本报告导读： [Table_Report] 相关报告 25 年上市险企产寿险经营质态向好，盈利实现高增，分红稳定提升；银保成为 NBV 增长驱动，夯实资负质量将更为关键。 资负联动是经营关键，保险加服务成重点 [Table_Industry] 多元化保险 [Table_Invest] 评级： 增持 ——上市险企 2025 年年报综述 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_subIndustry] 细分行业评级 | | 唐关勇(分析师) | 021-38031032 | tangguanyong@gtht.com | S0880526030006 | | 股票研究 /[Table_Date] 2026.04.01 行 业 年 报 证 ...

26 年 1-2 月寿险保费景气增长，财险增速放缓 [Table_Industry] 保险 股票研究 /[Table_Date] 2026.03.31 | | | ——保险行业 2026 | 年 1-2 | 月保费数据点评 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | --- | | [姓名table_Authors] | 电话 | 邮箱 | | 登记编号 | | | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | | S0880524030003 | [Table_subIndustry] | | | 唐关勇(分析师) | 021-38031032 | tangguanyong@gtht.com | | S0880526030006 | | | 本报告导读： 26 年 1-2 月"存款搬家"推动人身险保费景气增长，财险保费增速缓慢，车险承 ...

证券研究报告 资负双轮驱动利润增长，上市险企增配二级权益1.5万亿元 保险行业2025年年报综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2026.3.31 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 资产负债双轮驱动A股险企2025年归母净利润合计yoy+22.4%。2025年A股险企归母净利润合计达4253亿元， yoy+22.4%，高基数下依然实现稳步提升；从利源结构来看，保险服务业绩/投资业绩yoy+19.7%/39.3%至2570/3012亿 元，税前利润贡献占比分别达46.9%/55.0%，结构相对均衡。其中，4Q25多数上市险企利润表现阶段性承压，A股险企归 母净利润yoy-102.6%至-7.48亿元，主要受资本市场波动叠加3Q25以来险企持续提升二级市场权益配置规模影响。 ◼ NBV增速亮眼，COR整体延续稳中向好态势。人身险量价齐升，A股险企NBV合计yoy+35.8%至1267亿元；其中，新单保 费合计yoy+11.1%至6962亿元，NBVM(使用NBV/新单近似估计)yoy+3.3%至18.2%，"报行合一 ...

证券研究报告·行业深度报告·保险Ⅱ 保险Ⅱ行业深度报告 保险行业 2025 年年报回顾与展望：负债端增 量提质，投资端加大权益配置力度 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 03 月 31 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 42% 2025/3/31 2025/7/30 2025/11/28 2026/3/29 保险Ⅱ 沪深300 相关研究 《保险行业 1-2 月月报：寿险开门红 表现强劲，车险保费增长短期承压》 2026-03-28 《保险行业偿付能力监管体系介绍》 2026-03-22 东吴证券研究所 1 / 44 请务必阅读正文之后的免责声明部分 ◼归母净利润大幅增长，分红回报稳中向好。1）受投资收益提升带动，上 市险企 2025 年归母净利润合计增长 26.6%，但 Q4 单季归母净利润普遍 下滑，我们预计主要 ...

证券研究报告·行业深度报告·保险Ⅱ 保险Ⅱ行业深度报告 保险行业 2025 年年报回顾与展望：负债端增 量提质，投资端加大权益配置力度 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 03 月 31 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 42% 2025/3/31 2025/7/30 2025/11/28 2026/3/29 保险Ⅱ 沪深300 相关研究 《保险行业 1-2 月月报：寿险开门红 表现强劲，车险保费增长短期承压》 2026-03-28 《保险行业偿付能力监管体系介绍》 2026-03-22 东吴证券研究所 1 / 44 请务必阅读正文之后的免责声明部分 ◼归母净利润大幅增长，分红回报稳中向好。1）受投资收益提升带动，上 市险企 2025 年归母净利润合计增长 26.6%，但 Q4 单季归母净利润普遍 下滑，我们预计主要 ...

CMB International Global Markets | Equity Research | Company Update 24 Mar 2026 ZhongAn (6060 HK) ZhongAn (6060 HK) - Net Net earnings weakened in 2H; ZA Bank hit first full- year profit ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY). The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group's joint venture ZhongAn Internat ...

证券研究报告 | 2026年03月23日 | 晨会纪要 | | --- | | 数据日期:2026-03-20 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3957.05 | 13866.20 | 4567.01 | 14727.67 | 4041.20 | 1318.30 | | 涨跌幅度（%） | -1.23 | -0.25 | -0.35 | -1.36 | -0.67 | -1.54 | | 成交金额（亿元） | 9648.63 | 13219.47 | 6154.63 | 4165.17 | 6595.59 | 726.35 | $\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi ...

