以下文章来源于阿尔法工场金融家 ，作者金妹妹 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 导语： 几乎可以确定，头部三家险企的行业集中度将继续上升。 中国保险业的监管正以前所未有的力度穿透全业务链条，在相继重塑了车险与寿险市场后，终于 指向了非车险领域。 11 月上旬，国家金融监督管理总局财险司正式下发《加强非车险业务监管有关工作指引》。 作为 10 月 10 日 36 号文的细化落实文件，该指引明确了非车险 "报行合一" 的产 品备案时间 表、保费管理规则及刚性监管要求，标志着这项制度性变革从 11 月 1 日新规实施的启动阶段全 面落地。 非车险在过去三年间快速膨胀，但增长与盈利的背离越来越大。 2025年上半年，非车险保费收入达5140亿元，同比增长5.6%，增速略高于车险，但行业经营压 力仍存。 从成本表现来看，财险业整体COR（综合成本率）降至96.61%，创近五年同期最低，但非车险 内部细分险种分化明显： 此前非车险费用率长期处于高位，部分激进险种费用率曾超40%；同时极端天气频发、产业事故 增多，叠加医疗费用通胀、赔偿标准提高等因素，导致赔 ...

Group 1 - As of Q3 2025, the number of A-share listed companies in Shenzhen reached 424, with a total market capitalization exceeding 11 trillion yuan, ranking second nationwide [2][6] - In the first three quarters of 2025, Shenzhen's listed companies generated operating income of 5.20 trillion yuan and net profit of 457.8 billion yuan, representing year-on-year growth of 7.36% and 3.98% respectively, with revenue growth outpacing the national average [2][6] - Shenzhen's private equity and venture capital fund size approached 1.37 trillion yuan, investing in approximately 13,800 small and medium-sized enterprises and over 11,100 high-tech companies, continuously injecting capital into the real economy [2][4] Group 2 - The structure of Shenzhen's listed companies is characterized by a high proportion of high-tech enterprises, with about 80% of newly listed companies being from the Sci-Tech Innovation Board and the Growth Enterprise Market [3] - The private sector plays a dominant role, contributing over 90% of employment in the city, and Shenzhen has around 20 companies with a market value exceeding 100 billion yuan [3] - Shenzhen's capital market has shown significant achievements in supporting the real economy, with equity financing exceeding 400 billion yuan and bond financing (including ABS) surpassing 2.4 trillion yuan during the 14th Five-Year Plan period [4][5] Group 3 - The Shenzhen capital market has enhanced its role as a hub for high-level circulation of technology, capital, and industry, with 213 companies listed on the Growth Enterprise Market and Sci-Tech Innovation Board, the highest among major cities in China [4][5] - Since the introduction of the "Merger and Acquisition Six Guidelines," Shenzhen listed companies have executed 497 mergers and acquisitions, involving amounts exceeding 90 billion yuan [5] - The bond market in Shenzhen has seen steady growth, with companies raising over 2.4 trillion yuan through bonds since 2021, and the introduction of innovative mechanisms such as the "Tech Board" for bonds [5][6] Group 4 - The market ecosystem in Shenzhen has been strengthened with the simultaneous enhancement of innovation vitality and comprehensive competitiveness among market entities, including listed companies, securities firms, and private equity institutions [6][7] - In the first three quarters of 2025, 24 securities firms in Shenzhen achieved operating income exceeding 100 billion yuan and net profit exceeding 45 billion yuan, leading the nation [6] - Shenzhen's public fund management companies reached an asset management scale of 12.3 trillion yuan, with public fund management scale at 8.36 trillion yuan, ranking second nationwide [6] Group 5 - Looking ahead to the 15th Five-Year Plan, Shenzhen's capital market aims to focus on serving new productive forces and deepening reform and innovation, striving to build a globally influential industrial financial center [3][8] - Venture capital institutions are seen as catalysts for technological innovation, effectively addressing the financing challenges faced by technology enterprises during their growth phases [8] - Shenzhen plans to guide patient capital towards high-tech and high-quality sectors, promoting technological breakthroughs and industrial upgrades while enhancing the multi-level market system [9]

