【大河财立方 记者 徐兵 文 马腾飞 摄影摄像 洪昊旸 剪辑】凛冬已至，安全生产进入"防冻、防滑、防火、防中毒"攻坚期。建筑施工的高空作业风险、交通 运输的路面结冰隐患、工矿商贸的设备冻裂风险……冬季叠加多重安全挑战，企业安全生产防线如何筑牢？ 12月29日上午，由河南省保险行业协会联合大河财立方打造的2025年"保险会客厅"第六期直播，在中原农险大厦举行，聚焦"冬季安全防护升级安责险助 企'御寒防险'"主题，特邀人保财险河南分公司商业团体部/再保险部总经理助理彭琳、中国太保产险河南分公司团客政保业务部/团客健康保险事业部负责人 王伟、平安产险河南分公司政保部总监刘刚、中原农险河南省分公司非车商险部总经理逯斌4位行业专家，共话安责险在冬季风险防控中的核心价值，拆解 政企协同、科技赋能的实践路径，为企业平稳越冬献策支招。 此次直播由大河财立方记者闫文瑞主持，经河南保协视频号、大河财立方视频号、新浪微博等平台播出。 核心价值迭代，从"事后赔付"到"全周期风控" 冬季安全事故高发，更凸显安责险的"风险兜底+主动防控"双重价值。4位嘉宾一致认为，安责险已跳出传统保险"事后赔付"的单一维度，形成"事前预防、 事中响应、 ...

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [19]. Core Insights - The insurance index increased by 2.98%, outperforming the broader market by 1.03 percentage points. Individual stock performances varied, with notable increases from ZhongAn (+4.74%), Ping An (+3.51%), and China Pacific (+3.14%) [1]. - As of November 2025, the insurance industry is projected to achieve a cumulative original premium of 5.76 trillion yuan, with property insurance at 1.34 trillion yuan and life insurance at 4.42 trillion yuan [2]. - The report highlights a potential short-term upward trend in long-term interest rates, which may benefit the insurance sector. Despite anticipated performance pressure due to high investment bases in 2026, the report suggests that stabilizing interest rates and improving "spread" (investment income minus comprehensive liability costs) could drive valuation recovery [3][4]. Summary by Sections Market Performance - The insurance sector's absolute performance over the past 12 months is 33.4%, with a relative performance of 16.6% compared to the benchmark [6]. Company Valuations - The report provides PEV valuations for life insurance companies: China Life at 0.89x, Ping An at 0.86x, New China at 0.8x, and China Pacific at 0.69x. For H-shares, Ping An is at 0.74x, New China at 0.57x, and China Pacific at 0.54x [4]. - The report recommends focusing on companies with significant valuation recovery potential, such as China Life H and China Pacific [3]. Earnings Forecasts - Earnings per share (EPS) estimates for 2025E for key companies are as follows: China Pacific at 5.68 yuan, China Life at 6.34 yuan, New China at 12.62 yuan, China Pacific at 3.00 yuan, and China Property at 2.07 yuan. The report also provides PE and PB ratios for these companies, indicating a favorable investment outlook [4].

Investment Rating - The report suggests a "Buy" rating for the securities sector, indicating an expected increase in the industry exceeding the market by more than 15% in the next 3-6 months [42]. Core Insights - The establishment of the National Venture Capital Guidance Fund aims to inject long-term capital into technological innovation, potentially mobilizing trillions in social capital and creating a multi-layered venture capital ecosystem [38][39]. - The insurance sector is expected to benefit from a high demand for long-term care insurance, transitioning from pilot programs to a comprehensive system during the 14th Five-Year Plan period [36]. - The report highlights that listed securities firms have exceeded earnings expectations in Q3, with a projected high profit growth for the year, despite a current price-to-book (PB) ratio of 1.4, indicating a significant mismatch with performance [2]. Summary by Sections Securities Sector - The National Venture Capital Guidance Fund has been officially launched, with a 20-year duration (10 years for investment and 10 years for exit), which is significantly longer than typical equity funds, alleviating short-term exit pressures for managers [38]. - The report recommends focusing on three main lines: 1. Strongly recommend quality securities firms with valuation mismatches, particularly Guotai Junan and Haitong Securities [2]. 2. Highlighting Sichuan Shuangma's advantageous position in the technology sector and its venture capital business benefiting from gene therapy investments [2]. 3. Noting the impressive growth of diversified financial firms, suggesting attention to Jiufang Zhizhong Holdings, Yixin Group, and Far East Horizon [2]. Insurance Sector - The Ministry of Finance and the State Administration of Taxation announced new tax regulations for insurance contracts, which are expected to have no significant impact on the current profits and net assets of listed insurance companies [3]. - The report anticipates that the high prosperity of the liability side will drive a valuation switch in insurance stocks, with expectations of continued growth in the insurance sector due to strong demand for savings and pension products [4]. - The insurance sector's premium income for the first 11 months of 2025 reached CNY 57,629 billion, with a year-on-year growth of 7.6%, indicating a recovery in premium income [35].

