报告指，近期中国人民保险集团(01339)召开资本市场开放日，展示公司非车业务若干高质量发展路 径，其中之一为人保在服务中资企业走出去过程中协同推进业务出海，包含企业出海及产品出海两大主 线，公司已为实现两大方向下的业务出海做出组织上的系统规划和安排，并展望未来五年增量保费中有 30%来自于海外业务贡献，该行认为十五五期间中资企业走出去大势之下，财险顺势出海将大有可为、 为公司估值带来上修空间。 中金发布研报称，中国财险(02328)公布三季报业绩，第三季和首三季净利润同比增长91.5%和50.5%至 158.1亿元和402.7亿元人民币(下同)，此前已披露盈利预喜、符合市场预期;净资产较年初增长12.3%至 2,899亿元。维持财险跑赢行业评级，由于投资表现超预期，上调公司2025和2026年每股盈利预测各 25%、7%至2.14元及1.89元，并将估值基础延展至2026年，上调估值基础，由原先预测市账率1.2倍升至 1.3倍，目标价上调23%至19.1港元。 ...

报告指，近期中国人民保险集团(01339)召开资本市场开放日，展示公司非车业务若干高质量发展路 径，其中之一为人保在服务中资企业走出去过程中协同推进业务出海，包含企业出海及产品出海两大主 线，公司已为实现两大方向下的业务出海做出组织上的系统规划和安排，并展望未来五年增量保费中有 30%来自于海外业务贡献，该行认为十五五期间中资企业走出去大势之下，财险顺势出海将大有可为、 为公司估值带来上修空间。 智通财经APP获悉，中金发布研报称，中国财险(02328)公布三季报业绩，第三季和首三季净利润同比增 长91.5%和50.5%至158.1亿元和402.7亿元人民币(下同)，此前已披露盈利预喜、符合市场预期;净资产较 年初增长12.3%至2,899亿元。维持财险跑赢行业评级，由于投资表现超预期，上调公司2025和2026年每 股盈利预测各25%、7%至2.14元及1.89元，并将估值基础延展至2026年，上调估值基础，由原先预测市 账率1.2倍升至1.3倍，目标价上调23%至19.1港元。 ...

中金发表报告指，中国财险第三季和首三季净利润分别按年增长91.5%和50.5%，至158.1亿元和402.7亿 元，此前已披露盈利预喜、符合市场预期；净资产较年初增长12.3%至2,899亿元。中金维持财险"跑赢 行业"评级，由于投资表现超预期，上调公司2025和2026年每股盈利预测各25%、7%至2.14元及1.89 元，并将估值基础延展至2026年，上调估值基础，由原先预测市账率1.2倍升至1.3倍，目标价上调23% 至19.1港元。 ...

Core Points - The National Financial Supervision Administration of Nanyang has approved the request for the cancellation of the People's Road Marketing Service Department of the Fangcheng Branch of China People's Property Insurance Co., Ltd [1] - Following the approval, the company is required to cease all business activities immediately and return its license to the Nanyang Financial Supervision Bureau within 15 working days [1] Summary by Sections - **Approval of Cancellation** - The cancellation of the marketing service department has been officially approved [1] - **Operational Requirements** - The company must stop all operations immediately upon receiving the approval [1] - The company is obligated to return its license and complete necessary legal procedures within a specified timeframe [1]

2025年11月6日，国家金融监督管理总局商丘监管分局发布批复称，《人保财险商丘市分公司关于永城 支公司更址的请示》（商人保财险发〔2025〕92号）收悉。经审查，现批复如下： 一、同意中国人民财产保险股份有限公司永城支公司营业地址变更为：河南省商丘市永城市演集镇芒砀 路西团结路北（盛世家园2幢二层）。 二、人保财险商丘市分公司须持本批复到国家金融监督管理总局商丘监管分局办理该机构《保险许可 证》变更事宜，并到当地市场监督管理局办理有关手续。 ...

