聚力赋能精耕细作，重塑健康险新生态 ——多机构召开健康保险高质量发展工作座谈会点评 保险Ⅱ 证券研究报告/行业点评报告 2026 年 01 月 26 日 | | | 报告摘要 执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 执业证书编号：S0740517090005 | 上市公司数 | 5 | | --- | --- | | 行业总市值(亿元) | 34,888.11 | | 行业流通市值(亿元) | 34,888.11 | 2026-01-21 充展望》2026-01-14 切换测算：OCI 选择权的两面性，税 务 追 溯 对 现 金 流 影 响 有 限 》 2026-01-06 请务必阅读正文之后的重要声明部分 分析师：葛玉翔 事件：为促进行业转型升级，积极服务健康中国战略。 1 月 22 日，中国保险行业协 会在京召开健康保险高质量发展工作座谈会，精算师协会、银行保险资管业协会、银 保信公司等应邀参加会议。 分析师：蒋峤 基本状况 在中国保险行业协会的牵头下，多家机构集体发声，体现高层重视度。四家行业机构 全方面围绕健康保险，从产品、条款、费率、数据、资金等方 ...

2026年是"十五五"规划开局之年，做好"三农"工作至关重要。 从田间地头到产业协同，()锚定农业农村现代化，将"+"融入更广泛的金融服务生态，为农业高质量发 展、乡村全面振兴注入强劲动能，在全面助力特色富民产业高质量发展的同时，让农户在面对自然灾害 和市场波动时，既有从容应对的心态，更有坚实可靠的底气。 "养猪就像坐过山车，价格高时笑，价格跌时愁。"在福建省龙岩市新罗区，养殖户李斌（化名）看着自 家存栏的4000多头生猪，语气中透出多年经营的感慨，而如今他的神情显得从容许多。 近日，李斌投保的福建省首单"育肥猪收入保险"正式生效，这意味着无论市场价格如何波动，他的养殖 收入有了坚实的"保护垫"。 这一创新保险产品由中国太保产险福建分公司联合兴证期货共同推出，标志着在应对"猪周期"、稳定生 猪生产方面，探索出一条"保价格"更"保收入"的市场化新路径。 "我们这次推出的'育肥猪期货收入保险'，核心是将生猪期货价格与实际出栏产量相结合，形成以'生产 收入'为保障目标的综合方案。"中国太保产险龙岩中支农险部负责人黄家畅介绍，"简单说，它不仅 管'价'，还管'量'。如果因为市场价格下跌，或者出栏数量低于预期，导致总收 ...

姜旭平先生已确认与本公司董事会并无不同意见，而就其退任一 事，亦无任何需要通知本公司股东和债权人的事项。姜旭平先生在任 职期间勤勉尽责、认真履职，本公司董事会对姜旭平先生为本公司所 做的贡献表示衷心的感谢！ 证券代码：601601 证券简称：中国太保 公告编号：2026-002 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2026 年 1 月 27 日 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 关于独立董事任职资格获核准的公告 本公司近日收到国家金融监督管理总局（以下简称"金融监管总 局"）《关于黄显荣中国太平洋保险（集团）股份有限公司独立董事 任职资格的批复》（金复〔2026〕43 号）。金融监管总局已核准了 黄显荣先生担任本公司独立董事的任职资格。自此，黄显荣先生接替 姜旭平先生正式担任本公司第十届董事会独立董事。同日，姜旭平先 生退任董事职务。 ...

1月26日金融一线消息，中国太保发布公告称，公司近日收到国家金融监督管理总局（以下简称"金融监 管总局"）《关于黄显荣中国太平洋保险（集团）股份有限公司独立董事任职资格的批复》（金复 〔2026〕43号）。金融监管总局已核准了黄显荣担任中国太保独立董事的任职资格。自此，黄显荣接替 姜旭平正式担任中国太保第十届董事会独立董事。同日，姜旭平退任董事职务。 1月26日金融一线消息，中国太保发布公告称，公司近日收到国家金融监督管理总局（以下简称"金融监 管总局"）《关于黄显荣中国太平洋保险（集团）股份有限公司独立董事任职资格的批复》（金复 〔2026〕43号）。金融监管总局已核准了黄显荣担任中国太保独立董事的任职资格。自此，黄显荣接替 姜旭平正式担任中国太保第十届董事会独立董事。同日，姜旭平退任董事职务。 证券代码:601601 证券简称:中国太保 公告编号:2026-002 重要提示 责任编辑：秦艺 中国太平洋保险(集团)股份有限公司董事会 2026年1月27日 责任编辑：秦艺 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 中国太 ...

