为此，大摩最新研究观点指出，国家金融监督管理总局发布《关于调整保险公司相关业务风险因子的通 知》，对符合条件的CSI300、上交所科创板等综合股票提供10%的折扣。此举可能通过减轻资本要求惠 及保险公司，并鼓励保险公司作为长期投资者参与股市，有利于股权市场，因为保险公司是主要投资 者。大摩预计2026年将继续有保险资金流入股市。此外，该行重申首选中国平安，相信该公司可进一步 受惠于新监管制度。 部分内险股午后上扬，截至发稿，中国再保险(02628)涨2.47%，报1.66港元；中国平安(02318)涨 2.07%，报61.7港元；新华保险(01336)涨1.73%，报50.05港元；中国太保(02601)涨1.14%，报33.8港元。 消息面上，近日，国家金融监督管理总局发布《关于调整保险公司相关业务风险因子的通知》。国家金 融监督管理总局表示，《通知》针对保险公司投资的沪深300指数成分股、中证红利低波动100指数成分 股以及科创板股票的风险因子，根据持仓时间进行了差异化设置，以培育壮大耐心资本、支持科技创 新。同时，调整了保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的保费风险因 子、准备 ...

12月8日，港股市场保险股今日再度集体走强，其中，中国平安H股午后涨幅扩大至涨3%，报62.3港元，股价创2021年6月以 来新高。 消息面上，金融监管总局近日发布《关于调整保险公司相关业务风险因子的通知》，对保险公司相关业务风险因子进行下 调。此调整涵盖长期持有沪深300指数成分股、中证红利低波动100指数成分股、科创板普通股、及出口信用保险业务的保 费和准备金风险三大领域。金融监理总局相关司局负责人表示，此举旨在培养壮大耐心资本、支持科技创新。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 有分析认为，松绑措施可为保险公司后续进一步投资操作或增持股票提供更大空间。 ...

来源：环球网 【环球网财经综合报道】为积极响应广东省委省政府号召，助力"百县千镇万村高质量发展工程"和"绿 美广东"全面落地，近日，中国平安在潮州、汕头两地开展了以"金融守护产业强 科技赋能振兴路"为主 题的三村工程调研活动。活动中，平安集团董事长马明哲一行先后调研了潮州"红绿灯"道路安全风险减 量项目、古茶树救治保险、汕头蔬菜生产基地等项目。这是马明哲第五次去广东省内机构调研访谈，也 是平安集团高管层数十场在全国各地推动乡村振兴调研的一部分。 据悉，自广东省推动城乡区域协调发展、开展"百千万工程"以来，中国平安以自身的"三村工程"为支 点，围绕"金融支持、绿美广东、乡村治理、消费帮扶"四大重点方向，累计服务"百千万工程"项目超 450个，直接投入资金超6000万，向广东省普惠小微客户提供4亿元利率补贴，融资授信超135亿元支持 广东涉农、县域、基建等方面发展，累计减费让利金额超1亿元。 推进"红绿灯"公益行动，累计捐赠196套交通安全设施 当日上午，调研团首先来到潮州市枫溪镇山边村，了解"红绿灯"道路安全风险减量公益行动（简称"红 绿灯"公益行动）在该地的实施情况，并为"交通安全平安共建路"揭牌。 当日下午 ...

为此，大摩最新研究观点指出，国家金融监督管理总局发布《关于调整保险公司相关业务风险因子的通 知》，对符合条件的CSI300、上交所科创板等综合股票提供10%的折扣。此举可能通过减轻资本要求惠 及保险公司，并鼓励保险公司作为长期投资者参与股市，有利于股权市场，因为保险公司是主要投资 者。大摩预计2026年将继续有保险资金流入股市。此外，该行重申首选中国平安，相信该公司可进一步 受惠于新监管制度。 智通财经APP获悉，部分内险股午后上扬，截至发稿，中国再保险(02628)涨2.47%，报1.66港元；中国 平安(02318)涨2.07%，报61.7港元；新华保险(01336)涨1.73%，报50.05港元；中国太保(02601)涨 1.14%，报33.8港元。 消息面上，近日，国家金融监督管理总局发布《关于调整保险公司相关业务风险因子的通知》。国家金 融监督管理总局表示，《通知》针对保险公司投资的沪深300指数成分股、中证红利低波动100指数成分 股以及科创板股票的风险因子，根据持仓时间进行了差异化设置，以培育壮大耐心资本、支持科技创 新。同时，调整了保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务 ...