Group 1 - The core viewpoint emphasizes the exceptional and sustained dominance of Ma Long in table tennis, highlighting his achievements and the significance of his performance in the upcoming competition [1] - Ma Long's attributes include comprehensive skills, mental strength, quick adaptability, precise judgment, and extensive experience, which contribute to his status as a "six-dimensional warrior" in the sport [1] - The upcoming competition is noted as potentially Ma Long's last chance to secure a team gold medal, showcasing his commitment to overcoming the only shortcoming in his career [1] Group 2 - China Ping An officially announced Ma Long as a brand ambassador, reflecting a strong alignment between two entities that excel in their respective fields through long-term stability and strength [2][3] - The partnership is characterized as a "strong union," with both Ma Long and China Ping An embodying qualities of strength, precision, stability, flexibility, longevity, and comprehensiveness [2][3] - The advertisement encapsulates the shared ethos of both parties, emphasizing their commitment to high-quality performance and long-term trust [2][3] Group 3 - The product "Yu Xiang Fen Hong 26" launched by Ping An exemplifies a stable and reliable investment approach, mirroring Ma Long's competitive style of winning through steadiness and precision [2] - The collaboration between Ma Long and China Ping An is particularly relevant in today's fast-changing and risk-prone environment, where families prioritize stability [3] - The partnership signifies a mutual understanding and commitment to long-term excellence, reinforcing the idea that both are "terrifyingly strong" in their domains [3]

Group 1 - Ma Long is recognized as a dominant figure in table tennis, achieving unprecedented milestones such as being the first player to complete the "Grand Slam" and maintaining a high winning percentage in men's singles [1][2] - His consistent performance over 15 years has established him as a "six-dimensional warrior" in the sport, characterized by comprehensive skills, mental strength, quick adaptability, precise judgment, deep experience, and stability in critical moments [1][2] - The current National Games may be his last chance to compete for a team gold medal, highlighting his commitment to overcoming the only shortcoming in his career [1] Group 2 - China Ping An officially announced Ma Long as a brand ambassador, emphasizing a partnership between two entities that excel in their respective fields through long-term stability and strength [3][4] - The collaboration is framed as a "strong union," with both Ma Long and China Ping An embodying qualities of strength, precision, stability, flexibility, longevity, and comprehensiveness [3][7] - The product "Yuxiang Dividend 26" from China Ping An reflects a strategy of stable returns and high participation in dividends, paralleling Ma Long's approach to competition, which relies on steadiness and skill rather than risk [7]

从资金流向上来看，当日保险板块主力资金净流出5.91亿元，游资资金净流入1.15亿元，散户资金净流 入4.77亿元。保险板块个股资金流向见下表： 证券之星消息，11月18日保险板块较上一交易日下跌0.85%，中国太保领跌。当日上证指数报收于 3939.81，下跌0.81%。深证成指报收于13080.49，下跌0.92%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601318 | 中国平安 | 59.62 | -0.35% | 44.57万 | 26.64亿 | | 601628 | 中国人寿 | 43.02 | -0.92% | 9.65万 | 4.16 Z | | 618109 | 中国人保 | 8.51 | -0.93% | 53.07万 | 4.53亿 | | 601336 | 新华保险 | 67.00 | -1.03% | 12.60万 | 8.46 Z | | 601601 | 中国太保 | 34.86 | -1.72% | 42.22万 | 14.78 ...

