Group 1 - The insurance market demand remains strong, with a downward adjustment in the preset interest rate and a transformation of dividend insurance expected to continuously optimize liability costs, alleviating pressure from interest spread losses [1] - The ten-year government bond yield has recently fallen to around 1.82%, and the company anticipates that as the domestic economy recovers, long-term interest rates may rise, easing the pressure on new fixed-income investment returns for insurance companies [1] - The current public fund holdings in insurance stocks are still under-allocated, with the insurance sector's valuation for 2026 estimated at 0.65-0.86 times PEV and 1.14-2.31 times PB, which is at a historical low, maintaining an "overweight" rating for the industry [1] Group 2 - The company expects listed insurance firms to experience rapid year-on-year growth in net profit attributable to shareholders in 2025, with Q4 net profit potentially impacted by short-term investment fluctuations [1] - The projected year-on-year growth rates for net profit attributable to shareholders in 2025 are: China Life (+48.6%), New China Life (+43.6%), PICC (+15.8%), and China Pacific (+15.3%) for A-shares; and China Taiping (+220%), ZhongAn Online (+134.5%), PICC Property (+34.7%), Sunshine Insurance (+9.4%), and AIA (+6.2%) for H-shares [1] - The company anticipates slight pressure on Q4 net profit growth, primarily due to a temporary pullback in growth sectors, with high equity holdings since 2025 leading to direct impacts on current profits from stock price declines [1] Group 3 - The company expects the new business value (NBV) of listed insurance firms to grow rapidly, driven by an increase in new single premiums and an improvement in NBV margin [2] - The projected year-on-year growth rates for NBV in A-shares are: PICC Life (+65.4%), New China Life (+42.7%), Ping An (+36.5%), China Life (+35.6%), and China Pacific (+26.8%); for H-shares: Sunshine Insurance (+48.6%), China Taiping (+32.5%), and AIA (+16.3%) [2] - The demand for savings-type insurance products remains strong under the current "deposit migration" context, with expectations for continued growth in the liability side in 2026, primarily driven by the bancassurance channel [2] Group 4 - The company anticipates steady growth in premium income for property insurance, with a year-on-year increase of 3.9% in premium income reaching 16,157 billion yuan in the first eleven months of 2025 [2] - The company expects the market share of listed insurance firms in the property insurance sector to remain stable, with premium income continuing to grow steadily [2] - The company projects an improvement in the combined operating ratio (COR) for various firms, benefiting from ongoing business structure improvements and cost reduction efforts, with expected CORs of: PICC 97.0% (down 0.9 percentage points), Ping An 97.3%, and China Pacific 97.6% (down 1.0 percentage points) [2]

Group 1 - The core viewpoint of the article is that ZhongAn has been awarded the title of "Annual Outstanding Technology Financial Insurance Company" in the "2025 Sina Golden Unicorn Insurance Industry Selection" event organized by Sina Finance [1][4]. - The selection process involved a comprehensive evaluation of insurance institutions from multiple fields and perspectives, resulting in the recognition of several industry leaders [3][6].

Core Insights - The pet insurance market is experiencing significant growth, with annual premiums increasing by over 100%, positioning it as a primary insurance choice for young pet owners [1][6] - Despite the growth, there are frequent disputes regarding claims, with consumers expressing frustration over the difficulty of receiving payouts [1][4] Group 1: Market Dynamics - The pet insurance sector is seeing aggressive marketing strategies, including promotions like "first month free" and high payout ratios, which resonate with younger pet owners [1][2] - Ant Financial's pet insurance products offer various tiers, with monthly premiums ranging from 22.42 yuan for basic plans to 74.5 yuan for premium options, reflecting a diverse pricing strategy [2][3] - The total pet consumption market in urban China has surpassed 300 billion yuan, indicating a robust demand for pet-related services and insurance [7] Group 2: Consumer Experience - Consumer feedback on pet insurance is polarized, with some reporting positive experiences regarding claims and coverage, while others face significant challenges in receiving payouts [4][5] - Complaints related to pet insurance have exceeded 600, primarily focusing on denied claims and discrepancies between expected and actual payout amounts [4] - Issues such as changes in designated hospitals for treatment have led to reduced claim amounts, impacting consumer trust in insurance providers [4][5] Group 3: Industry Response - Companies like ZhongAn Online are expanding their pet insurance offerings, reporting a 129.5% increase in total premiums and a leading market share, primarily among younger demographics [6][7] - Some insurers are cautious about entering the pet insurance market due to its high-risk nature and low penetration rates within the broader property and casualty insurance sector [7]

证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 保险行业 2025 年业绩前瞻：预计全年 NBV 高增长，Q4 净利润或受投资短期波动影响 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：长端利率趋势性下行；新单增长不及预期。 2026 年 02 月 02 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/5 2025/10/3 2026/1/31 保险Ⅱ 沪深300 相关研究 《保险行业 12 月保费：产寿 25Q4 保 费增速均有所放缓，看好寿险 2026 年 新单增长》 2026-01-31 《政策引导+行协牵头，保险业布局康 养领域进程再加速》 ◼ 我们预计上市险企 2025 年归母净利润同比较快增长，Q4 净利润或受短 期投资波动影响。1）我们预计上市险企 2025 年归母净利润普遍同比 ...

