一、同意中国人民财产保险股份有限公司钟山支公司凤翔镇营销服务部将营业场所变更为：广西壮族自 治区贺州市钟山县公安镇商业街14号。 2025年12月8日，国家金融监督管理总局贺州监管分局发布批复称，《关于变更中国人民财产保险股份 有限公司钟山支公司凤翔镇营销服务部营业场所的请示》（贺人保财险发〔2025〕95号）收悉。经审 核，现批复如下： 二、中国人民财产保险股份有限公司钟山支公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Core Insights - The insurance industry is shifting focus towards participating insurance products due to declining market interest rates, with guaranteed rates for fixed income products at 2% and for participating products at 1.75%, resulting in a narrow 0.25% rate difference [2][22] - The "old seven" major insurance companies in mainland China have launched a total of 15 participating whole life insurance products this year, with Taiping Life Insurance offering the most at five products, while the others offer one to two products each [2][22] - The highest illustrated rates among these products are 3.75% for Taiping's Xinfu Xiangban Chuan Shi version and 3.9% for Xinhua's Shengshi Rongyao Qingtian version, with most others around 3.5% [2][22] Group 1: Product Performance Analysis - In the case of single premium payments, the top three products based on guaranteed cash value performance are Taiping's Xinfu Xiangban Chuan Shi version, Xinhua's Shengshi Rongyao Qingtian version, and China Life's Xin Yue Chuan Jia Qingtian version [3][23] - For five-year premium payments, the leading products in terms of guaranteed cash value are Taiping's Xinfu Xiangban Chuan Shi version, Xinhua's Shengshi Rongyao Qingtian version, and Taikang's Le Zeng Shou Qingtian version [8][10] - Under six-year premium payments, the top three products are China Life's Xin Yue Chuan Jia Qingtian version, Renbao's Fu Lu Man Tang 2025, and Taikang's Xin Xiang Shi Jia 2026 [12][14] - For ten-year premium payments, the best performing products are Taiping's Xinfu Xiangban Chuan Shi version, Renbao's Fu Lu Man Tang 2025, and Ping An's Yu Xiang Jin Yue 2026 [16][18] Group 2: Long-term Value Considerations - The performance of products with higher illustrated rates does not necessarily translate to better actual cash value, emphasizing the importance of evaluating specific numerical data [19] - Taiping Life Insurance has shown significant improvements in its product offerings, actively embracing the internet and launching numerous participating whole life insurance products, establishing a notable advantage among the "old seven" [19] - The dividend realization rates have improved for Ping An, China Life, and Taiping, with Taiping's new products demonstrating generous illustrated data, while China Life and Ping An maintain a conservative approach [19]

证券之星消息，12月11日保险板块较上一交易日下跌0.17%，中国人保领跌。当日上证指数报收于 3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。保险板块个股涨跌见下表： 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。 从资金流向上来看，当日保险板块主力资金净流出6.13亿元，游资资金净流入2.25亿元，散户资金净流 入3.88亿元。保险板块个股资金流向见下表： ...

二、中国人民财产保险股份有限公司昌宁支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昌宁支公司柯街营销服务部将营业场所变更为：云南省保山市 昌宁县柯街镇云保公路边李妍芬房屋。 2025年12月5日，保山金融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昌宁支公司柯 街营销服务部营业场所变更的请示》（保人保财险昌发〔2025〕3号）收悉。经审核，现批复如下： ...

二、中国人民财产保险股份有限公司腾冲支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5日，保山金融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腾冲支公司界 头营销服务部营业场所变更的请示》（保人保财险腾发〔2025〕4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腾冲支公司界头营销服务部将营业场所变更为：云南省保山市 腾冲市界头镇界头集镇汪生荣房屋。 ...

二、中国人民财产保险股份有限公司榆林市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9日，榆林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榆林市分公司关于 上郡路营销服务部变更营业场所的请示》（榆人保财险发〔2025〕64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榆林市分公司将营业场所变更为：陕西省榆林市榆阳区上郡北 路306号3层02号商铺。 ...

一、同意中国人民财产保险股份有限公司沈阳市分公司金融开发区营销服务部将营业场所变更为：沈阳 市沈阳经济技术开发区沈辽西路377-3号（3门、5门车库）。 二、人保财险辽宁省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7日，辽宁金融监管局发布批复称，《人保财险辽宁省分公司关于中国人民财产保险股份有 限公司沈阳市分公司金融开发区营销服务部营业场所变更的请示》（辽人保财险发〔2025〕397号）收 悉。经审核，现批复如下： ...

