保险行业周报（20260316-20260320） 新能源车车险自主定价系数范围或已进一步 推荐（维持） 放开，COR 加速优化在即 新能源车车险自主定价系数范围变动点评： 据每经网称，行业已于 3 月 6 日左右完成新一轮新能源车险自主定价系数调 整，由[0.6，1.4]扩围至[0.55，1.45]。 随着新能源车渗透率逐步提升，新能源车车险重要性亦逐步拔高。当前车险行 业进入增速"瓶颈期"，近三年车险增速在 3-6%区间。从汽车市场销量数据来 看，新能源车销量持续显著领先于整体车险，预计将构成后续车险增长的核心 动力。 证 券 研 究 报 告 但由于新能源车零配件成本与车辆一体化程度较高、驾驶人年轻化、经验积累 相对不足等，新能源车车险赔付端面临较大压力，当前行业普遍呈现亏损状态， 仅头部在家用车经营上或能实现承保盈利。从理论来看，高赔付应该倒逼定价 上移，即实现风险充分定价。但长期以来受自主定价系数范围约束，新能源车、 尤其部分高风险车型明显定价不足。此次据每经网称监管上下打开 0.05 的定 价空间，或有助于提高定价充分程度，部分缓解险企新能源车车险经营压力。 人身险标的 PEV 估值： A 股：国寿 ...

保险行业周报（20260316-20260320） 证 券 研 究 报 告 新能源车车险自主定价系数范围或已进一步 推荐（维持） 放开，COR 加速优化在即 新能源车车险自主定价系数范围变动点评： 据每经网称，行业已于 3 月 6 日左右完成新一轮新能源车险自主定价系数调 整，由[0.6，1.4]扩围至[0.55，1.45]。 随着新能源车渗透率逐步提升，新能源车车险重要性亦逐步拔高。当前车险行 业进入增速"瓶颈期"，近三年车险增速在 3-6%区间。从汽车市场销量数据来 看，新能源车销量持续显著领先于整体车险，预计将构成后续车险增长的核心 动力。 但由于新能源车零配件成本与车辆一体化程度较高、驾驶人年轻化、经验积累 相对不足等，新能源车车险赔付端面临较大压力，当前行业普遍呈现亏损状态， 仅头部在家用车经营上或能实现承保盈利。从理论来看，高赔付应该倒逼定价 上移，即实现风险充分定价。但长期以来受自主定价系数范围约束，新能源车、 尤其部分高风险车型明显定价不足。此次据每经网称监管上下打开 0.05 的定 价空间，或有助于提高定价充分程度，部分缓解险企新能源车车险经营压力。 人身险标的 PEV 估值： A 股：国寿 ...

Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

业 及 产 业 非银金融 行 业 研 究 / 行 业 点 相关研究 《资金面因素逐步出清，看好非银板块投 资价值——非银金融行业周报 （2026/1/26-2026/1/30）》 2026/02/01 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 2026 年 03 月 22 日 预计偿付能力规则调整预期对当前 险资配置影响有限，关注券商业绩 与估值修复齐头并进 看好 ——非银金融行业周报（2026/3/16-2026/3/20） 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息 ...

20 Mar 2026 08:04:53 ET │ 39 pages China China's Burgeoning Silver Economy II: Healthcare & Insurance John Yung, CFA AC CITI'S TAKE Following the inaugural Super-Sector Analysis of our China Silver Economy series, which delved into the pension and lodging sectors, we focus on some of the largest & most compelling opportunities in this second installment: the symbiotic growth of healthcare and insurance. China's rapidly aging population presents significant, multi-decade growth opportunities for the two sect ...

