Shenwan Hongyuan Securities·2025-10-10 11:09Investment Rating - The report maintains an "Overweight" rating for the health insurance industry, indicating a positive outlook compared to the overall market performance [6][12]. Core Insights - The recent "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" released by the regulatory authority marks a significant policy support for the health insurance sector, suggesting a favorable environment for growth [3][4]. - The report identifies four major categories of health insurance products: commercial medical insurance, long-term care insurance, disability income loss insurance, and critical illness insurance, each with specific development policies [4][5]. - The integration of health insurance with health management and the health industry is emphasized, promoting a comprehensive service system that includes prevention, management, and coverage [4]. - The report highlights the potential for health insurance products to experience a second wave of growth due to low interest rates and healthcare reforms, with commercial medical insurance expected to become a key product [6][7]. Summary by Sections Health Insurance Product Categories - The report categorizes health insurance into four types: 1. Commercial medical insurance: Actively developed with a focus on comprehensive coverage and risk matching 2. Long-term care insurance: Strongly promoted, emphasizing cash benefits and care services 3. Disability income loss insurance: Strongly promoted with an expanded coverage base 4. Critical illness insurance: Steadily developed with updates based on disease spectrum changes [4]. Policy Support and Innovations - The report outlines new policy measures, including: 1. Allowing well-rated insurers to offer dividend-type long-term health insurance 2. Supporting personal account-based long-term medical insurance 3. Encouraging innovative collaborations between insurance and pharmaceutical companies 4. Promoting group health insurance development [5]. Market Outlook - The report anticipates that health insurance products will benefit from a combination of low interest rates and evolving customer needs, leading to increased focus on protection-oriented products [6][7]. - Key companies recommended for investment include China Life, New China Life, China Pacific Insurance, China Ping An, and Sunshine Insurance, with a suggestion to pay attention to China Taiping [6].