Investment Rating - Maintain "Overweight" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown resilience, with insurance and multi-financial sectors outperforming the CSI 300 index recently. The insurance sector is expected to perform well in the upcoming "opening red" period for 2026 [1][9] - The insurance industry has seen improvements in premium growth, with a year-to-date increase of 9.2% in original premiums for life insurance [20][27] - The securities sector is experiencing a decline in trading volume but is supported by new policies allowing foreign investors to engage in bond repurchase transactions [14][19] Summary by Sections Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (December 22-26, 2025), the multi-financial sector rose by 3.20%, and the insurance sector increased by 2.98%, while the overall non-bank financial sector rose by 1.97% [9] - Year-to-date, the insurance sector has increased by 35.78%, outperforming other sectors [10] Non-Bank Financial Sector Insights Securities - Trading volume has decreased, with an average daily trading amount of 21,509 billion CNY in December, a 22.49% increase year-on-year but a 4.02% decrease month-on-month [14] - The margin financing balance reached 25,454 billion CNY, a year-on-year increase of 35.40% [14] - The average PB valuation for the securities sector is 1.3x for 2025E, with recommendations for leading firms like CITIC Securities and Tonghuashun [19] Insurance - The insurance sector's original premium for the first 11 months of 2025 reached 44,206 billion CNY, with a year-on-year growth of 9.2% [20] - The asset-liability management regulations are being revised to strengthen oversight, which is expected to enhance risk management in the sector [23][27] - The insurance sector's valuation is currently at 0.69-1.02 times 2025E P/EV, indicating a historical low and maintaining an "Overweight" rating [27] Multi-Financial - The trust industry saw its asset scale reach 32.43 trillion CNY by mid-2025, with a year-on-year growth of 20.11% [30] - The futures market recorded a transaction volume of 7.70 billion contracts in November, with a transaction value of 66.61 trillion CNY, reflecting a year-on-year growth of 13.54% [34] Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial services, with key recommendations including China Life, Ping An, and CITIC Securities [45] - The sector is characterized by low average valuations, providing a safety margin and balanced risk-reward profile [45]

Core Viewpoint - The 2025 China Wealth Management Forum emphasizes the challenges posed by a low interest rate environment on insurance asset management and the need for strategic responses to enhance risk resilience [1][3]. Group 1: Challenges in Low Interest Rate Environment - The low interest rate environment presents direct challenges for insurance asset management, including the maturity of high-yield fixed income assets and the lagging adjustment of liability costs compared to asset yield declines [3][7]. - Insurance companies face risks of narrowing interest spreads and potential losses, while third-party asset management businesses encounter similar challenges due to client demands for low volatility and stable returns [3][7]. Group 2: Strategic Responses - A collaborative optimization of both asset and liability sides is necessary to enhance overall risk resilience, which includes strategic asset allocation (SAA) that aligns liability duration and costs with assets to reduce mismatch risks [3][7]. - Diversification of assets is crucial, with a focus on long-term equity investments, overseas assets, gold, and alternative assets to overcome development bottlenecks in debt business and increase revenue sources [3][7]. Group 3: Investment Management Optimization - Continuous improvement of the investment management system is essential, leveraging group operational advantages to optimize entrusted relationships and establish a long-term entrusted management system [4][8]. - A culture of investment research should be fostered to create an asset collaboration sharing mechanism and develop a cross-cycle asset allocation system aimed at asset-liability management [4][8]. Group 4: Technological Empowerment - The company is advancing the construction of systematic and intelligent investment research platforms, utilizing the "AI+" strategy to enhance investment decision-making processes and improve research efficiency [4][8]. - The introduction of an OKR process system aims to strengthen communication and coordination across departments, enhancing collaboration between asset and liability sides [4][8]. Group 5: Specific Investment Strategies - In fixed income assets, the focus is on maintaining a foundational role while innovating new products, including integrating ESG factors into product design and increasing the allocation of asset securitization products [9][10]. - For equity assets, the company plans to increase allocation using a "core + satellite" strategy, balancing returns and volatility while focusing on sectors that align with national strategies [10].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Views - The insurance industry showed improvement in premium growth for both life and non-life insurance in November, with a positive outlook for the "New Year" performance in life insurance [1] - The report highlights a narrowing decline in life insurance premiums, with a year-to-date original premium of CNY 44,206 billion, up 9.2% year-on-year, and a scale premium of CNY 49,969 billion, up 8.4% year-on-year [6] - The health insurance sector also saw a year-on-year premium increase of 3.3% in November, indicating a long-term growth potential in the market [6] - Non-life insurance premiums increased by 2.3% year-on-year in November, with improvements in both auto and non-auto insurance segments [6] - The report anticipates continued strong market demand and an optimistic outlook for new premium growth and new business value (NBV) growth, supported by favorable product pricing compared to bank deposits [6] Summary by Sections Life Insurance - November saw a single-month original premium of CNY 1,548 billion, with a year-on-year decline of 2.4%, which is an improvement from the previous month [6] - The report expects strong demand for insurance products in 2026, with a continued increase in the proportion of participating insurance products, which will help optimize liability costs [6] Health Insurance - Health insurance premiums for the year-to-date increased by 2.4%, with November showing a 3.3% year-on-year growth, reflecting a positive trend [6] - The report suggests that regulatory policies may further stimulate growth in long-term health insurance products [6] Non-Life Insurance - Non-life insurance premiums reached CNY 16,157 billion year-to-date, up 3.9% year-on-year, with November premiums at CNY 1,248 billion, marking a 2.3% increase [6] - The report notes that the growth in auto insurance premiums has turned positive, with a year-to-date increase of 3.1% [6] - The report anticipates that the implementation of "reporting and operation integration" in non-auto insurance may create short-term pressure on premium growth but will improve overall profitability in the long term [6] Market Outlook - The report indicates that both liability and asset sides are improving, with significant upside potential in valuations [6] - The current valuation of the insurance sector is at historical lows, with expected PEV ratios between 0.67-1.0 and PB ratios between 1.31-2.17 [6]

