2025年上半年，我国财产保险行业交出了一份稳健答卷。透视多家上市险企的中期业绩不难发现，财险业正 从规模驱动向价值驱动转型，在服务国家战略和社会民生中承担更大责任。 结构优化发展稳健 新能源车险提质增效 车险是财险行业的基本盘，也是最能折射竞争格局和政策效果的领域。过去几年，新能源车险因赔付率高、 维修成本高而长期处于"增收不增利"状态。随着行业加快费用管控、推动与车企深度合作，2025年这一板块 迎来结构性改善。 数据显示，上半年，中国太保产险新能源车险保费收入105.96亿元，占车险保费的比重由去年同期的14.1%升 至19.8%，并首次实现了承保盈利。俞斌直言："新能源车险已经进入盈利空间。"不过他也提醒，商用车综合 成本率仍在100%以上，下半年压力不容忽视。 中国平安产险新能源车险保费收入同比增长46%，实现正向承保利润。谢永林表示，盈利的取得并非易事， 其背后是公司在持续创新的同时，运用科技改造核保、理赔、定损等流程，提升运行效率和定价能力，通过 综合施策推动成本率下行。 中国人保财险则保持领先地位，上半年新能源车险市场份额达34.2%，高于燃油车险2.7个百分点，并率先迈 出"出海"步伐——今 ...

交易信息汇总 截至2025年9月5日收盘，中国人保（601319）报收于8.39元，较上周的8.98元下跌6.57%。本周，中国 人保9月1日盘中最高价报8.95元。9月4日盘中最低价报8.27元。中国人保当前最新总市值3710.39亿元， 在保险板块市值排名3/6，在两市A股市值排名35/5152。 本周关注点 9月2日中国人保发生一笔1071.68万元的大宗交易。 公司公告汇总 中国 人民保险集团股份有限公司截至2025年8月31日的证券变动月报表显示，公司注册股本无变动。H 股和A股的上月底结存与本月底结存均分别为8,726,234,000股和35,497,756,583股，面值均为人民币1 元。已发行股份和库存股均无变化，H股和A股库存股数目为0。本月底注册股本总额为人民币 44,223,990,583元。股份期权、可转换票据等事项均不适用。公司确认本月证券发行符合相关法规要 求。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 交易信息汇总：中国人保9月2日发生1071.68万元大宗交易。 公司公告汇总：中国人保H股和A股 ...

Core Insights - Insurance funds have significantly increased their presence in the A-share market, with nearly 800 companies listed among the top ten shareholders as of June 2025, and over 280 stocks being increased in the second quarter alone [2][3] - The total investment scale of insurance funds reached 36 trillion yuan by the end of the second quarter of 2025, with stock investments amounting to 3.07 trillion yuan, a net increase of approximately 640 billion yuan compared to the previous quarter [2][3] Group 1: Investment Trends - The seven major A+H listed insurance companies have a combined investment scale of 21.85 trillion yuan, accounting for 60.30% of the total industry [2] - The stock investment scale of these companies reached 2.05 trillion yuan, with a net increase of 431.3 billion yuan, representing 67.39% of the industry's net increase [3] - Insurance funds are increasingly allocating to equity assets due to declining risk-free returns, with different companies showing varied strategies in their asset allocation [4][5] Group 2: Company-Specific Actions - China Ping An saw the largest increase in stock investment, with a net increase of 211.9 billion yuan, raising its proportion by 2.9 percentage points [4] - China Life's stock investment increased by 119.1 billion yuan, with a 1.1 percentage point rise in proportion [4] - Sunshine Insurance has the highest stock investment proportion among the seven companies at 14.1%, with a 23.9% increase [4] Group 3: Sector Preferences - As of mid-2025, insurance funds have allocated nearly 1 trillion yuan to high-dividend other comprehensive income (OCI) stocks, with a significant increase in the proportion of OCI stocks in their portfolios [6] - The top five sectors for insurance fund holdings include banking, transportation, communication, real estate, and utilities, with the media, communication, and utilities sectors seeing the largest increases in holdings [6] Group 4: Market Dynamics - Insurance funds have engaged in 30 "block trades" since the beginning of 2025, with the banking sector being the most active [8] - The shift in accounting standards is expected to influence the stability of insurance companies' net profits, prompting a greater focus on OCI asset allocation [9] - Recent policy changes have encouraged insurance companies to invest more in the A-share market, with a target of 30% of new premiums allocated annually [10]

