智通财经APP获悉，华创证券发布研报称，展望2026年，该行认为分红险转型加速或带动寿险销售超预 期。从需求端来看，2025年9月预定利率非对称下调之后，分红险"看涨期权"吸引力明显提升;同时， 2024-2025年权益市场活跃助力分红险实现更高的实现率，对销售形成正反馈;从资金面来看，存款搬家 量级或有望超预期，分红险提供中长期理财工具，"固收+浮动"结算属性或为低风偏客群提供抵御利率 风险路径。财险方面，持续看好非车险报行合一对行业COR的优化作用。 人身险公司：寿险单月降幅收敛，工作重心预计逐步由收官迈入2026年开门红。 风险提示：政策变动，自然灾害加剧，长期利率持续下行，权益市场震荡。 财产险公司：多数险种累计增速环比下降，健康险增幅持续提升。 华创证券主要观点如下： 2025年1-11月，财产险公司实现原保费收入16157亿元，同比+3.9%，增速环比-0.1pct。其中，车险占比 52%，健康险13.5%，农险9%，责任险8%，意外险3%。车险1-11月累计保费8432亿元，同比+3.1%，环 比-0.1pct，部分受汽车市场销量影响。单11月汽车销量343万辆，同比+3.4%，环比-5.4pc ...

Core Viewpoint - The insurance sector is experiencing a positive trend, with significant stock price increases for major companies, driven by favorable market conditions and regulatory changes [1] Group 1: Stock Performance - Xinhua Insurance (01336) increased by 4.65%, reaching HKD 51.05 - China Pacific Insurance (02601) rose by 4.34%, reaching HKD 36.1 - Ping An Insurance (02318) saw a 3.37% increase, reaching HKD 65.9 - China Life Insurance (02628) grew by 2.4%, reaching HKD 28.98 [1] Group 2: Market Outlook - Guojin Securities maintains a positive recommendation, citing an upward trend in the "opening red" season, with expectations of double-digit growth in new single premiums and NBV due to the upcoming maturity of a large number of fixed deposits [1] - The attractiveness of dividend insurance is highlighted for low-risk investors seeking long-term wealth preservation and growth, with major companies expected to increase market share amid a shift in the industry [1] Group 3: Regulatory Impact - Shenwan Hongyuan Securities reports that recent regulatory adjustments have lowered risk factors for insurance companies holding long-term equity assets, potentially releasing over RMB 100 billion in incremental capital [1] - The report emphasizes that with enhanced capital allocation willingness, high-dividend sectors with stable returns will become a key focus for insurance capital [1]

Core Viewpoint - The insurance industry is witnessing a significant shift towards dividend insurance products as the main focus for the "opening red" marketing campaign in 2026, driven by low interest rates on fixed-income products and the competitive advantages of dividend insurance [1][2][9]. Group 1: Market Trends - Dividend insurance products are becoming the absolute mainstay of the "opening red" market, with over 70% of clients now actively inquiring about these products due to declining fixed-income product attractiveness [2][10]. - The current five-year bank deposit rate has dropped to 1.3%, while low-risk investment returns hover around 2%, making the guaranteed returns of 1.5% to 1.75% from dividend insurance more appealing [2][10]. - As of October, dividend insurance products accounted for 47.80% of all life insurance products and 48.32% of annuity insurance products available for sale [3][11]. Group 2: Product Differentiation - Insurance companies are innovating in product design and value-added services, with some extending the maximum insurable age for certain annuity products to 75 years, breaking traditional age barriers [4][12]. - Flexible payment and benefit collection options are being introduced, allowing for tailored financial planning for different families [4][12]. - The entry threshold for some products has been significantly lowered, such as reducing the one-time payment requirement from 200,000 to 100,000, making it more accessible for average families [4][12]. Group 3: Integration of Services - The integration of insurance with health and wellness services is emerging as a new competitive arena, transforming dividend insurance from a standalone product into a gateway for various services [5][13]. - Companies like Xinhua Insurance are developing comprehensive service ecosystems that include medical, health, and financial services, enhancing the overall value of their products [5][13]. - The broad connection of products and services is helping companies meet diverse customer needs and expand into a more comprehensive ecosystem beyond mere risk compensation [5][13]. Group 4: Sales and Regulatory Challenges - The complexity of dividend insurance products poses challenges for sales personnel, who must effectively communicate the product's design and investment logic to consumers accustomed to guaranteed returns [6][14]. - Regulatory bodies have issued guidelines to ensure that insurance companies balance guaranteed rates with actual investment returns, preventing misleading high projections in competitive practices [6][14]. - The success of dividend insurance during the "opening red" period will largely depend on the investment profitability of insurance companies, necessitating a rational approach from consumers [7][15].

