2025年12月9日，国家金融监督管理总局资阳监管分局发布批复称，《中国平安财产保险股份有限公司 资阳中心支公司关于乐至支公司变更营业场所的请示》（平保产川分资阳中支发〔2025〕14号）及相关 说明解释材料收悉。 一、同意中国平安财产保险股份有限公司乐至支公司将营业场所变更为：四川省资阳市乐至县二环路南 二段90号附38号202-1号。 二、中国平安财产保险股份有限公司资阳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。 ...

Group 1 - The top ten financial brands in Beijing for the year 2025 have been announced [1] - The list includes major banks such as ICBC, China Construction Bank, and Agricultural Bank of China [2] - Other notable companies on the list are China Life Insurance and Ping An Life Insurance [2]

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Investment Rating - The report indicates a positive outlook for the insurance sector, recommending specific companies such as China Pacific Insurance, China Ping An, China Life (H), and China Taiping, while also recommending New China Life Insurance [4][17]. Core Insights - The financial industry experienced a mixed performance, with the non-bank financial index rising by 0.81%, outperforming the CSI 300 index by 0.89 percentage points. The insurance sector showed a notable increase of 2.36%, while the banking sector declined by 1.77% [2][11]. - The central economic work conference emphasized a proactive fiscal policy, which is expected to benefit the insurance sector by increasing infrastructure asset supply and improving credit risk perceptions [14][15]. - The report highlights the potential for valuation recovery in the brokerage sector, driven by regulatory changes that align public fund interests with long-term investor returns [18][19]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index rose by 0.81%, with the insurance sector outperforming the CSI 300 index by 2.44 percentage points [2][11]. - The banking sector underperformed, with a decline of 1.77%, attributed to macroeconomic policy expectations [3][21]. 2. Insurance Sector Data Tracking - The insurance sector's premium income showed steady growth, with life insurance and property insurance premiums increasing by 9.6% and 4.0% year-on-year, respectively [17][26]. - The report notes that the 10-year government bond yield decreased to 1.84%, which is favorable for the insurance sector's investment strategies [31]. 3. Brokerage Sector Data Tracking - The brokerage sector's PB valuation stands at 1.37x, indicating potential for valuation recovery as earnings improve [19][42]. - Regulatory changes in public fund sales are expected to enhance the industry's focus on long-term investor interests [18][19]. 4. Banking Sector Data Tracking - The banking sector's PB valuation is at 0.54x, suggesting it remains undervalued [21][25]. - The central economic work conference's focus on domestic demand and flexible monetary policy is expected to support the banking sector's growth [22][23].

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7]. Core Insights - The non-bank financial sector has shown strong overall performance this week, with brokerage firms experiencing an increase in market activity, maintaining historical highs. It is expected that the sector will continue to see high growth trends in earnings through 2025, suggesting a focus on the sector's future allocation value [2][4]. - In the insurance sector, the third-quarter reports have confirmed the logic of deposit migration, increased equity allocation, and improved new policy costs. The long-term return on equity (ROE) is expected to improve, leading to a potential acceleration in valuation recovery. The overall cost-effectiveness of allocations is gradually increasing, indicating a revaluation of the sector is underway [2][4]. - Recommendations include focusing on companies with stable earnings growth and dividend rates, such as Jiangsu Jinzu, China Ping An, and China Pacific Insurance, which have clear advantages in business models and market positions. Additionally, companies like Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings are also recommended based on their performance elasticity and valuation levels [4]. Market Performance - The non-bank financial index increased by 0.8% this week, with an excess return of 0.9% relative to the CSI 300, ranking high in the industry [5]. - Year-to-date, the non-bank financial index has risen by 6.7%, but with an excess return of -9.7% compared to the CSI 300, ranking lower in the industry [5]. - The average daily trading volume in the two markets reached 19,530.44 billion yuan, a week-on-week increase of 15.14%, with a daily turnover rate of 2.03%, up by 26.88 basis points [5]. Key Industry News & Company Announcements - China Life's cumulative total premium income has exceeded 700 billion yuan [6]. - Guosen Securities plans to distribute cash dividends totaling approximately 1.024 billion yuan, accounting for 11.21% of the net profit attributable to shareholders for the first three quarters [6]. - Industrial Securities announced a mid-term profit distribution plan, with a total cash dividend of 432 million yuan based on a total share capital of 8.636 billion shares [6].

