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] Q2 业绩修复有望延续，持续关注绩优个股及 优质红马 报告要点 [Table_Summary] 券商方面，本周业绩预告陆续披露，市场交投维持高位，中报业绩预计延续高增，持续看好板块配置机会； 保险方面，本周财政部印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的 通知》，强调长周期考核和经营管理能力提升，引导长期资金践行价值投资理念，持续推动中长期资金入 市。从盈利和分红的稳定性维度出发，推荐江苏金租、中国平安及中国财险。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] SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 %% %% 请阅读最后评级说明和重要声明 research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title Q2 业绩 ...

发布会现场，平安人寿副董事长兼副总经理蔡霆在主旨演讲中详细介绍了"享平安"的内涵。蔡霆表示， 客户的追求，就是平安努力的方向。基于对中国家庭对体育、教育、文娱、健康管理等核心需求的深刻 洞察，平安人寿焕新推出"享平安"客户权益体系，打造丰富、优质的线上增值服务及线下活动场景，覆 盖体育运动、子女教育、文娱生活、健康管理四大领域，提供近百项增值"好权益"，助力客户及其家人 畅享"好生活"。 在体育运动方面，"享平安"链接优质供应商，打造多场景覆盖的体育生态，聚焦广受客户欢迎的户外运 动、智力运动、球类运动、滑雪运动四大领域，推出俱乐部活动，满足客户锻炼、休闲、社交等多维需 求。同时，还为客户提供滑雪VIP通道、健身月卡、高球预约等服务权益，帮助客户一键实现健身与休 闲自由；此外，平安还与各领域权威机构合作，打造适合大众的体育赛事，帮助更多客户感受竞技体育 的魅力。 在子女教育方面，"享平安"链接名企名校、行业大咖、专业教育机构等多种资源，提供升学咨询等服 务，帮助客户在教育规划上先人一步；同时，打造研学营、升学营、留学营三大类活动体验，覆盖客户 子女教育的素养提升、升学规划、留学服务三大关键需求，提供全学龄段一 ...

证券研究报告 | 2025年07月13日 2025 年 7 月 11 日，财政部发布《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考 核的通知》（以下简称"《通知》"），调整国有商业保险公司绩效评价指标，新增五年周期考核权重，推动 险资长期入市。 国信非银观点：《通知》通过将 70%考核权重锚定三年以上周期，有望从根源上化解保险资金属性与考核 错配的矛盾，持续释放险资增量资金潜力。结合偿付能力优化、风险因子调降等配套措施，险资有望持续 加大资金入市规模。短期看，险资入市为市场注入流动性活水；长期看，其"耐心资本"属性将持续推动 以红利资产为代表的配置诉求，建议关注本次政策下相对受益的中国人寿、中国平安、中国太保、中国财 险、新华保险。 评论： 政策核心：长周期考核权重提升至 70%，制度设计直击险资入市堵点 7 月 11 日，财政部正式印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核 的通知》（财金〔2025〕62 号），标志着保险资金长周期考核机制全面落地。该政策将国有商业保险公司核 心绩效指标"净资产收益率"（ROE）和"（国有）资本保值增值率"的考核方式，由此前 ...

非银行业周报 20250713 中报业绩催化下，非银板块有望迎β和α共振 2025 年 07 月 13 日 ➢ 险资"长钱长投"新规发布，助力资本市场中长期资金供给，推动险企资产 和负债更为匹配。2025 年 7 月 11 日，财政部《关于引导保险资金长期稳健投 资 进一步加强国有商业保险公司长周期考核的通知》（以下简称《通知》），将 现有的国有商业保险公司经营效益类绩效评价指标"净资产收益率"和"资本保 值增值率"调整为"1+3+5"模式（当年度指标+3 年周期指标+5 年周期指标） 的考核方式，从考核制度层面进行改革，有助于提升保险资金对投资收益短期波 动的包容性，长期来看有望提升险资权益投资占比，在为资本市场提供增量资金 的同时，险企自身有望同时获得稳健的股息收入和资本利得，从而提升权益投资 收益和净利润弹性，有助于更好地进行资产负债匹配。头部险企凭借更完善的公 司治理、更强大的综合投研能力而更为受益。 ➢ 上市券商陆续发布 2025 年上半年业绩预增公告，1H25 券商业绩有望保持 较快增速。7/9 红塔证券率先发布首份上市券商 2025 年上半年业绩预告，截至 7/11，已有 6 家上市券商和 1 ...

