证券研究报告 保险Ⅱ 行业点评报告 hyzqdatemark 2025 年 08 月 05 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 联系人 板块表现： 短期测算对利润影响在 1%以内，长期或可通过资产配置转向高股息来对冲 投资评级： 看好（维持） ——财税新政策对保险公司净利润影响点评 投资要点： 事件：7 月 31 日，财政部和税务总局发布公告，宣布自 2025 年 8 月 8 日起，对在该日 期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。 对在该日期之前已发行的国债、地方政府债券、金融债券（包含在 2025 年 8 月 8 日之后 续发行的部分）的利息收入，继续免征增值税直至债券到期。 点评： 1、过往保险机构持有国债、地方政府债同时享有所得税和增值税双重免税优惠，考虑到 企业所得税 25%的税率远大于金融服务增值税 6%的税率，因此在所得税继续免征的情况 下，我们预计对险资当前的实际营收和利润影响是有限的； 2、本次恢复征收增值税后，保险机构将支付持有的 8 月 8 日之后新发上述三类债券利息 ...

二、接此批复文件后，中国太平洋人寿保险股份有限公司烟台市招远支公司应立即停止一切经营活动， 于15个工作日内向烟台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7月28日，国家金融监督管理总局烟台监管分局发布批复称，《中国太平洋人寿保险股份有限公 司山东分公司关于撤销烟台市招远支公司的请示》（鲁太保寿〔2025〕82号）收悉。经审核，现批复如 下： 一、同意撤销中国太平洋人寿保险股份有限公司烟台市招远支公司。 ...

2025年7月29日，国家金融监督管理总局日照监管分局发布批复称，《中国太平洋人寿保险股份有限公 司山东分公司关于报送日照中心支公司莒县洛河营销服务部机构撤销的请示》（鲁太保寿〔2025〕90 号）收悉。经审核，现批复如下： 一、同意撤销中国太平洋人寿保险股份有限公司日照中心支公司莒县洛河营销服务部。 二、接此批复文件后，中国太平洋人寿保险股份有限公司日照中心支公司莒县洛河营销服务部应立即停 止一切经营活动，于15个工作日内向日照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。 ...

水泥(大部份已反映)：中国建材 医疗(大部份已反映)：三生制药、威高股份 保险(部份已反映)：中国平安、太保 猪肉(部份已反映)：牧原股份、温氏股份 太阳能供应链(轻微反映)：协鑫科技、通威股份、隆基绿能 餐饮外卖(轻微反映)：阿里巴巴 锂(轻微反映)：盐湖股份 化工(未反映)：华鲁恒升、恒力石化 汽车(未反映)：比亚迪、理想汽车、长城汽车 格隆汇8月5日｜瑞银发表报告，列出潜在受惠"反内卷"政策的板块和首选股名单，并关注相关板块股价 是否已反映相关因素。 ...

根据公开信息，中国太保寿险业务正在加速向分红险转型。数据显示，公司一季度分红险新单占比达 18.2%，同比大幅提高16个百分点。在人身险预定利率下调政策背景下，中国太保与其他头部险企一 样，将分红险定位为未来业务增长的核心动力。 资金流向方面，中国太保当日主力资金净流出1111.68万元，近五日累计净流出5927.67万元。 风险提示：保险行业面临利率下行压力，产品转型过程中可能面临销售难度加大等挑战。 中国太保最新股价报37.12元，较前一交易日上涨0.02元，涨幅0.05%。盘中最高触及37.19元，最低下探 36.60元，成交额8.90亿元。 中国太保属于保险行业，是上海地区重要的金融企业。公司主营业务包括人寿保险、财产保险、资产管 理等综合金融服务。作为国内领先的保险集团，中国太保在寿险和财险领域均保持重要市场地位。 ...

国家金融监管总局前处长徐继华出任锦州市副市长 贵州金融监管局原局长李华涛因受贿罪一审被判10年9个月 华夏人寿被吊销业务许可证，原董事长遭终身禁业 上半年商业健康险保费收入增速仅2.3%，低于5%行业平均 惠誉称中国寿险业前景"恶化"，由增长前景放缓和盈利波动所驱动 蚂蚁集团原副总裁王晓航出任中国平安首席技术官兼平安科技总经理 中共中央政治局：宏观政策要持续发力、适时加力 人社部：个人养老金制度将探索默认投资模式 国家金融监管总局等五部门：不得面向不特定车辆开展交通安全统筹 国家金融监管总局：全力做好主汛期灾害应对和保险理赔服务工作 李云泽：险企要全力支持重大工程建设，助力特色优势产业发展 李云泽与香港保监局主席姚建华就加深化双边监管合作等议题交流 河北金融监管局：推动省级专项支持文旅产业保险落地 新疆、甘肃金融监管局迎新任副局长 重庆、宁夏、甘肃、天津金融监管局迎新任纪委书记 张龙获批担任长江财险董事长 钱芳拟出任国联人寿董事长 王岗拟接替黎作强出任陆家嘴国泰人寿董事长 靳超获批担任平安养老险总经理 王刚获批担任大家人寿副总经理 侯晋获批担任国寿寿险总助 王进出任东吴财险总精算师 苏林获批担任国寿养老审计责 ...

