Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The non-bank financial index fell by 4.4% last week, underperforming the CSI 300 by 0.6 percentage points, with both brokerage and insurance indices showing a synchronized decline of 4.9% and 3.0% respectively [4][8] - The merger of CICC, Dongxing Securities, and Xinda Securities is expected to enhance market competitiveness and resource optimization, with the combined entity projected to exceed 1 trillion yuan in total assets by Q3 2025, ranking fourth in the industry [4] - The introduction of guidelines for expense allocation in life insurance products aims to promote reasonable pricing and refined management, enhancing the sustainability of insurance companies and protecting consumer rights [4] Summary by Sections Market Review - The Shanghai Composite Index decreased by 3.9%, while the Shenzhen Component Index fell by 5.1%, and the CSI 300 dropped by 3.8% last week [8] - The average daily trading volume of stock funds was 23,309 billion yuan, a decrease of 6.6% from the previous week [16] Brokerage Sector - The merger of CICC, Dongxing Securities, and Xinda Securities is a significant development, with expectations of further consolidation within the Huijin system to reduce competition and optimize resources [4] - The internationalization of brokerages is deepening, as evidenced by Guotai Junan's acquisition of an Indonesian securities firm [4] Insurance Sector - The release of the "Expense Allocation Guidelines" by the Actuarial Society aims to standardize pricing in life insurance products, enhancing transparency and fairness in the industry [4] - The guidelines are expected to improve the management of expenses and support the sustainable development of insurance companies [4] Investment Recommendations - For brokerages, it is suggested to focus on opportunities related to mergers and acquisitions, wealth management transformation, and innovative licensing [4] - For insurance companies, attention is drawn to large comprehensive insurers with competitive advantages under the new regulatory framework [4]

Core Viewpoint - The China Actuarial Association has released the "Guidelines for Expense Allocation of Life Insurance Products" to enhance the scientific and rational allocation of expenses in life insurance product pricing, aligning with the "reporting and operation integration" policy [1][2]. Group 1: Guidelines Overview - The guidelines define and categorize expenses related to life insurance business, distinguishing between variable expenses and fixed expenses that need to be allocated [2]. - Variable expenses are further divided into those paid to intermediaries or insurance sales personnel and other variable expenses, while fixed expenses refer to business and management fees excluding variable costs [2]. Group 2: Implementation and Impact - The guidelines specify the scope of expense allocation based on the nature and cause of expenses, providing methods for expense collection, identification, and allocation [2]. - Insurance companies are required to identify exclusive and shared expenses based on actual expenditures and beneficiaries, following the principle of "identify first, allocate later" to conduct expense recognition and allocation scientifically and rationally [2]. - The implementation of these guidelines is expected to improve the pricing of life insurance products, enhance expense management levels, and promote fair competition and high-quality development within the industry [2].

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

Core Viewpoint - The newly released guidelines by the China Actuarial Association aim to optimize the cost-sharing mechanism in the life insurance industry, transitioning from a "cost-driven" to a "value-driven" sales approach, enhancing long-term service and professional capabilities of intermediaries and sales personnel [1][4][7] Summary by Sections Guidelines Overview - The "Guidelines for Cost Sharing of Life Insurance Products" were published on November 21, focusing on the practical aspects of cost sharing in life insurance products and aligning with the "reporting and operation integration" requirements [1][4] Cost Definitions and Classifications - The guidelines categorize costs into variable costs and fixed costs for sharing, with variable costs including commissions and fees directly related to sales, while fixed costs encompass business and management fees not directly tied to sales [3][5] Exclusions from Cost Sharing - Four types of expenses are explicitly excluded from the cost-sharing framework: non-sales related expenses, asset management and custody fees, costs not directly attributable to insurance contracts, and identifiable non-recurring expenses [3][5] Need for Detailed Cost Sharing Mechanism - The guidelines respond to the increasing demand for a refined cost-sharing mechanism in the life insurance sector, particularly following the implementation of related policies in 2023, which have further regulated market order [4][6] Cost Recognition and Sharing Methods - The guidelines emphasize a "recognition before sharing" principle, detailing methods for cost recognition and sharing, including time survey methods, activity-based methods, and other reasonable approaches [5][6] Long-term Industry Impact - The implementation of these guidelines is expected to lead to a more transparent cost structure, reduce the mixing of non-insurance business costs into product costs, and enhance regulatory traceability of actual expense levels, ultimately promoting fair competition and high-quality development in the industry [5][7]

