Core Insights - The insurance industry plays a crucial role in economic development and improving social welfare, with total assets exceeding 40 trillion yuan and cumulative payouts reaching 9 trillion yuan, marking a 61.7% increase compared to the "13th Five-Year Plan" period [1] - During the "14th Five-Year Plan" period, the insurance sector has focused on high-quality development, enhancing its comprehensive strength and achieving new breakthroughs in serving the real economy and social welfare [1][3] Group 1: Economic Impact - The insurance industry has provided risk protection across various sectors, contributing to national strategies and addressing weak links in the economy [1] - Cumulative risk protection provided by the insurance industry during the "14th Five-Year Plan" period has exceeded 10 trillion yuan, supporting over 3,600 innovation application projects [2] Group 2: Technological Innovation - China Life Insurance has developed over 200 technology insurance products, providing risk protection exceeding 4 trillion yuan since the establishment of the integrated circuit co-insurance system [2] - The insurance sector has supported significant projects such as the Long March 8 remote sensing satellite and the domestically produced C919 large passenger aircraft, with over 300 billion yuan in coverage [2] Group 3: Social Welfare - The insurance industry has expanded its capacity to improve and guarantee social welfare, with major projects covering over 12.2 billion urban and rural residents for critical illness insurance and 1.8 billion people for long-term care insurance [3] - Commercial health insurance has provided economic compensation of 1.8 trillion yuan to those affected by illnesses over the past five years [3] Group 4: Disaster Risk Management - The insurance industry has established a national disaster risk map and a digital risk warning network, with cumulative payouts exceeding 150 billion yuan for disasters such as floods and earthquakes during the "14th Five-Year Plan" period [4] - From 2024, catastrophe insurance will cover common natural disasters in China, with a minimum coverage amount doubled, providing 22.36 trillion yuan in catastrophe risk protection for 64.39 million households [4] Group 5: Comprehensive Insurance Services - The insurance sector has formed a comprehensive insurance service system focusing on risks related to aging, illness, disasters, and poverty, optimizing the allocation of risk resources across society [5]

二、中国人民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10月9日，国家金融监督管理总局保定监管分局发布批复称，《中国人民人寿保险股份有限公司 河北省分公司关于中国人民人寿保险股份有限公司唐县支公司变更营业场所的请示》（人保寿险冀发 〔2025〕267号）收悉。经审核，现批复如下： 一、同意中国人民人寿保险股份有限公司唐县支公司将营业场所变更为：河北省保定市唐县迎宾大街西 侧尧和美居住宅小区3号楼2-3号底商。 ...

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。 一、同意中国人民财产保险股份有限公司三工镇营销服务部将营业场所变更为：新疆昌吉回族自治州昌 吉市三工镇下营盘村十字路口东南角便民服务站。 2025年9月30日，国家金融监督管理总局昌吉监管分局发布批复称，《中国人民财产保险股份有限公司 昌吉回族自治州分公司关于昌吉回族自治州分公司三工镇营销服务部营业场所变更的请示》（昌人保财 险发〔2025〕112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昌吉车管所营销服务部变更为：新疆昌吉回族自治州昌吉市绿 洲路街道屯河社区和谐时代广场A座13层1302室（25区6丘7栋）。 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。 2025年9月30日，国家金融监督管理总局昌吉监管分局发布批复称，《中国人民财产保险股份有限公司 昌吉州分公司关于昌吉车管所营销服务部变更营业场所的请示》（昌人保财险发〔2025〕111号）收 悉。经审核，现批复如下： ...

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 三季报在即，把握板块配置机遇 报告要点 [Table_Summary] 三季报在即，近期市场热度仍维持高位，券商业绩有望延续高增，配置价值持续提升；保险方 面，整体来看印证了存款搬家、增配权益和新单成本改善逻辑，中长期 ROE 改善确定性进一 步提升，估值有望加速修复，结合中长期拐点向上的判断，整体配置性价比正逐步提高。综合 业绩弹性及估值分位，推荐新华保险、中国人寿、香港交易所、中信证券、东方财富、同花顺、 九方智投控股。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 盛晓双 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1）三季报在即，近期市场热度仍维持高位，券商业绩有望延续高增趋势，配置价值持续提升； 保险方面，整体来看印证了存款搬家、增配权益和新单成本改善逻辑，中长期 ROE 改善确定 性进一步提升，估值有望加速修复，结合中长期拐点向上的判断，我们认为整体配置 ...

证券研究报告·行业跟踪周报·非银金融 监管推动健康险高质量发展；非车险"报行 合一"落地 增持（维持） 非银金融行业跟踪周报 [Table_Tag] [Table_Summary] 投资要点 2025 年 10 月 12 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% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 2024/10/14 2025/2/11 2025/6/11 2025/10/9 非银金融 沪深300 相关研究 《权益 ETF 系列：海外对华政策升级， 可在市场承压中寻找机会》 2025-10-11 《非车险"报行合一"落地，预计推 动行业盈利表现改善》 2025-10-10 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 2 个交易日（2025 年 10 月 09 日-2025 年 10 月 10 日）非银金融各子板块均跑赢沪深 300 指数。 ...

