保险行业周报（20260316-20260320） 新能源车车险自主定价系数范围或已进一步 推荐（维持） 放开，COR 加速优化在即 新能源车车险自主定价系数范围变动点评： 据每经网称，行业已于 3 月 6 日左右完成新一轮新能源车险自主定价系数调 整，由[0.6，1.4]扩围至[0.55，1.45]。 随着新能源车渗透率逐步提升，新能源车车险重要性亦逐步拔高。当前车险行 业进入增速"瓶颈期"，近三年车险增速在 3-6%区间。从汽车市场销量数据来 看，新能源车销量持续显著领先于整体车险，预计将构成后续车险增长的核心 动力。 证 券 研 究 报 告 但由于新能源车零配件成本与车辆一体化程度较高、驾驶人年轻化、经验积累 相对不足等，新能源车车险赔付端面临较大压力，当前行业普遍呈现亏损状态， 仅头部在家用车经营上或能实现承保盈利。从理论来看，高赔付应该倒逼定价 上移，即实现风险充分定价。但长期以来受自主定价系数范围约束，新能源车、 尤其部分高风险车型明显定价不足。此次据每经网称监管上下打开 0.05 的定 价空间，或有助于提高定价充分程度，部分缓解险企新能源车车险经营压力。 人身险标的 PEV 估值： A 股：国寿 ...

保险行业周报（20260316-20260320） 证 券 研 究 报 告 新能源车车险自主定价系数范围或已进一步 推荐（维持） 放开，COR 加速优化在即 新能源车车险自主定价系数范围变动点评： 据每经网称，行业已于 3 月 6 日左右完成新一轮新能源车险自主定价系数调 整，由[0.6，1.4]扩围至[0.55，1.45]。 随着新能源车渗透率逐步提升，新能源车车险重要性亦逐步拔高。当前车险行 业进入增速"瓶颈期"，近三年车险增速在 3-6%区间。从汽车市场销量数据来 看，新能源车销量持续显著领先于整体车险，预计将构成后续车险增长的核心 动力。 但由于新能源车零配件成本与车辆一体化程度较高、驾驶人年轻化、经验积累 相对不足等，新能源车车险赔付端面临较大压力，当前行业普遍呈现亏损状态， 仅头部在家用车经营上或能实现承保盈利。从理论来看，高赔付应该倒逼定价 上移，即实现风险充分定价。但长期以来受自主定价系数范围约束，新能源车、 尤其部分高风险车型明显定价不足。此次据每经网称监管上下打开 0.05 的定 价空间，或有助于提高定价充分程度，部分缓解险企新能源车车险经营压力。 人身险标的 PEV 估值： A 股：国寿 ...

Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

[Table_Page] 投资策略周报|证券Ⅱ 证券研究报告 [Table_Title] 非银金融行业 请注意，严漪澜并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | [Table_DocReport] 相关研究： | | | --- | --- | | 非银金融行业:短期震荡积蓄 | 2026-03-15 | | 上涨动能，关注板块左侧布 | | | 局机遇 | | | 非银金融行业:两会定调高质 | 2026-03-08 | | 量发展方向，看好非银板块 | | | 配置机会 | | | 非银金融行业:AI 助力金融公 | 2026-03-01 | | 司降本增效，板块波动后迎 | | | 配置机遇 | | 1 / 1 3 ⚫ 港股金融：建议关注港股优质红利股中国船舶租赁以及受益于流动性 识别风险，发现价值 请务必阅读末页的免责声明 （H）。 加强稳市机制建设，关注板块左侧机遇 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [Table_Author] 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE N ...

