证券之星消息，8月5日保险板块较上一交易日上涨1.64%，新华保险领涨。当日上证指数报收于3617.6， 上涨0.96%。深证成指报收于11106.96，上涨0.59%。保险板块个股涨跌见下表： 从资金流向上来看，当日保险板块主力资金净流入7.75亿元，游资资金净流出3.61亿元，散户资金净流出 4.14亿元。保险板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601318 中国平安 | | . 4.55亿 | 16.03% | -2.80亿 | -9.87% | -1.75亿 | -6.16% | | 601601 | 中国太保 | 1.70亿 | 21.15% | -1.19亿 | -14.87% | -5029.93万 | -6.27% | | 601319 中国人保 | | 1.03亿 | 14.56% | -3739.75万 | -5.29% | -6556.27万 | -9. ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4][6] Core Viewpoints - The new fiscal and tax policies announced on July 31 will have a limited impact on the net profits of insurance companies, with a short-term effect estimated to be within 1% [4][6] - Insurance companies can mitigate the impact of the new VAT on newly issued government bonds through asset allocation strategies, such as shifting towards high-dividend equities [6] Summary by Relevant Sections - **Impact of New Tax Policies**: The announcement to restore VAT on interest income from newly issued government bonds starting August 8, 2025, will not significantly affect the actual revenue and profits of insurance companies due to the continued exemption from corporate income tax [4][5] - **Quantitative Analysis**: Using China Pacific Insurance as an example, the report estimates that the VAT payment on new bonds could amount to approximately 2.3 million yuan, which is about 0.51% of the net profit for the year [5][6] - **Long-term Projections**: In an extreme scenario where all bonds are new after ten years, the VAT payment could rise to 23.5 million yuan, representing 5.2% of the net profit, but the financial impact remains manageable as companies can adjust their asset allocations [5][6] - **Recommended Companies**: The report recommends companies with ideal asset-liability duration matching, such as China Life, Ping An, and China Pacific Insurance, as well as New China Life for its favorable equity returns [6]

二、接此批复文件后，中国太平洋人寿保险股份有限公司烟台市招远支公司应立即停止一切经营活动， 于15个工作日内向烟台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。 2025年7月28日，国家金融监督管理总局烟台监管分局发布批复称，《中国太平洋人寿保险股份有限公 司山东分公司关于撤销烟台市招远支公司的请示》（鲁太保寿〔2025〕82号）收悉。经审核，现批复如 下： 一、同意撤销中国太平洋人寿保险股份有限公司烟台市招远支公司。 ...

2025年7月29日，国家金融监督管理总局日照监管分局发布批复称，《中国太平洋人寿保险股份有限公 司山东分公司关于报送日照中心支公司莒县洛河营销服务部机构撤销的请示》（鲁太保寿〔2025〕90 号）收悉。经审核，现批复如下： 一、同意撤销中国太平洋人寿保险股份有限公司日照中心支公司莒县洛河营销服务部。 二、接此批复文件后，中国太平洋人寿保险股份有限公司日照中心支公司莒县洛河营销服务部应立即停 止一切经营活动，于15个工作日内向日照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。 ...

水泥(大部份已反映)：中国建材 医疗(大部份已反映)：三生制药、威高股份 保险(部份已反映)：中国平安、太保 猪肉(部份已反映)：牧原股份、温氏股份 太阳能供应链(轻微反映)：协鑫科技、通威股份、隆基绿能 餐饮外卖(轻微反映)：阿里巴巴 锂(轻微反映)：盐湖股份 化工(未反映)：华鲁恒升、恒力石化 汽车(未反映)：比亚迪、理想汽车、长城汽车 格隆汇8月5日｜瑞银发表报告，列出潜在受惠"反内卷"政策的板块和首选股名单，并关注相关板块股价 是否已反映相关因素。 ...

