该行认为，头部上市险企遵循战略资产配置，积极应对利差损挑战，当前资负匹配压力或相对较小 长端利率下行带来"利差损"危机，本质上是久期缺口带来的投资收益与负债成本非对称变动，当前资产 久期普遍小于负债。拉长资产久期面临"资产荒"难题，同时久期拉长一定程度或意味着放弃部分超额收 益，即久期匹配和成本收益匹配一定程度上存在"斥力"。头部险企由于具备规模效应、品牌优势等，负 债成本管控能力预计高于行业水平，一定程度上减轻资产端压力。产品同质化下的"价格战"、报行合一 之前费用高企等问题，或导致中小险企普遍负债成本压力较大，进而或使部分险企将成本收益匹配置于 首位，间接导致久期敞口风险。 风险提示：政策变动、利率下行、权益市场波动 近年长端利率中枢持续下行导致净投资收益率承压，行业或面临潜在"利差损"挑战 2025H1，上市险企净投资收益率：国寿2.8%(仅考虑租金与利息年化)、平安1.8%(未年化)、太保1.7% (未年化)、新华3%、人保3.7%、太平3.1%、阳光3.8%，平均值约3.5%(平安、太保简单年化处理，未考 虑国寿，下同);综合投资收益率：平安3.1%(未年化)、太保2.4%(未年化)、新华6.3%( ...

一、全年回顾：资产负债共振，估值修复 （一）板块整体上涨，A 股和港股表现分化 （二）基本面表现：价值高增，投资带动净利润延续增长 负债端看，价值率改善带动 NBV 延续高增长。2025Q1-3 可比口径下 NBV 同比， 人保寿险+76.6%＞新华+50.8% （（不可比口径）＞平安+46.2%＞国寿+41.8%＞太 保+31.2%＞友邦+18.0%（（不可比口径）。高增长主要得益 于银保新单增长，以及 长期交占比提升、定价利率下调、"报行合一"压降手续费三者综合作用下 NBVM 显著改 善，比如平安披露的数据显示截至 2025Q3 按标准保费计算的 NBVM 同比 提升 9.0pct 至 30.6%。 资产端看，权益市场高景气带动投资收益表现亮眼。2025Q1-3，A 股 5 家上市险 企（国寿、平安、太保、新华、 人保）共实现总投资收益（投资净收益+利息收入 +公允价值变动损益）9290 亿元，同比+32%，净投资收益率继 续承压，总投资收 益率整体向好，净投资收益率受利率下行以及投资资产规模提升影响普遍承压， 总投资收益率 各家在股票、基金等收益较好提振下同比改善。 保险公司的盈利由承保利润和投资利润 ...

面对业绩承压，该司也在同比进行业务改革，分别从渠道、资产端、负债端进行优化，但长期仍需应对 利差损、股东风险等遗留问题，成效有待时间检验。 月初，横琴人寿披露18.52亿元增资方案，引入横琴深合投资、格力系背景的横琴金融投资集团两家地 方国资股东，叠加此前拟发行的11亿元资本补充债，形成合计超30亿元的资本补血组合拳，公司注册资 本将从31.37亿元攀升至49.89亿元。 资本补血的同时，横琴人寿亦重塑人事布局。今年，该司新晋副总经理陈平、总经理助理杨静波、审计 责任人严志扬，同时总助、财务负责人谭明星晋升为副总经理。 业绩方面，2025年前三季度横琴人寿保险业务收入同比下降22.87%。净资产较年缩水70.74%。不过该 司投资水平仍然在线，前三季度投资收益率为4.64%，排在寿险行业第11位，且净亏损有所收窄。 面对业绩承压，该司也在同比进行业务改革，分别从渠道、资产端、负债端进行优化，但长期仍需应对 利差损、股东风险等遗留问题，成效有待时间检验。 登录新浪财经APP 搜索【信披】查看更多考评等级 来源：险企高参 股东变阵： 18亿增资，格力间接入股 12月3日，横琴人寿于发布《变更注册资本信息披露公告》 ...

在中小险企增资步履维艰的背景下，横琴人寿保险有限公司（下称"横琴人寿"）拟增资20亿元的消息引起了市场的关注。 随着横琴人寿资本金的消耗与吃紧，珠海铧创于2022年6月和2024年3月分别增资8.69亿元、15.81亿元，持股比例从20%增长至49%，其他股东的持股比例则 被稀释至12.75%。 2025年12月3日，横琴人寿发布公告称，公司拟进行增资，由新老股东共同出资。增资后，横琴人寿注册资本金将从31.37亿元增加至49.89亿元。 诞生于横琴粤澳深度合作区的横琴人寿，即将在明年迎来成立10周年的重要节点。 在2017年横琴人寿珠海WTA超级精英赛上，刚刚成立的横琴人寿因冠名赞助一炮而红。 横琴人寿自诞生起就承载着区域金融创新的使命，不过其发展之路并不平坦——高利率存量保单仍待消化；两次增资后公司偿付能力依然承压；去年，兰亚 东等核心创始团队人员离职；近期，公司一度重金投资的华夏幸福重整出现变故。 现在，横琴人寿成了珠海市和横琴粤澳深度合作区持续帮扶的"孩子"。 20亿元增资 2025年11月21日，横琴人寿召开了2025年第六次临时股东会议，审议批准了《关于横琴人寿保险有限公司变更注册资本的议案》，同 ...