Investment Rating - The report suggests a focus on three main investment lines, particularly highlighting the potential for significant growth in the securities and insurance sectors [2][4]. Core Insights - The report indicates that the recent merger activities among major securities firms, such as the planned absorption of Dongxing Securities and Xinda Securities by CICC, are expected to enhance industry concentration and catalyze valuation recovery in the brokerage sector [1][43]. - It emphasizes the strong performance of listed brokers in Q3, with a current price-to-book ratio (PB) of 1.34x, recommending brokers with solid fundamentals but mismatched valuations [2]. - The report also highlights the promising growth prospects in the multi-financial sector, particularly for the Hong Kong Stock Exchange, which is expected to benefit from deepening connectivity and increased activity from A-share companies listing in Hong Kong [2]. Summary by Sections Securities Sector - The report notes a significant merger in the securities industry, with CICC planning to merge with Dongxing Securities and Xinda Securities, which is the third major merger in 2024, following the mergers of Guotai Junan and Haitong Securities, and Guoxin Securities acquiring Wanhe Securities [1]. - It highlights the expected impact of this merger on industry concentration and valuation recovery for the brokerage sector [1]. Insurance Sector - The report discusses the recent guidelines issued by the China Actuarial Society regarding the expense allocation for life insurance products, which aims to enhance the scientific and reasonable pricing of insurance products [3]. - It anticipates a double-digit growth in new premium income in the short term, supported by a decrease in liability costs and improved industry concentration in the long term [4]. - The report recommends focusing on leading insurance companies with strong business quality and low liability costs, as well as those undergoing transformation towards dividend insurance [4]. Market Review - The report provides a market review indicating that the CSI 300 index fell by 3.8%, with the non-bank financial sector declining by 4.4%, underperforming the index [10]. - It notes the performance of various sub-sectors, with securities and insurance stocks experiencing declines of 4.9% and 3.0%, respectively [10]. Data Tracking - The report includes data on brokerage activities, noting a decrease in average daily A-share trading volume to 18,650 billion yuan, a decline of 8.7% [15]. - It also highlights significant growth in the issuance of equity public funds and bond underwriting, with IPO and refinancing raising 902 billion and 8,623 billion yuan, respectively, in October 2025 [15].

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The insurance index fell by 3.06% this week, outperforming the broader market by 0.71 percentage points. Major insurance stocks experienced declines, with notable drops from Sunshine Insurance (-4.8%) and China Pacific Insurance (-4.57%) [1]. - The China Actuarial Society released the "Guidelines for Expense Allocation of Life Insurance Products," which aims to enhance the scientific management of expenses within insurance companies and supports the implementation of the "reporting and operation integration" policy [2][4]. - As of the end of 2024, 34 insurance asset management companies managed a total of CNY 33.30 trillion, reflecting a year-on-year growth of 10.60% [2]. - The report highlights that 172 insurance companies have disclosed their solvency data for Q3 2025, with 14 achieving an AAA risk rating, while 4 companies fell below solvency standards [2]. Summary by Sections Market Performance - The insurance sector's performance was characterized by a 3.06% decline in the insurance index, with individual stocks like China Life and Ping An also showing significant decreases [1]. Regulatory Developments - The newly released guidelines categorize life insurance business expenses into variable and fixed costs, specifying which expenses should not be allocated and providing methods for expense allocation [4]. Financial Data - The total market capitalization of the insurance sector is CNY 32,109.56 billion, with a circulating market value of CNY 22,103.29 billion [6]. Valuation Metrics - The report provides PEV valuations for major life insurance companies, with China Life at 0.83x and Ping An at 0.71x [5]. - For property insurance, the PB valuations are noted, with China Re at 0.58x and PICC at 1.2x [10]. Investment Recommendations - Short-term recommendations focus on companies with performance elasticity, suggesting investments in New China Life, China Property & Casualty, and China Life. Long-term recommendations include China Pacific Insurance and China Ping An based on fundamental and valuation considerations [10].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The non-bank financial sector is under pressure due to overall market adjustments, with the insurance sector outperforming the CSI 300 index [5] - Insurers are preparing for a positive outlook for the 2026 opening, with improvements in new policies and value rates, supported by stable long-term interest rates [6] - The brokerage sector continues to show high performance, with a focus on undervalued leading brokerages [5] Summary by Sections Insurance - The release of the "Guidelines for Expense Allocation of Life Insurance Products" aims to enhance expense management and improve shareholder value [6] - Insurers are expected to see growth in bank insurance channels and a shift towards dividend insurance, with new health insurance regulations likely increasing product ratios [6] - Long-term interest rates are stabilizing, and the cost of liabilities is expected to decrease, improving the overall profitability of insurers [6] Brokerage - CICC plans to merge with Dongxing Securities and Xinda Securities, aiming for economies of scale and improved shareholder returns [7] - The average daily trading volume of stock funds is reported at 23.3 trillion, reflecting a decrease of 6.6% [7] - The brokerage sector is expected to see significant ROE expansion, with continued low valuations presenting strategic investment opportunities [7] Recommended and Beneficiary Stocks - Recommended stocks include China Life H, Ping An, Huatai Securities, Guotai Junan, and others [8] - Beneficiary stocks include Tonghuashun and Jiufang Zhitu Holdings [8]

