招商证券发布研报称，维持保险行业推荐评级。股市"慢牛"走势进一步明确，不仅有利于险企资产端收 益，亦为浮动收益型的分红险销售提供有力支撑。资负共振催化下，保险板块估值有望迎来持续修复。 1-12月财产险公司累计保费收入为17570亿，同比+3.9%(前值+3.9%)，延续稳定增长。从单月来看，12 月财产险公司保费收入为1413亿，同比+4.4%(前值+2.3%)；其中车险保费收入为977亿，同比+2.2%。 根据乘联会统计数据，12月狭义乘用车市场零售销量为226.1万，同比-14.0%，主要是全国大多数省份 置换更新与以旧换新补贴出现不同程度的深度调整，加剧了消费者的观望情绪，也为十二月车市带来了 较大的减速蓄势。12月非车险保费收入为437亿，同比+9.6%，其中农险在去年同期超低基数下增速接 近200%，责任险、健康险、意外险等各细分险种也都实现增长。后续随着行业对于非车险"报行合 一"的落实细则逐步明确，财险业务的承保盈利、风控水平和服务质量有望显著改善。 行业整体：全年保费增速稳健，资产规模实现两位数增长 1-12月保险行业累计保费收入为61194亿，同比+7.4%(前值+7.6%)，增速维持稳定 ...

孙婷 东吴证券分析师: 好嘞。好，各位投资者大家上午好，我是东吴分营的孙婷。那我们今天这场会议的话，是 我们中国太保的一个经营交流的一个情况。今天我们也很荣幸的邀请到了我们中国太保二 二 22 团队的几位领导。然后因为大家对于太保应该都比较熟悉，然后保险股最近一段时 间市场关注度也比较高。那我们就先就市场比较关注的一些共性的问题的话，我们就挨个 先提一下吧，我这边先开始。首先我们是，我记得上次，上次的话应该是在 12 月中下旬 的时候，然后去公司调研，当时的话是聊的是开门红的预期，就 2626 年开门红的预期。 那现在的话就已经到了 2 月的中旬。然后我们应该是开门红的一个情况的话，大致已经有 了，就是想想请中国太保的领导先介绍一下我们现在开门红的情况，然后跟之前公司预期 的比是怎么样？然后跟同业比是一个什么情况？ 中国太保管理层陈总: 好，也相信，就是因为上次是 12 月份就给大家介绍了一下我们开门红的，我们叫首季红 的一个整体策略安排。那么到现在为止，这个基本上这个 1 月份左右的数据是在陆陆续续 的一个出来。整体上看，这个我们还是分两个渠道单独讲一下。代理人渠道的话是那个是 略超预期的这么一个状态，那么 ...

证券研究报告 保险 2026 险资入市规模或达 0.9 万亿 华泰研究 2026 年 2 月 09 日│中国内地 专题研究 **Acknowledgments** I would like to thank my supervisor, for his kind of support. I would like to thank my supervisor, for his kind of support. | 李健，PhD | 研究员 | | --- | --- | | SAC No. S0570521010001 | lijian@htsc.com | | SFC No. AWF297 | +(852) 3658 6112 | | 于明汇* | 联系人 | | SAC No. S0570124070107 | yuminghui@htsc.com | 行业走势图 (10) 2 13 25 36 Feb-25 Jun-25 Oct-25 Feb-26 (%) 保险 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 ...

二、中国太平洋财产保险股份有限公司应做好机构撤销后有关业务的衔接工作，防止产生不良影响。 三、接此批复文件后，中国太平洋财产保险股份有限公司应立即停止上述机构一切经营活动，于15个工 作日内向苏州金融监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 2026年2月2日，苏州金融监管分局发布批复称，《中国太平洋财产保险股份有限公司苏州分公司关于撤 销中国太平洋财产保险股份有限公司苏州市高新技术开发区支公司枫桥营销服务部的请示》（苏市太保 产〔2025〕28号）收悉。经审核，现批复如下： 一、同意撤销中国太平洋财产保险股份有限公司苏州市高新技术开发区支公司枫桥营销服务部。 ...

二、中国太平洋财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年2月5日，安康金融监管分局发布批复称，《中国太平洋财产保险股份有限公司陕西分公司关于安 康中心支公司变更营业场所的请示》(陕太保产发〔2026〕10号)收悉。经审核，现批复如下： 一、同意中国太平洋财产保险股份有限公司安康中心支公司将营业场所变更为：陕西省安康市高新区安 康大道52号安康乡村振兴空间5号楼4楼401室。 ...

