智通财经APP获悉，保险股集体回暖，截至发稿，中国太保(02601)涨3.23%，报31.98港元；中国财险 (02328)涨2.15%，报17.55港元；中国人保(01339)涨2.1%，报6.82港元；中国人寿(02628)涨2.14%，报 27.7港元。 消息面上，据证券日报报道，记者近日获悉，多家保险公司2025年年度销售目标已达成或基本达成，工 作重心正逐步转向2026年开局。从险企为2026年的开局准备的保险产品来看，分红型人身保险产品是主 力。 国泰海通发布研报称，地产对保险公司资产端的影响有限；而从保险负债端来看，越来越多的迹象表明 负债端触底回升迹象显现，2026年开门红将呈现超预期表现。该行认为非银板块基本面均有确定性改善 的空间，继续看好非银板块的投资机会，尤其是受益居民资金入市的品种。 ...

Core Insights - China Life Insurance Company has won two prestigious awards at the 2025 China Financial Institutions Annual Conference, recognizing its excellence in high-quality development and inclusive finance [1] Group 1: Financial Performance - In the first three quarters, China Life achieved total premiums of 669.645 billion yuan, a year-on-year increase of 10.1%, with new premiums reaching 218.034 billion yuan, up 10.4% [1] - The new business value saw a robust growth of 41.8% during the same period [2] - The net profit attributable to shareholders exceeded 167.8 billion yuan, marking a 60.5% increase compared to the same period last year [2] - Shareholder equity reached 625.828 billion yuan, reflecting a 22.8% growth from the end of the previous year [2] - The solvency ratios remained strong, with a core solvency adequacy ratio of 137.50% and a comprehensive solvency adequacy ratio of 183.94% [2] - The company has maintained an A rating in the comprehensive risk assessment for 29 consecutive quarters [2] Group 2: Social Responsibility and Inclusive Finance - China Life emphasizes social responsibility by diversifying its inclusive insurance and services [3] - As of mid-2025, 327 million effective long-term policies cover urban and rural areas, with customized commercial health insurance benefiting ordinary families in over 140 cities [3] - The company has significantly increased personal pension premiums, with nearly 4 trillion yuan in annuity reserves to strengthen retirement security [3] - Focused on key groups such as the elderly, small and micro enterprises, and rural areas, the company offers tailored products and solutions [3] - In the first half of 2025, risk protection for small and micro enterprises and individual businesses amounted to approximately 27 trillion yuan, demonstrating a commitment to inclusive finance [3]

Core Viewpoint - The Shenzhen-Hong Kong Stock Connect Non-Bank Index (983053) closed at 7020.28 points on December 1, experiencing a decline of 0.35% with a trading volume of 20.159 billion yuan and a turnover rate of 0.54% [1] Group 1: Index Performance - On the same day, 34 constituent stocks rose, with Changjiang Securities leading with a 2.27% increase, while 20 stocks fell, with Haide Shares leading the decline at 9.97% [1] - The top ten constituent stocks of the Shenzhen-Hong Kong Stock Connect Non-Bank Index are detailed, with AIA Group holding the highest weight at 15.43% and a latest price of 73.16 yuan, despite a slight decrease of 0.12% [1] Group 2: Market Capitalization - The total market capitalization of the top ten stocks ranges from 1.609 billion yuan for Guangfa Securities to 7,684.63 billion yuan for AIA Group, indicating significant variations in company sizes within the index [1] Group 3: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 1.288 billion yuan, while retail investors saw a net inflow of 1.046 billion yuan, indicating differing investor behaviors [1] - Detailed capital flow data shows that Bohai Leasing had a net inflow of 36.79 million yuan from main funds, while Changjiang Securities experienced a net outflow of 13.50 million yuan [2]