Group 1 - The A-share market saw a strong performance in insurance stocks, with China Ping An leading the gains at 2.6%, followed by New China Life and China Pacific Insurance, both rising over 2% [1] - The regulatory body, the National Financial Regulatory Administration, recently lowered the risk factors for insurance companies holding certain equity assets long-term, effective from December 5, 2025 [1] - This policy is seen as a measure to encourage long-term capital into the market, providing "additional equity allocation incentives" for some insurance companies [1] Group 2 - CICC's report on the outlook for the insurance industry in 2026 indicates a return to a golden development period for the life insurance sector, with a more positive trend in liabilities [1] - The investment logic in the industry is shifting from seeking revaluation of existing business to providing valuation premiums for growth capabilities, suggesting that high-quality life insurance companies may see a resurgence [1]

Core Viewpoint - The A-share market's insurance stocks have shown strong performance, driven by regulatory changes that lower risk factors for long-term equity holdings by insurance companies, encouraging long-term capital investment [1][2]. Group 1: Market Performance - Insurance stocks collectively strengthened, with China Ping An leading the gains at 2.6%, followed by New China Life and China Pacific Insurance, both rising over 2% [1]. - Year-to-date performance shows significant increases, with China Ping An up 26.37%, New China Life up 42.22%, and China Pacific Insurance up 16.02% [2]. Group 2: Regulatory Changes - The National Financial Regulatory Administration announced a policy on December 5, 2025, adjusting risk factors for insurance companies holding specific A-shares for a certain period, which will positively impact their solvency ratios [1]. - This policy is seen as a measure to encourage long-term capital into the market, providing additional incentives for insurance companies to increase equity allocations [1]. Group 3: Industry Outlook - CICC's report anticipates a "golden era" for the life insurance industry by 2026, with a more positive trend in liabilities and a shift in investment logic towards valuing growth capabilities [1]. - High-quality life insurance companies are expected to regain their valuation targets, with P/EV ratios projected to exceed 1.0x [1].

Core Viewpoint - The article discusses the performance of the insurance sector during the "opening season" and provides insights into the spring market trends, indicating potential investment opportunities in this area [2]. Group 1: Insurance Sector Performance - The insurance industry has shown strong growth, with a notable increase in premiums collected during the opening season, reflecting a positive market sentiment [2]. - Specific data indicates that the total premium income for the insurance sector reached a significant milestone, highlighting the sector's resilience and growth potential [2]. Group 2: Spring Market Trends - The article outlines the emerging trends in the spring market, suggesting that investor confidence is gradually returning, which could lead to a bullish market phase [2]. - It emphasizes the importance of monitoring key economic indicators that may influence market movements in the upcoming months [2].

Core Viewpoint - The article emphasizes the adjustment of risk factors for insurance companies, encouraging long-term investments in specific equity indices and stocks, while highlighting the potential for a significant increase in equity allocation space due to these adjustments [2][3]. Group 1: Risk Factor Adjustments - The risk factors for holding stocks in the CSI 300 and the CSI Dividend Low Volatility 100 indices for over three years, as well as for the Sci-Tech Innovation Board for over two years, have been reduced to 90% [3]. - This adjustment is seen as a policy to encourage long-term capital entry into the market, particularly benefiting state-owned insurance companies that have already allocated a high proportion of new premiums to the market [3]. - The reduction in risk factors is expected to release an equity allocation space in the range of hundreds of billions, which is crucial for increasing the equity investment ratio of insurance funds [3]. Group 2: Spring Market Outlook - The spring market is anticipated to be a small-scale rally, potentially characterized by high-level fluctuations, with a focus on the technology sector and cyclical assets [4]. - The market is expected to react to policy layouts starting from mid-December, which may trigger the spring rally, alongside the "insurance opening red" phenomenon [4]. - The overall market sentiment is cautious, with expectations of a rebound in the technology sector as it transitions from a correction phase to a consolidation phase [4]. Group 3: 2026 Market Style and Rhythm - The first half of 2026 is predicted to be a consolidation phase for the "Bull Market 1.0," favoring cyclical and value styles, while the second half is expected to transition into a comprehensive bull market led by technology and advanced manufacturing [5]. - The anticipated improvement in PPI year-on-year in 2026, along with cyclical price increases, positions cyclical assets as foundational for the spring market [5]. - There is a focus on high-dividend opportunities and the potential for a broad rebound in technology stocks, particularly in AI, storage, energy storage, and robotics [5].

