业内人士认为，人形机器人保险的加速落地，不仅能助推机器人产业健康发展，也可使保险更好服务产 业升级，让金融与创新产业进一步深度融合。 多家险企已布局 春节前，人保财险广州市分公司为国家级专精特新"小巨人"企业、具身智能机器人装备及智能制造方案 提供商——广州里工实业有限公司，定制了专属保险方案。 据人保财险相关人士介绍，方案覆盖两大方面的保障： 一方面是具身智能机器人本体损失保险，范围不仅涵盖自然灾害、操作失误、电气故障等传统风险，还 新增恶意软件攻击、黑客入侵等网络安全的新型风险。这一保险产品不仅保障机器人本体，还把配套设 备及软件系统的直接损失与合理施救费用全面纳入。 另一方面是具身智能机器人第三者责任保险，对机器人使用过程中因故障、缺陷、通信异常、网络事故 等非除外责任导致的第三方人身伤亡、财产损失及相关法律费用提供赔偿。 记者梳理发现，自2025年下半年起，头部财险公司纷纷布局人形机器人保险赛道。 今年春节，人形机器人讨论热度颇高。随着具身智能技术快速发展，人形机器人正一步步从实验室走向 商业化应用，配套的风险兜底需求也同步爆发。中国证券报记者了解到，目前，多家保险公司已布局机 器人保险业务。 推动精 ...

Investment Rating - The industry investment rating is "Positive" (maintained) based on the recovery of new business growth, reduced interest rate sensitivity, and prudent actuarial assumptions [5][30]. Core Viewpoints - The report highlights that the valuation of Chinese insurance companies is expected to improve, drawing comparisons with AIA Group's strong performance since its listing. AIA's embedded value (PEV) multiple was approximately 1.48 times at the end of 2025, indicating high growth potential and lower sensitivity to interest rates, which could benefit the valuation of Chinese insurers [5][6]. - The new business value (NBV) of Chinese life insurance companies is recovering rapidly, driven by improved distribution channels and product offerings, with expectations for continued growth in 2026 [5][13]. - Effective asset-liability duration management and the transformation towards participating insurance have reduced the sensitivity of Chinese insurers' values to interest rates, which is favorable for valuation [15][17]. - Prudent adjustments to actuarial assumptions have brought Chinese insurers' assumptions closer to those of AIA, enhancing the credibility of their valuations [22][30]. Summary by Sections Section 1: AIA's Performance and Valuation - AIA has shown strong stock performance since its listing, with a PEV multiple of approximately 1.48 times at the end of 2025, indicating a favorable outlook for valuation improvements in Chinese insurers [5][6]. Section 2: Recovery of New Business and Growth Indicators - Chinese life insurance companies are experiencing a rapid recovery in new business growth, with NBV for AIA increasing by 18% year-on-year to USD 4.314 billion in the first three quarters of 2025. The NBV for 2024 was approximately 113% of the 2019 figure, indicating strong growth potential [8][13]. - Major Chinese insurers are expected to see NBV growth of 30%-80% in 2025, with positive growth in CSM for China Life and Ping An in the first half of 2025 [13][18]. Section 3: Interest Rate Sensitivity and Actuarial Assumptions - The sensitivity of Chinese insurers' values to interest rates has decreased due to effective duration management and a successful shift towards participating insurance. For instance, AIA's NBV only decreased by 1.9% with a 50 basis point drop in interest rates [15][17]. - Chinese insurers have made prudent adjustments to their actuarial assumptions, aligning them more closely with AIA's, which enhances the reliability of their valuations. For example, China Life's investment return assumption has been adjusted to 4% from 5% [22][30].

25Q4 险资运用点评： 25Q4 险资运用：权益配置维持历史高位 本周行情复盘：保险指数下降 2.52%，跑输大盘 2.88pct。保险个股表现分化， 财险 4.67%，众安 4.27%，国寿-0.17%，阳光-0.24%，人保-1.44%，平安-2.41%， 太平-2.60%，新华-3.06%，友邦-3.83%，太保-4.28%。十年期国债到期收益率 1.79%，较上周末-2bps。 本周动态： （1）国家金融监督管理总局：截至 2025 年四季度末，保险公司资金运用余额 近 38.5 万亿元，人身险公司的资金运用余额为 34.66 万亿元，财产险公司的资 金运用余额为 2.42 万亿元；保险公司平均综合偿付能力充足率为 181.1%，核 心偿付能力充足率为 130.4%，其中财产险公司分别为 243.5%、212.7%，人身 险公司分别为 169.3%、115.0%，再保险公司分别为 244.6%、212.5%。 （2）财联社：据财联社记者从业内获悉，目前市面上已经出现预定利率为 1.25%的分红险产品，这较去年监管划定的分红险预定利率上限 1.75%，出现 了明显下调。在寿险"老六家"中，至少已有 4 ...

