11月17日，新华保险盘中下跌2.01%，截至09:58，报66.85元/股，成交3.88亿元，换手率0.28%，总市值 2085.42亿元。 资金流向方面，主力资金净流出7761.20万元，特大单买入3028.87万元，占比7.80%，卖出7171.54万 元，占比18.46%；大单买入8535.28万元，占比21.97%，卖出1.22亿元，占比31.29%。 新华保险今年以来股价涨40.12%，近5个交易日跌2.58%，近20日跌0.61%，近60日跌0.52%。 资料显示，新华人寿保险股份有限公司位于北京市朝阳区建国门外大街甲12号新华保险大厦，成立日期 1996年9月28日，上市日期2011年12月16日，公司主营业务涉及人寿保险业务。主营业务收入构成为： 传统型保险60.77%，分红型保险34.75%，其他业务5.09%。 新华保险所属申万行业为：非银金融-保险Ⅱ-保险Ⅲ。所属概念板块包括：证金汇金、低市盈率、H 股、高派息、MSCI中国等。 截至9月30日，新华保险股东户数8.19万，较上期增加34.15%；人均流通股25555股，较上期减少 25.55%。2025年1月-9月，新华保险实现营业收 ...

从三季报的描述中可以看出，今年以来，各家保险机构都在积极响应中长期资金的入市要求，充分发挥 保险资金耐心资本优势，稳步扩大权益持仓规模；此外，部分保险机构持续推进了多元化配置策略，大 力推动业务转型，关注创新型品种投资机会，布局资产支持计划、公募REITs、私募REITs等品种。 投资业绩亮眼，部分险企前三季度收益率达8.6%，中国人寿保险投资收益增长超4成 今年以来，股市向好，固收资产波动加大带来部分交易机会，带动保险资金投资收益率上行。2025年前 三季度，五家上市保险机构交出了一份亮眼的投资成绩单。 各家保险机构投资披露口径不一，总体来看，今年5家机构保险资金投资收益率上涨。其中，新华保险 实现了8.6%的年化收益率；中国人保、中国太保分别实现了5.4%和5.2%的非年化收益率，同比分别增 加了0.8和0.5个百分点；中国人寿部分年化的总投资收益率为6.42%(仅对固定到期类资产的利息收入和 投资性房地产的租金收入等进行年化，对买入返售金融资产和卖出回购金融资产款的利息收入/支出、 股息收入、价差收入、公允价值变动损益等均不年化)；中国平安的保险资金投资组合实现非年化综合 投资收益率5.4%，同比上升了 ...

如果说心理健康是服务的纵向深化，那么养老生态则是横向拓宽的另一重要"战场"。中国人寿寿险App 近日正式推出的"养老专区"，可谓将养老服务"搬"到了用户指尖。北京乐境、青岛悦境……这些由该公 司打造的养老机构信息在App内得以全量呈现。用户不再需要打电话多方咨询，只需轻滑屏幕，便可完 成在线预约参观、获取定位导航直达，甚至通过人工客服进行线上答疑。从中国人寿寿险App的整体升 级方向来看，包括一站式解锁智能服务生态：管保单，打造保险保障"数字管家"；管财富，打造资产配 置"掌上管家"；管健康，打造康养生活"智能管家"；管养老，打造适老服务"贴心管家"。 服务的流畅与无缝，是提升体验的关键。自2024年新华保险在掌上新华App推出"一体化、不等待、即 时查"的自助理赔服务，打通个单与团单的理赔申请后，今年以来，该App在功能上新方面并未停步。 快速查询生存金、满期金，以及受益人变更等实用功能持续上线。 在医疗这一核心场景的整合上，险企的探索也更为深入。进一步来看，在医疗资源整合上，平安人寿的 平安金管家App上线"国内二诊"服务，联合北上广三甲医院专家提供书面会诊意见，7个工作日内反馈 诊疗方案，破解基层医疗资 ...

