花旗发表研究报告，对中国人寿开展为期30日的负面催化剂观察期，表示担忧公司2025年上半年盈利增 长可能逊预期，主要由于利率下行，拖累保险服务费用及净投资收益表现，相信将低于市场普遍预期的 按年增长20%。花旗目前预测国寿上半年净利润按年增长5%至403亿元，增速较首季大幅放缓。花旗维 持国寿的"买入"评级，目标价26.1港元，仍看好其品牌优势及长期增长潜力。 ...

A股五大上市险企"现金红包"陆续到账。 根据中国人保、新华保险近日发布的公告，两家公司将实施2024年年度A股分红派息，股权登记日均为 8月7日，除权（息）日和现金红利发放日均为8月8日。 届时，A股五大上市险企2024年年度分红派息将全部完成。 合计分红超900亿元 具体来看，新华保险的分红方案超出市场预期，此次利润分配以公司总股本31.20亿股为基数，每股派 发现金红利1.99元（含税），共计派发现金红利62.08亿元。2024年，新华保险合计派发现金股利78.93 亿元，同比增加近200%。 中国人保此次利润分配以公司总股本442.24亿股为基数，每股派发现金红利0.117元（含税），共计派发 现金红利51.74亿元。其中，A股普通股股份数为354.98亿股，派发A股现金红利共计41.53亿元。 在此之前，中国平安、中国人寿、中国太保的2024年年度分红派息均已实施完毕。 其中，中国平安分红总额最高，派发2024年末期股息每股现金1.62元；全年股息为每股现金2.55元，同 比增长近5%；年度现金分红总额461.74亿元，连续13年增长。 中国人寿的分红总额也较上一年实现大幅增长。根据方案，公司派发20 ...

2025年7月31日，阜新金融监管分局发布批复称，《中国人寿（601628）财产保险股份有限公司辽宁省 分公司关于中国人寿财产保险股份有限公司阜新蒙古族自治县王府镇营销服务部撤销的请示》（国寿财 险辽发〔2025〕286号）收悉。经审核，现批复如下： 二、接此批复文件后，中国人寿财产保险股份有限公司阜新蒙古族自治县王府镇营销服务部应立即停止 一切经营活动，于15个工作日内向阜新金融监管分局缴回许可证，并按照有关法律法规要求办理相关手 续。 一、同意撤销中国人寿财产保险股份有限公司阜新蒙古族自治县王府镇营销服务部。 ...

Core Viewpoint - The article highlights a recent surge in insurance capital investments in the equity investment market, driven by supportive policies and emerging industry opportunities, marking a significant shift in market dynamics [4][10]. Group 1: Recent Developments in Insurance Capital - On August 1, 2025, a notable influx of insurance capital was observed, with the establishment of the "Anhui Insurance Fund" amounting to 10 billion, where insurance capital accounted for 80% of the total [3][8]. - Concurrently, the "Hebei Chengda Airport Equity Investment Fund" was launched with a scale of 5 billion, led by China Life Insurance, which contributed 2.2 billion [3][9]. - The first S Fund in Henan successfully attracted 2.45 million from three insurance institutions, marking a significant breakthrough in the province's strategy to attract insurance capital [3][9]. Group 2: Market Trends and Insights - The insurance capital sector has shown a notable increase in activity, with a 16% month-on-month rise in financial institution LP investment activity in June, with insurance capital contributing over 50% [12]. - Major insurance companies, including China Life and Ping An Life, dominate the investment landscape, accounting for over 70% of total insurance capital contributions [12][13]. - The trend indicates a growing interest in strategic emerging industries, with the top five sectors for investment being information technology, healthcare, electronic information, manufacturing, and business services [13]. Group 3: Policy and Regulatory Environment - Recent policy adjustments, such as the increase in the upper limit for equity asset allocation and the relaxation of investment concentration ratios for venture capital funds, are expected to enhance insurance capital's participation in the primary equity market [14]. - The ongoing regulatory improvements and market confidence are anticipated to further boost insurance capital's investment interest in the future [14][16]. Group 4: Future Outlook - The equity market in 2025 is undergoing a structural transformation driven by supportive policies and technological advancements, with sectors like AI and robotics becoming focal points for investment [16]. - The article emphasizes the need for stable, long-term capital sources to sustain market recovery and vitality, suggesting that insurance capital will play a crucial role in this process [16].

