傅帆称，未来将通过三个层面的变革，让智能化深度融入保险的核心价值。其中，试点AI原生分支机 构是重要举措之一，其核心目标是重构生产力与组织的协同范式。他介绍称，中国太保正以首批AI原 生分公司试点为突破口，重塑业务流程，实现从人力驱动到人机协同的跨越，向数字融合的更高阶段跃 升。 重构生产力与组织的协同范式。 "数字化转型不是选择题，而是企业生存和发展的必答题。"中国太保董事长傅帆在近日举办的首届中国 太保科技创新大会上表示。 "在'十五五'期间，保险业不仅要追求保费规模和资产体量的领先，更要在服务实体经济质效、防范化 解风险能力、提高全球竞争力上实现质的飞跃。"在傅帆看来，在当前全球正经历由深层次人工智能驱 动的新变革背景下，提升AI应用能力正是实现上述目标的重要抓手，因此"人工智能+"也被中国太保列 为三大战略之一。 此次大会上发布的《2025年AI应用白皮书》，也进一步勾勒出"AI+保险"的未来图景。白皮书展望称， 保险行业正站在技术驱动的变革风口，AI将推动行业从三条路径实现演变：客户维度，从"信息差"转 向"全生命周期陪伴"，通过AI交互入口和情感智能，提供个性化陪伴式服务；产业维度，从"传统边 界 ...

保险工 2026 年 02 月 01 日 相关研究 券研究报 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 目 孙冀齐 A0230523110001 sunjq@swsresearch.com 申万宏源研究微信服务号 证监会拟放松战略投资者限制 长期入市再迎政策支持 —《证券期货法律适用意见第 18 号》征求意见稿点评 证监会拟放松战略投资者限制,中长期资金入市再迎政策支持。1 月 30 日,证监会发布《关 于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三条、第四十 条、第五十七条、第六十条有关规定的适用意见 -- 证券期货法律适用意见第 18号）的决定 (征求意见稿)》(简称《征求意见稿》)，拟放松战略投资者限制。2025年 1 月 22 日，六部 门联合印发《关于推动中长期资金入市工作的实施方案》(简称 《实施方案》)，提出要允许 公募基金、商业保险资金、基本养老保险基金、企（职）业年金基金、银行理财等作为战略 投资者参与上市公司向特定对象发行股 ...

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - The life insurance premium growth turned positive in December, with a total premium income of 436.24 billion yuan for the year 2025, reflecting a year-on-year increase of 8.9% [1] - Property insurance premiums also showed improvement, with total premium income of 175.70 billion yuan for 2025, up 3.9% year-on-year [2] - The total assets of the insurance industry reached 4,131.45 billion yuan by the end of 2025, a 15.1% increase from the end of 2024 [3] - The report anticipates a significant increase in new business value (NBV) in Q1 2026, driven by high demand and the transformation of dividend insurance, which will alleviate pressure on profit margins [4] Summary by Sections Life Insurance - In December, life insurance premium income was 215.2 billion yuan, a year-on-year increase of 6.0%, marking a recovery from a previous decline of -2.4% [1] - The premium income for life insurance, health insurance, and accident insurance for 2025 was 355.57 billion, 76.99 billion, and 3.68 billion yuan, respectively, with year-on-year changes of +11.4%, -0.4%, and -9.8% [1] Property Insurance - The property insurance sector saw a total premium income of 1,413 billion yuan in December, up 4.4% year-on-year [2] - The December premium income for auto insurance was 977 billion yuan, reflecting a 2.2% increase, while non-auto insurance premiums reached 437 billion yuan, up 9.6% [2] Asset Growth - By the end of 2025, the total assets of life insurance companies were 3,639.37 billion yuan, and property insurance companies had assets of 311.74 billion yuan, representing increases of 15.3% and 7.5% respectively [3] - The net assets of the insurance industry totaled 366.40 billion yuan, a 10.2% increase from the previous year [3] Investment Recommendations - The report maintains a positive outlook for the insurance sector, suggesting that the current valuation remains low, with a price-to-earnings value (PEV) of 0.68-0.85x for January 30, 2026 [4]

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][11]. Core Insights - The China Securities Regulatory Commission (CSRC) is proposing to relax restrictions on strategic investors, which is expected to support the entry of long-term capital into the market [1]. - The proposed changes will allow various institutional investors, including public funds, commercial insurance funds, and pension funds, to participate as strategic investors in non-public offerings of listed companies [2]. - The report highlights that participation in private placements by long-term capital investors is likely to yield excess returns due to diverse sources of income, including discount gains and dividend income [3]. Summary by Sections Regulatory Changes - The CSRC's draft proposal aims to expand the types of strategic investors and clarify their classification, including social security funds and commercial insurance funds [2]. - A minimum shareholding requirement of 5% for strategic investors is established, allowing them to participate in corporate governance [2]. Investment Opportunities - The report emphasizes that the alignment of long-term capital with private placements is expected to enhance investment returns, with the potential for smoother profit fluctuations through accounting measures [3]. - The report recommends several companies in the insurance sector, including China Life, New China Life, Ping An, China Pacific Insurance, China Property Insurance, and China Re, while suggesting to pay attention to China Taiping and ZhongAn Online [3]. Valuation Metrics - The report provides a valuation table for key insurance companies, detailing metrics such as market capitalization, P/E ratios, and dividend yields, indicating the financial health and investment potential of these firms [6].

