Core Insights - The insurance industry plays a crucial role in economic development and improving social welfare, with total assets exceeding 40 trillion yuan and cumulative payouts reaching 9 trillion yuan, marking a 61.7% increase compared to the "13th Five-Year Plan" period [1] - During the "14th Five-Year Plan" period, the insurance sector has focused on high-quality development, enhancing its comprehensive strength and achieving new breakthroughs in serving the real economy and social welfare [1][3] Group 1: Economic Impact - The insurance industry has provided risk protection across various sectors, contributing to national strategies and addressing weak links in the economy [1] - Cumulative risk protection provided by the insurance industry during the "14th Five-Year Plan" period has exceeded 10 trillion yuan, supporting over 3,600 innovation application projects [2] Group 2: Technological Innovation - China Life Insurance has developed over 200 technology insurance products, providing risk protection exceeding 4 trillion yuan since the establishment of the integrated circuit co-insurance system [2] - The insurance sector has supported significant projects such as the Long March 8 remote sensing satellite and the domestically produced C919 large passenger aircraft, with over 300 billion yuan in coverage [2] Group 3: Social Welfare - The insurance industry has expanded its capacity to improve and guarantee social welfare, with major projects covering over 12.2 billion urban and rural residents for critical illness insurance and 1.8 billion people for long-term care insurance [3] - Commercial health insurance has provided economic compensation of 1.8 trillion yuan to those affected by illnesses over the past five years [3] Group 4: Disaster Risk Management - The insurance industry has established a national disaster risk map and a digital risk warning network, with cumulative payouts exceeding 150 billion yuan for disasters such as floods and earthquakes during the "14th Five-Year Plan" period [4] - From 2024, catastrophe insurance will cover common natural disasters in China, with a minimum coverage amount doubled, providing 22.36 trillion yuan in catastrophe risk protection for 64.39 million households [4] Group 5: Comprehensive Insurance Services - The insurance sector has formed a comprehensive insurance service system focusing on risks related to aging, illness, disasters, and poverty, optimizing the allocation of risk resources across society [5]

二、中国人民人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年10月9日，国家金融监督管理总局保定监管分局发布批复称，《中国人民人寿保险股份有限公司 河北省分公司关于中国人民人寿保险股份有限公司唐县支公司变更营业场所的请示》（人保寿险冀发 〔2025〕267号）收悉。经审核，现批复如下： 一、同意中国人民人寿保险股份有限公司唐县支公司将营业场所变更为：河北省保定市唐县迎宾大街西 侧尧和美居住宅小区3号楼2-3号底商。 ...

二、中国人民财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国人民财产保险股份有限公司三工镇营销服务部将营业场所变更为：新疆昌吉回族自治州昌 吉市三工镇下营盘村十字路口东南角便民服务站。 2025年9月30日，国家金融监督管理总局昌吉监管分局发布批复称，《中国人民财产保险股份有限公司 昌吉回族自治州分公司关于昌吉回族自治州分公司三工镇营销服务部营业场所变更的请示》（昌人保财 险发〔2025〕112号）收悉。经审核，现批复如下： ...

一、同意中国人民财产保险股份有限公司昌吉车管所营销服务部变更为：新疆昌吉回族自治州昌吉市绿 洲路街道屯河社区和谐时代广场A座13层1302室（25区6丘7栋）。 二、中国人民财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年9月30日，国家金融监督管理总局昌吉监管分局发布批复称，《中国人民财产保险股份有限公司 昌吉州分公司关于昌吉车管所营销服务部变更营业场所的请示》（昌人保财险发〔2025〕111号）收 悉。经审核，现批复如下： ...

