证券日报网讯2月12日，新华保险（601336）在互动平台回答投资者提问时表示，公司秉持长期投资与 价值投资理念，稳健有序地进行资产配置。 ...

近7天（2026年2月6日至12日），新华保险A股股价从80.15元下跌至78.40元，区间跌幅为2.49%，振幅 4.03%；港股股价从60.45港元下跌至59.40港元，区间跌幅3.26%。资金流向显示，2月12日A股主力资金 净流出，散户资金流入；港股整体资金净流出。同期，保险板块表现弱于大盘，A股保险Ⅱ板块跌幅 1.44%。 经济观察网 新华保险（601336）2026年"开门红"首月收到9张罚单，罚单数量及受罚机构在人身险公司 中居首，主要涉及"给予合同外利益"等违规，近期累计罚款超180万元。同时，公司业务品质下降问题 被监管部门多次通报，高管职务犯罪风险频发。另一方面，惠誉于2026年2月6日确认新华保险财务实力 评级为"A"级，展望稳定，这是公司连续10年获得该评级。 股票近期走势 机构观点 机构观点偏中性，截至2026年2月12日，A股综合目标价为78.25元，较最新价下跌空间1.66%。惠誉报 告指出，公司2025年第三季度末综合偿付能力充足率为234%，高于监管要求，新业务价值增长强劲。 但近期舆情关注罚单事件对公司治理的潜在影响。 ...

Group 1 - The core viewpoint is that the strong performance in the first three quarters lays a solid foundation for the annual results, with a high growth trend in NBV expected to continue into 2025 [1][2] - It is projected that the net profit attributable to shareholders of A-share insurance companies will increase by 22.7% year-on-year to 426.4 billion yuan in 2025, with a decrease in growth rate of 10.9 percentage points compared to the first three quarters of 2025 [1] - Specific companies are expected to show significant growth in net profit, including China Taiping (215%-225%), China Life (45.8%), and New China Life (43.0%) [1] Group 2 - The liability side of life insurance is expected to maintain a high growth trend, with projected NBV growth rates for various companies such as PICC Life (60.2%) and Sunshine Insurance (49.9%) [2] - The property insurance sector is expected to see a year-on-year premium income increase of 3.9% to 1.76 trillion yuan in 2025, with claims expenses rising by 1.6% to 1.17 trillion yuan [3] - The impact of Typhoon "Maitai" in October 2025 is expected to cause a temporary effect on the combined ratio (COR) performance, with significant economic losses reported [3] Group 3 - The strategy for insurance capital entering the market is continuously advancing, with the scale and proportion of investments in the secondary market increasing significantly [4] - By the end of September 2025, the balance of insurance funds in the secondary market reached 5.59 trillion yuan, accounting for 14.9% of total investments, an increase of 1.49 trillion yuan and 2.6 percentage points from the end of 2024 [4] - Market fluctuations are anticipated to exert pressure on investment performance in the fourth quarter of 2025, with various indices showing mixed performance [4]

Core Viewpoint - The National Financial Supervision Administration of Dongguan has approved the relocation of the business premises for Xinhua Life Insurance Co., Ltd.'s Dongguan Central Branch Fenggang Marketing Service Department to a new address in Dongguan, Guangdong Province [1]. Group 1 - The new business location is specified as Room 405 and 406, Building 1, No. 3, Sanlian Zhengtong Road, Fenggang Town, Dongguan City, Guangdong Province [1]. - Xinhua Life Insurance Co., Ltd. is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1].

