Core Viewpoint - The insurance sector experienced a rise of 1.97% on December 25, with China Pacific Insurance leading the gains, while the Shanghai Composite Index and Shenzhen Component Index also saw increases of 0.47% and 0.33% respectively [1] Group 1: Market Performance - The closing price of China Pacific Insurance was 42.64, reflecting a gain of 2.75% with a trading volume of 339,500 shares [1] - China Ping An closed at 70.80, up by 2.56% with a trading volume of 777,900 shares [1] - China Life Insurance closed at 46.94, showing an increase of 1.43% with a trading volume of 151,100 shares [1] Group 2: Fund Flow Analysis - The insurance sector saw a net inflow of 287 million yuan from institutional investors, while retail investors experienced a net outflow of 258 million yuan [1] - China Ping An had a net inflow of 279 million yuan from institutional investors, but a net outflow of 345 million yuan from retail investors [2] - China Pacific Insurance experienced a net inflow of 65.44 million yuan from institutional investors, with retail investors seeing a net outflow of 53.36 million yuan [2]

丨证券研究报告丨 行业研究丨专题报告丨保险Ⅱ [Table_Title] 加强资产负债匹配，利好长期健康发展 ——保险基本面梳理 110 报告要点 [Table_Summary] 目前 A/H 股保险估值反映的仍是中长期"利差损"的担忧。在新的保险分析框架之下，结合近 两年政策、市场、监管及行业发展趋势，我们判断保险行业利差有望在中长期持续提升。结合 近期负债端强势增长以及"存款搬家"逻辑，利差企稳到扩张的过程有望加速，估值有望加速 修复。持续看好保险板块，个股推荐新华保险、中国平安、中国人寿、中国人保。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 research.95579.com 1 [Table_Title 加强资产负债匹配，利好长期健康发展 2] ——保险基本面梳理 110 [Table_Summary2] 新规发布的背景是什么：环境、政策、会计准则的变化 %% %% %% %% 内外的变化带来了资产负债管理的新要求。2025 年 12 月 19 日，金管 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report addresses the asset allocation characteristics of dividend - paying insurance and the impact of its transformation on the bond market [4][10] - In 2025, the transformation of dividend - paying insurance became an industry trend, with significant growth in scale. The income of ordinary dividend - paying insurance of six listed insurance companies in the first half of 2025 reached 157.7 billion yuan, a year - on - year increase of 12%, and its proportion in total life insurance income rose from 15% at the end of 2024 to 16.3% [5][11] - The rapid expansion of dividend - paying insurance meets the needs of both clients and insurance companies. For clients, it offers "certainty of guaranteed return + elastic dividend expectation"; for insurance companies, it helps prevent interest spread losses and reduces the impact of investment asset prices on financial statements [5][14][15] - Compared with ordinary life insurance, the asset allocation logic of dividend - paying insurance is more return - oriented, increasing the allocation of high - volatility assets [5] - The growth rate of insurance companies' bond allocation scale may slow down marginally, and their preference for equities will continue. In terms of specific bond types, insurance companies may increase trading demand for ultra - long - term treasury bonds and allocation demand for secondary perpetual bonds while maintaining the allocation of ultra - long - term local government bonds [5][20][22] 3. Summary by Directory 3.1 Dividend - paying Insurance Transformation Initiation - In 2025, major listed insurance companies placed dividend - paying insurance at the core of their products, driving it to dominate new business. The income of dividend - paying insurance of six listed insurance companies in the first half of the year increased significantly [11] - Each major insurance company has taken measures to promote dividend - paying insurance. For example, China Ping An focused on dividend - paying products, and China Pacific Insurance optimized its product structure with increased dividend - paying insurance new - policy premium [12] 3.2 Reasons for the Rapid Increase in Dividend - paying Insurance Scale - Client side: In the context of low - interest rates and expected stock market improvement, the "certainty of guaranteed return + elastic dividend expectation" of dividend - paying insurance meets clients' demand for more elastic returns [5][14] - Insurance company side: It can prevent interest spread losses and reduce the impact of investment asset price fluctuations on financial statements [5][15] 3.3 Differences in the Asset Allocation Logic of Dividend - paying Insurance - Accounting mechanism: Dividend - paying insurance uses the "floating fee method" for measurement, allowing its liability - side price to be linked to the asset - side. It has a return smoothing mechanism, giving its account a higher risk tolerance [5][16][17] - Business transformation: Higher and stable investment returns are crucial for attracting customers, fulfilling dividend promises, and promoting successful transformation [17] 3.4 Impact on the Bond Market - Overall bond demand: The growth rate of insurance companies' bond allocation scale may slow down marginally, and their preference for equities will continue. In the first three quarters of 2025, the proportion of equity assets in insurance companies' new investments increased from 10.4% in 2024 to 39.9%, while the proportion of bonds decreased from 72.2% to 57.1% [20] - Specific bond types: Insurance companies may increase trading demand for ultra - long - term treasury bonds and allocation demand for secondary perpetual bonds while maintaining the allocation of ultra - long - term local government bonds [22]