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 三季报在即，把握板块配置机遇 报告要点 [Table_Summary] 三季报在即，近期市场热度仍维持高位，券商业绩有望延续高增，配置价值持续提升；保险方 面，整体来看印证了存款搬家、增配权益和新单成本改善逻辑，中长期 ROE 改善确定性进一 步提升，估值有望加速修复，结合中长期拐点向上的判断，整体配置性价比正逐步提高。综合 业绩弹性及估值分位，推荐新华保险、中国人寿、香港交易所、中信证券、东方财富、同花顺、 九方智投控股。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 盛晓双 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1）三季报在即，近期市场热度仍维持高位，券商业绩有望延续高增趋势，配置价值持续提升； 保险方面，整体来看印证了存款搬家、增配权益和新单成本改善逻辑，中长期 ROE 改善确定 性进一步提升，估值有望加速修复，结合中长期拐点向上的判断，我们认为整体配置 ...

不管是落实"报行合一"还是"见费出单"，其本质还是要引导非车险行业从"内卷式"的非理性竞争中挣脱 出来，从粗放式发展转向价值发展。 继"报行合一"在车险和人身险各渠道实施后，也将正式落地非车险领域。 金融监管总局近日发布《关于加强非车险业务监管有关事项的通知》（下称《通知》），聚焦非车险领 域经营不规范、非理性竞争等问题，进一步落实"报行合一""见费出单"等监管要求，促进非车险业务高 质量发展。据悉，《通知》将自2025年11月1日起实施。 "尽管非车险近年来发展较快，但从盈利性表现来看，非车险明显弱于车险。我们认为，非车险'报行合 一'将显著规范行业费用投放，改善整体盈利空间。"东吴证券首席战略官、非银金融首席分析师孙婷团 队表示。 第一财经记者注意到，在《通知》发布后，中国人保、平安产险等头部险企纷纷发文表示已成立相应工 作专班，推进落实《通知》相关要求。 非车险正式启动"报行合一" 金融监管总局数据显示，2025年前8个月财险公司总保费收入1.22万亿元，同比增长4.7%，其中非车险 6195亿元，占比50.77%，其中健康险占比14.88%，农险占比10.83%，责任险占比8.24%，分列非车险前 三 ...