Core Viewpoint - The life insurance industry appears to be thriving with reported profits of 460 billion RMB in the first three quarters of the year, but a deeper analysis reveals a concerning decline in net assets under the CGAAP standards, indicating underlying financial pressures [1][2]. Summary by Sections 1. Changes in Net Assets under CGAAP - Despite a reported increase of 222 billion RMB in net assets for companies that disclosed third-quarter results, most life insurance companies experienced a decline in net assets under the old CGAAP standards, primarily due to rising long-term interest rates and poor performance in equity investments [2][3]. - The average return of high-dividend stocks, heavily weighted in the life insurance sector, fell significantly, with only a few companies outperforming the 18% return of the CSI 300 index in the third quarter [2][3]. 2. Implementation of New Accounting Standards (IFRS 17) - Several established life insurance companies have adopted the IFRS 17 accounting standards, leading to higher reported profits compared to the old CGAAP standards. This shift has resulted in changes in liability assessment curves that positively impact comprehensive income [3][4]. - The transition to IFRS 17 allows for the exclusion of certain losses from financial statements, enhancing the reported profitability of companies that have adopted the new standards [4][5]. 3. Net Asset Operational Changes - The operational change in net assets for the life insurance sector was negative 99 million RMB, with only 20 companies reporting positive growth. The "old seven" companies saw a 4% increase, while foreign and small domestic companies experienced declines of 16% and 11%, respectively [10][11]. - The banking-affiliated companies faced the most significant decline in net assets, with a drop of 24%, attributed to their high leverage ratios and the reclassification of HTM assets to AFS [11][12]. 4. Factors Influencing Net Asset Changes - The average yield curve for interest rates increased by 25 basis points, leading to a decline in the market value of existing AFS bonds, estimated to be a loss of 200 to 300 billion RMB for the industry [14][15]. - If the asset and liability assessment curves had remained unchanged, the net assets of the companies could have increased by 500 to 600 billion RMB, primarily driven by excess returns from equity investments [15][16]. 5. Future Implications of IFRS 17 - Starting in 2026, all insurance companies in China will implement IFRS 17, which is expected to provide better alignment between asset and liability assessment curves, potentially offering a protective effect on net assets, especially for traditional insurance products [19][21]. - The focus on duration matching will become increasingly important under the new standards, as it will significantly influence the net assets and solvency of companies in the future [18][19].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of December 1, with Northeast Electric (00042) leading with a premium rate of 881.82% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between their A-shares and H-shares [1] Summary of Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 881.82%, followed by Hongye Futures (03678) at 274.55% and Sinopec Oilfield Service (01033) at 269.74% [1] - The top ten stocks with high premium rates include Zhejiang Shibao (01057) at 261.98% and Chenming Paper (01812) at 245.83% [1] Summary of Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -5.03%, China Merchants Bank (03968) at -1.36%, and Heng Rui Medicine (01276) at 1.50% [1] - Other notable mentions in the bottom list include Weichai Power (02338) at 6.45% and Midea Group (00300) at 7.66% [1] Summary of Deviation Values - The stocks with the highest deviation values are Guanghe Communication (00638) at 31.56%, Dazhong Public Utilities (01635) at 23.38%, and Beijing Jingcheng Machinery Electric (00187) at 20.11% [1] - Conversely, the stocks with the lowest deviation values include Jiangsu Ninghu Expressway (00177) at -13.73%, Junsheng Electronics (00699) at -12.81%, and China Life (02628) at -11.45% [1]

Core Viewpoint - China Life's Nanning branch launched a financial inclusion product "Zhenxing Bao" aimed at reducing poverty risks among key rural populations in Mashan County, Nanning, through innovative financial models and specialized insurance design [1] Group 1: Product Overview - "Zhenxing Bao" provides targeted protection against risks related to illness, education, and disasters, effectively preventing the risk of falling back into poverty [1] - During the promotion period, out of 65,000 migrant workers from the poverty alleviation population in Mashan County, 37,000 participated in the insurance, receiving over 4 billion yuan in insurance coverage [1] Group 2: Monitoring and Support - In 2024, approximately 65,000 individuals from the poverty alleviation population in Mashan County are expected to work outside the county, highlighting the need for financial support to prevent severe living difficulties due to unexpected expenses or income reductions [1] - The Nanning branch of China Life aims to enhance the effectiveness of poverty prevention monitoring and support through early detection, intervention, and assistance [1] Group 3: Subsidy Structure - The insurance premium for "Zhenxing Bao" is subsidized through a "three-point" approach: government funding contributes one point, the insured individuals contribute one point, and the insurance company waives one point, allowing participants to purchase based on personal willingness [1]

三、中国人寿保险股份有限公司六盘水分公司应做好各项善后工作，切实维护金融消费者合法权益，并 按规定进行公告。 二、接此批复文件后，中国人寿保险股份有限公司六盘水分公司应立即停止该公司一切经营活动，于15 个工作日内向六盘水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26日，六盘水金融监管分局发布批复称，《关于中国人寿（601628）保险股份有限公司六盘 水分公司申请撤销下辖营销服务部的请示》（国寿人险市发〔2025〕72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盘州支公司盘关营销服务部。 ...

一、同意撤销中国人寿保险股份有限公司绥阳支公司郑场镇营销服务部，其业务并入中国人寿保险股份 有限公司绥阳支公司。 2025年11月25日，遵义金融监管分局发布批复称，《中国人寿（601628）保险股份有限公司遵义分公司 关于撤销中国人寿保险股份有限公司绥阳支公司郑场镇营销服务部的请示》（国寿人险遵发〔2025〕 100号）收悉。经审核，现批复如下： 二、接此批复文件后，中国人寿保险股份有限公司绥阳支公司郑场镇营销服务部应立即停止一切经营活 动，于15个工作日内向遵义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。 ...

Core Viewpoint - The Zunyi Financial Regulatory Bureau has approved the dissolution of the Yongxing Town Marketing Service Department of China Life Insurance Co., Ltd. Meitan Branch, with its business being merged into the Meitan Branch [1] Group 1 - The approval document states that the Yongxing Town Marketing Service Department is to cease all business activities immediately upon receipt of the approval [1] - The Meitan Branch is required to return the operating license to the Zunyi Financial Regulatory Bureau within 15 working days and complete relevant procedures according to applicable laws and regulations [1]

二、泰康人寿保险有限责任公司贵州遵义中心支公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意泰康人寿保险有限责任公司贵州遵义赤水支公司将营业场所变更为：贵州省遵义市赤水市市中 街道红军大道北路恒瑶观山水小区4幢1层1-6号。 2025年11月25日，遵义金融监管分局发布批复称，《泰康人寿保险有限责任公司贵州遵义中心支公司关 于对泰康人寿保险有限责任公司贵州遵义赤水支公司变更营业场所的请示》（泰康人寿贵遵义发 〔2025〕36号）收悉。经审核，现批复如下： ...