持续完善公司治理，深化市场化体制机制改革，着力推动数智化转型，积极探索产品、服务、模式创 新，培育差异化竞争优势。要强化战略引领，高标准编制"十五五"规划，谋划好高质量发展新篇章。 中国信保党委会议指出，更好支持高水平对外开放。要充分发挥逆周期调节作用，努力为我国外贸量稳 质升多做贡献。要高质量服务共建"一带一路"，统筹抓好重大标志性工程和"小而美"惠民生项目。要强 化对战略性新兴产业等重点领域的资源倾斜，积极推动科技创新和产业创新深度融合。要在控制风险前 提下，积极发挥内贸险、担保、进口险等作用，助力贸易投资一体化、内外贸一体化。持续提升服务实 体经济质效。要做精做实"五篇大文章"，加力支持科技创新、中小微企业等重点领域，不断提升政策性 金融服务水平。要积极主动融入新一轮重点产业链高质量发展行动，持续打造具有信保特色的产业链承 保模式，助力打造更有韧性更加安全的产业链。要围绕服务发展新质生产力，不断优化科技金融服务。 要做深做实普惠金融服务，不断增强中小微企业获得感。守牢不发生系统性风险底线。要健全常态化长 效化风险防控机制，强化重点领域风险防控，做到风险早识别、早预警、早发现、早处置。要密切关注 宏观环境 ...

Overall Review - The insurance sector has experienced an overall increase, with A-shares and H-shares showing differentiated performance [1][7] - The fundamental performance indicates high value growth, with investment driving continued net profit growth [1][7] Financial Performance - For Q1-Q3 2025, the net profit growth year-on-year shows significant increases: China Life +60.5%, New China Life +58.9%, China Pacific Insurance +50.5%, PICC +28.9%, Taikang +19.3%, and Ping An +11.5% [2][9] - In Q3 2025 alone, the net profit growth year-on-year is led by China Life +91.5%, China Pacific Insurance +91.4%, and New China Life +88.2% [2][9] - The net asset changes from the beginning of the year show China Life +22.8%, PICC +16.9%, and China Pacific Insurance +12.3%, while Taikang saw a decline of -2.5% [2][9] Investment Logic - Insurance company profits are derived from underwriting profits and investment profits, with underwriting profits influenced by premium income and operational costs [3][10] - The investment profit is primarily affected by investment yield and liability cost rate, with the former being more variable due to market conditions [3][10] - The improvement in underwriting profits is driven by better product structures, channel efficiency, and cost control [3][10] Historical Stock Selection Logic - The stock selection logic for insurance companies has evolved through four phases over the past decade, with a focus on value growth from 2015-2019, short-term catalysts from 2020-2023, and a systemic revaluation of value in 2024 [5][13][14] - Since 2025, the systemic revaluation of value has continued, with H-shares of New China Life, PICC, and China Life leading the market [5][14] Future Outlook - The macroeconomic and capital market environment is expected to transition from a downward economic cycle with improving capital market conditions to a favorable economic cycle with a recovering capital market [6][15] - The focus will remain on net profit as a key indicator, with the importance of liability indicators represented by NBV expected to increase [6][15]

扬子晚报网12月16日讯(通讯员郑一云李翔记者万凌云姜天圣)累计参保突破210万人次，赔付总金额超2.9亿元，单人最高累计赔付金额达226万元……12月 16日，"镇江惠民保2026"发布会举行。作为衔接镇江市基本医保的普惠型商业健康保险，产品上线四年来，为无数家庭筑起高额医疗费用的"防护墙"。 发布现场 现场 家庭单参保优待，是"镇江惠民保2026"的又一亮点。投保人作为被保险人之一，并且再为2名或以上的直系亲属(包含投保人父母、配偶、子女)投保，即 可享受责任一(医保目录内自付费用)和责任二(医保目录外自费费用)免赔额各降低500元的优待。此外，在理赔门槛方面，持续建立免赔额动态调节机制， 去年参保"镇江惠民保2025"且无理赔的市民，今年续保"镇江惠民保2026"，"责任一"与"责任二"的年免赔额，均降至1.4万元。 "镇江惠民保是基本医疗保险的重要补充，它低门槛、广覆盖，小保费、大保障，满足了群众多元化的健康保障需求。"镇江市医保局党组成员、医保中心 主任张正明表示，医保部门将持续强化监管，督促承保机构优化理赔服务，推动惠民保与基本医保、大病保险无缝衔接，有效防范"因病致贫、因病返 贫"，更好地惠及参 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 82.029 million HKD today [1] - Notable net purchases included Xiaomi Group-W at 633 million, Xpeng Motors-W at 345 million, Tencent Holdings at 197 million, and Meituan-W at 177 million [1] - Significant net sales were observed for Alibaba-W at 631 million, China Mobile at 460 million, SMIC at 459 million, CNOOC at 332 million, and PetroChina at 330 million [1] Group 2 - Southbound funds have net bought Xiaomi for 13 consecutive days, totaling 12.78378 billion HKD [1] - Meituan has seen net purchases for 5 consecutive days, amounting to 4.80742 billion HKD [1] - SMIC has experienced net sales for 6 consecutive days, totaling 2.44528 billion HKD [1] - CNOOC has faced net sales for 4 consecutive days, amounting to 1.73379 billion HKD [1]