25Q4 险资运用：权益配置维持历史高位 本周行情复盘：保险指数下降 2.52%，跑输大盘 2.88pct。保险个股表现分化， 财险 4.67%，众安 4.27%，国寿-0.17%，阳光-0.24%，人保-1.44%，平安-2.41%， 太平-2.60%，新华-3.06%，友邦-3.83%，太保-4.28%。十年期国债到期收益率 1.79%，较上周末-2bps。 证 券 研 究 报 告 保险行业周报（20260209-20260213） 本周动态： （1）国家金融监督管理总局：截至 2025 年四季度末，保险公司资金运用余额 近 38.5 万亿元，人身险公司的资金运用余额为 34.66 万亿元，财产险公司的资 金运用余额为 2.42 万亿元；保险公司平均综合偿付能力充足率为 181.1%，核 心偿付能力充足率为 130.4%，其中财产险公司分别为 243.5%、212.7%，人身 险公司分别为 169.3%、115.0%，再保险公司分别为 244.6%、212.5%。 （2）财联社：据财联社记者从业内获悉，目前市面上已经出现预定利率为 1.25%的分红险产品，这较去年监管划定的分红险预定利率上限 1.75%， ...

Vi e w p o i n t | 13 Feb 2026 18:25:31 ET │ 50 pages China Insurance FY25E Preview: Life NBV Robust; P&C CoR Improved; Earnings & DPS Solid Despite Challenges in 4Q25 CITI'S TAKE HK/China insurers' FY25E reporting season begins with AIA, Pru and ZhongAn on 19-March. For FY25E, we expect China life insurers to book very robust NBV LFL growth, with the top 3 CL/PA/CPIC at 38%/32%/28%, while we anticipate 35% for NCI (actual basis), 12% for Taiping Life and 70% for PICC Life. For the top 3 P&C insurers, we fo ...

新华财经北京2月24日电（张保贺）1月，节日气氛带动下，全球橙汁产销增量迹象明显，进而带动鲜橙整体市场价小幅回暖。 其中，各主流市场进出口贸易差异，成为影响鲜橙市场价涨跌的关键因素。出口预期上调的美国鲜橙市场价偏强运行；受低价 埃及橙冲击的欧盟鲜橙市场价震荡走弱；传统中国春节带动消费增量且我国鲜橙市场价短暂回升。新华指数研究院农业市场研 究中心预测，消费增量预期或将带动全球冷冻浓缩橙汁期货结算价继续回升，本土鲜橙供给差异或将导致全球鲜橙三大消费市 场行情走势分化。 美国：鲜橙供给趋紧且市场价上调，产销增量的橙汁期货跃升 2026年1月30日，美国农业部外国农业服务局（USDA-FAS）最新报告显示，2025/2026年度美国橙汁消费量将增加至44.00万吨 （65白利度浓缩汁计量，下同），较上一年度上涨6.80%，仍处于近五年偏低水平；同期美国鲜橙出口量将达到33.00万吨，较 上一年度上浮0.92%。在橙汁消费增量且鲜橙出口增量等预期带动下，短期内美国对鲜橙进口缩量等使得美国鲜橙市场供应相 对趋紧且市场价窄幅走强。美国农业部农业统计局（USDA-NASS）数据显示，12月美国鲜食甜橙零售价环比上涨4.46% ...