Core Viewpoint - The article discusses the implementation of the second phase of the solvency regulatory framework in China's insurance industry, focusing on the concept of future policy surplus as a key indicator of a company's future profitability [1][2]. Group 1: Future Policy Surplus - The future policy surplus is introduced under the second phase of solvency regulations and is crucial for assessing a company's future profitability [1]. - The future policy surplus is defined as the difference between accounting reserves and solvency reserves, adjusted for potential tax provisions and cash value guarantees [2]. - As of 2024, the future policy surplus for 66 insurance companies is projected to be 2.26 trillion, accounting for 8.8% of total assets, a decrease of approximately 150 billion from the end of 2022 [14]. Group 2: Impact of Accounting Standards - Starting in 2023, insurance companies began implementing the new accounting standard IFRS 17, which affects how insurance reserves are reported [3]. - The article highlights the importance of consistency in reporting deferred tax liabilities (DTL) and actual capital across different accounting standards [7][8]. - Companies that do not maintain consistency in their reporting may face challenges in validating their solvency reports [9]. Group 3: Analysis of Companies - The article provides a detailed analysis of various insurance companies, noting that the future policy surplus varies significantly among them, with some companies like AIA Life exceeding 15% of total assets [14]. - The article identifies that companies with a high proportion of participating insurance products tend to have lower future policy surplus compared to traditional insurance products [16]. - The future policy surplus for major players like China Life and Ping An has shown a noticeable decline, attributed to their historical focus on participating insurance products [15]. Group 4: Factors Influencing Future Policy Surplus - The decline in future policy surplus can be attributed to several factors, including a high proportion of participating insurance, adjustments in risk premiums, and changes in actuarial assumptions [19]. - Conversely, an increase in future policy surplus may result from a lower proportion of participating insurance and the successful generation of new business [19][22]. - The article emphasizes that the future policy surplus is a critical indicator but does not fully reflect a company's overall asset-liability management (ALM) status [16].

Group 1 - The core viewpoint of the articles highlights a continuing trend of insurance funds actively participating in the capital market through share acquisitions, with a total of 21 instances reported this year, surpassing the 20 instances recorded for the entirety of 2024 [1][2] - The surge in insurance companies' share acquisitions is attributed to adjustments in asset allocation strategies, driven by supportive policies aimed at encouraging long-term capital market investments [1][2] - In July alone, four insurance companies, including Lianan Life and Taikang Life, engaged in share acquisitions, indicating sustained enthusiasm among insurers [1] Group 2 - The companies targeted for acquisitions include major banks and various sectors such as public utilities, energy, transportation, and technology, with bank stocks being the most frequently acquired [2] - Ping An Life has notably acquired bank stocks seven times this year, with multiple instances of re-acquisition for Postal Savings Bank and Agricultural Bank [2] - The regulatory environment has significantly boosted insurance funds' market participation, with a reported fund utilization balance of 34.93 trillion yuan as of the end of Q1, reflecting a 5.03% increase from the end of 2024 [3] Group 3 - Recent policy adjustments by the Ministry of Finance aim to enhance the assessment of insurance fund performance, promoting a longer-term investment approach and increasing equity investment ratios [3] - The outlook for the second half of the year suggests that the trend of insurance funds acquiring shares will continue, supported by ongoing policy initiatives that facilitate long-term investments [3]

