原标题：分红型重疾险"杀"了个回马枪？！平安、太保、新华表示跟进！某些机构恐难以融入… 来源：险企高参 11月13日，中国平安通过互动平台发布公告，宣布该司已启动分红型重疾险产品的研发工作，预计在相 关细则出台后即可开发有关产品，力争尽早上市销售，以把握市场机遇。 平安人寿总精算师孙汉杰对此予以确认并表示，该司已启动分红重疾产品的相关研究，后续将尽快推进 产品研发与推出，进一步拓宽分红型产品的覆盖场景。 产品战略调整的背后，是政策的指引。2025年9月30日国家金融监督管理总局发布的《关于推动健康保 险高质量发展的指导意见》，其中明确支持监管评级良好的保险公司自2025年10月起开展分红型长期健 康保险业务，意味着被叫停22年的分红型重疾险正式"解禁"。 在2003年，监管机构出于多重原因叫停分红型重疾险。当时部分保险公司将分红型重疾险包装成纯粹的 理财工具，背离了健康保险的保障初衷。加之健康险产品本身结构复杂，精算定价缺乏足够的经验数据 支撑，引入分红机制后，进一步增加了风险控制的难度，使得产品运营面临更大挑战。此外，国际市场 中也缺乏分红型健康险的先例。 随着时间的推移，中国保险业持续向高质量发展转型，监 ...

Core Viewpoint - The insurance sector experienced a decline of 0.56% on November 26, with China Life Insurance leading the losses, while the overall market showed mixed results with the Shanghai Composite Index down by 0.15% and the Shenzhen Component Index up by 1.02% [1] Summary by Category Market Performance - The Shanghai Composite Index closed at 3864.18, down 0.15% - The Shenzhen Component Index closed at 12907.83, up 1.02% [1] Insurance Sector Performance - The insurance sector saw a net outflow of 198 million yuan from main funds, while retail funds experienced a net inflow of 266 million yuan [1] - Individual stock performances included: - China Ping An (601318) closed at 59.78, up 0.52% with a trading volume of 434,700 shares and a transaction value of 2.598 billion yuan - New China Life Insurance (601336) closed at 65.92, up 0.06% with a trading volume of 95,700 shares and a transaction value of 628 million yuan - China Pacific Insurance (601601) closed at 34.61, down 0.97% with a trading volume of 222,200 shares and a transaction value of 771 million yuan - China Life Insurance (601628) closed at 43.50, down 1.09% with a trading volume of 111,600 shares and a transaction value of 485 million yuan - China Reinsurance (601319) closed at 8.54, down 1.16% with a trading volume of 519,200 shares and a transaction value of 443 million yuan [1] Fund Flow Analysis - The fund flow analysis for individual stocks showed: - China Pacific Insurance had a main fund net inflow of 29.7664 million yuan, with a retail net outflow of 20.0910 million yuan - New China Life Insurance had a main fund net inflow of 19.6665 million yuan, with a retail net outflow of 26.0477 million yuan - China Reinsurance had a main fund net outflow of 16.4563 million yuan, with a retail net inflow of 14.2729 million yuan - China Life Insurance had a main fund net outflow of 60.9273 million yuan, with a retail net inflow of 38.4305 million yuan - China Ping An had a main fund net outflow of 170.1 million yuan, with a retail net outflow of 74.5134 million yuan [2]

