| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601336 新华保险 | | 2557.31万 | 2.51% | 5064.66万 | 4.97% | -7621.97万 | -7.48% | | 601628 中国人寿 | | -52.93万 | -0.09% | 3344.07万 | 5.95% | -3291.14万 | -5.85% | | 601601 中国太保 | | -876.93万 | -0.92% | 4536.69万 | 4.75% | -3659.75万 | -3.84% | | 601319 中国人保 | | -1797.51万 | -4.79% | 2627.01万 | 7.00% | -829.50万 | -2.21% | | 601318 中国平安 | | -3043.32万 | -1.42% | -3954.39万 | -1.84% | 6997.72万 | 3.26% | 从 ...

中金发布研报称，9M25中资寿险可比口径下NBV同比增速，人保寿+76.6%>平安+46.2%>国寿+41.8%> 太保+31.2%，综合考虑低利率环境下"存款搬家"趋势以及"报行合一"等措施下行业步入高质量发展，对 未来头部公司负债端趋势维持乐观展望。财险方面，9M25人保财/平安财/太保财CoR分别同 比-2.1/-0.8/-1.1ppt至96.1%/97.0%/97.6%，当前非车险综合治理等监管措施开启，头部财险公司未来盈利 趋势仍有改善空间。 新单保费增长不及预期；利率和资本市场大幅波动；政策不确定性；自然灾害。 9M25人保财/平安财/太保财CoR分别同比-2.1/-0.8/-1.1ppt至96.1%/97.0%/97.6%。过去几年在一系列监管 政策推动下车险业务实现提质增效，当前非车险综合治理等监管措施开启，头部财险公司未来盈利趋势 仍有改善空间。 净利润高增、净资产提升 股市走强推动各家投资收益继续上行，9M25国寿/新华年化总投资收益率同比+1.0/+1.8ppt至 6.4%/8.6%，太保/人保非年化总投资收益率同比+0.5/+0.8ppt至5.2%/5.4%，平安非年化综合投资收益率 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the broader market [1][33]. Core Insights - The report highlights a mixed performance in the non-bank financial sector, with insurance stocks showing significant gains while brokerage stocks faced declines. The insurance index rose by 1.2%, while the brokerage index fell by 0.7% [4][8]. - The report emphasizes the importance of regulatory changes in the non-auto insurance sector, which are expected to create investment opportunities as companies adapt to new guidelines [4][31]. - The overall market sentiment remains optimistic, with expectations for steady growth in the capital markets supported by improved investor structures and strategic policy directions [4][8]. Summary by Sections Market Overview - The non-bank financial index decreased by 0.2% last week, underperforming the CSI 300 by 1.0 percentage points. The average daily trading volume for stock funds was 25,001 billion yuan, a decrease of 13.3% week-on-week [4][16]. - New account openings on the Shanghai Stock Exchange in October were 2.4672 million, down 21.4% from September, but the year-to-date total reached 22.46 million, up 10.6% year-on-year [4][16]. Insurance Sector - The implementation of the "reporting and operation integration" guidelines for non-auto insurance is expected to enhance investment value, particularly as the year-end approaches and market sentiment shifts [4][31]. - The report suggests focusing on large comprehensive insurance companies that have competitive advantages, especially in light of the new regulatory framework aimed at high-quality development [4][31]. Brokerage Sector - The report notes a decline in new account openings due to a high base effect from the previous year, but the overall market sentiment remains strong, indicating potential for future growth [4][8]. - It recommends focusing on large brokerages with strong capital positions and stable operations, particularly in the context of ongoing mergers and acquisitions and wealth management transformations [4][31]. Investment Recommendations - For brokerages, the report advises capitalizing on the new "National Nine Articles" policy framework, which aims to cultivate top-tier investment banks and support long-term market activity [4][31]. - For insurance companies, the focus should be on those that can optimize product design and enhance channel value under the new regulatory environment [4][31].

Core Viewpoint - The National Financial Supervision Administration of Baoding has approved the relocation of the business premises for China Ping An Life Insurance Co., Ltd. Baoding Branch [1] Group 1 - The business premises of China Ping An Life Insurance Co., Ltd. Bo Ye Branch will be relocated to: No. 3-13, Building 3, Guanlan Yijing Community, Baoding City, Hebei Province [1] - The company is required to handle the change and obtain the new license in accordance with relevant regulations [1]

Core Viewpoint - The National Financial Supervision Administration of Jiujiang has approved the relocation of the business premises of China Ping An Property & Casualty Insurance Company to a new address in Jiujiang, Jiangxi Province [1] Group 1 - The new business location for China Ping An Property & Casualty Insurance Company is set at 16th Floor, Room 1601-1602, Jinshun Building, Jiangdu Avenue, Liangtang New District, Xiushui County, Jiujiang City, Jiangxi Province [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

2025年11月6日，国家金融监督管理总局九江监管分局发布批复称，《关于中国平安财产保险股份有限 公司瑞昌支公司变更营业场所的请示》（平保产赣分发〔2025〕108号)收悉。经审核，现批复如下： 一、同意中国平安财产保险股份有限公司瑞昌支公司将营业场所变更为：江西省九江市瑞昌市瀼溪南路 东侧、柴桑路南侧瑞枫园5幢商101号。 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清远市高新开发区支公司将营业场所变更为：广东省清远市高 新技术产业开发区创兴大道18号天安智谷科技产业园产业大厦T019层03号。 2025年11月10日，国家金融监督管理总局清远监管分局发布批复称，《中国平安财产保险股份有限公司 清远中心支公司关于中国平安财产保险股份有限公司清远市高新开发区支公司变更地址的请示》（平保 产粤分清远中支发〔2025〕7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。 ...

Core Points - The Wuzhou Financial Regulatory Bureau approved the request for changing the business location of China Ping An Property & Casualty Insurance Co., Ltd. Cengxi Branch [1] - The new business address is located at 5 Building 101, 102, Minghua Agricultural Trade City, Xinxing Road, Cengxi City, Guangxi Zhuang Autonomous Region [1] - China Ping An Property & Casualty Insurance Co., Ltd. is required to handle the business location change and license renewal in accordance with relevant regulations [1]

Core Points - The Henan Financial Regulatory Bureau approved the request from China Ping An Property & Casualty Insurance Company to change the business location of its Jizhou branch to a new address in Handan City, Hebei Province [1] Group 1 - The new business location for the Jizhou branch is specified as: 2nd Floor, Room 2-2-102, Jing Shang Yuan, People's East Road, Jizhou County, Handan City, Hebei Province [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - The Yan'an Financial Regulatory Bureau has approved the request from China Ping An Property & Casualty Insurance Company to change the address of its Ansai branch, indicating regulatory compliance and operational adjustments within the company [1] Summary by Sections Address Change Approval - The approval allows China Ping An Property & Casualty Insurance Company to relocate its Ansai branch to a new address: No. 1, Floor 1, Building 3, Fuyuan A District, Zhenwudong Street, Ansai District, Yan'an City, Shaanxi Province [1] Compliance Requirements - The company is required to timely handle the change of address and the renewal of relevant licenses in accordance with applicable regulations [1]