11月保费点评：寿险单月增速明显改善，财险累计增速持续走扩

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The growth rate of life insurance premiums for listed insurance companies has generally narrowed, which is in line with market expectations. However, the impact of demand front-loading is gradually dissipating. For the period from January to November, the year-on-year growth rates of original premiums for Ping An, China Life, New China Life, and Taikang Life were 8.5%, 4.8%, 2.1%, and 2.2%, respectively, compared to 9%, 4.9%, 1.8%, and 2.4% in the previous month. The single-month premium growth rates for November were -0.9%, +4.2%, +10.5%, and -2.2%, showing an overall improvement compared to October [2][5] - The cumulative premium growth rate of Ping An continues to lead, primarily driven by new business creation that supports renewal premium growth. Looking ahead, the reduction in the preset interest rate is expected to shift the product structure towards participating insurance, necessitating close attention to the situation of the 2025 New Year sales. Additionally, the new products driven by the interest rate reduction in 2025 are expected to improve the interest spread and value rate, promoting stable and continuous growth in value [2][5] - The growth rate of property insurance premiums continues to expand. For the same period, the year-on-year growth rates of premiums for PICC Property, Ping An Property, and Taikang Property were 5.1%, 6.8%, and 7%, respectively, compared to 4.8%, 6.5%, and 7.4% in the previous month. The single-month growth rate of auto insurance increased from 6.4% in October to 7.5% in November, benefiting mainly from policies promoting scrapping and replacement [2][5] Summary by Sections Life Insurance - The year-on-year growth rates of original premiums for major life insurance companies have shown a narrowing trend, with Ping An leading in cumulative premium growth due to strong new business performance [2][5] - The impact of demand front-loading is diminishing, and the base from the previous year is relatively low due to regulatory changes [2][5] Property Insurance - The property insurance premium growth rates have shown a consistent expansion, with notable increases in both auto and non-auto insurance segments [2][5] - The growth in auto insurance is supported by rising vehicle sales and favorable policies, while non-auto insurance growth is driven by low base effects [2][5] Investment Recommendations - The report suggests maintaining a "Buy" rating for the insurance sector, highlighting the favorable conditions for profit growth and the current low valuation levels of insurance stocks. Specific stock recommendations include China Taikang, China Life, and Ping An [2][5]