Core Viewpoint - The Ping An Property & Casualty Insurance Fujian Branch has initiated a new wave of integrity education through an innovative event titled "Party History Lesson in Stamps," combining postal exhibitions with learning about integrity and practical engagement [1][10]. Group 1: Event Overview - The event featured over 40 participants, including company leaders, party members, and community representatives, who engaged in a unique format of "viewing postal exhibitions + learning about integrity history + practicing original intentions" [1]. - The theme of the event was "Remembering the Glorious Past in a Small Space, Building a Safe Environment with Integrity," and it began with a creative sign-in using specially designed red postal stamps [1]. Group 2: Educational Content - A national-level postal exhibition evaluator presented on "The Integrity Gene of the Insurance Industry," using over 200 rare stamps to illustrate the development of the insurance industry and the construction of integrity culture in the new era [1]. - The "Integrity Culture" exhibition area included 22 thematic display panels that showcased the historical roots of Chinese integrity culture, exemplary figures, and the Communist Party's anti-corruption practices, further promoting the spirit of the "Eight Regulations" [3]. Group 3: Interactive Activities - The interactive segment included various hands-on activities, such as creating gold foil paintings of the party emblem, assembling mosaic coasters depicting the "Chinese Dream," and printing personalized electronic postcards that capture participants' pledges of original intentions [5]. Group 4: Ongoing Integrity Education - The Fujian Branch has implemented a comprehensive approach to integrity education, focusing on "theory as foundation, culture as nourishment, and practice as reinforcement." In the first ten months of 2025, the company conducted 35 specialized party classes, 66 online learning sessions, and 11 democratic life meetings to ensure coverage of integrity education for all party members [8]. - The event exemplified the company's innovative "online + offline" and "learning + practice" educational system, which includes immersive party education at historical sites and targeted integrity reminders during holidays [8]. Group 5: Innovative Educational Approach - The company’s secretary and general manager highlighted that this immersive educational experience, combining history with technology and observation with hands-on practice, deepens the ideological cleansing and injects new momentum into the construction of a clean financial culture [10].

Core Insights - The article highlights the significant growth of China's enterprise annuity system since its implementation in 2004, with accumulated funds reaching 3.84 trillion yuan by mid-2025, reflecting the public's expectations for a dignified retirement [2] - The investment strategy for annuities focuses on stability and long-term growth rather than short-term gains, managed by professionals who ensure the effective management of retirement funds [2][5] - The role of professionals like Zhen Ying is crucial in managing these funds, as they utilize data analysis and risk management to guide investment decisions and maintain client trust [6][9] Group 1: Industry Growth and Investment Strategy - The enterprise annuity system has evolved from non-existence to a substantial fund size, with a net asset value of 3.81 trillion yuan, nearing the 4 trillion yuan mark [2] - The investment approach prioritizes stability and long-term performance, contrasting with the volatility often seen in other investment sectors [2] - Professionals in the field do not engage in direct trading but play a vital role in overseeing fund management and ensuring the alignment of investment strategies with client needs [5][6] Group 2: Professional Role and Client Interaction - Zhen Ying exemplifies the role of a "manager of managers" (MOM), focusing on data-driven insights and risk assessment to navigate the complexities of annuity investments [5][6] - The "Trust Bridge" concept is emphasized, where professionals translate complex data into understandable insights for clients, fostering a deeper level of trust [6][9] - The proactive service model adopted by the company aims to anticipate client needs and provide timely responses, enhancing the overall client experience [8][12] Group 3: Service Philosophy and Client Value - The company's service philosophy of "saving worry, time, and money" is deeply ingrained in its culture, guiding daily operations and client interactions [7][8] - Zhen Ying's approach includes shortening communication chains and providing clear, actionable insights to clients, especially during market fluctuations [8][9] - The focus on creating "alpha returns" through superior investment management rather than merely reducing costs reflects a commitment to maximizing client value [8][11]

"产品+服务"体系的升级也是平安人寿2025经营的亮点。依托于平安集团的医疗养老生态圈，平安人寿 年内推出多项"保险+服务"产品，为客户提供服务价值和情绪价值。2025年前三季度，平安人寿的健康 管理服务已有超1600万客户，居家养老服务已覆盖全国85个城市，累计近24万名客户获得居家养老服务 资格。此外，平安人寿旗下高端养老社区截至目前已布局5个城市。同年，平安人寿推出"享平安"客户 权益体系，打造体育、教育、文娱、健康管理四大场景，以近百项权益为客户提供情绪价值。截至目 前，四大场景已服务超过200万客户。 投资实力支撑，分红险产品引领行业 改革成效显著，高质量发展成绩斐然 平安人寿以高质量发展为价值引领，持续深化转型。2025年，多渠道改革稳步推进，"保险+服务"布局 持续深化。2025年前三季度，寿险及健康险业务新业务价值达357.24亿元，同比大增46.2%，发展动能 强劲。 过去几年，平安人寿打造多渠道专业化销售能力，成效凸显。代理人渠道方面，公司2025年推动"做 优、增优、育优"平台建设，促使代理人渠道结构不断优化、规模趋于稳定，前三季度代理人渠道新业 务价值同比增长23.3%，人均新业务价值 ...