Core Viewpoint - The A-share market showed a trend of rising and then narrow fluctuations in January, with the Shanghai Composite Index increasing by 3.76%, the Shenzhen Component Index by 5.03%, and the ChiNext Index by 4.47% [1] Group 1: Stock Recommendations - Multiple brokerages have released their investment portfolios for February, covering various sectors including finance, non-ferrous metals, and materials [1] - The most frequently recommended stocks include China Pacific Insurance, Zijin Mining, and Wanhua Chemical, each receiving recommendations from three brokerages [4] - Notable stock performances include兆易创新, which saw a nearly 47% increase in January, and中国中免, which experienced a decline of over 5% [4] Group 2: Industry Preferences - Brokerages suggest that the spring market may see a prolonged period of activity, with potential new trends emerging post-Chinese New Year [6] - Recommendations focus on technology, consumer sectors, and cyclical industries, with an emphasis on identifying Alpha opportunities in cyclical sectors [7] - Specific sectors highlighted for potential growth include food and beverage, real estate, and resource-related industries, with a focus on quality stocks that exhibit both Beta elasticity and Alpha value [7][8] Group 3: Investment Strategies - A balanced growth strategy is recommended, focusing on technology, raw materials, and construction materials benefiting from urban renewal policies [8] - The service consumption sector, including tourism and dining, is suggested for early positioning ahead of the holiday season [9] - Attention is drawn to sectors likely to exceed performance expectations during the earnings reporting period, particularly in resource products and equipment manufacturing [10]

Core Viewpoint - Multiple brokerages believe that the duration of the spring market rally may be extended, with a new market trend expected after the Spring Festival [1] Group 1: Market Performance - In January, the A-share market showed a trend of rising followed by narrow fluctuations, with the Shanghai Composite Index increasing by 3.76%, the Shenzhen Component Index by 5.03%, and the ChiNext Index by 4.47% [1] Group 2: Recommended Stocks - A total of 10 brokerages have released their investment portfolios for February, covering various sectors including finance, non-ferrous metals, and materials [1] - Notable stocks recommended by multiple brokerages include China Pacific Insurance, Zijin Mining, and Wanhua Chemical, each receiving recommendations from three brokerages [4][5] - Stocks such as Zhongji Xuchuang, Beixin Building Materials, and Miaojie Innovation received recommendations from two brokerages [4] Group 3: Industry Preferences - Brokerages suggest focusing on technology, consumer sectors, and cyclical industries as potential investment directions [6][8] - Shenyin Wanguo emphasizes that the spring market trend continues, with a focus on cyclical sectors for alpha opportunities, while also suggesting potential rotation into food and beverage, and real estate sectors [7] - Guotai Junan recommends a balanced growth strategy, focusing on technology, raw materials, and construction materials benefiting from urban renewal policies [8] Group 4: Upcoming Opportunities - The spring market rally is expected to last longer, with February presenting opportunities in service consumption sectors such as tourism, duty-free, and dining [9] - Attention is drawn to sectors that may show improved performance during the annual report disclosure period, including upstream resource products and midstream equipment manufacturing [10] - Cyclical industries with historical profit recovery expectations and increased demand elasticity post-price increases are also highlighted as areas of interest [11]

