证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 政策引导+行协牵头，保险业布局康养领域进 程再加速 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -6% -1% 4% 9% 14% 19% 24% 29% 34% 39% 44% 2025/1/23 2025/5/24 2025/9/22 2026/1/21 保险Ⅱ 沪深300 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：长端利率趋势性下行；新单增长不及预期。 2026 年 01 月 23 日 相关研究 《低利率时代的重逢——中国分红险 发展的前世今生》 2025-12-30 《保险行业 11 月保费：产寿单月保费 增速均有改善，继续看好寿险开门红 表现》 2025-12-27 东吴证券研究所 1 / 4 请务必阅读正文之后的免责声明部分 ◼ 【事件】1 月 22 日保险公司在康养领域消息频现，我们预计"保险+康 养"模式发展进一步加速。 ◼ 行业层面：协会 ...

Core Viewpoint - Xinhua Life Insurance Company has faced multiple penalties from the Yantai Regulatory Bureau of the National Financial Supervision Administration due to various violations by its branches in Yantai [2][3]. Group 1: Penalties and Violations - Xinhua Life Insurance's Longkou branch was fined 10,000 yuan for instigating and inducing insurance agents to engage in activities that violate their duty of honesty, with the branch manager Gao Fanjun receiving a warning and a fine of 10,000 yuan [1][3]. - The Yantai Central branch was fined 124,700 yuan for preparing false financial documents, with the deputy general manager Wang Shina receiving a warning and a fine of 17,400 yuan [1][3]. - The Penglai branch was fined 52,100 yuan for providing benefits outside the insurance contract to policyholders, with the branch manager Sun Yiqing receiving a warning and a fine of 10,900 yuan [1][3].

Investment Rating - The report provides a positive outlook on the non-banking financial sector, indicating a strong performance and potential for continued growth in the coming years [1][2]. Core Insights - The report highlights the introduction of multiple regulatory frameworks aimed at strengthening the long-term performance of the non-banking sector, which is expected to enhance the overall stability and growth prospects of the industry [1][39]. - The insurance market is expanding steadily, with significant growth in premium income and investment returns, indicating a robust recovery and potential for further development [7][58]. - The report emphasizes the performance of various non-banking sectors, with insurance leading the growth, followed by diversified finance and securities [22][58]. Summary by Sections Regulatory Dynamics - The China Banking and Insurance Regulatory Commission (CBIRC) has introduced several new regulations, including adjustments to risk factors for insurance companies and management guidelines for financial leasing companies, aimed at enhancing regulatory efficiency and promoting high-quality development in the non-banking sector [3][39]. - New regulations also include the asset-liability management guidelines for insurance companies and the information disclosure management for asset management products, which are expected to improve transparency and investor protection [40][43]. Industry Dynamics - The non-banking sector has shown varied performance, with the insurance sector achieving a premium income of CNY 5.76 trillion, a year-on-year increase of 7.56% [58]. - The report notes that the A-share market's average daily trading volume reached CNY 10,768 billion, reflecting a year-on-year growth of 53.24%, although there was a slight decline in trading activity towards the end of the year [10][64]. Market Performance - In December 2025, the non-banking index rose by 6.31%, outperforming major indices, with insurance stocks showing the highest gains at 14.59% [19][22]. - The report identifies key ETFs in the non-banking sector, highlighting strong performance in the securities insurance ETFs and financial technology ETFs, which saw significant inflows [13][38]. Investment Opportunities - The report recommends focusing on the valuation recovery logic in the non-banking sector, particularly in ETFs such as the Hong Kong Stock Connect Non-Banking ETF and the Financial Technology ETF, which are expected to benefit from the positive market dynamics [13][38]. - The insurance sector's dividend yields are becoming increasingly attractive, with several companies offering yields above 3.5%, indicating a potential investment opportunity for income-focused investors [12].

