非银金融行业周报 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/3 2025/8 2026/2 非银金融 沪深300 相关研究 利率引发保险调整，仍然看好非银板块 长期表现 2026 年 03 月 02 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王舫朝 证书编号：S1160524090005 证券分析师：胡强 证书编号：S1160526010005 证券分析师：廖紫苑 证书编号：S1160524120004 联系人：汪筠婷 2026.02.03 《公募基金业绩基准新规落地，险企理赔 高效且获赔率高》 2026.01.25 《以史为鉴，券商行情的新锚点在哪 里？》 2026.02.26 《A 股 1 月新开户数居历史高位，2025 年保险业稳健增长》 2026.02.09 《上市券商 2025 年业绩密集预喜，险资 加码养老科创》 《融资新规夯实"慢牛"根基，险企渠道 深度重塑》 2026.01.20 行 业 研 究 / 非 银 金 融 / 证 券 研 究 报 告 市场观点：开年首周（20260223-20260227）市场成交量回升，大盘 ...

在具体实践层面，多家头部保险机构正加快产品体系升级，从单一环节保障向全生命周期服务延 伸。 近年来，国家层面持续释放政策红利，为低空经济勾勒出清晰的发展框架。从2024年低空经济首次 被写入政府工作报告，到近日《关于推动低空保险高质量发展的实施意见》的出台，一系列顶层设计为 低空保险市场打开了全新的发展空间。 在政策东风吹拂下，保险行业通过产品创新、模式迭代与科技赋能，竞相探索"低空+保险"的融合 蓝海，力图构建覆盖全链条、适配多场景的风险保障体系。 目前，我国已有超过30家保险公司开展低空保险业务，产品数量多达上百款，保障范围涵盖航空器 财产损失、三者责任、人身意外等多种类型，为支撑产业稳健运行提供了重要力量。 在产品创新的同时，行业也在加速推进制度与标准建设。例如，2022年，天津市无人机应用协会联 合保险公司出台了全国首个无人机从业应用保险标准；2024年，中再产险与太保产险发布了国内首个无 人驾驶航空第三者责任保险地区示范性条款。 在机制创新方面，2025年8月，全国首个低空经济共保体在重庆成立，19家低空经济共保体成员单 位签署合作协议。共保体推出"渝低空保"首批4款专属产品，覆盖无人机第三者责任、 ...

这一部署正当其时。中国民航科学技术研究院低空经济室发文称，当前，低空经济正处于从技术验 证与局部试点迈向规模化、商业化发展的关键跃升期。低空经济运营主体与保险业之间存在一定认知与 业务隔阂，传统航空保险的经验数据与风控模型在此面临"失灵"，导致保险公司"不敢保、不会保、不 愿保"。《实施意见》的出台，正是以系统化工作部署，精准回应新兴产业对系统性风险解决方案的迫 切需求，为低空经济行稳致远筑牢市场化、制度化的安全基石。 划定硬杠杠 无人机要上"交强险" 此次文件最引人瞩目之处，在于明确提出"加快建立无人驾驶航空器责任保险强制投保制度"。这被 视为低空经济领域的"交强险"。 《实施意见》要求，对于按照法律法规应当投保的无人驾驶航空器，推动将强制投保要求纳入飞行 活动审批等管理环节的审查前置条件，在飞行运行管理中加强投保情况核查，在事故处置时"凡处必 核"。同时，依法制定无人驾驶航空器责任保险强制投保实施办法，在风险可控原则下明确基本责任范 围和最低保障限额，建立健全无人驾驶航空器责任保险强制投保配套制度体系。 低空经济正加速从"飞起来"向"用起来"跃升。据中国航空产业大会发布数据显示，预计到2025年， 我国低 ...