【环球网保险综合报道】2025年，A股上市险企股价呈现出上行趋势，保险Ⅱ(申万）（801194.SI）全年涨幅达 到26.42%。行情向好的背后，行业基本面持续稳健。 据国家金融监督管理总局披露，2025年，保险业原保险保费收入突破6.12万亿元，首次站上6万亿台阶，较上年 同期增长7.4%。2025年前三季度，A股五大上市险企（中国人寿、新华保险、中国平安、中国太保、中国人 保）合计实现归母净利润4260亿元，同比增长33.5%，刷新历史纪录。 东吴证券研报提到，在当前"存款搬家"背景下，储蓄型保险产品需求旺盛，继续看好2026年负债端增长，预计 银保渠道仍是拉动增长的主动力，同时预计2026年分红险新单保费占比进一步提升，负债成本持续优化。 在中国企业资本联盟副理事长柏文喜看来，2026年，银保渠道"战略C位"将持续强化，市场份额向头部集中。 随着网点扩张赋能增长，头部险企通过深化银行客户综合金融服务，预计2026年银保渠道仍将是新单增长主引 擎。与此同时，个险渠道将继续朝着专业化、职业化方向深度转型，中介渠道"清虚提质"加速整合。 他进一步指出，在产品方面，分红险成为市场主流，其"固收+浮动"特性契合当 ...

Core Viewpoint - The insurance sector is experiencing a significant decline, with major companies like Xinhua Insurance, China Life, China Pacific Insurance, and China Property & Casualty Insurance all reporting notable drops in stock prices. Analysts predict that the fourth quarter of 2025 will see pressure on net profit growth for listed insurance companies due to a temporary adjustment in growth sectors [1] Group 1: Stock Performance - Xinhua Insurance's stock fell by 6.03%, trading at 56.85 HKD [1] - China Life's stock decreased by 5.61%, reaching 32.66 HKD [1] - China Pacific Insurance's stock dropped by 4.12%, priced at 36.8 HKD [1] - China Property & Casualty Insurance's stock declined by 1.71%, at 16.64 HKD [1] Group 2: Profit Forecasts - Dongwu Securities forecasts that the net profit growth for listed insurance companies in Q4 will face slight pressure, primarily due to a temporary adjustment in growth sectors [1] - The report indicates that since 2025, insurance companies have maintained a high equity holding ratio, with the A-share market, ChiNext, and STAR Market indices showing changes of +1.0%, -1.1%, and -10.1% respectively [1] - The decline in stock prices will directly impact the current profit and loss due to the holdings being recorded under FVTPL [1] Group 3: Market Conditions - Shenwan Hongyuan notes that the capital market's fluctuations in Q4 2025, combined with some insurance companies significantly increasing their secondary market equity allocation in the second half of 2025, will lead to a temporary pressure on profits [1] - The firm projects that the net profit for A-share listed insurance companies will grow by 22.7% year-on-year to 426.4 billion CNY, although this represents a 10.9 percentage point decline compared to the first three quarters of 2025 [1]

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 保险行业总资产突破 41 万亿；券商再融资持 续推进 2026 年 02 月 23 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 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 非银金融 沪深300 相关研究 《西南证券拟定增 60 亿元，券商定增 或全面放开》 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026-02-14 《天风证券处罚靴子落地，轻装上阵 有望更好的规范化经营》 2026-02-14 东吴证券研究所 1 / 18 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（2026 年 02 月 09 日-2026 年 02 月 13 日）非银金融各子板块均跑输沪深 300 指数。证券行业下跌 1.04 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The insurance sector is expected to see a double-digit growth in asset scale by 2025, with a significant increase in equity allocation compared to the previous year [7] - The investment assets of insurance companies reached 38.5 trillion CNY by the end of Q4 2025, marking a 15.7% increase from the beginning of the year, with life insurance and property insurance companies holding 34.7 trillion CNY and 2.4 trillion CNY respectively [7] - The proportion of equity assets in insurance funds has notably increased, with stocks and funds accounting for 23% of total investments by Q4 2025, indicating room for further enhancement in equity allocation [7] Summary by Sections Investment Scale and Allocation - By the end of Q4 2025, the investment balance of insurance companies reached 38.5 trillion CNY, a 15.7% increase year-on-year, with life insurance companies accounting for 90.1% of the total [7] - The bond allocation remained stable, while the proportion of stocks and funds increased significantly, with life and property insurance companies showing respective stock and fund allocations of 15.3% and 17.1% by Q4 2025 [7] Market Performance and Trends - The insurance sector's investment assets have shown continuous double-digit growth, driven by strong demand on the liability side and an upward trend in the equity market [7] - The overall solvency ratio of the insurance industry was 181% by Q4 2025, indicating a healthy capital position and potential for increased equity investments [7] Investment Recommendations - The report suggests focusing on the insurance sector, particularly on stocks such as China Ping An, China Life, China Taiping, and AIA Insurance, which are expected to benefit from improved equity elasticity and favorable market conditions [7]