不管是落实"报行合一"还是"见费出单"，其本质还是要引导非车险行业从"内卷式"的非理性竞争中挣脱 出来，从粗放式发展转向价值发展。 继"报行合一"在车险和人身险各渠道实施后，也将正式落地非车险领域。 金融监管总局近日发布《关于加强非车险业务监管有关事项的通知》（下称《通知》），聚焦非车险领 域经营不规范、非理性竞争等问题，进一步落实"报行合一""见费出单"等监管要求，促进非车险业务高 质量发展。据悉，《通知》将自2025年11月1日起实施。 "尽管非车险近年来发展较快，但从盈利性表现来看，非车险明显弱于车险。我们认为，非车险'报行合 一'将显著规范行业费用投放，改善整体盈利空间。"东吴证券首席战略官、非银金融首席分析师孙婷团 队表示。 第一财经记者注意到，在《通知》发布后，中国人保、平安产险等头部险企纷纷发文表示已成立相应工 作专班，推进落实《通知》相关要求。 非车险正式启动"报行合一" 金融监管总局数据显示，2025年前8个月财险公司总保费收入1.22万亿元，同比增长4.7%，其中非车险 6195亿元，占比50.77%，其中健康险占比14.88%，农险占比10.83%，责任险占比8.24%，分列非车险前 三 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [4][55]. Core Insights - The report highlights strong growth in the brokerage sector, with a significant increase in new A-share accounts and trading volumes, indicating a robust market environment. The net profit for the brokerage sector is expected to show high year-on-year growth for the first nine months of 2025 [4]. - The insurance sector is undergoing regulatory changes aimed at improving profitability, particularly in non-auto insurance, which is expected to benefit leading companies in the industry [4]. - The report identifies three main investment themes in the brokerage sector: 1) Stronger institutions benefiting from improved competition, 2) Brokerages with high earnings elasticity, and 3) Companies with strong international business capabilities [4]. Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage sector saw a rise of 4.42%, while the insurance sector increased by 0.89% [7]. - The average daily trading volume for the Shanghai and Shenzhen stock exchanges reached 26,034.09 billion yuan, reflecting a year-on-year increase of 56.08% [15][31]. Non-Bank Industry Data - As of October 10, 2025, the financing balance in the margin trading market was 24,455.47 billion yuan, showing a year-on-year increase of 31.2% [15]. - The report notes that the average daily trading volume for the first nine months of 2025 was 26,034.09 billion yuan, indicating a vibrant trading environment [31]. Regulatory Developments - The Financial Regulatory Bureau has implemented a new framework for non-auto insurance, focusing on improving underwriting profitability and establishing stricter fee management and compliance measures [4][17]. - The report mentions the central bank's liquidity measures, including significant net injections through various monetary policy tools, which aim to maintain market liquidity [16][19].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector [1] Core Views - The report highlights a continuation of strong growth in the brokerage sector, with a significant increase in net profits expected for the first nine months of 2025. Key metrics include a 61% year-on-year increase in new A-share accounts and a 203% increase in average daily stock trading volume in September 2025 [2][5] - The brokerage sector is currently undervalued, with a price-to-book (PB) ratio of 1.48, placing it in the 47.8th percentile over the past decade [2] - The report notes a favorable market environment supporting continued high growth in brokerage performance, with specific recommendations for leading firms and those with strong international business capabilities [2][7] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage, insurance, and diversified financial sectors reported gains of 4.42%, 0.89%, and 0.52%, respectively [5][6] Non-Bank Sector Insights - The report indicates that the insurance sector is benefiting from the implementation of a "de-involution" policy framework for non-auto insurance, which is expected to improve underwriting profitability for leading firms [2][16] - Specific investment recommendations include firms that are expected to benefit from improved competitive dynamics and those with strong earnings elasticity [2][7] Key Data Tracking - As of October 10, 2025, the average daily trading volume in the stock market was 26,034.09 billion yuan, reflecting an 18.99% increase from the previous period [14][32] - The report also tracks significant metrics such as the balance of margin financing and securities lending, which stood at 24,455.47 billion yuan as of October 9, 2025, marking a 31.2% increase from the end of 2024 [14][39]

当雄县地处西藏中部，是拉萨市唯一的纯牧业县，总人口约5.2万人，其中牧业人口占比超90%，牦牛 养殖是当地牧民主要收入来源。近年来，当雄县大力推广农业保险。 近年来，作为扎根高原的国有保险企业，中国人民财产保险股份有限公司西藏自治区分公司（以下简 称"人保财险西藏分公司"）聚焦乡村振兴、保障和改善民生、绿色低碳发展、固边兴边富民等领域，深 度融入服务国家区域发展战略，积极发挥了保险的经济减震器和社会稳定器功能。 "牦牛是我们家的收入来源，养的牦牛全部都投了人保的牦牛养殖险。去年冬天由于暴风雪，家里好几 头牦牛都冻死了。幸亏有保险，很快就拿到了赔偿款。"当雄县牧民罗布告诉《农村金融时报》记者， 这让他实实在在感受到了保险的作用，心里特别踏实。 针对牦牛等核心养殖品种，人保财险当雄营销服务部全面落实政策性养殖保险政策，为"当雄牦牛"提供 风险保障。同时，该服务部将"有身份证的牦牛肉"等特色产业纳入重点保障范围，以"企业+合作社+牧 户"模式提供定制化保险方案，同步覆盖部分区域的农作物与牧民住房，为当地农牧业生产提供全面的 保障。 ■本报记者 田耿文 提供风险保障 护航农牧业生产发展 服务网络广覆盖 "每头牦牛我们 ...