Market Overview - Major A-share indices collectively rose, with the Shanghai Composite Index up 0.47% to 3959 points, marking a seven-day increase [1] - The Shenzhen Component Index and the ChiNext Index recorded five consecutive days of gains, rising 0.33% and 0.3% respectively [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.92 trillion yuan, an increase of 44.3 billion yuan from the previous trading day [1] Sector Performance Commercial Aerospace - The commercial aerospace sector saw a surge, with over twenty stocks hitting the daily limit, including Haoshi Electromechanical, Superjet, and Guanglian Aviation [2][5] - Key stocks included: - Haoshi Electromechanical: +20.01% [6] - Superjet: +20.00% [6] - Guanglian Aviation: +19.99% [6] - A meeting by China Aerospace Science and Technology Corporation emphasized the focus on developing core technologies for reusable rockets and integrating aerospace with AI and advanced manufacturing [5] Paper Industry - The paper sector experienced gains, with stocks like Hengda New Materials and Wuzhou Special Paper hitting the daily limit [7] - Recent trends include major packaging paper companies reducing production capacity and price increases announced by various paper manufacturers [8] Robotics - The robotics sector was active, with stocks such as Hualing Cable and Haoneng Co. hitting the daily limit [9] - Notable stocks included: - Hualing Cable: +10.02% [10] - Haoneng Co.: +10.02% [10] Alcohol Industry - The liquor sector saw rapid gains, with Shui Jing Fang hitting the daily limit and other stocks like Huangtai Liquor and Jin Hui Liquor also rising [11] - Shui Jing Fang: +10.01% [12] Insurance Sector - The insurance sector showed strength, with China Pacific Insurance, Ping An Insurance, and China Life Insurance all rising over 2% [13][14] - China Pacific Insurance: +2.75% [14] - Ping An Insurance: +2.56% [14] Semiconductor Industry - The semiconductor sector saw most stocks rise, with Zhenlei Technology and Fudan Microelectronics increasing over 16% [15][16] - Zhenlei Technology: +16.90% [16] - Fudan Microelectronics: +16.21% [16] Precious Metals - The precious metals sector continued to decline, with Hunan Silver leading the drop at -4% [17][18] - Hunan Silver: -4.00% [18] Hainan Sector - The Hainan sector experienced a pullback, with Hainan Ruize and Caesar Travel both dropping over 6% [19][20] - Hainan Ruize: -6.91% [20] Individual Stock Movements - Zhangjiang Hi-Tech saw a late surge, rising nearly 5% to 42.48 yuan [21][22] - Shanghai Microelectronics won a bid for a stepper lithography machine worth approximately 110 million yuan [24]

Core Viewpoint - The insurance and securities sectors are experiencing significant growth, with the Securities Insurance ETF up over 15% and the Insurance Securities ETF up over 11% year-to-date, driven by strong performances from major companies in the industry [1][2]. Group 1: ETF Performance - The Securities Insurance ETF tracks the CSI 300 Non-Bank Financial Index, with 61.4% of its components being securities and 37.7% being insurance [3]. - The Insurance Securities ETF follows the CSI 800 Securities Insurance Index, with 73.8% of its components in securities and 25.6% in insurance [4]. Group 2: Industry Outlook - According to a recent report by CICC, the life insurance industry is expected to enter a golden development period by 2026, with a more positive trend in liabilities, shifting the investment logic from "seeking revaluation of existing businesses" to "valuing growth capabilities" [4]. - The current surge in the insurance sector is attributed to the expansion of asset under management (AUM) and the recovery of interest rate spreads, enhancing the certainty of investment returns [4]. - The insurance sector is seen as being in a critical window for performance and valuation recovery, supported by favorable policy and market conditions, with leading companies strengthening their advantages [4]. Group 3: Securities Firms - West Securities believes that there is a mismatch between profitability and valuation in the brokerage sector, indicating potential for future recovery [4]. - Guojin Securities highlights four themes for 2026: increased market activity from resident deposit migration, enhanced resilience and reduced volatility in capital markets, opportunities in direct financing for innovative enterprises, and ongoing mergers and acquisitions in the brokerage industry [5]. - Huatai Securities notes that the market remains active with daily trading volumes around 1.7 trillion yuan and financing balances stabilizing at 2.48 trillion yuan, indicating a favorable environment for brokerage value recovery [6].

一、同意中国人民财产保险股份有限公司个旧支公司大屯营销服务部将营业场所变更为：云南省红河哈 尼族彝族自治州个旧市大屯街道昆河公路旁商铺。 二、中国人民财产保险股份有限公司红河州分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12月18日，红河金融监管分局发布批复称，《中国人民财产保险股份有限公司红河州分公司关于 中国人民财产保险股份有限公司个旧支公司大屯营销服务部变更营业场所的的请示》(红人保财险发 〔2025〕138号)收悉。经审核，现批复如下： ...

