以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，9月17日保险板块较上一交易日上涨0.32%，中国人寿领涨。当日上证指数报收于 3876.34，上涨0.37%。深证成指报收于13215.46，上涨1.16%。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) | | --- | --- | --- | --- | --- | --- | | 601628 | 中国人寿 | 39.24 | 1.21% | 14.44万 | 5.63 乙 | | 601319 | 中国人保 | 8.10 | 0.37% | 53.91万 | 4.37亿 | | 601318 | 中国平安 | 56.57 | -0.09% | 68.47万 | 38.78亿 | | 601336 | 新华保险 | 60.75 | -0.90% | 24.73万 | 15.10 Z | | 601601 | 中国太保 | 35.90 | -0.99% | 52.71万 | 19.05亿 | 从资金流向上来看 ...

齐鲁晚报˙齐鲁壹点记者闫明 通讯员郑彦 崔广勋报道 2025年9月15日，由国家金融监督管理总局山东监管局组织的"保障金融权益 助力美好生活"主题宣传活 动在济南市泉城广场举行。本次活动旨在积极践行以人民为中心的发展思想，提升社会公众金融素养和 风险防范意识。中国人寿财险山东省分公司作为重要参与单位，积极响应监管要求，通过多种形式开展 金融知识普及教育，助力构建和谐金融环境。 参加活动的中国人寿财险山东省分公司分管客管/消保工作的负责人在接受采访时表示，公司要始终坚 持以"客户为中心"，持续优化金融服务，切实保护消费者合法权益。要进一步发挥基层机构力量，推动 金融知识下沉县域、走进社区、走进乡村，使金融教育真正贴近百姓需求，为提振消费信心、服务美好 生活注入金融动能。 此次活动的开展，不仅强化了公众对金融风险的认识，也展现了山东国寿财险主动履行社会责任、护航 民生发展的企业担当。未来，公司将继续依托专业优势和网络覆盖，为广大人民群众提供更加安全、便 捷、优质的金融服务，为构建健康稳定的金融生态贡献力量。 活动当天，泉城广场秋高气爽，游人如织。中国人寿财险山东省分公司通过设立宣传展台、播放金融知 识宣传视频、发 ...

Core Viewpoint - The company is actively implementing measures to enhance autumn grain production, utilizing advanced technology and agricultural insurance to mitigate risks and ensure food security [3][5][7]. Group 1: Company Initiatives - The company has invested several hundred thousand yuan to establish a professional flying defense team and purchase pesticides and plant growth regulators for pest control in autumn grain crops [3][5]. - A total of 23,000 acres have been treated using advanced DJI T50 drones, effectively controlling major pests and diseases, thereby promoting crop growth and maturity [3][5]. - The company has provided risk protection for 210,000 farming households, amounting to 1.91 billion yuan in food safety risk coverage this year [9]. Group 2: Collaboration and Technology - The company has signed a strategic cooperation agreement with the Jining Meteorological Bureau to establish a data-sharing mechanism for precise weather forecasting and early warning services [9]. - Utilizing meteorological satellite remote sensing data, the company monitors crop growth and soil moisture conditions to enable early detection and response to potential disasters [9]. - The company aims to expand the promotion of various insurance types, including meteorological index insurance and income supplement insurance, to provide comprehensive risk protection for autumn grain [9]. Group 3: Agricultural Insurance Focus - As a key provider of policy agricultural insurance, the company has undertaken risk coverage of 1.448 billion yuan for three major grain crops this year [7]. - The company emphasizes the importance of agricultural insurance services in stabilizing grain production and is committed to transitioning from post-disaster compensation to pre-disaster prevention [9]. - The company is enhancing service efficiency and accuracy through technology and expert guidance, ensuring high satisfaction among farmers [7].

Core Viewpoint - China Ping An is actively increasing its holdings in both insurance and banking stocks, indicating a strategic investment approach in the current low-interest-rate environment [1][7]. Group 1: Investment in Insurance Stocks - On September 11, China Ping An purchased 77.8092 million shares of China Pacific Insurance (H shares), raising its stake to 11.28% from 8.47% [2][3]. - The total investment in China Pacific Insurance since August has exceeded 5 billion HKD, with a significant increase in holdings over the month [4][6]. - China Ping An's strategy includes a series of incremental purchases, starting from an initial stake of 5.04% on August 8, which has now grown substantially [3][4]. Group 2: Investment in Banking Stocks - China Ping An has also been active in acquiring banking stocks, including 40.213 million shares of Agricultural Bank of China (H shares), increasing its stake to 18.07% [2][7]. - The company has invested over 100 billion HKD in banking stocks this year, reflecting a strong commitment to this sector [7]. - The investment strategy appears to be a "bulk buying" approach, focusing on stable and high-dividend yielding assets [7][8]. Group 3: Market Context and Strategy - The low-interest-rate environment and the implementation of new accounting standards have increased the demand for insurance companies to enhance investment returns through equity investments [7][8]. - Analysts suggest that the investment in insurance stocks by insurance funds is a continuation of a strategy to allocate more to high-dividend stocks under current market conditions [8][10]. - The overall trend shows a significant increase in equity investments by insurance companies, with a reported 25% growth in stock and fund investments year-on-year [10][11].

