行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 2025 年 07 月 13 日 险资入市再迎政策支持，稳定币概 念叠加中报向好驱动非银板块估值 提升 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 看好 ——非银金融行业周报（2025/7/7-2025/7/11） 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 中庚基金 使用。1 非银金融 - ⚫ 券商：本周申万券商 II 指数收涨 4.46%，跑赢沪深 300 指数 3.64pct。1）上海国资委围绕稳定 币&加密货币召开学习会。多家券商已经对虚拟资产领域进行布局：国泰君安国际升级其在港股一 号牌 ...

Core Viewpoint - Insurance funds are accelerating their entry into the capital market through private equity funds, driven by regulatory policies and declining interest rates [1][5]. Group 1: Private Fund Establishment - The recently established Honghu Fund Phase 1 and Phase 2 are part of the third batch of long-term investment pilot funds for insurance capital, with a total scale of 225 billion yuan, equally funded by New China Life and China Life [1][2]. - Since the long-term investment reform pilot began at the end of 2023, three batches have been approved, totaling 222 billion yuan, with the first batch fully invested in the stock market [1][2]. - Major insurance companies, including China Life, Ping An, and New China Insurance, have been actively setting up private equity funds since 2025 [2][4]. Group 2: Investment Strategies and Focus - The newly established funds primarily focus on long-term equity investments, targeting companies with stable cash flows and growth potential [6][7]. - The Honghu Fund Phase 1 aims for steady dividend income through low-frequency trading and long-term holding of large-cap A+H shares [5][6]. - Sunshine Insurance's fund will invest in stocks from the CSI 300 Index and Hang Seng Index, utilizing various investment methods to enhance capital market participation [6][7]. Group 3: Market Impact and Trends - The orderly entry of insurance funds into the market is expected to enhance market depth and resilience, fostering the development of high-quality listed companies [5][6]. - The focus of these pilot funds is on companies with good fundamentals and stable dividends, reflecting a long-term investment philosophy [6][7]. - Insurance capital is increasingly concentrated in sectors such as banking, telecommunications, automotive, electronics, and pharmaceuticals, as indicated by recent investment trends [7].

Investment Rating - The report maintains an "Overweight" rating for the insurance sector, indicating a positive outlook for the industry compared to the overall market performance [3][4]. Core Insights - The recent policy from the Ministry of Finance aims to support long-term investments by insurance companies, addressing the mismatch between long-term investment strategies and short-term performance evaluations [3]. - The report highlights that as of the end of Q1 2025, the total investment balance of insurance funds in stocks and securities investment funds reached 4.46 trillion yuan, accounting for 12.8% of the total, which is an increase of 937.2 billion yuan from Q2 2023 [4]. - The focus is on enhancing the asset-liability management of insurance companies, with a shift towards profitability and sustainability rather than merely expanding scale [5]. Summary by Sections Policy Impact - The new policy encourages insurance companies to adopt longer evaluation periods for performance, with a significant weight on multi-year metrics [3]. - The adjustments in performance evaluation metrics aim to align the investment strategies of insurance companies with the long-term nature of their capital [3]. Market Dynamics - The report notes that the insurance sector has faced challenges such as increased volatility in profits and net assets, but recent regulatory measures have effectively addressed these issues [4]. - The anticipated further reduction in preset interest rates in Q3 is expected to optimize the cost of new liabilities for insurance companies [5]. Investment Recommendations - The report recommends focusing on key players in the insurance sector, including New China Life, China Life (H), China Pacific Insurance, and others, due to their favorable fundamentals and market conditions [5].

Summary of Key Points Core Viewpoint - China Pacific Insurance (601601) has shown a positive stock performance, with a closing price of 38.46 CNY on July 11, 2025, reflecting a 3.55% increase from the previous week [1]. Company Announcements - The company announced a cash dividend of 1.08 CNY per share (before tax), with the record date set for July 17, 2025 [1]. - The total cash dividend distribution amounts to approximately 10.39 billion CNY, based on a total share capital of 9,620,341,455 shares [1]. - The dividend payment date is scheduled for July 18, 2025, coinciding with the ex-dividend date [1]. - Different tax policies apply to various types of shareholders, with A-share individual shareholders and mutual funds enjoying different tax benefits based on their holding periods [1]. - QFII shareholders will be subject to a 10% corporate income tax rate, resulting in a net dividend of 0.972 CNY per share [1]. - For investors in the Hong Kong Stock Connect, the same 10% withholding tax applies [1]. - GDR investors will receive their dividends through Citibank, National Association, with funds expected to arrive by July 25, 2025, London time [1].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [2][14]. Core Insights - The recent policy change aims to extend the assessment period for state-owned commercial insurance companies, promoting long-term stable investments and preventing short-term performance pressures [5]. - The adjustment in performance evaluation metrics emphasizes a balanced approach between annual and multi-year indicators, enhancing the focus on sustainable growth and risk management [5]. - The report highlights that the insurance sector is increasingly favoring high-dividend stocks, with a notable increase in equity allocations, reflecting a strategic shift towards long-term value investments [5]. Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 31,377.86 billion, with a circulating market value of 31,369.21 billion [2]. Policy Implications - The new directive from the Ministry of Finance encourages insurance funds to act as stabilizers in the market, promoting long-term investment strategies [5]. - The report notes that the new accounting standards for insurance contracts will be fully implemented by January 1, 2026, which is expected to positively influence the assessment of insurance companies [5]. Investment Strategy - The report suggests that the extended assessment period will likely reduce the negative impact of equity asset fluctuations on profit assessments, thereby increasing the tolerance for equity allocation among insurance companies [5]. - The performance of the non-bank insurance stock index has significantly outperformed the market, with an absolute return of 13.17% and a relative return of 11.14% since the beginning of 2025 [7].