截至2025年6月末，保险资金现身近800家A股上市公司的前 十大流通股东名单。重仓股数据显示，第二季度险资增持超过 280只股票，新建仓股票超过300只。 作者： 姜鑫 陈胡永 封图：图虫创意 随着中报披露季的结束，机构投资者的持仓也浮出水面。 Wind（万得）统计数据显示，截至2025年6月末，保险资金现身近800家A股上市公司的前十大 流通股东名单。重仓股数据显示，第二季度险资增持超过280只股票，新建仓股票超过300只。 作为A股市场重要的增量资金来源，保险资金的持仓结构发生了哪些新变化？投资偏好又呈现出哪 些特点？ "大象"跑步入场 作为A股市场持股总市值超过3%的机构投资者，保险资金因周期长、资金体量大，历来被看作市 场的"压舱石"。 金融监管总局数据显示，截至2025年二季度末，我国保险公司资金运用余额突破36万亿元。其 中，保险资金投向股票的资金余额达3.07万亿元，较2024年四季度的2.43万亿元相比，净增加约 6400亿元。 中报数据显示，中国人寿、中国平安、中国太保、中国人保、新华保险、中国太平、阳光保险七家 A+H股上市险企的保险资金投资总规模合计21.85万亿元，占行业总量的60. ...

Regulatory Dynamics - The three departments are exploring the construction of a forest insurance product system, including index insurance, yield insurance, income insurance, and liability insurance [7] - The Ministry of Commerce will increase support for export credit insurance and enhance the convenience of insurance services [8] - The Financial Regulatory Bureau has introduced new regulations for insurance company capital guarantee deposits [9] - In 2024, the compulsory traffic insurance premium income is projected to be 271.06 billion, with claims costs at 226.28 billion [10] - The Financial Regulatory Bureau has abolished 11 regulatory documents related to the insurance industry [11] - From January to July 2025, the insurance industry’s original premium income exceeded 4.2 trillion, with claims expenditures exceeding 1.5 trillion [12] - The Medical Insurance Bureau reported that from January to July 2025, the basic medical insurance fund income exceeded 1.68 trillion, with expenditures nearing 1.37 trillion [13] Company Dynamics - Ping An Life has made three significant investments in Agricultural Bank's H-shares within six months [20] - Minsheng Insurance increased its stake in Zheshang Bank's H-shares to 6.03% [21] - Hongkang Life raised its stake in Zhengzhou Bank's H-shares to 21.24% [22] - Hongkang Life also increased its stake in Honghua Smart Energy to 7.05% [23] - China Ping An plans to cancel 103 million A-shares [24] - China Life has established a venture capital fund with a registered capital of 1 billion [25] - Sunshine Life, along with Tencent and other partners, has set up an equity investment fund with an investment of approximately 22.43 billion [27] - AIA Life has established an equity investment fund in Tianjin with a total investment of 4.5 billion [28] - Guolian Life has set up a 1.22 billion fund to invest in new quality productivity and smart technology [29] - China Pacific Insurance reported a net profit of 27.885 billion for the first half of the year, a year-on-year increase of 11% [30] - China Taiping reported a net profit of 6.764 billion HKD for the first half of the year, a year-on-year increase of 12.2% [32] - New China Life's net profit for the first half of the year was 14.799 billion, a year-on-year increase of 33.5% [34] - China Life's net profit reached 40.931 billion for the first half of the year, a year-on-year increase of 6.9% [35] - China Insurance reported a net profit of 26.530 billion for the first half of the year, a year-on-year increase of 16.9% [36] - China Ping An's operating profit for the first half of the year was 77.732 billion, a year-on-year increase of 3.7% [38] - China Re reported total premium income of 103.835 billion for the first half of the year, with a net profit growth of 9.0% to 6.244 billion [41] Industry Dynamics - A total of 73 life insurance companies reported a combined net profit of 185.8 billion for the first half of the year, with a year-on-year increase of approximately 25% [64] - The first AIC equity investment fund that incorporates bank insurance funds has been established with a capital of 1 billion [65] - Another insurance asset private equity fund has completed registration [66]

中国财险 二、中国人民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。 分时图 日K线 周K线 月K线 18.12 -0.05 -0.28% 2.20% 1.49% 0.72% 0.00% 0.72% 1.49% 2.20% 17.77 17.90 18.04 18.17 18.30 18.44 18.57 09:30 10:30 12:00/13:00 14:00 16:10 0 105万 209万 314万 2025年9月1日，国家金融监督管理总局青岛监管局发布批复称，《中国人民财产保险股份有限公司青岛 市分公司关于平度支公司李园营销服务部变更营业场所的请示》（青岛人保财险发〔2025〕94号）收 悉。经审核，现批复如下： 一、同意中国人民财产保险股份有限公司平度支公司李园营销服务部将营业场所变更为：平度市李园街 道办事处门村顺兴路28-2号。 ...