"1+3+5"长周期考核背后的深意 2025 年 07 月 13 日 [Table_Author] 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com ➢ 事件：2025 年 7 月 11 日，财政部下发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》（财金〔2025〕62 号）（以下 简称《通知》），调整了相关经营指标的考核方式，国有商业保险公司自开展 2025 年度绩效评价工作开始执行。 ➢ 增设长周期考核指标，引导长期稳健投资。根据财政部《商业保险公司绩效 评价办法》，商业保险公司绩效评价指标体系中经营效益的考核占比为 25%，主 要分为 3 大指标：（国有）资本保值增值率、净资产收益率、分红上缴比例，分 别占比 10%、8%、7%。本次《通知》对其中（国有）资本保值增值率、净资产 收益率两大指标进行了调整，形成"1+3+5"（当年、3 年周期、五年周期）的考 核模式，引导险企更加着眼长期投资和稳健投资。 ➢ 净资产收 ...

拉长考核期限，风物长宜放眼量 ——《关于引导保险资金长期稳健投资 进一步加强国有商业保险 公司长周期考核的通知》点评 评级： 增持（维持） 执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn | 上市公司数 | 6 | | --- | --- | | 行业总市值(亿元) | 31,377.86 | | 行业流通市值(亿元) | 31,369.21 | 1、《未来三年视角下寿险利差压力 几何？ ——2025 年下半年保险行业 投资策略报告》2025-07-10 2、《竞争环境改善，缓解行业"内 卷"压力——从天茂集团无法披露定 期报告看当前中小险企经营挑战》 2025-07-08 3、《定调审慎边际放松，利好龙头 拥抱分红——《关于分红险分红水平 监管意见的函》点评》2025-06-25 保险Ⅱ 证券研究报告/行业点评报告 2025 年 07 月 12 日 报告摘要 风险提示：权益市场大幅波动，研报信息更新不及时的风险 请务必阅读正文之后的重要声明部分 分析师： ...

与传统的固定收益类型产品相比，分红险具备更灵活的"成本 调节机制"，因而在降低负债成本、缓释利差风险方面，展现 出明显优势。 作者： 姜鑫 封图：图虫创意 2025年6月28日下午，客户拎着包急匆匆离开座位要去接孩子放学，李玲望着手中的咖啡无奈地 笑了笑，这一单又有点悬。 李玲是一位保险代理人，她这次见面的客户是一位年轻妈妈。由于存款利率下降，银行理财、货币 基金收益也不达预期，客户考虑配置一些理财型的保险产品。 李玲说，从利率走低的明显趋势，到家庭财富保值增值的挑战增加，再到保险产品的刚兑和收益优 势，客户都能理解。但当提到分红险的平滑机制和不同产品的复杂的利益演示时，客户却皱起了眉 头。 分红险是指保险公司在每个会计年度结束后，将上一会计年度该类分红保险的可分配盈余，按一定 的比例、以现金红利或增值红利的方式，分配给客户的一种人寿保险。在目前市场上销售产品中有 分红型寿险、分红型养老险和分红型两全险等产品，也有保险公司推出了分红型重疾险。 李玲的感受是，与3.50%的预定利率产品切换时的市场热度相比，当下的客户比较冷静。 自去年下半年起，李玲所在的保险公司进行了产品调整，无论是可以享受税收优惠的个人养老金 ...