Core Viewpoint - The China Actuarial Association has released the "Guidelines for Cost Allocation of Life Insurance Products," aimed at enhancing the scientific and rational nature of cost allocation in life insurance product pricing, in line with government policies for high-quality development in the insurance industry [1][2]. Group 1: Cost Definition and Classification - The guidelines define product costs as expenses incurred by insurance companies in operating life insurance businesses, excluding taxes and additional charges, and categorize them into variable costs and allocated fixed costs [1][2]. - Variable costs are further divided into those paid to intermediaries or insurance sales personnel and other variable costs, while allocated fixed costs refer to business and management fees that need to be allocated to products [2]. Group 2: Cost Allocation Scope and Methods - The guidelines specify the scope of cost allocation based on the reasons for incurring costs and their nature [3]. - They outline methods for collecting, recognizing, and allocating costs, emphasizing a principle of "recognition first, allocation later," to ensure a scientific and rational approach to cost recognition and allocation in insurance products [3]. - The guidelines provide a unified standard for cost allocation in the industry, promoting better cost management and refined operations for insurance companies, which can lead to more accurate product pricing and reduced price irregularities in the market [3].

Core Insights - The article highlights significant developments in the insurance industry, including regulatory updates, company dynamics, and emerging trends in insurance products and services. Regulatory Dynamics - Seven departments support the development of specialized agricultural insurance for the silk industry [4] - The Ministry of Finance welcomes qualified German insurance companies to expand their business in China [8] - The Ministry of Finance has allocated a budget of 45.6 billion for agricultural insurance premium subsidies for 2026 [9] - The central bank maintains the 1-year and 5-year LPR at 3.0% and 3.5% respectively [10] - The Financial Regulatory Bureau reports that the balance of funds utilized by insurance companies reached 37.46 trillion, a 12.6% increase from the beginning of the year [11] Company Dynamics - Sunshine Life plans to invest 20 billion in establishing a pilot fund [23] - Sunshine Life has reduced its stake in Huishang Bank by 11.438 million shares [24] - China Life Insurance provided insurance coverage of nearly 83 trillion for strategic emerging industries in the first three quarters [29] - New China Life has been approved to increase its capital in New China Asset Management (Hong Kong) [30] - Dongwu Property Insurance's Beijing branch has been approved to commence operations [31] Industry Trends - The insurance asset management sector has seen a 10.6% year-on-year increase, managing over 33 trillion in funds [46] - The net profit of PICC Health surged by 200% in the first three quarters [47] - Sixteen insurance companies issued over 600 billion in bonds to supplement capital [49] - The insurance industry is experiencing a shift towards more flexible and innovative insurance products, including a new "per day" drone insurance product launched in Jiangsu [67] - The insurance sector is increasingly focusing on long-term care insurance and products tailored for the elderly [18][19] Personnel Changes - Huang Zhiwei has been approved as the chairman of China Merchants Jinhe Life Insurance [33] - The former general manager of Bank of China Samsung Life, Qiu Zhikun, is now acting chairman [34] - Zhang Yaohui has been appointed as the deputy general manager of Zhonghui Mutual Insurance [37] Product and Service Innovations - New China Life launched a celebratory version of its whole life insurance product, emphasizing dual growth advantages [64] - The 2026 Beijing Inclusive Health Insurance offers a 10% discount on medication purchases for policyholders [65] - Jiangsu has introduced a pioneering "per day" insurance product for drones, enhancing risk management in the low-altitude economy [67]

Core Viewpoint - The China Actuarial Association has released the "Guidelines for Expense Allocation of Life Insurance Products" to enhance the scientific and rational allocation of expenses in life insurance product pricing, aligning with the "reporting and operation integration" policy [1][2]. Group 1: Guidelines Overview - The guidelines define and categorize expenses related to life insurance business, distinguishing between variable expenses and fixed expenses to be allocated [2]. - Variable expenses are further divided into those paid to intermediaries or insurance sales personnel and other variable expenses, while fixed expenses refer to business and management fees excluding variable costs [2]. Group 2: Implementation and Impact - The guidelines specify the scope of expense allocation based on the nature and cause of expenses, providing methods for expense collection, identification, and allocation [2]. - By adhering to the principle of "identify first, allocate later," insurance companies are encouraged to scientifically and rationally conduct expense recognition and allocation [2]. - The implementation of these guidelines is expected to improve the efficiency of resource allocation, enhance expense management levels, and support the overall goal of reducing costs and increasing efficiency in the insurance industry [2].