资金面上看，两市主力资金全天净流入132.15亿元，今日有19个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨2.14%，全天净流入资金50.00亿元，其次是通信行业，日涨幅为 3.54%，净流入资金为48.81亿元。 | 600927 | 永安期货 | 0.21 | 0.26 | -4.84 | | --- | --- | --- | --- | --- | | 600918 | 中泰证券 | -0.15 | 0.45 | 129.60 | | 603300 | 海南华铁 | 1.36 | 3.48 | 145.44 | | 600061 | 国投资本 | 0.27 | 0.40 | 172.63 | | 000567 | 海德股份 | 4.16 | 2.01 | 183.43 | | 002961 | 瑞达期货 | 1.04 | 1.55 | 248.90 | | 600369 | 西南证券 | 0.00 | 0.50 | 251.25 | | 300773 | 拉卡拉 | 1.91 | 2.26 | 379.20 | | 600999 | 招商证券 | 0.18 | 0.41 | ...

Core Insights - The insurance sector experienced a rise of 2.17% on November 25, with China Pacific Insurance leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Insurance Sector Performance - China Life Insurance closed at 43.98, up 1.99%, with a trading volume of 115,800 shares and a transaction value of 509 million [1] - China Pacific Insurance closed at 34.95, up 1.90%, with a trading volume of 261,500 shares and a transaction value of 913 million [1] - Ping An Insurance closed at 59.47, up 1.83%, with a trading volume of 487,800 shares and a transaction value of 2.8887 billion [1] - New China Life Insurance closed at 65.88, up 1.76%, with a trading volume of 116,400 shares and a transaction value of 767.1 million [1] Fund Flow Analysis - The insurance sector saw a net inflow of 148 million from institutional investors, while retail investors experienced a net inflow of 40.68 million [1] - Major stocks like Ping An Insurance had a net inflow of 114 million from institutional investors but a net outflow of 54.29 million from retail investors [2] - China Life Insurance had a net inflow of 39.99 million from institutional investors, with retail investors showing a net outflow of 18.06 million [2]

一、同意中国人民财产保险股份有限公司西宁市城西支公司贵南路营销服务部将营业场所变更为：青海 省西宁市东川工业园区科技孵化器大厦8层。 2025年11月19日，青海金融监管局发布批复称，《关于中国人民财产保险股份有限公司西宁市城西支公 司贵南路营销服务部变更营业场所的请示》（宁人保财险发〔2025〕80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西宁市城西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、同意撤销中国人民财产保险股份有限公司新平支公司营销服务部、中国人民财产保险股份有限公司 澄江支公司九村镇营销服务部、中国人民财产保险股份有限公司澄江支公司龙街镇营销服务部。 2025年11月20日，玉溪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玉溪市分公司关于 撤销新平营销服务部、九村镇营销服务部、龙街镇营销服务部的请示》（玉人保财险发〔2025〕85号） 收悉。经审核，现批复如下： 二、接此批复文件后，上述被撤销机构应立即停止一切经营活动，于15个工作日内向玉溪金融监管分局 缴回许可证，并按照有关法律法规要求办理相关手续。 ...

一、同意中国人民人寿保险股份有限公司南平市中心支公司建阳营销服务部将营业场所变更为：福建省 南平市建阳区景贤路259号高佳西城国际10幢10501-10503、10505、10506。 二、中国人民人寿保险股份有限公司福建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11月14日，国家金融监督管理总局南平监管分局发布批复称，《中国人民人寿保险股份有限公司 福建省分公司关于中国人民人寿保险股份有限公司南平市中心支公司建阳营销服务部变更营业场所的请 示》（人保寿险闽〔2025〕103号）收悉。经审核，现批复如下： ...

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601318 中国平安 | | = 170.25万 | 0.05% | -8620.72万 | -2.74% | 8450.47万 | 2.69% | | 601628 中国人寿 | | -1301.28万 | -2.37% | 2832.46万 | 5.17% | -1531.18万 | -2.79% | | 601319 中国人保 | | -3669.59万 | -5.14% | 1798.55万 | 2.52% | 1871.03万 | 2.62% | | 601601 中国太保 | | -4434.85万 | -4.63% | 6462.75万 | 6.74% | -2027.91万 | -2.12% | | 601336 新华保险 | | -6998.32万 | -6.58% | 7.75万 | 0.01% | 6990.57万 | 6.57% | 以上内容 ...