Core Viewpoint - The overall net profit of the property insurance industry has improved in the first half of the year, driven by optimized underwriting costs, reduced claims, and a recovery in investment income [2][4]. Group 1: Financial Performance - As of September 5, 86 property insurance companies reported a total net profit of 527.18 billion yuan for the first half of the year [1]. - Out of these, 78 companies achieved profitability, with a combined profit of 529.05 billion yuan, while 8 companies reported losses totaling 1.87 billion yuan [3]. - The net profit of the profitable companies increased by 32.2% year-on-year after excluding two newly established companies [3]. Group 2: Key Contributors to Profit Improvement - The improvement in net profit is attributed to cost optimization in auto insurance, a decrease in large disaster claims, and better investment returns [2][4]. - The overall combined cost ratio of the property insurance industry has improved, with 43 out of 85 companies reporting a combined cost ratio below 100%, indicating profitability in underwriting [5]. Group 3: Industry Trends and Future Outlook - The property insurance industry is experiencing a "de-involution" effect, particularly in the auto insurance sector, which has led to a decrease in the combined cost ratio [6]. - The industry is expected to continue optimizing its business structure, focusing on the auto insurance segment while expanding into liability and health insurance [6].

Investment Ratings - Securities: Market Perform (Maintain) [1] - Insurance: Overweight (Maintain) [2] Core Insights - The securities industry showed robust performance in the first half of the year, with 42 listed brokerages achieving total revenue of CNY 251.87 billion, a year-on-year increase of 11.37%, and net profit of CNY 104.02 billion, up 65.09% [3][47] - The banking sector demonstrated marginal improvement, with 42 listed banks reporting revenue of CNY 2.92 trillion, a year-on-year growth of 1.04%, and net profit of CNY 1.10 trillion, an increase of 0.80% [6][45] - The insurance sector's five listed companies achieved revenue of CNY 1.33 trillion, a 4.7% increase, and net profit of CNY 178.19 billion, up 3.7% [49] Summary by Sections Market Review - As of September 4, 2025, the banking, securities, and insurance indices experienced declines of -1.93%, -3.56%, and -3.89% respectively, while the CSI 300 index rose by 1.80% [6][14] Valuation Situation - The banking sector's price-to-book (PB) ratio stood at 0.76, with state-owned banks at 0.81, joint-stock banks at 0.64, city commercial banks at 0.72, and rural commercial banks at 0.63 [23] - The securities sector's PB ratio was 1.56, indicating potential for valuation recovery [25] Recent Market Indicators - The average daily trading volume in A-shares was CNY 2.64 trillion, a decrease of 10.79% week-on-week, reflecting a cooling investor sentiment [33] - The one-year medium-term lending facility (MLF) rate was 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively [32] Industry News - The insurance sector is encouraged to return to its core protection role, with policies supporting increased equity investment, which is expected to enhance long-term growth [49] - The banking sector is seeing a shift in capital towards high-dividend, low-valuation stocks, driven by a low-interest-rate environment and asset scarcity [45]

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601319 中国人保 | | 5485.47万 | 8.73% | -711.85万 | -1.13% | -4773.62万 | -7.60% | | 601318 中国平安 | | 4336.84万 | 1.35% | -2.18亿 | -6.81% | 1.75亿 | 5.46% | | 601336 新华保险 | | 2295.55万 | 1.76% | 4346.44万 | 3.33% | -6641.99万 | -5.08% | | 601628 中国人寿 | | 1177.29万 | 1.63% | 1693.02万 | 2.34% | -2870.31万 | -3.97% | | 601601 中国太保 | | -2430.80万 | -2.10% | -1.00亿 | -8.64% | 1.24亿 | 10.74% | 以上内容为证券之星据公开信 ...

Regulatory Voice - The State Council issued an opinion on September 4 to guide insurance institutions in developing insurance products for sports events and sports injuries [1] Industry Focus - On September 4, the China Insurance Industry Association released the first set of comprehensive insurance demonstration clauses and supporting underwriting and claims service guidelines for major technical equipment and new materials, marking a significant step in advancing technology insurance and supporting the national manufacturing strategy [1] - Five major A-share listed insurance companies, including China Ping An, China Life, China Pacific Insurance, China People’s Insurance, and New China Life, reported a total revenue of 1,333.86 billion yuan for the first half of 2025, a year-on-year increase of 4.89%, and a net profit attributable to shareholders of 178.19 billion yuan, up 3.72%. Despite revenue growth, net profit showed a mixed performance with four companies increasing and one decreasing. All five companies plan to steadily increase equity asset allocation, focusing on high-dividend value stocks and growth sectors to enhance long-term returns and smooth earnings [1] Financial Personnel - Bai Kai is proposed to be appointed as the Deputy General Manager of China Taiping Insurance Holdings, having previously served as Vice President of China Life Insurance [2] Leadership Changes - China Reinsurance Group announced a leadership change with Zhuang Qianzhi, the former Vice Secretary of the Party Committee and President, set to take over as Party Secretary and proposed Chairman, pending governance and regulatory approval [3] - Li Shihong has been approved to serve as the Chairman of Guobao Life Insurance, as confirmed by the Sichuan Financial Regulatory Bureau on September 1 [4]