非银金融 2025 年 07 月 27 日 投资评级：看好（维持） 行业走势图 -17% 0% 17% 34% 50% 67% 84% 2024-07 2024-11 2025-03 非银金融 沪深300 数据来源：聚源 相关研究报告 《券商定增再填一例，继续看好低估 值券商板块机会 — 行 业 周 报 》 -2025.7.20 《券商中报预告超预期，继续推荐券 商板块—行业点评报告》-2025.7.15 《险企考核周期再拉长，券商中报超 预期继续推荐—行业周报》-2025.7.13 预定利率调降 50bp 符合预期，交易量站上两万亿 ——行业周报 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | lukun@kysec.cn 证书编号：S0790524040002 周观点：预定利率调降 50bp 符合预期，交易量站上两万亿 2季度公募持仓数据看，券商板块仍明显欠配：2025Q2主动型基金重仓股中券商 板块占比0.78% ...

Core Viewpoint - The insurance sector in A-shares has shown significant growth, with the insurance theme index rising by 6.64% since its low on June 20, outperforming the CSI 300 index which increased by 4.34% during the same period [1] Group 1: Market Performance - The major A-share indices experienced a substantial increase, with the Shanghai Composite Index stabilizing above 3500 points and the insurance theme index rising by 1.27% at market close [1] - Notable individual stock performances include China Ping An rising over 2% and China Pacific Insurance increasing by 1.4% [1] Group 2: Regulatory Changes - The National Financial Regulatory Administration has partially relaxed the previous strict regulations on dividend insurance, allowing companies with strong investment capabilities and good ratings to offer more competitive dividends [1] - A document issued on June 18, 2025, established a principle-based regulatory framework for dividend levels, moving away from a one-size-fits-all approach [1] Group 3: Industry Fundamentals - The insurance industry reported a total premium income of 30,602 billion yuan as of the end of May, reflecting a year-on-year growth of 3.77%, with property insurance and life insurance premiums also showing positive growth [3] - The insurance sector is expected to benefit from the upcoming interim report disclosure period, as it aligns with the current market's focus on structural opportunities [3] Group 4: Investment Outlook - The insurance sector is seen as having both fundamental support and potential catalysts from the funding side, making it an attractive area for investors to consider for low-cost entry [4]

证券研究报告 | 行业深度报告 2025 年 05 月 20 日 业务策略和准则实施差异导致分化 保险行业 2025 年一季报综述 总量研究/非银行金融 主要上市险企 2025 年一季报均已披露，寿险 NBV 延续增长，财险 COR 明显 改善，投资表现各异，净利润和净资产分化加剧。随着市场风险偏好持续上行 和公募新规强化业绩比较基准的约束作用，大幅欠配的保险板块有望显著受益。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 92 | 1.8 | | 总市值（十亿元） | 5744.9 | 6.7 | | 流通市值（十亿元） | 5494.6 | 7.0 | 行业指数 % 1m 6m 12m 绝对表现 5.6 -6.2 28.2 相对表现 2.8 -3.7 22.8 资料来源：公司数据、招商证券 -20 0 20 40 60 May/24 Sep/24 Dec/24 Apr/25 (%) 非银行金融 沪深300 相关报告 1、《证券行业 2025 年一季报综述— 市场底部牢固，业绩稳增无虞》 2025-05-05 2、《保险行业系列政策点评—渠道 ...