Core Insights - The article highlights significant developments in the insurance industry, including regulatory updates, company dynamics, and emerging trends in insurance products and services. Regulatory Dynamics - Seven departments support the development of specialized agricultural insurance for the silk industry [4] - The Ministry of Finance welcomes qualified German insurance companies to expand their business in China [8] - The Ministry of Finance has allocated a budget of 45.6 billion for agricultural insurance premium subsidies for 2026 [9] - The central bank maintains the 1-year and 5-year LPR at 3.0% and 3.5% respectively [10] - The Financial Regulatory Bureau reports that the balance of funds utilized by insurance companies reached 37.46 trillion, a 12.6% increase from the beginning of the year [11] Company Dynamics - Sunshine Life plans to invest 20 billion in establishing a pilot fund [23] - Sunshine Life has reduced its stake in Huishang Bank by 11.438 million shares [24] - China Life Insurance provided insurance coverage of nearly 83 trillion for strategic emerging industries in the first three quarters [29] - New China Life has been approved to increase its capital in New China Asset Management (Hong Kong) [30] - Dongwu Property Insurance's Beijing branch has been approved to commence operations [31] Industry Trends - The insurance asset management sector has seen a 10.6% year-on-year increase, managing over 33 trillion in funds [46] - The net profit of PICC Health surged by 200% in the first three quarters [47] - Sixteen insurance companies issued over 600 billion in bonds to supplement capital [49] - The insurance industry is experiencing a shift towards more flexible and innovative insurance products, including a new "per day" drone insurance product launched in Jiangsu [67] - The insurance sector is increasingly focusing on long-term care insurance and products tailored for the elderly [18][19] Personnel Changes - Huang Zhiwei has been approved as the chairman of China Merchants Jinhe Life Insurance [33] - The former general manager of Bank of China Samsung Life, Qiu Zhikun, is now acting chairman [34] - Zhang Yaohui has been appointed as the deputy general manager of Zhonghui Mutual Insurance [37] Product and Service Innovations - New China Life launched a celebratory version of its whole life insurance product, emphasizing dual growth advantages [64] - The 2026 Beijing Inclusive Health Insurance offers a 10% discount on medication purchases for policyholders [65] - Jiangsu has introduced a pioneering "per day" insurance product for drones, enhancing risk management in the low-altitude economy [67]

在上海金融中心的核心承载区，国寿资产通过投资陆家嘴世纪金融广场3期ABS项目。位于陆家嘴核心 区的7万平方米甲级写字楼，经资产证券化运作后估值达47.81亿元，不仅响应了国务院盘活存量资产政 策，更强化了上海国际金融中心的资产配置功能，为商业物业存量盘活提供了可复制模式。 本报讯 （记者冷翠华）记者从中国人寿资产管理有限公司（以下简称"国寿资产"）了解到，今年以 来，该公司支持长三角系列资产支持专项计划密集落地，投资规模超过50亿元，以金融创新为上海企业 盘活存量资产注入强劲动力。 例如，为进一步支持上海消费基础设施建设，国寿资产通过投资百联股份ABS项目优先级份额，盘活金 山、川沙两大购物中心存量资产。两大地标商业体出租率持续超95%，通过灵活期限设计，完美匹配保 险资金特性，为消费基础设施升级提供了长期资金支持。 精准捕捉上海科创中心建设机遇，国寿资产通过投资张江人工智能岛ABS项目，将国内首个"5G+AI"全 场景商用示范园区的优质资产纳入配置。该岛聚集IBM、阿里平头哥半导体、英飞凌等龙头企业，国寿 资产通过金融工具引导保险资金流向科技创新领域，为科创载体盘活存量资产开辟了路径，进一步助力 上海科创中 ...