一、同意撤销中国人民财产保险股份有限公司淅川支公司灌河路营销服务部。 二、接此批复文件后，人保财险南阳市分公司应立即停止一切经营活动，于15个工作日内向南阳金融监 管分局缴回许可证，并按照有关法律法规要求办理相关手续。 2025年11月6日，国家金融监督管理总局南阳监管分局发布批复称，《人保财险南阳市分公司关于撤销 淅川支公司灌河路营销服务部的请示》（宛人保财险发〔2025〕83号）收悉。经审核，现批复如下： ...

Major Events - Bluestar Jiahe Services (02606.HK) plans to repurchase up to 10% of its issued H-shares [1] - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - Hengteng Network (00136.HK) signed a strategic cooperation agreement with Evergrande Tourism Group [1] Financial Data - New Star Printing (01975.HK) achieved a net profit of 27.5 million HKD in the interim period, with an interim dividend of 1.5 HKD cents [1] Earnings Forecast - Qihua Environmental Protection (00976.HK) expects an increase in annual net loss [1] - Zhuyou Intelligent Manufacturing Technology (00726.HK) anticipates a net profit increase of approximately 40.8% for the year [1] - Birmingham Sports (02309.HK) raised its earnings forecast, expecting a mid-term profit of 70 million HKD [1] - Huazhang Technology (01673.HK) expects a mid-term profit of 15 to 20 million yuan, turning from loss to profit year-on-year [1] - Raffles Interior (01376.HK) anticipates a net loss of 4.5 million Singapore dollars for the 2020 fiscal year [1] - Fengcheng Holdings (08216.HK) expects a net profit increase of over 50% for the year [1] - New Fengtai Group (01771.HK) forecasts a net profit growth of approximately 20% for the year [1] - Yefeng Group (01695.HK) expects an annual loss not exceeding 4 million Malaysian ringgit [1] Operational Data - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - New China Life Insurance (01336.HK) reported original premium income of 34.63 billion yuan in January, a year-on-year increase of 12.78% [1] - China Property & Casualty Insurance (02328.HK) reported original insurance premium income of 53.112 billion yuan in January, a year-on-year increase of 1.2% [1] - China Metallurgical Group (01618.HK) signed new contracts worth 103.59 billion yuan in January, a year-on-year increase of 129.7% [1] - China Eastern Airlines (00670.HK) reported a 60.59% year-on-year decline in passenger turnover in January [1] - Sinopec Oilfield Services (01033.HK) recently signed overseas contracts worth 2.323 billion yuan [1] - China Southern Airlines (01055.HK) reported a 59.16% year-on-year decline in passenger turnover in January [1] - Huili Group (00806.HK) reported total managed assets of approximately 14.8 billion USD at the end of January [1]