Group 1 - The three major indices opened lower, but the brokerage sector was active during the session, with the brokerage ETF (159842) rising by 0.09% and trading volume exceeding 600 million yuan, indicating a premium trading trend [1] - The brokerage ETF (159842) has seen a net inflow of funds for four consecutive trading days, accumulating nearly 390 million yuan [1] - The brokerage ETF tracks the CSI All Share Securities Companies Index, which consists of up to 50 securities company stocks to reflect the overall performance of the industry [1] Group 2 - Overall financial valuations are low, increasing the probability of a bull market, with non-bank financials expected to have significant earnings elasticity due to accelerated inflows of resident funds [2] - The securities sector is likely to benefit from the bull market's Beta effect, leading to greater earnings elasticity [2] - Regulatory encouragement for ETF development, market capitalization management by listed companies, and long-term capital inflows are favorable for the securities sector, potentially serving as a key underlying factor in the current bull market [2] Group 3 - Brokerages are expected to benefit not only from market recovery but also from successful transformations that provide unique Alpha growth potential, enhancing profit quality [2] - The combination of policy expectations, improved funding conditions, and internal growth drivers enhances the profitability outlook for the brokerage sector, making it highly attractive for allocation [2]

Core Viewpoint - The overall market sentiment remains cautiously optimistic, with no significant negative trends observed in the fundamental performance of key sectors, particularly in technology and growth stocks [1] Group 1: Market Performance - As of November 26, 2025, the Shanghai 180 Index rose by 0.30%, with notable increases in stocks such as Haiguang Information (3.95%) and Zhongke Shuguang (3.53%) [1] - The Shanghai 180 ETF Index Fund also saw a slight increase of 0.17%, marking its third consecutive rise [1] Group 2: Sector Analysis - The technology growth sector, including communications and semiconductors, continues to show strong performance, suggesting that recent market adjustments may be positioning for future gains [1] - Despite a slowdown in policy support compared to the first half of the year, the overall market remains in a loose monetary environment, which is expected to support recovery in the technology sector [1] Group 3: Investment Strategy - A "barbell strategy" is recommended for investment, suggesting to maintain positions in growth sectors like communications, semiconductors, and innovative pharmaceuticals while being cautious with short-term operations [1] - Defensive investments in dividend-paying sectors are advised to mitigate risks during market fluctuations [1] Group 4: Index Composition - The Shanghai 180 Index comprises 180 large-cap stocks selected for their market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai securities market [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 26.29% of the total index, with notable companies including Kweichow Moutai and China Ping An [2]

