非银行业周报 20250928 季度切换在即，积极布局回调后的非银板块 2025 年 09 月 28 日 ➢ 8 月寿险保费受预定利率切换高增，车险保费维持稳健增长。国家金融监督 管理总局披露保险行业 2025 年 1-8 月保险行业保费收入 47,998 亿元，同比 +9.6%；8 月单月保险行业保费收入 5,913 亿元，同比+35.6%。其中 1 至 8 月 人身险保费收入 35,797 亿元，同比+11.4%，财产险保费收入 12,201 亿元，同 比+4.7%；8 月单月人身险保费收入 4,644 亿元，同比+49.7%，财产险保费收 入 1,268 亿元，同比+0.9%。8 月保费在预定利率切换的背景下保费较快增长， 利率下行背景下，分红险占比有望持续提升，产品结构不断改善，潜在利差损压 力有望缓解。 ➢ 国新办会议回顾"十四五"时期国内金融业发展成就，关注后续政策部署。 9 月 22 日周一，国务院新闻办公室举行"高质量完成'十四五'规划"系列主 题新闻发布会，中国人民银行、国家金融监管总局、证监会主要领导介绍"十四 五"时期金融业发展成就，并答记者问。本次新闻发布会不涉及短期政策调整， "十五 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 09 月 28 日 [Table_Title] 央行例会释放信号，维护资本市场稳定 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 9.21-2025. 9.27）A 股日均交易额 23,1 32 亿元，环比减少 8.1%，同比增加 17 .5%。20 25 年第三季度至 今日均成交额 21,0 62 亿元,较 2024 年第三季度日均交易额增 加 2 1 2 .2%。2 025 年至今日均成交额 16 ,423 亿元,较 20 24 年 日均交易额增加 89.0%。投行：本周发行新股 2 家，募集资金 3.7 亿元；本周上市新股 5 家，募集资金 75.5 亿元。2025 年 至今，A 股 IPO 上市 76 家，募集金额 749.5 8 亿元。2024 年，A 股 IPO 上市 100 家，募集金额 673.5 亿元。两融：截至 2025 年 9 月 25 日，两市两融余额 24,443.17 亿元，环比增加 1.74%，较 20 24 年日均水平增加 55 .98%。两市融券余额 ...

行业周报 | 非银金融 险资配置动作活跃，看好银行股中长期修复空间 金融行业周报（2025/09/28） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为-0.09%， 跑输沪深 300 指数 1.16pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金 融指数涨跌幅分别为-0.18%、+0.46%、-1.51%。2）本周银行（申万）涨跌 幅为-0.48%，跑输沪深 300 指数 1.55pct。按子板块情况看，国有行、股份 行、城商行、农商行本周涨跌幅分别为-0.41%、-0.76%、-0.05%、-0.49%。 投资观点：1）保险：本周保险Ⅱ(申万)+0.46%，跑输沪深 300 指数 0.61pct。 行业降本增效取得进展，寿险 2024 年以来压降成本 3500 亿元，财险综合成 本率、费用率分别创近 10 年、20 年新低。险资配置动作活跃，平安人寿、 长城人寿等多有增持，瑞众人寿减持勤上股份，险企积极配置第二批科创债 ETF，其中泰康人寿认购 20 亿份。我们坚定看好保险股的投资价值，核心在 于负债端反内卷下的供给侧改革叠加权益资产上行的显著受益，保险将成为 产业结构转型下金融业 ...

二、中国平安人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国平安人寿保险股份有限公司塔城中心支公司裕民支公司将营业场所变更为新疆塔城地区裕 民县塔斯特西路2号2-1。 2025年9月24日，塔城金融监管分局发布批复称，《关于变更中国平安（601318）人寿保险股份有限公 司塔城中心支公司裕民支公司营业场所的请示》（平保寿新塔支发〔2025〕5号）收悉。经审核，批复 如下： ...