证券研究报告 保险Ⅱ 行业点评报告 hyzqdatemark 2025 年 08 月 05 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 联系人 板块表现： 短期测算对利润影响在 1%以内，长期或可通过资产配置转向高股息来对冲 投资评级： 看好（维持） ——财税新政策对保险公司净利润影响点评 投资要点： 事件：7 月 31 日，财政部和税务总局发布公告，宣布自 2025 年 8 月 8 日起，对在该日 期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。 对在该日期之前已发行的国债、地方政府债券、金融债券（包含在 2025 年 8 月 8 日之后 续发行的部分）的利息收入，继续免征增值税直至债券到期。 点评： 1、过往保险机构持有国债、地方政府债同时享有所得税和增值税双重免税优惠，考虑到 企业所得税 25%的税率远大于金融服务增值税 6%的税率，因此在所得税继续免征的情况 下，我们预计对险资当前的实际营收和利润影响是有限的； 2、本次恢复征收增值税后，保险机构将支付持有的 8 月 8 日之后新发上述三类债券利息 ...

行业研究 证 券 研 究 报 告 非银金融行业数据周报（20250728-20250801） 推荐（维持） 保险板块跑赢大盘，市场活跃度边际下滑 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 中国太保 | 37.10 | 4.87 | 4.99 | 5.10 | 7.61 | 7.44 | 7.28 | 1.08 | 推荐 | | 中国人寿 | 40.74 | 3.09 | 3.19 | 3.25 | 13.17 | 12.79 | 12.54 | 2.25 | 推荐 | | 广发证券 | 19.34 | 1.45 | 1.55 | 1.68 | 13.36 | 12.46 | 11.50 | 1.17 | 推荐 | | 中信证券 | 28.75 | 1.82 | ...

