据银河证券分析，2025年以来险资多次举牌银行股，凸显对高股息、低估值银行股的青睐。H股银行因 其较高的股息率和可计入OCI（其他综合收益）估值等特点，成为险资南下布局的重要方向。 行情上，10月21日，港股通金融ETF（513190）跟踪的中证港股通内地金融指数盘中涨超2%。 多家上市保险公司近日披露2025年前三季度营运数据，多家保费收入实现同比两位数增长。其中，新华 人寿保险股份有限公司前三季度原保险保费收入达1727亿元，同比增长19%；中国太平洋人寿保险股份 有限公司实现保费收入2324.36亿元，同比增长10.9%；众安在线财产保险股份有限公司保费收入约 269.34亿元。 值得注意的是，上述上市保险公司或其母公司均是港股通金融ETF（513190）的成分股。 ...

近期，新华人寿保险股份有限公司、中国太平洋保险（集团）股份有限公司子公司中国太平洋人寿保险 股份有限公司以及众安在线财产保险股份有限公司公布营运业绩最新情况。 公告显示，新华人寿保险股份有限公司于2025年1月1日至2025年9月30日期间累计原保险保费收入为人 民币17270462万元，同比增长19%；中国太平洋保险（集团）股份有限公司子公司中国太平洋人寿保险 股份有限公司于2025年1月1日至2025年9月30日期间累计原保险保费收入为人民币2324.36亿元，同比增 长10.9%众安在线财产保险股份有限公司于2025年1月1日至2025年9月30日获得的原保险保费收入总额 约为人民币269.34亿元。 三家险资都是港股通金融ETF（513190）跟踪指数的成分股。同时，作为险资，它们的共性是喜欢南下 扫货H股银行。而港股通金融ETF（513190）是当前上市ETF中，H股银行含量最高的。 银河证券银行业分析师表示，2025年以来，险资多次举牌银行股，年初至今，已有邮储银行、招商银 行、农业银行、中信银行、杭州银行获险资举牌。银行低波动、高股息、低估值的特点持续受到险资青 睐。对于险资而言，银行股股息率优 ...

来源：市场资讯 （3）新华保险、中国太保、众安在线陆续披露2025m1-9保费公告。 （4）券商中国：据港交所披露，平安人寿于10月10日在场内增持298.9万股招商银行H股股份，增持完 成后，平安人寿持有的招行H股数量增至7.81亿股，占该行H股比例达到17%。同日，中国平安买入 641.6万股邮储银行H股，增持完成后，中国平安持有的邮储银行H股比例达到17.01%。 上市险企2025m1-9保费点评： 太保：1-9月累计保费3924亿元，同比+6.2%，增速环比-1.5pct。1）寿险：累计保费2324亿元，同比 +10.9%，增速环比-2.3pct。单9月保费154亿元，同比-13.9%，增速环比-61pct，预计主要受预定利率下 调落地以及前期需求透支影响。2）财险：累计保费1600亿元，同比+0.1%，增速环比-0.3pct，预计持续 落后于头部其他险企。单9月保费171亿元，同比-2.5%，增速环比+0.3pct，降幅有所收敛。 （来源：小康金融） 新华：1-9月累计寿险保费1727亿元，同比+18.6%，增速环比-2.8pct，预计持续领跑同业。单9月保费 146亿元，同比-4.8%，增速环比- ...

Core Viewpoint - The insurance industry is experiencing a positive trend in performance, with multiple companies reporting expected profit increases for the third quarter of 2025, driven by improved investment returns and effective management of both assets and liabilities [1][2][11]. Group 1: Performance Announcements - China Life announced an expected net profit of approximately 156.79 billion to 177.69 billion yuan for the first three quarters of 2025, representing an increase of about 52.26 billion to 73.17 billion yuan compared to the same period in 2024, with a year-on-year growth of 50% to 70% [4]. - New China Life Insurance projected a net profit of 29.99 billion to 34.12 billion yuan for the same period, an increase of 9.31 billion to 13.44 billion yuan, reflecting a year-on-year growth of 45% to 65% [5]. - PICC P&C Insurance expects a net profit growth of 40% to 60% for the third quarter [5]. Group 2: Reasons for Performance Improvement - The main reasons for the performance increase include a significant rise in investment income and effective management of insurance liabilities, with companies focusing on enhancing the value and quality of their insurance products [6][11]. - China Life emphasized its commitment to value creation and efficiency improvement, alongside a robust investment strategy that has led to a substantial increase in investment returns [4]. - New China Life highlighted its focus on optimizing asset allocation and enhancing the quality of its insurance offerings, which has contributed to its profit growth [6]. Group 3: Market Trends and Conditions - The overall performance of the A-share market has been positive, with the CSI 300 index achieving a cumulative increase of 12.88%, which has significantly boosted the investment income expectations for insurance companies [12]. - The insurance sector is benefiting from favorable policies, including the revival of dividend-type health insurance products and the implementation of the "reporting and operation integration" policy for non-auto insurance, which is expected to enhance industry growth prospects [14].