Core Insights - The UBI auto insurance industry in China is experiencing steady growth driven by both policy support and market demand for fair pricing and personalized services [1][10] - The market size is projected to grow from 10.238 billion yuan in 2021 to 13.249 billion yuan in 2024, with a compound annual growth rate (CAGR) of 8.97% [1][10] - By 2025, the market size is expected to reach 14.322 billion yuan, indicating UBI's role in optimizing the auto insurance market structure and upgrading services [1][10] Industry Overview - UBI auto insurance is defined as insurance based on driving behavior, utilizing connected devices to analyze driver habits, vehicle information, and environmental data for pricing [3][8] - The industry has evolved from basic mileage-based pricing to a comprehensive smart protection system that includes driving behavior analysis and real-time risk warnings [1][10] Market Dynamics - The Chinese government has implemented various policies to stimulate the automotive market, including tax exemptions and subsidies for new energy vehicles, which have increased car ownership from 172 million in 2015 to 353 million in 2024, with a CAGR of 8.32% [8][10] - The shift from traditional insurance pricing models to UBI products reflects the need for more accurate risk assessment based on actual driving behavior [8][10] Industry Chain - The UBI insurance industry chain includes hardware suppliers (sensors, OBD devices, GPS modules), traditional and internet insurance companies, and technology firms providing end-to-end solutions [8][9] - Sales channels have shifted towards online platforms, enhancing user experience with features like instant claims and accident detection [8][9] Competitive Landscape - The global UBI insurance market is dominated by major North American and European insurers, while Chinese companies like China Life, Ping An, and China Pacific Insurance are actively entering the UBI space [10][11] - The competitive landscape is characterized by three tiers: leading global insurers, large domestic firms, and numerous regional and emerging tech companies [10][11] Future Trends - The UBI industry is expected to undergo significant transformations, including multi-dimensional changes in technology, service models shifting towards platform ecosystems, and product innovations focusing on personalization and social engagement [14][15] - The integration of advanced data collection methods and real-time pricing models will enhance risk assessment and customer experience [14][15]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The insurance business model is not affected by interest margin losses, and the implementation of a unified pricing model for non-auto insurance is beneficial for the overall profitability of the industry. The company has a solid fundamental and profitability outlook, with expectations for improved asset-liability dynamics and valuation upside due to increased regulatory oversight on market competition [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 40.27 billion yuan, a year-on-year increase of 50.5%. The comprehensive cost ratio was 96.1%, a decrease of 2.1 percentage points year-on-year [6][9]. - Total investment income was 35.9 billion yuan, up 33% year-on-year, with an annualized total investment return rate of 5.4%, an increase of 0.8 percentage points [9]. Premium Income - The company reported stable growth in premium income, with property insurance premiums reaching 443.18 billion yuan, a year-on-year increase of 3.5%. Auto insurance premiums were 220.12 billion yuan, up 3.1%, while non-auto insurance premiums showed mixed results, with agricultural insurance premiums declining by 3.1% and health insurance premiums increasing by 8.4% [6][9]. Underwriting Profitability - The underwriting profitability has significantly improved, with a comprehensive cost ratio of 96.1%, down 2.1 percentage points year-on-year. The auto insurance cost ratio was 94.8%, a decrease of 2.0 percentage points, while the non-auto insurance cost ratio was 98%, down 2.5 percentage points [9]. Investment Strategy - The company has increased its allocation to equities, resulting in strong investment performance. The total investment income for the first three quarters was 35.9 billion yuan, with a notable investment return rate [9]. Solvency and Dividend Capacity - As of the third quarter, the company's core solvency adequacy ratio was 222.4%, an increase of 11.4 percentage points compared to 2024, significantly exceeding regulatory requirements. This high solvency ratio provides greater operational flexibility and supports future dividend distributions [9]. Market Outlook - The company is optimistic about the future asset-liability dynamics, as the insurance business model is insulated from interest margin losses, and the unified pricing model for non-auto insurance is expected to enhance industry profitability. The company is well-positioned with a robust fundamental outlook and potential for valuation improvement [2][6].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, highlighting potential growth opportunities in the sector [3]. Core Insights - The report emphasizes the ongoing improvement in the brokerage and insurance sectors, with specific attention to the performance of key players and market dynamics [4][7]. - It identifies three main investment themes within the brokerage sector, focusing on firms with strong competitive positions, those with significant earnings elasticity, and companies with robust international business capabilities [4]. - The insurance sector is noted for its strategic initiatives, particularly in expanding overseas operations and optimizing non-auto insurance performance [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,678.79 with a weekly change of +0.82%, while the non-bank index decreased by 0.17% to 2,005.20 [7]. - The brokerage sector index fell by 0.72%, whereas the insurance sector index rose by 1.25% [7]. Non-Bank Financial Data - In October, the average daily trading volume for stocks was 21,637 billion yuan, showing a year-on-year increase of 7% [4]. - The total margin trading balance reached 24,599 billion yuan, up 51% year-on-year [4]. Brokerage Insights - The report highlights a divergence in performance within the brokerage sector, with a significant increase in net profits for the industry, up 66% year-on-year for the first nine months of 2025 [4]. - It recommends specific brokerage firms based on their competitive strengths and market positioning, including Guangfa Securities and CITIC Securities [4]. Insurance Insights - The report discusses the strategic positioning of China People's Insurance Company in expanding its overseas business, aligning with national policies encouraging insurance firms to venture abroad [4]. - It also notes the implementation timeline for the non-auto insurance "reporting and operation integration," which is expected to enhance underwriting performance [4]. Investment Recommendations - The report suggests a focus on leading brokerage firms, those with high earnings elasticity, and companies with strong international business capabilities [4]. - In the insurance sector, it recommends companies like China Life and Ping An, anticipating positive contributions from their overseas expansion and improved underwriting performance [4].