中国人民银行数据显示，截至2025年二季度，全国信用卡和借贷合一卡发卡量已连续11个季度下滑。不 少银行的信用卡贷款余额、交易额等主要数据也在下降，行业在存量竞争中普遍承压。 当信用卡行业陷入增长焦虑，一场围绕用户价值的破局之战已然打响。平安银行信用卡于11月24日宣 布"平安好车主信用卡"完成全新升级，以卡面与权益的"双重革新"，为行业树立了垂直客群深耕的新标 杆。 全新卡面以动感轮毂造型取代传统方向盘，形象更显年轻时尚，有动感黑、平安橙两个版本，其中平安 橙版本率先上市，限量发行1万张；升级权益则整合"用车、养车、出行"全场景，以覆盖加油充电、车 辆养护、出行保障的多维权益体系，打造一站式"省心、省时、又省钱"的车生活。 在车主客群权益趋于同质化的当下，平安好车主信用卡跳出"权益清单"逻辑，转向构建流畅自然的"服 务动线"。其升级围绕三大核心场景展开具体权益设计： 加油充电场景：接入覆盖全国超8万座加油站的"平安加油"平台，实现"一键导航+极速支付"，10 秒完成"加油不下车"；整合50万根充电桩，覆盖主流充电运营商。创新"省钱包"机制：用户网络 消费满88元可获1%返现，返现金额自动存入加油/充电专属账 ...

中国人民银行数据显示，截至2025年二季度，全国信用卡和借贷合一卡发卡量已连续11个季度下 滑。不少银行的信用卡贷款余额、交易额等主要数据也在下降，行业在存量竞争中普遍承压。 当信用卡行业陷入增长焦虑，一场围绕用户价值的破局之战已然打响。 平安银行信用卡于11 月2 4日宣布"平安好车主信用卡"完成全新升级，以卡面与权益的"双重革新"，为行业树立了 垂直客群深耕的新标杆。 全 新 卡 面 以 动 感 轮 毂 造 型 取 代 传 统 方 向 盘 ， 形 象 更 显 年 轻 时 尚 ， 有 动 感 黑 、 平 安 橙 两 个 版 本 ， 其 中 平 安 橙 版 本 率 先 上 市 ， 限 量 发 行 1 万 张 ； 升 级 权 益 则 整 合 " 用 车 、 养 车 、 出 行 " 全 场 景，以覆盖加油充电、车辆养护、出行保障的多维权益体系，打造一站式"省心、省时、又省 钱"的车生活。 此 次 升 级 依 托 中 国 平 安 " 三 省 工 程 " 战 略 ， 并 邀 请 到 了 中 国 平 安 品 牌 挚 友 岳 云 鹏 助 阵 ， 以" '岳'来越省"为主题传递焕新理念，助力"三省"传播更加深入人心。这不仅 ...

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]

Core Insights - The Shenzhen High-Tech Fair and the Shenzhen Financial Expo showcased significant advancements in AI, with total intended transactions and investment amounts exceeding 1.7 trillion yuan and 10.55 billion yuan respectively [1] - The "Shenzhen Innovation Four Sisters" (Huawei, Tencent, Ping An, BYD) presented their latest AI developments, highlighting their differentiated strategies in AI integration across various industries [1][2] Group 1: AI Strategies of the "Four Sisters" - Huawei aims to provide a "super base" for various industries, focusing on intelligent transformation through advancements in core technologies like chips and operating systems [2][3] - Tencent is developing an AI "super entrance" through its WeChat platform, intending to create an AI entity that facilitates user interactions and transactions within its ecosystem [4][5] - Ping An is launching three major AI services, including a "super customer service" that integrates various service sectors, enhancing user experience through a unified AI interface [12][13] - BYD is leveraging AI to transform smart mobility, showcasing innovations in autonomous driving and smart cockpit technologies, contributing to a significant increase in vehicle sales [15][16] Group 2: Market Impact and Future Projections - Shenzhen's AI industry is expected to grow significantly, with plans to exceed 3,000 AI companies and over 10 unicorns by 2026, with an annual growth rate of over 20% [2] - The AI applications in finance, healthcare, and automotive sectors are projected to enhance operational efficiencies and customer engagement, reflecting a broader trend of AI integration into everyday business practices [17]

