2025年11月18日，四川金融监管局发布批复称，《关于中国平安（601318）人寿保险股份有限公司成都 市金牛第一营销服务部营业场所变更的请示》（平保寿川分发〔2025〕317号）收悉。经审核，现批复 如下： 一、同意中国平安人寿保险股份有限公司成都市金牛第一营销服务部将营业场所变更为：四川省成都市 金牛区花照壁西顺街399号1栋1单元龙湖西宸国际B座9层904-905、909-附2、910-915、916-附2。 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。 未尽事项按金融监管总局有关规定办理。 ...

近日,中国平安公众平台发布的一篇关于Q3"秋收报告"的文章引发网友热议,文章中藏着平安让消费者省 心、省时、又省钱的秘密,其中,平安寿险保全服务凭借其省时省钱省心的特质,沉淀下一份厚实的服务答 卷,让数字金融成果切实惠及消费者,彰显"金融为民"的服务宗旨。 全流程赋能,数字技术重塑保险服务生态 在数字金融成为行业变革核心驱动力的当下,平安寿险保全服务通过深度融合数字技术与保险全流程,实 现了从产品设计到客户服务、风险防控的多维度智能化升级。以大数据分析为支撑,平安寿险能够精准 捕捉客户行为特征,开发出个性化、定制化的保险产品,满足不同群体的差异化需求。在业务运营端,线上 渠道的全面铺开打破了传统服务的时空限制。客户通过平安金管家APP,即可随时随地完成保单查询、理 赔申请等操作,真正实现"一键办理、全程可视"。这种模式不仅提升了服务效率,更拓展了保险市场的覆 盖范围,让更多消费者享受到便捷的保险服务。 数字技术的应用为保险业的风险管理提供了全新工具。平安寿险保全服务通过构建智能化风控体系,实 现了对风险的精准识别与动态管控。借助人工智能与大数据技术,全流程覆盖保单承保的前、中、后各 环节,能够快速识别潜在风险 ...

Core Viewpoint - The upgrade of the "Ping An Good Car Owner Credit Card" aims to enhance the user experience for car owners by integrating various services and benefits, aligning with Ping An's "Three Savings Project" [2][9]. Group 1: Product Upgrade - The new card features a refreshed design, moving from a traditional steering wheel to a wheel hub shape, available in dynamic black and Ping An orange, targeting a younger audience [2][4]. - The upgraded card focuses on the entire car owner ecosystem, providing a one-stop service experience that is "worry-free, time-saving, and cost-saving" [2][4]. Group 2: Benefits and Services - The card offers significant savings on fuel and charging, with a "Savings Wallet" mechanism allowing cardholders to earn 1% cashback on network spending over 88 yuan, potentially saving up to 480 yuan annually [4]. - A welcome package worth 1,000 yuan is provided for new users, including discounts on car maintenance and driving services [4][5]. - Additional travel insurance benefits include three complimentary flight delay insurances, with compensation of 200 yuan for delays over two hours [5]. Group 3: Strategic Integration - The upgrade leverages Ping An Group's comprehensive financial resources, enhancing customer service through a multi-dimensional benefits system that covers fuel, maintenance, and travel protection [4][6]. - The card has served over 14 million car owners in its 17 years, showcasing its established presence in the market [7]. Group 4: Future Outlook - The upgrade represents a deep implementation of the "Three Savings Project" within the car owner vertical, with plans for continued innovation and service enhancement to solidify market recognition and reputation [9].

Core Insights - The credit card and loan card issuance in China has been declining for 11 consecutive quarters as of Q2 2025, leading to increased pressure on banks in a competitive market [1] - Ping An Bank has launched an upgraded "Ping An Good Car Owner Credit Card" to set a new benchmark in the industry by focusing on user value and vertical customer segments [1][3] - The upgrade is part of Ping An's "Three Savings Project" strategy, aiming to shift the industry focus from scale competition to ecological value competition [3] User Experience Redesign - The upgraded credit card emphasizes a seamless service experience rather than just a list of benefits, focusing on three core scenarios: refueling and charging, vehicle maintenance, and travel protection [4] - The refueling and charging scenario integrates with over 80,000 gas stations and 500,000 charging piles, offering features like "one-click navigation" and "fast payment" [4] - The vehicle maintenance service includes a complimentary "maintenance benefits package" worth 1,000 yuan for first-time users, lowering the barrier to accessing quality services [4] - Travel protection enhancements include additional insurance for flight delays and personal liability, extending coverage from transportation to the entire travel experience [4] Service Integration - The benefits are interconnected, creating a "service chain" that reduces user acquisition costs and decision-making burdens [5] - The integration of services is rooted in Ping An Group's "comprehensive finance + industry-bank collaboration" model, which creates high barriers in resource integration and cost control [6] Strategic Implementation - The upgrade of the Good Car Owner Card is a deep implementation of Ping An's "Three Savings Project" in the vertical field of car owners, enhancing user trust and engagement through a dual-layer structure of horizontal inclusivity and vertical depth [7] - The card leverages 17 years of data from over 14 million car owners to create a closed-loop operational capability that matches user behavior with tailored financial products [7] - The focus on specific customer segments and scenarios allows for sustained user retention and brand recognition, indicating a shift in credit card competition from quantity of benefits to depth of ecosystem [8]