Group 1 - The insurance industry is expected to benefit from the trend of bank deposits moving to insurance products, with diverse demands in retirement, healthcare, and savings driving industry expansion in the long term [1] - Short-term performance of insurance companies is promising, with a positive outlook for the liability side in 2026 due to successful initial progress in the new year [1] - The reduction in product reservation interest rates significantly alleviates the risk of interest spread losses, while the "reporting and operation integration" promotes industry consolidation and enhances the concentration of leading companies [1] Group 2 - The insurance industry has shown significant phase-specific excess returns, but has underperformed the overall market due to a shift in market style [2] - From early 2025 to the present, the A-share market has rebounded significantly, with the overall A index up by 25.76% and the insurance industry index up by 18.17%, outperforming the CSI 300 by 0.71 percentage points but underperforming the overall A index by 7.59 percentage points [2] - The insurance index outperformed the CSI 300 by 5.64 percentage points in the first half of the year, but has since lagged behind due to a market style shift towards technology and growth sectors [2] Group 3 - There is a significant disparity in individual stock performance among listed insurance companies, with New China Life leading with a 40.73% increase [3] - The differences in stock performance are attributed to investment and performance variations, with New China Life showing the most significant increase in total investment returns [3] - As of Q2 2025, New China Life and Ping An have a higher proportion of stock investments, contributing to their superior net profit growth rates compared to other companies [3] Group 4 - New single premium growth is notable, with New China Life leading significantly, reflecting a shift in residents' financial asset allocation towards non-bank institutions [4] - The total new single premium growth rate for the first three quarters of 2025 shows New China Life at 55.2%, followed by Taikang at 20.5%, and Ping An at 2.3% [4] - The actual trading volume and market capitalization of major insurance companies vary, with Ping An having the largest market cap, while New China Life and China Life have smaller trading volumes, leading to greater price elasticity [4]

Investment Rating - The report indicates a positive long-term outlook for the insurance industry, suggesting a "Buy" rating for companies like China Ping An, China Life, and China Pacific Insurance [3][37]. Core Insights - The insurance industry has shown significant phase-specific excess returns but has underperformed the broader market for the year. The A-share market has rebounded significantly, with the overall A index up by 25.76% and the CSI 300 by 17.46% as of December 8, 2025. The insurance industry index increased by 18.17%, outperforming the CSI 300 by 0.71 percentage points but lagging behind the overall A index by 7.59 percentage points [8][10]. - Individual stock performance within the insurance sector has varied widely, with New China Life leading with a 40.73% increase, followed by Ping An at 25.93%, and others showing lower gains [10][19]. - The differences in stock performance are attributed to three main factors: investment and performance, liability side growth, and differences in index component weight and actual trading volume [13][24]. Summary by Sections Investment and Performance - The total investment return rates for listed insurance companies have significantly improved, with New China Life showing the most notable increase at 8.6% as of Q2 2025. Other companies like China Life and China Pacific reported returns of 6.4% and 5.2%, respectively [19][21]. - The insurance sector's total investment balance reached 36.12 trillion yuan, with stocks and funds accounting for 15.5% of this balance, marking a record high [14][16]. Liability Side - New single premium growth has been robust, particularly for New China Life, which reported a 55.2% year-on-year increase in new single premiums. Other companies like China Pacific and China Life also showed positive growth, albeit at lower rates [24][27]. - The adjustment of product pricing rates has positively impacted the new business value (NBV), with New China Life's NBV increasing by 50.8% year-on-year [24][28]. Index Component Weight and Trading Volume - The weight of the five major insurance companies in the CSI 300 index is concentrated, with Ping An holding the largest share at 2.59%. The actual trading volume of shares varies significantly among these companies, affecting their stock price elasticity [33][36]. - The actual trading market capitalization for these companies as of December 8, 2025, shows Ping An at 568.7 billion yuan, while New China Life and China Life have lower trading volumes of 47.7 billion yuan and 30.7 billion yuan, respectively [36][39].

Core Viewpoint - China Life Insurance has reported that its total premium income has exceeded 700 billion yuan as of November 30 this year, leading to high market expectations for the insurance industry's annual premium income [1] - Industry insiders anticipate a positive performance for the insurance sector in 2026, with a more certain favorable outlook for the liability side [2][3] Group 1: Industry Performance and Expectations - The insurance industry is expected to enter a golden development period in 2026, with several favorable factors contributing to this trend [2][3] - Major insurance companies have seen rapid growth in new business value due to adjustments in product structure and an increase in the proportion of regular premium products [1] - For instance, China Pacific Insurance's new business value grew by 76.6% year-on-year, while Ping An's life and health insurance business achieved a new business value of 35.724 billion yuan, up 46.2% year-on-year [1] Group 2: Structural Changes and Innovations - The adjustment of product structure has led to a significant reduction in rigid costs for life insurance companies, with China Life reporting a more than 45 percentage point increase in the share of floating income-type business in first-year premiums compared to the previous year [1] - The insurance industry is undergoing a profound transformation, shifting from a growth model reliant on manpower to one focused on product innovation, service optimization, and technological empowerment [2] Group 3: Market Conditions and Challenges - The macroeconomic recovery and improved investment environment are expected to support the operational performance of insurance companies in 2026 [2] - Despite the optimistic outlook, challenges remain, including external uncertainties from the global economy and capital market volatility, which may impact investment returns [3] - The industry must also address issues such as building a high-quality professional talent pool and avoiding excessive competition due to product homogeneity [3]