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].

| 序 | 当事人名称 | 行政处罚决定书 | 主要违法违规行为 | 行政处 | | --- | --- | --- | --- | --- | | 를 | | 文号 | | | | 1 | | 铜金罚决字 | | 罚款 | | | 中国人寿财产 保险股份有限 | | | | | | 公司德江县支 | (2025) 8号 | | | | | 公司 | | | | | 2 | 陈佳[时任中 | | | | | | 国人寿财产保 | | | | | | 险股份有限公 | 铜金罚决字 | | 整告: | | | 司德江县支公 | (2025) 9号 | | 1.2 | | | 司副经理(主 | | | | | | 持工作）] | | 利用保险代理人以不真实保险 | | | | 杨莹(中国人 | | 中介业务方式套取费用 | | | 3 | 寿财产保险股 | 铜金罚决字 (2025) 10号 | | 整告: 17 | | | 份有限公司德 | | | | | | 江县支公司销 | | | | | | 售专员) | | | | | 4 | 肖吉（中国人 | 铜金罚决字 (2025) 11号 | | 整告: 1フ | | ...

为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司（以下简称"融通基金"）与国泰海 通证券股份有限公司（以下简称"国泰海通证券"）签署的销售协议，从2025年8月4日起，融通基金旗下 融通产业趋势臻选股票型证券投资基金新增国泰海通证券为销售机构，并开通定期定额投资业务、转换 业务。现将有关事项公告如下： 一、适用基金及业务范围 ■ 二、其他提示 1.投资者仅能申请办理相同收费模式下基金代码的转换，即"前端收费转前端收费、后端收费转后端收 费"，不能将前端收费模式基金代码的份额转换为后端收费模式基金代码的份额，或将后端收费模式基 金代码的份额转换为前端收费模式基金代码的份额。同一基金的不同基金份额类别之间不得互相转换。 相关业务规则如有变动，请以融通基金最新发布的公告为准。 2.投资者通过上述销售机构办理定期定额投资业务，相关的定期定额投资业务具体程序和业务规则详见 上述销售机构的相关规定。 3.投资者欲了解基金的详细情况，请仔细阅读基金《基金合同》和《招募说明书》等法律文件。 三、咨询方式 1.国泰海通证券股份有限公司 网址：www.gtht.com 客户服务电话：4008888666 2.融通基金 ...

Core Insights - The increasing aging population in China has led to a growing demand for long-term care insurance, which is seen as a crucial innovation in the social security system to address the challenges of elder care and improve public welfare [1][2] Expansion and Effectiveness of the System - Since the pilot program began in 2016 with 15 cities, the long-term care insurance (LTCI) system has expanded to 49 cities by 2020, covering nearly 190 million people and accumulating over 100 billion yuan in funds, with expenditures exceeding 85 billion yuan [2][3] - The 2023 government work report emphasizes accelerating the establishment of the LTCI system, indicating a clear signal for faster implementation compared to previous years [2] - The LTCI system has alleviated the financial and emotional burdens on families caring for disabled elderly individuals, while also stimulating the development of the elder care service industry [2][3] Service Innovation and Accessibility - Various regions have innovated service models to enhance convenience and precision, such as Shandong province's mobile application for LTCI claims, allowing families to apply easily [3][4] - The LTCI policy has attracted approximately 60 billion yuan in social capital investment, promoting the growth of care service institutions and related industries [3] Talent Development and Service Quality - The LTCI pilot has led to the emergence of the "long-term care worker" profession, with around 300,000 individuals engaged in this field nationwide [4][5] - Efforts to improve service quality include training programs and competitions to enhance the skills of caregivers [4][6] Challenges and Future Development - The LTCI system faces challenges such as varying levels of professionalism among service providers and a workforce that is aging and lacks formal education [6][7] - Experts suggest strengthening nursing education and improving compensation to attract younger talent for sustainable development of the LTCI system [6][7] Mechanism and Long-term Sustainability - The transition from pilot programs to a nationwide system requires addressing funding balance and fairness, as many pilot cities rely heavily on "medical insurance fund transfers + fiscal subsidies" without a sustainable funding mechanism [7][8] - Experts advocate for a dual-pillar system combining social insurance and commercial insurance to meet diverse care needs, with government support and commercial supplements [7][8] - The National Healthcare Security Administration has issued guidelines to standardize service provider behavior and enhance fund supervision, accelerating the integration and refinement of the LTCI system [8]

Core Insights - The introduction of the "Enterprise Safety Insurance" (企安保) by China Life's Wenzhou branch has been recognized as a significant initiative in the local insurance industry, providing essential coverage for employees in private enterprises [1][2] - The insurance program aims to mitigate risks for small and micro enterprises, which often struggle with financial stability in the event of employee accidents [2][3] Group 1: Insurance Product Overview - The "Enterprise Safety Insurance" provides comprehensive coverage for various risks, including accidental death, disability, medical expenses, and hospitalization allowances [2] - As of June 2023, the program has insured 11,288 companies and provided risk coverage for 318,500 employees, with a total insured amount reaching 2,659.46 billion [1] Group 2: Market Demand and Innovation - The product was designed to address market pain points, particularly for new and transient workers in Wenzhou's private sector, where accident rates are higher [2] - The launch of the "Enterprise Safety Insurance" cloud assistant platform enhances customer experience by simplifying the insurance process, allowing for online policy creation, payment, and issuance [2] Group 3: Community Engagement and Service - The company actively engages with local communities and enterprises to promote the insurance program, ensuring that it reaches all potential clients [3] - A "green channel" for claims has been established to expedite the claims process, ensuring that eligible claims are processed quickly and efficiently [3]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The brokerage sector is experiencing high growth in performance as indicated by preliminary reports, with increasing allocation value. The insurance sector is also expected to see a rise in new business value driven by an increase in value ratios. The equity market continues to rise, leading to favorable expectations for investment returns and profit growth. Current valuations imply a pessimistic long-term investment outlook, but the report considers current valuations to be safe, given the medium to long-term interest rate spread levels [2][4] - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which have clear advantages in business models and market positions. Additionally, it suggests focusing on New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4] Summary by Sections Industry Overview - The non-bank financial index decreased by 2.4% this week, with a relative excess return of -0.6% compared to the CSI 300, ranking 22 out of 31 industries. Year-to-date, the non-bank financial index is up by 4.0%, with a relative excess return of +1.0%, also ranking 21 out of 31 [5] - The market has seen a decline in activity, with an average daily trading volume of 18,096.34 billion yuan, down 2.11% week-on-week, and an average turnover rate of 2.12%, down 2.50 basis points [5] Brokerage Sector - The brokerage sector's performance has been weak overall, with the securities sector down 3.1% this week. The report highlights that the average daily trading volume and turnover rate are above the 2024 averages, indicating a gradual recovery in brokerage business profitability [17][39] - Margin financing balances have increased to 1.98 trillion yuan, up 2.21% week-on-week, indicating a recovery in credit business [46] Investment Business - The equity market has seen an overall decline, with the CSI 300 index down 1.75% and the ChiNext index down 0.74%. The report notes that the proportion of equity investments in brokerage assets is approximately 10%-30%, while bond investments account for 70%-90% [43][44] Insurance Sector - The insurance industry reported a cumulative premium income of 37,350 billion yuan in June 2025, reflecting a year-on-year increase of 5.31%. The report indicates that the premium income from property insurance was 9,645 billion yuan, up 5.10%, while life insurance income was 27,705 billion yuan, up 5.38% [21][22] - The total assets of the insurance industry reached 39.22 trillion yuan as of June 2025, with a quarter-on-quarter increase of 2.08% [26][27]