A股五大上市险企"现金红包"陆续到账。 根据中国人保、新华保险近日发布的公告，两家公司将实施2024年年度A股分红派息，股权登记日均为 8月7日，除权（息）日和现金红利发放日均为8月8日。 届时，A股五大上市险企2024年年度分红派息将全部完成。 合计分红超900亿元 具体来看，新华保险的分红方案超出市场预期，此次利润分配以公司总股本31.20亿股为基数，每股派 发现金红利1.99元（含税），共计派发现金红利62.08亿元。2024年，新华保险合计派发现金股利78.93 亿元，同比增加近200%。 中国人保此次利润分配以公司总股本442.24亿股为基数，每股派发现金红利0.117元（含税），共计派发 现金红利51.74亿元。其中，A股普通股股份数为354.98亿股，派发A股现金红利共计41.53亿元。 在此之前，中国平安、中国人寿、中国太保的2024年年度分红派息均已实施完毕。 其中，中国平安分红总额最高，派发2024年末期股息每股现金1.62元；全年股息为每股现金2.55元，同 比增长近5%；年度现金分红总额461.74亿元，连续13年增长。 中国人寿的分红总额也较上一年实现大幅增长。根据方案，公司派发20 ...

"我们结合四川气象灾害综合风险普查结果，从项目所在地的风光气候资源背景、气象监测数据等 方面作出评估，供银行和保险参考。"省气候中心相关负责人介绍。"本次气候贷产品引入四川气象灾害 综合风险普查结果、风光气候资源背景、气象监测数据、防灾减灾举措等气象资源信息，将气象数据融 入融资流程，极大提高了银行在传统信贷评估过程中的科学性和精准度。在此基础上，将贷款利率与企 业评估结果挂钩，当企业新一轮综合评分有所提高，企业就可申请调减利率，有助于提升企业应对气候 变化、防灾减灾的能力。"兴业银行成都分行战略客户部人员介绍。 当天，四川省气候中心与兴业银行股份有限公司成都分行、浙商财产保险股份有限公司四川分公司 共同签署创新共建"气象+金融"服务模式全面战略合作协议，在水、风、光等其他新能源以及农业、文 旅等受气候变化影响较大的领域深化合作，推出更多创新产品，充分发挥"气象×金融"的乘数效应。 （记者 陈婷） "贷+保"融合气候贷产品，采取"银行+气象+保险"服务模式支持实体经济发展，由兴业银行成都分 行、四川省气候中心、太平洋保险公司四川分公司、浙商财产保险股份有限公司四川分公司联合创设。 有别于传统保险风险保障，该项 ...

Group 1 - Trump plans to significantly increase tariffs on pharmaceuticals, with rates potentially reaching up to 250%, and is expected to announce tariffs on drugs and chips next week [2] - The U.S. stock market saw declines across major indices, with the Dow Jones down 0.14%, Nasdaq down 0.65%, and S&P 500 down 0.49%, driven by disappointing earnings outlooks from major tech companies [3][4] - AMD reported a 31% year-over-year decline in adjusted net profit for Q2, with revenue of $7.69 billion, a 32% increase year-over-year, but below expectations [10] - Super Micro Computer's Q4 net sales of $5.76 billion fell short of analyst expectations, leading to a post-earnings drop of over 16% [11] Group 2 - OpenAI and Google have been approved as AI suppliers for the U.S. government, facilitating broader application of AI technologies in federal agencies [12] - Anthropic announced its new model Opus 4.1, achieving a score of 74.5% on a programming evaluation benchmark, indicating significant improvements in programming and data analysis capabilities [14] - UBS has identified potential beneficiaries of "anti-involution" policies in various sectors, including construction materials, healthcare, and insurance [17] Group 3 - TSMC is facing allegations of a potential leak of its 2nm process technology, with regulatory actions taken against involved engineers [19] - The Chinese government has issued guidelines to support new industrialization, emphasizing the importance of preventing "involution" competition and promoting high-quality development in various sectors [22] - China's service sector PMI rose to 52.6 in July, indicating continued expansion and strong new business growth [23]

