证券研究报告 2025 年 12 月 21 日│中国内地 动态点评 保险 保险资产负债管理全面升级 华泰研究 保险 增持 (维持) | 李健，PhD | 研究员 | | --- | --- | | SAC No. S0570521010001 | lijian@htsc.com | | SFC No. AWF297 | +(852) 3658 6112 | | 于明汇* | 联系人 | | SAC No. S0570124070107 | yuminghui@htsc.com | | | +(86) 21 2897 2228 | 行业走势图 (13) (5) 4 13 21 Dec-24 Apr-25 Aug-25 Dec-25 (%) 保险 沪深300 资料来源：Wind，华泰研究 资产负债管理新规意见稿发布 12 月 19 日，金融监管总局发布《保险公司资产负债管理办法（征求意见稿）》 （《意见稿》），相比于 2018 年以来发布的《保险资产负债管理监管暂行办 法》和五项监管规则，《意见稿》系统地完善了监管规定，从监管目标、治 理结构、政策程序、模型系统、定量指标等方面提出了更为严格且细致的要 求，其中多 ...

中国财险 分时图 日K线 周K线 月K线 16.66 0.16 0.97% 1.58% 1.03% 0.55% 0.00% 0.55% 1.03% 1.58% 16.24 16.33 16.41 16.50 16.59 16.67 16.76 09:30 10:30 12:00/13:00 14:00 16:10 0 261万 523万 784万 2025年12月11日，国家金融监督管理总局泰安监管分局发布批复称，《中国人民财产保险股份有限公司 泰安市分公司关于岱岳支公司满庄营销服务部营业场所变更的请示》(泰人保财险发〔2025〕85号)收 悉。经审核，现批复如下： 二、中国人民财产保险股份有限公司泰安市分公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国人民财产保险股份有限公司泰安市分公司满庄营销服务部将营业场所变更为：山东省泰安 市岱岳区金光大道58号满庄镇便民服务大厅一楼北侧第一窗口。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1][2]. Core Insights - The "Insurance Company Asset-Liability Management Measures (Draft for Comments)" aims to comprehensively standardize the asset-liability management system of insurance companies, reinforcing the primary responsibility of companies and clarifying regulatory indicators to guide long-term stable operations [2][3]. - The introduction of the new measures is expected to enhance the asset-liability management framework, particularly under the backdrop of interest rate fluctuations and accounting standard reforms, benefiting leading insurance companies that align with stricter regulatory requirements [4]. Summary by Sections Regulatory Framework - The draft requires insurance companies to establish a governance structure for asset-liability management, with the board of directors ultimately responsible and senior management directly leading the efforts [4][5]. - It specifies the need for a professional department dedicated to asset-liability management, ensuring independence from business and investment management departments [4][7]. Management Policies and Procedures - The measures outline requirements for asset and liability analysis, product pricing management, asset allocation policies, and stress testing [4][5]. - Regulatory indicators include minimum standards for liquidity coverage ratios and effective duration gaps, with specific metrics for property and life insurance companies [9][10]. Monitoring and Risk Management - Monitoring indicators are established to identify and warn against asset-liability mismatch risks, enhancing risk management capabilities [4][9]. - The report emphasizes the importance of aligning asset-liability management with long-term operational goals, with a focus on achieving cost-revenue matching and liquidity matching [4][10]. Investment Recommendations - The report suggests that the new measures will guide the industry towards long-term stable operations and optimize asset-liability matching, maintaining an "Overweight" stance on the industry [4][12]. - Recommended companies include China Ping An, China Pacific Insurance, New China Life, and China Life Insurance [4][12].

Investment Rating - The report maintains a positive outlook on the insurance and brokerage sectors, suggesting an "Overweight" rating for both industries, indicating expected outperformance compared to the overall market [2][66]. Core Insights - The brokerage sector is experiencing a fundamental and valuation mismatch, with a recommendation to focus on leading firms benefiting from improved competitive dynamics [2][5]. - The insurance sector is poised for a systematic value reassessment, with significant regulatory changes expected to enhance asset-liability management practices [2][17]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,568.18 with a slight decline of -0.28% over the week, while the non-bank index rose by 2.90% [5]. - The brokerage, insurance, and diversified financial sectors reported gains of 1.01%, 7.03%, and 1.39% respectively [5]. Key Data in Non-Banking Sector - As of December 19, 2025, the average daily trading volume in the stock market was 18,033.77 billion yuan, reflecting a decrease of 15.23% compared to the previous month [41]. - The margin trading balance reached 24,993.66 billion yuan, an increase of 34.0% from the end of 2024 [15]. Brokerage Sector Insights - The report highlights the merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, marking a significant consolidation trend in the brokerage industry [2][29]. - The brokerage index's price-to-book ratio (PB) is currently at 1.38, indicating a low valuation compared to historical levels [2]. Insurance Sector Insights - The new asset-liability management regulations are expected to significantly impact the insurance industry, emphasizing the need for effective risk management and alignment of assets and liabilities [2][17]. - The insurance sector index increased by 7.03%, outperforming the Shanghai Composite Index by 7.30 percentage points [2]. Investment Recommendations - For the brokerage sector, the report recommends focusing on top-tier firms such as Guotai Junan, GF Securities, and CITIC Securities, which are expected to benefit from improved competitive conditions [2]. - In the insurance sector, companies like China Life, Ping An, and China Pacific Insurance are highlighted for their potential in the ongoing value reassessment [2].