行 业 及 产 业 非银金融 头部非银机构监管红利有望释放 2025 年 12 月 14 日 相关研究 证 券 研 究 报 告 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 看好 ——非银金融行业周报（2025/12/8-2025/12/12） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 券商：本周申万券商 II 指数收涨 0.31%，跑赢沪深 300 指数 0.39pct。1）中央政治局会议： 2025/12/8，中央政治局会议召开，分析研究 2026 年经济工作。会议指出明年经济工作要坚持 "稳中求进、提质增效"（2025 年表述为"稳中求进、以进促稳，守正创新、先立后破，系统集 成、协同配合"）。就证 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The non-bank financial index increased by 0.81%, outperforming the CSI 300 index which decreased by 0.08%. The brokerage and insurance sectors continue to show good trends, with valuations at low levels and relatively stagnant performance throughout the year. The Federal Reserve's interest rate cuts are beneficial for the equity market, directly favoring the profitability of securities firms' overseas businesses due to lower liability costs and asset expansion [4][5] - The average daily trading volume of stock funds reached 2.39 trillion, a 15.1% increase month-on-month, indicating a recovery in trading activity. The cumulative average daily trading volume for the year is 2.05 trillion, a 69.5% year-on-year increase [5] - The China Securities Regulatory Commission's recent positive stance signals a potential "policy easing period" for the industry, which may lead to an increase in leverage limits and support for the profitability of the securities industry. The report recommends focusing on strategic opportunities in undervalued leading companies in the brokerage and insurance sectors [5][6] Summary by Sections Brokerage Sector - The Federal Reserve's interest rate cuts are favorable for the overseas business of brokerages, and new regulations are set to standardize fund sales practices. The report highlights three main lines of recommended stocks: Huatai Securities, Guotai Junan, and CICC for their advantages in overseas and institutional business; GF Securities and Dongfang Securities for their wealth management strengths; and Guosen Securities for its retail advantages [5][6][7] Insurance Sector - The liability side is expected to achieve a "good start," with the transformation of dividend insurance continuing to progress. The demand for "savings" from residents is likely to persist, and the insurance distribution channel is expected to maintain high growth. On the asset side, stable long-term interest rates and a favorable equity market are expected to boost investment returns in the medium to long term [6][7]

Core Insights - The report emphasizes that new regulations in fund sales are reshaping the fund ecosystem, creating opportunities for investment as the spring market approaches [1][2] - The insurance sector is expected to see high growth in performance, supported by the introduction of a new commercial health insurance drug directory, which encourages product innovation [2][16] - The report suggests focusing on specific stocks within the insurance sector, including Xinhua Insurance, China Life, Ping An, and others, as they are likely to benefit from these developments [2][16] Weekly Performance - As of December 13, 2025, the Shanghai Composite Index reported a decrease of 0.34%, while the Shenzhen Component Index increased by 0.84% [11] - The average daily trading volume in the Shanghai and Shenzhen markets was 1.95 trillion yuan, reflecting a week-on-week increase of 15.14% [6] Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with long-term interest rate spreads showing marginal improvement [13][16] - The 10-year government bond yield was 1.84%, down 1 basis point from the previous week, providing a supportive environment for insurance stock valuations [13][16] Securities Sector - The issuance of the "Publicly Raised Securities Investment Fund Sales Behavior Norms (Draft for Comments)" aims to systematically regulate sales behavior and protect investor rights [17][18] - The new regulations mark a shift from a scale-driven approach to one focused on investor interests, promoting a fundamental transformation in the industry [18][23] Key Company Valuation and Financial Analysis - The report provides detailed valuation metrics for key companies in the insurance and securities sectors, indicating a "Buy" rating for several firms based on their projected earnings and price-to-earnings ratios [7][8] - For instance, Ping An is rated with a target price of 76.65 yuan per share, while Xinhua Insurance has a target price of 94.21 yuan per share, reflecting strong expected performance [7] Regulatory and Policy Environment - The national financial system work conference emphasized the need for risk prevention, strong regulation, and promotion of high-quality development in the financial sector [25][26] - The focus will be on stabilizing the market, enhancing financial governance, and addressing local government debt risks, which will shape the future landscape of the financial industry [25][29]

截至12月13日17时，平安产险北京分公司已受理本次降雪报案超4400笔，北京本地车险报案超3800笔， 主要集中在朝阳、海淀和丰台等地。 北京商报讯（记者 胡永新）12月12日，今冬首场大范围降雪侵袭北京，全市多地出现中到大雪，局地 暴雪，道路结冰湿滑，晚高峰出行受到严重影响。12月13日，北京商报记者从平安产险北京分公司获 悉，该公司第一时间启动应急预案，理赔员全员备岗，并迅速推出"理赔绿色通道、现场+远程联动、 24小时线上报案、快速救援修理、应急大案快处"五项专项服务举措，全力保障车主出行安全与理赔服 务畅通。 ...

中央经济工作会议12月10日至11日在北京举行。会议提出，明年经济工作在政策取向上，要坚持"稳中 求进、提质增效"，并用"八个坚持"划出了明年经济工作的重点任务。 会后，多家金融机构集体表态对标对表明年经济工作"八个坚持"重点任务，并结合自身实际谋划好2026 年和"十五五"期间工作。 《每日经济新闻》记者注意到，多家金融机构强调，要突出主责主业，持续优化重点领域金融供给，包 括支持扩大内需、科技创新、中小微企业、民生保障等方面。此外，多家机构表态坚持守牢底线，积极 稳妥化解重点领域风险。 聚焦主责主业，推动金融资源向重点领域和薄弱环节集聚 多家机构表态，要聚焦主责主业，做好金融"五篇大文章"，推动金融资源向经济社会发展的重大战略、 重点领域和薄弱环节集聚，提升服务实体经济质效。记者注意到，多家机构在科技创新领域重点着墨。 工商银行表示，要发挥主力军作用，持续发力促进高质量发展。围绕服务"四稳"，突出主责主业，提供 全面金融解决方案。积极融入强大国内市场，加力支持扩大内需、科技创新、中小微企业等重点领域， 精准服务"两重一薄"、制造业、区域协调、"双碳"引领、民生保障等，努力为人民群众多办实事。 农业银行提及 ...