格隆汇12月7日丨中国人保(601319.SH)公告，公司第五届董事会第十三次会议(以下简称"会议")以书面 传签方式召开，会议通知和材料于2025年11月30日以书面方式通知全体董事，并于12月7日收到全体董 事的书面表决意见。会议的召开和参加表决人数符合《中华人民共和国公司法》等相关法律、行政法 规、部门规章和《中国人民保险集团股份有限公司章程》的规定，会议合法、有效。本次会议审议通过 了《关于香港大埔火灾事件专项捐赠的议案》。本次会议同意捐赠1,000万港元，用于受灾民众紧急救 援、过渡安置及灾后恢复工作。 ...

格隆汇12月7日｜中国人保(601319.SH)公告称，公司副总裁于泽涉嫌严重违纪违法，目前正接受中央纪 委国家监委纪律审查和监察调查。该事项不影响本公司经营管理。 ...

中国人保公告，公司副总裁于泽涉嫌严重违纪违法，目前正接受中央纪委国家监委纪律审查和监察调 查。该事项不影响公司经营管理。 ...

证券代码：601319 证券简称：中国人保 公告编号：临 2025-040 特此公告。 中国人民保险集团股份有限公司董事会 中国人民保险集团股份有限公司 其他重大事项公告 根据中央纪委国家监委网站于 2025 年 12 月 6 日所披露的消息， 中国人民保险集团股份有限公司（"本公司"）副总裁于泽涉嫌严重 违纪违法，目前正接受中央纪委国家监委纪律审查和监察调查。该事 项不影响本公司经营管理。 2025 年 12 月 7 日 ...

本次会议审议通过了《关于香港大埔火灾事件专项捐赠的议案》。 表决结果：11 票同意，0 票反对，0 票弃权 本次会议同意捐赠 1,000 万港元，用于受灾民众紧急救援、过渡 安置及灾后恢复工作。 特此公告。 证券代码：601319 证券简称：中国人保 公告编号：临2025-041 中国人民保险集团股份有限公司 第五届董事会第十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 本公司第五届董事会第十三次会议（以下简称"会议"）以书面 传签方式召开，会议通知和材料于 2025 年 11 月 30 日以书面方式通 知全体董事，并于 12 月 7 日收到全体董事的书面表决意见。会议的 召开和参加表决人数符合《中华人民共和国公司法》等相关法律、行 政法规、部门规章和《中国人民保险集团股份有限公司章程》的规定， 会议合法、有效。 2025 年 12 月 7 日 中国人民保险集团股份有限公司董事会 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector currently has a low average valuation, presenting a safety margin and potential for growth [2] - The insurance industry is expected to benefit from economic recovery and rising interest rates, with a significant increase in the sales of savings-type products [7] - The securities industry is undergoing transformation, which may lead to new business growth opportunities [7] Summary by Sections Non-Bank Financial Sector Performance - In the recent five trading days (December 1-5, 2025), only the insurance sector outperformed the CSI 300 index, with insurance up 5.13%, while the overall non-bank financial sector rose 2.33% [6][13] - Year-to-date, the insurance sector has increased by 20.28%, outperforming other sectors [14] Securities Sector - Trading volume has decreased month-on-month, with an average daily trading amount of 19,654 billion CNY in December, down 12.30% from the previous month but up 11.93% year-on-year [18] - The China Securities Regulatory Commission (CSRC) is considering measures to enhance the capital space for quality brokerages, aiming for high-quality development [23] - The average price-to-book (PB) ratio for the securities industry is projected at 1.3x for 2025 [24] Insurance Sector - The total assets of the insurance industry surpassed 40 trillion CNY, growing by 12.5% year-to-date [35] - Regulatory changes are aimed at optimizing long-term stock holding risk factors, encouraging insurance funds to adopt a long-term investment approach [27] - The insurance sector's valuation is currently at historical lows, with a P/EV ratio between 0.61 and 0.97 for 2025 [36] Multi-Financial Sector - The trust industry is experiencing a significant decline in profits, with total profits down by 45.5% year-on-year [39] - The futures market saw a year-on-year increase in trading volume and value, indicating a potential recovery in market activity [45] - The financial leasing sector is being guided to focus on its core business and enhance service capabilities [53] Industry Ranking and Recommendations - The recommended ranking for the industry is insurance > securities > other multi-financial sectors, with key companies including China Life, Ping An, and CITIC Securities highlighted for investment [54]