当无人机成为农林植保的"好帮手"、低空物流的"急先锋"，当eVTOL载人飞行器逐步走进大众视 野，低空经济正加速从概念走向现实。 万亿元产业崛起的背后，不仅是技术的突破与场景的扩容，更需要金融保障与产业发展的协同推 进。近日，国家发展改革委、金融监管总局、中国民航局印发《关于推动低空保险高质量发展的实施意 见》（以下简称《实施意见》），明确提出优化全产业链保险保障，到2027年，无人驾驶航空器责任保 险强制投保制度初步建立。 责任编辑：杨喜亭 低空经济产业的高质量发展，离不开保险的有力跟进。此前行业内的诸多尝试已初见成效：2025年 5月，全国首单"低空天气保"在深圳落地，精准对接农林植保无人机的风险保障需求，将天气灾害导致 的作业损失纳入保障范围，实现了保险与场景的深度绑定；2025年8月，全国首个低空经济共保体在重 庆成立，19家保险公司与16家单位完成项目签约，风险保额达6115万元，首批保险产品覆盖无人机第三 者责任、航空产品责任、科技研发成果转化、网络安全等领域。 此次新出台的文件精准直击行业痛点，为低空经济与保险协同发展提供了清晰的政策指引和落地路 径。《实施意见》明确提出，对于按照法律法规应当投 ...

Core Viewpoint - The implementation of the "Implementation Opinions" by the National Development and Reform Commission, the Financial Regulatory Bureau, and the Civil Aviation Administration marks a significant step towards the development of low-altitude insurance, which is crucial for the safety and high-quality development of the low-altitude economy [1][2]. Group 1: Policy Framework - The "Implementation Opinions" consist of six parts and twelve articles, outlining principles for systematic planning, key breakthroughs, collaborative advancement, and steady implementation [2]. - It emphasizes the establishment of a mandatory insurance system for unmanned aerial vehicles (UAVs), akin to compulsory insurance for automobiles, which will be integrated into flight activity approval processes [2][4]. Group 2: Insurance Product Development - The document encourages the development of a comprehensive insurance product system covering the entire low-altitude industry chain, including research, manufacturing, operation, and infrastructure [5]. - It highlights the need for insurance companies to adapt to new business models in the low-altitude economy, promoting the supply of insurance for medium and large UAVs while optimizing traditional manned aircraft insurance [5]. Group 3: Application Scenarios - The "Implementation Opinions" propose targeted insurance solutions for various application scenarios such as agricultural operations, low-altitude logistics, emergency management, and medical rescue, based on the specific risks and management needs of each scenario [6]. - It also encourages collaboration among industry chain leaders to reduce risk costs and supports small and medium enterprises in enhancing their risk defense capabilities through insurance [6]. Group 4: Data Infrastructure and Professional Capability - The document addresses the need for improved data infrastructure to support sustainable insurance operations, proposing the establishment of a low-altitude insurance information platform to facilitate data sharing and risk monitoring [7]. - It emphasizes the importance of enhancing professional capabilities within insurance institutions to better identify and assess new risks associated with low-altitude operations [7]. Group 5: Organizational Support and Timeline - The "Implementation Opinions" outline a clear organizational structure for implementing low-altitude insurance, with specific responsibilities assigned to various regulatory bodies [8]. - A phased timeline is set, aiming for the establishment of a mandatory UAV insurance system by 2027 and a comprehensive low-altitude insurance policy framework by 2030, indicating the growing importance of low-altitude insurance in the economic system [8].

