Investment Rating - The report indicates a positive investment outlook for the non-bank financial sector, particularly highlighting the insurance and brokerage segments as having strong growth potential [1][3]. Core Insights - The non-bank financial index increased by 2.90% this week, outperforming the CSI 300 index by 3.17 percentage points. The insurance sector saw a significant rise of 7.03%, driven by asset under management (AUM) expansion and interest margin recovery, indicating a favorable market environment for insurance stocks [1][9]. - The brokerage sector also showed positive momentum with a 1.01% increase, supported by strategic mergers and acquisitions, which are expected to enhance market concentration and profitability [2][17]. - The banking sector experienced a modest increase of 1.00%, with expectations of improved credit growth driven by government policies and infrastructure investments [3][19]. Summary by Sections Insurance Sector - The insurance sector's index rose by 7.03%, significantly outperforming the CSI 300 index by 7.30 percentage points. Key players like Ping An and China Pacific saw their stock prices reach new highs, reflecting strong market confidence [1][13]. - The growth in the insurance sector is attributed to the dual drivers of AUM expansion and interest margin recovery, which enhance investment income certainty. The sector is positioned for a critical recovery phase in both performance and valuation [16][24]. - Recommendations include focusing on companies with strong dividend yields and low valuations, such as China Pacific and New China Life [16][24]. Brokerage Sector - The brokerage sector's index increased by 1.01%, with notable developments including the merger of China International Capital Corporation (CICC) with Dongxing and Xinda, which is expected to enhance CICC's market position [2][17]. - The report highlights a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery. Recommended stocks include large, low-valuation brokerages and those involved in mergers [18][17]. Banking Sector - The banking sector's index rose by 1.00%, with a focus on improving credit growth supported by government initiatives. The report emphasizes the transition from traditional investment models to a dual-driven approach focusing on both physical and human investments [19][21]. - Recommendations for the banking sector include focusing on high-quality regional banks and those with strong growth potential in government-related financing [23][19].

相关研究 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026年投资策略:权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 甲万宏源研究微信服务 公司资产负债管理即 非银金融行业周报（2025/12/15-2025/12/19） FEFF State 2025 年 12 月 21 日 请务必仔细阅读正文之后的各项信息披露与声明 券商: 本周申万券商 II 指数收涨 1.01%, 跑赢沪深 300 指数 1.29pct。1) 中金吸收东兴、信达 ● 证券提前复牌,重视券商并购重组主线。中金吸收合并东兴、信达证券预案已出（12月 17 日）, 三个标的于 12 月 18 日复 ...

保险资负管理新规征求意见；继续看好保险 股 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券研究报告·行业跟踪周报·非银金融 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 非银金融行业跟踪周报 2025 年 12 月 21 日 证券分析师 孙婷 -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024/12/23 2025/4/22 2025/8/20 2025/12/18 非银金融 沪深300 相关研究 《保险公司资产负债管理新规征求意 见，拟进一步强化监管要求》 2025-12-19 《中金公司吸收合并东兴、信达预案 出炉，资产规模将破万亿》 2025-12-17 东吴证券研究所 1 / 15 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（2025 年 12 月 15 日-2025 年 12 月 19 日）非银金融各子板块均跑赢沪深 300 指数。保险行业上涨 7.04%，多元金融行业上涨 2.04%，证券行业上涨 1.06%，非银金融整体 上涨 2.99%，沪深 30 ...

2025 年 12 月 21 日 行业研究 完善资产负债监管框架，提升行业长期经营韧性 行业与沪深 300 指数对比图 ——《保险公司资产负债管理办法（征求意见稿）》点评 非银行金融 增持（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 资料来源：Wind 相关研报 股票风险因子差异化下调，推动险资进一步 发挥耐心资本优势——《关于调整保险公司 相 关 业 务 风 险 因 子 的 通 知 》 点 评 （2025-12-06） 长周期考核权重升至 70%，利好险资加大入 市力度——《进一步加强国有商业保险公司 长周期考核的通知》点评（2025-07-12） 保险权益投资空间拓宽，长期资金入市有望 提速——《关于调整保险资金权益类资产监 管比例有关事项的通知》点评（2025-04-09） 进一步明确长周期考核要求，提升中长期资 金入市力度——《关于推动中长期资金入市 工作的实施方案》点评（2025-0 ...