Core Viewpoint - The insurance and banking industry is facing a significant adjustment period as high-yield non-standard assets approach their maturity window in the next one to two years, necessitating a reevaluation of investment strategies and risk management [4][15]. Group 1: Vanke's Debt Situation - Vanke announced an extension of the repayment period for its 2022 fourth phase medium-term notes (22 Vanke MTN004) by 12 months, now due on December 15, 2026, while maintaining the interest rate [5][7]. - Vanke has a total of 15 outstanding bonds, with a total balance of 20.316 billion yuan, and 88.9% of these bonds are due before 2026 [7]. - The market's focus on Vanke reflects a shift in the credit assessment framework for the real estate industry, as risks are increasingly concentrated among smaller firms [7][11]. Group 2: Insurance Capital Involvement - Insurance capital has historically maintained a deep funding relationship with the real estate sector, with non-standard assets being a key collaboration vehicle [8]. - Major insurance firms have invested over 34 billion yuan in Vanke through non-standard financial products, indicating significant exposure [9]. - The overall risk exposure of insurance capital to Vanke is considered manageable, with a focus on ensuring the safety of returns through collateralized debt plans [11]. Group 3: Non-Standard Asset Challenges - Non-standard assets, which were once a major source of investment returns for insurance companies, are now facing challenges due to structural adjustments in the industry [13][14]. - The proportion of non-standard assets peaked at nearly 28% of total investment assets in 2019, but has since seen a decline, with a projected 1.1 trillion yuan maturing in 2024 [14][15]. - The average yield on insurance capital's debt investment plans has dropped to around 3.7%, with some products yielding below 2.5%, indicating a narrowing window for high-yield non-standard asset investments [16]. Group 4: Strategic Adjustments - In response to the dual pressures of maturing non-standard assets and declining yields, insurance capital is actively adjusting its asset allocation strategies [19]. - There is a shift towards increasing allocations in long-term government and local bonds to match liabilities and mitigate interest rate volatility [19]. - The insurance industry is undergoing a structural transition, with a focus on low-interest, stable dividend stocks and exploring pathways for "non-standard to standard" asset conversions [20][21].

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 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 [22]. Core Insights - The insurance index rose by 2.62%, outperforming the market by 3.71 percentage points, with significant individual stock performance variations [1]. - As of Q3 2025, the total balance of insurance funds reached 37.5 trillion, with life insurance companies holding 33.73 trillion and property insurance companies holding 2.39 trillion [2]. - The solvency adequacy ratio for insurance companies was reported at 186.3% for comprehensive and 134.3% for core solvency, with property insurance companies showing a strong solvency position [2]. - The report highlights a shift in asset allocation, with a decrease in bond allocation and an increase in equity and fund holdings, suggesting a more aggressive investment strategy in the current market environment [5]. Summary by Sections Market Performance - The insurance sector showed a positive performance with a 2.62% increase in the index, outperforming the broader market [1]. - Individual stock performances varied, with notable increases in stocks like Taiping (+10.96%) and PICC (+3.16%) [1]. Fund Allocation - As of Q3 2025, the allocation of insurance funds was as follows: bonds 50.3%, stocks 10%, and funds 5.5%, with a slight increase in stock and fund allocations [4]. - Life insurance companies had a bond allocation of 51% and a stock allocation of 10.1%, while property insurance companies had a bond allocation of 40.6% and a stock allocation of 8.7% [4]. Company Performance - New China Life reported a cumulative premium income of 181.973 billion, a 17% year-on-year increase [2]. - China Pacific Life's cumulative premium income was 241.322 billion, reflecting a 9.9% increase, while its property insurance segment saw a modest 0.4% growth [2][3]. - ZhongAn Online reported a cumulative premium income of 29.822 billion [3]. Investment Recommendations - The report suggests a strong beta attribute for the sector in the short term, with a focus on asset performance as a key driver [5]. - Long-term recommendations include companies like China Pacific, China Life, and New China Life based on fundamental performance and valuation [10].

