业内人士认为，人形机器人保险的加速落地，不仅能助推机器人产业健康发展，也可使保险更好服务产 业升级，让金融与创新产业进一步深度融合。 多家险企已布局 春节前，人保财险广州市分公司为国家级专精特新"小巨人"企业、具身智能机器人装备及智能制造方案 提供商——广州里工实业有限公司，定制了专属保险方案。 据人保财险相关人士介绍，方案覆盖两大方面的保障： 一方面是具身智能机器人本体损失保险，范围不仅涵盖自然灾害、操作失误、电气故障等传统风险，还 新增恶意软件攻击、黑客入侵等网络安全的新型风险。这一保险产品不仅保障机器人本体，还把配套设 备及软件系统的直接损失与合理施救费用全面纳入。 另一方面是具身智能机器人第三者责任保险，对机器人使用过程中因故障、缺陷、通信异常、网络事故 等非除外责任导致的第三方人身伤亡、财产损失及相关法律费用提供赔偿。 记者梳理发现，自2025年下半年起，头部财险公司纷纷布局人形机器人保险赛道。 今年春节，人形机器人讨论热度颇高。随着具身智能技术快速发展，人形机器人正一步步从实验室走向 商业化应用，配套的风险兜底需求也同步爆发。中国证券报记者了解到，目前，多家保险公司已布局机 器人保险业务。 推动精 ...

证券研究报告 晨会 hyzqdatemark 2026 年 02 月 25 日 投资要点： | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 4,147.23 | 0.72% | 3.08% | | 创业板指 | 3,354.82 | 1.41% | 1.83% | | 沪深 300 | 4,735.89 | 0.60% | 0.38% | | 中证 1000 | 8,426.33 | 1.52% | 8.67% | | 科创 50 | 1,473.28 | 0.54% | 4.98% | | 北证 50 | 1,547.20 | 0.77% | 5.51% | 资料来源：聚源，华源证券研究所，截至2026年02月25日 华源晨会精粹 20260225 固定收益 25Q4 保险公司资金运用有何变化？根据国家金融监督管理总局数据，截 至 25Q4，保险公司资金运用余额共计 38.48 万亿元，较 25Q3 增长 2.71%。截至 25Q4 险资（财产险及人身险公司，下同）债券投资余额同比增长 17.43%，其中 25Q4 单季 ...

