险企资产负债管理系统性升级

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [6]. Core Insights - The insurance industry is expected to benefit from the trend of bank deposits moving to insurance products, with a positive outlook for the liability side performance in 2026 due to successful short-term sales initiatives. The introduction of a tiered product pricing structure is anticipated to significantly alleviate the risk of interest spread losses. The "reporting and operation integration" is expected to promote industry consolidation and enhance the concentration of leading companies [4][31]. - The securities sector is experiencing a rise in market risk appetite and sustained high trading activity, benefiting from both valuation and performance attributes [4][31]. - Key companies to watch include China Ping An, China Life, China Pacific Insurance, Guotai Junan, and Huatai Securities [4][31]. Summary by Sections 1. Industry Dynamics - The insurance sector is undergoing a systematic upgrade in asset-liability management, with new regulations requiring comprehensive coverage, reasonable matching, and robust supervision. The new rules include three mandatory indicators for property insurance companies, all of which must not fall below 100% [1][2]. - The report highlights the performance of listed insurance companies, with New China Life reporting a cumulative premium income of 188.85 billion yuan, a year-on-year increase of 16% [14]. 2. Securities - The public fund performance benchmark reform has been initiated, focusing on the transformation of existing products and ensuring a smooth transition without drastic changes to holdings. The reform aims to enhance the attractiveness of the capital market [18]. - The average daily trading volume of stock funds was 22,219 billion yuan, a decrease of 7.20% week-on-week [22]. 3. Multi-Financial - Nanhua Futures has set the final price for its H-share issuance at 12 HKD per share, with plans to list on the Hong Kong Stock Exchange [30].