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601336 新华保险 | | 2.60亿 | 9.33% | -5141.09万 | -1.84% | -2.09亿 | -7.48% | | 601601 中国太保 | | 1.19/Z | 4.02% | 5411.66万 | 1.83% | -1.73亿 | -5.85% | | 601319 中国人保 | | 8002.96万 | 7.30% | 792.67万 | 0.72% | -8795.63万 | -8.02% | | 601628 中国人寿 | | -5498.40万 | -3.19% | 1.53亿 | 8.91% | -9840.94万 | -5.71% | | 601318 中国平安 | | -2.37亿 | -1.81% | -4.21亿 | -3.22% | 6.58 Z | 5.03% | 证券之星消息，1月26日保险板块较上一交易日上 ...

Investment Rating - The report maintains a "Buy" rating for the insurance sector, expecting a robust growth in premiums for listed insurance companies in 2025 [1][4]. Core Insights - The insurance index decreased by 4.04%, underperforming the market by 3.42 percentage points, with mixed performances among individual stocks [1]. - The China Insurance Association indicated that the current standard interest rate for ordinary life insurance is 1.89% [2]. - China Taiping announced a significant profit increase for 2025, projecting a rise of approximately 215% to 225% compared to 2024, driven by improved net investment income and favorable tax policies [2]. - The health insurance sector has seen an average compound annual growth rate of over 20% in the past decade [2]. - Agricultural insurance premiums in China have surpassed 155 billion yuan, with nearly 80% coming from government subsidies [2]. Summary by Sections Premium Growth Projections - In 2025, New China Life is expected to achieve premiums of 195.9 billion yuan, a year-on-year increase of 14.9%, with a "front-high and back-stable" growth pattern anticipated [3]. - China Pacific Insurance is projected to reach total premiums of 461.7 billion yuan, a 4.4% increase year-on-year, with life insurance being the main growth driver [3]. - ZhongAn Online is expected to achieve premiums of 35.6 billion yuan, reflecting a year-on-year growth of 6.7% [3]. Market Dynamics - The report anticipates steady premium growth for listed insurance companies in 2025, primarily driven by life insurance and the expansion of distribution channels [4]. - The property insurance sector is expected to show varied performance, influenced by adjustments in non-auto insurance business [4]. Investment Recommendations - The insurance sector has experienced two weeks of adjustments, mainly due to a slowdown in growth and high valuations [4]. - The report suggests that the performance of listed insurance companies in 2025 will be primarily driven by investment returns, with a favorable outlook for the first half of 2026 [4]. - The report highlights the potential for price-to-earnings value (PEV) ratios to recover, with estimates for major life insurance companies indicating potential increases above 1x [4]. Valuation Metrics - The report provides PEV valuations for major life insurance companies, with China Life at 0.87x, New China Life at 0.86x, and Ping An at 0.77x [4]. - For property insurance, the report lists valuations with China Property at 1.15x and PICC at 1.26x [5].

Investment Rating - The insurance industry is rated as "Recommended" for the next 3-6 months, with expectations that the industry index will outperform the benchmark index by more than 5% [21]. Core Insights - The insurance sector is expected to see steady premium growth in 2025, with significant contributions from bancassurance channels and the expansion of distribution networks [4][3]. - The report highlights that the average premium growth for listed insurance companies in 2025 is projected to be robust, driven by factors such as improved investment returns and favorable tax policies [2][4]. - The report notes that the health insurance sector has experienced an average compound annual growth rate of over 20% in the past decade, indicating strong market potential [2]. Summary by Sections Market Performance - The insurance index decreased by 4.04% this week, underperforming the broader market by 3.42 percentage points [1]. - Individual stock performances varied, with notable declines in companies like China Life (-3.77%) and Ping An (-3.66%), while China Taiping showed a significant increase of 8.78% [1]. Company-Specific Insights - China Taiping is expected to see a substantial increase in its annual profit, projected to grow by approximately 215% to 843.2 million HKD in 2025, driven by enhanced net investment income and favorable tax policies [2]. - New China Life's premiums are expected to reach 195.9 billion CNY in 2025, reflecting a year-on-year growth of 14.9% [3]. - China Pacific Insurance's total premiums are projected to be 461.7 billion CNY, with a growth rate of 4.4%, supported by an 8.1% increase in life insurance premiums [3]. Investment Recommendations - The report suggests that the insurance sector has undergone two weeks of adjustments, primarily due to a slowdown in the "New Year" growth and high valuations [4]. - For the medium term, the first half of 2026 is expected to have relatively low base pressure, with an active equity market and a thriving liability side likely to drive performance beyond expectations [4]. - The report indicates that the current stabilization trend in long-term interest rates significantly alleviates pressure on interest spreads, suggesting potential for price-to-earnings value (PEV) ratios to recover towards 1x [4]. Valuation Metrics - The report provides PEV valuations for various companies, indicating that China Life is at 0.87x, New China Life at 0.86x, and Ping An at 0.77x [4]. - For property and casualty insurance, the report lists China Re at 0.60x and China Pacific at 1.09x, with a recommendation order favoring China Taiping and China Ping An [5].