Core Viewpoint - The insurance sector experienced a decline of 1.95% on January 23, with China Pacific Insurance leading the drop, while the overall market indices showed slight gains [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4136.16, up 0.33% [1]. - The Shenzhen Component Index closed at 14439.66, up 0.79% [1]. Group 2: Individual Stock Performance - China Life Insurance (601628) closed at 45.73, down 2.49% with a trading volume of 435,400 shares [1]. - China Pacific Insurance (601601) closed at 41.99, down 2.58% with a trading volume of 588,100 shares [1]. - China Ping An (601318) closed at 63.90, down 1.39% with a trading volume of 1,407,700 shares [1]. - New China Life Insurance (601336) closed at 76.75, down 1.39% with a trading volume of 221,300 shares [1]. - China Reinsurance (601319) closed at 8.95, down 1.21% with a trading volume of 762,800 shares [1]. Group 3: Capital Flow Analysis - The insurance sector saw a net outflow of 249 million yuan from institutional investors and 278 million yuan from retail investors, while retail investors had a net inflow of 527 million yuan [1]. - China Life Insurance had a net inflow of 126 million yuan from institutional investors, but a net outflow of 124 million yuan from retail investors [2]. - China Pacific Insurance had a net inflow of 112 million yuan from institutional investors, with a net outflow of 1.42 million yuan from retail investors [2]. - China Ping An experienced a significant net outflow of 546 million yuan from institutional investors [2].

A股证券代码：601336 A股证券简称：新华保险 编号：2026-003 H股证券代码： 01336 H股证券简称：新华保险 新华人寿保险股份有限公司 第九届董事会第三次会议决议公告 新华人寿保险股份有限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。 新华人寿保险股份有限公司（以下简称"公司"）于 2026 年 1 月 15 日以书 面方式向全体董事发出第九届董事会第三次会议（以下简称"会议"）通知和材 料，会议于 2026 年 1 月 23 日在北京市以现场方式召开。会议应到董事 10 人， 现场出席董事 10 人，公司高级管理人员列席了会议。会议的召集、召开符合《中 华人民共和国公司法》《新华人寿保险股份有限公司章程》和《新华人寿保险股 份有限公司董事会议事规则》的有关规定，所作的决议合法、有效。 公司董事会审计与关联交易控制委员会已审议通过此项议案。 表决情况：同意 10 票，反对 0 票，弃权 0 票。 特此公告。 新华人寿保险股份有限公司董事会 2026 年 1 月 23 日 会议由公司董事长杨玉成主持，经与会董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 海外監管公告 A股证券代码：601336 A股证券简称：新华保险 编号：2026-003 H股证券代码： 01336 H股证券简称：新华保险 新华人寿保险股份有限公司 第九届董事会第三次会议决议公告 新华人寿保险股份有限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。 新华人寿保险股份有限公司（以下简称"公司"）于 2026 年 1 月 15 日以书 面方式向全体董事发出第九届董事会第三次会议（以下简称"会议"）通知和材 料，会议于 2026 年 1 月 23 日在北京市以现场方式召开。会议应到董事 10 人， 现场出席董事 10 人，公司高级管理人员列席了会议。会议的召集、召开符合《中 华人民共和国公司法》《新华人寿保险股份有限公司章程》和《新华人寿保险股 份有限公司董事会议事规则》的有关规定，所作的决议合法、有效。 会 ...