资本市场回暖，叠加寿险业务的新业务价值稳定实现正向增长，保险巨头迎来了一段最好的时光。 截至10月30日，中国人寿、中国人保、中国平安、新华保险和太平洋保险五大保险巨头都公布了今年第三季度业绩报告，成绩亮眼。 前三季度，五大巨头的合计营收为2.37万亿元，归母净利润之和达4260.39亿元，大幅超过2024年全年水平；其中，营收增幅为13.6%，但净利润增幅却高 达33.54%，说明五大险企在降本增效、扩大收益组合上取得明显成效。 今年第三季度，五大保险巨头的单季净利之和润增幅高达68.34%，显著超越市场预期。得益于资本市场回暖，五大巨头都从投资收益增加中获益，特别 是三季度快速升温的资本市场为五大巨头带来了明显收益。细看之下也有不同，中国人寿仍然是寿险的巨无霸；中国平安则从精细化运营中获利，代理人 渠道新业务价值表现喜人；中国人保巩固了财险基本盘；太平洋保险则依靠寿险银保渠道的迅速增长。 中国保险行业如今仍处于发展和转型的周期，在激烈竞争中，行业大势是普遍回升向好。但两极化也日渐明显，五大巨头坚定在转型中求发展，狠抓精细 化运营；腰部险企则追求稳健发展；亦有中小险企在苦苦挣扎。 2025年前三个季度，五大 ...

一、同意中国人寿保险股份有限公司平度市支公司大泽山营销服务部将营业场所变更为：青岛市平度市 大泽山镇泽山路2-3号。 2025年11月19日，国家金融监督管理总局青岛监管局发布批复称，《中国人寿（601628）青岛市分公司 关于平度市支公司大泽山营销服务部迁址的请示》（国寿人险岛发〔2025〕190号）收悉。经审核，现 批复如下： 二、中国人寿青岛市分公司应按照有关规定及时办理变更及许可证换领事宜。 ...

二、接此批复文件后，中国人寿保险股份有限公司下路营销服务部应立即停止一切经营活动，于15个工 作日内向黔江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18日，国家金融监督管理总局黔江监管分局发布批复称，《关于撤销中国人寿（601628）保 险股份有限公司石柱土家族自治县支公司下路营销服务部的请示》（国寿人险渝发〔2025〕216号）收 悉。经审核，现批复如下： 一、同意撤销中国人寿保险股份有限公司石柱土家族自治县支公司下路营销服务部。 ...

分红方面，中国人寿A股上市后累计派现2263.44亿元。近三年，累计派现511.03亿元。 11月21日，中国人寿盘中下跌2.03%，截至10:57，报43.50元/股，成交3.05亿元，换手率0.03%，总市值 12295.15亿元。 资金流向方面，主力资金净流出2166.83万元，特大单买入888.28万元，占比2.91%，卖出2349.59万元， 占比7.71%；大单买入5016.98万元，占比16.46%，卖出5722.49万元，占比18.77%。 中国人寿所属申万行业为：非银金融-保险Ⅱ-保险Ⅲ。所属概念板块包括：超大盘、中特估、中字头、 H股、低市盈率等。 截至9月30日，中国人寿股东户数11.97万，较上期增加15.32%；人均流通股214145股，较上期减少 16.86%。2025年1月-9月，中国人寿实现营业收入0.00元；归母净利润1678.04亿元，同比增长60.54%。 中国人寿今年以来股价涨5.50%，近5个交易日跌1.45%，近20日跌1.98%，近60日涨3.99%。 资料显示，中国人寿保险股份有限公司位于北京市西城区金融大街16号,香港九龙红磡红鸾道18号 One Harbou ...