Core Viewpoint - The article discusses the implementation of the second phase of the solvency regulatory framework in China's insurance industry, focusing on the concept of future policy surplus as a key indicator of a company's future profitability [1][2]. Group 1: Future Policy Surplus - The future policy surplus is introduced under the second phase of solvency regulations and is crucial for assessing a company's future profitability [1]. - The future policy surplus is defined as the difference between accounting reserves and solvency reserves, adjusted for potential tax provisions and cash value guarantees [2]. - As of 2024, the future policy surplus for 66 insurance companies is projected to be 2.26 trillion, accounting for 8.8% of total assets, a decrease of approximately 150 billion from the end of 2022 [14]. Group 2: Impact of Accounting Standards - Starting in 2023, insurance companies began implementing the new accounting standard IFRS 17, which affects how insurance reserves are reported [3]. - The article highlights the importance of consistency in reporting deferred tax liabilities (DTL) and actual capital across different accounting standards [7][8]. - Companies that do not maintain consistency in their reporting may face challenges in validating their solvency reports [9]. Group 3: Analysis of Companies - The article provides a detailed analysis of various insurance companies, noting that the future policy surplus varies significantly among them, with some companies like AIA Life exceeding 15% of total assets [14]. - The article identifies that companies with a high proportion of participating insurance products tend to have lower future policy surplus compared to traditional insurance products [16]. - The future policy surplus for major players like China Life and Ping An has shown a noticeable decline, attributed to their historical focus on participating insurance products [15]. Group 4: Factors Influencing Future Policy Surplus - The decline in future policy surplus can be attributed to several factors, including a high proportion of participating insurance, adjustments in risk premiums, and changes in actuarial assumptions [19]. - Conversely, an increase in future policy surplus may result from a lower proportion of participating insurance and the successful generation of new business [19][22]. - The article emphasizes that the future policy surplus is a critical indicator but does not fully reflect a company's overall asset-liability management (ALM) status [16].

证券研究报告 保险Ⅱ 行业点评报告 hyzqdatemark 2025 年 08 月 05 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 联系人 板块表现： 短期测算对利润影响在 1%以内，长期或可通过资产配置转向高股息来对冲 投资评级： 看好（维持） ——财税新政策对保险公司净利润影响点评 投资要点： 事件：7 月 31 日，财政部和税务总局发布公告，宣布自 2025 年 8 月 8 日起，对在该日 期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。 对在该日期之前已发行的国债、地方政府债券、金融债券（包含在 2025 年 8 月 8 日之后 续发行的部分）的利息收入，继续免征增值税直至债券到期。 点评： 1、过往保险机构持有国债、地方政府债同时享有所得税和增值税双重免税优惠，考虑到 企业所得税 25%的税率远大于金融服务增值税 6%的税率，因此在所得税继续免征的情况 下，我们预计对险资当前的实际营收和利润影响是有限的； 2、本次恢复征收增值税后，保险机构将支付持有的 8 月 8 日之后新发上述三类债券利息 ...

根据公开信息，中国太保寿险业务正在加速向分红险转型。数据显示，公司一季度分红险新单占比达 18.2%，同比大幅提高16个百分点。在人身险预定利率下调政策背景下，中国太保与其他头部险企一 样，将分红险定位为未来业务增长的核心动力。 资金流向方面，中国太保当日主力资金净流出1111.68万元，近五日累计净流出5927.67万元。 风险提示：保险行业面临利率下行压力，产品转型过程中可能面临销售难度加大等挑战。 中国太保最新股价报37.12元，较前一交易日上涨0.02元，涨幅0.05%。盘中最高触及37.19元，最低下探 36.60元，成交额8.90亿元。 中国太保属于保险行业，是上海地区重要的金融企业。公司主营业务包括人寿保险、财产保险、资产管 理等综合金融服务。作为国内领先的保险集团，中国太保在寿险和财险领域均保持重要市场地位。 ...

行业研究 证 券 研 究 报 告 非银金融行业数据周报（20250728-20250801） 推荐（维持） 保险板块跑赢大盘，市场活跃度边际下滑 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 中国太保 | 37.10 | 4.87 | 4.99 | 5.10 | 7.61 | 7.44 | 7.28 | 1.08 | 推荐 | | 中国人寿 | 40.74 | 3.09 | 3.19 | 3.25 | 13.17 | 12.79 | 12.54 | 2.25 | 推荐 | | 广发证券 | 19.34 | 1.45 | 1.55 | 1.68 | 13.36 | 12.46 | 11.50 | 1.17 | 推荐 | | 中信证券 | 28.75 | 1.82 | ...