Core Viewpoint - The AI Fund Nuon New Power Flexible Allocation Mixed A (320018) reported a profit of 4.9971 million yuan for Q4 2025, with a weighted average profit per fund share of 0.2548 yuan. The fund's net value growth rate for the reporting period was 7.26%, and the fund size reached 65.8123 million yuan by the end of Q4 2025 [3][14]. Fund Performance - As of January 22, the unit net value of the fund was 3.565 yuan. The fund manager, Li Xiaojie, has managed four funds over the past year, all of which have yielded positive returns. The highest growth rate among these funds was 48.16% for Nuon Low Carbon Economy Stock A, while the lowest was 5.05% for Nuon Huili Mixed A [3]. - The fund's net value growth rates over various periods are as follows: 2.18% over the last three months (ranking 1015/1286), 2.83% over the last six months (ranking 1146/1286), 16.89% over the last year (ranking 980/1286), and -15.38% over the last three years (ranking 1190/1286) [3]. Investment Strategy - The fund's Q4 holdings were primarily in dividend-related assets such as banks, oil and petrochemicals, and non-bank financials. The fund reduced its allocation in the banking sector while increasing its positions in non-bank financials and oil and petrochemicals [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was -0.0472, ranking 1192/1275 among comparable funds [8]. - The maximum drawdown over the last three years was 30.05%, with the largest single-quarter drawdown occurring in Q1 2022 at 17.43% [10]. Portfolio Composition - As of December 31, the fund's average stock position over the last three years was 74.15%, compared to the industry average of 72.57%. The fund reached a peak stock position of 79.28% at the end of 2021 and a low of 51.69% by the end of Q3 2022 [13]. - The top ten holdings of the fund as of Q4 2025 included China Ping An, China Pacific Insurance, China Petroleum, Oppein Home, China Shenhua, New China Life Insurance, Sinopec, Shaanxi Coal and Chemical Industry, Yili Group, and Jiangsu Bank [17].

证券之星消息，1月22日保险板块较上一交易日下跌1.84%，新华保险领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 616109 | 中国人保 | 9.06 | -1.20% | 63.10万 | | 5.74亿 | | 601318 | 中国平安 | 64.80 | -1.59% | 114.39万 | | 74.56 Z | | 601601 | 中国太保 | 43.10 | -1.82% | 44.44万 | | 19.29亿 | | 601628 | 中国人寿 | 46.90 | -2.13% | 16.63万 | | 7.92 Z | | 601336 | 新华保险 | 77.83 | -2.47% | 23.42万 | | 18.41亿 | 从资金流向上来看，当日保险板块主力资金净流出2.12亿元，游资资金净流出5.17亿元，散户资金净流入 ...

每经AI快讯，1月22日，港股保险股持续走低，新华保险(01336.HK)跌4.3%，中国太平(00966.HK)、中 国人寿(02628.HK)跌超3%，中国平安(02318.HK)、中国太保(02601.HK)跌2.6%。 ...

Core Viewpoint - The upcoming ESG evaluation for A-share listed insurance companies is drawing significant market attention, with a focus on their carbon emissions and customer service complaints as they prepare for mandatory disclosures by January 2026 [2][3]. Group 1: ESG Reporting and Carbon Emissions - All five major A-share listed insurance companies, including China Life, Ping An, China Pacific, PICC, and New China Life, are required to disclose their latest annual ESG reports within three months [2]. - The first national standard for financial ESG evaluation has been released, providing a clear scoring framework for the insurance industry [2]. - The total carbon emissions of these five companies show a downward trend, with the highest reduction reaching 12.5% [2][6]. - China Life has the highest total carbon emissions at 67.61 thousand tons, while PICC has the lowest at 1.76 thousand tons, indicating significant disparities in emissions across the industry [6]. Group 2: Green Investments - The total scale of green investments by the five insurance companies exceeds 1 trillion yuan, with China Life leading at nearly 535 billion yuan [11][12]. - Green insurance products are also being developed, with significant coverage amounts reported by various companies, such as China Life providing risk coverage exceeding 18 trillion yuan [11][12]. Group 3: Customer Complaints - New China Life has seen a dramatic increase in customer complaints, with a year-on-year rise of 71.52%, totaling 134,293 complaints [15][16]. - The complaint volume per billion yuan of premium for New China Life is 0.87, which is relatively high compared to other companies [15][16]. - The insurance industry is facing scrutiny regarding customer service quality, which is a critical aspect of the social dimension of ESG [15][17].