综合成本率持续改善。9M25 公司整体/车险/非车险综合成本率（CoR）大幅改善，分别同 机构：中金公司 研究员：毛晴晴/姚泽宇 业绩回顾 三季度业绩基本符合预期 中国财险公布三季报业绩：3Q25/9M25 净利润同比+91.5%/+50.5%至158.1 亿元/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+12.3%至2899 亿元。 发展趋势 整体保费增速稳定。3Q25/9M25 公司原保费收入分别同比+3.0%/+3.5%至1199.0 亿元/4431.8 亿元，其中 车险原保费收入分别同比+2.7%/+3.1%，非车险原保费收入分别同比+3.7%/+3.8%，整体增速较为稳 定；非车险中意健险原保费收入分别同比+11.5%/+8.4%，增速较高，主要来自个人随车非车险业务的 大力拓展。 比-2.1ppt/-2.0ppt/-2.5ppt 至96.1%/94.8%/98.0%；其中3Q25 公司CoR 同比下降3.4ppt，主要由于去年同期 CoR 较高。展望2026 年，我们认为非车险综合治理持续推进下，财险行业竞争格局或进一步向头部集 中，公司2026 年CoR 有望维持优秀水平 ...

Core Viewpoint - The insurance industry is experiencing significant growth in new business value (NBV) for life insurance and improvements in the combined ratio (COR) for property insurance, driven by investment income, leading to enhanced profitability and a positive outlook for leading insurance companies [1][2]. Group 1: Life Insurance NBV Growth - The life insurance sector has shown robust growth in NBV for the first three quarters of 2025, with notable increases from major players: China Pacific Insurance (31.2%), China Life (41.8%), China Ping An (46.2%), New China Life (50.8%), China Re (76.6%), and AIA (19.3%) [2]. - The growth is attributed to an increase in new policies and an improvement in the new business value rate [2]. Group 2: Property Insurance COR Improvement - The property insurance sector has seen a continued improvement in the combined ratio for the first three quarters of 2025, with China Re at 96.1% (-2.1pt), Ping An Property at 97.0% (-0.8pt), and China Pacific Property at 97.6% (-1.0pt) [2]. - This improvement is due to better catastrophe claims management and enhanced cost control measures [2]. Group 3: Investment Income and Profitability - Investment income has significantly boosted net profit for listed insurance companies, with growth rates for net profit in the first three quarters of 2025 as follows: China Life (60.5%), New China Life (58.9%), China Re (50.5%), China Ping An (28.9%), China Pacific (19.3%), and China Life (11.5%) [2]. - The contribution of investment service performance to profit improvement is substantial, with New China Life (51.5%), China Life (50.9%), and China Re (49.5%) leading in this regard [3]. Group 4: Net Asset Improvement - The overall net asset improvement for listed insurance companies in the first three quarters of 2025 is as follows: China Life (22.8%), China Re (16.9%), China Ping An (6.2%), New China Life (4.4%), and China Pacific (-2.5%) [3]. - Changes in net assets are primarily influenced by variations in other comprehensive income and retained earnings, with the current profit, especially from TPL asset investment income, playing a crucial role in enhancing net assets [3]. Group 5: Future Outlook - The life insurance sector is expected to see continued improvement in liability costs, with market share further concentrating among leading companies [4]. - The property insurance sector is anticipated to maintain improved underwriting profitability under the combined insurance model [4]. - The importance of active management capabilities in investment strategies is expected to rise, with insurance companies likely to adjust bond allocations based on interest rate changes and enhance equity allocations under long-term market policies [4].

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。 ...

Core Viewpoint - China Pacific Insurance (02328) reported a significant increase in net profit for Q3 and the first three quarters, with year-on-year growth of 91.5% and 50.5% respectively, reaching 15.81 billion and 40.27 billion RMB, aligning with market expectations [1] Financial Performance - Q3 net profit increased by 91.5% to 15.81 billion RMB [1] - Net profit for the first three quarters rose by 50.5% to 40.27 billion RMB [1] - Net assets grew by 12.3% year-to-date to 289.9 billion RMB [1] Earnings Forecast and Valuation - The company maintains an outperform rating for the insurance sector [1] - Earnings per share (EPS) forecasts for 2025 and 2026 were raised by 25% and 7% to 2.14 RMB and 1.89 RMB respectively [1] - The price-to-book ratio estimate was increased from 1.2x to 1.3x, with the target price raised by 23% to 19.1 HKD [1] Strategic Initiatives - China People's Insurance Group (01339) showcased high-quality development paths for non-auto business during a recent capital market open day [1] - The company plans to support Chinese enterprises in their overseas expansion, focusing on both enterprise and product exports [1] - It is projected that 30% of incremental premium income over the next five years will come from overseas business contributions [1]

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]