"以前总觉得补充工伤保险离自己很远，今天听了讲解才知道，我们快递行业也能参保，遇到意外还有 这么多保障！"刚咨询完的快递小哥拿着宣传册说道。活动中，工作人员还为有需求的从业者提供一对 一答疑服务，针对灵活就业人员参保、工伤待遇核算等热点问题耐心回应，现场氛围热烈而有序。不少 员工表示，这样的宣传活动送到"家门口"，既不耽误工作，又能学到实用知识，让人心里格外踏实。 补充工伤保险是劳动者的"安全网""定心丸"，更是企业稳健发展的"护航舰"。此次补充工伤宣传进商场 活动，旨在让商场从业者及过往市民都能了解补充工伤权益、掌握维权方法，让商户都能重视补充工伤 保障、规范用工管理。未来，人保财险南昌市分公司将持续开展多场景、多形式的补充工伤保险政策宣 传活动，把安心与保障送到更多劳动者身边，让补充工伤保险保障惠及全民，共同营造"人人懂工伤、 人人享保障"的良好社会氛围。（陶基恩） 转自：新华财经 为让补充工伤保障政策走进千家万户，近日，中国人民财产保险股份有限公司南昌市分公司（以下简 称"人保财险南昌市分公司"）联合南昌市人力资源和社会保障局、南昌市社会保险事业服务中心，在南 昌江旅·都市方舟启动工伤保险"新补充"、职 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 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% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 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 5 个交易日（2025 ...

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The insurance index fell by 3.06% this week, outperforming the broader market by 0.71 percentage points. Major insurance stocks experienced declines, with notable drops from Sunshine Insurance (-4.8%) and China Pacific Insurance (-4.57%) [1]. - The China Actuarial Society released the "Guidelines for Expense Allocation of Life Insurance Products," which aims to enhance the scientific management of expenses within insurance companies and supports the implementation of the "reporting and operation integration" policy [2][4]. - As of the end of 2024, 34 insurance asset management companies managed a total of CNY 33.30 trillion, reflecting a year-on-year growth of 10.60% [2]. - The report highlights that 172 insurance companies have disclosed their solvency data for Q3 2025, with 14 achieving an AAA risk rating, while 4 companies fell below solvency standards [2]. Summary by Sections Market Performance - The insurance sector's performance was characterized by a 3.06% decline in the insurance index, with individual stocks like China Life and Ping An also showing significant decreases [1]. Regulatory Developments - The newly released guidelines categorize life insurance business expenses into variable and fixed costs, specifying which expenses should not be allocated and providing methods for expense allocation [4]. Financial Data - The total market capitalization of the insurance sector is CNY 32,109.56 billion, with a circulating market value of CNY 22,103.29 billion [6]. Valuation Metrics - The report provides PEV valuations for major life insurance companies, with China Life at 0.83x and Ping An at 0.71x [5]. - For property insurance, the PB valuations are noted, with China Re at 0.58x and PICC at 1.2x [10]. Investment Recommendations - Short-term recommendations focus on companies with performance elasticity, suggesting investments in New China Life, China Property & Casualty, and China Life. Long-term recommendations include China Pacific Insurance and China Ping An based on fundamental and valuation considerations [10].

Core Insights - The rapid development of artificial intelligence and embodied intelligence technologies is leading to the commercialization of humanoid robots, but concerns about risks such as "not daring to use, fear of damage, and inability to afford" are bottlenecks for large-scale implementation [1][2] - Major domestic property insurance companies in China, including Ping An, Taikang, and PICC, have launched specialized insurance products for embodied intelligence to address these commercialization challenges [1][5] Industry Overview - Humanoid robots, integrating advanced technologies like AI and high-end manufacturing, are becoming a new frontier in technology competition, with the domestic market expected to reach 1.25 trillion yuan by 2027 [2] - These robots can fill labor gaps across various sectors, including industrial applications like welding and assembly, as well as service scenarios such as elderly care and massage [2] Risk Landscape - The market promotion and use of humanoid robots raise significant safety concerns, with users particularly focused on the risks of damage to the robots themselves and potential harm to people or property in their vicinity [3] - The lack of comprehensive international or industry standards for AI and embodied intelligence technologies poses compatibility and safety risks for products [3][4] Insurance Innovations - Since September, leading insurance companies have been actively launching insurance products related to embodied intelligence [5] - China Pacific Insurance has introduced a specialized product called "Smart Insurance," which offers comprehensive risk coverage across the entire supply chain, integrating various types of protection [6] - PICC has launched a comprehensive insurance product for embodied intelligence, covering both the robot's physical damage and third-party liability, addressing various scenarios including natural disasters and operational failures [6] - Ping An has developed a comprehensive financial solution for embodied intelligence enterprises, providing extensive risk coverage and support across multiple sectors [7]