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The enterprise annuity market has witnessed continuous scale expansion but suffers from insufficient coverage and prominent structural contradictions. Future policy may lower the participation threshold for small and medium - sized enterprises through automatic enrollment mechanisms and simplified collective plans [3]. - The institutional landscape is becoming more concentrated, and different capabilities may be the key to competition. The focus of future competition may shift to differentiated services [3]. - The investment performance of enterprise annuities is stable but shows differentiation. The long - cycle assessment mechanism may drive the optimization of asset allocation and increase the proportion of equity investment [3]. - In the future, with the expansion of coverage, optimization of equity allocation, and integration of the three - pillar pension system, enterprise annuities are expected to improve the retirement income replacement rate of employees in small and medium - sized enterprises and become a key support in addressing the challenges of an aging population [2]. 3. Summary by Directory 3.1 Historical Evolution: Coexistence of Systemic Dividend Release and Deep - seated Contradictions 3.1.1 From Non - marketization to Marketization - Non - market operation stage (1991 - 2004): It was a crucial foundation - laying period for China's supplementary pension system, featuring administrative leadership and decentralized management. The key contradiction was the lack of unified national regulations and the risk of fund safety. This ultimately led to the introduction of policies in 2004 to start the market - oriented transfer [14][15]. - Market operation stage (since 2004): Marked by the promulgation of relevant regulations, it established the trust - based management model. The market has experienced a rapid development period (2007 - 2016) and a mature and in - depth development period (since 2017), with continuous improvement in the system and investment quality [16]. 3.1.2 What are the Enterprise Annuity Management Institutions? - The enterprise annuity management institutions are characterized by a highly concentrated market and specialized division of labor. There are four types of management institutions, with different distributions of qualifications. Some large institutions can provide integrated services, while the custody function is independently undertaken by commercial banks [27]. - In the trustee market, insurance institutions dominate, and bank - affiliated institutions are rising rapidly. The market shows a significant head - concentration effect. In the investment management market, public funds and insurance institutions play important roles [30][54]. 3.1.3 Enterprise Annuity Plans and Annuity Pension Products - Enterprise annuity plans mainly include single plans and collective plans. Single plans are suitable for large enterprises, while collective plans have advantages such as high efficiency, low cost, and scale benefits [60][63]. - Annuity pension products are standard investment portfolios issued by enterprise annuity fund investment managers and sold to specific pension funds. After more than a decade of development, their investment scope has gradually expanded [66]. 3.2 Current Situation Analysis of Enterprise Annuities 3.2.1 Coverage and Regional Characteristics of Enterprise Annuities - The number of employees participating in enterprise annuities has been increasing, but the coverage rate has not improved significantly. The participation rate in China is far lower than that of OECD countries [67]. - The asset amount of enterprise annuities in the central government - owned enterprises and economically developed regions dominates, and the overall pattern has remained stable in recent years [73]. 3.2.2 How is the Performance of Enterprise Annuities? - The overall performance of enterprise annuities has been growing steadily in the long term. In the past three years (2022Q1 - 2025Q1), the cumulative return reached 7.46%. Asset allocation shows differentiation, with fixed - income portfolios performing better than equity - containing portfolios in the past three years. The policy orientation is shifting towards long - cycle assessment [78][91]. 3.2.3 What are the Scale and Performance of Different Investment Managers? - As of 2025Q1, the enterprise annuity investment management institution market shows two core trends: the strengthening of the head - effect and the shift of the assessment mechanism towards long - term orientation. Public fund companies have strong equity investment capabilities, while insurance - based institutions are stronger in fixed - income investment [94][95]. 3.2.4 Annuity Pension Products - As of 2025Q1, there are 649 registered pension products and 573 actually operating products. The top three types in terms of the number of actually operating products are ordinary stock - type, hybrid - type, and ordinary fixed - income - type [100]. - The number of registered pension products has remained stable since 2021, while the number of actually operating products has decreased year by year. The scale has shown a slight upward trend [102]. 3.3 How might Enterprise Annuities Develop in the Future? - The coverage may expand. The automatic enrollment mechanism may solve the problem of low participation of small and medium - sized enterprises [105]. - The trustee and investment management institutions may continue to be concentrated. The "Matthew effect" in the trustee market may intensify, and the head - effect in the investment management market may continue [105]. - The investment management of single plans and collective plans may undergo structural adjustments. The long - cycle assessment mechanism may be implemented soon, and the proportion of equity investment may increase [106]. - In the next decade, enterprise annuities are expected to improve the retirement income replacement rate of employees in small and medium - sized enterprises and become a key support in addressing the challenges of an aging population [109].

Core Viewpoint - The introduction of the first commercial comprehensive meteorological index insurance for South American white shrimp farming in Zibo, Shandong Province, aims to mitigate operational risks for local farmers during critical growth periods affected by adverse weather conditions [1][3]. Group 1: Industry Context - The South American white shrimp farming industry in Gaoqing County has begun to take shape, leveraging the ecological protection and high-quality development strategy along the Yellow River [3]. - Low temperatures and insufficient sunlight are identified as significant threats to shrimp growth, with historical data indicating that temperatures below 10°C for 72 hours or less than 3 hours of sunlight over 4 consecutive days can harm shrimp development [3]. Group 2: Insurance Product Features - The newly developed insurance product features real-time protection against abnormal low temperatures and intelligent responses to insufficient sunlight [4]. - The insurance system is connected to local meteorological monitoring, automatically triggering alerts and claims processes when specific weather conditions are met, with compensation reaching farmers' bank accounts within 72 hours, improving efficiency by 80% compared to traditional methods [4]. Group 3: Government Support and Collaboration - Local government departments have expressed strong support for the insurance initiative, collaborating with China Life Property & Casualty Insurance to establish a risk protection framework for the shrimp farming industry [3]. - The Gaoqing County Financial Bureau is actively working to include this insurance in a pilot program aimed at reducing farmers' premium burdens, thereby promoting the expansion and enhancement of insurance products for local specialty agricultural products [3].