Core Insights - The event held on August 2 in Beijing aimed to connect high-level talents with quality enterprises, significantly enhancing the recruitment efforts for the city's sub-center development [1][16] - Nearly 50 key enterprises participated, offering over 600 quality job positions, showcasing the sub-center's strong appeal to high-end talent [1][3] Talent Attraction - The recruitment event attracted over 1,400 candidates, with nearly 1,000 attending in person, resulting in 500 preliminary employment intentions [3] - The talent pool was diverse, including 251 overseas returnees and 310 individuals with master's degrees or higher, indicating a high level of educational attainment [5] Industry Alignment - Popular sectors among candidates included finance, internet, AI, advertising, media, culture, and sports, aligning well with the sub-center's key industries [7] - Participating companies included major players such as Industrial and Commercial Bank of China, Mengniu Dairy, and China Three Gorges Corporation, reflecting a rich variety of industry representation [8] Event Experience - The event featured a high level of engagement, with candidates actively interacting with HR representatives, leading to a positive experience for job seekers [12][14] - Specialized service areas, such as career planning and policy consultation, attracted significant attention, with over 500 and 1,500 visits respectively [14] Future Initiatives - The event organizer plans to follow up on the employment status of interested candidates and introduce more workplace experiences and internship opportunities [16] - The local talent bureau aims to optimize employment services and maintain a consistent recruitment effort to support the sub-center's high-quality development [20]

Investment Rating - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown significant market activity, with the Hong Kong Stock Exchange optimizing its IPO issuance and pricing mechanisms [1][4] - The insurance sector has outperformed other sub-sectors, with a strong growth in life insurance premiums and a downward adjustment in preset interest rates [4][22] - The securities sector is benefiting from a substantial increase in trading volume and favorable market policies, while the multi-financial sector is transitioning into a stable growth phase [4][31] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the recent five trading days (July 28, 2025 - August 1, 2025), only the insurance sector outperformed the CSI 300 index, with the insurance sector down 0.18%, securities down 3.11%, and multi-financial down 3.23% [9] - Year-to-date performance shows the insurance sector up 11.87%, multi-financial up 6.24%, and securities up 1.79%, while the overall non-bank financial sector is up 4.94% [10] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with an average daily trading amount of 19,189 billion yuan in August, up 178% year-on-year [16] - The balance of margin trading reached 19,848 billion yuan, a year-on-year increase of 38.14% [16] - The average PB valuation for the securities industry is projected at 1.3x for 2025E, with recommendations for leading firms like CITIC Securities and Dongfang Caifu [21] 2.2 Insurance - The preset interest rate for traditional insurance has been adjusted down to 1.99%, triggering a reduction in preset rates for various insurance products [22] - Life insurance premiums showed strong growth, with a 5.4% increase in original premium income year-on-year for the first half of 2025 [27] - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a valuation range of 0.60-0.91 times 2025E P/EV, indicating a "Buy" rating [30] 2.3 Multi-Financial - The trust industry saw its asset scale reach 29.56 trillion yuan by the end of 2024, with a year-on-year growth of 23.58% [31] - The futures market experienced a trading volume of 740 million contracts in June 2025, with a transaction value of 52.79 trillion yuan, reflecting a year-on-year increase of 28.91% [38] - The multi-financial sector is transitioning into a stable growth phase, with a focus on innovation and risk management as key future directions [44] 3. Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial [47] - Key companies recommended include China Ping An, New China Life, China Life, CITIC Securities, and Dongfang Caifu, as they are expected to benefit from favorable market conditions and economic recovery [47]

非银行业周报 20250803 回调之后，积极布局非银板块 2025 年 08 月 03 日 ➢ 国债等债券利息重新开始征收增值税，预计对险企影响有限，投资端未来"免 税资产+高股息"策略或持续得到重视。2025 年 8 月 1 日，财政部发布《关于 国债等债券利息收入增值税政策的公告》（财政部 税务总局公告 2025 年第 4 号，以下简称《公告》），自 2025 年 8 月 8 日起，对在该日期之后（含当日） 新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。短期来 看，由于相关券种"新老划断"，老券有一定的溢价优势，同时公司债、信用债 等配置性价比相对提升，保险在完成预定利率下调的情况下，固收投资的压力有 所缓解，本次重征部分债券利息的增值税，我们认为对于险企固收投资收益率影 响有限。 ➢ 从险资的配置端来看，我们认为由于负债端的特性，整体投资风格"固收+" 的模式不会发生变化，但长端利率中枢下行背景下，净投资收益或持续承压，未 来股息和长股投分红对于净投资收益的贡献占比有望持续提升，鼓励保险作为中 长期资金入市的情况下，长期来看，权益配置有望持续提升，权益投资或更加重 视"绝对收益来源" ...