业 及 产 业 非银金融 行 业 研 究 / 行 业 点 相关研究 《资金面因素逐步出清，看好非银板块投 资价值——非银金融行业周报 （2026/1/26-2026/1/30）》 2026/02/01 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 2026 年 03 月 22 日 预计偿付能力规则调整预期对当前 险资配置影响有限，关注券商业绩 与估值修复齐头并进 看好 ——非银金融行业周报（2026/3/16-2026/3/20） 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息 ...

证券研究报告·行业跟踪周报·非银金融 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 保险：行业总资产快速增长；权益配置比例大幅提升。1）友邦保险、 众安在线披露 2025 年年报，各项指标表现优异。友邦保险 2025 年营运 利润同比+7%、内含价值+8%、NBV 同比+15%，新增 17 亿美元股份回 购计划。众安在线财险 COR 与投资收益均向好，银行业务扭亏为盈， 归母净利润同比+82.5%。2）监管披露 2025 年四季度银行业保险业主要 监管指标情况。2025 年末保险公司和保险资产管理公司总资产 41.3 万 亿元，较年初增长 15.1%。2025 年全年保险公司原保险保费收入 6.1 万 亿元，同比增长 7.4%；赔款与给付支出 2.4 万亿元，同比增长 6.2%； 新增保单件数 1168 亿件，同比增长 12.6%。2025 年末保险公司平均综 合偿付能力充足率为 181%，其中，财产险公司分别为 243.5%、人身险 公司分别为 169%。3）保险业经营具有显著顺周期特性，未来随着经济 复苏，负债端和投资端都将显著改善。2026 年 3 月 20 日保险 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 03 月 22 日 [Table_Title] 五部门就金融法草案向社会公开征求意见； 新能源车险自主定价系数第二次调整 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2026. 3.15-2026. 3.21）A 股日均交易额 22,1 11 亿元，环比减少 11.5%，同比增加 3 8%。2026 年第一季度至今 日均成交额 26,5 34 亿元,较 2025 年第一季度日均交易额增加 74%。投行：本周发行新股 7 家，募集资金 88 .57 亿元；本周 上市新股 2 家，募集资金 5 .47 亿元。20 26 年至今，A 股 IPO 上市 2 3 家，募集金额 178. 38 亿元。20 25 年，A 股 IP O 上市 116 家，募集金额 1317 .71 亿元。2 024 年，A 股 I PO 上市 100 家，募集资金 673. 53 亿元。两融：截至 2026 年 3 月 1 9 日， 全市场两融余额 26,50 1.28 亿元，环比减少 0 .55%，较 2025 年日均水平 ...

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [5]. Core Insights - The draft of the "Financial Law" aims to provide legal support for high-quality financial development, emphasizing the importance of long-term capital market stability and the optimization of financial institutions [1][2]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and pension security, despite short-term market adjustments [3][28]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from favorable valuations and performance [3][28]. Summary by Sections Industry Dynamics - For the week of March 16-20, 2026, the non-bank financial sector, securities, insurance, and fintech indices experienced declines of -2.55%, -2.79%, -1.99%, and -5.19% respectively, while the Shanghai Composite Index fell by -3.38% [11]. Insurance - The National Financial Supervision Administration is seeking public opinion on the revised "Financial Consumer Complaint Handling Management Measures," aimed at protecting consumer rights [14]. - As of March 20, 2026, the yield on ten-year government bonds was 1.8299%, reflecting a change of 1.56 basis points from the previous week [15]. Securities - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year Plan" for capital markets, focusing on enhancing market resilience and investor returns [18]. - As of March 20, 2026, the average daily trading volume of stock funds was 27,438.10 billion yuan, a decrease of 10.03% from the previous week, and the margin trading balance was 26,501.28 billion yuan, down 0.55% [20].

非银金融 2026 年 03 月 22 日 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 非银金融 沪深300 相关研究报告 《渠道两强格局逐渐确立，降费改革 重塑行业格局—2025H2 基金销售渠 道数据点评》-2026.3.15 《近期调整带来左侧机会，关注业绩 和风格切换催化 — 行 业 周 报 》 -2026.3.15 《创业板 IPO 有望迎改革，个险和银 保开年高增—行业周报》-2026.3.8 低估值有望带来抗跌特征，关注业绩和风格切换催化 ——行业周报 | 高超（分析师） | 卢崑（分析师） | 张恩琦（联系人） | | --- | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | zhangenqi@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790125080012 | |  周观点：低估值有望带来抗跌特征，关注业绩和风格切换催化 | | | 投资评级：看好（维持） 行业走势图 本周受地 ...

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [5]. Core Insights - The draft of the Financial Law aims to provide legal support for high-quality financial development, emphasizing the importance of long-term capital market stability and the optimization of financial institutions [1][2]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and pension security, despite short-term market adjustments [3][28]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from favorable valuations and performance [3][28]. Summary by Sections Industry Dynamics - The non-bank financial sector, securities, and insurance indices experienced declines of -2.55%, -2.79%, and -1.99% respectively, while the Shanghai Composite Index fell by -3.38% [11]. - The ten-year government bond yield was reported at 1.8299%, reflecting a slight increase from the previous week [15]. Insurance - The National Financial Supervision Administration is seeking public opinion on a revised complaint handling management method for banking and insurance institutions, aimed at protecting consumer rights [14]. - Key personnel changes include Zhang Jianying being appointed as the general manager of Ping An Asset Management and Zhu Xiaoyun as the president of China Reinsurance [14]. Securities - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year Plan" for capital markets, focusing on enhancing market resilience and investor returns [18]. - As of March 20, 2026, the average daily trading volume of stock funds was 27,438.10 billion yuan, a decrease of 10.03% from the previous week, while the margin trading balance was 26,501.28 billion yuan, down 0.55% [20].

