记者丨曹媛 编辑丨孙超逸 | 证券代码 | 证券简称 | 涨跌幅 | 收盘价 | 总市值 | | --- | --- | --- | --- | --- | | | | [单位] % | [单位] 元 | [单位] 亿元 | | 601318.SH | 中国平安 | 4.9601 | 67.08000 | 12.146.6063 | | 601319.SH 中国人保 | | 2.8070 | 8.79000 | 3,887.2888 | | 601336.SH | 新华保险 | 2.5995 | 69.07000 | 2,154.6708 | | 601601.SH 中国太保 | | 3.5042 | 39.58000 | 3.807.7311 | | 601628.SH | 中国人寿 | 1.5673 | 46.01000 | - 13.004.5908 | （记者曹媛/制图） 今日保险股逆势走强，核心是政策利好释放、行业基本面改善、机构看好助推估值修复等 多重因素共振。 消息面上，12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通 知》，调整了保险公司部分业务的风险因子： 一是持仓时间 ...

2025年12月以来保险板块估值修复行情持续升温。 12月15日，保险板块表现强势，万得保险指数涨幅4.31%，成分股集体走高。其中，中国平安以A股涨幅4.96%、H股涨幅2.9%，领涨保险板块并创下近4 年新高。 | | | 保险公司当日涨幅 | | | --- | --- | --- | --- | | 代码 | 名称 | 现价 | 涨跌幅 | | 601318 | 中国平安 | 67.08 c | 4.96% | | 601601 | 中国太保 | 39.58 c | 3.50% | | 601319 | 中国人保 | 8.79 c | 2.81% | | 601336 | 新华保险 | 69.07 c | 2.60% | | 601628 7 00 0 | 中国人寿 | 46.01 c | 1.57% | 行情火爆的背后，是机构资金的集体看多：摩根士丹利重申对平安的"增持"评级，目标价由70港元升至89港元；中金预计其将引领行业下轮估值修复，将 平安的A股和H股目标价分别上调至89.8元和99.4港元，均维持"跑赢行业"评级；中信证券将其列为高切低轮动精选个股；瑞银重申中国平安为行业首选， 并给予"买 ...

作者 | 贝隆行业研究 数据支持 | 勾股大数 据（www.gogudata.com） 2025年12月以来保险板块估值修复行情持续升温。 12月15日，保险板块表现强势，万得保险指数涨幅4.31%，成分股集体走高。其中，中国平安以A股涨幅4.96%、H股涨幅2.9%，领涨保险板 块并创下近4年新高。 | | | 保险公司当日涨幅 | | | --- | --- | --- | --- | | 代码 | 名称 | 现价 | 涨跌幅 ▼ | | 601318 | 中国平安 | 67.08 c | 4.96% | | 601601 | 中国太保 | 39.58 c | 3.50% | | 601319 | 中国人保 | 8.79 с | 2.81% | | 601336 | 新华保险 | 69.07 с | 2.60% | | 601628 7 47 2 2 2 1 2 1 2 | 中国人寿 | 46.01 с | 1.57% | 行情火爆的背后，是机构资金的集体看多：摩根士丹利重申对平安的"增持"评级，目标价由70港元升至89港元；中金预计其将引领行业下轮估 值修复，将平安的A股和H股目标价分别上调至89.8元 ...

【环球网财经综合报道】12月15日，中国平安保险（集团）股份有限公司（601318.SH / 2318.HK）A、H股股价双双强势上扬，A股盘中一度大 涨近5%，H股涨幅逼近3%，双双刷新自2021年6月以来的四年新高纪录。作为保险板块的绝对龙头，中国平安的卓越表现点燃了市场热情，引领 中国太保、新华保险、中国人寿等保险股集体走强，宣告保险板块的估值修复行情正进入加速阶段。 从公司基本面来看，中国平安的"攻守兼备"特质尤为突出。公司管理层多次引导投资者关注剔除短期投资波动后的"营运利润"这一长期质量指 标。值得注意的是，其账面上数千亿元的股票投资浮盈虽未完全计入当期利润表，但已显著增厚了公司的净资产，并为未来持续稳定的分红提供 了坚实保障。目前，中国平安的股息率仍维持在4%以上，这种兼具成长潜力与高股息回报的属性，使其在当前市场环境中备受投资者青睐。 在股价强劲表现的背后，是国内外顶尖投资机构形成的明确共识。摩根士丹利已将中国平安列为重点推荐名单，并大幅上调其A、H股目标价， 认为市场此前担忧的负面因素正在消退，公司有望精准把握财富管理、医疗健康及养老服务的核心发展机遇。中金公司亦发布深度报告，宣告寿 险行业 ...