到今年二季度末，已经有32家寿险公司将HTM债券都转成了AFS债券，其中有28家公 司今年公布的投资收益率仍然是I 3 9下的口径，这包括老七家中的五家公司（只有国寿 和太保寿还没有转）。另外国华和合众今年已经不再公布偿付能力报告了。 今年三季度是债券市场的熊市，10年期到30年期国债和地方债收益率大约上升了2 0到3 6 b p。绝大多数公司的债券久期（不含久期很短的非标投资）都在10年到20年之间，债 券投资的仓位占可投资资产的比例通常在45%到75%之间，对于已经没有HTM债券的公 司来说，三季度债券价格下跌将给公司整体带来- 1. 4%到- 3.0%的投资收益率，公司的 净投资收益率通常在0 . 7%左右，二者相加在一起的贡献在- 0 . 6%到- 2 . 4%之间，那么公 司权益投资带来的收益率贡献（不含已经归属于净资产收益率中的股票和基金分红）等 于 三 季 度 的 综 合 收 益 率 减 去 0.6% 到 2.4% 之 间 的 某 个 数 ， 通 常 我 们 会 选 1 . 5% 为 最 佳 估 计，然后再参考20 24年综合收益率及其他相关信息加以微调，最后的误差应该在0 . 5% 之内。当然 ...

格隆汇12月16日｜港股保险股普跌，其中，中国人民保险跌超4%，中国人寿、中国财险跌超3%，中国 太平、新华保险、中国平安、中国太保、友邦保险跌超2%。 ...

Summary of Insurance Sector Conference Call Industry Overview - The insurance sector in A-shares and H-shares is currently undervalued, with significant room for valuation recovery, particularly in Hong Kong stocks, where low valuation companies have performed notably well [1][4][12]. - Concerns exist regarding the high equity asset allocation ratio of insurance companies, which reached 15.4% by the end of Q3 2025, leading to increased profit uncertainty and valuation pressure [1][5][6]. Key Insights and Arguments - The decline in interest rates has resulted in a decrease in net investment yield for insurance companies, estimated to drop by 30-50 basis points annually. To meet profit targets, companies have increased their equity asset allocation [1][7]. - The pre-sale performance for the 2026 "opening red" period has exceeded expectations, driven by demand for dividend insurance products and the bancassurance channel, indicating marginal improvement in new business [1][8]. - Low valuation stocks like Ping An and China Pacific have shown strong performance due to their significant valuation recovery potential, while New China Life outperformed them earlier due to its lower valuation characteristics [1][9][11]. Valuation and Market Trends - A-shares and H-shares insurance companies exhibit interesting valuation phenomena, with the lowest valued companies in Hong Kong seeing the most significant price increases, indicating a clear valuation recovery trend [4]. - The average valuation recovery potential in A-shares is estimated at over 25%, while Hong Kong stocks have even greater potential based on current 10-year government bond yield assumptions [12]. Investment Opportunities - Current investment opportunities in the insurance sector are primarily focused on valuation recovery rather than short-term growth from specific companies. The core issue is the trend in interest rates, which directly impacts valuations [13]. - Recommended stocks include Ping An and China Pacific in A-shares, and China Life in H-shares, as they are expected to benefit from rising prices and interest rates, along with having substantial valuation recovery potential [2][14][17]. Future Outlook - The improvement in cash flow certainty for insurance companies is anticipated as the speed of decline in net investment yield is slower than that of liability costs. However, this external momentum will require time to manifest [16]. - The overall recommendation emphasizes the potential of low valuation insurance stocks that can benefit from the anticipated changes in the economic environment and cash flow certainty [18].