Group 1 - The China Securities and Insurance Index (399966) has seen a strong increase of 1.09%, with key stocks such as China Ping An (601318) rising by 2.81% and China Pacific Insurance (601601) by 2.55% [1] - A total of 54 new private securities managers have completed registration this year, with notable entries including Taikang Stable Walk (Wuhan) and Taibao Zhiyuan (Shanghai), both backed by insurance capital [1] - The long-term interest rates have stabilized, with the ten-year government bond yield rising to 1.85%, which is beneficial for the growth of insurance companies' net assets and profit reserves [1] Group 2 - The expected new business value (NBV) growth for listed insurance companies is around 15% for the full year of 2026, with leading companies potentially achieving over 25% [1] - The insurance companies have seen equity returns between 20% and 30% so far in 2025, with further benefits expected from the transition to OCI in the coming year [1] - The current price-to-earnings valuation (PEV) for most listed companies is between 0.5 and 0.7 times, which is within the historical valuation range of 40-50% [1] Group 3 - The Insurance Securities ETF closely tracks the China Securities and Insurance Index, providing investors with a diversified range of investment options [2] - As of November 28, 2025, the top ten weighted stocks in the China Securities and Insurance Index account for 63.12% of the index, with major players including China Ping An (601318) and CITIC Securities (600030) [2]

二、请自批复之日起10日内持原《中华人民共和国保险许可证》到国家金融监督管理总局阿克苏监管分 局办理换证手续。 一、同意中国人民财产保险股份有限公司温宿县佳木营销服务部营业场所变更为新疆阿克苏地区温宿县 佳木镇绿园村六组056号。 2025年12月23日，国家金融监督管理总局阿克苏监管分局发布批复称，《关于中国人民财产保险股份有 限公司温宿县佳木营销服务部营业场所变更的请示》(阿苏人保财险发〔2025〕125号)收悉。依据《保 险公司分支机构市场准入管理办法》的相关规定，经审核研究，现批复如下： ...

中国人保 20251224 摘要 中国人保持续推进"报行合一"，严格费用率管控，同时新能源车出险 率下降对车险产生积极影响。公司通过强化经营管理和风险定价模型， 提升非车险业务的盈利能力，并受益于大灾发生频率的下降。 新能源车保费占比约为 20%，虽然盈利水平不断改善，但出险率仍是燃 油车的两倍。公司通过差异化费率和风险评估，优化新能源车业务结构， 降低出险风险，目标是保持并提升在新能源汽车市场的份额优势。 非机动车保险业务中，意外和健康险、企财险增速较快，主要得益于个 人非机动车业务的改善和社保支付方式改革。公司预计通过法人业务的 综合治理，非机动车保险业务盈利将持续改善，但需谨慎看待大灾带来 的不确定性影响。 中国人保海外拓展聚焦服务新能源汽车企业和中资企业海外利益，已在 香港和泰国开展业务，并计划扩展至欧洲和南美。短期内没有具体数值 目标，但期望到 2030 年海外市场能显著贡献新增保费量。 2026 年开门红进展顺利，个险业务预计至少实现两位数增长，银保业 务增速可能更快。银保渠道方面，公司与多家国有银行合作良好，注重 降低负债端成本，减少利差损风险，以实现长期可持续发展。 Q&A 2025 年人保财 ...

Core Viewpoint - The insurance sector is experiencing positive momentum, with key stocks showing significant gains and regulatory measures aimed at enhancing asset-liability management [1][2] Group 1: Market Performance - As of December 25, 2025, the CSI 800 Securities Insurance Index rose by 0.96%, with major stocks like China Ping An increasing by 3.46% and China Life by 1.69% [1] - The Insurance Securities ETF also saw an increase of 1.03%, marking a three-day consecutive rise [1] Group 2: Regulatory Developments - The People's Bank of China held a monetary policy committee meeting on December 18, 2025, emphasizing the use of securities, funds, and insurance company swap facilities to maintain market stability [1] - On December 19, 2025, the National Financial Regulatory Administration released a draft for public consultation regarding the Asset-Liability Management Measures for insurance companies, introducing several regulatory indicators for life and property insurance companies [1] Group 3: Industry Outlook - Huayuan Securities noted that the draft aims to strictly control duration gaps and spread risks at both industry and company levels, suggesting that listed companies may find it manageable to meet these indicators [2] - The insurance industry is expected to benefit from recent interest rate fluctuations, which could alleviate spread risks, and from enhanced penetration of the bancassurance channel [2] - The CSI 800 Securities Insurance Index includes major stocks such as China Ping An and China Life, with the top ten stocks accounting for 63.12% of the index [2]