保险业态观察（八）：兼顾普惠定位与商业属性，惠民保迈入高质量可持续发展之路

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The report highlights the recent regulatory guidance from the China Banking and Insurance Regulatory Commission (CBIRC) aimed at promoting the high-quality development of urban commercial health insurance, specifically the "Hui Min Bao" initiative. This marks a significant step towards systematic management and sustainable growth in the sector [5]. - The policy emphasizes a balance between "inclusive positioning" and "commercial attributes," aiming to expand coverage while adhering to commercial insurance principles. This shift is crucial for the long-term sustainability of the products [5]. - The report discusses the need for product optimization through "precise pricing" and "risk prevention," advocating for differentiated pricing based on health status and other factors to enhance fairness and adaptability in insurance offerings [5]. - The report also stresses the importance of ecological protection by discouraging "involution competition" and promoting information sharing among insurance companies, which is expected to improve risk identification and matching capabilities [5]. - Investment suggestions include focusing on life insurance liability transformation and recognizing the optimistic outlook for the equity market, particularly given the historical low long-term interest rates and the potential for improved pricing strategies [5]. Summary by Sections Regulatory Developments - The CBIRC issued a notice on July 31, 2025, to promote the high-quality development of urban commercial health insurance, marking a new phase for "Hui Min Bao" [5]. Product Development - The notice requires insurance companies to adopt differentiated pricing and conduct regular loss assessments to ensure sustainable product offerings [5]. Market Outlook - The report suggests that the life insurance sector is undergoing a transformation, with a focus on capacity enhancement and demand release as consumer awareness grows [5]. Investment Recommendations - The report advises investors to pay attention to large listed insurance companies with strong competitive advantages, as the sector is currently undervalued [5].