Investment Rating - The report maintains a positive outlook on the insurance and brokerage sectors, suggesting an "Overweight" rating for both industries, indicating expected outperformance compared to the overall market [2][66]. Core Insights - The brokerage sector is experiencing a fundamental and valuation mismatch, with a recommendation to focus on leading firms benefiting from improved competitive dynamics [2][5]. - The insurance sector is poised for a systematic value reassessment, with significant regulatory changes expected to enhance asset-liability management practices [2][17]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,568.18 with a slight decline of -0.28% over the week, while the non-bank index rose by 2.90% [5]. - The brokerage, insurance, and diversified financial sectors reported gains of 1.01%, 7.03%, and 1.39% respectively [5]. Key Data in Non-Banking Sector - As of December 19, 2025, the average daily trading volume in the stock market was 18,033.77 billion yuan, reflecting a decrease of 15.23% compared to the previous month [41]. - The margin trading balance reached 24,993.66 billion yuan, an increase of 34.0% from the end of 2024 [15]. Brokerage Sector Insights - The report highlights the merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, marking a significant consolidation trend in the brokerage industry [2][29]. - The brokerage index's price-to-book ratio (PB) is currently at 1.38, indicating a low valuation compared to historical levels [2]. Insurance Sector Insights - The new asset-liability management regulations are expected to significantly impact the insurance industry, emphasizing the need for effective risk management and alignment of assets and liabilities [2][17]. - The insurance sector index increased by 7.03%, outperforming the Shanghai Composite Index by 7.30 percentage points [2]. Investment Recommendations - For the brokerage sector, the report recommends focusing on top-tier firms such as Guotai Junan, GF Securities, and CITIC Securities, which are expected to benefit from improved competitive conditions [2]. - In the insurance sector, companies like China Life, Ping An, and China Pacific Insurance are highlighted for their potential in the ongoing value reassessment [2].

Investment Rating - The report maintains an "Accumulate" rating for the insurance industry [1] Core Insights - The report discusses the introduction of the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" aimed at enhancing the asset-liability management capabilities of insurance companies and strengthening regulatory frameworks [2][3] - The draft includes five main aspects: defining asset-liability management goals and principles, standardizing governance structures, clarifying policies and procedures, establishing regulatory and monitoring indicators, and enhancing supervision [2][4] - The regulatory indicators set minimum standards for insurance companies, including coverage ratios and liquidity measures, which are designed to improve risk management and ensure better alignment between assets and liabilities [4][5] Summary by Sections Background - Prior to 2018, the asset-liability management regulations for insurance companies were fragmented and lacked specific constraints. The establishment of a comprehensive regulatory framework began with the issuance of various rules by the former insurance regulatory authority [3] - Recent changes in the external environment and internal conditions of the insurance industry necessitate a more robust asset-liability management framework, especially with the upcoming implementation of new accounting standards in 2026 [3] Content - The draft aims to integrate existing regulations and enhance the asset-liability management framework by introducing clear management goals, governance structures, and regulatory indicators [4] - Key regulatory indicators for property insurance companies include: 1. Coverage ratio of settled funds: minimum standard of 100% 2. Income coverage ratio: minimum standard of 100% 3. Liquidity coverage ratio under stress scenarios: minimum standard of 100% [4][6] - For life insurance companies, the draft specifies: 1. Effective duration gap: must not exceed 5 years or be less than -5 years 2. Comprehensive investment income coverage ratio: minimum standard of 100% 3. Net investment income coverage ratio: minimum standard of 100% 4. Liquidity coverage ratio under stress scenarios: minimum standard of 100% [4][7] Impact - The introduction of these measures is expected to enhance the asset-liability management capabilities of insurance companies, thereby improving their long-term operational resilience. The measures address existing gaps in management practices and regulatory standards [5] - By quantifying regulatory indicators and optimizing monitoring metrics, the draft aims to reflect the true economic value and risk levels of insurance companies, promoting better alignment of assets and liabilities [5]