券商中国记者了解到，3月13日，在重庆市发展改革委、重庆金融监管局、民航重庆监管局统筹推动下，人保 财险作为低空经济共保体首席承保人，联合18家保险机构，共同签发了重庆市实施无人驾驶航空器责任保险强 制投保试点的首张保单，为航天科技集团航天时代低空科技公司的194架无人机提供了4260万元风险保障。这 标志着全国首个低空经济领域责任保险强制投保机制在重庆正式构建。 此次签发的"重庆市无人驾驶航空器第三者责任保险"是为重庆"超大城市+山地特色"低空运行场景量身定制的 专属保险产品。该产品条款将空中碰撞、操作失误、突发恶劣天气、通讯链路丢失、喷洒或空投作业等低空飞 行特有风险纳入保障范围。 人保财险表示，将持续深化产品与服务创新，依托责任保险的"重庆经验"，为全国层面健全低空经济责任保险 强制投保制度提供可复制、可推广的有益借鉴。 无人机强制投保责任险，此前已有政策"信号"。 我国低空经济领域责任保险强制投保开始迈出步伐。 近日，重庆市正式启动无人驾驶航空器责任保险强制投保试点并实现首单突破。多地已将"低空经济"写入本 地"十五五"规划建议。未来，无人机责任险的"强制"投保制度会如何建立？会否全国铺开？ "无人机 ...

Group 1 - Industry Investment Rating: Overweight [2] - Core Viewpoint: The demand for savings is driving the NBV (New Business Value) prosperity, and the importance of asset-liability linkage is increasing [2][4] - Investment Recommendations: Recommended companies include Ping An, China Pacific Insurance, New China Life, China Property & Casualty, China Life, and People's Insurance Company of China [3][4] Group 2 - Life Insurance: The growth in savings demand is expected to drive NBV growth, with the bancassurance channel being a significant driver [3][4] - Property Insurance: Premium scale is expected to grow steadily, with leading companies improving their combined ratio (COR) [3][4] - Economic recovery is anticipated to lead to stable profit and EV growth for listed insurance companies in 2026 [3][4] Group 3 - The liability side continues to grow, with an improvement in liability costs: It is expected that savings demand will drive NBV growth in 2026, with the bancassurance channel being a key driver [3][4] - The importance of asset-liability linkage is rising: The uncertainty in investment returns and the difficulty in reducing liability costs are raising concerns about insurance company profitability [3][4] - The expected growth in premium income for 2026 is driven by the migration of residents' asset allocation towards savings-type insurance, especially participating insurance [18]