Core Insights - The article emphasizes the transformative impact of the "Artificial Intelligence +" initiative on the insurance industry, highlighting its role as a core driver for the sector's transition from traditional services to intelligent and inclusive solutions [2][3][4] - The integration of AI into actuarial practices is identified as a key area for enhancing operational efficiency and decision-making capabilities within insurance companies [4][6] Policy and Strategic Framework - The "Artificial Intelligence +" initiative was first included in the government work report in March 2024, with a commitment to further integrate digital technologies with market advantages by 2025 [2] - The State Council's recent opinions on implementing the "Artificial Intelligence +" initiative emphasize the importance of innovation in service industries and the application of AI across various sectors, including finance and logistics [2] Industry Adoption and Innovation - Insurance companies are increasingly moving from isolated AI applications to comprehensive integration across their operations, as seen in the case of Guomin Pension Insurance, which aims to reshape its entire value chain using AI [3][6] - China Ping An has focused on AI applications in the healthcare and pension sectors, developing a unique competitive edge through its "Five Intelligence" strategy, which encompasses marketing, service, operations, management, and business practices [3] Actuarial Technology Revolution - The article discusses a significant shift in actuarial technology, driven by AI, which enhances the accuracy and reliability of actuarial assumptions critical for pricing and risk management [4][5] - The application of AI in actuarial practices is expected to lead to more precise pricing and improved risk quantification, ultimately benefiting customer interests [6] Data Governance Challenges - The insurance industry faces challenges in data governance, including insufficient data integration and standardization, which hinder the effective use of AI [7][8] - Experts suggest that enhancing data governance is essential for the successful integration of AI in insurance, advocating for improved data quality control and security measures [7][8] Future Directions - The article highlights the need for insurance companies to strengthen their data governance frameworks, ensuring comprehensive data management and security to support AI initiatives [8][9] - The establishment of clear data security responsibilities and guidelines is crucial for protecting sensitive customer information and facilitating the effective use of AI technologies [9]

Core Insights - The insurance industry is witnessing a surge in the launch of new dividend insurance products, with major companies like China Life, Ping An Life, and Xinhua Insurance leading the way in this transformation towards dividend-based offerings [1][2][3] Product Launch Trends - Dividend insurance products have become the dominant category, with 65 out of 136 life insurance products being dividend-based, accounting for approximately 48% [2] - Major companies are actively introducing new dividend insurance products, such as Xinhua Insurance's "Shengshi Glory Celebration Edition" and Ping An Life's "Ping An Yuxiang Jin Yue" [2][3] Strategic Shifts - Companies are undergoing significant strategic transformations, with Xinhua Insurance reporting a 49.2% year-on-year increase in first-year premium income from individual channels for long-term insurance [3] - China Life and other insurers are also seeing substantial increases in the proportion of floating income products in their premium income [3] Market Dynamics - The shift towards dividend insurance is driven by multiple factors, including a declining interest rate environment, which has made dividend products more attractive compared to traditional fixed-rate products [4] - Regulatory policies are also encouraging the development of floating income insurance products, providing a clearer direction for innovation in the industry [4] Competitive Landscape - The success of dividend insurance hinges on insurers' investment capabilities, as the distribution of dividends is directly linked to investment returns [5] - Insurers face challenges in upgrading their sales models to meet the complexities of dividend products, requiring a shift from simple product sales to providing comprehensive asset allocation advice [5] Ecosystem Development - Insurers are exploring innovative "product + service" models to differentiate themselves in a competitive market, integrating health and wellness services with insurance offerings [7][8] - Companies like Ping An Life and Taikang Life are developing comprehensive service ecosystems that combine insurance with health management and elderly care services [7][8]

11月25日，港、A股保险板块整体表现活跃，A股保险板块指数涨幅超2%。平安A股当日收涨1.83%，H 股收涨1.77%，显示出市场资金对保险板块的持续关注。 消息面上，保险板块近期迎来多重利好。资金层面，根据此前Wind数据统计，证券保险ETF（512070） 11月以来已获超20亿元资金净流入，反映机构配置意愿增强。基本面方面，近期开源证券最新研报观点 指，险企积极备战2026年开门红，负债端新单和价值率展望良好，长端利率底部企稳支撑资产端逻辑， 看好低估值保险标的，其同时认为H股配置价值相对较高，推荐中国平安等标的。 政策驱动成为行情另一大关键推力。近期养老金融领域政策密集落地，为银发经济赛道注入强劲动力。 其中，广东养老金融"15条"与中国平安"综合金融+医疗养老"生态战略的深度融合成为市场关注的焦 点，不妨就此来看看这一政策背后的机遇所在。 01 广东养老金融15条出台，平安卡位精准凸显先发优势 11月17日，广东省地方金融管理局联合多部门印发《广东省推动养老金融高质量发展的实施方案》，文 件围绕强化制度供给、优化产品体系、拓展金融服务、激活产业资本、织密风险防线五大方面出台15条 举措。 首先，在 ...