个股层面，中国平安作为保险龙头股之一， 受益于低利率时代分红险畅销等负债驱动，以及资产端大幅提升权益仓位收益可观，同时还有稳定分红，目前 股息率还在4%以上，属于攻守兼备的品种。 行业消息层面，国家金融监管总局近日下调保险公司相关业务风险因子，为险企释放更多长期投资资金;资金层面，摩根士丹利、中金公司、中信证券等国 内外卖方机构先后发布研报，将中国平安重新列入"推荐""买入"，预测中国平安将引领保险行业下一轮的估值修复。中国平安A、H股大涨 截至发稿，$中国平安 (601318.SH)$A股上涨近5%，$中国平安 (02318.HK)$H股上涨近3%，盘中股价一度分别触及67.9元/股和66.25港元/股，股价均创下四 年新高。 继12月5日股价单日大涨5.88%之后，中国平安再次引领保险股上涨。 今日，中国平安A、H股齐涨，截至发稿，$中国平安 (601318.SH)$A股上涨近5%，$中国平安 (02318.HK)$H股上涨近3%，盘中股价一度分别触及67.9元/股 和66.25港元/股，均创下2021年6月以来的股价新高。 实际上，中国平安近年来加大了对权益投资的押注，而股票投资浮盈虽未计入净利润，但增 ...

无独有偶，国内头部券商中信证券也刚刚发布研报，对保险板块表达了极为正面的看法，认为行业正面临重大机遇。中信证券指 出，保险行业已率先从"资产负债表衰退"的悲观叙事中走出，正式确立了良性扩张的周期性趋势。数据显示，保险行业净资产从 2024年初的2.7万亿元快速增长至2025年9月的3.7万亿元，资产负债表呈现出健康的扩张态势。 展望未来，中信证券认为，保险行业的向上趋势将在2026年进一步加强。一方面，分红险作为主力产品将更加畅销，银保渠道在 份额集中和总量增长上仍有巨大空间；另一方面，作为"耐心资本"的主力军，险资将受益于债券利率低位波动和股市慢牛的市场 格局。据其测算，保险业每年面临的增量投资资产与到期再配置资产规模合计高达5万亿元至6万亿元，这笔庞大的资金将为资本 市场提供坚实支撑，同时也为险企自身投资收益带来想象空间。 对于这轮由外资投行点燃的保险股行情，一位资深市场分析师表示，保险行业的基本面改善已经持续了几个季度，但估值一直处 于历史低位。此次报告的核心价值在于，它系统地验证了行业转型的成功，并清晰指明了未来的增长路径，从而坚定了投资者的 看多信念。 他进一步分析道："这不仅仅是中国平安的独立行情 ...

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The report highlights a recent merger announcement by China International Capital Corporation (CICC) to absorb Dongxing Securities and Xinda Securities through a share swap, indicating a trend towards consolidation among leading brokerages [2][4] - In the insurance sector, the third-quarter reports confirm a shift towards equity investments and improved cost structures, suggesting a higher certainty of ROE improvement and potential for accelerated valuation recovery [2][4] - The overall cost-effectiveness of investment in the sector is gradually increasing, with ongoing revaluation of the sector [4] Summary by Sections Brokerage Sector - CICC's merger with Dongxing and Xinda Securities reflects a long-term trend of concentration among top firms [4] - The brokerage sector is expected to see a gradual recovery in profitability as commission rates stabilize [41] Insurance Sector - The insurance industry reported significant growth in value, premiums, and profits, with a cumulative premium income of CNY 52,146 billion in September 2025, marking an 8.76% year-on-year increase [23][24] - The report emphasizes the stability of dividends and profit growth in companies like Jiangsu Jinzu and China Ping An, which are recommended for investment [4] Market Performance - The non-bank financial index decreased by 4.4% this week, with a year-to-date increase of 2.8%, indicating a mixed performance relative to the broader market [5][19] - The average daily trading volume in the market has decreased to CNY 18,650.36 billion, down 8.75% from the previous period [41] Financing Activities - In October 2025, equity financing increased to CNY 501.42 billion, a 20.4% rise, while bond financing decreased to CNY 6.56 trillion, a 19.2% drop [53] - The report notes a decline in the issuance of collective asset management products, with a new issuance of 4.183 billion units in October, down 37.3% [56]