Core Insights - The insurance industry in China has solidified its position as the second-largest market globally, with continuous improvement in comprehensive strength during the "14th Five-Year Plan" period [1][2] - The life insurance sector has undergone significant changes, including reforms in personal marketing systems and the implementation of the "reporting and operation integration" policy, which has impacted new policy sales [1][2][10] Industry Performance - The original premium income of the insurance industry is projected to reach 5.7 trillion yuan in 2024, a 26% increase from 2020, maintaining over 10% of the global total premium share [2] - The industry has experienced a 61.7% increase in cumulative claims, totaling 9 trillion yuan, and total assets have surpassed 40 trillion yuan, marking a 72% increase since the end of 2020 [2] Policy and Regulatory Changes - The "14th Five-Year Plan" has seen the introduction of several key policies aimed at enhancing the insurance sector, including the promotion of personal pensions and health insurance [2][3] - The implementation of the "reporting and operation integration" policy has reduced average commission levels by 30% across the industry, although it has also created performance pressures for some channels [12] Product Innovation and Market Trends - The life insurance sector has shifted towards dividend insurance products in response to a low-interest-rate environment, with expectations that dividend insurance will account for over 50% of the industry by mid-2024 [8][12] - The health insurance market has seen significant growth, with commercial health insurance providing 1.8 trillion yuan in compensation to patients over the past five years [5] Market Dynamics - The number of personal insurance agents has decreased by over 70% from the historical peak in 2019, leading to a focus on professionalization and efficiency within the sales force [1][11] - The industry is adapting to a low-interest-rate environment, with a series of adjustments to product pricing and design to mitigate risks associated with interest rate differentials [6][7][9] Future Outlook - The insurance industry is expected to continue evolving during the "15th Five-Year Plan" period, with opportunities arising from economic growth, an aging population, and technological advancements [13]

Group 1 - The insurance industry is expected to shift towards participating insurance products in 2026 due to resilient liability growth despite a low interest rate environment. Sales of participating insurance have exceeded earlier expectations, which may drive positive growth in new individual premium income and sustain high growth in bank insurance channels [1][2][3] - The participating critical illness insurance is anticipated to boost the sales of protection products, optimize product structure, and diversify revenue sources. However, challenges remain on the asset side, as low interest rates continue to pressure cash investment returns, squeezing the space to cover the rigid costs of life insurance [1][4] - High-quality sales channels and asset-liability matching are deemed crucial for insurance companies to maintain competitive advantages amid uncertainties. Companies such as AIA, Ping An, PICC, and China Taiping are recommended for attention [1][4][10] Group 2 - Participating insurance is rapidly regaining mainstream status after years of stagnation, driven by a rebalancing of interests between insurance companies and customers in a low interest rate environment. Compared to traditional insurance, participating insurance aligns the interests of policyholders and insurers more closely, making it more suitable for the current low-rate context [2][14] - The expected growth rate of new business value (NBV) for listed companies in 2026 is projected to reach around 20%, driven by the resurgence of participating insurance [2][14] Group 3 - The competitive strategy for participating insurance is more complex than traditional insurance, with a focus on establishing an appropriate market image or product persona. Strategies can be categorized into low-risk and high-risk approaches, depending on the target customer’s risk preference and the product's design [3][25] - Companies with high-quality sales channels have more flexibility in choosing their strategic direction, which should align with market image, customer positioning, product design, channel capabilities, and asset matching [3][25] Group 4 - The main challenges for insurance investments in 2026 include stabilizing cash returns and maintaining capital gains. The low interest rate environment is expected to compress cash investment returns, continuing to pose difficulties in covering rigid costs [4][30] - The past two years have seen excellent performance in equity investments, significantly boosting overall investment returns and profits for insurance companies. However, maintaining this level of performance in 2026 will require further advancements [4][32]

Core Viewpoint - The company has demonstrated significant improvement and strong growth in its performance for the first three quarters of 2025, with key indicators showing a solid foundation and a notable strengthening of its fundamentals [1][9]. Group 1: Operating Profit - The operating profit attributable to the parent company reached 116.26 billion yuan, reflecting a year-on-year increase of 7.2%, with a clear upward trend over three consecutive quarters [2]. - The quarterly growth rates were 2.4% in Q1, 4.9% in Q2, and a notable 15.2% in Q3, indicating robust operational capabilities despite external economic pressures [2]. Group 2: Net Profit - The net profit attributable to the parent company was 132.86 billion yuan, marking an 11.5% year-on-year increase, with Q3 showing a remarkable growth of 45.4% [3]. - The company noted that net profit was influenced by one-time transactions and non-recurring financial factors, yet still achieved double-digit growth [3]. Group 3: Net Assets - As of September 30, the net assets attributable to the parent company reached 986.4 billion yuan, up 6.2% from the beginning of the year, indicating a solid balance sheet [4][5]. - The growth in net assets is linked to the company's stock market investments and earnings, providing a strong foundation for future shareholder returns [4]. Group 4: New Business Value in Life Insurance - The new business value (NBV) for life and health insurance surged by 46.2% year-on-year, with growth rates improving from 34.9% in Q1 to 39.8% in Q2 [6]. - The agent channel saw a 23.3% increase in new business value, while the bancassurance channel experienced a remarkable growth of 170.9%, highlighting the effectiveness of multi-channel development [6]. Group 5: Investment Performance - The non-annualized comprehensive investment return rate was 5.4%, an increase of approximately 1 percentage point year-on-year, showcasing strong investment performance [7][8]. - The company's ability to maintain investment returns above the industry average in a low-interest-rate environment reflects its effective asset management capabilities [8]. Group 6: Overall Market Sentiment - The company's performance signals a further improvement in fundamentals, indicating a shift from mere stability to significant strengthening [9]. - Analysts have raised the target price for the company's H-shares to 70 Hong Kong dollars, suggesting positive market sentiment and potential for stock price recovery [9].