Core Viewpoint - Morgan Stanley reports that the National Financial Regulatory Administration has issued a notice adjusting risk factors for insurance companies, providing a 10% discount for eligible stocks in the CSI 300 and the Shanghai Stock Exchange's STAR Market [1] Group 1: Regulatory Changes - The new measures may alleviate capital requirements for insurance companies, encouraging them to participate as long-term investors in the stock market [1] - This regulatory adjustment is expected to benefit the equity market, as insurance companies are major investors [1] Group 2: Market Impact - Morgan Stanley anticipates continued inflow of insurance funds into the stock market next year [1] - The firm reaffirms its preference for China Ping An (02318), believing the company will further benefit from the new regulatory framework [1]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7]. Core Insights - The non-bank financial sector has shown strong overall performance this week, with brokerages expected to maintain high growth trends in 2025. The report suggests focusing on the sector's future allocation value [2][4]. - The China Banking and Insurance Regulatory Commission (CBIRC) has issued a notice adjusting risk factors related to insurance companies' business, which is expected to enhance the certainty of ROE improvement and accelerate valuation recovery in the medium to long term [4][6]. - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, as well as those with significant advantages in business models and market positions [4]. Market Performance - The non-bank financial index increased by 2.3% this week, outperforming the CSI 300 by 1.0%. Year-to-date, the non-bank financial index is up 5.9%, but underperformed the CSI 300 by 10.6% [5][17]. - The average daily trading volume in the market decreased to 16,961.78 billion yuan, down 2.35% week-on-week, while the margin financing balance rose to 2.48 trillion yuan, up 0.48% [5][39]. Key Industry News & Company Announcements - The CBIRC has adjusted risk factors for insurance companies, which is expected to support the growth of patient capital and enhance service quality to the real economy [6][64]. - Companies such as Zhongtai Securities and New China Life have announced their respective stock issuance and dividend distribution plans for the first half of 2025 [6].

Core Viewpoint - China Ping An is actively supporting the "Three Villages Project" in Guangdong, focusing on financial support, environmental improvement, rural governance, and consumer assistance, with significant investments and initiatives aimed at rural revitalization [1] Group 1: Financial Support and Investment - China Ping An has served over 450 projects under the "Hundred Counties, Thousand Towns, and Ten Thousand Villages" initiative, with direct investments exceeding 60 million yuan [1] - The company has provided 4 billion yuan in interest subsidies to small and micro enterprises in Guangdong, with financing credit exceeding 13.5 billion yuan to support agricultural, county-level, and infrastructure development [1] - The total amount of fee reductions and benefits provided by the company has surpassed 100 million yuan [1] Group 2: Traffic Safety Initiatives - The "Red and Green Light" public welfare action has been launched to address high-risk road sections in rural areas, with over 700 high-risk road modifications completed and more than 4,700 traffic safety facilities donated nationwide [3] - In Guangdong, 89 high-risk road modifications have been completed, with 196 traffic safety facilities donated, resulting in a 29% decrease in average monthly incident rates at modified intersections [3] Group 3: Agricultural Support and Technology - China Ping An has provided insurance for 8,269 ancient tea trees in the Phoenix Town area, with a total insurance amount reaching 208 million yuan [4] - The company is utilizing IoT and AI technologies to monitor the growth environment of ancient tea trees, establishing a unique "microclimate" model for scientific management and timely rescue [4] - The "Science and Technology Loan" program has been launched, with over 10 billion yuan allocated to agricultural enterprises, supporting 260 agricultural companies [6] Group 4: Educational Initiatives - The "Ping An Rural Classroom" was inaugurated to enhance agricultural science education for students, promoting immersive learning experiences in agriculture [7] - The company has been recognized for its contributions to poverty alleviation and rural revitalization, receiving the "Red Cotton Cup" for three consecutive years [7]

二、中国平安财产保险股份有限公司浙江分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12月5日，国家金融监督管理总局衢州监管分局发布批复称，《中国平安财产保险股份有限公司 浙江分公司关于变更中国平安财产保险股份有限公司浙江分公司常山支公司营业场所的请示》（平保产 浙分发〔2025〕43号）及相关说明解释材料收悉。经审核，现批复如下： 一、同意中国平安财产保险股份有限公司浙江分公司常山支公司的营业场所变更为：浙江省衢州市常山 县紫港街道北滨江路777号杉杉天地1幢1004室。 ...

格隆汇12月8日｜中金发表研报指，展望2026年，寿险行业将再入黄金发展期、负债端有更积极的发展 趋势呈现，行业投资逻辑将从"寻求存量业务的重估修复"重回 "给予成长能力估值溢价"，优质寿险有 望王者归来、目标估值重回 1.0x P/EV之上。 展望2026年，该行认为，寿险行业五大趋势值得关注：1）新业务延续快速增长，拥抱"存款搬家"和"健 康险新时代"；2）新业务刚性成本进一步下降，新业务价值说服力增强；3）新业务产品结构多元化、 优质公司业务结构优化更显著且新业务质量与同业分化；4）行业客群层级向上迁移，同时行业经营模 式、人才以此为契机开启升级优化；5）竞争格局向具备寿险经营能力的公司集中。该行认为保险行业 正实质性走向高质量发展，龙头公司有望王者归来。 基于上述逻辑，中金上调中国平安-A/H目标价对应估值至1.0x 2026e P/EV，预计其将引领行业下轮估值 修复，A股目标价从74.4元上调至89.8元，H股目标价从71港元上调至99.4港元，均维持"跑赢行业"评 级。 ...

Group 1 - The A-share market saw a strong performance in insurance stocks, with China Ping An leading the gains at 2.6%, followed by New China Life and China Pacific Insurance, both rising over 2% [1] - The regulatory body, the National Financial Regulatory Administration, recently lowered the risk factors for insurance companies holding certain equity assets long-term, effective from December 5, 2025 [1] - This policy is seen as a measure to encourage long-term capital into the market, providing "additional equity allocation incentives" for some insurance companies [1] Group 2 - CICC's report on the outlook for the insurance industry in 2026 indicates a return to a golden development period for the life insurance sector, with a more positive trend in liabilities [1] - The investment logic in the industry is shifting from seeking revaluation of existing business to providing valuation premiums for growth capabilities, suggesting that high-quality life insurance companies may see a resurgence [1]