Group 1: Financial Education and Integrity Initiatives - Shandong Financial Regulatory Bureau and other institutions launched the Shandong 2025 Financial Education Promotion Week, highlighting the importance of financial literacy [1] - The Shandong Insurance Industry Association released demonstration cases for insurance institutions focusing on "serving the public" and "advocating integrity" [1] - Pacific Insurance Shandong Branch emphasizes integrating "integrity" into its core values, establishing a quality inspection mechanism and involving external supervision to enhance public trust [3] Group 2: Community and Risk Management Services - People’s Insurance Shandong Branch established the first "New Citizen Insurance Mediation Room" to address diverse insurance service needs, successfully resolving 69 out of 74 mediation cases [2] - Pacific Insurance Shandong Branch actively engages in disaster prevention services across various sectors, including traffic safety and elderly care, with initiatives like installing electronic zebra crossings and CO monitoring devices for elderly residents [4] - China Life Shandong Branch's "Golden Wheat Ear" plan provides risk coverage of 237 million yuan for over 1,000 farmers, while also supporting rural education and promoting agricultural products [7] Group 3: Innovative Insurance Solutions - China Life Shandong Branch collaborates with Tsinghua University on a project combining liability insurance with data-driven safety management, addressing safety risks in nearly 3,000 enterprises [6] - Pacific Life Shandong Branch's "instant claim" service exemplifies commitment to customer service, achieving a 5-hour payout of 200,000 yuan for a critical illness claim through a coordinated effort across three cities [10] - Sunshine Life Shandong Branch's "Sunshine Star Love Plan" has funded the construction of 7 schools in remote areas, benefiting over 1,400 children and improving educational infrastructure [12]

Core Viewpoint - The aging population in China is driving an increasing demand for financial and insurance services tailored to the elderly, and companies like China Life Insurance are focusing on innovative and secure solutions to meet these needs [1] Group 1: Service Innovation - China Life Insurance is the first in the insurance industry to pass the Ministry of Industry and Information Technology's assessment for age-friendly and barrier-free services, positioning itself as a leader in this area [2] - The company has developed a comprehensive service system that combines online convenience with offline warmth, addressing the elderly's concerns about complexity and errors in financial transactions [2] - Initiatives include a "senior version" app designed with larger fonts and simplified operations to enhance usability for older clients [2] Group 2: Expanding Service Reach - China Life Insurance is extending its services beyond physical locations by providing home visits for elderly clients who have mobility issues, ensuring they receive necessary support without the need to travel [3] - The company employs relatable communication strategies, using everyday examples to explain complex insurance concepts, making services more accessible to the elderly [3] Group 3: Financial Security Education - The company is actively working to protect elderly clients from financial fraud by organizing "senior companion classrooms" that educate them on recognizing and preventing scams [4] - These educational sessions cover various topics, including identifying false investments and understanding new types of fraud, thereby enhancing the elderly's awareness and ability to safeguard their finances [4] Group 4: Proactive Fraud Prevention - China Life Insurance staff are trained to recognize potential fraud situations and intervene when necessary, as demonstrated by cases where employees successfully dissuaded clients from falling victim to scams [5] - The company emphasizes the importance of timely intervention to protect clients' financial assets, showcasing a commitment to their clients' financial well-being [5] Group 5: Commitment to Elderly Services - China Life Insurance is dedicated to continuously improving its age-friendly services, aiming to create a safe and supportive environment for the elderly [6] - The company plans to further enhance its service offerings and expand its reach to ensure that millions of elderly individuals can enjoy a secure and fulfilling retirement [6]