Investment Rating - The report maintains a positive outlook on the brokerage sector, indicating a potential for gradual realization of the sector's rebound logic [3]. Core Insights - The recent speech by the chairman of the China Securities Association has shifted market expectations positively for the brokerage sector, with a strong certainty of an upward adjustment in the long-term ROE central [3]. - The report highlights three main investment themes: 1. The attractiveness of the equity market will benefit wealth management and asset management businesses of brokerages, with a specific recommendation for Dongfang Securities [3]. 2. Companies benefiting from an improved competitive landscape, with key recommendations including Guotai Junan, GF Securities, and CITIC Securities [3]. 3. Valuation mismatches in Huatai Securities A+H and strong international business competitiveness in China Galaxy and CICC [3]. Market Review - The Shanghai and Shenzhen 300 Index closed at 4,584.54, with a weekly change of +1.28%. The non-bank index closed at 1,975.96, with a weekly change of +2.27%. The brokerage, insurance, and diversified financial sectors reported changes of +1.14%, +5.08%, and +0.49%, respectively [6]. - The average daily trading volume for the Shanghai and Shenzhen markets was 16,962.89 billion, with a year-to-date increase of 61.08% compared to the previous year [17]. Non-Bank Industry Data - As of December 5, 2025, the 10-year government bond yield was 1.85%, with a weekly change of +1.14 basis points. The credit spread for corporate bonds was 0.54%, with a weekly change of +3.61 basis points [11]. - The insurance sector's original premium income for the first ten months of 2025 reached 5.48 trillion, reflecting a year-on-year growth of 8% [28]. Individual Stock Highlights - In the insurance sector, notable A-share performances included China Pacific Insurance (+8.23%), Ping An (+5.09%), and China Life (+4.32%) [8]. - In the brokerage sector, the top performers included Zhongyin Securities (+7.89%) and Xingye Securities (+6.35%) [8].

Group 1 - The "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" (referred to as "Hundred Thousand Project") was launched in December 2022 by Guangdong Province to address the imbalance in urban and rural development [1] - The project aims for a phased approach with goals set for one year, three years, five years, and ten years, focusing on achieving significant changes in urban-rural coordination [1] - Guangdong Province has issued a plan to enhance financial support for the "Hundred Thousand Project," emphasizing the need for financial resources and services to be directed towards counties, towns, and villages [1] Group 2 - The insurance industry views the "Hundred Thousand Project" as both a challenge and an opportunity, particularly in supporting rural integration and regional coordinated development [2] - Recommendations include strengthening collaboration between insurance companies and government departments to build disaster reduction systems, enabling farmers to better manage risks [2] - There is a call for the establishment of a shared platform for meteorological and oceanographic data to facilitate precise warnings and guidance, shifting insurance from post-event compensation to comprehensive risk protection [2]

Group 1 - The "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" (referred to as "Hundred Thousand Project") was launched by Guangdong Province in December 2022 to address the imbalance in urban and rural development [1] - The project aims for a phased approach with specific goals: initial progress in one year, noticeable results in three years, significant changes in five years, and fundamental transformation in ten years [1] - Guangdong Province has issued a plan to enhance financial support for the "Hundred Thousand Project," focusing on directing financial resources, services, and talent towards rural areas to promote coordinated urban-rural development [1] Group 2 - The insurance industry views the "Hundred Thousand Project" as both a challenge and an opportunity, emphasizing its potential role in supporting rural integration and regional coordinated development [2] - Recommendations include strengthening collaboration between insurance companies and government departments to build disaster reduction systems, enabling farmers to better manage risks [2] - There is a call for the establishment of a shared platform for meteorological and oceanographic data to facilitate precise warnings and on-site guidance, shifting insurance from post-event compensation to comprehensive risk protection [2]

非银金融 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 孙冀齐 A0230523110001 sunjq@swsresearch.com 2025 年 12 月 07 日 险资入市再迎"强心针"，A 股险企 潜在股票增配空间达 789 亿元 金管局再次调降险资股票投资风险因子，为险资入市注入新的"强心针"。周五 盘后，金管局发布《关于调整保险公司相关业务风险因子的通知》（简称"《通 知》"），明确：1）险资持仓时间超过三年的沪深 300 指数成分股、中证红利低 波动 100 指数成分股的风险因子从 0.3 下调至 0.27，持仓时间根据过去 6 年加 权平均持仓时间确定。2）险资持仓时间超过两年的科创板上市普通股的风险因 子从 0.4 下调至 0.36，持仓时间根据过去 4 年加权平均持仓时间确定。3）保险 公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的保费风险 因子从 0.467 下调至 ...