9月27日上午，由中国乡村发展志愿服务促进会与中国平安保险（集团）股份有限公司联合主办的大湾区消费帮扶对接活动在广州市广交会展馆开幕。 粤、桂、黔三省区党委、政府始终高度重视东西部协作工作，取得显著成效，多年来一直走在协作帮扶前列。特别是在消费帮扶方面，形成了许多可借鉴、 可推广的典型经验做法，发挥了很好的示范带动作用。脱贫攻坚取得全面胜利后，广东与广西、贵州和对口支援地区密切协作，拓展帮扶领域，健全帮扶机 制，优化帮扶方式，大力帮扶广西、贵州和对口支援地区巩固拓展脱贫攻坚成果，推进乡村全面振兴。 新时期帮扶工作重点要从支持脱贫攻坚转向全面推进乡村振兴和巩固拓展脱贫攻坚成果，重点做好产业协作、劳务协作和消费协作。今年7月，农业农村 部、国家发展改革委等十部委制定了《促进农产品消费实施方案》，对开展产销区域合作、加强协作帮扶促消费工作作出安排部署，农业农村部还制定了协 作帮扶促消费专项工作方案。 下一步，中国乡村发展志愿服务促进会将积极动员社会力量，配合有关地方和企业，全面开展消费帮扶产品认定，为协作帮扶促消费打好物质基础；动员优 质销售平台携手合作，多渠道多形式销售消费帮扶产品；开展协作帮扶促消费系列活动，创 ...

Group 1: Market Performance - The insurance stocks collectively rose, with New China Life Insurance increasing by 3.04% to HKD 43.4, China Pacific Insurance up by 2.34% to HKD 30.64, and China Life Insurance rising by 0.66% to HKD 21.4 [2] - The overall market sentiment appears positive, as indicated by the upward movement in stock prices across major insurance companies [2] Group 2: Industry Insights - Huaxi Securities noted that the continuous reduction in life insurance preset interest rates and the promotion of unified reporting and sales channels are expected to lower liability costs, potentially leading to stable growth in the new business value (NBV) of listed insurance companies by 2025 [2] - The property and casualty insurance sector is also expected to see improvements in underwriting profits due to ongoing efforts in channel integration and refined expense management [2] - Guosen Securities highlighted that the industry's transformation in liability channels, products, and costs is showing significant improvement, with high demand for asset allocation in insurance funds expected to continue [2] - The focus on long-term bonds and high-dividend assets is likely to persist, suggesting a favorable environment for companies with strong business models and relatively low valuations, such as China Ping An and China Pacific Insurance [2]

A-share Market Valuation - The current PE (TTM) for the A-share market is 17.33, with a historical average of 25.85[7] - The Shanghai Composite Index has a PE (TTM) of 14.08, while the CSI 300 Index stands at 13.30[10] - The growth in earnings per share (EPS) has contributed significantly to the index performance, with the Shanghai Composite Index showing a current value of 16.41%[14] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 11.84, with a historical maximum of 22.67[59] - The Hang Seng Technology Index has a PE (TTM) of 23.69, indicating a higher valuation compared to the broader market[63] U.S. Market Valuation - The S&P 500 Index has a current PE (TTM) of 29.36, with a historical maximum of 41.99[82] - The NASDAQ Index shows a PE (TTM) of 42.83, reflecting its growth-oriented nature[90] Sector Valuation Insights - In the A-share market, the food and beverage sector has a low PE, while the technology sector has a high PE, indicating sector-specific valuation disparities[21] - The banking sector in Hong Kong has a current PB (LF) of 1.02, which is relatively low compared to other sectors[71] Key Stock Valuations - Major stocks like Kweichow Moutai and Wuliangye have median PEs of 29.04 and 22.36, respectively, indicating strong market positions[50] - Alibaba's current PE (TTM) is 19.53, reflecting its recovery potential in the market[75]