Core Viewpoint - The IPO of Nuwa Technology, backed by ZhongAn Online, raises questions about its financial health and dependency on its parent company, despite its claims of being a leading AI technology firm in the insurance sector [1][12]. Group 1: Financial Performance - Nuwa Technology has reported a cumulative loss of over 700 million from 2022 to mid-2025, indicating a classic case of "earning without profitability" [3][4]. - The company has only 128 million in cash while facing short-term debts of 1.696 billion, highlighting a significant liquidity issue [6]. - Despite a revenue growth of nearly twofold over three years and a consistent gross margin of around 50%, the financial sustainability remains questionable due to cash flow challenges [3][4]. Group 2: Business Model and Dependency - Nuwa's business model heavily relies on ZhongAn, which is both its largest customer and supplier, creating a "left hand to right hand" dynamic that limits pricing power and profit margins [6][8]. - In previous years, nearly 80% of Nuwa's revenue came from ZhongAn, which has now decreased to about 50%, yet it still represents a significant portion of its income [6][8]. Group 3: Market Position and Competition - The insurance technology sector has become highly competitive, with major players like Ping An investing heavily in AI, making it difficult for Nuwa to maintain its market position [8][10]. - The market for AI services in insurance is uncertain, particularly for smaller insurance companies that may not have sufficient demand to sustain Nuwa's growth [8][10]. Group 4: IPO Timing and Market Conditions - The current favorable conditions in the Hong Kong stock market, driven by interest rate cuts and rising insurance stock prices, present an opportunity for Nuwa to capitalize on valuation recovery [10][12]. - However, the capital market has shifted from a phase of indiscriminate investment in AI to a focus on tangible financial performance, raising concerns about Nuwa's ability to attract investment [10][12].

一周新闻速览 监管动态 国家医保局：2026年底前实现即时结算资金占本地医保基金月结算资金的80%以上 金融监管总局：将首次举办中国保险创新论坛 天津金融监管局：构建科技保险信息数据共享机制 河南金融监管局：保险业应对黄淮秋雨灾害投入防灾减损费用超1200万 云南金融监管局：立足咖啡产业资源，发展特色咖啡保险 香港：立法会通过网约车规管法案，要求网约车车辆持有合适的第三者风险保险 公司动态 中国平安：增持邮储银行641.6万股 平安人寿：增持招商银行H股，所持股份占该行H股总数突破17% 国民养老：拟募资不超4.71亿股，引入不超5家新股东 泰康人寿：在上海成立企业管理公司，注册资本3亿 中国人寿：南向资金增持162万股 新华保险：前三季度净利同比预增45%-65% 人保财险：预计前三季度净利润将同比增长40%到60% 中国太保：太平洋人寿前三季度原保险保费收入2324.36亿，同比增长10.9% 新华保险：前9月累计原保险保费收入同比增长19% 众安在线：前9月实现原保费收入269.34亿，同比增加5.64% 中国人寿：实施半年度A股利润分配 中国信保：2024年承保金额达10214.4亿美元，同比增长10 ...

Core Viewpoint - The recent adjustment in the regulatory responsibilities of insurance institutions in China indicates a shift towards localized supervision, with a significant increase in the number of insurance entities under local regulatory bodies, while the Financial Regulatory Authority focuses primarily on insurance groups and their subsidiaries [1][2][3]. Group 1: Regulatory Changes - As of June 30, 2025, the number of insurance entities regulated by the Financial Regulatory Authority decreased from 116 to 65, primarily focusing on insurance groups and their subsidiaries [2]. - The adjustment reflects a broader trend of localizing regulatory responsibilities, with local regulatory bodies now overseeing a larger number of insurance institutions [4][5]. - The Financial Regulatory Authority convened a special meeting with local regulatory agencies to discuss these changes [1]. Group 2: Impact on Local Regulatory Bodies - Local regulatory bodies, particularly in major cities like Beijing and Shanghai, have seen a significant increase in the number of insurance entities they oversee, with Beijing's count rising from 24 to 39 and Shanghai's from 24 to 36 [4][5]. - The increase in regulatory responsibilities has led to heightened pressure on local regulatory bodies, necessitating stronger management accountability from insurance company executives [5]. Group 3: Specific Changes in Insurance Institutions - The total number of insurance institutions listed as of June 30, 2025, is 238, a decrease of one from the end of 2024, with notable changes including the removal of Tianan Insurance and the addition of Suzhou Dongwu Insurance [6]. - Several types of insurance institutions, such as insurance asset management companies and health insurance companies, have shifted from being regulated by the Financial Regulatory Authority to local regulatory bodies [6][7]. - A total of 21 out of 35 insurance asset management companies have transitioned to local regulatory oversight, while 14 remain under the Financial Regulatory Authority [7].

