证券研究报告|行业点评报告 [Table_Date] 2025 年 12 月 31 日 [Table_Title] 保险业 2025 年 11 月保费点评：产寿险保费均 边际改善，看好寿险开门红 [Table_Title2] 保险Ⅱ 行业评级: 推荐 [Table_Summary] 分析与判断: ► 人身险：11 月人身险保费降幅环比收窄。 2025 年 1-11 月人身险公司原保费收入 41,472 亿元，同比+9.1%。其中寿险/健康险/意外险原保费收入分 别为 33,874/7,252/346 亿元，分别同比+11.5%/-0.1%/-9.5%。11 月单月，人身险公司原保费收入 1,548 亿 元，同比-2.4%（前值为-4.6%），其中寿险原保费收入 1,126 亿元，同比-2.3%（前值为-5.1%）；健康险原保 费收入 402 亿元，同比-2.0%（前值为-2.5%）；意外险原保费收入 20 亿元，同比-14.0%（前值为-16.6%）。 2025 年 1-11 月保户投资款新增交费（以万能险为主）5,575 亿元，同比+2.5%，其中 11 月单月同比+7.8%（前 值为+7.0%）；1-11 ...

Investment Rating - Industry investment rating is "Outperform the Market" [5] Core Viewpoints - The report emphasizes the need for reform in the personal insurance marketing system, focusing on three main areas: deepening personal marketing system reform, strengthening management and supervision, and solidifying the industry's development foundation [2][3] - The reform aims to streamline sales teams, enhance commission distribution mechanisms, and improve the long-term service capabilities of insurance sales personnel [2][3] - The report highlights the importance of establishing a more scientific and effective personal marketing system to cultivate a high-quality insurance sales talent pool, which is essential for the high-quality development of the insurance industry [3] Summary by Sections Personal Marketing System Reform - The reform includes simplifying sales team structures and directing commissions towards frontline sales personnel to encourage professional development [2] - Insurance companies are encouraged to create organizational structures and incentive systems that support long-term service by insurance sales consultants [2] Management and Supervision - The report calls for enhanced management and supervision, advocating for a differentiated approach to determining cost assumptions for personal agency channel products [2] - It stresses the need for a robust budget execution assessment and a unified approach to actuarial assumptions, budget costs, and assessment costs [2] Industry Development Foundation - The report supports the establishment of classification standards for personal insurance products and sales personnel, promoting a structured approach to insurance sales [3] - It notes that the traditional personal insurance agency model has led to low professional standards and instability in income for frontline sales personnel, necessitating a shift towards a more sustainable model [3] Investment Recommendations - The report suggests that optimizing commission distribution mechanisms and establishing a grading system for sales capabilities will likely accelerate the exit of low-quality sales personnel while benefiting high-quality agents [4] - It indicates that leading insurance companies with a strong commitment to personal insurance transformation will be better positioned to benefit from the ongoing reforms [4]