来源：市场资讯 （来源：小康金融） 本周行情复盘：保险指数上升5.55%，跑赢大盘5.47pct。保险个股表现分化，太平+9.96%，友邦 +8.79%，国寿+8.73%，太保+8.48%，新华+8.40%，平安+4.46%，阳光+3.67%，人保+2.91%，财险 +2.27%，众安-1.54%。十年期国债到期收益率1.81%，较上周末-2bps。 本周动态： （1）每经网：香港联交所披露，平安人寿于1月22日在场内以每股均价32.0553港元，增持中国人寿 1189.1万股H股，涉资约3.81亿港元。增持后最新持股数目为6.81亿股，持股比例由8.98%上升至 9.14%。 （2）智通财经：香港联交所披露，1月20日，阳光人寿减持徽商银行H股1169.4万股，平均每股作价 3.2896港元，涉及资金3846.86万港元。减持后最新持股数目为2.41亿股，持股比例由7.92%下降至 6.93%。 （3）证券日报：近日中国人寿接连发布两则公告，宣布拟投资设立一只养老产业股权投资基金和一只 长三角私募基金，直接认缴出资额合计近125亿元。 （4）智通财经：1月30日，中国证监会对《〈上市公司证券发行注册管理办法 ...

Group 1 - The core viewpoint is that under the integration of digital economy and inclusive finance, the insurance value and service model are being reshaped, with ZhongAn Insurance leading the way in providing innovative services for small and micro enterprises [1] - ZhongAn Insurance has extended its services to 30 million small and micro business owners, addressing the pain points of traditional insurance such as product rigidity and lack of service through a "decentralized" technology architecture [1][3] - The company has developed over 20 "store insurance" products tailored to the specific needs of various industries, with more than 50 iterations annually, demonstrating a deep understanding of the complexities faced by small business owners [2] Group 2 - ZhongAn's services go beyond traditional insurance, offering tools such as employee training videos and risk assessments, which have shown higher user engagement compared to promotional activities [2] - The company integrates legal consulting, recruitment, and AI tools to help small business owners reduce costs and increase efficiency, reflecting a commitment to providing comprehensive support [2] - ZhongAn aims to continuously innovate within the framework of inclusive finance, focusing on building a user-centered ecosystem that enhances the resilience and growth of small and micro enterprises [3]

Core Insights - The meeting held by the China Insurance Industry Association on January 22 focused on the high-quality development of health insurance, emphasizing its role in the multi-tiered medical security system during the "14th Five-Year Plan" period and the need for better integration into the health ecosystem in the "15th Five-Year Plan" [1] Expansion of Coverage - The commercial health insurance sector has seen a compound annual growth rate of over 20% over the past decade, with more than 11,000 medical insurance products available, providing robust support for public health [2] - By 2025, it is estimated that commercial health insurance will incur approximately 14.7 billion yuan in total claims for innovative drugs and medical devices, reflecting a 70% compound annual growth rate over four consecutive years [2] Regulatory Support - The "Guiding Opinions" issued by the National Financial Regulatory Administration aim to optimize existing policies and clarify future directions for health insurance, enhancing support for specialized operations within health insurance companies [3] - The focus is on promoting collaboration between health insurance and the health industry, improving the payment flexibility for innovative drugs and devices [3] Claims Efficiency - In 2025, ZhongAn Insurance reported a total claim payout of 17.9 billion yuan, processing approximately 2.9 million claims daily, with AI technology significantly enhancing the efficiency and user experience of the claims process [4] Infrastructure Development - The China Banking and Insurance Information Technology Management Company is enhancing the infrastructure for health insurance, including product verification, risk control, and claims support, to ensure the industry's stable operation and development [5] Asset Management - As of 2025, insurance asset management products directed towards the medical sector have exceeded 150 billion yuan, with direct investments in healthcare and elderly care nearing 30 billion yuan, supporting various sub-sectors such as biotechnology and medical devices [8] Service Expansion - The establishment of the Health Management Company by PICC aims to integrate health insurance with health management, creating a comprehensive health service network and contributing to the development of long-term care insurance [9] - The collaboration between healthcare and insurance sectors is exemplified by the successful service model of the Peking University Health Group, which has achieved high patient satisfaction rates [10]

