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》到阿克苏金融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乌什支公司依麻木乡营销服务部营业场所变更为新疆阿克苏地 区乌什县依麻木镇玉斯屯克和田1村1组中昱商业街3-104号商铺。 2026年1月28日，阿克苏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乌什支公司 依麻木乡营销服务部营业场所变更的请示》(阿苏人保财险发〔2025〕147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： ...

证券之星消息，2月2日保险板块较上一交易日下跌2.14%，新华保险领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601318 | 中国平安 | 66.02 | -1.09% | 135.45万 | 90.60亿 | | 601319 | 中国人保 | 9.06 | -1.63% | 100.51万 | 9.23亿 | | 601601 | 中国太保 | 44.36 | -2.61% | 37.33万 | 16.84亿 | | 601628 | 中国人寿 | 48.34 | -2.78% | 28.82万 | 14.10 Z | | 601336 | 新华保险 | 80.88 | -2.79% | 23.47万 | 19.347 | 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 ...

Flash | 01 Feb 2026 15:55:03 ET │ 14 pages China Insurance China Reportedly Plans to Recapitalize Three Insurers; PICC Group H- share Could Benefit Most CITI'S TAKE According to Bloomberg (30-Jan-2026), China is considering issuing c.Rmb200bn of special government bonds to recapitalize China Life Group, PICC Group and China Taiping Group. We are not surprised as "capital replenishment for large insurers is on the agenda" was mentioned by the State Council on 7-May-2025. We believe such a move would be posit ...

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 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 非银金融 沪深300 券商股或迎业绩催化；保险估值仍待提升 2026 年 02 月 01 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 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 相关研究 《保险行业 12 月保费：产寿 25Q4 保 费增速均有所放缓，看好寿险 2026 年 新单增长》 2026-01-31 《公募基金业绩基准指引正式发布； "保险+康养"模式持续推进》 2026-01-25 东吴证券研究所 1 / 18 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（2026 年 01 月 26 日-2026 年 01 月 30 日）非银金融各子板块中仅保险行 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [2] Core Insights - The report discusses the upcoming capital injection into large state-owned insurance companies, which is expected to enhance the strength of leading insurers amid industry consolidation [5] - It highlights that the estimated capital injection scale is around 200 billion yuan, which will significantly improve the solvency ratios of the involved companies [5] - The report emphasizes the importance of monitoring the pricing of the capital increase and its impact on book value per share (BVPS) and embedded value per share (EVPS) [5] Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 37,190.62 billion yuan, with the same amount for circulating market capitalization [2] Capital Injection Details - The report anticipates that the capital injection will be approximately 200 billion yuan, which will account for about 16.5% of the expected net assets of China Life, China Ping An, and China Taiping by the end of 2026 [5][8] - The solvency ratio is expected to improve by approximately 23 basis points due to this capital injection [5][8] Investment Recommendations - The report suggests that investors should focus on the pricing of the capital increase and its effects on BVPS and EVPS [5] - It reiterates the investment value of the insurance sector, highlighting companies such as China Taiping, China Ping An, China Life, New China Life, and China Pacific Insurance as key focuses [5]

保险工 2026 年 02 月 01 日 相关研究 券研究报 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 目 孙冀齐 A0230523110001 sunjq@swsresearch.com 申万宏源研究微信服务号 证监会拟放松战略投资者限制 长期入市再迎政策支持 —《证券期货法律适用意见第 18 号》征求意见稿点评 证监会拟放松战略投资者限制,中长期资金入市再迎政策支持。1 月 30 日,证监会发布《关 于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三条、第四十 条、第五十七条、第六十条有关规定的适用意见 -- 证券期货法律适用意见第 18号）的决定 (征求意见稿)》(简称《征求意见稿》)，拟放松战略投资者限制。2025年 1 月 22 日，六部 门联合印发《关于推动中长期资金入市工作的实施方案》(简称 《实施方案》)，提出要允许 公募基金、商业保险资金、基本养老保险基金、企（职）业年金基金、银行理财等作为战略 投资者参与上市公司向特定对象发行股 ...

