the real economy [1][2]. Group 1: Adjustments to Risk Factors - The notification primarily focuses on two areas: adjusting risk factors for investments in stocks and for export credit insurance businesses, encouraging insurance companies to support foreign trade enterprises [2][3]. - The risk factor for stocks held for over three years in the CSI 300 index has been reduced from 0.3 to 0.27, while for stocks held over two years in the STAR Market, it has been lowered from 0.4 to 0.36 [2][3]. - The risk factor for export credit insurance premiums has been decreased from 0.467 to 0.42, and the reserve risk factor from 0.605 to 0.545 [2]. Group 2: Implications for Insurance Companies - The reduction in risk factors is intended to guide insurance funds into the equity market as long-term capital, thereby alleviating the solvency pressure on insurance companies [3][4]. - Insurance companies are expected to enhance their internal controls and accurately measure investment holding periods to improve long-term capital management capabilities [3][4]. - Following the announcement, insurance stocks saw significant gains, with China Pacific Insurance rising by 6.85% and Ping An Insurance by 5.88% [3]. Group 3: Historical Context and Future Outlook - This is not the first time the Financial Regulatory Administration has lowered risk factors; previous adjustments were made in September 2023 and May 2023 to encourage insurance companies to support the capital market [5][6]. - The adjustments are seen as a means to optimize capital allocation, allowing insurance companies to invest more in quality assets and enhance overall operational efficiency [6][7]. - The policy changes are expected to facilitate greater investment in strategic industries and high-tech enterprises, thereby promoting innovation and economic development [7].

Investment Rating - The report indicates a positive outlook for the insurance sector, with a recommendation to focus on strong insurance companies such as New China Life Insurance, China Ping An, China Life Insurance H, and China Taiping [2][17] Core Insights - The non-bank financial sector (Shenwan) index increased by 2.27%, outperforming the CSI 300 index by 0.99 percentage points, while the insurance sector saw a significant rise of 5.08% [1][9] - The insurance sector's growth is attributed to several factors, including a reduction in long-term stock holding risk factors, expected strong performance in dividend insurance products, and improved global liquidity due to anticipated interest rate cuts in the US [2][16] - The brokerage sector is expected to experience a valuation correction, with a current price-to-book (PB) ratio of 1.36x, indicating potential for recovery in profitability and valuation [2][19] - The banking sector has underperformed, with a decline of 1.18%, and is currently undervalued with a PB ratio of 0.55x, suggesting room for future valuation improvement [3][20] Summary by Sections Insurance Sector - The insurance index rose by 5.08%, significantly outperforming the CSI 300 index by 3.80 percentage points, driven by regulatory adjustments that lowered risk factors for long-term stock holdings [1][13] - The sector is expected to benefit from a favorable environment for dividend insurance products, with strong growth anticipated in the coming year [2][16] - Key recommendations include focusing on companies like New China Life Insurance and China Ping An, which are positioned for growth [17] Brokerage Sector - The brokerage index increased by 1.14%, with a current PB ratio of 1.36x, indicating a potential mismatch between profitability and valuation [2][19] - Regulatory changes are expected to enhance capital efficiency for leading brokerages, creating opportunities for investment in firms with strong fundamentals [2][18] - Recommended stocks include Guotai Junan, Huatai Securities, and Orient Securities, particularly those involved in mergers or restructuring [19] Banking Sector - The banking sector saw a decline of 1.18%, with a PB ratio of 0.55x, indicating that banks are currently undervalued [3][20] - Concerns about asset quality, particularly related to real estate and local government debt, have affected market perceptions, but there is potential for recovery as regulatory support continues [23][24] - Recommendations include focusing on high-quality city commercial banks in economically developed regions, such as Hangzhou Bank and Ningbo Bank [20][24]

Investment Rating - The report maintains a positive outlook on the brokerage sector, indicating a potential for gradual realization of the sector's rebound logic [3]. Core Insights - The recent speech by the chairman of the China Securities Association has shifted market expectations positively for the brokerage sector, with a strong certainty of an upward adjustment in the long-term ROE central [3]. - The report highlights three main investment themes: 1. The attractiveness of the equity market will benefit wealth management and asset management businesses of brokerages, with a specific recommendation for Dongfang Securities [3]. 2. Companies benefiting from an improved competitive landscape, with key recommendations including Guotai Junan, GF Securities, and CITIC Securities [3]. 3. Valuation mismatches in Huatai Securities A+H and strong international business competitiveness in China Galaxy and CICC [3]. Market Review - The Shanghai and Shenzhen 300 Index closed at 4,584.54, with a weekly change of +1.28%. The non-bank index closed at 1,975.96, with a weekly change of +2.27%. The brokerage, insurance, and diversified financial sectors reported changes of +1.14%, +5.08%, and +0.49%, respectively [6]. - The average daily trading volume for the Shanghai and Shenzhen markets was 16,962.89 billion, with a year-to-date increase of 61.08% compared to the previous year [17]. Non-Bank Industry Data - As of December 5, 2025, the 10-year government bond yield was 1.85%, with a weekly change of +1.14 basis points. The credit spread for corporate bonds was 0.54%, with a weekly change of +3.61 basis points [11]. - The insurance sector's original premium income for the first ten months of 2025 reached 5.48 trillion, reflecting a year-on-year growth of 8% [28]. Individual Stock Highlights - In the insurance sector, notable A-share performances included China Pacific Insurance (+8.23%), Ping An (+5.09%), and China Life (+4.32%) [8]. - In the brokerage sector, the top performers included Zhongyin Securities (+7.89%) and Xingye Securities (+6.35%) [8].

