Investment Rating - The report maintains an "Overweight" rating for the insurance industry [3][5]. Core Insights - As of Q3 2025, the balance of insurance funds has steadily increased, with stock assets' proportion rising while bond assets' proportion has decreased. The importance of active management in investments is expected to grow [3][5]. - The insurance industry fund utilization balance reached CNY 37.5 trillion, up 12.6% year-to-date, driven by stable growth in new and renewal premiums, with an overall premium growth of 8.8% year-on-year [5][6]. - The allocation to stock assets increased to CNY 3.62 trillion, representing 10.0% of total assets, up 2.5 percentage points year-to-date [5][6]. - The report emphasizes the need for insurance companies to shift from passive to active asset management strategies to enhance investment returns [5][6]. Summary by Sections Fund Utilization - The insurance industry's fund utilization balance as of Q3 2025 is CNY 37.5 trillion, a 12.6% increase from the beginning of the year. Life insurance accounts for CNY 33.7 trillion (up 12.6%), while property insurance accounts for CNY 2.4 trillion (up 7.5%) [5][6]. - Premium growth for the insurance industry was 8.8% year-on-year, with life insurance growing by 10.2% and property insurance by 4.9% [5][6]. Asset Allocation - Stock asset allocation reached CNY 3.62 trillion, a 1.19 trillion increase year-to-date, with a 10.0% share of total assets, up 2.5 percentage points from the start of the year [5][6]. - The proportion of bond assets is 50.3%, a slight decrease of 0.8 percentage points from the previous quarter, while bank deposits decreased to 7.9% [5][6]. - Other assets, primarily non-standard assets, decreased to 18.4% [5][6]. Investment Strategy - The report highlights the need for improved active management capabilities in the investment sector, as net investment yields are declining in a low-interest-rate environment [5][6]. - It is suggested that insurance companies should adopt more flexible asset allocation strategies to optimize returns [5][6]. Stock Recommendations - The report recommends specific stocks including New China Life, Ping An Insurance, China Pacific Insurance, China Life, and China People's Insurance Group [5][6].

一、同意中国平安人寿保险股份有限公司金华中心支公司武义县营销服务部将营业场所变更为：浙江省 金华市武义县壶山街道温泉北路31号武义国际数字贸易港1幢508室。 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。 2025年11月10日，国家金融监督管理总局金华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金华中心支公司武义县营销服务部营业场所的请示》（平保寿浙分发〔2025〕338 号）材料收悉。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撤销中国平安人寿保险股份有限公司重庆市大足支公司龙水营 销服务部。 二、接此批复文件后，中国平安人寿保险股份有限公司龙水营销服务部应立即停止一切经营活动，于15 个工作日内向永川金融监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 2025年11月12日，国家金融监督管理总局永川监管分局发布批复称，《关于撤销中国平安（601318）人 寿保险股份有限公司重庆市大足支公司龙水营销服务部的请示》（平保寿渝分文〔2025〕8号）收悉。 经审核，现批复如下： ...

2025年11月7日，国家金融监督管理总局宜春监管分局发布批复称，《关于中国平安（601318）财产保 险股份有限公司宜丰支公司营业场所变更的请示》（平保产赣分发〔2025〕106号）收悉。经审核，现 批复如下： 二、中国平安财产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、同意中国平安财产保险股份有限公司宜丰支公司将营业场所变更为：江西省宜春市宜丰县新昌镇永 和西大道198号华鑫铭都（10栋）166号附1号商铺。 ...

一、同意中国平安财产保险股份有限公司镇康支公司将营业场所变更为：云南省临沧市镇康县南伞镇公 主路中缅商贸酒店附属楼会所1楼。 二、中国平安财产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。 2025年11月14日，临沧金融监管分局发布批复称，《中国平安（601318）财产保险股份有限公司临沧中 心支公司关于中国平安财产保险股份有限公司镇康支公司变更营业场所的请示》（平保产云分临沧中支 发〔2025〕13号）收悉。经审核，现批复如下： ...

Core Viewpoint - The insurance sector has shown impressive investment performance in the first three quarters of 2025, driven by a favorable stock market and increased bond yield volatility, leading to higher investment returns for insurance companies [1][2]. Investment Performance - Five listed insurance companies reported significant investment returns, with New China Life achieving an annualized return of 8.6%, while China Pacific Insurance and China Life reported non-annualized returns of 5.2% and 6.42%, respectively [1][2]. - China Life's total investment income reached RMB 368.55 billion, marking a 41.0% year-on-year increase [3]. - China Reinsurance's total investment income was RMB 862.50 billion, reflecting a 35.3% year-on-year growth [3]. Investment Strategies - Insurance companies are actively responding to the demand for long-term capital entry into the market, leveraging their patient capital advantage to steadily increase equity holdings [1][2]. - China Reinsurance has increased its long-duration bond allocation and focused on long-term growth potential in equity investments [3]. - China Pacific Insurance has maintained a disciplined asset allocation strategy, actively managing equity investments with a focus on undervalued and high-dividend stocks [3]. Alternative Investments - Alternative investments are becoming a key focus for insurance companies as part of their diversification strategies and business transformation efforts [4]. - China Reinsurance is actively promoting business transformation by investing in asset-backed plans and public/private REITs [5]. - China Ping An is also increasing its allocation to quality alternative assets to diversify and enhance its revenue sources [6]. Product Performance - A total of 1,483 insurance asset management products achieved positive returns this year, with a 93.8% success rate, and four products exceeded 100% returns [8].