中国太保方面称，自本次修订后的《公司章程》核准生效之日起，监事会正式撤销，由董事会审计与关 联交易控制委员会行使《中华人民共和国公司法》和监管制度规定的监事会职权。 记者注意到，此前中国人保（601319.SH）、泰康保险集团、中国再保险（01508.HK）、大家保险集 团、人保财险（02328.HK）、建信财险、紫金财险、锦泰财险等多家险企均已明确撤销监事会，传 统"三会一层"治理架构中的监事会角色逐步被董事会下设的审计相关委员会替代，治理结构进一步优 化。 （文章来源：中国经营报） 2025年以来，多家大型险企陆续撤销监事会。 12月25日，中国人寿（601628.SH）公告称，公司2025年9月25日召开的2025年第一次临时股东大会审 议通过了《关于不再设立监事会的议案》及《关于修订〈公司章程〉的议案》。近期，中国人寿收到国 家金融监督管理总局（以下简称"金融监管总局"）《关于中国人寿保险股份有限公司修改公司章程的批 复》（金复〔2025〕752号），核准中国人寿2025年第一次临时股东大会对《公司章程》做出的修订。 12月24日，中国太保（601601.SH）也公告称，2025 年第一次临时股东大会 ...

北京商报讯（记者 胡永新）12月26日，国家金融监督管理总局山西监管局发布的行政处罚信息显示， 中国太平洋人寿保险股份有限公司山西分公司因给予投保人合同约定以外利益、未在规定时限内送达保 险合同至投保人，被责令改正，警告，罚款7.5万元。时任该公司银行保险部副总经理阎晓伟对给予投 保人合同约定以外利益的行为负有责任，被警告，并处1万元罚款。时任该公司消费者权益保护部总经 理王建云对未在规定时限内送达保险合同至投保人的行为负有责任，被警告，并处0.4万元罚款。 ...

Group 1 - The core viewpoint of the article highlights that China Pacific Life Insurance Co., Ltd. was penalized for violating regulations in handling group insurance business [1] - The company was ordered to rectify its practices and fined 120,000 yuan [1] - The former deputy general manager, Shi Jianfeng, was held responsible for the violations and received a warning along with a fine of 40,000 yuan [1]

证券之星消息，12月26日保险板块较上一交易日下跌0.26%，新华保险领跌。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601318 | 中国平安 | 71.16 | 0.51% | 65.70万 | 46.89 Z | | 601319 | 中国人保 | 9.23 | -0.54% | 62.88万 | 5.81亿 | | 601628 | 中国人寿 | 46.68 | -0.55% | 13.68万 | 6.40亿 | | 601601 | 中国太保 | 42.33 | -0.73% | 23.83万 | 10.15亿 | | 601336 | 新华保险 | 71.30 | -0.77% | 18.88万 | 13.4877 | | 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 ...