Core Insights - Insurance capital is increasingly investing in real estate, with a significant rise in large-scale investments in the first half of the year, totaling 4 insurance companies disclosing 12 large real estate investments amounting to 4.92 billion yuan, a 597.87% increase compared to the same period last year [1][2][3] Investment Scale and Growth - As of June 30, 2023, the total new investment in real estate by major insurance companies reached 4.92 billion yuan, compared to only 705 million yuan in the same period last year [1][2] - The investments include contributions from major players such as Ping An Life, China Life, Pacific Life, and Jianxin Life, indicating a robust growth trend in the sector [1][3] Investment Strategies and Trends - The investments made this year are additional contributions to previously signed real estate projects, reflecting a cautious and strategic approach by insurance companies in the current market environment [3] - Experts suggest that despite a decrease in the number and proportion of direct real estate investments compared to a decade ago, leading insurance companies are still actively acquiring high-quality commercial real estate in first-tier cities to generate stable cash flows [3] Diversification of Investment Forms - The investment forms are becoming increasingly diversified, with insurance capital exploring various financial instruments such as public REITs and real estate equity investment funds [4][5] - For instance, China Post Insurance has signed an investment agreement for a real estate special fund, indicating a trend towards collaborative investment structures [4] Compliance and Regulatory Challenges - Compliance issues remain a significant concern for insurance companies, with several institutions facing penalties for violations related to real estate investments [6][7] - The complexity of real estate investments and the potential for high returns may lead some institutions to overlook compliance standards, resulting in regulatory breaches [6][7]

Group 1 - The core viewpoint of the news is the performance of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, which has shown significant growth in recent months, indicating a positive trend in the non-bank financial sector within the Hong Kong market [1][2] - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index increased by 2.9% to 3900.59 points, with a trading volume of 61.334 billion yuan on July 11 [1] - Over the past month, the index has risen by 7.55%, by 38.24% over the last three months, and by 30.42% year-to-date [1] Group 2 - The index comprises up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of this sector within the Hong Kong Stock Connect [1] - The top ten weighted companies in the index include China Ping An (15.49%), Hong Kong Exchanges (14.08%), AIA Group (13.98%), China Life (8.51%), and others, indicating a concentration in major financial institutions [1] - The index is fully composed of financial sector companies, with a 100% allocation to this industry [2] Group 3 - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or adding new companies that meet the criteria [2] - The handling of mergers, acquisitions, and other corporate actions is governed by specific calculation and maintenance guidelines [2]

Core Insights - The insurance industry is undergoing transformation driven by the dual forces of the digital economy and an aging society, with China Ping An Insurance Group focusing on a "comprehensive finance + medical and elderly care" dual-driven strategy [1] Group 1: Service Innovation - China Ping An's 95511 customer service hotline has evolved from a single insurance service line to a comprehensive financial service hub, reflecting the company's commitment to customer-centric service innovation [2] - As of the end of 2024, the number of individual customers for Ping An has surpassed 242 million, with an average of 2.92 contracts per individual customer [2] - The 95511 hotline has integrated over 10 service lines since 2011, establishing a unified entry point for customer needs, supported by accumulated business and service data [2] Group 2: AI-Driven Service Enhancement - The 95511 hotline has implemented multiple intelligent solutions across 13 financial business lines, with AI-driven service handling 80% of total customer service volume [3] - The AI service has evolved from basic understanding to advanced interaction capabilities, recognizing over 3,600 customer needs and providing more than 1,680 service scenarios, achieving a resolution rate exceeding 92% [3] Group 3: Elderly Care Service Upgrades - In response to the aging population, the 95511 hotline prioritizes enhancing financial services for the elderly, aligning with the group's "finance + medical health" and "finance + elderly care" ecosystem [4] - The hotline automatically routes elderly customers to human service representatives, ensuring communication is tailored to their needs, with an average of over 10,000 elderly customers served daily [4] - The establishment of a home care team provides 24/7 online services covering various aspects of elderly care, with thousands of services rendered daily [4]