证券时报•数据宝统计显示，11月14日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交352.41亿港元，占当日港股通成交金额的 36.46%，净买入金额56.68亿港元。 上榜的成交活跃股中，阿里巴巴-W成交额为89.29亿港元，成交金额居首；其次是腾讯控股、中芯国际，成交金额分别为70.01亿港元、62.06亿港 元。 以上榜次数统计，11月14日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、华虹半导体等，近一个月均上榜22次，最受港股通资金关注。 中国平安为近一个月首次上榜，当日港股通成交额为7.92亿港元，成交净卖出0.47亿港元，该股当日收盘下跌1.64%。（数据宝） 11月14日港股通成交活跃股榜单 | 证券代码 | 证券简称 | 成交金额 | 净买入金额 | 近一个月上榜次数 | 最新收盘价 | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | --- | | | | （亿港元） | （亿港元） | | （港元） | | | 00700 | 腾讯控股 | 70.01 | 21.68 | | 22 641.000 | -2.29 | | 00 ...

Core Insights - Insurance companies are transforming their apps from mere claims processing tools into comprehensive "health partners" and "lifestyle managers" that provide continuous service interactions beyond just insurance transactions [1][2][6] Group 1: Service Innovations - Insurance apps are increasingly offering diverse services, such as mental health assessments through the "Emotional Support Station" on the China People's Insurance app, allowing users to evaluate their psychological state [2][4] - China Life's app has introduced a "Pension Zone," providing users with easy access to information about various pension facilities and enabling online appointment scheduling [3][4] - The integration of medical services is exemplified by Ping An Life's app, which offers "domestic second opinions" from top hospital experts, addressing the shortage of medical resources in lower-tier facilities [4][6] Group 2: Strategic Shift - The evolution of insurance apps reflects a strategic shift from "post-incident compensation" to "full-cycle health management," enhancing user engagement and trust through regular service interactions [4][6] - The focus has shifted from merely selling policies to managing user relationships throughout their life cycles, incorporating health, retirement, and wealth management services [6][7] - Regulatory guidance is pushing insurance companies to integrate health management with insurance services, emphasizing risk reduction as a key business logic [6][7] Group 3: Market Dynamics - The user engagement metrics indicate a successful transition, with China People's Insurance app's monthly active users increasing from 3.35 million to nearly 4 million within a year [5][6] - The competitive landscape is evolving, with large insurers leveraging their resources to create comprehensive service platforms, while smaller firms focus on niche markets and partnerships to enhance their offerings [7][8]

Investment Rating - The report suggests a focus on the brokerage sector, indicating that the sector has a price-to-book (PB) ratio of 1.41x, which is considered undervalued compared to its performance [1] Core Views - The report emphasizes the resilience and stability of the capital market, highlighting the need for a more inclusive and attractive regulatory framework, improved quality and value of listed companies, and effective regulatory enforcement [1][41] - The brokerage sector has underperformed the market by 13 percentage points year-to-date, despite a projected high profit growth for the year [1] - The insurance sector shows a significant increase in asset allocation, with total funds reaching 37.46 trillion yuan, a 12.6% increase year-on-year [3][37] Summary by Sections Brokerage Sector - The brokerage sector has seen a 4% increase year-to-date, lagging behind the broader market [1] - The current PB ratio is 1.41x, indicating a potential for price appreciation given the expected high profit growth [1] - Recommendations include focusing on brokerage firms with strong quarterly performance that are still undervalued [2] Insurance Sector - As of Q3 2025, the total asset size of the insurance industry reached 40.4 trillion yuan, reflecting a 12.5% increase from the beginning of the year [37] - The allocation of insurance funds has shifted, with a notable increase in equity investments, which now account for 10% of total investments [3] - The report anticipates a double-digit growth in new insurance premiums for 2026, driven by strong investment performance in 2025 [4] Market Dynamics - The report notes that the average daily trading volume of A-shares was 20,123 billion yuan, a decrease of 13.5% week-on-week [15] - The report highlights the significant growth in new equity fund issuance, which totaled 4,820 million units from January to October 2025, a year-on-year increase of 175.9% [15] - The insurance sector's premium income showed mixed results, with some companies experiencing growth while others faced declines in specific months [36]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the importance of developing a robust financial market and promoting direct financing through equity and bond markets to optimize financing structures and reduce corporate financing costs, which is crucial for stimulating market vitality and supporting high-quality economic development [3][13] - The A-share market has shown significant growth in trading volume, with the average daily trading volume reaching 20,438 billion yuan, a 1.6% increase from the previous period and a 1.0% increase year-on-year [1][17] - The insurance sector is experiencing a structural differentiation, with life insurance premiums showing a temporary slowdown while property insurance premiums are growing steadily [14] Summary by Sections Market and Sector Performance - The non-bank financial Shenwan index increased by 0.16%, outperforming the CSI 300 index by 1.24 percentage points, ranking 20th among all primary industries [2][12] - The securities sector declined by 1.01%, while the insurance sector rose by 2.63%, and internet finance increased by 1.83% [2][12] Securities: Development of Direct Financing - The People's Bank of China emphasizes the need for a well-functioning financial market that caters to various investment and financing needs, advocating for the development of direct financing through equity and bond markets [3][13] Insurance: Premium Trends - In September, life insurance premiums decreased to 1,962 billion yuan, a year-on-year decline of 4.6%, while property insurance premiums rose to 1,511 billion yuan, a year-on-year increase of 7.2% [14] Market Indicators - As of November 13, 2025, the margin balance in the two markets reached 25,065.19 billion yuan, a 0.31% increase from the previous period and a 59.95% increase compared to the average level in 2024 [1][17]