Investment Rating - The industry investment rating is "Positive" (maintained) based on the recovery of new business growth, reduced interest rate sensitivity, and prudent actuarial assumptions [5][30]. Core Viewpoints - The report highlights that the valuation of Chinese insurance companies is expected to improve, drawing comparisons with AIA Group's strong performance since its listing. AIA's embedded value (PEV) multiple was approximately 1.48 times at the end of 2025, indicating high growth potential and lower sensitivity to interest rates, which could benefit the valuation of Chinese insurers [5][6]. - The new business value (NBV) of Chinese life insurance companies is recovering rapidly, driven by improved distribution channels and product offerings, with expectations for continued growth in 2026 [5][13]. - Effective asset-liability duration management and the transformation towards participating insurance have reduced the sensitivity of Chinese insurers' values to interest rates, which is favorable for valuation [15][17]. - Prudent adjustments to actuarial assumptions have brought Chinese insurers' assumptions closer to those of AIA, enhancing the credibility of their valuations [22][30]. Summary by Sections Section 1: AIA's Performance and Valuation - AIA has shown strong stock performance since its listing, with a PEV multiple of approximately 1.48 times at the end of 2025, indicating a favorable outlook for valuation improvements in Chinese insurers [5][6]. Section 2: Recovery of New Business and Growth Indicators - Chinese life insurance companies are experiencing a rapid recovery in new business growth, with NBV for AIA increasing by 18% year-on-year to USD 4.314 billion in the first three quarters of 2025. The NBV for 2024 was approximately 113% of the 2019 figure, indicating strong growth potential [8][13]. - Major Chinese insurers are expected to see NBV growth of 30%-80% in 2025, with positive growth in CSM for China Life and Ping An in the first half of 2025 [13][18]. Section 3: Interest Rate Sensitivity and Actuarial Assumptions - The sensitivity of Chinese insurers' values to interest rates has decreased due to effective duration management and a successful shift towards participating insurance. For instance, AIA's NBV only decreased by 1.9% with a 50 basis point drop in interest rates [15][17]. - Chinese insurers have made prudent adjustments to their actuarial assumptions, aligning them more closely with AIA's, which enhances the reliability of their valuations. For example, China Life's investment return assumption has been adjusted to 4% from 5% [22][30].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The insurance sector's asset management balance reached approximately 38.5 trillion yuan by the end of Q4 2025, reflecting a year-to-date growth of 15.70% [2][4]. - The average comprehensive solvency adequacy ratio for insurance companies stands at 181.1%, with life insurance companies at 169.3% and property insurance companies at 243.5% [2]. - The industry is experiencing a shift in dividend insurance products, with a notable decrease in the preset interest rate to 1.25%, down from the previous cap of 1.75% [2]. - The overall premium income for the industry in 2025 is projected to be 6.12 trillion yuan, with a high fund conversion rate of 85% [4]. Summary by Sections Asset Management - As of Q4 2025, the asset management balance of insurance companies is nearly 38.5 trillion yuan, with life insurance companies holding 34.66 trillion yuan and property insurance companies 2.42 trillion yuan [2][4]. - The fund conversion rate for life insurance companies is exceptionally high at 108%, while property insurance companies have a much lower rate of 11% [4]. Equity Allocation - The allocation of equity and fund assets in the industry reached 5.70 trillion yuan, accounting for approximately 15.4% of total assets, maintaining a historical high [5]. - The stock assets alone amount to 3.73 trillion yuan, representing 10.1% of total assets, with a year-on-year increase of 2.5% [5]. Investment Recommendations - The report suggests that the insurance sector is currently in a correction phase, primarily influenced by liquidity conditions around the Spring Festival [5]. - The report recommends specific companies for investment, including China Pacific Insurance, China Life Insurance, and New China Life Insurance, with respective PEV valuations [6][10].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The insurance sector's total asset allocation reached approximately 38.5 trillion yuan by the end of Q4 2025, reflecting a year-to-date growth of 15.7%, with a net increase of over 5 trillion yuan throughout the year [2][4]. - The average comprehensive solvency adequacy ratio for insurance companies stands at 181.1%, with life insurance companies at 169.3% and property insurance companies at 243.5% [2]. - The industry is experiencing a shift in dividend insurance products, with a notable decrease in the preset interest rate to 1.25%, down from the previous cap of 1.75% [2]. - The overall premium income for the industry in 2025 is projected to be 6.12 trillion yuan, with a high fund conversion rate of 85% [4]. Summary by Sections Market Performance - The insurance index decreased by 2.52%, underperforming the market by 2.88 percentage points, with significant variations in individual stock performances [1]. Asset Allocation - The allocation of equity and fund assets in the insurance sector reached 5.70 trillion yuan, accounting for approximately 15.4% of total assets, maintaining a historical high [5]. - The stock assets alone amounted to 3.73 trillion yuan, representing 10.1% of total assets, with a year-on-year increase of 2.5% [5]. Company Performance and Valuation - The estimated PEV (Price to Embedded Value) for major life insurance companies is as follows: China Life at 0.89x, New China Life at 0.85x, Ping An at 0.78x, and China Pacific at 0.69x [6]. - The recommended order for investment in major companies is China Pacific, Ping An, China Life H, and China Property Insurance [6]. Future Outlook - The report anticipates that dividend insurance will attract household savings during the interest rate decline cycle, supporting growth in new premium income and net profit value (NBV) for life insurance [5]. - The long-term interest rates are expected to stabilize and rise, which may positively influence the PEV towards 1x [5].

在具体实践层面，多家头部保险机构正加快产品体系升级，从单一环节保障向全生命周期服务延 伸。 近年来，国家层面持续释放政策红利，为低空经济勾勒出清晰的发展框架。从2024年低空经济首次 被写入政府工作报告，到近日《关于推动低空保险高质量发展的实施意见》的出台，一系列顶层设计为 低空保险市场打开了全新的发展空间。 在政策东风吹拂下，保险行业通过产品创新、模式迭代与科技赋能，竞相探索"低空+保险"的融合 蓝海，力图构建覆盖全链条、适配多场景的风险保障体系。 目前，我国已有超过30家保险公司开展低空保险业务，产品数量多达上百款，保障范围涵盖航空器 财产损失、三者责任、人身意外等多种类型，为支撑产业稳健运行提供了重要力量。 在产品创新的同时，行业也在加速推进制度与标准建设。例如，2022年，天津市无人机应用协会联 合保险公司出台了全国首个无人机从业应用保险标准；2024年，中再产险与太保产险发布了国内首个无 人驾驶航空第三者责任保险地区示范性条款。 在机制创新方面，2025年8月，全国首个低空经济共保体在重庆成立，19家低空经济共保体成员单 位签署合作协议。共保体推出"渝低空保"首批4款专属产品，覆盖无人机第三者责任、 ...

图为云南省曲靖市马龙区土瓜村的民宿院落。 钟仁 摄 大寒节气刚过，寒意尚未完全褪去，滇东高原的阳光却格外眷顾云南省曲靖市马龙区土瓜村。青瓦白墙的民 宿院落里，蜡梅悄然吐蕊，几位来自成都的旅居老人正围坐品茶，悠然享受着"猫冬"时光。最近，村里迎来一桩 喜事：云南省首单"美丽乡村旅居保险"在这里正式落地。 "这下心里踏实多了！"当地民宿管家小杨捧着刚签好的保单感慨道。这张涵盖公众责任、食品安全、财产险 等多重保障的保单，如同给正在兴起的乡村旅居业装上了"安全阀"。 在土瓜村，旅居业态的蓬勃发展让这个曾经静谧的村庄焕发新生。自2024年启动"政府+企业+村民"联动模式 以来，近30万人次游客的到来，既给土瓜村带来了活力，也带来了新的挑战。游客安全如何保障？经营风险如何 规避？ "我们在走访时发现，游客最关心安全，农户最担心意外，企业最怕经营风险。这份保单就是要打通全链条保 障，让各方都能安心。"人保财险曲靖分公司负责人道出了设计这份保险的初衷。基于三方需求，保险公司精准发 力，打通全链条保障环节，让游客住得安心、农户经营放心、企业发展顺心，让每一份乡村旅居的美好，都有坚 实的保障兜底。 土瓜村的变化是云南乡村文旅融 ...