Core Viewpoint - The article discusses the resurgence of dividend insurance products in the insurance industry, highlighting their advantages over traditional fixed-income products, particularly in terms of cost adjustment mechanisms and risk mitigation [1][12]. Group 1: Market Trends and Dynamics - As interest rates decline and regulatory scrutiny increases, insurance companies are focusing on dividend insurance to address the challenges of low returns and risk management [2][10]. - The market for dividend insurance is expected to see positive growth in 2024, with companies like China Ping An and Sunshine Life reporting increases in premium income [10][11]. - The proportion of dividend insurance in the product mix of major insurance companies has risen significantly, with some companies reporting that dividend insurance accounts for 65% of their individual insurance channels [9][10]. Group 2: Sales Challenges and Consumer Perception - Insurance agents are facing difficulties in selling dividend insurance due to consumer skepticism and the complexity of explaining the product's benefits and mechanisms [5][6]. - There is a notable shift in consumer expectations, with clients increasingly seeking guaranteed returns, which dividend insurance does not provide [9][11]. - The article highlights the historical context of dividend insurance, noting its previous dominance in the market and the challenges it faced due to changing consumer preferences and regulatory environments [14][15]. Group 3: Regulatory Environment and Industry Response - Recent regulatory changes have aimed to enhance transparency and reduce misleading sales practices related to dividend insurance, requiring companies to provide clearer information on dividend distribution and product performance [20][21]. - The insurance industry is encouraged to adopt a more sustainable approach to dividend insurance, balancing expected returns with actual company performance to avoid future consumer dissatisfaction [21][22]. - The article emphasizes the need for improved regulatory standards and better asset-liability management within insurance companies to support the long-term viability of dividend insurance products [22].

Core Viewpoint - The regulatory environment for insurance companies in China is tightening, as evidenced by significant fines imposed on China Pacific Insurance and Taikang Life for various violations [1][4][6][8]. Group 1: Regulatory Actions - China Pacific Property Insurance received a warning and a fine of 4.72 million yuan, with additional fines of 300,000 yuan and 500,000 yuan imposed on its Anhui and Henan branches respectively [2][4]. - China Pacific Life Insurance was fined 3.53 million yuan, with individual penalties totaling 700,000 yuan for responsible personnel [2][6]. - Taikang Life was fined 4.27 million yuan, with a total of 1.04 million yuan in penalties for responsible personnel [2][8]. Group 2: Violations - China Pacific Property Insurance's violations included failure to use approved insurance terms and rates, improper management of insurance information, and inaccurate reporting [4][6]. - China Pacific Life Insurance was penalized for similar issues, including providing benefits outside of contractual agreements and inaccurate reporting [6]. - Taikang Life's violations involved using unapproved insurance terms, inaccurate expense reporting, and engaging unqualified entities for insurance sales [8]. Group 3: Company Performance - China Pacific Property Insurance reported a premium income of 20.12 billion yuan in 2024, a year-on-year increase of 6.8%, with total assets of 231.4 billion yuan [4]. - China Pacific Life Insurance achieved a premium income of 261.08 billion yuan in 2024, a 3.3% increase, and a net profit of 35.82 billion yuan, up 83.4% [6]. - Taikang Life reported total assets exceeding 1.8 trillion yuan and premium income over 269 billion yuan [8].