Core Insights - The launch of the tropical excellent fruit comprehensive insurance policy marks a significant step in supporting the agricultural sector in Sanya, Hainan, enhancing risk management for local farmers [1][2] Group 1: Insurance Details - China Pacific Insurance (CPIC) has issued a comprehensive insurance policy for tropical excellent fruits, with Sanya Yiyuan Fruit Ecological Agriculture Co., Ltd. as the insured party, covering 360 acres of papaya and providing over 2.6 million yuan in risk protection [1] - The insurance covers common damage risks such as wind disasters, heavy rain, and leaf diseases, making it the first policy of its kind in Hainan [1][2] Group 2: Agricultural Development - The "Zhongre No. 1" papaya, which is highly resistant to diseases, is part of a promotion by the Sanya Agricultural and Rural Bureau and the Sanya Papaya Association [2] - The new insurance type is part of Sanya's 2025 policy to enhance agricultural insurance, covering five main tropical fruit varieties: papaya, wax apple, dragon fruit, passion fruit, and pineapple [2] - The introduction of this insurance is expected to boost farmers' confidence in expanding production scale and enhance their ability to withstand natural disasters [2] Group 3: Government Support - The launch of the tropical excellent fruit comprehensive insurance reflects the Sanya government's increased support for the agricultural industry, establishing a risk protection barrier for the high-quality development of the tropical fruit sector [2]

非银行业周报 20250803 回调之后，积极布局非银板块 2025 年 08 月 03 日 ➢ 国债等债券利息重新开始征收增值税，预计对险企影响有限，投资端未来"免 税资产+高股息"策略或持续得到重视。2025 年 8 月 1 日，财政部发布《关于 国债等债券利息收入增值税政策的公告》（财政部 税务总局公告 2025 年第 4 号，以下简称《公告》），自 2025 年 8 月 8 日起，对在该日期之后（含当日） 新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。短期来 看，由于相关券种"新老划断"，老券有一定的溢价优势，同时公司债、信用债 等配置性价比相对提升，保险在完成预定利率下调的情况下，固收投资的压力有 所缓解，本次重征部分债券利息的增值税，我们认为对于险企固收投资收益率影 响有限。 ➢ 从险资的配置端来看，我们认为由于负债端的特性，整体投资风格"固收+" 的模式不会发生变化，但长端利率中枢下行背景下，净投资收益或持续承压，未 来股息和长股投分红对于净投资收益的贡献占比有望持续提升，鼓励保险作为中 长期资金入市的情况下，长期来看，权益配置有望持续提升，权益投资或更加重 视"绝对收益来源" ...

Core Viewpoint - The insurance industry is experiencing a significant turnover in management, with over 50 companies undergoing leadership changes since 2025, reflecting a shift from rapid expansion to a focus on long-term operations [1][3][13] Group 1: Management Changes - As of mid-2025, more than 30 insurance companies have seen changes in their top management, including key positions such as chairman and general manager [13] - The turnover includes both strategic adjustments in leading firms and urgent replacements in companies facing risks [3][14] - The approval of over 40 executive appointments in the first half of 2025 marks a notable increase compared to fewer than 30 in the same period of 2024 [3] Group 2: Industry Challenges - The insurance sector is under pressure from declining traditional growth models, strict regulations, and concerns over interest rate margins, necessitating the search for new growth avenues [3][19] - Companies are grappling with a changing market landscape, including the impact of regulatory changes and shifts in consumer demand, which complicate their operational strategies [18][21] Group 3: Strategic Implications - Leadership changes present a "window of opportunity" for companies to restart strategic planning, optimize governance structures, and rebuild organizational culture [9][18] - The need for executives with strategic vision and integration capabilities is emphasized, as companies face the challenge of aligning with shareholder expectations and market realities [10][19] Group 4: Specific Company Examples - North Bay Insurance is set to appoint a new chairman after a nine-month vacancy, while Huatai Life has recently filled its general manager position after a three-year gap [2][9] - The frequent changes in management at smaller insurance firms reflect survival anxieties amid competitive pressures and limited operational flexibility [15][21] - Major players like China Life and China Insurance have also undergone significant leadership transitions, indicating a broader trend across the industry [19][20]

Core Insights - The report titled "2025-2031 China Catastrophe Insurance Industry Market Competition Landscape and Investment Potential Assessment" provides a comprehensive analysis of the catastrophe insurance industry in China, covering market development environment, operational status, competitive landscape, key enterprise performance, and future trends and investment forecasts [1] Group 1: Industry Overview - The report consists of twelve chapters, starting with an introduction to the catastrophe insurance industry and its overall operational status [1] - It includes a detailed analysis of the current state of the catastrophe insurance market and its competitive structure [1] Group 2: Global Development Analysis (2020-2024) - The report discusses the global catastrophe insurance industry's development from 2020 to 2024, including the types, principles, and functions of catastrophe insurance [3] - It provides insights into the global natural disaster trends and losses during this period, as well as the operational status of the global catastrophe insurance market [3] Group 3: China Development Analysis (2020-2024) - The report analyzes the development of the catastrophe insurance industry in China, identifying existing problems and providing suggestions for improvement [4] - It examines the economic performance of the catastrophe insurance sector, including underwriting and claims analysis [4] Group 4: Market Analysis (2020-2024) - The report evaluates the market development of catastrophe insurance in China, including regulatory conditions and intermediary development [4] - It also analyzes market equilibrium, demand, supply, and product coverage levels [4] Group 5: Competitive Landscape (2020-2024) - The report outlines the competitive landscape of the catastrophe insurance industry in China, including structural analysis and competitive strategies of key enterprises [6] - It features a SWOT analysis of major companies in the industry, such as China People's Insurance Company, China Pacific Insurance Company, and Ping An Insurance Company [7][9] Group 6: Future Trends and Investment Forecast (2025-2031) - The report forecasts the development trends of the catastrophe insurance industry in China from 2025 to 2031, including market demand and pricing trends [8] - It assesses the investment environment and potential returns in the catastrophe insurance sector for the upcoming years [8]