[Table_Page] 投资策略周报|证券Ⅱ 证券研究报告 [Table_Title] 非银金融行业 请注意，严漪澜并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | [Table_DocReport] 相关研究： | | | --- | --- | | 非银金融行业:短期震荡积蓄 | 2026-03-15 | | 上涨动能，关注板块左侧布 | | | 局机遇 | | | 非银金融行业:两会定调高质 | 2026-03-08 | | 量发展方向，看好非银板块 | | | 配置机会 | | | 非银金融行业:AI 助力金融公 | 2026-03-01 | | 司降本增效，板块波动后迎 | | | 配置机遇 | | 1 / 1 3 ⚫ 港股金融：建议关注港股优质红利股中国船舶租赁以及受益于流动性 识别风险，发现价值 请务必阅读末页的免责声明 （H）。 加强稳市机制建设，关注板块左侧机遇 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [Table_Author] 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE N ...

今年以来，资本市场对中国平安的关注度持续升温。最新机构评级数据显示，2026年1月1日至3月20日 期间，共有8家知名券商发布11份关于中国平安的研究报告，全部给予正面评级。 从参与评级的机构来看，涵盖了国信证券、华泰证券、国金证券、华创证券、西部证券、广发证券、国 泰海通证券、东吴证券等国内主流研究机构，其中国信证券和华泰证券分别发布3份和2份研报，对中国 平安的关注度最高。时间分布上，1月份4份、2 月份2份、3月份5份，呈现逐月递增趋势，显示市场对 公司的关注度持续提升。 机构评级以买入为主，整体判断高度一致 多元业务布局获认可，多维度打造增长新引擎 从研报内容来看，机构普遍看好中国平安的多维度业务布局，核心增长亮点获得行业一致肯定。 西部证券在首次覆盖报告中指出，中国平安正积极布局AI技术与综合金融的深度融合，有望开启成长 新周期； 而随着 "十五五"规划的出炉，华创证券研究所于近期发布《保险行业周报："十五五"规划出炉，关 注"养老""医保"等关键词》深度研究报告，从行业内专业视角出发，深度解读"十五五"规划下的保险业 新机遇，重点推荐中国平安。 东吴证券则看好中国平安银保业务快速增长带动整体业绩持 ...

从研报内容来看，机构普遍看好中国平安的多维度业务布局，核心增长亮点获得行业一致肯定。 西部证券在首次覆盖报告中指出，中国平安正积极布局AI技术与综合金融的深度融合，有望开启成长 新周期； 而随着 "十五五"规划的出炉，华创证券研究所于近期发布《保险行业周报："十五五"规划出炉，关 注"养老""医保"等关键词》深度研究报告，从行业内专业视角出发，深度解读"十五五"规划下的保险业 新机遇，重点推荐中国平安。 东吴证券则看好中国平安银保业务快速增长带动整体业绩持续向上，同时高权重、低持仓特性或将进一 步催化估值修复提升。 今年以来，资本市场对中国平安的关注度持续升温。最新机构评级数据显示，2026年1月1日至3月20日 期间，共有8家知名券商发布11份关于中国平安的研究报告，全部给予正面评级。 从参与评级的机构来看，涵盖了国信证券、华泰证券、国金证券、华创证券、西部证券、广发证券、国 泰海通证券、东吴证券等国内主流研究机构，其中国信证券和华泰证券分别发布3份和2份研报，对中国 平安的关注度最高。时间分布上，1月份4份、2 月份2份、3月份5份，呈现逐月递增趋势，显示市场对 公司的关注度持续提升。机构评级以买入为主， ...

Group 1 - Industry Investment Rating: Overweight [2] - Core Viewpoint: The demand for savings is driving the NBV (New Business Value) prosperity, and the importance of asset-liability linkage is increasing [2][4] - Investment Recommendations: Recommended companies include Ping An, China Pacific Insurance, New China Life, China Property & Casualty, China Life, and People's Insurance Company of China [3][4] Group 2 - Life Insurance: The growth in savings demand is expected to drive NBV growth, with the bancassurance channel being a significant driver [3][4] - Property Insurance: Premium scale is expected to grow steadily, with leading companies improving their combined ratio (COR) [3][4] - Economic recovery is anticipated to lead to stable profit and EV growth for listed insurance companies in 2026 [3][4] Group 3 - The liability side continues to grow, with an improvement in liability costs: It is expected that savings demand will drive NBV growth in 2026, with the bancassurance channel being a key driver [3][4] - The importance of asset-liability linkage is rising: The uncertainty in investment returns and the difficulty in reducing liability costs are raising concerns about insurance company profitability [3][4] - The expected growth in premium income for 2026 is driven by the migration of residents' asset allocation towards savings-type insurance, especially participating insurance [18]