Core Viewpoint - After the Lunar New Year holiday, the performance of Chinese H-share insurance companies has lagged behind the market, with concerns over short-term profit risks and a lack of data points regarding monthly premium income [1] Group 1: Market Concerns - Short-term profit risks are highlighted as major insurance companies have not yet released positive profit forecasts [1] - There is a lack of data points due to the absence of disclosed monthly premium income [1] - The macroeconomic trends following the Lunar New Year holiday are under scrutiny [1] Group 2: Expected Catalysts - The sector is expected to regain momentum as the earnings announcement period approaches, driven by five key catalysts [1] - Increased discussions on total shareholder returns [1] - Management's optimistic guidance on life insurance sales prospects for fiscal year 2026 [1] - Solid solvency capital status for Q4 2025 [1] - Decrease in funding costs [1] - Enhanced confidence in the recovery of the Contractual Service Margin (CSM) for life insurance reserves [1] Group 3: Company Preferences and Ratings - The company prefers China Ping An (601318) due to its life insurance sales recovery and attractive valuation, as well as China Life (601628) for its strong life insurance sales growth and discussions on enhancing shareholder returns [1] - Morgan Stanley has assigned "Overweight" ratings to both China Ping An and China Life H-shares, with target prices of HKD 100 and HKD 40, respectively [1] Group 4: Profit Forecasts and Market Consensus - Morgan Stanley states that insurance companies are not required to issue profit forecasts unless annual net profit changes exceed 50% [2] - The firm predicts net profit growth for China Life, China Ping An, and China Pacific Insurance (601601) for fiscal year 2025 at 47%, 19%, and 10% respectively [2] - The market consensus for fiscal year 2026 net profit forecasts shows a projected decline of 9%, indicating limited risk for further downward adjustments at this stage [2]

Core Viewpoint - After the Lunar New Year holiday, the performance of Chinese H-share insurance companies has lagged behind the market, primarily due to concerns over short-term profit risks, lack of data points, and macroeconomic trends post-holiday [1] Group 1: Market Performance and Risks - Major insurance companies have not yet released positive profit forecasts, contributing to market concerns [1] - There is a lack of disclosed monthly premium income data, which adds to uncertainty [1] - The macroeconomic outlook following the Lunar New Year holiday is under scrutiny [1] Group 2: Future Catalysts - The sector is expected to regain momentum as the earnings announcement period approaches, driven by five key catalysts [1] - Increased discussions on total shareholder returns [1] - Management's optimistic guidance on life insurance sales prospects for fiscal year 2026 [1] - Solid solvency capital status projected for Q4 2025 [1] - Decrease in funding costs [1] - Enhanced confidence in the recovery of the Contractual Service Margin (CSM) for life insurance [1] Group 3: Company Preferences and Ratings - The company prefers China Ping An (02318) due to its recovery in life insurance sales and attractive valuation [1] - China Life (02628) is also favored for its strong life insurance sales growth and discussions on enhancing shareholder returns [1] - Morgan Stanley has assigned "Overweight" ratings to China Ping An and China Life H-shares, with target prices of HKD 100 and HKD 40 respectively [1] Group 4: Profit Forecasts and Market Consensus - Morgan Stanley believes that insurance companies do not need to issue profit forecasts unless annual net profit changes exceed 50% [2] - The firm forecasts net profit growth for China Life, China Ping An, and China Pacific Insurance (02601) at 47%, 19%, and 10% year-on-year for fiscal year 2025 respectively [2] - The market consensus for net profit in fiscal year 2026 shows a projected decline of 9%, indicating limited risk for further downward adjustments at this stage [2]