Group 1 - The "Warm Winter Consumption Season" and "Five Major Billion Yuan Celebrations" event has officially launched in Guangzhou, aimed at promoting local products and creating business opportunities [4][5] - The initiative will distribute over 18 million yuan in consumer vouchers from now until the end of March next year, implementing various discount measures to enhance consumer experience [5][6] - The campaign includes a wide range of consumer vouchers covering scenic spots, hotels, restaurants, and entertainment venues, with discounts structured to meet diverse consumer needs [10][11] Group 2 - The "Eat in Qingyuan" dining vouchers and exclusive Meituan coupon packages are available, allowing consumers to enjoy up to 200 yuan in discounts on local specialties [15][16] - A comprehensive consumer map has been created to guide visitors through various shopping and dining options, including local markets and night markets, enhancing the overall consumer experience [20][24] - The event features live demonstrations and exclusive discounts on local products, with significant sales increases reported, such as a doubling of sales for certain items during the event [36][42]

Core Viewpoint - The "Five Billion" agricultural event in Qingyuan aims to integrate local agricultural products into the Greater Bay Area market, showcasing the region's agricultural strengths and promoting consumption during the winter season [5][10][12]. Group 1: Event Overview - The "Five Billion" agricultural event is part of Qingyuan's strategy to leverage the "Warm Winter Consumption Season" and "Come to Guangdong for the New Year" initiatives [10][11]. - This marks the third consecutive year that Qingyuan has hosted the "Over New Year" event at a major landmark in Guangzhou, enhancing its brand recognition [6][7]. - The event features a variety of activities including product showcases, investment promotions, and cultural performances, aimed at attracting business from the Greater Bay Area and beyond [11][12][19]. Group 2: Agricultural Highlights - The event prominently displayed Qingyuan's five major agricultural products: Qingyuan chicken, Yingde black tea, Qingyuan silk rice, Xiniu bamboo shoots, and Lianzhou vegetable heart, along with other local specialties [17][18][37]. - Qingyuan's agricultural industry has seen significant growth, with the total output value projected to increase from 19.2 billion yuan in 2021 to 45.8 billion yuan by 2025, representing a growth of 138.5% [99]. - The event also facilitated direct interactions between local farmers and businesses from the Greater Bay Area, fostering immediate sales and long-term partnerships [19][30][90]. Group 3: Economic Impact - The event resulted in over 300 million yuan in signed contracts, indicating a strong connection between Qingyuan's agricultural sector and the broader market [86][90]. - Qingyuan's agricultural development has positively impacted over 200,000 farming households and 600,000 individuals, sharing the benefits of economic growth [100]. - The integration of agriculture with tourism and cultural experiences is a key strategy for enhancing the value of local products and promoting rural revitalization [78][80][120]. Group 4: Future Prospects - Qingyuan aims to continue its agricultural development by focusing on a comprehensive industrial chain, enhancing product branding, and fostering collaboration across various sectors [68][74]. - The event serves as a model for other regions in transforming ecological and locational advantages into competitive industrial strengths [112]. - Qingyuan's commitment to high-quality agricultural development is expected to further strengthen its position as a key player in the Greater Bay Area's agricultural landscape [121][123].

（来源：福州新闻网） 经审理查明：2009年7月至2024年9月，被告人张孝礼利用担任中国人民财产保险股份有限公司董事会秘书局/监事会办公室主任、党委委员、副总裁、一 级资深专家等职务上的便利以及职权、地位形成的便利条件，直接或通过其他国家工作人员职务上的行为，为相关单位和个人在承揽保险业务、资金拨 付、人员入职、工作调整等方面谋取利益，非法收受财物共计折合人民币990万余元。 东营市中级人民法院认为，被告人张孝礼的行为构成受贿罪，数额特别巨大，应依法惩处。鉴于张孝礼归案后如实供述罪行，主动交代办案机关尚未掌握 的大部分受贿犯罪事实，认罪悔罪，受贿犯罪所得已全部退缴，依法可对其从轻处罚。法庭遂作出上述判决。 转自：福州新闻网 2025年12月19日，山东省东营市中级人民法院一审公开宣判中国人民财产保险股份有限公司原党委委员、监事会主席张孝礼受贿一案，对被告人张孝礼以 受贿罪判处有期徒刑十年六个月，并处罚金人民币一百万元；对张孝礼受贿犯罪所得予以没收，上缴国库。 ...

