请务必阅读正文之后的免责声明部分 核心要点 证券分析师 ：孙 婷（非银金融行业首席分析师） 执业证书编号： S0600524120001 sunt@dwzq.com.cn 2025年11月3日 证券研究报告 资负两端全面开花，估值低位攻守兼备 ——保险行业2026年度投资策略 2 ➢ 经营回顾：负债端稳中向好，资产端表现亮眼。1）2025年前三季度上市险企归母净利润在高基数基础上再次高增长： 前三季度上市险企归母净利润合计同比+33.5%，Q3单季同比+68.3%，主要受股市上涨、投资收益显著提升带动。受净 利润增长带动，Q3末上市险企归母净资产合计较年初+10.3%，较年中+9.1%。我们预计在利润高增背景下，上市险企 2025全年分红额将稳健提升。2）负债端：NBV较快增长，银保业务贡献显著。上市险企新单保费增速自Q2以来持续向 好，Q3受预定利率下调影响，部分险企增速创新高。受益于新单增速改善和NBV margin提升，上市险企前三季度NBV 增速均在30%以上。银保渠道新单保费在低基数基础上迎来爆发式增长，对NBV贡献持续提升。3）资产端：大幅增配 权益，投资收益显著提升。上市险企投资资产规模持续提升 ...

Core Insights - Hengqin Life Insurance Co., Ltd. reported a net loss of 839 million yuan in the first half of 2025, with insurance business revenue at 4.39 billion yuan, indicating significant operational pressure and challenges ahead for the company's transformation [1][2] Financial Performance - The company has experienced a cumulative net loss of 1.79 billion yuan in 2022, 772 million yuan in 2023, and 564 million yuan in 2024, totaling 1.515 billion yuan over three years [2] - In the first half of 2025, the net loss of 839 million yuan surpassed the total loss for the entire year of 2024, highlighting increasing operational challenges [2] - Insurance business revenue decreased by 22.85% compared to the same period last year, amounting to 4.39 billion yuan [2] Operational Metrics - In Q2 2025, the company recorded a single-quarter net loss of 482 million yuan, contrasting sharply with a profit of 31 million yuan in the same quarter of the previous year [4] - The comprehensive surrender rate increased to 0.79% by the end of Q2 2025, up from 0.46% at the end of the previous quarter, indicating rising customer withdrawals [4] - The top three products with the highest surrender amounts were Hengqin Beautiful and Happy Annuity Insurance (53.70 million yuan), Hengqin Excellent Winner Annuity Insurance (20.40 million yuan), and Hengqin Excellent Winning Whole Life Insurance (14.51 million yuan) [4] Cash Flow and Capital Position - The net cash flow from operating activities for the first half of 2025 was -970 million yuan, with significant outflows from dividend accounts totaling 3.3 billion yuan [5] - The company's net assets decreased from 1.17 billion yuan at the end of 2024 to 500 million yuan by the end of Q2 2025, a decline of over 57% [5] Management Changes - The executive team has undergone significant changes, with the number of executives decreasing from 9 to 7 over the past year, including the departure of several long-standing members [6][7] - Recent appointments include Yang Jingbo as assistant general manager and Yan Zhiyang as a member of the party committee and deputy secretary of the discipline inspection commission [1][6] - Frequent changes in the management team may introduce uncertainty into the company's operational stability and strategic direction [7]