Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - The 2026 government work report emphasizes the goal of enhancing the quality and expanding the coverage of the insurance industry, further promoting high-quality development [3][4]. - The report highlights multiple areas where insurance plays a crucial role, including livelihood security, rural revitalization, and risk prevention [4]. - Key tasks for 2026 include improving the multi-tiered medical security system, increasing the minimum monthly basic pension for urban and rural residents by 20 yuan, and enhancing agricultural insurance measures [5][6]. Summary by Relevant Sections Livelihood Security Insurance - The report outlines the establishment of a long-term mechanism for basic medical insurance participation and the introduction of an innovative drug directory for commercial health insurance, with long-term care insurance covering 300 million people [5][6]. - It also mentions the need to combat fraud in medical insurance and to accelerate the development of commercial health insurance [6]. Pension Insurance - The minimum standard for basic pensions will be increased by 20 yuan, and a personal pension system will be implemented nationwide [5][6]. Agricultural Insurance - Measures to promote agricultural insurance development will be formulated to enhance comprehensive disaster prevention and reduction capabilities [6]. Catastrophe Insurance - The report calls for the establishment of a catastrophe insurance guarantee system to maintain national security and social stability [6]. Export Credit Insurance - There will be increased support for credit and insurance to stabilize foreign trade and expand the use of the Renminbi in cross-border transactions [6]. Capital Market and Risk Management - The report emphasizes the need for orderly risk resolution and capital replenishment in the financial sector, with a focus on enhancing the stability of insurance companies [5][6]. - It highlights the importance of insurance funds as a significant source of long-term capital, with a recommendation for a more stable allocation of equity assets [5][6]. Investment Recommendations - The report recommends stocks such as Ping An Insurance, China Pacific Insurance, New China Life, China Property & Casualty Insurance (H), China Life, and China Re (H) for investment [5].

财险标的 PB 估值：财险 1.15x、人保 A1.21x、人保 H0.82x、众安 1.01x、中 国再保险 0.60x。 ❑ 本周动态： （1）财新网；行业交流数据显示，2026 年 2 月，银保全市场新单实现 690 亿 元，同比增长 6.9%，在 1 月强劲增长的高基数下，环比下滑 67.6%；1-2 月累 计新单 2814 亿元，同比增长 21.7%。其中，2 月单月期缴新单同比下滑 9.7% 至 300 亿元，1-2 月累计期缴新单同比增长 21%至 1331 亿元。 （2）中国网财经：今年政府工作报告提及保险 12 次，涵盖农业保险、巨灾保 险、职工保险、商业健康保险、长期护理保险等多个领域，展现了保险业在服 务国家大局、促进经济发展、增进民生福祉中的重要作用与责任担当。 证 券 研 究 报 告 保险行业周报（20260302-20260306） 推荐（维持） 保险板块持续调整，配置性价比或显现 人身险标的 PEV 估值： A 股：国寿 0.82x、新华 0.82x、平安 0.76x、太保 0.64x。 H 股：平安 0.73x、新华 0.55x、太保 0.52x、国寿 0.51x、太平 0.4 ...

非银金融 2026 年 03 月 08 日 相关研究 《关注券商板块低点配置机会——非银金 融行业周报（2026/2/24-2026/2/27）》 2026/03/01 《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 重申重视券商板块配置窗口期 看好 ——非银金融行业周报（2026/3/2-2026/3/6） 本期投资提示： 行 业 及 产 业 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行业点评 图表目录 行 业 研 究 / 行 业 ...

[Table_Page] 投资策略周报|证券Ⅱ 证券研究报告 [Table_Title] 非银金融行业 | 非银金融行业:AI 助力金融公 | 2026-03-01 | | --- | --- | | 司降本增效，板块波动后迎 | | | 配置机遇 | | | 非银金融行业:开年政策及资 | 2026-02-23 | | 金延续向好，看好板块补涨 | | | 机遇 | | | 非银金融行业:增量资金持续 | 2026-02-08 | | 入市，关注非银板块配置机 | | | 会 | | 972918116公共联系人2026-03-08 13:36:52 识别风险，发现价值 请务必阅读末页的免责声明 [Table_Author] 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 严漪澜 SAC 执证号：S0260524070005 0755-82544248 yanyilan@gf.com.cn 分析师： 唐关勇 SAC 执证号：S0260525070004 021-38003812 tang ...

非银行金融行业 行业研究 | 动态跟踪 股票投资持续增长，重视回调后的保险板 块 2025 年四季度保险行业偿付能力及资金运用点评 核心观点 投资建议与投资标的 风险提示 政策不及预期、资本市场波动加大、居民财富增长不及预期、长端利率下行超预期、险 企改革不及预期 国家/地区 中国 行业 非银行金融行业 报告发布日期 2026 年 03 月 06 日 张凯烽 执业证书编号：S0860526020002 zhangkaifeng@orientsec.com.cn 021-63326320 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 看好（维持） ⚫ 2025 年人身险公司偿付能力走弱，资本补充需求或将提速，财产险公司偿付能力稳 中略升。人身险行业偿付能力充足率在 2025 年下半年有所回撤，人身险公司综合/ 核心偿付能力充足率从 25Q1 的 196.6%/ 132.8%下滑至 25Q4 的 169.3%/ 115.0%，仍显著高于"偿二代"二期监管规定的 100%和 50%刚性红线，但下半年 核心数据下行近 20 ...

