保险Ⅱ：《关于强监管防风险促改革推动财险业高质量发展行动方案》点评-财险行业新“国十条”细则落地，首提鼓励兼并重组

Investment Rating - The report rates the non-bank financial/insurance industry as "Overweight" [4] Core Insights - The new "National Ten Measures" guidelines have been implemented, emphasizing strict regulation, risk mitigation, and promoting high-quality development in the property insurance sector [2][4] - The guidelines introduce measures to encourage mergers and acquisitions among small and medium-sized insurance companies and support their international expansion [4] Summary by Sections Regulatory Framework - The report highlights a continuation of strict regulatory policies, including enhanced market entry and exit supervision, and a focus on optimizing the regional layout of institutions [2] - It emphasizes the need for differentiated regulatory measures based on business scope and governance [2] Risk Management - The report suggests improving solvency adequacy through cost reduction and optimizing shareholder structures to attract external capital [2] - It proposes establishing a robust monitoring and early warning system for companies facing governance issues or financial distress [2] Development Promotion - The guidelines support diversified development in both auto and non-auto insurance sectors, encouraging large companies to strengthen their market positions while promoting differentiated growth for smaller firms [3] - It calls for innovation in insurance products to meet new demands, including policies for new energy vehicles and climate insurance [3] Mergers and Acquisitions - The report notes the first mention of encouraging property insurance companies to merge and restructure, which could lead to increased industry concentration [4] Market Outlook - The report anticipates that 2025 will be a significant year for policy reforms, with a focus on risk resolution for small and medium-sized institutions [4] - It recommends key companies such as New China Life, Ping An, China Pacific Insurance, China Life, and China Property Insurance for investment [4]