Group 1 - The core viewpoint of the article indicates a collective rebound in insurance stocks, with notable increases in share prices for major companies such as China Pacific Insurance (up 3.23% to HKD 31.98), China Property & Casualty Insurance (up 2.15% to HKD 17.55), China Life Insurance (up 2.14% to HKD 27.7), and China Reinsurance (up 2.1% to HKD 6.82) [1] Group 2 - Multiple insurance companies have reportedly achieved or are close to achieving their sales targets for the year 2025, with a shift in focus towards preparations for the 2026 business year [1] - The main products being prepared for the 2026 kickoff are dividend-type life insurance products, indicating a strategic focus on this segment [1] Group 3 - According to a report by Guotai Junan, the impact of real estate on the asset side of insurance companies is limited, while signs of recovery on the liability side are becoming increasingly evident [1] - The report suggests that the 2026 opening will exceed expectations, with a positive outlook for the non-bank sector, particularly benefiting from increased household funds entering the market [1]

Group 1 - The core viewpoint of the report indicates a decline in the premium scale of life insurance companies in October, with a year-on-year decrease of 4.6%, attributed to a shift in focus towards preparations for the 2026 "opening red" campaign [1][2] - For the period from January to October 2025, the original premium of life insurance reached 42,519 billion yuan, showing a year-on-year increase of 9.6%, while the total premium was 48,010 billion yuan, up 8.8% year-on-year [1] - The report highlights that the market demand remains strong, with the expected growth in new single premiums due to the attractiveness of insurance products compared to bank deposits [2][5] Group 2 - In October, the health insurance premium showed a slight year-on-year increase of 0.5%, although the growth rate decreased by 2.8 percentage points compared to September [3] - The health insurance sector's share reached 21% by the end of October, up 0.4 percentage points from the end of September, indicating a positive trend in the market [3] - The China Banking and Insurance Regulatory Commission's recent guidelines are expected to stimulate growth in the health insurance market by supporting various product developments [3] Group 3 - The property insurance sector experienced a year-on-year decline of 5.5% in October, with both auto and non-auto insurance premiums decreasing [4] - The auto insurance premium growth turned negative in October, with a year-on-year decrease of 6.6%, influenced by a high base from the previous year [4] - Non-auto insurance premiums also saw a decline, with a year-on-year drop of 3.4% in October, reflecting pressures from regulatory changes and market conditions [4] Group 4 - The report notes improvements in both the liability and asset sides of the insurance companies, with significant upward potential in valuations [5] - The anticipated optimization of liability costs due to a shift in product offerings and a potential recovery in long-term interest rates could alleviate pressure on investment returns [5] - The insurance sector is currently undervalued, with estimated valuations for 2025 ranging from 0.55 to 0.94 times PEV and 1.07 to 2.00 times PB, indicating a historical low [5]

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Insights - In October 2025, the premium income for life insurance companies decreased, but the pre-sale for the "opening red" period is progressing steadily, indicating a positive outlook for new policy premium growth [5] - The total original premium for life insurance from January to October 2025 reached 425.19 billion yuan, a year-on-year increase of 9.6%, while the scale premium was 480.10 billion yuan, up 8.8% year-on-year [5] - The report anticipates that market demand remains strong, with the attractiveness of insurance products still evident compared to bank deposits, supporting optimistic expectations for new policy premium growth [5] Summary by Sections Life Insurance - In October 2025, the original premium scale for life insurance companies was 149.1 billion yuan, down 4.6% year-on-year, with the decline attributed to companies focusing on preparations for the 2026 "opening red" period [5] - The new investment contributions from policyholders increased by 2% year-on-year, with unit-linked insurance seeing a 17% increase [5] Health Insurance - Health insurance premiums in October 2025 increased by 0.5% year-on-year, with a total year-to-date increase of 2.3% [5] - The report notes that the China Banking and Insurance Regulatory Commission's recent guidelines are expected to stimulate growth in the health insurance market [5] Property Insurance - Property insurance premiums in October 2025 decreased by 5.5% year-on-year, with both auto and non-auto insurance experiencing declines [5] - The report highlights that the growth in auto insurance premiums is expected to be supported by the increasing penetration of new energy vehicles [5] Financial Performance - The report indicates that both liabilities and assets are continuously improving, with significant upward potential in valuations [5] - The estimated valuation for the insurance sector as of November 28, 2025, is between 0.55-0.94 times PEV and 1.07-2.00 times PB, which is considered historically low [5]