Core Viewpoint - The life insurance industry is at a critical stage of value transformation and service model upgrade in 2026, facing both challenges and opportunities due to new accounting standards, complex market environments, and deepening population aging [1] Group 1: Asset-Liability Management and Investment Capability - Strengthening asset-liability management and enhancing investment capabilities are crucial for life insurance companies to establish a solid foundation for stable operations in 2026 [2] - Companies are focusing on a collaborative development model of "insurance + investment + service" to enhance their competitive edge and build a robust investment foundation [2] - Emphasis on innovation in insurance product service models to alleviate interest spread risk and enhance the supply of pension annuities and long-term care insurance [3] Group 2: Digital Transformation - The life insurance industry is advancing from initial exploration to large-scale application of digital transformation, integrating AI, big data, and cloud computing to enhance operational efficiency and create differentiated competition [5] - Companies are prioritizing digital transformation as a key strategy for high-quality development, with specific goals set for 2026 [5][6] Group 3: Customer-Centric Approach - The industry is shifting from scale-driven to value-driven growth, with a focus on upgrading channels and improving service quality to meet diverse consumer demands [7] - Companies are implementing new marketing models centered around customer needs and enhancing their sales teams to adapt to business transformations [7] - Emphasis on improving service quality through the integration of medical, health, and care services, aiming to enrich service offerings and enhance customer experience [8]

Core Insights - The establishment of private equity funds by insurance companies is increasing, driven by policy encouragement and the need for asset-liability matching in a low-interest-rate environment [1][4][5] Group 1: Recent Developments - Tianjin Lanqin Equity Investment Partnership was recently established with a total investment of 8.601 billion, involving several insurance companies including Taikang Life and China Life [2] - The Huizhi Yangtze River Delta Private Fund Partnership, also established recently, has China Life as its largest partner with an investment of 4 billion [2] - The Taibao War New M&A Private Fund, with a target size of 30 billion, is focusing on key areas of state-owned enterprise reform and modern industrial system construction in Shanghai [3] Group 2: Policy and Market Trends - Policies supporting insurance capital participation in private equity investments have been introduced, promoting long-term capital investment in strategic sectors like integrated circuits and biomedicine [4] - The trend of insurance capital increasing its allocation to private equity funds reflects a shift in asset allocation needs, particularly in response to a declining interest rate environment [4][5] Group 3: Investment Strategy and Focus - Private equity funds are characterized by long investment cycles and high return potential, making them attractive for insurance companies seeking to enhance their yield [6] - Insurance companies are expected to broaden their investment fields within private equity, focusing on hard technology and industries related to public welfare, while enhancing their research capabilities [7] - Companies are emphasizing the importance of investing in high-quality technology enterprises and aligning with national strategies to provide stable funding for innovation and production [7]

政策闸门开启一年后，曾被认为将汹涌入市的近2000亿元保险资金，在黄金市场的巨浪前展现出了怎样的配置策略？2月10日，北京商报记者了解到，保险 资金投资黄金业务试点已开展一周年，获批开展试点的10家保险公司中，6家完成了上海黄金交易所的入会手续，真正迈入了直接投资的大门。更为关键的 是，即便已经入场的机构，其落下的棋子也极为审慎，与市场一度期待的"长期重量级买家"形象相去甚远。 一边是理论上的广阔投资空间，另一边是实际运作中的克制。在刚刚经历了历史性高位与剧烈震荡的黄金市场面前，保险资金这番选择背后，究竟是基于对 后市风险的警惕，还是暴露出其作为"市场新兵"在专业能力与内部机制上的短板？ 试点周年：克制入场 财经评论员郭施亮表示，多家险企成为上海黄金交易所会员，直接打通了直接投资黄金的通道。然而，虽然试点险企数量越来越多，但实际投资的比例依然 很低，反映出目前险企投资黄金依然处于试水的状态。 "试点政策落地标志着黄金正式纳入保险资金大类资产配置体系，填补了长期缺乏实物类避险资产的空白，有助于优化险资久期匹配与风险分散结构。"盘古 智库高级研究员江瀚也表示，从实施节奏看，有机构已加入上海黄金交易所并完成首笔交易 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector as market trading has slightly declined but remains at historical highs. In the insurance sector, the long-term outlook is optimistic due to improved return on equity (ROE) and valuation recovery potential, suggesting a positive allocation strategy for insurance stocks [2][4] - The report continues to recommend stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which exhibit strong profitability and market positions. Additionally, it highlights companies like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 0.6% this week, with an excess return of +0.7% relative to the CSI 300, ranking 20th out of 31 sectors. Year-to-date, the non-bank financial index is down 1.1%, with an excess return of -1.4% compared to the CSI 300, ranking 29th out of 31 [5] - The average daily trading volume in the two markets was 24,066.54 billion yuan, down 21.43% week-on-week, with a daily turnover rate of 2.36%, down 60.83 basis points [5][35] Insurance Sector Insights - In December 2025, the cumulative insurance premium income reached 61,194 billion yuan, reflecting a year-on-year increase of 7.43%. Life insurance premiums increased by 8.91%, while property insurance premiums rose by 3.92% [20][21] - The total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan, representing 88.09% of the total [25][26] Brokerage and Investment Business - The brokerage business is experiencing a gradual recovery in profitability, with the average daily trading volume exceeding the 2025 average. The report notes that the commission fee rates are stabilizing, which is expected to support the profitability of the brokerage sector [35][41] - In January 2026, the equity financing scale rebounded to 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [45] Asset Management and Fund Issuance - The report indicates a recovery in the issuance of collective asset management products, with January 2026 seeing a new issuance of 9.104 billion units, up 40.1% from the previous month. The new fund issuance also increased to 1,094.51 billion units, reflecting a 41.3% month-on-month rise [47][49]