香港交易及結算所有限公 司及香港聯合交易所有限公司對本公告的內容概 不負責， 對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全 部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ( 在中華人民共和國註冊成立之股份有限公司 ) (股份代號: 2328) 關於召開2025年度業績說明會的公告 中國人民財產保險股份有限公司（「本公司」）擬於 2026 年 3 月 26 日在香港聯合交 易所有限公司網站(www.hkexnews.hk)披露本公司 2025 年度業績，並與本公司控股股 東中國人民保險集團股份有限公司聯合於 2026 年 3 月 27 日 15:30-17:30 通過網絡直 播方式召開 2025 年度業績說明會（「業績說明會」）。投資者屆時可登錄上證路演 中心（http://roadshow.sseinfo.com）觀看業績說明會。 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2026年3月19日 於本公告日，本公司董事長為丁向群女士（非執行董事），執行董事為張道明先生、 降彩石先生及胡偉先生，職工董事為李玲女士（非執行董事 ），獨立董事 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (股份代號: 2328) 董事會會議召開日期 中國人民財産保險股份有限公司（「本公司」）宣佈，本公司將於 2026 年 3 月 26 日（星 期四）舉行董事會會議，會上將批准發佈本公司截至 2025 年 12 月 31 日止年度的全年 業績公告及就派發末期股息作出考慮（如有）。 ( 在中華人民共和國註冊成立之股份有限公司 ) 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2026 年 3 月 16 日 於本公告日，本公司董事長為丁向群女士（非執行董事），執行董事為張道明先生、降彩石先生及 胡偉先生，職工董事為李玲女士（非執行董事），獨立董事為程鳳朝先生、魏晨陽先生、李偉斌先 生、曲小波先生及薛爽女士。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - Short-term trading factors are suppressing insurance stock valuations, but this is not expected to alter the profit improvement outlook for listed insurance companies. The government work report guides the industry towards high-quality development, with a growth in new insurance premiums through bancassurance channels. The report emphasizes the certainty of profit improvement in the insurance sector despite recent valuation pressures [3][6]. Summary by Sections 1. Short-term Valuation Pressure Does Not Change Profit Improvement Expectations - From March 2 to March 13, the Shenwan Insurance Index (801194.SI) fell from 1401.76 to 1369.48, a decline of -2.30%. In the same period, the CSI 300 index decreased by -1.26%, the Shanghai Composite Index by -2.08%, and the Hang Seng Index by -2.28%. The report identifies trading concerns as the core factor behind the divergence between corporate profit improvement and stock prices, with a high certainty of profit improvement in the insurance sector under stable interest rates and a slow bull market assumption [7][8]. 2. Industry Event Tracking 2.1. Government Work Report Guides High-Quality Development - The government work report emphasizes the role of insurance in various key areas, including livelihood security and rural revitalization. It sets high-quality development goals for the insurance sector, including improvements in commercial health insurance and agricultural insurance [12]. 2.2. Growth in New Insurance Premiums - In February, 79 life insurance companies reported a total of 69 billion yuan in new premiums through bancassurance channels, a year-on-year increase of 6.9%. Cumulatively, new premiums for January and February reached 281.4 billion yuan, up 21.7% year-on-year [13]. 2.3. Steady Increase in Industry Assets - As of the end of Q4 2025, the total assets of insurance institutions reached 41.31 trillion yuan, reflecting a year-on-year growth of 15.1% [13]. 2.4. Investment in Venture Capital - Several insurance companies, including New China Life and Zhonghui Life, have invested in the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, marking their formal participation in venture capital [14]. 2.5. Capital Increases by Multiple Insurance Companies - By March 2026, several insurance institutions, including Ping An Life and Dajia Property Insurance, have initiated capital increases totaling over 5 billion yuan [15]. 3. Company Event Tracking 3.1. New Management at Taiping Life - Wang Xuze has been appointed as the General Manager of Taiping Life, effective March 2026, overseeing the company's overall management [16]. 3.2. Launch of New Insurance Product by ZhongAn Insurance - ZhongAn Insurance has launched the "Zhongminbao·High-end Medical Insurance 2026," which covers various medical scenarios for individuals with pre-existing conditions [16]. 4. Investment Recommendations - The report recommends stocks such as Ping An, China Pacific Insurance, New China Life, China Property Insurance, China Life, and China People's Insurance Group, citing strong growth in new business value (NBV) and improved underwriting profitability in the property insurance sector [16].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - The 2026 government work report emphasizes the goal of enhancing the quality and expanding the coverage of the insurance industry, further promoting high-quality development [3][4]. - The report highlights multiple areas where insurance plays a crucial role, including livelihood security, rural revitalization, and risk prevention [4]. - Key tasks for 2026 include improving the multi-tiered medical security system, increasing the minimum monthly basic pension for urban and rural residents by 20 yuan, and enhancing agricultural insurance measures [5][6]. Summary by Relevant Sections Livelihood Security Insurance - The report outlines the establishment of a long-term mechanism for basic medical insurance participation and the introduction of an innovative drug directory for commercial health insurance, with long-term care insurance covering 300 million people [5][6]. - It also mentions the need to combat fraud in medical insurance and to accelerate the development of commercial health insurance [6]. Pension Insurance - The minimum standard for basic pensions will be increased by 20 yuan, and a personal pension system will be implemented nationwide [5][6]. Agricultural Insurance - Measures to promote agricultural insurance development will be formulated to enhance comprehensive disaster prevention and reduction capabilities [6]. Catastrophe Insurance - The report calls for the establishment of a catastrophe insurance guarantee system to maintain national security and social stability [6]. Export Credit Insurance - There will be increased support for credit and insurance to stabilize foreign trade and expand the use of the Renminbi in cross-border transactions [6]. Capital Market and Risk Management - The report emphasizes the need for orderly risk resolution and capital replenishment in the financial sector, with a focus on enhancing the stability of insurance companies [5][6]. - It highlights the importance of insurance funds as a significant source of long-term capital, with a recommendation for a more stable allocation of equity assets [5][6]. Investment Recommendations - The report recommends stocks such as Ping An Insurance, China Pacific Insurance, New China Life, China Property & Casualty Insurance (H), China Life, and China Re (H) for investment [5].