Group 1 - The conference aimed to promote the integration of community finance and grassroots health services, with participation from various stakeholders including government officials, healthcare providers, and representatives from Ping An Health Medical Technology Co., Ltd. [1][3] - The national group standard for family doctors was developed with input from over 30 medical experts and aims to enhance the quality of remote and internet health services, laying the groundwork for innovation in grassroots health models [3][5] - Ping An Health has been providing high-quality, one-stop medical and health services to over 240 million personal financial customers since its establishment in 2014, leveraging its AI chronic disease management capabilities [5][10] Group 2 - The conference included discussions on the role of social organizations in grassroots health management, focusing on how companies can support the development of grassroots health services [6][8] - Ping An Life's community financial service team is implementing a one-stop solution that integrates insurance with health and elderly care services, drawing on international experiences to enhance community resource integration [8][10] - The innovative service model has shown effectiveness in chronic disease management, with a reported 75% improvement in weight management among community residents participating in pilot programs [10][12] Group 3 - The initiative aligns with national healthcare policies and aims to standardize the application of family doctor group standards across 100 cities, enhancing the capabilities of community health services through a comprehensive support plan [12]

随着2026年新会计准则在保险行业全面实施，将进一步推动 险资加码FVOCI项下的股票配置。 作者： 陈植 封图：图虫创意 "下半年起，只要买入高股息股票，我们都优先考虑纳入FVOCI会计科目。"9月25日，一家保险公 司的权益投资部负责人杨建章向记者直言。 所谓FVOCI，是以公允价值计量且其变动计入其他综合收益的金融资产，其特点是相关股票股价 涨跌无需纳入保险公司当年利润报表，有助于增强保险公司利润报表的稳定性。 记者注意到，今年上半年，众多上市保险公司FVOCI会计科目项下的权益类资产规模均持续攀 升。 FVOCI兴起 FVOCI的兴起，首先受到保险行业将在2026年1月全面执行新会计准则的影响。 在新会计准则里，金融资产主要被划分为三类，分别是以摊余成本计量的金融资产（AC）、以公 允价值计量且其变动计入其他综合收益的金融资产（FVOCI）、以公允价值计量且其变动计入当 期损益的金融资产（FVTPL）。 杨建章向记者表示，2023年起，上市保险公司陆续使用新会计准则。最初，保险公司发现大部分 股票等权益类资产无法通过SPPI（合同现金流特征）的固收类资产测试，就将它们计入FVTPL会 计科目。但保险公 ...

Group 1 - The top ten taxpayers in Shenzhen for 2024 include Tencent (59.2 billion), China Resources (44.4 billion), China Merchants Bank (32 billion), Ping An Group (27.3 billion), BYD (22.8 billion), Vanke (19.9 billion), Huawei (15 billion), Shenzhen Investment Control (5.8 billion), SF Express (4.1 billion), and Industrial Fulian (3.4 billion) [1] - Among the top ten taxpayers, private enterprises account for 70%, while state-owned enterprises only represent three [3][4] - The ranking may only reflect the tax contributions of these companies within Shenzhen, not their nationwide contributions, as companies like Huawei and BYD have multiple research and production bases across the country [4] Group 2 - Shenzhen's private economy contributes over 50% of the city's tax revenue, nearly 60% of its added value, and over 90% of employment [6] - In 2024, the number of private enterprises in Shenzhen reached 2.623 million, ranking first in the country [6] - Shenzhen has 886 private "little giant" enterprises and 23,700 private high-tech enterprises, ranking first and second nationally, respectively [6] - The city is home to 37 private unicorn companies, ranking third in the country [6] - In the 2025 Fortune Global 500 list, Shenzhen has ten companies listed, with seven being private enterprises, the highest among all cities in China [6] - Private enterprises are also the main force in Shenzhen's foreign trade, with imports and exports reaching 2.06 trillion in the first eight months of the year, accounting for 69.6% [6]