Group 1 - The A-share market has stabilized and become more active since the implementation of a comprehensive financial support package for high-quality economic development on September 24, 2024, leading to improved market expectations and confidence [1][3] - The China Securities Regulatory Commission (CSRC) aims to consolidate the positive momentum in the capital market, enhance its attractiveness and inclusiveness, and promote long-term, value, and rational investment philosophies [1][4] - The combination of regulatory guidance and financial support has transitioned market stabilization efforts from passive responses to proactive management, focusing on consistency in macro policy orientation [4][6] Group 2 - The influx of medium- and long-term funds is crucial for maintaining the long-term stability and health of the market, with various types of funds, including insurance and bank wealth management, increasingly entering the market [6][7] - Data shows that the total investment amount from five major listed insurance companies reached 18,464.29 billion yuan, a 28.71% increase from the beginning of the year, while the total scale of public funds surpassed 35 trillion yuan [6][7] - The establishment of long-term assessment mechanisms has improved the willingness of institutional investors to enter the market, leading to a concentration of funds towards high-quality assets [7][8] Group 3 - To sustain the positive trend in the capital market, it is essential to further improve stabilization mechanisms and continuously stimulate the market's internal growth potential [9] - The CSRC plans to deepen capital market reforms, cultivate long-term capital, and accelerate the entry of medium- and long-term funds into the market [9][10] - Recommendations include enhancing the scale and proportion of medium- and long-term funds entering the market, improving corporate governance, and increasing shareholder returns through dividends and buybacks [9][10]

Core Insights - The personal insurance industry is experiencing a rapid channel differentiation, with individual insurance channels showing a slowdown in growth while bancassurance channels are seeing significant increases in both premium scale and new business value [1][2][4] Bancassurance Channel Performance - Several major listed insurance companies reported impressive growth in their bancassurance channels, with some companies seeing new business value growth exceeding 100% year-on-year [2] - For instance, Ping An Life's new business value from bancassurance reached 5.972 billion yuan, a year-on-year increase of 168.6%; China Life's total premium from bancassurance was 72.444 billion yuan, up 45.7%, with new single premium increasing by 111.1% to 35.873 billion yuan [2] - The regulatory environment has changed, with the removal of restrictions on the number of bank branches that can cooperate with insurance companies, leading to an increase in collaboration and performance in the bancassurance sector [2][4] Individual Insurance Channel Challenges - In contrast to the growth in bancassurance, the individual insurance channels of several companies, except for New China Life, have faced pressure, with declines in first-year premiums for long-term insurance [3][4] Future Channel Strategies - Industry experts suggest that insurance companies will adopt a diversified channel strategy, emphasizing both bancassurance and individual insurance channels to ensure stable business development and long-term growth in new business value [5][6] - Companies like China Life and New China Life are focusing on professionalization and innovation in their marketing teams to enhance sales capabilities and optimize recruitment models [5][6]

Core Insights - The personal insurance industry is experiencing a rapid channel differentiation, with individual insurance channels showing a slowdown in growth while bancassurance channels are seeing significant increases in both premium scale and new business value [1][2][3] Bancassurance Channel Performance - Several major listed insurance companies reported impressive growth in their bancassurance channels, with some companies seeing new business value growth exceeding 100% year-on-year [1] - For instance, Ping An Life's new business value from bancassurance reached 5.972 billion yuan, a year-on-year increase of 168.6%; China Life's total premium from bancassurance was 72.444 billion yuan, up 45.7%, with new single premium increasing by 111.1% to 35.873 billion yuan; New China Life's first-year premium from long-term insurance via bancassurance was 24.939 billion yuan, up 150.3% [1][2] Regulatory Changes and Industry Dynamics - In May 2024, regulatory authorities lifted restrictions on the number of bank branches that can collaborate with insurance companies, leading to an increase in cooperative bank branches [2] - As of June 2025, Taiping Life's number of performance branches reached 13,000, a year-on-year increase of 28.9%, with a monthly average growth of 70.2% [2] Future Channel Strategies - Industry experts suggest that insurance companies will adopt a diversified channel strategy, emphasizing both bancassurance and individual insurance channels to enhance business stability and achieve long-term growth in new business value [3][4] - China Life's management indicated that the individual insurance channel will continue to play a core role, focusing on professionalization and diversification of business [4]

证 券 研 究 报 告 负债端"反内卷"政策成效显著，投资端表现分化 ——保险行业2025年中报综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2025.9.16 核心观点：负债端"反内卷"政策成效显著，投资端表现分化 www.swsresearch.com 证券研究报告 2 ◼ 利润表现分化，EV稳步增长。1H25 A股上市险企归母净利润yoy+3.7%至1782亿元，受投资表现及金融资产会计分类、利率波动等因素影响， 上市险企利润增速位居-23.5%至1103.5%区间；从利源结构来看，1H25 A股上市险企保险服务业绩、投资业绩合计分别达1310.50/928.45亿元， 占税前利润比重分别达58.0%/41.1%，利源结构相对均衡。截至6月末，上市险企EV较24年末增速位居2.6%-18.4%区间，表现稳健。 ◼ 负债端"反内卷"政策持续显效，NBV、COR表现亮眼。1）人身险方面，多数险企NBVM同比改善驱动NBV延续高增态势。A股上市险企 1H25合计实现NBV754.22亿元，同比增长30.5%，上市险企1H25NBV增速位居14.0%-58.4% ...