分时图 日K线 周K线 月K线 16.37 -0.51 -3.02% 3.73% 2.49% 1.24% 0.00% 1.24% 2.49% 3.73% 16.25 16.46 16.67 16.88 17.09 17.30 17.51 09:30 10:30 12:00/13:00 14:00 16:10 0 22万 44万 66万 众安在线(06060)发布公告，该公司于2025年1月1日至2025年9月30日所获得的原保险保费收入总额约为 人民币269.34亿元，同比增加5.64%。 众安在线 ...

Company News - China Metallurgical Group Corporation (01618.HK) reported a new contract amount of 760.67 billion yuan for the first nine months, a year-on-year decrease of 14.7%. The overseas contract amount was 66.9 billion yuan, showing a year-on-year increase of 10.1% [1] - China General Nuclear Power Corporation (01816.HK) achieved a total power generation of approximately 182.822 billion kWh in the first nine months, representing a year-on-year growth of 2.67% [1] - "Jiao Ge Peng You" Holdings (01450.HK) recorded a cumulative GMV of approximately 9.53 billion yuan for the first three quarters, a year-on-year increase of 7.56%. However, the GMV for the third quarter was about 2.55 billion yuan, reflecting a year-on-year decline of approximately 12.07% [1] - China Resources Land (01109.HK) reported a cumulative contract sales amount of approximately 154.4 billion yuan for the first nine months, a year-on-year decrease of 10.4% [1] - Times China Holdings (01233.HK) reported cumulative contract sales of 3.933 billion yuan for the first nine months, a year-on-year decline of 37.1% [1] - ZhongAn Online P&C Insurance (06060.HK) achieved cumulative original insurance premium income of 26.934 billion yuan in the first nine months, a year-on-year increase of 5.64% [1] - COFCO Joycome (01610.HK) reported a pig slaughter volume of 468,000 heads in September, a month-on-month decrease of 6.02% [1] - Kingsoft Cloud Holdings (01548.HK) received a new payment under a licensing agreement related to PD-1 monoclonal antibodies, which will enhance cash reserves for new molecular discovery and development [2] - China National Building Material Group (03323.HK) expects a net profit of 2.95 billion yuan for the first three quarters, turning from loss to profit, mainly due to a decrease in sales costs of cement and ready-mixed concrete [2] - Lifen Holdings (01125.HK) issued a profit warning, expecting a year-on-year increase of no less than 50% in annual losses attributable to owners [2] - China Property Investment (00736.HK) signed a cooperation framework agreement to tokenize high-quality photovoltaic new energy assets [2] - Dali Pu Holdings (01921.HK) established a direct sales warehouse and sales office in Oman to strengthen its strategic layout in the Middle East [2] - Beijing Machinery Electric Co., Ltd. (00187.HK) faced bankruptcy liquidation application from creditors for its subsidiary Tianhai Cryogenic [2] Financing and Buyback Activities - Jihai Resources (02489.HK) successfully placed 400 million shares at 1.18 HKD per share, raising approximately 466 million HKD for potential gold mine acquisitions and general working capital [2] - China Galaxy Securities (06881.HK) was approved to issue short-term corporate bonds not exceeding 15 billion yuan [3] - Kuaishou Technology (01024.HK) repurchased 1.3146 million shares for approximately 98.4067 million HKD at prices ranging from 74.55 to 75.1 HKD [3] - Xiaomi Group (01810.HK) repurchased 4 million shares for approximately 19.5 million HKD at prices ranging from 48.44 to 49 HKD [4]

Core Viewpoint - ZhongAn Online (06060) reported a total original insurance premium income of approximately RMB 26.934 billion for the period from January 1, 2025, to September 30, 2025, representing a year-on-year increase of 5.64% [1] Company Summary - The total original insurance premium income for ZhongAn Online is approximately RMB 26.934 billion [1] - The year-on-year growth rate of the insurance premium income is 5.64% [1]