内险股再度走高，截至发稿，中国人寿（601628）(02628)涨5.4%，报35.52港元；中国平安（601318） (02318)涨4.89%，报73港元；中国太保（601601）(02601)涨4.77%，报40.38港元；新华保险（601336） (01336)涨3.39%，报62.5港元。 消息面上，根据财新报道，同业交流数据显示，2026年1月，79家人身险公司合计在银保渠道实现新单 规模保费2126亿元，同比增长27.6%。开源证券发布研报称，疫情期间居民超额储蓄集中到期，保险产 品在收益率、低波动和康养保障方面的优势突出，同时头部险企报行合一后加大银保渠道投入，带来银 保渠道开门红高增。 长江证券则表示，一方面股市慢牛以及利率中枢企稳预期下，利差改善幅度有望更加乐观，同时行业估 值也将由于对资产端敏感的特性而多重受益；另一方面，若新单保费增速持续强势，利差也将加速修 复，强化盈利能力改善逻辑，带动行业估值持续改善。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the insurance sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [19]. Core Insights - The insurance index decreased by 0.73% this week, outperforming the broader market by 0.6 percentage points. Individual stock performances varied, with Ping An increasing by 0.22% and China Life decreasing by 4.53% [1]. - The report highlights that the long-end interest rates remain stable, and the equity market is active, suggesting potential for significant growth in the investment sector in the first half of the year. The insurance sector is expected to achieve high double-digit growth in new policies this year [3][4]. - The report indicates that the new business value for the insurance industry is projected to maintain a double-digit growth trend, primarily driven by the transformation of dividend insurance [3]. Summary by Sections Market Performance - The insurance index's performance this week was a decline of 0.73%, with Ping An showing a slight increase of 0.22% while other companies like China Life and Zhong An experienced declines of 4.53% and 7.09%, respectively [1]. Regulatory Updates - The Financial Regulatory Bureau has revised the "Bank and Insurance Institution License Management Measures," effective June 1, 2026, which will apply to insurance institutions [2]. Premium and Claims Data - In 2025, the total premium for the auto insurance sector is expected to reach approximately 996.37 billion yuan, marking a year-on-year growth of 2.99%. Claims settled are projected to be around 622.46 billion yuan, with a growth of 4.06% [2]. Company Actions - Ping An increased its stake in China Life H shares by 10.12%, acquiring 10.89 million shares at a price of 33.2588 HKD per share, totaling approximately 362 million HKD [2]. Valuation Metrics - The report provides PEV valuations for various insurance companies, indicating that China Life has a PEV of 0.91x, while Ping An stands at 0.81x. The report suggests that PEV valuations are expected to recover towards 1x [3][4].

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 相关研究 《资金面因素逐步出清，看好非银板块投 资价值——非银金融行业周报 （2026/1/26-2026/1/30）》 2026/02/01 《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 2026 年 02 月 08 日 新年新开户数亮眼，中国平安再次 增持中国人寿（H） 看好 ——非银金融行业周报（2026/2/2-2026/2/6） 本期投资提示： 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 博时基金 博 ...

Core Viewpoint - The article emphasizes the growing attractiveness of the Hong Kong insurance market for mainland investors, highlighting the significant growth in insurance premiums and the advantages of Hong Kong insurance products over mainland offerings [2][5][7]. Group 1: Insurance Market Trends - In the context of declining interest rates, insurance has become a favored asset class, with the insurance sector index in A-shares achieving a 3-year return of 51.75%, compared to the 31.01% return of the securities index [2]. - The total net profit of the five major listed insurance companies in A-shares reached 426 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 33.5% [3]. - The Hong Kong insurance market saw a surge in new policies, with a premium of 173.7 billion HKD in the first half of 2025, reflecting a year-on-year growth of 50.5% [5]. Group 2: Investment Preferences of Mainland Investors - Approximately 55% of the assets of new middle-class individuals in China are allocated to real estate, while 31% are held in banks, prompting a shift towards higher-yielding investments such as Hong Kong insurance [3]. - The article notes that 29% of new insurance policies in Hong Kong were purchased by mainland visitors, indicating a strong interest from this demographic [5]. Group 3: Advantages of Hong Kong Insurance Products - Hong Kong insurance products offer greater flexibility and higher investment returns compared to mainland products, with a significant portion of new policies being denominated in USD (79.8%) [7]. - The expected return rates for Hong Kong's participating insurance policies can reach up to 7%, significantly higher than the 2% maximum for similar products in mainland China [7][10]. - Hong Kong's critical advantage lies in its ability to provide policies that can be settled in multiple currencies, enhancing their appeal to investors [7]. Group 4: Market Dynamics and Future Outlook - The article predicts that by 2026, the "new three treasures" of Hong Kong—insurance, stocks, and overseas expansion—will stand out as key investment opportunities [4]. - The Hong Kong stock market has seen a notable increase in IPO activity, with 286.3 billion HKD raised in 2025, making it the top global destination for IPO financing [15]. - The average daily trading volume in the Hong Kong stock market increased by 90% in 2025, indicating heightened market activity and investor interest [16].

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 券商密集融资发展境外业务；八部门升级虚 拟货币等监管框架 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 08 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 2025/2/10 2025/6/10 2025/10/8 2026/2/5 非银金融 沪深300 相关研究 《权益市场表现亮眼，我们预计 2025 年净利润同比+50%，2026 年高基数下 同比+16%——证券行业 2025 年年报 前瞻及展望》 2026-02-03 《保险行业 2025 年业绩前瞻：预计全 年 NBV 高增长，Q4 净利润或受投资 短期波动影响》 2026-02-02 东吴证券研究所 1 / 19 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 ...