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

Core Viewpoint - The "2025 China Insurance Industry Ark Award" winners were announced during the "19th Shenzhen International Financial Expo and 2025 China Financial Institutions Annual Conference," highlighting excellence in various categories within the insurance sector [1]. Award Categories and Winners High-Quality Development Insurance Companies - China Life Insurance Co., Ltd. - People's Insurance Company of China Group - Ping An Property & Casualty Insurance Co., Ltd. - New China Life Insurance Co., Ltd. [3] Value Growth Insurance Companies - Allianz Life Insurance Co., Ltd. - China Dadi Property Insurance Co., Ltd. - Dajia Life Insurance Co., Ltd. [3] Gold Medal Insurance Services - Taiping Life Insurance Co., Ltd. - Taikang Pension Insurance Co., Ltd. [3] Gold Medal Insurance Products - Blue Medical Long-term Medical Insurance (Good Medicine and Good Medicine Version) by Pacific Insurance Co., Ltd. - Health Appointment by Taikang Life Insurance Co., Ltd. - Yue Health No. 1 Mid-end Medical Insurance by Taikang Life Insurance Co., Ltd. - All Medical Insurance (Internet) by China Merchants Sincere Life Insurance Co., Ltd. - Changying Life Annuity Insurance (Smart Version) by Fude Life Insurance Co., Ltd. [4] High-Quality Development Insurance Asset Management Companies - China Life Asset Management Co., Ltd. - Taikang Asset Management Co., Ltd. - Pacific Asset Management Co., Ltd. [5] Gold Medal Risk Control in Insurance Asset Management - China Re Asset Management Co., Ltd. [8] Gold Medal Insurance Investment Teams - Fixed Income Department of Pacific Asset Management Co., Ltd. - Asset Management Team of New China Asset Management Co., Ltd. [8] Innovative Insurance Asset Management Products - Bay Drama Fund by China Life Asset Management Co., Ltd. - Modern Industry Fund by China Re Capital Insurance Asset Management Co., Ltd. [9] Insurance Funds Supporting Real Economy Innovation - Various funds and projects aimed at supporting innovation in the real economy, including the Great Health Fund and Longjiang Electric Power Project by Ping An Asset Management Co., Ltd. [11] Insurance Industry Innovation Awards - Road Natural Disaster Risk Analysis and Management Platform by Tai Ping Reinsurance (China) Co., Ltd. [12] Social Responsibility in Insurance - Awards given to companies like China Life Property Insurance Co., Ltd. and Sunshine Insurance Group Co., Ltd. for their contributions to social responsibility [13]. Green Finance Practices - Projects focused on green insurance statistics and ESG risk assessment by People's Insurance Group of China [14]. Digital Financial Practices - Internet Digital Claims Ecosystem Platform by China People's Health Insurance Co., Ltd. [16].

前十大AH股偏离值排行 截止11月20日收盘，东北电气(00042)、浙江世宝(01057)、弘业期货(03678)分列AH溢价率前三位，溢价 率分别为847.37%、283.92%、283.88%；宁德时代(03750)、招商银行(03968)、药明康德(02359)分列AH 溢价率末三位，溢价率分别为-3.01%、-0.06%、4.92%。其中京城机电股份(00187)、浙江世宝(01057)、 中石化油服(01033)的偏离值位居前三，分别为45.70%、37.82%、32.35%；另外，中国东方航空股份 (00670)、赣锋锂业(01772)、中国人寿(02628)的偏离值位居后三，分别为-13.61%、-12.40%、-11.44%。 前十大AH股溢价率排行 | 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.285 | 2.25 | 847.37% | 4.45% | | 浙江世宝(01057) | 3.980 | 12.76 | 283.92% | 37.82% | | 弘业期 ...

Core Points - The Zhoushan branch of China Life Insurance Co., Ltd. has been penalized for employing unqualified personal agents and failing to prevent illegal activities by these agents [1][2] - The regulatory authority issued a warning and imposed a fine of 20,000 yuan on the Zhoushan branch, while individual agents received varying penalties [1][2] Summary by Category Company Actions - China Life Insurance Co., Ltd. Zhoushan branch was found to have entrusted unqualified personal agents [1][2] - The company failed to effectively prevent these agents from engaging in illegal activities [1][2] Regulatory Response - The Zhoushan branch received a warning and a fine of 20,000 yuan from the National Financial Supervision and Administration Bureau [1][2] - Individual agents involved faced penalties: Ye Yang and Wu Daijun received warnings and fines of 10,000 yuan each, while Pan Yi was banned for life from the insurance industry [1][2]