Core Viewpoint - The implementation of low-altitude insurance policies is essential to ensure the safety of life and property as the use of unmanned aerial vehicles (UAVs) expands across various sectors in China [1][2]. Group 1: Overall Requirements - The overall requirements emphasize the need to align with Xi Jinping's thoughts and the principles from the 20th National Congress of the Communist Party, focusing on systematic planning, key breakthroughs, collaborative advancement, and steady implementation to meet the insurance needs of various application scenarios [2]. Group 2: Policy System - The policy system aims to strengthen support for low-altitude insurance through development planning, using insurance as a tool for enhancing operational safety regulation and accident handling [2]. Group 3: Institutional Construction - A mandatory insurance system for UAVs will be established, with efforts to verify compliance and develop implementation measures and model clauses for mandatory liability insurance [2]. Group 4: Service Guarantee System - A comprehensive insurance product system covering the entire low-altitude industry chain will be gradually established, enhancing the supply and service capabilities for both UAVs and traditional manned aircraft [2]. Group 5: Sustainable Operating Capacity - The construction of a low-altitude insurance information platform will be accelerated, exploring integration with low-altitude intelligent network systems and enhancing the capabilities of insurance and reinsurance institutions [2]. Group 6: Organizational Assurance - Responsibilities among relevant departments will be clarified to strengthen risk prevention and promote awareness of low-altitude insurance [2][3].

Group 1 - In January 2026, the number of new fund issuances reached 169, the highest level since March 2023, with several funds selling out in one day and some triggering proportionate allotment due to oversubscription [1] - Fund advisors have accelerated their reallocation strategies, with 178 out of nearly 650 fund advisor portfolios adjusting their allocations, favoring undervalued value-type funds [1] - The overall asset allocation has seen an increase in A-shares and bond positions while reducing cash assets, U.S. stocks, and Hong Kong stocks, with a focus on sectors like non-ferrous metals, electronics, and communications [1] Group 2 - The issuance of bond funds has significantly declined in 2026, with new pure bond funds being very few, while "fixed income +" funds continue to dominate the new bond fund market [3] - The latest VAT policy has excluded regular life insurance products from the exemption, leading to increased costs and a projected price rise of 5% to 10% for new products [3] - The recent rise in the onshore and offshore RMB against the USD, surpassing the 6.90 mark, is attributed to seasonal corporate demand for currency settlement and external factors affecting the USD [4] Group 3 - Several securities firms, including Caida Securities, are expanding their credit business scale, raising the upper limit of related quotas from 100% to 140% of audited net capital for 2024 [5] - The rapid expansion of margin financing demand has led to an increase in the total scale of margin financing, which is expected to boost revenue for securities firms [5] - The introduction of new refinancing policies by major exchanges is seen as a positive development for the investment banking business, with a focus on leveraging these opportunities post-holiday [6] Group 4 - The public fund of funds (FOF) sector has seen a rapid increase, with 31 new FOFs established in 2026, a year-on-year growth of 244.44%, driven by demand for stable investment products and continuous innovation [7] - The pre-prepared food market is experiencing a surge in demand as the Lunar New Year approaches, with both online and offline platforms actively promoting various meal kits and specialty dishes [7] - The urban real estate financing coordination mechanism has shown effectiveness, with significant credit support provided to "white list" projects, ensuring funding for ongoing construction and protecting homebuyer rights [8]

Group 1 - The Chinese Ministry of Foreign Affairs emphasized the strategic importance of high-level diplomatic communication between China and the U.S., highlighting mutual benefits in economic relations and the need for cooperation to ensure stability [2] - The Ministry of Commerce confirmed ongoing close communication between Chinese and U.S. economic teams, aiming to implement agreements reached by the two heads of state and manage differences effectively [2] - The Ministry of Commerce proposed anti-subsidy duties on dairy products imported from the EU, set to take effect on February 13, 2026, as part of regulatory measures [3] Group 2 - The People's Bank of China announced a 10 trillion yuan reverse repurchase operation scheduled for February 13, 2026, with a term of 182 days [4] - The State Administration for Market Regulation released guidelines to regulate pricing behavior in the automotive industry, promoting healthy market development [5] - The National Development and Reform Commission and other agencies outlined plans for the development of low-altitude insurance, aiming for a preliminary establishment of mandatory insurance for unmanned aerial vehicles by 2027 [5] Group 3 - Shenzhen's Industrial and Information Technology Bureau launched an action plan for "Artificial Intelligence + Advanced Manufacturing" for 2026-2027, aiming to establish a national AI application pilot base and promote industrial upgrades [6] - Double Good Energy announced indirect participation in commercial space projects but clarified no direct collaboration with SpaceX [8] - Huapei Power plans to acquire 100% equity of Meichuang Zhiguan, leading to a stock suspension on February 13 [11]