Investment Rating - The report suggests a focus on the brokerage sector, indicating that the sector has a price-to-book (PB) ratio of 1.41x, which is considered undervalued compared to its performance [1] Core Views - The report emphasizes the resilience and stability of the capital market, highlighting the need for a more inclusive and attractive regulatory framework, improved quality and value of listed companies, and effective regulatory enforcement [1][41] - The brokerage sector has underperformed the market by 13 percentage points year-to-date, despite a projected high profit growth for the year [1] - The insurance sector shows a significant increase in asset allocation, with total funds reaching 37.46 trillion yuan, a 12.6% increase year-on-year [3][37] Summary by Sections Brokerage Sector - The brokerage sector has seen a 4% increase year-to-date, lagging behind the broader market [1] - The current PB ratio is 1.41x, indicating a potential for price appreciation given the expected high profit growth [1] - Recommendations include focusing on brokerage firms with strong quarterly performance that are still undervalued [2] Insurance Sector - As of Q3 2025, the total asset size of the insurance industry reached 40.4 trillion yuan, reflecting a 12.5% increase from the beginning of the year [37] - The allocation of insurance funds has shifted, with a notable increase in equity investments, which now account for 10% of total investments [3] - The report anticipates a double-digit growth in new insurance premiums for 2026, driven by strong investment performance in 2025 [4] Market Dynamics - The report notes that the average daily trading volume of A-shares was 20,123 billion yuan, a decrease of 13.5% week-on-week [15] - The report highlights the significant growth in new equity fund issuance, which totaled 4,820 million units from January to October 2025, a year-on-year increase of 175.9% [15] - The insurance sector's premium income showed mixed results, with some companies experiencing growth while others faced declines in specific months [36]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the importance of developing a robust financial market and promoting direct financing through equity and bond markets to optimize financing structures and reduce corporate financing costs, which is crucial for stimulating market vitality and supporting high-quality economic development [3][13] - The A-share market has shown significant growth in trading volume, with the average daily trading volume reaching 20,438 billion yuan, a 1.6% increase from the previous period and a 1.0% increase year-on-year [1][17] - The insurance sector is experiencing a structural differentiation, with life insurance premiums showing a temporary slowdown while property insurance premiums are growing steadily [14] Summary by Sections Market and Sector Performance - The non-bank financial Shenwan index increased by 0.16%, outperforming the CSI 300 index by 1.24 percentage points, ranking 20th among all primary industries [2][12] - The securities sector declined by 1.01%, while the insurance sector rose by 2.63%, and internet finance increased by 1.83% [2][12] Securities: Development of Direct Financing - The People's Bank of China emphasizes the need for a well-functioning financial market that caters to various investment and financing needs, advocating for the development of direct financing through equity and bond markets [3][13] Insurance: Premium Trends - In September, life insurance premiums decreased to 1,962 billion yuan, a year-on-year decline of 4.6%, while property insurance premiums rose to 1,511 billion yuan, a year-on-year increase of 7.2% [14] Market Indicators - As of November 13, 2025, the margin balance in the two markets reached 25,065.19 billion yuan, a 0.31% increase from the previous period and a 59.95% increase compared to the average level in 2024 [1][17]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].

证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 保险资金运用数据点评：2025Q3 核心权益资 产规模大幅提升，债券占比下降 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。 2025 年 11 月 15 日 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 《FVOCI 是什么？——险企 FVOCI 投资专题分析》 2025-11-12 《资负两端全面开花，估值低位攻守 兼备——保险行业 2026 年度投资策 略》 2025-11-03 caok@dwzq.com.cn 行业走势 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 2024/11/15 2025/3/16 2025/7/15 2025/11/13 保险Ⅱ 沪深300 相关研究 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】11 月 14 日金融监管总局披露 2025 年三季度保险资金 ...

