但大盘的整体强势并非人为可以逆转，最终上证指数收涨 0.72%，深证成指涨 1.29%，创业板指涨 1.4%；个股层面，3575 家上涨，1557 家下跌，全市场成交量达 2.45 万亿，较前一交易日有所放大。 来源：沃伦财经 盘面原本走势向好，却突发变脸。 午间收盘时，上证指数触及全天高点约 4167 点，涨幅约 1.2%；不料午后开盘，"YYDS"便蜂拥而出， 一秒钟发生了集体砸盘的现象，其中招商银行、华泰证券、中国人寿，以及中石油、中国移动瞬间跳 水，硬生生的逆转了指数的上行态势。持续的卖盘涌现，在盘面上形成了明显的下行导向，尽管指数在 14 ： 30 分左右企稳，最终收于 4147 点左右，午后跳水幅度达 0.8%左右，此次盘面异动的人为操盘痕 迹昭然若揭，资金控制指数节奏的意图十分明确。 主力资金流向则出现显著变化，午间收盘时主力资金仍净流入约 50 亿元，午后却转为净流出 177 亿 元，其中沪市净流出额达 151 亿元。低估值、绩优、低位的板块，成为主力调控指数的工具，这也让价 值投资、理性投资、长期投资的理念，再次成为对投资者的考验，考验着投资者对投资理念的理解、承 压能力与坚持的定力。 板块 ...

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].

综观两地罚单，违规行为呈现出清晰的共性。一方面，"编制虚假资料"与"虚构中介业务套取费用"均指 向财务和业务数据的真实性缺失，属于监管长期重点关注的"五虚"问题范畴。另一方面，"欺骗投保 人"与"给予合同外利益"则直接侵害了消费者合法权益，是损害行业公信力的典型行为。从处罚对象 看，监管的触角已实现全面穿透，从省级、市级分公司一直延伸到支公司负责人乃至一线销售人员，体 现了监管的深度与决心。 与此形成鲜明对比的是中国人寿亮眼的业绩表现。根据其2025年第三季度报告，公司前三季度实现归属 于母公司股东的净利润高达1678.04亿元，同比大幅增长60.5%；总投资收益达到3685.51亿元，同比增 长41.0%，总投资收益率提升至6.42%；总保费收入为6696.45亿元，同比增长10.1%。公司将增长归功于 资产与负债的联动管理以及积极把握市场机会、加大权益资产配置。截至报告期末，公司总销售人力保 持在65.7万人，其中个险渠道人力60.7万人，队伍规模持续领先行业。 然而，这份华丽的成绩单与基层频频暴露的合规漏洞形成了强烈反差。湖北两名代理人被终身禁业，暴 露出在庞大的销售队伍扩张过程中，人员素质培养与行为管 ...

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 ...

Core Viewpoint - The article emphasizes the role of financial services in bridging the emotional and physical distance between Taiwan and the mainland, highlighting the importance of deepening cross-strait integration and development through financial support and innovative insurance solutions [1][2][3]. Group 1: Financial Services and Policies - China Life Insurance Company is actively implementing policies that align with the central government's directives to enhance the welfare of Taiwanese compatriots and promote cross-strait integration [2][3]. - The company has introduced 12 key measures to optimize the financial environment for Taiwanese enterprises and improve their financial needs, as outlined in the 2025 initiatives by the People's Bank of China and the State Administration of Foreign Exchange [3]. - By 2025, China Life has served 104 Taiwanese enterprises, providing insurance coverage for 10,000 Taiwanese individuals with a total risk coverage amounting to 3.699 billion yuan [4]. Group 2: Innovative Insurance Solutions - China Life has launched the "Taiwan Family Worry-Free Insurance" program, which offers comprehensive coverage for Taiwanese entrepreneurs, including accident, health, and critical illness insurance [6][7]. - The company has developed various insurance products tailored to the needs of Taiwanese individuals and enterprises, providing over 414 million yuan in coverage for students and 384 million yuan for Taiwanese village officials in Pingtan [9]. Group 3: Service Optimization and Technology - China Life has established dedicated service windows for Taiwanese clients, offering services in traditional Chinese and local dialects, and has implemented a "one-day compensation" green channel for claims [10][11]. - The company has set up 24 dedicated service counters in Fujian, enhancing service accessibility and efficiency for Taiwanese clients [11]. Group 4: Community Engagement and Emotional Connection - China Life has organized community activities to foster emotional connections between Taiwanese enterprises and the mainland, such as the "Winter Warmth, Friendship Across the Strait" event, which included financial education and free accident insurance for workers [15][16]. - The company aims to create a supportive environment for Taiwanese enterprises, enhancing their sense of security and belonging through various initiatives [16].

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 ...