推动健康险高质量发展，分红型健康险产品将回归市场

Investment Rating - The industry investment rating is maintained as "Add" [1] Core Viewpoints - The report suggests that with policy support, there is potential for innovation and upgrade in health insurance products, leading to a win-win collaboration between insurance and the health industry. Health insurance premiums totaled 759.8 billion yuan from January to August 2025, reflecting a year-on-year growth of 2.4%, accounting for approximately 20% of life insurance premiums [1][6][7] - The report emphasizes the return of participating health insurance products to the market, which is expected to enhance product attractiveness and stimulate market growth potential. The guidance from the regulatory body aims to deepen cooperation between insurance and health industries, promoting product innovation and improving the accessibility of innovative drugs and medical devices [1][5] - The report indicates improvements on both the liability and asset sides, with significant upward valuation potential remaining. The demand for savings in the market is still strong, and with ongoing regulatory guidance and proactive transformation by insurance companies, liability costs are expected to gradually decrease, alleviating pressure from interest rate spreads [1][5] - The report notes that the recent decline in the yield of ten-year government bonds to approximately 1.86% may ease the pressure on the investment returns of insurance companies in fixed-income investments as the domestic economy recovers [1][5] - The report highlights that the current valuation of the insurance sector is at historical lows, with estimates for September 30, 2025, indicating a price-to-earnings value (PEV) of 0.57-0.86 and a price-to-book ratio (PB) of 1.02-2.19, suggesting a favorable investment opportunity [1][5] Summary by Sections Industry Trends - The report outlines a clear goal for health insurance to play a more significant role in the national health security system by 2030, with a focus on developing a multi-level health insurance market that meets diverse needs across the population and lifecycle [5] - It discusses the need for reform in various segments, including commercial medical insurance, long-term care insurance, and disease insurance, to support the development of floating income health insurance products and enhance the sustainability of urban commercial medical insurance [5] Regulatory Guidance - The report mentions the issuance of guidelines by the National Financial Supervision Administration to promote high-quality development in health insurance, emphasizing the importance of regulatory oversight and risk prevention [5] - It highlights the need for insurance companies to enhance their operational capabilities and strengthen health insurance regulation to optimize the development environment [5]