2025 年 12 月 6 日 行业研究 股票风险因子差异化下调，推动险资进一步发挥耐心资本优势 ——《关于调整保险公司相关业务风险因子的通知》点评 非银行金融 增持（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 长周期考核权重升至 70%，利好险资加大入 市力度——《进一步加强国有商业保险公司 长周期考核的通知》点评（2025-07-12） 保险权益投资空间拓宽，长期资金入市有望 提速——《关于调整保险资金权益类资产监 管比例有关事项的通知》点评（2025-04-09） 进一步明确长周期考核要求，提升中长期资 金入市力度——《关于推动中长期资金入市 工作的实施方案》点评（2025-01-23） 要点 另一方面，政策鼓励下今年以来险资入市力度显著增强，25Q3 末行业（人身险公 司+财产险公司）股票配置比例达 10%，环比+1.2pc ...

Core Viewpoint - The article highlights a significant rally in the insurance sector of the A-share market, driven by regulatory changes that lower risk factors for long-term holdings, encouraging insurance companies to invest more in the stock market and support technological innovation [4]. Market Performance - On December 5, the A-share market saw over 4,300 stocks rise, with the Shanghai Composite Index closing at 3,902.81 points, up 0.7%. The Shenzhen Component Index rose by 1.08%, the ChiNext Index by 1.36%, and the North 50 by 1.52%. The total trading volume for the day was 1.74 trillion yuan [3]. - The insurance sector experienced a strong performance, with all major insurance stocks rising over 4.5%. The Wind Insurance Index surged by 5.8%, marking its highest increase in nearly a year [3]. Key Insurance Stocks - China Pacific Insurance (601601.SH; 02601.HK) led the gains, rising by 6.85% to 37.61 yuan per share. China Ping An (601318.SH; 02318.HK) increased by 5.88%, closing at 61.99 yuan per share after reaching a high of 62.2 yuan [3]. - Other notable performers included China Life (601628.SH; 02628.HK) up 4.61% to 45.4 yuan, and New China Life (601336.SH; 01336.HK) up 4.57% to 67.03 yuan [3]. Regulatory Impact - The National Financial Regulatory Administration announced a reduction in risk factors for insurance companies holding certain stocks for over three years, which is expected to alleviate pressure on their solvency and encourage long-term investments [4]. - The risk factor for stocks in the CSI 300 and the CSI Low Volatility Dividend 100 indices was lowered from 0.3 to 0.27, and for stocks listed on the Sci-Tech Innovation Board from 0.4 to 0.36 [4]. Insurance Sector Trends - The insurance sector's performance was initially sluggish from January to early April 2025, primarily due to high growth pressures from 2024. However, from mid-April to August, the sector rebounded, benefiting from structural market trends and expectations of changes in the upper limit of preset interest rates [4]. - Since October, the sector has seen renewed growth, driven by better-than-expected third-quarter reports [4]. Financial Metrics - Since October, major insurance companies have seen significant stock price increases: China Life up 15.18%, China Ping An up 14.33%, and China Pacific Insurance up 12.32% [5]. - The insurance industry's net assets grew from 2.7 trillion yuan at the beginning of 2024 to 3.7 trillion yuan by September 2025, indicating a return to a rapid growth trajectory. Total assets increased from 31.8 trillion yuan to 40.4 trillion yuan during the same period [5].

保险板块午后拉升。 12月5日，A股震荡上行，全市场超过4300只个股上涨；午后，非银金融放量拉升，其中保险板块"挑起 大梁"。 截至收盘，上证指数报3902.81点，涨0.7%；深证成指涨1.08%、创业板指涨1.36%、北证50涨1.52%， 科创50持平。A股全天成交1.74万亿元。 Wind数据显示：10月份以来，中国人寿、中国平安、中国人保均涨超10%，其中，中国人寿涨 15.18%、中国平安涨14.33%、中国人保涨12.32%。 保险板块午后集体走强。截至收盘，保险股涨幅均超4.5%，万得保险指数大涨5.8%，创下近1年来的最 高涨幅。 其中，中国太保（601601.SH；02601.HK）领涨，盘中一度涨超7%，截至收盘涨幅6.85%，报37.61元/ 股。中国平安（601318.SH；02318.HK）盘中涨超6%，最高触及62.2元/股，继11月14日后再度向62元/ 股冲刺。截至收盘，A股报61.99元/股，涨5.88%。 另外，中国人保（601319.SH；01339.HK）涨4.92%，报收8.75元/股；中国人寿（601628.SH； 02628.HK）涨4.61%，报收45.4元 ...