在产品同质化、预定利率下调的背景下，市场渴望健康险创新产品的出现。一则来自头部险企的表态， 为健康险市场的发展带来新的可能。11月17日，北京商报记者了解到，近日，中国平安公开表示，公司 已开展分红型重疾险的产品研究与开发。这一动向，预示着"保障+投资"双重属性的分红型重疾险，在 告别市场多年后，回归的脚步声已渐行渐近。记者从业内了解到，虽然部分公司暂未公开表示有产品探 索计划，但很多公司已经开始做起了准备工作。 分红型重疾险在内的分红型健康险具备哪些特点？从"允许开展"到"普遍上市"，这类保险还有多长的路 要走？ 产品迎来落地"计划表" 中国平安近日公开表示，公司已开展分红型重疾险的产品研究与开发，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。 "据了解，很多公司早已经在准备，新的分红型重疾险应该不久就会上市。"精算视觉创始人牟剑群在接 受北京商报记者采访时表示。 市场的热情回应有其原因。今年9月底发布的《关于推动健康保险高质量发展的指导意见》(以下简称 《意见》)明确指出，允许开展分红型长期健康险业务。这一政策开口，为产品的"复出"扫清了障碍。 在业内人士看来，头部险企的此番表 ...

Core Insights - The insurance sector is characterized by a "high elasticity" label, with a significant profit increase driven by investment performance, as evidenced by a 68% year-on-year profit growth in Q3 2025, with investment performance contributing 79% of the pre-tax profit increment for the first three quarters [3][11][12] - The "14th Five-Year Plan" emphasizes strong rule of law, strict regulation, risk mitigation, and development promotion, indicating a strategic focus on enhancing the legal framework and regulatory environment for the insurance industry [3][27][28] - The ongoing "anti-involution" policy is expected to boost dividend insurance, while property insurance is undergoing comprehensive governance to improve high-risk insurance types [3][19][27] - The strategic positioning of insurance assets is evolving, with a notable increase in stock and fund investments by listed insurance companies, projected to reach an additional 875.2 to 943.4 billion yuan in A-shares from 2025 to 2027 [3][11][19] - The insurance sector's valuation recovery is anticipated to continue, with recommendations to focus on undervalued, high-elasticity stocks such as China Life, Ping An, and others [3][19][21] Review of Performance - The insurance sector index has risen by 13.5% since the beginning of the year, underperforming the CSI 300 index by 4.1 percentage points [6][10] - In Q3 2025, the total net profit of listed insurance companies reached 426 billion yuan, a year-on-year increase of 33.5%, with significant contributions from investment performance [11][12][19] Policy Outlook - The "15th Five-Year Plan" outlines key directions for the insurance industry, focusing on high-quality development, technological independence, and comprehensive reform [24][28] - The regulatory environment is expected to remain stringent, with a focus on risk mitigation and the promotion of sustainable growth in the insurance sector [27][31] Liability and Asset Management - The "anti-involution" policy is driving a shift towards dividend insurance, while property insurance is seeing a rationalization of competition [3][19][27] - The strategic focus on asset allocation is expected to enhance the investment capabilities of insurance funds, with a projected increase in equity market allocations [3][11][19] Investment Recommendations - The report suggests maintaining a focus on undervalued, high-elasticity stocks within the insurance sector, highlighting companies such as China Life and Ping An as key investment opportunities [3][19][21]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [22]. Core Insights - The insurance index rose by 2.62%, outperforming the market by 3.71 percentage points, with significant individual stock performance variations [1]. - As of Q3 2025, the total balance of insurance funds reached 37.5 trillion, with life insurance companies holding 33.73 trillion and property insurance companies holding 2.39 trillion [2]. - The solvency adequacy ratio for insurance companies was reported at 186.3% for comprehensive and 134.3% for core solvency, with property insurance companies showing a strong solvency position [2]. - The report highlights a shift in asset allocation, with a decrease in bond allocation and an increase in equity and fund holdings, suggesting a more aggressive investment strategy in the current market environment [5]. Summary by Sections Market Performance - The insurance sector showed a positive performance with a 2.62% increase in the index, outperforming the broader market [1]. - Individual stock performances varied, with notable increases in stocks like Taiping (+10.96%) and PICC (+3.16%) [1]. Fund Allocation - As of Q3 2025, the allocation of insurance funds was as follows: bonds 50.3%, stocks 10%, and funds 5.5%, with a slight increase in stock and fund allocations [4]. - Life insurance companies had a bond allocation of 51% and a stock allocation of 10.1%, while property insurance companies had a bond allocation of 40.6% and a stock allocation of 8.7% [4]. Company Performance - New China Life reported a cumulative premium income of 181.973 billion, a 17% year-on-year increase [2]. - China Pacific Life's cumulative premium income was 241.322 billion, reflecting a 9.9% increase, while its property insurance segment saw a modest 0.4% growth [2][3]. - ZhongAn Online reported a cumulative premium income of 29.822 billion [3]. Investment Recommendations - The report suggests a strong beta attribute for the sector in the short term, with a focus on asset performance as a key driver [5]. - Long-term recommendations include companies like China Pacific, China Life, and New China Life based on fundamental performance and valuation [10].