Core Viewpoint - The continuous rainy weather in the Huanghuai region is significantly impacting the autumn harvest and winter wheat planting, prompting insurance companies to implement measures to facilitate claims and support farmers [1][3]. Group 1: Impact of Weather on Agriculture - The Huanghuai region has experienced multiple rounds of continuous rainfall this year, leading to higher precipitation levels compared to previous years, which poses challenges for timely harvesting and planting [3]. - The persistent rain has resulted in noticeable yield reductions in certain areas, particularly in Henan and Puyang, where insurance companies are actively engaging in claims assessments [4]. Group 2: Insurance Companies' Response - Major insurance companies like PICC, Ping An, and Taikang are opening green channels and simplifying claims processes to expedite compensation for farmers affected by the weather [1][3]. - Insurance institutions are utilizing technology such as drones and satellite remote sensing to enhance the efficiency of loss assessments and to establish scientific loss determination rules [4][8]. Group 3: Challenges in Claims Assessment - The claims assessment process faces significant challenges due to the unique nature of continuous rain, the widespread and dispersed nature of the affected areas, and the complexity of loss evaluations [7]. - The gradual and hidden damage caused by continuous rain complicates the quantification of losses, making it difficult to distinguish between natural yield reductions and weather-related damages [7]. Group 4: Technological Integration and Data Construction - Insurance companies are encouraged to strengthen technological integration by utilizing drones and satellites for loss assessments and developing weather index insurance to reduce the need for on-site evaluations [8]. - There is a call for enhanced data construction, including the development of agricultural risk models that integrate meteorological and crop yield data to create precise agricultural risk maps and loss assessment models [8].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [4][55]. Core Insights - The report highlights strong growth in the brokerage sector, with a significant increase in new A-share accounts and trading volumes, indicating a robust market environment. The net profit for the brokerage sector is expected to show high year-on-year growth for the first nine months of 2025 [4]. - The insurance sector is undergoing regulatory changes aimed at improving profitability, particularly in non-auto insurance, which is expected to benefit leading companies in the industry [4]. - The report identifies three main investment themes in the brokerage sector: 1) Stronger institutions benefiting from improved competition, 2) Brokerages with high earnings elasticity, and 3) Companies with strong international business capabilities [4]. Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage sector saw a rise of 4.42%, while the insurance sector increased by 0.89% [7]. - The average daily trading volume for the Shanghai and Shenzhen stock exchanges reached 26,034.09 billion yuan, reflecting a year-on-year increase of 56.08% [15][31]. Non-Bank Industry Data - As of October 10, 2025, the financing balance in the margin trading market was 24,455.47 billion yuan, showing a year-on-year increase of 31.2% [15]. - The report notes that the average daily trading volume for the first nine months of 2025 was 26,034.09 billion yuan, indicating a vibrant trading environment [31]. Regulatory Developments - The Financial Regulatory Bureau has implemented a new framework for non-auto insurance, focusing on improving underwriting profitability and establishing stricter fee management and compliance measures [4][17]. - The report mentions the central bank's liquidity measures, including significant net injections through various monetary policy tools, which aim to maintain market liquidity [16][19].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector [1] Core Views - The report highlights a continuation of strong growth in the brokerage sector, with a significant increase in net profits expected for the first nine months of 2025. Key metrics include a 61% year-on-year increase in new A-share accounts and a 203% increase in average daily stock trading volume in September 2025 [2][5] - The brokerage sector is currently undervalued, with a price-to-book (PB) ratio of 1.48, placing it in the 47.8th percentile over the past decade [2] - The report notes a favorable market environment supporting continued high growth in brokerage performance, with specific recommendations for leading firms and those with strong international business capabilities [2][7] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage, insurance, and diversified financial sectors reported gains of 4.42%, 0.89%, and 0.52%, respectively [5][6] Non-Bank Sector Insights - The report indicates that the insurance sector is benefiting from the implementation of a "de-involution" policy framework for non-auto insurance, which is expected to improve underwriting profitability for leading firms [2][16] - Specific investment recommendations include firms that are expected to benefit from improved competitive dynamics and those with strong earnings elasticity [2][7] Key Data Tracking - As of October 10, 2025, the average daily trading volume in the stock market was 26,034.09 billion yuan, reflecting an 18.99% increase from the previous period [14][32] - The report also tracks significant metrics such as the balance of margin financing and securities lending, which stood at 24,455.47 billion yuan as of October 9, 2025, marking a 31.2% increase from the end of 2024 [14][39]

在平均海拔4000米以上的"世界屋脊"，医疗保障是关系群众切身利益的"心头事"，更是筑牢民生底线 的"关键题"。为助力政府将党中央的惠民政策延伸至"最后一公里"，中国人保在墨竹工卡县落地了西藏 自治区首单城乡居民医疗互助保险，初步形成"基本医保+大病保险+医疗救助+互助保险"四重保障体 系，有效减轻群众医疗费用负担。 托举每个家庭的幸福 "发现儿子身体出现问题时，他才23岁，我们在拉萨市人民医院检查确诊了肾病综合症，我当时真的慌 了神。后来我们转去拉萨市第二人民医院，孩子开始做肾透析，第一次住院就花了快30万。"次仁多吉 说，当时全家就靠种田和他在外打零工过日子，没别的经济来源。 本次治疗中，基本医保报销了6万元，大病保险报销了14万元，剩余的治疗费都由家里的积蓄来承担。 次仁多吉说："我们花了很多钱，但肾透析的治疗也没有让孩子的身体状况得到改善。后来我了解到换 肾的治疗方案，也想试试，但面对30多万的医疗费我们一家只能选择放弃。" 后来在参加县人社局组织的医保政策宣传活动时，次仁多吉得知县委、县政府为全县城乡居民村民购买 了医疗互助保险，他家的情况可以得到专项补助后，毅然决定给儿子换肾。 在西藏自治区拉萨市 ...