Core Viewpoint - The A-share market showed signs of recovery on December 5, with the ChiNext index rising over 1% after an initial drop of more than 0.5%. The non-bank financial sector experienced significant gains, driven by positive news regarding China Ping An and regulatory adjustments in the insurance sector [2]. Group 1: Market Performance - The A-share market rebounded, with the ChiNext index increasing by over 1% after a morning decline [2]. - The non-bank financial sector saw a collective surge in the afternoon, with notable stocks like China Ping An and China Pacific Insurance rising over 5% [2]. Group 2: Company-Specific Developments - Morgan Stanley, referred to as the "whistleblower" of the A-share market, added China Ping An to its focus list and maintained it as a top pick [2]. - Morgan Stanley raised the target price for China Ping An's A-shares from 70 yuan to 85 yuan and for its H-shares from 70 HKD to 89 HKD [2]. Group 3: Regulatory Changes - The Financial Regulatory Bureau released a notice adjusting risk factors related to insurance companies' business operations, aiming to promote high-quality development while maintaining risk control [2]. - The adjustments include changes to the risk factors for insurance companies investing in stocks and for export credit insurance, encouraging greater support for foreign trade enterprises [2].

Core Viewpoint - The insurance sector has seen a significant rise in stock prices following the announcement of favorable policies aimed at encouraging long-term investments by insurance companies [1][5]. Group 1: Policy Adjustments - The Financial Regulatory Authority has announced a reduction in risk factors for insurance companies investing in certain stocks, specifically those held for over three years and two years, respectively [2][5]. - The risk factor for stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index has been lowered from 0.3 to 0.27 for holdings over three years [2]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor has been reduced from 0.4 to 0.36 [2]. Group 2: Implications for Insurance Companies - The reduction in risk factors means lower capital consumption for insurance companies, which will enhance their solvency ratios and provide more room for further stock purchases and investment operations [5][6]. - The adjustments are expected to benefit all insurance companies that meet the conditions for investing in the specified stocks [5]. Group 3: Industry Expectations - There has been a strong industry call for optimizing solvency policies to better support equity asset allocation, especially in a low-interest-rate environment [6][7]. - Industry insiders have suggested that the regulatory body should further refine risk factor classifications based on investment fields and holding periods to encourage long-term investments [6][7]. Group 4: Historical Context and Future Directions - The Financial Regulatory Authority has previously made several adjustments to solvency policies to guide insurance funds in supporting the capital market and the real economy [8]. - Future measures are expected to focus on enhancing the long-term investment management capabilities of insurance companies and ensuring accurate solvency data [8].

格隆汇12月3日丨新华保险(601336.SH)公布，本公司董事会于2025年12月3日收到独立董事马耀添先生 的辞职函，因任独立董事时间已满六年，根据相关监管规定，马耀添先生辞去本公司独立董事、董事会 提名薪酬委员会委员及风险管理与消费者权益保护委员会委员职务。 ...

新华人寿保险股份有限公司 2025 年第四次临时股东大会 会议材料 二〇二五年十二月四日 北京 1/23 新华人寿保险股份有限公司 2025 年第四次临时股东大会议程 会 议 时 间 ：2025 年 12 月 24 日（星期三）下午 14 点 00 分 会 议 地 点 ：北京市朝阳区建国门外大街甲 12 号新华保险大厦 21 层 会议召集人：新华人寿保险股份有限公司董事会 议程内容 一、宣布会议开始及会议议程 3. 关于选举公司第九届董事会董事的议案，逐一投票选举公司第九届董事 会董事 五、现场投票表决 2/23 二、审议议案 （一）特别决议事项 1. 关于发行境内无固定期限资本债券的议案 （二）普通决议事项 2. 关于修订《关联交易管理办法》的议案 三、回答股东提问 四、宣布出席会议股东及股东代理人人数、代表股份数 六、休会、统计现场表决结果 七、宣布现场表决结果 议案一 关于发行境内无固定期限资本债券的议案 各位股东： 为进一步增强新华人寿保险股份有限公司（以下简称"公司"）资本实力， 提升核心偿付能力充足率，优化资本结构，支持公司业务持续稳健发展，公司 拟在境内发行金额不超过人民币 100 亿元（含 1 ...