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - The life insurance premium growth turned positive in December, with a total premium income of 436.24 billion yuan for the year 2025, reflecting a year-on-year increase of 8.9% [1] - Property insurance premiums also showed improvement, with total premium income of 175.70 billion yuan for 2025, up 3.9% year-on-year [2] - The total assets of the insurance industry reached 4,131.45 billion yuan by the end of 2025, a 15.1% increase from the end of 2024 [3] - The report anticipates a significant increase in new business value (NBV) in Q1 2026, driven by high demand and the transformation of dividend insurance, which will alleviate pressure on profit margins [4] Summary by Sections Life Insurance - In December, life insurance premium income was 215.2 billion yuan, a year-on-year increase of 6.0%, marking a recovery from a previous decline of -2.4% [1] - The premium income for life insurance, health insurance, and accident insurance for 2025 was 355.57 billion, 76.99 billion, and 3.68 billion yuan, respectively, with year-on-year changes of +11.4%, -0.4%, and -9.8% [1] Property Insurance - The property insurance sector saw a total premium income of 1,413 billion yuan in December, up 4.4% year-on-year [2] - The December premium income for auto insurance was 977 billion yuan, reflecting a 2.2% increase, while non-auto insurance premiums reached 437 billion yuan, up 9.6% [2] Asset Growth - By the end of 2025, the total assets of life insurance companies were 3,639.37 billion yuan, and property insurance companies had assets of 311.74 billion yuan, representing increases of 15.3% and 7.5% respectively [3] - The net assets of the insurance industry totaled 366.40 billion yuan, a 10.2% increase from the previous year [3] Investment Recommendations - The report maintains a positive outlook for the insurance sector, suggesting that the current valuation remains low, with a price-to-earnings value (PEV) of 0.68-0.85x for January 30, 2026 [4]

行 业 研 究 / 行 业 点 相关研究 行 业 及 产 业 非银金融/ 保险Ⅱ 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 2026 年 02 月 01 日 证监会拟放松战略投资者限制，中 长期入市再迎政策支持 看好 ——《证券期货法律适用意见第 18 号》征求意见稿点评 证监会拟放松战略投资者限制，中长期资金入市再迎政策支持。1 月 30 日，证监会发布《关 于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三条、第四十 条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第 18号〉的决定 （征求意见稿）》（简称《征求意见稿》），拟放松战略投资者限制。2025 年 1 月 22 日，六部 门联合印发《关于推动中长期资金入市工作的实施方案》（简称 《实施方案》），提出要允许 公募基金、商业保险资金、基本养老保险基金、企（职）业年金 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next 6 to 12 months [1]. Core Insights - The insurance industry experienced a slowdown in premium growth in Q4 2025, with life insurance premiums expected to see new policy growth in 2026 [1]. - The report highlights that the total premium income for life insurance companies in 2025 reached CNY 436.24 billion, reflecting a year-on-year increase of 9.1%, while the total premium income for the industry was CNY 526.96 billion, up 8.5% year-on-year [5]. - The report anticipates a strong performance for listed insurance companies in the 2026 New Year, driven by the ongoing trend of "deposit migration" and the attractiveness of insurance products compared to bank deposits [5]. Summary by Sections Life Insurance - In 2025, life insurance premiums grew by 9.1%, but Q4 saw a significant slowdown with a growth rate of only 0.3% compared to Q3, primarily due to a decrease in market demand following a reduction in the preset interest rate [5]. - December 2025 saw a monthly premium income of CNY 215.2 billion, marking a 6.0% year-on-year increase, reversing the negative growth seen in November [5]. Health Insurance - Health insurance premiums increased by 2.0% in 2025, but Q4 experienced a slight decline of 0.1% year-on-year [5]. - The report notes that the health insurance sector is expected to grow significantly due to product innovation and improved pricing strategies [5]. Property Insurance - Property insurance premiums reached CNY 17,570 billion in 2025, with a year-on-year growth of 3.9%. However, Q4 saw a slowdown with a growth rate of only 0.5% [5]. - The report indicates that the growth in non-auto insurance premiums was driven by significant increases in agricultural, health, accident, and liability insurance premiums in December [5]. Financial Performance and Valuation - The report suggests that both liability and asset sides of insurance companies are improving, with significant upward potential in valuations [5]. - As of January 30, 2026, the insurance sector's valuation is at historical lows, with expected PEV ratios ranging from 0.67 to 0.88 and PB ratios from 1.15 to 2.38 [5].