Group 1 - The core view of the report indicates that the A-share insurance industry is expected to return to a P/EV of 1x, with both asset and liability sides flourishing, driven by a recovery in EV growth and favorable interest rate conditions [3][4][36] - The report anticipates a long-term EV growth rate returning to double digits, with a focus on opportunities for long-term interest rates to break through the 2.0% threshold [3][36] - The insurance sector is expected to benefit from a gradual recovery in the equity market, which will enhance the investment ecosystem for insurance capital [6][39] Group 2 - In the life insurance sector, the report highlights a comprehensive and sustained widening of profit sources, with a positive outlook for the 2026 performance driven by asset reallocation and a gradual bull market in equities [4][36] - The non-auto insurance sector is set to improve underwriting profitability through a regulatory shift towards quality enhancement, with a projected increase in underwriting profit of approximately 5.8 billion yuan if profit margins improve by 1 percentage point [5][36] - The report suggests that the insurance companies are likely to maintain double-digit growth in core premium income and value growth in 2026, supported by effective channel expansion and improved sales dynamics [4][52] Group 3 - The report emphasizes the importance of the investment strategy, noting that the current low interest rate environment necessitates a focus on equity investments to enhance returns [6][39] - It is projected that the average EV growth for listed insurance companies will be 10.6%, 10.9%, and 10.8% from 2025 to 2027, with NBV growth rates of 34.7%, 21.7%, and 10.0% respectively [36][37] - The report indicates that the insurance sector's valuation is expected to gradually approach 1x P/EV as long-term interest rates stabilize and improve [39][40]

Regulatory Dynamics - Three departments are promoting the development of commercial insurance annuities and other insurance products to enhance financial adaptability to service consumption [6] - The Medical Insurance Bureau plans to expedite the clearing of major illness insurance funds and medical assistance funds, aiming for annual clearance completion by March 31 each year starting in 2028 [8][9] - The Medical Insurance Bureau has allocated 416.6 billion for medical insurance financial subsidies and construction funds for 2026 [10] - The Financial Regulatory Bureau emphasizes long-term assessment for insurance companies to prevent excessive pursuit of business expansion and short-term profits, introducing new regulatory indicators [11][12] - The China Insurance Industry Association has published a guide on ESG information disclosure for insurance institutions to enhance their practices [13] - Sichuan province is encouraging insurance companies to develop technology insurance products through the "Tianfu Sci-tech Insurance" initiative [14] Company Dynamics - Zhongyou Life has increased its stake in Sichuan Road and Bridge to 5%, triggering a takeover bid [16] - Great Wall Life has increased its holdings in Qin Port shares by 906,000 shares [17] - Great Wall Life has also increased its stake in Datang New Energy by 5 million shares [18] - China Pacific Insurance reported a cumulative original insurance premium income of 250.32 billion for the first 11 months, a 9.4% year-on-year increase [28] - New China Life's cumulative original insurance premium income reached 188.85 billion, with a 16% year-on-year growth [29] - China Life has increased its investment in the Guoshou Qihang No. 1 (Tianjin) equity investment fund by 5 billion [22] - Ping An Life has been approved to issue up to 20 billion in capital supplement bonds [25] - Huagui Life has been approved to increase its registered capital by 615 million, raising it to 2.615 billion [24] Industry Dynamics - Insurance companies have supplemented capital by 114.4 billion this year, with a notable focus on bond issuance [55] - The value of insurance stocks is being reassessed as both asset and liability sides continue to optimize [57] - The retirement income replacement rate for high-net-worth seniors has reached 75%, highlighting the significant role of commercial annuity insurance [58] - The establishment of the China Insurance Investment Fund and other partnerships in Xiamen with a capital contribution of 5 billion [63] - Ant Group has launched an AI health application, enhancing health services through technology [64] - The stock of Muxi Co. surged by 692% on its first trading day, with significant gains for insurance capital involved in its pre-IPO financing [65][66]

充足的资本金是保险公司稳健经营的基石。 12月19日，长城人寿披露公告称，公司于12月18日成功发行2025年无固定期限资本债券（即"永续 债"），发行金额10亿元，票面利率2.70%。 临近年末，保险公司发债热情明显升温。据《国际金融报》记者不完全统计，12月以来，除长城人寿 外，平安人寿、同方全球人寿、东吴人寿也相继发行永续债或资本补充债券，合计规模达235亿元。 与此同时，中英人寿、中信保诚人寿、光大永明人寿等多家人身险公司先后获批发债，合计规模不超过 132亿元。 发债节奏加快 近年来，受制于行业增长承压，保险公司通过股权融资"补血"的难度增大。相比之下，债权融资具有约 束少、发行周期短、发行成本低等优势，受到保险公司青睐。 进入12月，随着《保险公司偿付能力监管规则（Ⅱ）》（即"偿二代"二期）过渡期即将结束，保险公司 发债"补血"脚步加快。 同样在12月12日，同方全球人寿发行5亿元永续债，票面利率2.95%；12月16日，东吴人寿发行30亿元 资本补充债券，票面利率2.50%；12月18日，长城人寿发行10亿元永续债，票面利率2.70%。 对于发债募资的目的，上述险企均表示是为了提升公司偿付能力水 ...