险企监管持续从严，又有巨额罚单下达！ 7月11日，国家金融监督管理总局公布的行政处罚信息公示列表显示，中国太平洋财产保险股份有限公司（以下简称太平洋产险）、中国太 平洋人寿保险股份有限公司（以下简称太平洋寿险）、泰康人寿保险有限责任公司（以下简称泰康人寿）均接到监管罚单，多名责任人员 被警告并罚款。 来看详情—— 【导读】太平洋产险、太平洋寿险、泰康人寿遭罚，多名责任人员被警告、罚款 中国基金报记者 晨曦 太平洋寿险被罚353万元 太平洋寿险的违法违规行为是：未按照规定使用经批准或备案的保险条款、费率，给予投保人合同约定以外的利益，报送的报告、数据不 准确等。金融监管总局对太平洋寿险警告并罚款353万元；对赵鹰、胡乐天等责任人员警告并罚款共计70万元。 太平洋寿险成立于2001年11月，是中国太平洋保险（集团）股份有限公司旗下专业寿险子公司。2024年，公司实现规模保费2610.80亿 元，同比增长3.3%；实现新业务价值132.58亿元，同比增长20.9%；净利润为358.21亿元，同比增长83.4%；综合偿付能力充足率为 210%。 泰康人寿被罚427万元 太平洋产险被罚472万元 两家分公司一同受罚 具 ...

Regulatory Dynamics - The National Financial Regulatory Administration issued the "Financial Institutions Product Suitability Management Measures," effective from February 1, 2026, to enhance consumer protection and appropriate management of financial products [5][6]. - Seven departments encouraged childcare service institutions to purchase liability insurance and property insurance [7]. - The State Council is promoting the internationalization of the reinsurance industry [10]. - The Ministry of Finance announced that state-owned commercial insurance companies will implement long-term assessments starting this year, adding five-year indicators [11]. - The National Development and Reform Commission reported that over 180 million people are expected to be insured under long-term care insurance during the "14th Five-Year Plan" period [12]. Company Dynamics - AIA Group acquired 2,252 apartments in Shanghai [21]. - Hongkang Life increased its stake in Zhengzhou Bank, triggering a mandatory bid [22]. - Zhong An Online completed the placement of new H-shares, raising approximately 3.92 billion HKD [23]. - AIA faced a sell-off of 3.7% of its shares by the Kuwait Investment Authority, realizing 26.8 billion HKD [24]. - Jintai Property Insurance received approval for an 800 million yuan capital increase [25]. - Taikang Life reported insurance claims of 9.92 billion yuan in the first half of the year [27]. - China Pacific Insurance announced a cash dividend of 1.08 yuan per share, totaling approximately 10.39 billion yuan [29]. Industry Dynamics - There were 88 changes in core executive positions in the insurance industry in the first half of the year, reflecting a search for solutions amid multiple pressures [47]. - The insurance industry faced over 600 penalties in the first half of the year, with providing false materials being a major issue [49]. - The registration scale of "insurance ABS" exceeded 180 billion yuan, marking a 46% year-on-year increase [50]. - Insurance capital has made 20 bids for listed companies this year, matching last year's total [51]. - Insurance capital has achieved a 15% excess return from investments in Hong Kong stocks [52]. - The insurance sector is expected to increase allocations to equity assets in the second half of the year, focusing on high dividend and high growth stocks [53]. - Five insurance-related private equity fund companies have been approved, with three products already in the market [54]. - The employment report for 2025 insurance graduates indicates a 96.3% employment rate, with a significant demand for talent in the insurance and technology sectors [55].

Core Insights - Insurance capital is increasingly investing in real estate, with a significant rise in large-scale investments in the first half of the year, totaling 4 insurance companies disclosing 12 large real estate investments amounting to 4.92 billion yuan, a 597.87% increase compared to the same period last year [1][2][3] Investment Scale and Growth - As of June 30, 2023, the total new investment in real estate by major insurance companies reached 4.92 billion yuan, compared to only 705 million yuan in the same period last year [1][2] - The investments include contributions from major players such as Ping An Life, China Life, Pacific Life, and Jianxin Life, indicating a robust growth trend in the sector [1][3] Investment Strategies and Trends - The investments made this year are additional contributions to previously signed real estate projects, reflecting a cautious and strategic approach by insurance companies in the current market environment [3] - Experts suggest that despite a decrease in the number and proportion of direct real estate investments compared to a decade ago, leading insurance companies are still actively acquiring high-quality commercial real estate in first-tier cities to generate stable cash flows [3] Diversification of Investment Forms - The investment forms are becoming increasingly diversified, with insurance capital exploring various financial instruments such as public REITs and real estate equity investment funds [4][5] - For instance, China Post Insurance has signed an investment agreement for a real estate special fund, indicating a trend towards collaborative investment structures [4] Compliance and Regulatory Challenges - Compliance issues remain a significant concern for insurance companies, with several institutions facing penalties for violations related to real estate investments [6][7] - The complexity of real estate investments and the potential for high returns may lead some institutions to overlook compliance standards, resulting in regulatory breaches [6][7]