Core Viewpoint - The credit card industry in China is experiencing a decline in issuance and key metrics, prompting a shift towards user value and service integration, exemplified by the recent upgrade of the Ping An Bank "Ping An Good Car Owner Credit Card" [1][4][8] Group 1: Industry Trends - As of Q2 2025, the issuance of credit cards and loan cards has decreased for 11 consecutive quarters, with many banks facing pressure in key metrics like loan balances and transaction volumes [1] - The industry is transitioning from scale competition to ecological value competition, as demonstrated by the new offerings from Ping An Bank [4][8] Group 2: Product Upgrade Details - The upgraded "Ping An Good Car Owner Credit Card" features a new dynamic wheel hub design and enhanced benefits that cover various car-related scenarios, including refueling, vehicle maintenance, and travel protection [1][5] - The card offers a "省钱包" mechanism, providing 1% cashback on online purchases over 88 yuan, with potential annual savings of up to 480 yuan [5] Group 3: Service Integration - The card's benefits are interconnected, creating a "service chain" that reduces user acquisition costs and decision-making burdens, such as offering rental discounts after using a ride-hailing service [6] - The integration of services is supported by Ping An Group's comprehensive financial ecosystem, which enhances resource sharing and cost control [6][7] Group 4: Strategic Framework - The upgrade aligns with Ping An's "Three Savings Project," which aims to enhance user experience and trust through foundational protections and vertical benefits tailored for car owners [7] - The card's development leverages 17 years of data from over 14 million car owners, enabling personalized service offerings based on user behavior and preferences [7][8] Group 5: Future Outlook - The competition in the credit card market is shifting from merely comparing the number of benefits to evaluating the depth of ecological integration and user experience [8] - The focus on creating a seamless part of the user's "car life" indicates a forward-thinking approach that may guide future innovations in retail finance [8]

2025年11月24日早盘，A股三大股指集体高开。从盘面上看，6G、光通信、AI应用、BC电池、算力硬 件概念股活跃；锂矿、水产题材回调。截至 09:54，中证A500指数下跌0.09%，成分股方面涨跌互现， 广汽集团10cm涨停，张江高科上涨7.30%，光启技术上涨4.94%；润和软件领跌，江特电机、雅化集团 跟跌。 A500ETF嘉实(159351)紧密跟踪中证A500指数，均衡布局各行业优质核心资产。 没有股票账户的投资者可以通过A500ETF嘉实联接基金(022454)一键布局A股500强。 华泰证券发布A股策略研报称，近期AI叙事起争论、流动性有所收紧、区域扰动构成了市场波动加大的 底色，当前市场调整已初步具备空间感，对应9月下旬市场中枢位或有较强支撑，后续伴随着海外流动 性预期改善、国内资金压力减弱、市场情绪进一步消化，行情走势环境或更加健康。配置上，当前市场 估值接近"合理"中枢，若超调则可适度提升仓位，配置上围绕中期主线、重视安全边际，关注低位内需 消费、国产算力、创新药等，继续持有大金融以降低波动性。 数据显示，截至2025年10月31日，中证A500指数前十大权重股分别为宁德时代、贵州茅台 ...