关于《保险公司资产负债管理办法（征求意见稿）》的点评 监管助力保险公司强化资产负债匹配 glmszqdatemark 2025 年 12 月 20 日 [Table_Author] 分析师：刘雨辰 分析师：朱丽芳 邮箱：liuyuch@glms.com.cn 邮箱：zhulf@glms.com.cn 执业证书：S0590522100001 执业证书：S0590524080001 推荐 维持评级 相对走势 -20% -3% 13% 30% 2024/12 2025/6 2025/12 非银行金融 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 监管通过设立监管指标和监测指标以推动保险公司强化资产负债联动。2025 年 12 月 19 日，国家金融监管总局制定《保险公司资产负债管理办法（征求意见稿）》 （下文简称《办法》）并向社会公开征求意见。1）背景：《办法》是对保险新"国 十条"中提出的"强化资产负债联动监管"的落实，旨在推动保险公司强化资产 负债管理、加强与新会计准则间的衔接。2）《办法》的主要内容包括：①明确资 产负债管理目标包括期限结构匹配、成本收益匹 ...

版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 金融监管总局拟设多项监管指标完善险企资产负债管理 。 12月19日，金融监管总局就《保险公司资产负债管理办法（征求意见稿）》（下称《办法》）公开征求意见，为期一个月。作为保险业新"国十条"的配套文件之 一，《办法》设立有效久期缺口、综合投资收益覆盖率、净投资收益覆盖率、沉淀资金覆盖率、压力情景下流动性覆盖率作为监管指标，推动强化改进资产负债管 理架构、政策和程序。 2018年以来，监管部门发布了《保险资产负债管理监管暂行办法》和财产保险公司资产负债管理能力评估规则等5项监管规则，初步构建起符合国内保险业特征的 资产负债管理和监管体系。《办法》进一步明确了资产负债管理目标和管理原则、规范了资产负债管理治理体系、明确了资产负债管理政策和程序、设立了监管指 标和监测指标、加强了监督管理。 监管指标和监测指标方面，《办法》结合新会计准则和偿付能力规则调整，设立资产负债监管指标，明确指标阈值。新增部分监测指标，设置差异化的预 ...

Core Viewpoint - The Financial Regulatory Bureau is seeking public opinion on the draft "Insurance Company Asset-Liability Management Measures" to enhance asset-liability management capabilities and regulatory oversight in the insurance industry [1]. Group 1: Asset-Liability Management Goals and Principles - Insurance companies must assume primary responsibility for asset-liability management, adhering to principles of comprehensive coverage, reasonable matching, prudent stability, and coordinated management to effectively prevent asset-liability mismatch risks [5]. Group 2: Governance Structure - The governance structure for asset-liability management should include a board of directors with ultimate responsibility, senior management leading directly, and a coordinating department for asset-liability management, with functional departments collaborating and internal audit overseeing [5]. Group 3: Policies and Procedures - Insurance companies are required to develop asset-liability management plans that enhance linkage across business planning, product development, pricing, insurance management, asset allocation policies, and major investments, including conducting stress tests and back-testing [5]. Group 4: Regulatory and Monitoring Indicators - New regulatory indicators will be established, including effective duration gap, comprehensive investment yield coverage ratio, net investment yield coverage ratio, and liquidity coverage ratio under stress scenarios, with clear threshold values [7]. Group 5: Supervision and Management - The measures will enhance supervision by clarifying information reporting, third-party audits, and capability assessments, allowing regulators to take necessary actions or impose administrative penalties as needed [5][7]. Group 6: Changes Compared to Previous Regulations - The new measures integrate previous regulations into a more complete regulatory framework, addressing the evolving external environment and internal conditions of the insurance industry, with new accounting standards set to be implemented by 2026 [6].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 韩宋辉）金融监管总局研究制定了《保险公司资产负债管理办法（征求意 见稿）》（下称《办法》），首次提出设置专业部门，自2025年12月19日起公开征求意见。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 韩宋辉）金融监管总局研究制定了《保险公司资产负债管理办法（征求意 见稿）》（下称《办法》），首次提出设置专业部门，自2025年12月19日起公开征求意见。 《办法》明确，保险公司应当设置资产负债管理部门，应配备履行资产负债管理职责所需要的人力、物 力资源，履职应当保持独立性，不受保险业务和投资管理部门干预。 《办法》明确，保险公司应当设置资产负债管理部门，应配备履行资产负债管理职责所需要的人力、物 力资源，履职应当保持独立性，不受保险业务和投资管理部门干预。 ...