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector, indicating a positive long-term outlook despite short-term adjustments in the A-share market [4]. Core Insights - The official release of the public fund performance benchmark guidelines emphasizes the importance of benchmarks in measuring performance and enhancing accountability among fund managers [1][20]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and retirement security, despite short-term pressures on sentiment and funding [4][36]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from improved valuations and performance [4][36]. Summary by Sections Industry Dynamics - The non-bank financial sector, including securities and insurance, experienced varied performance, with the insurance sector showing a decline of 1.45% and the securities sector a slight decrease of 0.34% during the week [10]. - The ten-year government bond yield decreased to 1.8298%, reflecting a slight decline from the previous week [17]. Insurance - The insurance industry is focusing on high-quality development, with a significant emphasis on commercial health insurance, which has seen a compound annual growth rate exceeding 20% over the past decade [14]. - The China Insurance Industry Association is working on industry demonstration clauses and drug payment lists to enhance collaboration between medical, pharmaceutical, and insurance sectors [14]. - China Pacific Insurance reported a total premium income of CNY 258.11 billion for the past year, marking an 8.08% year-on-year increase, driven primarily by the rapid expansion of the bancassurance channel [16]. Securities - The official guidelines for public fund performance benchmarks will take effect on March 1, 2026, establishing clear requirements for benchmark selection and management responsibilities [20][21]. - The report highlights the importance of maintaining a consistent performance benchmark to ensure transparency and accountability in fund management [21]. - The average daily trading volume for stock funds reached CNY 22,757.32 billion, a decrease of 44.37% from the previous week, indicating fluctuations in market activity [27]. Multi-Financial - The Shanghai Futures Exchange is revising its nickel futures business rules to allow for international participation, which may enhance market liquidity and trading opportunities [34]. - The Guizhou Futures Exchange has adjusted the trading limits and margin requirements for lithium carbonate futures, reflecting ongoing developments in the commodities market [34].

【导读】上午A股三大指数高开低走，贵金属概念逆市大涨，商业航天、白酒等板块下挫 新的一周A股交易日开启，早盘市场走势一波三折。 三大股指高开后走出"W"形震荡行情，截至午间收盘，沪指报4141.01点，微涨0.12%；深证成指走弱，跌0.74%；创业板指同步下探，跌0.86%。 个股跌多涨少，全市场共有3756只个股下跌，1606只个股上涨，50只个股涨停。成交额方面，沪深两市半日成交额达2.24万亿元，较上个交易日放量3478 亿元。 盘面上，贵金属、石油天然气、大金融等板块涨幅居前；航天航空、计算机设备、电子化学品等板块跌幅居前。 贵金属板块大幅高开高走 上午，贵金属概念板块大幅高开，相关个股纷纷涨停。 个股方面，湖南黄金（002155）一字涨停，金徽股份（603132）、招金黄金（000506）、盛达资源（000603）、恒邦股份（002237）、四川黄金 （001337）均实现10cm涨停，晓程科技（300139）涨超16%，湖南白银（002716）、中金黄金（600489）、西部黄金（601069）、华锡有色（600301） 等纷纷上涨。 | 湖南貢金 | | | | | --- | --- | - ...

2026年1月21日，湛江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榆林中心支公司 关于府谷支公司变更营业场所的请示》（榆太保产发〔2025〕40号）收悉。经审核，现批复如下： 一、同意中国太平洋财产保险股份有限公司榆林中心支公司将营业场所变更为：陕西省榆林市府谷县府 谷镇河滨东路22号民富大厦（又三村）第五层511、512、516、518房间。 二、中国太平洋财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...