春节，是中国人心中最温暖的刻度。当游子踏上归途，当万家灯火映照团圆，保险业也迎来了一年中最具温 情与责任担当的"大考"。 从繁忙的高速公路到偏远的山村田野，从应对突发风险到防范岁末骗局，无数保险从业者以"岗"为家，放弃 与亲人团聚的时光，用专业素养与执着坚守，编织起一张覆盖城乡、贯穿全程的保障网。 春运期间，平安产险北京分公司联合北京市公安局交通管理总队东城交通支队和平里大队，在东城区雍和宫 区域开展"一路平安行 守护团圆路"道路安全知识普及公益行动。图为工作人员结合真实理赔案例，向市民讲解交 通事故危害，并解答市民关心的保险问题。 护航返乡路 在浙江湖州高速服务区，人保财险理赔员为返乡人群免费提供车辆安全检测、矿泉水、方便面，并协助交警 快速处理事故、疏导交通。 2月10日，中国平安旗下平安产险发起2026"万家灯火平安行"春节风险减量主题行动。据悉，该行动依托历史 理赔数据，聚焦春运期间重点路段，通过警保联动及科技赋能，因地制宜开展风险减量服务。在四川，平安产险 联合交警部门，在冰雪覆盖的阿坝九鼎山滑雪场必经路段设立服务点，针对暗冰隐患，向自驾出行群众免费发放 防滑链，并普及冰雪道路行车安全知识；在热门景 ...

Core Insights - The insurance industry is closely monitoring the trends and developments in auto insurance as companies release their solvency reports for Q4 2025, revealing significant data on average premiums [1][7] - Over 58 insurance companies have disclosed their average auto insurance premiums, with a notable decrease in premium differences compared to previous years [2][8] - More than 50% of the insurance companies reported a decline in average premiums for 2025, indicating a stabilization in the overall premium landscape [3][10] Group 1: Average Premium Data - The average auto insurance premium reported ranges from 841.99 yuan to 5900 yuan, with most companies falling between 1000 yuan and 3000 yuan [2][8] - The disparity in average premiums among insurance companies is decreasing, with all companies previously exceeding 6000 yuan now below that threshold [2][8] - A total of 31 insurance companies experienced a decline in average premiums compared to the previous year, reflecting a trend towards stabilization [3][10] Group 2: New Energy Vehicle Insurance - The market is particularly focused on the trends in new energy vehicle insurance due to previous challenges in pricing and coverage [4][11] - Major insurance companies have begun to achieve profitability in new energy vehicle insurance, indicating a shift in the market dynamics [5][11] - The introduction of L3 conditional autonomous driving vehicles is expected to present new challenges in risk assessment and pricing models for auto insurance [12] Group 3: Future Challenges and Innovations - The transition to L3 autonomous driving will complicate risk evaluation, as new factors such as hardware reliability and software security must be considered [12] - Future pricing for new energy vehicle insurance is anticipated to become more intelligent, allowing for differentiated rates based on various factors [6][12] - Insurance companies are advised to prepare for the upcoming changes by innovating products, enhancing service efficiency, and diversifying collaboration models [6][12]

跨国企业承保等跨境业务需求激增，为国际再保险中心提供了广阔的市场空间，尤其在全球承保、风险管理和资本流动方面蕴含着巨大潜力。 作为"保险的保险"，再保险天然具有国际化属性，一直以来被视为增强国际金融中心竞争力和影响力的关键突破口之一。 立足"十五五"新发展阶段，上海明确提出，要"提升国际再保险承保能力和服务水平"。 业内普遍认为，依托中国庞大的市场潜力，叠加金融与科技基础设施支撑，上海打造具有国际竞争力的再保险中心，前景广阔、未来可期。 年交易保费超百亿元 "十四五"期间，我国保险业在市场地位、风险覆盖范围、服务实体经济等方面均取得了跨越式发展，全球第二大保险市场的地位愈发坚实。 但与直保市场相比，我国再保险市场发展仍显滞后：市场规模位列全球第七，再保险渗透率仅4.6%，远低于12.5%的全球平均水平，巨大的市场潜力亟待 释放。 这一目标的背后，正汇聚天时、地利、人和等多重优势：一方面，中国稳居全球第二大保险市场，更是未来全球保险业务最大的增量市场之一，为再保险 行业发展筑牢根基；另一方面，国家与地方层面的顶层设计持续完善，政策支持力度空前，直保与再保机构在上海的聚集效应加速凸显，市场生态已初具 规模。 | ...