Core Viewpoint - China Pacific Insurance (China Taibao) is experiencing a strategic shift towards dividend insurance, which is expected to drive future business growth amid a challenging interest rate environment [1] Company Overview - China Taibao's latest stock price is 37.12 yuan, with a slight increase of 0.02 yuan, representing a 0.05% rise [1] - The company reached a daily high of 37.19 yuan and a low of 36.60 yuan, with a trading volume of 890 million yuan [1] - As a significant financial enterprise in Shanghai, China Taibao operates in the insurance sector, providing life insurance, property insurance, and asset management services [1] Business Strategy - The company is accelerating its transition towards dividend insurance, with new policies in the first quarter showing a 18.2% share of new business, a substantial increase of 16 percentage points year-on-year [1] - In response to the policy of lowering the preset interest rates for life insurance, China Taibao, like other leading insurers, is positioning dividend insurance as a core growth driver for the future [1] Capital Flow - On the day of reporting, the net outflow of main capital for China Taibao was 11.1168 million yuan, with a cumulative net outflow of 59.2767 million yuan over the past five days [1]

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 | ...

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601318 中国平安 | | 4213.98万 | 2.01% | -9242.19万 | -4.42% | 5028.22万 | 2.40% | | 601319 中国人保 | | 2035.37万 | 5.54% | -603.17万 | -1.64% | -1432.20万 | -3.90% | | 601628 中国人寿 | | -475.67万 | -1.51% | 2095.77万 | 6.67% | -1620.10万 | -5.16% | | 601601 | 中国太保 | -1111.68万 | -1.25% | -795.06万 | -0.89% | 1906.74万 | 2.14% | | 000627 | *ST天茂 | -3260.41万 | -15.31% | 1026.06万 | 4.82% | 2234.36万 | 10.49% | ...

Core Points - The FTSE China A50 Index saw strong performance in banking and insurance sectors, while the oil industry experienced declines [1] Banking Sector - Everbright Bank has a market capitalization of 239.89 billion with a trading volume of 537 million, closing at 4.06, up by 0.01 (0.25%) [4] - Major banks like China Life and Ping An also showed slight increases in their stock prices [4] Insurance Sector - China Life has a market capitalization of 436.19 billion, with a trading volume of 890 million, closing at 58.21, up by 0.02 (0.05%) [4] - Ping An and China Pacific Insurance also reported minor gains in their stock prices [4] Alcohol Industry - Kweichow Moutai leads with a market capitalization of 1,782.55 billion, trading at 1,419.00, down by 0.71 (-0.40%) [4] - Other notable companies like Shanxi Fenjiu and Wuliangye showed mixed performance [4] Oil Industry - Sinopec has a market capitalization of 685.04 billion, closing at 8.47, down by 0.04 (-0.70%) [4] - China National Petroleum Corporation also experienced a decline in stock price [4] Automotive Sector - BYD has a market capitalization of 956.21 billion, closing at 104.88, down by 0.92 (-0.87%) [5] - The sector is facing challenges despite its significant market presence [5] Technology Sector - Major tech companies like CATL and Industrial Fulian reported strong trading volumes, with CATL closing at 266.48, up by 0.08 (0.40%) [5] - The semiconductor industry is also showing growth potential [5] Consumer Electronics - Companies like Luxshare Precision and Industrial Fulian are experiencing fluctuations in stock prices, with Luxshare closing at 36.24, down by 0.40 (-1.09%) [5] - The sector remains competitive with ongoing innovations [5] Pharmaceutical Sector - Hengrui Medicine has a market capitalization of 235.11 billion, closing at 45.91, up by 0.69 (1.13%) [5] - The pharmaceutical industry continues to attract investment due to its growth prospects [5]

三、筹建期间接受固原金融监管分局的监督指导，不得从事金融业务活动。 一、同意筹建中国太平洋财产保险股份有限公司彭阳支公司。 二、中国太平洋财产保险股份有限公司应严格按照有关法律法规要求办理筹建事宜，自批复之日起6个 月内完成筹建工作。 2025年7月28日，固原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宁夏分公司关于 筹建中国太平洋财产保险股份有限公司彭阳支公司的请示》（宁太保产〔2025〕45号）及相关说明解释 材料收悉。经审核，现批复如下： 四、筹建工作完成后，应按照有关规定和程序向固原金融监管分局提交开业验收报告。 ...