充足的资本金是保险公司稳健经营的基石。 12月19日，长城人寿披露公告称，公司于12月18日成功发行2025年无固定期限资本债券(即"永续债")， 发行金额10亿元，票面利率2.70%。 临近年末，保险公司发债热情明显升温。据《国际金融报》记者不完全统计，12月以来，除长城人寿 外，平安人寿、同方全球人寿、东吴人寿也相继发行永续债或资本补充债券，合计规模达235亿元。 与此同时，中英人寿、中信保诚人寿、光大永明人寿等多家人身险公司先后获批发债，合计规模不超过 132亿元。 发债节奏加快 为业务发展储备"弹药" "保险公司发债短期升温是多重因素叠加的结果。"对外经济贸易大学创新与风险管理研究中心副主任龙 格在接受记者采访时指出，首先，监管审批节奏是关键。经历上半年的调整后，四季度通常被视为监管 窗口期，此前积压的资本补充需求得以集中释放。 其次，应对新会计准则的冲击是直接动因。新准则加剧了偿付能力充足率的波动，发债能快速补充资本 以维持监管指标稳定。 近年来，受制于行业增长承压，保险公司通过股权融资"补血"的难度增大。相比之下，债权融资具有约 束少、发行周期短、发行成本低等优势，受到保险公司青睐。 进入12月， ...

时任新华人寿焦作中心支公司营销部业务发展岗刘京旗，对业务数据不真实，给予投、被保险人保险合 同约定以外利益负有责任，受到警告并被罚款2万元。时任新华人寿焦作中心支公司银行业务部经理甄 智，对给予投、被保险人保险合同约定以外利益负有责任，受到警告，并被罚款1万元。 凤凰网财经讯12月19日，据国家金融监督管理总局官网消息，新华人寿焦作中心支公司因业务数据不真 实，给予投、被保险人保险合同约定以外利益2项违规被罚款25万元。 ...

Core Viewpoint - The 20th China Insurance Innovation Forum, themed "Co-creation and Symbiosis," aims to address challenges and innovations in the insurance industry amidst an aging society, new regulatory policies, and the explosion of AI technology [1][3][41]. Group 1: Forum Overview - The China Insurance Innovation Forum, initiated in 2006, has evolved into an annual event that combines various forums focused on insurance product innovation, culture, and health care [3][43]. - The forum serves as a platform for discussing the insurance industry's challenges and innovations at a critical juncture, particularly as the 14th Five-Year Plan concludes and the 15th begins [3][43]. Group 2: Key Speakers and Insights - Notable speakers included former Vice Chairman of the China Insurance Regulatory Commission Wei Yingning, who emphasized the need for deeper integration, more vibrant innovation, and improved ecological systems within the industry [5][46]. - Liu Canfang, Chairman of Jiangsu Jiuzhou Investment Group, expressed a desire for collaboration in the integration of insurance and health care industries to contribute to high-quality development [8][48]. - Zhang Yingbin, the forum chairman, highlighted that future winners in the insurance sector will be those who understand customers, manage risks effectively, and integrate ecosystems [10][50]. Group 3: Research and Reports - He Zhiguang, Executive Chairman of the Insurance Health and Care Industry Alliance, released the "2025 Annual Research Report on China's Insurance Health and Care Industry," noting that insurance is becoming an effective tool for national development strategies [14][54]. - Chen Pojian, Chairman of Ruihua Health Insurance, discussed the opportunities and challenges posed by an aging society and called for more precise regulatory guidance for specialized health insurance companies [16][56]. Group 4: Industry Trends and Innovations - The forum addressed the digital transformation of life insurance marketing, emphasizing the need for a customer-centric service system and the integration of technology for precise marketing and efficient operations [27][67]. - Discussions included the impact of new accounting standards on insurance companies' revenue and profit measurement, necessitating timely adjustments in business strategies [22][62]. Group 5: Awards and Recognition - The 20th China Insurance Innovation Awards ceremony recognized outstanding contributions in brand building and product development within the insurance sector [40][80]. - The awards serve as a review of the industry's progress and commitment to high-quality transformation over the past year [40][80].