一周新闻速览 监管动态 十部门：深化物流数据在金融行业的应用，优化融资、保险等产品服务 金融监管总局：三季度末保险公司和保险资产管理公司总资产40.4万亿，较年初增长12.5% 金融监管总局：近期将发布新修订的《商业银行并购贷款管理办法》 李云泽会见安达集团董事长兼首席执行官埃文·格林伯格 赵宇龙会见中国汽车维修行业协会会长张延华一行 赵宇龙调研上海两家保险协会 赵宇龙走访太平洋保险集团和友邦人寿 江苏金融监管局：推动搭建保险保障网络护航低空经济发展 青海金融监管局：前九月全省财险业累计开展风险减量服务8360次 公司动态 中国平安：增持中国中车H股5548.21万港元，持股比例升至5.09% 平安资管：增持中国中车H股5622.95万港元，持股比例升至5.18% 长城人寿：增持新天绿色能源773.7万股 中国人寿：累计买入雄安债超325亿、雄安集团债近1亿 中国人寿：与七匹狼等新设私募股权投资基金，出资额16亿 中国人寿：联合菜鸟等设立10亿股权投资基金 中再保险：中再产险40亿资本补充债券发行完毕 富泽人寿：获批保险许可证，注册资本170亿 三峡人寿：拟变更股权，渝富资本无偿划转18.54%股份至重庆发展 ...

商报讯(记者苗露)近段时间，各大险企陆续揭开2026年"开门红"之战的序幕。活动期间，分红险依旧成 为了当之无愧的"C位"，部分险企还玩起了"饥饿营销"——通过限额销售、限时销售刺激消费者购买保 单，意在为来年业绩打下良好基础。 业内人士认为，"饥饿营销"短期内确实能实现保单的快速销售，但是在销售过程中，营销员也要重视销 售行为的规范性，不能通过宣传过高的预期收益误导消费者。消费者也应根据自身资金规划理性购买分 红险产品，勿被高收益演示或"最后额度"等宣传方式迷惑。 险企"开门红"大战再起分红险仍站"C位" 进入11月以来，各大险企推陈出新的频率加快。11月6日，新华保险宣布重磅推出其"开门红"主打产品 ——盛世荣耀庆典版终身寿险(分红型)。11月8日，平安人寿宣布推出平安御享金越(2026)终身寿险(分 红型)和平安御享金越年金保险(分红型)。 事实上，在此之前，中国人寿寿险公司也曾宣布推出鑫鸿福养老年金险(分红险)。更早前的9月29日， 泰康人寿宣布推出鑫享世家2026保险产品，采用"固定利益+浮动分红"双轮驱动的模式抵御市场波动风 险。 综合来看，2026年度的险企"开门红"产品结构呈现显著变化，其中， ...

记者注意到，在此轮"开门红"期间，分红险产品成为险企的主打产品，传统的增额终身寿险、年金险等 固定收益型产品已较为少见。多位保险销售人员向记者表示，"开门红"期间推出的分红险产品保底利率 为1.75%，还有一部分浮动收益，整体利率不低于3.2%。 比如，中国人寿推出国寿鑫鸿福养老年金险（分红型），新华保险推出盛世荣耀庆典版终身寿险（分红 型），平安人寿推出平安御享金越（2026）终身寿险（分红型）、平安御享金越年金保险（分红型）、 泰康人寿推出鑫享世家2026终身寿险（分红型）、友邦保险推出传世充裕年金险（分红型）等。 对于险企主打分红险的原因，北京排排网保险代理有限公司总经理杨帆认为，这是市场策略与产品特性 共同作用的结果。分红险"保证利益+浮动红利"的设计，既满足了客户在低利率环境下对资产增值的期 待，又通过"利益共享、风险共担"机制，为险企提供了更大的经营灵活性和资产负债匹配空间。这种潜 在的增值预期对客户具有较强吸引力，使其成为险企冲刺规模、快速抢占市场的较好工具。 险企花式揽客 在"开门红"期间，多家险企通过降低投保门槛、提供更高收益率、附赠增值服务等方式来吸引客户。 多位保险代理人提到，"开门红" ...