Summary of Key Points from the Conference Call Industry Overview - The insurance industry outlook for 2026 is optimistic, with pre-recorded premiums exceeding expectations, primarily benefiting from declining bank deposit rates and increased competitiveness of participating insurance products. The proportion of premiums from bancassurance channels is expected to rise, becoming a key growth driver for premiums [1][5][6]. Core Insights and Arguments - **Interest Rate Impact**: The rise in interest rates is favorable for the insurance asset side, with the 10-year government bond yield increasing from 1.6% at the beginning of the year to 1.86%. This alleviates concerns about spread loss risks, although there may be a slight negative impact on financial statements in the short term [1][3][7]. - **Premium Growth**: It is anticipated that new single premiums and new business value will achieve double-digit growth in 2026, with some companies potentially seeing triple-digit growth through bancassurance channels. This growth is driven by improved liability structure, channel expansion, and enhanced investment returns [1][5][6]. - **Bond Allocation Trends**: There is a decreasing willingness to allocate to bonds, with the proportion of bonds in the life insurance sector slightly declining to around 51% by the end of Q3. Companies are shifting from modified duration management to effective duration management, reducing long-term bond allocation pressure [1][8]. - **Equity Investment**: The core equity allocation ratio in the life insurance sector reached 15.5%, the highest level in 11 to 14 years, benefiting from regulatory encouragement for long-term holdings and stock market performance. Despite average performance of dividend stocks, large asset bases allow for diversified investments [1][9]. Additional Important Insights - **Valuation Levels**: The insurance sector remains undervalued, even with ROE reaching 30%-40%. The market has not significantly outperformed the CSI 300 index, indicating potential for growth [2][11][12]. - **Policy Environment**: The regulatory environment has been friendly over the past two years, with no negative policies impacting the industry, fostering a positive outlook for future development [2][13]. - **Performance of China Ping An**: China Ping An has performed well due to its high and stable dividend yield and large free float market capitalization. The active holding ratio of public funds in insurance stocks is low, indicating room for increased investment [1][10]. Conclusion - The insurance industry is poised for growth in 2026, driven by favorable interest rates, improved premium collection channels, and a supportive regulatory environment. The current valuation levels suggest potential upside, particularly for leading companies like China Ping An.

黔东南金罚决字〔2025〕42号显示，严三玲（时任中国人寿保险股份有限公司黎平支公司团险部经理）被警告并罚款1万元。 黔东南金罚决字〔2025〕47号显示，吴庆文（时任中国人寿保险股份有限公司黎平支公司团体业务部市场拓展岗人员）被警告并罚款2万元。 中国经济网北京12月16日讯 国家金融监督管理总局网站近日公布黔东南监管分局行政处罚信息公开表（黔东南金罚决字〔2025〕41-48号）。 黔东南金罚决字〔2025〕41号显示，中国人寿保险股份有限公司黎平支公司以不正当竞争行为扰乱市场秩序。国家金融监督管理总局黔东南监管分局对 其罚款5万元。 黔东南金罚决字〔2025〕43号显示，中国人寿保险股份有限公司黔东南分公司未按照规定使用经批准或者备案的保险条款；给予合同外利益。国家金融 监督管理总局黔东南监管分局对其罚款15万元。 黔东南金罚决字〔2025〕44号显示，刘桥[时任中国人寿保险股份有限公司黔东南分公司营销发展部副经理（主持工作）]被警告并罚款1万元。 黔东南金罚决字〔2025〕45号显示，黄承军[时任中国人寿保险股份有限公司黔东南分公司副总经理（主持工作）]被警告并罚款1万元。 黔东南金罚决字〔2025〕 ...

Core Insights - The Central Economic Work Conference held on December 10-11 in Beijing emphasized high-quality development goals for the insurance industry, urging companies to align with national strategies and enhance social stability and economic resilience [1][2]. Group 1: High-Quality Development - The conference provided a systematic deployment for economic work in 2026, guiding the insurance industry towards high-quality development [2]. - China Ping An's CEO highlighted the importance of integrating the conference's spirit into the company's long-term sustainable development strategy, focusing on comprehensive financial services and technological innovation [2]. - China Export & Credit Insurance Corporation aims to enhance service quality for the real economy and develop a unique insurance model for key industrial chains [2]. Group 2: Social Welfare and Support - The conference stressed the importance of improving healthcare and long-term care insurance systems, particularly for vulnerable groups [4]. - Ping An Life's chairman emphasized the commitment to expanding health and elderly care insurance products to meet diverse public needs [4]. - Ping An Health Insurance is actively responding to national long-term care insurance initiatives by developing a multi-tiered care support system [4]. Group 3: Financial Support for the Real Economy - Insurance institutions are leveraging their long-term capital advantages to meet the needs of the real economy, contributing to high-quality economic development [5]. - China Life's asset management company plans to focus on political and economic responsibilities while enhancing investment performance stability [5][6]. - China Ping An aims to act as a catalyst for new productive forces by investing in strategic emerging industries and providing comprehensive financial services [6].