Core Insights - The report reveals the competitive landscape and development trends of China's insurance industry as it transitions from scale expansion to value creation, driven by policy guidance, technological empowerment, and market demand [5][6] Group 1: Overall Industry Performance - In the first half of 2025, China's insurance premium income reached 3.74 trillion yuan, a year-on-year increase of 5.04%, continuing the steady growth momentum during the 14th Five-Year Plan period [9] - As of June 2025, the balance of insurance fund utilization reached 36.23 trillion yuan, a 67% increase compared to the end of 2020 [9] - China's insurance premium income accounts for 10.2% of the global market share, solidifying its position as the second-largest insurance market globally [9] - The industry's solvency capacity has strengthened, with a comprehensive solvency adequacy ratio of 204.5% and a core solvency adequacy ratio of 147.8% as of June 2025, reflecting significant improvement in overall risk resistance [9] Group 2: Life Insurance Sector - The report evaluates 75 life insurance companies, with 58 participating in the ranking; China Life, Ping An Life, Taikang Life, New China Life, and China Pacific Life are the top five [10] - Ping An Life leads the industry with a net profit of 50.602 billion yuan [10] - The top ten life insurance companies accounted for 94.6% of the total profit of the participating companies, indicating a "Matthew Effect" where larger firms dominate [10] - There is a growing divide among smaller companies, with 18 companies reporting losses, highlighting challenges in governance and business transformation [10] Group 3: Property Insurance Sector - In the property insurance sector, PICC Property and Casualty, Ping An Property and Casualty, and Taikang Property and Casualty are the top three, with the top five companies accounting for approximately 80% of the total profit of participating companies [11] - PICC Property and Casualty reported a net profit of 24.376 billion yuan and a comprehensive cost ratio of 94.72%, showcasing strong profitability [11] - However, the industry faces significant underwriting pressure, with 40 out of 82 participating companies having a comprehensive cost ratio exceeding 100%, indicating that nearly half are operating at a loss [11] Group 4: Pension and Health Insurance Sectors - The pension insurance sector is experiencing growth opportunities driven by policy support, with Taikang Pension, Ping An Pension, and National Pension leading the market [12] - Ping An Pension achieved a net profit of 1.36 billion yuan in the first half of 2025, becoming the most profitable pension insurance company [12] - The health insurance market is highly concentrated, with China People's Health, Ping An Health, and Fosun United Health as the top four, where the top two companies account for over 80% of revenue and profit [12] - The report emphasizes that the insurance industry is at a critical juncture between the clearing of the "old model" and the establishment of a "new ecosystem," with value creation, risk management, product innovation, and service upgrades as core competitive factors [12]

11月20日，在中国保险业资产负债管理年会上，平安集团副首席投资官路昊阳发表主题演讲表示，借鉴海 外市场的经验，在低利率环境下增配权益资产是不二选择，中国股票的吸引力愈发凸显，平安二级市场权 益投资规模已超8000亿元。 "自2021年至2025年上半年，公司二级市场权益投资复合增速超17%，大幅超越公司保险资金规模增速。"路昊 阳表示，平安采用了"高股息+成长"双轮驱动的均衡权益配置策略。 他认为，成本相对刚性、资金体量大，负债久期长是保险资金的主要特性，决定了保险资金天生就是"耐心资 本"——因此，险资不是来股市"炒股"的，而是来选择可以长期投资的公司，用长期主义分享其利润的增长和 估值的扩张。 平安保险资产已超6万亿元，权益投资规模超8000亿元 可以预见的是，中国股市未来有望在经济转型和制度建设下进一步提升长期收益率。保险资金可以通过长期布 局中国资本市场，坚定持有优质中国资产，既能助推中国经济高质量发展，也必将受益于中国经济长期向好的 发展红利。 提到耐心资本，人们第一个联想到的就是保险资金，这与保险资金的特性密不可分。保险资金不同于资本市场 中的"热钱"，它是负债，是投保人的保费，是对客户的长期赔 ...