Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [7] Core Insights - The report highlights the upcoming Lujiazui Financial Forum, which will introduce further reforms under the "1+6" policy measures, aiming to enhance the capital market ecosystem and investor protection, indicating a stable market trend [2][4] - Current insurance valuations reflect a pessimistic long-term investment outlook, but with improving liability costs and concentration, the valuations are considered safe [4] - The report recommends companies such as Jiangsu Jinzheng, China Ping An, and China Pacific Insurance based on their stable earnings and dividends [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4] Industry Performance - The non-bank financial index decreased by 1.1% this week, with a year-to-date decline of 5.3%, ranking 25th out of 31 sectors [5] - The average daily trading volume in the market was 12,150.34 billion yuan, down 11.42% week-on-week, with a daily turnover rate of 1.54% [5][36] - The bond market showed an increase, with the 10-year government bond yield decreasing by 0.44 basis points to 1.6396% [5] Insurance Sector Overview - In April 2025, the cumulative premium income reached 25,954 billion yuan, reflecting a year-on-year increase of 2.25%, with property insurance income at 6,486 billion yuan (+5.19%) and life insurance income at 19,469 billion yuan (+1.31%) [21][22] - The total assets of insurance companies reached 38.12 trillion yuan in April 2025, with life insurance companies holding 33.40 trillion yuan [25][26] Key Industry News - The China Securities Regulatory Commission (CSRC) announced that qualified foreign institutional investors will be allowed to participate in ETF options trading starting from October 9, 2025 [58] - The CSRC also released opinions on enhancing the inclusivity and adaptability of the Sci-Tech Innovation Board, aiming to support high-quality technology enterprises [59][62]

怎么量化利差损风险？如何给保险估值？ ——保险基本面梳理107 长江证券研究所非银研究小组 2025-06-19 %% %% %% %% 分析师 吴一凡 分析师 谢宇尘 SAC执业证书编号：S0490519080007 SAC执业证书编号：S0490521020001 SFC执业证书编号：BUV596 分析师及联系人 证券研究报告 •证券研究报告• 评级 看好 维持 %% %% %% %% research.95579.com 2 01 如何判断利差损风险？ 02 如何给估值？ 目录 %% research.95579.com 3 research.95579.com 1 01 如何判断利差损风险？ %% %% %% %% research.95579.com 4 01 上市头部负债成本正在改善 2024年负债成本在上升吗？ ➢ 上市险企可以使用价值敏感性数据测算打平收益率，代表负债成本。 ➢ 2024年，国寿、太保、新华新单负债成本分别同比改善53bp、52bp和94bp。 ➢ 结论：上市险企新单负债成本正在改善。 测算新单负债成本 测算存量负债成本 2017H 2017 2018H 2018 2019H ...