Core Viewpoint - The implementation of a mandatory insurance system for unmanned aerial vehicles (UAVs) is being accelerated in China, with a goal to establish a comprehensive low-altitude insurance framework by 2030, enhancing the safety and development of the low-altitude economy [1][2]. Group 1: Policy Development - By 2027, a preliminary mandatory insurance system for UAV liability will be established, with a diverse range of low-altitude insurance products to meet various application scenarios [1]. - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025, indicating significant growth potential [1]. Group 2: Insurance Product System - A comprehensive insurance product system covering the entire low-altitude industry chain will be gradually established, focusing on new risk guarantees related to safety, technology, data, environment, and human operation [2]. - The insurance supply for medium and large UAVs will be increased, while traditional manned aircraft insurance will be optimized to create a robust and efficient insurance system [2]. Group 3: Data and Risk Management - To enhance sustainable insurance operations, the establishment of a low-altitude insurance information platform is proposed, which will support actuarial pricing and risk monitoring through improved data standards [3]. - Insurance institutions are encouraged to collaborate with UAV manufacturers and operators to enhance the identification and assessment of new low-altitude risks, improving the scientific development of products and accuracy in rate determination [3].

Core Viewpoint - The implementation opinion on promoting the high-quality development of low-altitude insurance has been released, emphasizing the importance of establishing a comprehensive low-altitude insurance system to support the safety and healthy development of the low-altitude economy [1][5]. Summary by Sections 1. Importance of Low-Altitude Insurance - Low-altitude insurance is crucial for ensuring the safety of low-altitude flight activities, providing risk protection for the manufacturing and operation of low-altitude aircraft, infrastructure construction, and various specialized services [4][10]. 2. Development Goals - By 2027, a preliminary mandatory insurance system for unmanned aerial vehicle (UAV) liability insurance will be established, with a continuous enrichment of low-altitude insurance products to meet diverse application scenarios [5][10]. - By 2030, a basic policy framework for low-altitude insurance will be formed, enhancing its role in ensuring the safety and health of the low-altitude economy [5][10]. 3. Policy Framework - The implementation opinion calls for integrating insurance into the overall planning and regulatory framework for low-altitude economic development, promoting the establishment of relevant laws and regulations [11]. - It encourages local governments to incorporate insurance into their low-altitude economic policies and to develop supportive measures tailored to local conditions [11]. 4. Insurance Mechanisms - The document advocates for the use of insurance mechanisms to enhance risk management within the low-altitude economy, particularly for manufacturers and operators of low-altitude aircraft [12]. - It emphasizes the need for major enterprises in the low-altitude industry chain to collaborate through insurance to reduce risk costs across the supply chain [8][12]. 5. Technological Integration - There is a push to utilize emerging technologies to facilitate convenient and intelligent online operations for insurance related to micro, light, and small UAVs [8][13]. - The establishment of a low-altitude insurance information platform is highlighted, aiming to integrate with low-altitude intelligent network systems for better data sharing and risk management [6][14]. 6. Service Optimization - The opinion stresses the importance of developing a comprehensive insurance product system covering the entire low-altitude industry chain, including research, manufacturing, and operational aspects [13]. - It aims to provide targeted insurance protection based on various application scenarios such as agriculture, logistics, and emergency management [13]. 7. Capacity Building - The document calls for enhancing the professional capabilities of insurance institutions to better identify and assess new risks associated with low-altitude operations [14]. - It encourages the cultivation of specialized talent within the insurance sector to improve risk assessment and product development [14]. 8. Organizational Coordination - A coordinated approach among relevant government departments is necessary to implement the low-altitude insurance initiatives effectively [16]. - The establishment of a regular communication mechanism is proposed to address challenges encountered during the promotion of low-altitude insurance [16].