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next 6 to 12 months [1]. Core Insights - The insurance industry experienced a slowdown in premium growth in Q4 2025, with life insurance premiums expected to see new policy growth in 2026 [1]. - The report highlights that the total premium income for life insurance companies in 2025 reached CNY 436.24 billion, reflecting a year-on-year increase of 9.1%, while the total premium income for the industry was CNY 526.96 billion, up 8.5% year-on-year [5]. - The report anticipates a strong performance for listed insurance companies in the 2026 New Year, driven by the ongoing trend of "deposit migration" and the attractiveness of insurance products compared to bank deposits [5]. Summary by Sections Life Insurance - In 2025, life insurance premiums grew by 9.1%, but Q4 saw a significant slowdown with a growth rate of only 0.3% compared to Q3, primarily due to a decrease in market demand following a reduction in the preset interest rate [5]. - December 2025 saw a monthly premium income of CNY 215.2 billion, marking a 6.0% year-on-year increase, reversing the negative growth seen in November [5]. Health Insurance - Health insurance premiums increased by 2.0% in 2025, but Q4 experienced a slight decline of 0.1% year-on-year [5]. - The report notes that the health insurance sector is expected to grow significantly due to product innovation and improved pricing strategies [5]. Property Insurance - Property insurance premiums reached CNY 17,570 billion in 2025, with a year-on-year growth of 3.9%. However, Q4 saw a slowdown with a growth rate of only 0.5% [5]. - The report indicates that the growth in non-auto insurance premiums was driven by significant increases in agricultural, health, accident, and liability insurance premiums in December [5]. Financial Performance and Valuation - The report suggests that both liability and asset sides of insurance companies are improving, with significant upward potential in valuations [5]. - As of January 30, 2026, the insurance sector's valuation is at historical lows, with expected PEV ratios ranging from 0.67 to 0.88 and PB ratios from 1.15 to 2.38 [5].

Core Viewpoint - The non-bank financial sector has become a significant focus for fund allocation, with public funds increasing their positions in this area, particularly in insurance and brokerage stocks, which are now the fourth largest area of increase in holdings [1][3]. Group 1: Non-Bank Financial Sector - Public funds have increased their allocation to non-bank financials (insurance, brokerages) by over 1 percentage point, making it the fourth largest area of fund increase, following non-ferrous metals, communications, and basic chemicals [1]. - The insurance sector has shown remarkable performance, with leading companies like China Ping An and China Pacific Insurance receiving significant over-allocations due to improved balance sheets and recovery in new business value [3]. - The brokerage sector is experiencing a trend of concentration among leading firms, with public funds increasing their holdings in major brokerages like CITIC Securities and Huatai Securities, while smaller firms see limited increases [3]. Group 2: Investment Trends and Market Outlook - The current increase in non-bank financials is primarily driven by value-oriented funds, contrasting with growth-driven sectors like non-ferrous metals and communications [3]. - The insurance index has risen by 23.42% in the fourth quarter of 2025, significantly outperforming bank and brokerage stocks, highlighting the sector's stability and growth potential [3]. - The outlook for the non-bank financial sector remains focused on "performance-driven" strategies, with attention on new policy developments and market activity levels, suggesting that this sector may become a key allocation area for medium to long-term funds in a low-interest-rate environment [4].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - In December 2025, the growth rate of insurance premiums for both life and property insurance slowed down, but there is optimism for new business growth in life insurance by 2026 [1]. - The total premium income for personal insurance companies in 2025 reached CNY 46,491 billion, reflecting a year-on-year increase of 9.1%, while the fourth quarter saw a significant slowdown in growth to just 0.3% [5]. - The report anticipates a strong performance for listed insurance companies in the 2026 New Year, driven by the ongoing trend of "deposit migration" and the attractiveness of insurance products compared to bank deposits [5]. - Health insurance premiums grew by 2% in 2025, but the fourth quarter saw a slight decline of 0.1% year-on-year [5]. - Property insurance premiums reached CNY 17,570 billion in 2025, with a year-on-year increase of 3.9%, but the growth rate in the fourth quarter dropped to 0.5% [5]. - The report highlights that the liability side and asset side of insurance companies are continuously improving, with significant upward potential in valuations [5]. Summary by Sections Personal Insurance - The original premium income for personal insurance companies in 2025 was CNY 46,491 billion, with a year-on-year growth of 9.1% [5]. - The fourth quarter saw a premium income of CNY 5,191 billion, with a growth rate of only 0.3%, a decline of 24.7 percentage points from the previous quarter [5]. - December 2025 saw a monthly premium income of CNY 2,152 billion, marking a year-on-year increase of 6.0% [5]. Health Insurance - Health insurance premiums in 2025 increased by 2.0%, but the fourth quarter experienced a slight decline of 0.1% [5]. - The report notes that the health insurance market has significant growth potential due to product innovation and scientific pricing [5]. Property Insurance - Property insurance premiums totaled CNY 17,570 billion in 2025, with a year-on-year increase of 3.9% [5]. - The fourth quarter saw a growth rate of only 0.5%, a decline of 4.1 percentage points from the previous quarter [5]. - December 2025 recorded a monthly premium income of CNY 1,413 billion, with a year-on-year increase of 4.4% [5]. Market Outlook - The report suggests that the market demand remains strong, and the optimization of liability costs will alleviate pressure from interest rate spreads [5]. - The valuation of insurance stocks is currently at historical lows, with the insurance sector's estimated valuation for January 30, 2026, ranging from 0.67 to 0.88 times PEV and 1.15 to 2.38 times PB [5].