二、新华人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年2月14日，国家金融监督管理总局山西监管局发布批复称，《新华人寿保险股份有限公司太原中 心支公司关于新华人寿保险股份有限公司古交支公司变更营业场所的请示》（新保并支发〔2026〕6 号）收悉。经审核，现批复如下： 一、同意新华人寿保险股份有限公司古交支公司将营业场所变更为：山西省太原市古交市金牛摩尔大厦 16层1-2号房间。 ...

一、同意新华人寿保险股份有限公司人民北路营销服务部将营业场所变更为：山西省太原市小店区坞城 街道南中环街426号2幢B座0502。 2026年2月14日，国家金融监督管理总局山西监管局发布批复称，《新华人寿保险股份有限公司太原中 心支公司关于新华人寿保险股份有限公司太原中心支公司人民北路营销服务部变更营业场所的请示》 (新保并支发〔2026〕5号)收悉。经审核，现批复如下： 二、新华人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

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].

证券保险ETF鹏华紧密跟踪中证800证券保险指数，中证800证券保险指数是在中证800指数的基础上， 选择证券保险行业内对应的证券作为指数样本，为投资者提供更多样化的投资标的。 数据显示，截至2026年1月30日，中证800证券保险指数(399966)前十大权重股分别为中国平安、东方财 富、中信证券、国泰海通、中国太保、华泰证券、中国人寿、新华保险、广发证券、招商证券，前十大 权重股合计占比65%。 MACD金叉信号形成，这些股涨势不错！ 消息面上，截至2月24日，今年以来已披露最新净值的保险资管产品共有1602只，其中今年以来实现区 间正收益的产品占比高达93.2%。从产品类型看，权益类保险资管产品收益表现亮眼，有近20只产品今 年以来区间收益率超10%。 国金证券指出， 2026年及中长期资负两端基本面呈向好趋势，存款搬家及市占率提升之下上市公司负 债端维持高景气，投资受益于市场上涨以及长债利率企稳，强贝塔及顺周期属性共同作用，估值提升仍 有空间，积极看好。重点推荐开门红表现较好，以及业务质地较好(负债成本低、资负匹配情况较好)的 头部险企。 截至2026年2月25日 13:13，中证800证券保险指数( ...

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].

较25Q3增长2.7%，延续稳健增长，债券及银行存款占比有所提升，权益类资产中股票持平、基金与长 股投占比略有下降。截至25Q4末，股票+基金+长股投比例达23.0%，较上年末提升2.6pct，对应规模合 计增加1.97万亿元，其中2025Q4单季新增约997亿元。分项来看，股票及基金规模合计5.7万亿元，占比 15.4%，全年新增1.60万亿元，四季度新增1,101亿元。1）债券：人身险与财产险公司合计配置债券占 比50.4%，较上年末/25Q3分别+0.9pct、+0.1pct，Q4单季增配幅度明显低于往年同期（23Q4、24Q4债券 占比分别环比提升1.2、1.1pct），利率震荡下险资阶段性放缓长久期债券增配节奏。2）股票：占比 10.1%，较25Q3基本持平，较上年末提升2.5pct；规模较25Q3及上年末分别增长1135亿和1.31万亿。四 季度配置增量有限，一方面受季节性因素影响，Q4保费流入占全年比重约10%，新增资金规模相对较 小；另一方面，权益市场震荡背景下，预计部分险企择机兑现浮盈。3）基金：占比5.3%，较25Q3下降 0.2pct，较上年末小幅提升0.1pct；规模较25Q3减少34 ...

行 业 报 告 险资配置跟踪系列（一） 2025 年核心权益资产增配显著 强于大市（维持） 行情走势图 非银行金融 相关研究报告 -15% -10% -5% 0% 5% 10% 15% 20% 25% 2025/02/24 2025/07/24 2025/12/24 非银金融 沪深300 【平安证券】行业年度策略报告-非银行金融-保险行 业 2026 年度策略：攻守兼备，乘势而上-强于大市 20251212 证券分析师 | 李冰婷 | 投资咨询资格编号 | | --- | --- | | | S1060520040002 | | | LIBINGTING419@pingan.com.cn | | 许 淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 平安观点： 证 券 研 究 报 告 行 业 动 态 跟 踪 报 告 2026 年 02 月 25 日 保险资金运用余额保持较快增长，债券增配节奏趋缓。截至 25Q4 末，保 险行业资金运用余额达 38.5 万亿元（YoY+15.7%），人身险和财产险公司 保险资金运用余额 37.1 ...

购买《保险新时代2024》 央行：5年期和1年期LPR均维持不变 2月24日，央行公布新一期贷款市场报价利率（LPR）：1年期LPR为3.0%，5年期以上LPR为3.5%，均 与上月持平。LPR自2025年5月下降以来，已连续9个月保持不变。 国家金融监管总局：2025年我国农业保险保费收入1555.5亿元，累计提供风险保障5.3万亿元 港股保险板块全线下挫，国寿寿险跌超6% 2月24日，港股保险股全线下跌，截至收盘，国寿寿险跌6.07%，报32.48港元；新华保险跌5.79%，报 57.00港元；阳光保险跌5.63%，报4.02港元；中国太保跌4.53%，报36.64港元；中国人保跌4.28%，报 6.71港元；中国太平跌4.44%，报23.66港元。 2025年全国法院受理保险纠纷39.2万件，同比增长21.3% 2月24日，最高人民法院民二庭庭长王闯在最高人民法院新闻发布会上表示，2025年，全国法院审结金 融类案件270.7万件，同比增长1.7%，全国法院受理保险纠纷39.2万件，同比增长21.3%。各地法院通过 多元化解纷、发布示范判决等方式，依法维护保险消费者合法权益。 2025年险企董监高薪酬分 ...

Vi e w p o i n t | 13 Feb 2026 18:25:31 ET │ 50 pages China Insurance FY25E Preview: Life NBV Robust; P&C CoR Improved; Earnings & DPS Solid Despite Challenges in 4Q25 CITI'S TAKE HK/China insurers' FY25E reporting season begins with AIA, Pru and ZhongAn on 19-March. For FY25E, we expect China life insurers to book very robust NBV LFL growth, with the top 3 CL/PA/CPIC at 38%/32%/28%, while we anticipate 35% for NCI (actual basis), 12% for Taiping Life and 70% for PICC Life. For the top 3 P&C insurers, we fo ...