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The brokerage sector continues to see high trading activity, with expectations for sustained high growth in future performance, suggesting active allocation [2][4] - In the insurance sector, listed insurance companies reported significant growth in value, premiums, and profits in Q3, with a notable performance in the growth/technology-dominated equity market, challenging the traditional view of insurance investment as merely dividend-based [2][4] - The report indicates a potential for continued valuation recovery in the short term, supported by the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement [2][4] Summary by Sections Brokerage Sector - Trading activity remains high, with daily average transaction volume at 20,438.27 billion, up 1.56% week-on-week, and a daily turnover rate of 2.09%, up 3.64 basis points [5][40] - The report recommends active allocation in the brokerage sector due to the expected recovery in profitability and stability in commission rates [4][40] Insurance Sector - The cumulative premium income for the insurance industry reached 52,146 billion, with a year-on-year increase of 8.76%, driven by a 10.19% increase in life insurance premiums [22][23] - The report highlights the significant growth in premium income for major insurers, with New China Insurance reporting a 17% increase in premium income for the period from January 1 to October 31, 2025 [6][27] - The insurance sector is expected to see a valuation recovery, supported by improved asset allocation towards bonds and equity [22][27] Market Performance - The non-bank financial index increased by 0.2% this week, with a year-to-date increase of 7.6%, although it ranks lower compared to the broader market [5][18] - The report notes a mixed performance in the non-bank sector, with the insurance sector up 2.6% while the brokerage sector saw a decline of 0.9% [18][20] Financing Activities - In October, equity financing increased to 501.42 billion, up 20.4% month-on-month, while bond financing decreased to 6.56 trillion, down 19.2% [50] - The report anticipates an increase in stock underwriting scale due to new refinancing regulations, while bond underwriting will be influenced by interest rate changes [50] Asset Management - The report indicates a decline in new issuance of collective asset management products, with a total of 41.83 billion units issued in October, down 37.3% from the previous month [54] - The asset management sector is entering a recovery phase as the transition period for new regulations approaches its end [54]

分红型重疾险在内的分红型健康险具备哪些特点？从"允许开展"到"普遍上市"，这类保险还有多长的路 要走？ 产品迎来落地"计划表" 中国平安近日公开表示，公司已开展分红型重疾险的产品研究与开发，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。 市场的热情回应有其原因。今年9月底发布的《关于推动健康保险高质量发展的指导意见》（以下简称 《意见》）明确指出，允许开展分红型长期健康险业务。这一政策开口，为产品的"复出"扫清了障碍。 在业内人士看来，头部险企的此番表态，正是基于对这一政策的积极响应。 中国平安也表示，通过"保障+投资"双重属性，可提升产品竞争力，重疾险或将迎来新的发展机会。 在产品同质化、预定利率下调的背景下，市场渴望健康险创新产品的出现。一则来自头部险企的表态， 为健康险市场的发展带来新的可能。11月17日，北京商报记者了解到，近日，中国平安公开表示，公司 已开展分红型重疾险的产品研究与开发。这一动向，预示着"保障+投资"双重属性的分红型重疾险，在 告别市场多年后，回归的脚步声已渐行渐近。记者从业内了解到，虽然部分公司暂未公开表示有产品探 索计划，但很多公司已经开始做起了准备工 ...