证券研究报告·行业跟踪周报·非银金融 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 保险：行业总资产快速增长；权益配置比例大幅提升。1）友邦保险、 众安在线披露 2025 年年报，各项指标表现优异。友邦保险 2025 年营运 利润同比+7%、内含价值+8%、NBV 同比+15%，新增 17 亿美元股份回 购计划。众安在线财险 COR 与投资收益均向好，银行业务扭亏为盈， 归母净利润同比+82.5%。2）监管披露 2025 年四季度银行业保险业主要 监管指标情况。2025 年末保险公司和保险资产管理公司总资产 41.3 万 亿元，较年初增长 15.1%。2025 年全年保险公司原保险保费收入 6.1 万 亿元，同比增长 7.4%；赔款与给付支出 2.4 万亿元，同比增长 6.2%； 新增保单件数 1168 亿件，同比增长 12.6%。2025 年末保险公司平均综 合偿付能力充足率为 181%，其中，财产险公司分别为 243.5%、人身险 公司分别为 169%。3）保险业经营具有显著顺周期特性，未来随着经济 复苏，负债端和投资端都将显著改善。2026 年 3 月 20 日保险 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 03 月 22 日 [Table_Title] 五部门就金融法草案向社会公开征求意见； 新能源车险自主定价系数第二次调整 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2026. 3.15-2026. 3.21）A 股日均交易额 22,1 11 亿元，环比减少 11.5%，同比增加 3 8%。2026 年第一季度至今 日均成交额 26,5 34 亿元,较 2025 年第一季度日均交易额增加 74%。投行：本周发行新股 7 家，募集资金 88 .57 亿元；本周 上市新股 2 家，募集资金 5 .47 亿元。20 26 年至今，A 股 IPO 上市 2 3 家，募集金额 178. 38 亿元。20 25 年，A 股 IP O 上市 116 家，募集金额 1317 .71 亿元。2 024 年，A 股 I PO 上市 100 家，募集资金 673. 53 亿元。两融：截至 2026 年 3 月 1 9 日， 全市场两融余额 26,50 1.28 亿元，环比减少 0 .55%，较 2025 年日均水平 ...

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [5]. Core Insights - The draft of the "Financial Law" aims to provide legal support for high-quality financial development, emphasizing the importance of long-term capital market stability and the optimization of financial institutions [1][2]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and pension security, despite short-term market adjustments [3][28]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from favorable valuations and performance [3][28]. Summary by Sections Industry Dynamics - For the week of March 16-20, 2026, the non-bank financial sector, securities, insurance, and fintech indices experienced declines of -2.55%, -2.79%, -1.99%, and -5.19% respectively, while the Shanghai Composite Index fell by -3.38% [11]. Insurance - The National Financial Supervision Administration is seeking public opinion on the revised "Financial Consumer Complaint Handling Management Measures," aimed at protecting consumer rights [14]. - As of March 20, 2026, the yield on ten-year government bonds was 1.8299%, reflecting a change of 1.56 basis points from the previous week [15]. Securities - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year Plan" for capital markets, focusing on enhancing market resilience and investor returns [18]. - As of March 20, 2026, the average daily trading volume of stock funds was 27,438.10 billion yuan, a decrease of 10.03% from the previous week, and the margin trading balance was 26,501.28 billion yuan, down 0.55% [20].

非银金融 2026 年 03 月 22 日 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 非银金融 沪深300 相关研究报告 《渠道两强格局逐渐确立，降费改革 重塑行业格局—2025H2 基金销售渠 道数据点评》-2026.3.15 《近期调整带来左侧机会，关注业绩 和风格切换催化 — 行 业 周 报 》 -2026.3.15 《创业板 IPO 有望迎改革，个险和银 保开年高增—行业周报》-2026.3.8 低估值有望带来抗跌特征，关注业绩和风格切换催化 ——行业周报 | 高超（分析师） | 卢崑（分析师） | 张恩琦（联系人） | | --- | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | zhangenqi@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790125080012 | |  周观点：低估值有望带来抗跌特征，关注业绩和风格切换催化 | | | 投资评级：看好（维持） 行业走势图 本周受地 ...

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [5]. Core Insights - The draft of the Financial Law aims to provide legal support for high-quality financial development, emphasizing the importance of long-term capital market stability and the optimization of financial institutions [1][2]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and pension security, despite short-term market adjustments [3][28]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from favorable valuations and performance [3][28]. Summary by Sections Industry Dynamics - The non-bank financial sector, securities, and insurance indices experienced declines of -2.55%, -2.79%, and -1.99% respectively, while the Shanghai Composite Index fell by -3.38% [11]. - The ten-year government bond yield was reported at 1.8299%, reflecting a slight increase from the previous week [15]. Insurance - The National Financial Supervision Administration is seeking public opinion on a revised complaint handling management method for banking and insurance institutions, aimed at protecting consumer rights [14]. - Key personnel changes include Zhang Jianying being appointed as the general manager of Ping An Asset Management and Zhu Xiaoyun as the president of China Reinsurance [14]. Securities - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year Plan" for capital markets, focusing on enhancing market resilience and investor returns [18]. - As of March 20, 2026, the average daily trading volume of stock funds was 27,438.10 billion yuan, a decrease of 10.03% from the previous week, while the margin trading balance was 26,501.28 billion yuan, down 0.55% [20].