Core Viewpoint - The insurance industry maintains a recommended rating, supported by a "slow bull" market trend that benefits both asset returns for insurance companies and sales of floating income-type dividend insurance [1] Group 1: Life Insurance Companies - In 2023, life insurance companies achieved a cumulative premium income of 43,624 billion, with a year-on-year growth of 8.9%, slightly down from 9.1% [3] - December's premium income for life insurance companies was 2,152 billion, showing a year-on-year increase of 6.0%, with life insurance premiums at 1,683 billion, up 10.1% [3] - The strong performance in life insurance is expected to continue into 2026, particularly in the bancassurance channel, where new single premiums are anticipated to double [3] Group 2: Property Insurance Companies - Property insurance companies reported a cumulative premium income of 17,570 billion in 2023, with a stable year-on-year growth of 3.9% [4] - December's premium income for property insurance was 1,413 billion, with a year-on-year increase of 4.4%, and auto insurance premiums at 977 billion, up 2.2% [4] - Non-auto insurance premiums in December reached 437 billion, showing a significant year-on-year growth of 9.6%, driven by low base effects from the previous year [4] Group 3: Overall Industry Performance - The total premium income for the insurance industry in 2023 was 61,194 billion, reflecting a year-on-year growth of 7.4% [5] - By the end of December, the total assets of the insurance industry reached 413,145 billion, a 15.1% increase from the beginning of the year, while net assets grew by 10.2% to 36,640 billion [5] - Investment recommendations include China Ping An, New China Life, China Life, and China Taiping, with a focus on the long-term investment value of China Property Insurance [5]

证券研究报告 | 行业点评报告 2026 年 02 月 09 日 2025 年稳健收官，2026 年开门红值得期待 保险行业 2025 年 12 月保费收入点评 总量研究/非银行金融 近日，国家金融监督管理总局公布 2025 年 1-12 月保险业经营情况，人身险公 司全年保费增速接近两位数，2026 年开门红预计表现强劲；财产险公司全年 保费中低速增长，非车险"报行合一"有望推动盈利持续改善。 ❑ 风险提示：产品吸引力下降；资本市场波动；监管收紧；经济增长不及预期。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 90 | 1.7 | | 总市值（十亿元） | 6622.4 | 5.9 | | 流通市值（十亿元） | 6453.3 | 6.4 | 行业指数 % 1m 6m 12m 绝对表现 -2.9 1.8 17.9 相对表现 0.2 -11.1 -3.0 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 非银行金融 沪深300 相关报告 1、《非银金融 25Q4 ...