Core Viewpoint - The insurance industry is experiencing a continuous improvement in solvency ratios, with the comprehensive solvency adequacy ratio reaching 247% in Q3 2025, an increase of 1 percentage point year-on-year and 7 percentage points quarter-on-quarter [2][8]. Group 1: Solvency and Capital Structure - The comprehensive solvency adequacy ratio for the insurance industry in Q3 2025 is 247%, reflecting ongoing enhancements since the implementation of the 2023 regulatory standards [2][9]. - The minimum capital scale reached 354.4 billion yuan, a year-on-year increase of 7.2%, while the actual capital scale was 873.7 billion yuan, up 10.3% year-on-year [9]. - The risk structure shows that the minimum capital for insurance risk accounts for 44%, market risk 39%, and credit risk 17% [4][14]. Group 2: Risk Composition - In Q3 2025, the minimum capital for insurance risk was 227.7 billion yuan, up 2.1% from the end of last year; market risk minimum capital was 203.3 billion yuan, an increase of 15.0%; and credit risk minimum capital was 89.9 billion yuan, up 2.8% [11]. - The market risk minimum capital proportion has increased from 25.4% in 2016 to 39.0% in 2025, a cumulative increase of 13.6 percentage points [4][14]. - The secondary risk capital structure indicates that interest rate risk minimum capital has risen from 6.8% in Q1 2022 to 13.4% in Q3 2025, while counterparty default risk has decreased from 20.6% to 12.5% during the same period [5][23]. Group 3: Company-Specific Risk Structures - The top three companies in terms of risk capital structure are: - PICC Property and Casualty with 38.4% insurance risk, 46.6% market risk, and 15.0% credit risk [17]. - Ping An Property & Casualty with 45.6% insurance risk, 43.6% market risk, and 10.9% credit risk [17]. - Taiping Property Insurance with 49.3% insurance risk, 31.1% market risk, and 19.6% credit risk [17]. - The differences in risk structures among leading companies are attributed to variations in business models, investment styles, reinsurance arrangements, and strategic choices [16].

东营市中级人民法院认为，被告人张孝礼的行为构成受贿罪，数额特别巨大，应依法惩处。鉴于张孝礼 归案后如实供述罪行，主动交代办案机关尚未掌握的大部分受贿犯罪事实，认罪悔罪，受贿犯罪所得已 全部退缴，依法可对其从轻处罚。法庭遂作出上述判决。 经审理查明：2009年7月至2024年9月，被告人张孝礼利用担任中国人民财产保险股份有限公司董事会秘 书局/监事会办公室主任、党委委员、副总裁、一级资深专家等职务上的便利以及职权、地位形成的便 利条件，直接或通过其他国家工作人员职务上的行为，为相关单位和个人在承揽保险业务、资金拨付、 人员入职、工作调整等方面谋取利益，非法收受财物共计折合人民币990万余元。 北京商报讯（记者 李秀梅）12月19日，山东省东营市中级人民法院一审公开宣判中国人民财产保险股 份有限公司原党委委员、监事会主席张孝礼受贿一案，对被告人张孝礼以受贿罪判处有期徒刑十年六个 月，并处罚金人民币一百万元；对张孝礼受贿犯罪所得予以没收，上缴国库。 ...

12月19日金融一线消息，据东营市中级人民法院，中国人民财产保险股份有限公司原党委委员、监事会 主席张孝礼一审获刑十年半。 东营市中级人民法院认为，被告人张孝礼的行为构成受贿罪，数额特别巨大，应依法惩处。鉴于张孝礼 归案后如实供述罪行，主动交代办案机关尚未掌握的大部分受贿犯罪事实，认罪悔罪，受贿犯罪所得已 全部退缴，依法可对其从轻处罚。法庭遂作出上述判决。 责任编辑：曹睿潼 12月19日金融一线消息，据东营市中级人民法院，中国人民财产保险股份有限公司原党委委员、监事会 主席张孝礼一审获刑十年半。 经审理查明：2009年7月至2024年9月，被告人张孝礼利用担任中国人民财产保险股份有限公司董事会秘 书局/监事会办公室主任、党委委员、副总裁、一级资深专家等职务上的便利以及职权、地位形成的便 利条件，直接或通过其他国家工作人员职务上的行为，为相关单位和个人在承揽保险业务、资金拨付、 人员入职、工作调整等方面谋取利益，非法收受财物共计折合人民币990万余元。 2025年12月19日，山东省东营市中级人民法院一审公开宣判中国人民财产保险股份有限公司原党委委 员、监事会主席张孝礼受贿一案，对被告人张孝礼以受贿罪判处有期徒 ...