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The report highlights a recent merger announcement by China International Capital Corporation (CICC) to absorb Dongxing Securities and Xinda Securities through a share swap, indicating a trend towards consolidation among leading brokerages [2][4] - In the insurance sector, the third-quarter reports confirm a shift towards equity investments and improved cost structures, suggesting a higher certainty of ROE improvement and potential for accelerated valuation recovery [2][4] - The overall cost-effectiveness of investment in the sector is gradually increasing, with ongoing revaluation of the sector [4] Summary by Sections Brokerage Sector - CICC's merger with Dongxing and Xinda Securities reflects a long-term trend of concentration among top firms [4] - The brokerage sector is expected to see a gradual recovery in profitability as commission rates stabilize [41] Insurance Sector - The insurance industry reported significant growth in value, premiums, and profits, with a cumulative premium income of CNY 52,146 billion in September 2025, marking an 8.76% year-on-year increase [23][24] - The report emphasizes the stability of dividends and profit growth in companies like Jiangsu Jinzu and China Ping An, which are recommended for investment [4] Market Performance - The non-bank financial index decreased by 4.4% this week, with a year-to-date increase of 2.8%, indicating a mixed performance relative to the broader market [5][19] - The average daily trading volume in the market has decreased to CNY 18,650.36 billion, down 8.75% from the previous period [41] Financing Activities - In October 2025, equity financing increased to CNY 501.42 billion, a 20.4% rise, while bond financing decreased to CNY 6.56 trillion, a 19.2% drop [53] - The report notes a decline in the issuance of collective asset management products, with a new issuance of 4.183 billion units in October, down 37.3% [56]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The insurance index fell by 3.06% this week, outperforming the broader market by 0.71 percentage points. Major insurance stocks experienced declines, with notable drops from Sunshine Insurance (-4.8%) and China Pacific Insurance (-4.57%) [1]. - The China Actuarial Society released the "Guidelines for Expense Allocation of Life Insurance Products," which aims to enhance the scientific management of expenses within insurance companies and supports the implementation of the "reporting and operation integration" policy [2][4]. - As of the end of 2024, 34 insurance asset management companies managed a total of CNY 33.30 trillion, reflecting a year-on-year growth of 10.60% [2]. - The report highlights that 172 insurance companies have disclosed their solvency data for Q3 2025, with 14 achieving an AAA risk rating, while 4 companies fell below solvency standards [2]. Summary by Sections Market Performance - The insurance sector's performance was characterized by a 3.06% decline in the insurance index, with individual stocks like China Life and Ping An also showing significant decreases [1]. Regulatory Developments - The newly released guidelines categorize life insurance business expenses into variable and fixed costs, specifying which expenses should not be allocated and providing methods for expense allocation [4]. Financial Data - The total market capitalization of the insurance sector is CNY 32,109.56 billion, with a circulating market value of CNY 22,103.29 billion [6]. Valuation Metrics - The report provides PEV valuations for major life insurance companies, with China Life at 0.83x and Ping An at 0.71x [5]. - For property insurance, the PB valuations are noted, with China Re at 0.58x and PICC at 1.2x [10]. Investment Recommendations - Short-term recommendations focus on companies with performance elasticity, suggesting investments in New China Life, China Property & Casualty, and China Life. Long-term recommendations include China Pacific Insurance and China Ping An based on fundamental and valuation considerations [10].

Core Insights - The rapid development of artificial intelligence and embodied intelligence technologies is leading to the commercialization of humanoid robots, but concerns about risks such as "not daring to use, fear of damage, and inability to afford" are bottlenecks for large-scale implementation [1][2] - Major domestic property insurance companies in China, including Ping An, Taikang, and PICC, have launched specialized insurance products for embodied intelligence to address these commercialization challenges [1][5] Industry Overview - Humanoid robots, integrating advanced technologies like AI and high-end manufacturing, are becoming a new frontier in technology competition, with the domestic market expected to reach 1.25 trillion yuan by 2027 [2] - These robots can fill labor gaps across various sectors, including industrial applications like welding and assembly, as well as service scenarios such as elderly care and massage [2] Risk Landscape - The market promotion and use of humanoid robots raise significant safety concerns, with users particularly focused on the risks of damage to the robots themselves and potential harm to people or property in their vicinity [3] - The lack of comprehensive international or industry standards for AI and embodied intelligence technologies poses compatibility and safety risks for products [3][4] Insurance Innovations - Since September, leading insurance companies have been actively launching insurance products related to embodied intelligence [5] - China Pacific Insurance has introduced a specialized product called "Smart Insurance," which offers comprehensive risk coverage across the entire supply chain, integrating various types of protection [6] - PICC has launched a comprehensive insurance product for embodied intelligence, covering both the robot's physical damage and third-party liability, addressing various scenarios including natural disasters and operational failures [6] - Ping An has developed a comprehensive financial solution for embodied intelligence enterprises, providing extensive risk coverage and support across multiple sectors [7]