Core Viewpoint - The health insurance sector in China is experiencing significant growth and transformation, driven by policy support and market demand, with a focus on high-quality development and integration into the broader health ecosystem [1][2][3]. Expansion of Coverage - The commercial health insurance market has seen an average annual growth rate of over 20% in the past decade, with more than 11,000 medical insurance products available, providing robust support for public health [2]. - By 2025, it is estimated that commercial health insurance will incur approximately 14.7 billion yuan in total claims for innovative drugs and medical devices, reflecting a compound annual growth rate of 70% over four consecutive years [2]. Regulatory Guidance - The "Guiding Opinions" issued by the National Financial Regulatory Administration aims to optimize existing policies and clarify future directions for health insurance, emphasizing specialized and professional operations [3]. - The insurance industry is encouraged to enhance collaboration with the health industry and support flexible payment methods for innovative medical technologies [3]. Claims Efficiency Improvement - In 2025, ZhongAn Insurance reported a total claim payout of 17.9 billion yuan, processing approximately 2.9 million claims daily, with a focus on leveraging technology to enhance claims service efficiency [4]. - AI integration in the claims process has enabled over 90% of health insurance users to submit claims with minimal effort, significantly improving transparency and user trust [4]. Infrastructure Development - The establishment of robust infrastructure is crucial for the sustainable operation of the health insurance industry, with a focus on data-driven services such as product verification, risk management, and claims support [5]. - The China Banking and Insurance Information Technology Management Company is enhancing product registration and monitoring industry risks through intelligent systems [5]. Asset Management and Investment - As of 2025, insurance asset management products directed towards the medical sector have exceeded 150 billion yuan, with investments in various healthcare-related fields [8]. - Insurance funds are playing a vital role in supporting the upgrade of the healthcare and elderly care industries, contributing to the development of new productive forces [7][8]. Service Space Expansion - The health insurance sector is evolving to include preventive care and health management, with companies like PICC Health establishing health management subsidiaries to integrate insurance with health services [9][10]. - The collaboration between insurance and healthcare providers is yielding positive results, enhancing patient satisfaction and reducing claims costs through coordinated care [9][10]. Industry Collaboration - The China Insurance Industry Association is actively promoting cross-industry collaboration and developing standardized terms for commercial health insurance, aiming for a cooperative development model with the healthcare sector [10].

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending an "Overweight" for the insurance sector [9]. Core Insights - The report highlights a vibrant performance in the securities industry, with a daily average trading volume of 30.6 billion yuan in A-shares and a financing balance stabilizing at 2.7 trillion yuan, reaching a new high [12][13]. - The China Securities Regulatory Commission (CSRC) plans to expand the types of strategic investors, allowing specific institutional investors to participate as strategic investors, which is expected to enhance long-term capital inflow into the market [12][14]. - The insurance sector shows a recovery trend, with leading companies like China Life Insurance seeing significant stock price increases, indicating potential for further valuation recovery [27]. - The banking sector is experiencing a preemptive credit issuance at the start of the year, with banks like Qingdao Bank and Xiamen Bank reporting strong earnings growth, which is expected to support net interest margins throughout the year [31][32]. Summary by Sections Securities - The report emphasizes the strong performance of leading brokerage firms, with notable earnings forecasts for 2025, including a 40% increase in net profit for CITIC Securities and a 69%-73% increase for Guotai Junan [15][16]. - Recommended stocks include top brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional brokerages like Guoyuan Securities [3][13]. Insurance - The insurance sector is recommended for investment, particularly in leading companies. The report notes that the overall market sentiment remains high, with opportunities for beta trading in the insurance sector [27]. - Investors with higher risk tolerance are encouraged to consider high-elasticity combinations represented by companies like Xinhua Insurance, while conservative investors may focus on stable companies like Ping An Insurance and China Life Insurance [27]. Banking - The banking sector is highlighted for its strong performance, with Qingdao Bank reporting an 8.0% increase in revenue and a 21.7% increase in net profit, indicating improved asset quality [32]. - The report suggests that the preemptive credit issuance by regional banks and the benefits from high-interest deposits maturing will support net interest margins [33]. - Recommended banking stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, as well as larger banks like Shanghai Bank and Industrial and Commercial Bank of China [3][31].

保险工 2026 年 02 月 01 日 相关研究 券研究报 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 目 孙冀齐 A0230523110001 sunjq@swsresearch.com 申万宏源研究微信服务号 证监会拟放松战略投资者限制 长期入市再迎政策支持 —《证券期货法律适用意见第 18 号》征求意见稿点评 证监会拟放松战略投资者限制,中长期资金入市再迎政策支持。1 月 30 日,证监会发布《关 于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三条、第四十 条、第五十七条、第六十条有关规定的适用意见 -- 证券期货法律适用意见第 18号）的决定 (征求意见稿)》(简称《征求意见稿》)，拟放松战略投资者限制。2025年 1 月 22 日，六部 门联合印发《关于推动中长期资金入市工作的实施方案》(简称 《实施方案》)，提出要允许 公募基金、商业保险资金、基本养老保险基金、企（职）业年金基金、银行理财等作为战略 投资者参与上市公司向特定对象发行股 ...