智通财经APP获悉，摩根大通发布研报称，农历新年长假期结束后，中国H股保险公司的表现落后于大 市。市场似乎关注：(1)短期盈利风险，因主要保险公司尚未公布正面盈利预告; (2)缺乏数据点，因未有 披露每月保费收入; (3)农历新年假期后的宏观走势。 该行预期，随着业绩公布期临近，板块将重拾动力。五大关键催化剂包括：(1)加强股东总回报的讨论; (2)管理层对2026财年寿险销售前景的乐观指引; (3)2025年第四季偿付能力资本状况稳健; (4)资金成本下 降; 及(5)对寿险准备金合约服务边际(CSM)恢复的信心增强。该行偏好中国平安(02318)，因其寿险销售 复苏及估值吸引; 以及中国人寿(02628)，其在同样强劲的寿险销售增长前景之外，还提供加强股东回报 的讨论。小摩对中国平安及国寿H股分别予"增持"评级，目标价分别100港元及40港元。 小摩认为，除非全年纯利变动超过50%，否则保险公司无需发布盈利预告。该行预测2025财年国寿、中 国平安及中国太保(02601)纯利分别同比增长47%、19%及10%。由于更关注核心盈利带来的可持续每股 股息增长，以及新会计准则下纯利波动性增加，保险公司对自愿发布 ...

（文章来源：每日经济新闻） 中国平安坚定践行"金融为民"初心，持续深化"综合金融+医疗养老"双轮战略，通过"金融+服务"模式创 新，积极推进AI服务入口、全球急难救援、全周期"四到"医疗养老等服务升级创新，不断突破传统金 融、医养服务"时间、空间、成本、效率"限制，优化金融、医疗、养老资源配置，助力综合金融、医疗 养老实现从"小众低频服务"到"大众普惠服务"的跃迁。未来公司将进一步贯彻落实党的二十届四中全会 精神，创新发展模式，提升养老金融服务的可得性、便利性，让优质的养老金融服务走进更多百姓家 庭，助力"十五五"期间养老金融可持续发展。 ...

集团股东应占净利润方面，瑞银预计，2025年全年同比增5%; 资产净值同比增长7%，意味着第四季按 季温和增长; 2025年全年派息总额预计每股2.68元人民币，同比增长5%。长远而言，瑞银认为派息总额 最终应会与归母营运利润同步增长。 瑞银又预计，集团2025年全年新业务价值同比增长30%。与传统产品相比，分红保单带来的利率风险及 盈利波动性较低。该行认为平保2026年第一季将录得25%至30%的新业务价值增长; 预测2026年全年新 业务价值增长18%，或处于行业领先水平。瑞银认为，平安凭借其规模优势(如品牌、对银行的议价能 力)以及拓展银保渠道的承诺，公司处于有利位置，能捕捉存款迁移及银保合作的机遇。 智通财经APP获悉，瑞银发布研报称，中国平安(02318)计划于3月26日收市后公布2025年业绩。按可比 口径计算，该行预计集团归母营运利润同比增9%，意味着第四季同比增幅达23%。该行表示，集团第 四季增长加快主要是资产管理业务的减值损失减少，以及产险承保利润增长转强。瑞银微调平安模型， 但对股东应占净利润的预测基本不变，维持目标价88港元; 评级"买入"。 ...