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Insights - In September, the growth rate of life insurance premiums declined, while all types of property insurance showed improvement [1] - The report anticipates that the high growth pattern of premiums for the year has been largely established, with optimistic expectations for new premium growth in 2026 due to sustained market demand [5] - The health insurance sector saw a positive growth rate in Q3, with September showing an increase compared to August [5] - The property insurance sector reported a year-on-year premium growth of 4.9% for the first nine months of 2025, with significant improvements in both auto and non-auto insurance [5] - The report highlights that both liability and asset sides of the insurance companies are continuously improving, indicating substantial upward valuation potential [5] Summary by Sections Life Insurance - Q3 saw a year-on-year premium growth of 25%, but September's growth rate turned negative at -4.2% due to short-term demand effects from product switching [5] - For the first nine months of 2025, the original premium income for life insurance reached CNY 40,895 billion, a year-on-year increase of 10.2% [5] Health Insurance - Health insurance premiums increased by 2.5% year-on-year for the first nine months, with Q3 showing a positive growth rate of 2.8% [5] - The China Banking and Insurance Regulatory Commission's recent guidelines are expected to stimulate further growth in the health insurance market [5] Property Insurance - Property insurance premiums reached CNY 13,712 billion for the first nine months, with a year-on-year growth of 4.9% [5] - The report notes a significant improvement in non-auto insurance premiums, with September showing a year-on-year increase of 9.6% [5] Market Outlook - The report suggests that the market demand remains strong, with expectations of continued optimization in liability costs and improved profitability for leading companies [5] - Current valuations for the insurance sector are at historical lows, with estimates for 2025E PEV ranging from 0.56 to 0.92 times and PB from 1.07 to 2.07 times [5]

Core Viewpoint - The insurance sector in the A-share market has seen a collective rise, driven by positive earnings reports and favorable market conditions for insurance companies [1][2]. Group 1: Market Performance - On August 29, the insurance sector rose over 2%, with notable increases in stock prices: New China Life Insurance up 6.17%, China Pacific Insurance up 2.28%, and China Life Insurance up 1.25% [1][2]. - The overall increase in the insurance sector was 2.22%, with China Life Insurance and China Pacific Insurance also showing significant gains [1][2]. Group 2: Earnings Reports - The five major listed insurance companies reported a total net profit of 178.19 billion yuan for the first half of the year, marking a year-on-year increase of 3.7% [2][3]. - New China Life Insurance reported a net profit of 14.8 billion yuan, a 33.5% increase year-on-year, while China Life Insurance saw a 6.9% increase to 40.93 billion yuan [3]. Group 3: Business Performance - The new business value for life insurance companies has significantly improved, with New China Life Insurance's new business value increasing by 58.4% to 6.18 billion yuan [3]. - The comprehensive cost ratio for property insurance at PICC was 95.3%, the best level in nearly a decade, indicating improved profitability in the sector [3]. Group 4: External Factors and Future Outlook - The rise in insurance stocks is attributed to favorable external policies and a positive industry outlook, with the insurance sector benefiting from China's high-quality economic development [4][5]. - Regulatory improvements and policy measures have enhanced the stability and sustainability of the insurance industry, contributing to the positive market sentiment [5].

Group 1 - China Ping An Insurance has increased its stake in China Pacific Insurance (Group) Co., Ltd. H shares by approximately 1.74 million shares at a price of HKD 32.0655 per share, totaling around HKD 55.839 million, resulting in a 5.04% ownership stake in the H shares, triggering a mandatory disclosure under Hong Kong market rules [1] - This marks the first instance of an insurance company acquiring a stake in a peer company in six years, indicating a positive outlook on the industry’s development [1][2] - The last similar acquisition occurred in 2019 when China Life Insurance Co., Ltd. acquired shares in China Pacific Insurance [2] Group 2 - China Pacific Insurance is projected to achieve a revenue of CNY 404.089 billion in 2024, representing a year-on-year growth of 24.7%, with a net profit of CNY 44.96 billion, reflecting a 64.9% increase [2] - The latest annual dividend yield for China Pacific Insurance H shares is 4.68%, with the share price closing at HKD 36 on August 14, 2023, up 4.71% from the previous trading day, and a year-to-date increase of 49% [2] - Analysts suggest that the acquisition by China Ping An signals that insurance capital, as long-term funds, is also focusing on insurance stocks, which are considered part of the "dividend" category [2][3] Group 3 - The recent strong performance of insurance stocks in the secondary market has attracted investor attention, with A-share insurance companies experiencing a minimum increase of 9.8% and a maximum of 30.1%, while H-share insurance companies saw a minimum increase of 29.6% and a maximum of 80.8% from April 1 to August 14 [4] - Despite the higher price increases in H shares compared to A shares, H shares are still trading at a discount, which is one reason for the acquisition by insurance companies [4] - Institutional investors are expected to increase their allocation to insurance stocks due to their low valuations and high dividend rates, which appeal to investors seeking stable returns [4] Group 4 - The insurance industry has recognized and responded to the risks associated with interest rate spreads, leading to measures such as lowering product preset interest rates and adjusting product structures [5][6] - Regulatory bodies have implemented policies to alleviate financial pressures on the industry, enhancing operational resilience, while also signaling support for capital market confidence [5][6] - Despite the potential for growth, the insurance industry still faces challenges, including capital and profitability pressures [6]