Group 1 - The insurance stocks that had been declining have rebounded, with AIA Group rising over 5% [1] - China Reinsurance and Yunfeng Financial both increased by over 4% [1] - China Pacific Insurance rose by 3.7%, while China Life, New China Life, and ZhongAn Online gained over 2% [1] - China People's Insurance, China Property & Casualty Insurance, Sunshine Insurance, China Life Insurance, and Ping An Insurance all saw increases of over 1% [1]

Investment Rating - The report maintains a "Strong Buy" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The Chinese insurance industry has shown rapid growth, with total investment assets reaching 38.5 trillion yuan by the end of Q4 2025, reflecting a year-on-year growth rate of 15.7% [20][21]. - The allocation of investment assets has shifted significantly towards bonds, which increased from 33.3% in Q1 2019 to 50.4% in Q4 2025, while the share of stocks and funds rose from 12.4% to 15.4% during the same period [26][20]. - The performance of insurance companies is highly sensitive to fluctuations in equity markets and interest rates, with both static and dynamic impacts on their financial performance [36]. Summary by Sections 1. Overview of the Insurance Industry Investment Status - The insurance industry has maintained a compound annual growth rate of 18.6% in investment assets from 2004 to 2025, with a notable recovery in growth rates following a low point in 2021 [20]. - The proportion of investment assets allocated to life insurance companies has remained around 90% since 2022, indicating their dominance in the market [21]. 2. Sensitivity Analysis of Equity Market Upturn - A 10% increase in equity investment prices could lead to an average pre-tax profit increase of 38.7%, with China Pacific Insurance showing the highest sensitivity at 83.4% [2]. - If equity investment prices rise by 10% alongside a 10% increase in equity allocation, the average pre-tax profit could increase by 81.2%, with China Pacific Insurance again leading at 175.2% [2]. 3. Sensitivity Analysis of Interest Rate Increases - A 50 basis point increase in market interest rates could result in an average pre-tax profit increase of 0.7%, with China Life and China Pacific showing significant positive elasticity [2][3]. 4. Economic Assumption Sensitivity Analysis - An increase in investment return rates and risk discount rates by 50 basis points could enhance new business value by an average of 35%, with China Life and New China Life showing the highest sensitivity [12]. 5. Liability Cost Analysis - The average new policy liability cost is estimated at 2.76%, with Ping An and China Life having the lowest costs [12]. - The report suggests that effective management of liability costs will enhance the long-term profitability of insurance companies [12]. 6. Investment Recommendations - The report highlights that the insurance sector is currently undervalued and suggests a systematic allocation of investments in this sector due to its high beta elasticity and resilience [12].

证券研究报告 存款迁移，非银负债和资产两端受益 ——非银金融行业2026年春季投资策略 姓名 高超（分析师） 证书编号：S0790520050001 邮箱：gaochao1@kysec.cn 姓名 卢崑（分析师） 证书编号： S0790524040002 邮箱： lukun@kysec.cn 姓名 张恩琦（联系人） 证书编号：S0790125080012 邮箱：zhangenqi@kysec.cn 2026年3月5日 核心观点 保险：负债和资产端双轮驱动，权益弹性突出 券商：景气度有望延续，估值仍在低位，看好板块战略性增配机会 风险提示：股市波动对券商和保险盈利带来不确定影响；保险负债端增长不及预期；券商财富管理和资产管理利润增长不及预期。 负债端看：充分受益于居民存款迁移，分红险在牛市预期加持下性价比凸显，叠加低基数，2026年开年个险渠道新单增速向好；银保渠道 有望延续2025年的较高增长。分红险占比持续提升，刚性负债成本回落利好险企估值抬升。 资产端看：长端利率企稳、权益市场向好利于净资产和险企盈利表现。 春节假期前后，保险H和A股标的调整较明显。除了2026年开年前后保险板块有所抢跑上涨带来高基数外（ ...

保险行业深度研究报告 挪储背景下的分红险变革 重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） 2025E | | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | | | 中国太保 | 601601.SH | 38.85 | 5.68 | 6.15 | 6.81 | 6.85 | 6.32 | 5.71 | 1.23 | 推荐 | | 中国平安 | 601318.SH | 61.79 | 8.02 | 8.83 | 9.46 | 7.71 | 7.00 | 6.53 | 1.07 | 强推 | | 中国人保 | 601319.SH | 8.42 | 1.28 | 1.36 | 1.45 | 6.56 | 6.19 | 5.79 | 1.16 | 推荐 | | 中国人寿 | 601628.SH | 42.61 | 6.3 ...

执业证书编号：S0740525040002 保险观点更新：强β情绪释放，重回起涨点，估 值性价比再现 保险Ⅱ 证券研究报告/行业点评报告 2026 年 03 月 04 日 Email：geyx01@zts.com.cn | 上市公司数 | 5 | | --- | --- | | 行业总市值(亿元) | 32,974.79 | | 行业流通市值(亿元) | 32,974.79 | 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn 1、《中小保险公司风险化解观察与思 考——寻中国特色范式，筑金融强国 根基》2026-03-02 2、《股票余额占比再攀新高，全年股 基累计劲增 1.6 万亿——4Q25 保险 资金运用分析》2026-02-15 3、《大型保险央企注资：进度符合预 期，关注定增价格》2026-02-01 风险提示：长端利率下行，地缘政治动荡导致境内外权益市场大幅波动等 请务必阅读正文之后的重要声明部分 评级： 增持（维持） 报告摘要 分析师：葛玉翔 事件：近日保险股股价持续承压，我们认为短期情绪释放到位，关注本轮调整较大的 中国太保、中国人寿、中国平安和 ...