瑞银又预计，集团2025年全年新业务价值同比增长30%。与传统产品相比，分红保单带来的利率风险及 盈利波动性较低。该行认为平保2026年第一季将录得25%至30%的新业务价值增长;预测2026年全年新业 务价值增长18%，或处于行业领先水平。瑞银认为，平安凭借其规模优势(如品牌、对银行的议价能力) 以及拓展银保渠道的承诺，公司处于有利位置，能捕捉存款迁移及银保合作的机遇。 集团股东应占净利润方面，瑞银预计，2025年全年同比增5%;资产净值同比增长7%，意味着第四季按季 温和增长;2025年全年派息总额预计每股2.68元人民币，同比增长5%。长远而言，瑞银认为派息总额最 终应会与归母营运利润同步增长。 瑞银发布研报称，中国平安（601318）(02318)计划于3月26日收市后公布2025年业绩。按可比口径计 算，该行预计集团归母营运利润同比增9%，意味着第四季同比增幅达23%。该行表示，集团第四季增 长加快主要是资产管理业务的减值损失减少，以及产险承保利润增长转强。瑞银微调平安模型，但对股 东应占净利润的预测基本不变，维持目标价88港元;评级"买入"。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [2][6]. Core Insights - The insurance sector has experienced a phase of adjustment, with a decline in the Shenwan Insurance Index from 1474.31 to 1419.21, a drop of -3.74% from February 13 to February 27. This decline occurred despite the Shanghai Composite Index and the CSI 300 Index showing positive growth during the same period [9][10]. - The report highlights that the insurance industry has significantly increased its equity asset allocation, with a rise of 1.6 trillion yuan in "stocks + funds," bringing the proportion to 15.4%. The bond allocation has increased by 0.9 percentage points to 50.4% [13][14]. - As of the end of Q4 2025, the average comprehensive solvency adequacy ratio for insurance companies was 181.1%, with a core solvency adequacy ratio of 130.4%, indicating overall strong solvency across the sector [13][14]. Summary by Sections 1. Insurance Sector Adjustment and Valuation Recovery - The report notes a significant adjustment in the insurance sector, with a focus on the stabilization of interest rates benefiting valuation recovery opportunities for undervalued insurance stocks [3][9]. 2. Industry Event Tracking - The National Financial Regulatory Administration reported that the insurance industry's total investment balance reached 38.5 trillion yuan by the end of 2025, reflecting a year-on-year increase of 15.7% [13]. - The solvency ratios of various insurance companies indicate that most are well-capitalized, with only five companies failing to meet regulatory standards [14]. - A survey indicates that most insurance institutions plan to slightly increase their allocation to A-shares in 2026, focusing on sectors such as electronics, non-ferrous metals, and pharmaceuticals [15]. 3. Company Event Tracking - China Taiping has reduced its stake in Joy City, bringing its holding below 5% [16]. - Ping An Life's chairman, Yang Zheng, is set to retire, with responsibilities transitioning to Cai Ting, the vice chairman [17]. - Zhongying Life has announced the discontinuation of two dividend insurance products, lowering the preset interest rate to 1.25% [17]. 4. Investment Recommendations - The report suggests maintaining an "Overweight" rating for the insurance sector, with specific stock recommendations including China Ping An, China Taiping, New China Life, China Pacific Insurance, China Life, and China People's Insurance Group [18].

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。 2026年2月27日，国家金融监督管理总局两江监管分局发布批复称，《中国平安（601318）人寿保险股 份有限公司重庆分公司关于重庆分公司第三营销服务部变更营业场所的请示》(平保寿渝分文〔2026〕2 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第三营销服务部将营业场所变更为：重庆市两江新区江北城西 大街25号4-1层2、3单元；5-1层4、5、6A、6B单元；21-1层。 ...

一、同意中国平安财产保险股份有限公司昔阳支公司将营业场所变更为：山西省晋中市昔阳县春风路晋 美商业中心5层503室。 2026年2月28日，国家金融监督管理总局晋中监管分局发布批复称，《中国平安（601318）财产保险股 份有限公司晋中中心支公司关于变更昔阳支公司营业场所的请示》(平保产晋分晋中中支发〔2026〕2 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。 ...

Economic Stability - Stability is the current foundation of the Chinese stock market, with the Shanghai Composite Index recently stabilizing and showing positive momentum[11] - The geopolitical situation in the Middle East has limited impact on the Chinese market, with expectations quickly forming and digesting after recent developments[11] - China's internal stability and accelerated development are increasingly necessary amid external uncertainties, supported by rising national strength and governance levels[11] Fiscal Policy and Economic Outlook - The upcoming National People's Congress is expected to lead to better-than-expected arrangements for deficit rates and special bonds, which will stabilize the real estate market[12] - In January and February 2026, the issuance of new special bonds reached CNY 830 billion, a year-on-year increase of 39.6%, likely boosting economic activity[12] - The recovery rates for construction sites and funding availability have increased by 1.5% and 3.7% respectively compared to the previous lunar year[12] Sector Recommendations - Emerging technology is a key focus, with recommendations for sectors such as machinery, electronics, and defense, emphasizing self-sufficiency and AI applications[13] - Financial stability is highlighted, with banks and non-bank financial institutions recommended for investment due to their role as market stabilizers[13] - Resource sectors, including metals and oil transportation, are expected to benefit from global security changes and domestic investment recovery[13] Risk Factors - Risks include potential overseas economic downturns and geopolitical uncertainties, as well as individual stock performance not meeting expectations[14]