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Insights - The report highlights that ZhongAn Online achieved a total premium of 35.735 billion yuan in 2025, representing a year-on-year increase of 6.9%. The net assets reached 25.449 billion yuan, up by 21.6%, and the net profit attributable to shareholders was 1.8 billion yuan, reflecting a significant year-on-year growth of 198.3% [1][2] - The insurance segment maintained a high-quality development strategy, with a net profit of 1.679 billion yuan, up by 185.4%. The technology segment benefited from digital transformation, contributing a net profit of 52 million yuan, while the banking segment optimized its cost-to-income ratio, resulting in a net profit of 17 million Hong Kong dollars [2] - The report indicates that the overall investment income increased by 59.1% year-on-year, driven by a recovery in the capital market, with domestic insurance assets showing annualized investment returns of 5.3% and 1.9% respectively [2] Summary by Sections Insurance Segment - Total insurance service revenue was 33.486 billion yuan, with a year-on-year increase of 5.5%. The combined underwriting cost ratio was 95.8%, down by 1.1 percentage points, with a claims ratio of 57.1% and an expense ratio of 38.7%. The underwriting profit was 1.412 billion yuan, up by 42.5% [2] Health Ecosystem - Total premium for the health ecosystem reached 12.682 billion yuan, up by 22.7%. The Zhongminbao high-end medical insurance saw rapid growth, with total premiums of 2.171 billion yuan, a year-on-year increase of 456.1%. The combined underwriting cost ratio improved to 92.1%, down by 3.6 percentage points [2] Digital Life - Total premium for the digital life segment was 15.973 billion yuan, down by 1.4%. Innovative business premiums increased by 37.2% to 6.568 billion yuan, accounting for 41.1% of the total. The combined underwriting cost ratio was 99.9%, with a claims ratio of 65.3% [2] Consumer Finance - Total premium for the consumer finance segment was 4.320 billion yuan, down by 10.6%. The underwriting balance at year-end was 22.883 billion yuan, down by 5.4%. The combined underwriting cost ratio was 97.0%, with a claims ratio of 68.2% [2] Automotive Ecosystem - Total premium for the automotive ecosystem reached 2.760 billion yuan, up by 34.6%. The focus was on high-quality business, with household vehicle premiums accounting for 87.9%. The combined underwriting cost ratio improved to 93.1%, while the claims ratio increased to 69.2% [2] Investment Recommendations - The report suggests that ZhongAn's total investment income growth validates the insurance investment elasticity. For 2026, the life insurance sector is expected to maintain robust supply and demand, with net premium income (NBV) showing steady growth. The report recommends focusing on China Life and New China Life for potential investment opportunities [2]

2026 年 3 月 21 日 公司研究 盈利同比高增，ZA Bank 扭亏为盈 ——众安在线（6060.HK）2025 年年报点评 买入（维持） 当前价：13.70 港元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 股价相对走势 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | -9.6 | -9.4 | 0.2 | | 绝对 | -14.9 | -11.0 | 4.6 | | 资料来源：Wind | | | | 相关研报 承保改善推动利润高增，银行板块首次扭 亏为盈——众安在线（6060.HK）2025 年半年报点评（2025-08-21） 投资大幅改善，科技扭亏为盈——2024 年年报点评（2025-03-21） 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 市场数据 | 总股本(亿股) | 16.85 | | --- | --- | | 总市值(亿元港币)： | 230. ...

事件 3 月 19 日公司披露 2025 年年报，净利润同比+82.5%至 11.02 亿元。 经营分析 承保投资双改善，银行与科技均盈利，利润高弹性增长。2025 年 公司归母净利润同比增长 82.5%至 11.02 亿，剔除众安国际约 7 亿减值影响，经调整的归母净利润 18 亿，同比+198.3%，表现亮 眼，主要受益于：①权益市场修复，总投资收益同比+59.1%至 21.2 亿；②COR 改善，承保溢利同比+42.5%至 14.1 亿。分业务看，25 年保险、科技、银行业务净利润分别为 16.8、0.5、0.1 亿元，较 24 年分别+10.9、-0.3、+1.0 亿，银行与科技板块均实现盈利。 风险提示 监管趋严；经济修复不及预期；行业竞争加剧；资本市场波动。 保险业务承保改善、投资向好。2025 年保费同比+6.9%，COR 同比 -1.1pct 至 95.8%表现优异，其中赔付率-1.2pct 至 57.1%，费用 率+0.1pct 至 38.7%。1）健康生态：总保费+22.7%延续高增，健 康体尊享 E 生与非标体众民保同步发力。COR 同比-3.6pct 至 92.1%，受益于 AI 全面 ...