北京商报讯（记者 李秀梅）12月19日，金融监管总局就《保险公司资产负债管理办法（征求意见 稿）》（以下简称《办法》）向社会公开征求意见。 《办法》拟定，保险公司应当设置资产负债管理部门，配备履行资产负债管理职责所需要的人力、物力 资源，履职应当保持独立性，不受保险业务和投资管理部门干预。 ...

谈及《办法》的制定背景，金融监管总局有关司局负责人表示，有效的资产负债管理是金融机构可持续 经营的基础。2018年以来，监管部门发布了《保险资产负债管理监管暂行办法》和五项监管规则，初步 构建了符合国内保险行业特征的资产负债管理和监管体系。近年来，我国保险业发展的外部环境和内部 条件均发生重大变化，对保险公司资产负债提出新要求。一是2024年《国务院关于加强监管防范风险推 动保险业高质量发展的若干意见》明确提出"强化资产负债联动监管"。《办法》是金融监管总局落实国 务院重要文件精神、提升行业经营韧性、健全审慎监管制度体系的重要措施之一。二是推动保险公司不 断强化改进资产负债管理架构、政策和程序。三是加强制度之间的衔接。2026年保险业全面实施新会计 准则，资产负债匹配指标口径将随之发生调整，利率波动对资产和负债的影响显著增加，对资产负债管 理提出更高要求。 北京商报讯（记者 李秀梅）12月19日，金融监管总局就《保险公司资产负债管理办法（征求意见 稿）》（以下简称《办法》）向社会公开征求意见。 ...

合理匹配，资产负债匹配是与公司发展战略、风险偏好、资本实力和管理能力相适应的匹配。保险公司 应当能够有效管理资产负债错配风险，将错配程度维持在合理范围之内。 稳健审慎，资产负债管理应当确保资产和未来收入能够覆盖保险公司对投保人的义务、资本要求以及其 他责任或活动。负债端坚持长期稳健经营理念，优化负债结构，提升业务核心竞争力。资产端坚持长期 稳健价值投资理念，遵循安全性、收益性、流动性原则。 统筹协调，资产负债管理应当统筹经济价值、盈利能力、流动性和偿付能力要求等多维目标，反映资产 和负债之间的相互影响，并考虑不同资产类别之间的相关性，以及产品和业务种类之间的相关性。 《办法》提到，保险公司应当承担资产负债管理的主体责任，建立健全资产负债管理体系，加强资产负 债联动管理。保险公司资产负债管理应当坚持以下原则： 全面覆盖，资产负债管理覆盖保险公司普通账户全部资产和负债，将资产和负债作为一个整体管理，同 时兼顾不同类别的负债特征，采取差异化的资产配置政策。 北京商报讯（记者 李秀梅）12月19日，金融监管总局就《保险公司资产负债管理办法（征求意见 稿）》（以下简称《办法》）向社会公开征求意见。 ...

（三）要求保险公司进行更严格的压力测试，提交更有效的改善计划； （四）要求保险公司增加资产负债管理报告的内容，提高报告频率； （五）增加对保险公司现场检查的内容，扩大检查范围，并提高检查频率。 北京商报讯（记者 李秀梅）12月19日，金融监管总局就《保险公司资产负债管理办法（征求意见 稿）》（以下简称《办法》）向社会公开征求意见。 《办法》提到，对于资产负债管理监管指标不达标或资产负债管理存在缺陷的保险公司，金融监管总局 及其派出机构可以采取下列措施： （一）与保险公司董事会、高级管理层进行监督管理谈话，要求其制定切实可行的整改计划和限期达标 计划； （二）下发监管意见书，内容包括保险公司资产负债管理存在的问题、拟采取的纠正措施和限期达标意 见等； 《办法》还提到，对于到期整改不到位的保险公司，金融监管总局及其派出机构可依法要求保险公司调 整保险业务结构或资产配置结构，改善资产负债匹配状况，以及采取法律法规规定的其他措施。 ...