记者丨曹媛 其中，新华保险（601336.SH）领涨，收80.80元/股，涨6.48%；中国太保（601601.SH）紧随其后，收47.35元/股，涨5.08%；中国 人保（601319.SH）、中国人寿（601628.SH）分别涨3.92%、2.90%；中国平安（601318.SH）的后复权盘中最高价达到234.59元， 创上市以来历史新高。 Wind数据显示，今日A股五大上市险企总市值合计约为3.89万亿元，较上一个交易日增加约1288亿元。 | 证券代码 -- | 上市险企 上市至今最高价 最高价日 | | | | --- | --- | --- | --- | | 601318.SH | 中国平安 | 234.59元 | 2026-01-06 | | 601336.SH | 新华保险 | 108.59元 | 2026-01-06 | | 601601.SH | 中国太保 | 77.39元 | 2026-01-06 | | 601628.SH | 中国人寿 | 76.24元 | 2007-10-31 | | 601319.SH 中国人保 | | 12.89元 | -2019-03-08- | | | 数 ...

2026年开年两个交易日，保险股持续走强。今日保险行业指数（886055.WI）收涨3.29%，位居行业涨 幅榜前列，A股五大上市险企集体飘红。 值得注意的是，多只保险股股价创历史新高。1月6日，中国平安A股，新华保险、中国太保A股和H股 股价均创历史新高。新华保险、中国太保已连续2个交易日创历史新高。 其中，新华保险（601336.SH）领涨，收80.80元/股，涨6.48%；中国太保（601601.SH）紧随其后，收 47.35元/股，涨5.08%；中国人保（601319.SH）、中国人寿（601628.SH）分别涨3.92%、2.90%；中国 平安（601318.SH）的后复权盘中最高价达到234.59元，创上市以来历史新高。 Wind数据显示，今日A股五大上市险企总市值合计约为3.89万亿元，较上一个交易日增加约1288亿元。 | 证券代码 | | 上市险企 上市至今最高价 | 最高价目 | | --- | --- | --- | --- | | 601318.SH | 中国平安 | 234.59元 | 2026-01-06 | | 601336.SH | 新华保险 | 108.59元 | 2026- ...

1月5日，A股开启了2026年的新征程。Choice数据显示，首个交易日，保险板块（申万二级行业分类）延续去 年的抢眼表现，持续走高，最终以6.17%的涨幅位居A股申万二级行业分类所有板块首位。 综合业内分析师观点，整个保险板块股价上涨背后是2025年一系列的政策托举，以及由此带来的资负共振的 双轮驱动，板块配置价值凸显。（详情请见第一财经此前报道《前瞻2026┃股价连刷高点，保险股正走向资 负共振的价值修复》） 上述保险行业分析师表示，政策面上来看，仅在2025年12月，监管就进一步优化了险企长期持有部分股票的 风险因子，并就保险公司资产负债管理办法征求意见。前者为险资进一步入市再给出积极信号，后者通过新 设定量指标等方式引导保险公司在低利率环境下加强资产负债管理，提升经营质量。 从负债端来看，目前已进入保险行业"开门红"周期，这也是寿险负债端全年最重要的时刻。从2025年数据来 看，1月寿险原保险保费收入在前11月中的占比超过20%。多名业内分析师发布研报表示看好2026年的保 费"开门红"。国金证券称，在居民储蓄意愿持续高企、银行存款挂牌利率进一步下调等背景下，分红 险"1.75%保底+浮动收益"的IR ...

Core Viewpoint - The insurance sector in A-shares has emerged as the standout performer of 2025, with the insurance index surging by 31.31%, significantly outperforming the Shanghai Composite Index's 18.41% increase and other financial sectors [1][11]. Performance Summary - All five major listed insurance companies experienced stock price increases, breaking free from previous sluggishness. New China Life Insurance led with a 46.03% rise, followed by Ping An Insurance with over 35%, and both China Pacific Insurance and China People's Insurance achieving over 20% gains. Even China Life Insurance, which performed relatively weaker, recorded a 10.39% return [1][11]. - The insurance sector's performance has improved significantly over the past two years, transitioning from being overlooked to becoming a market favorite. The sector faced unprecedented challenges from 2020 to 2023, including declining investment returns due to low interest rates and weak consumer demand for insurance products. However, a turnaround began in 2024, with major companies seeing stock price increases of over 30% [3][13]. Market Dynamics - In December 2025, the insurance sector experienced a notable rally, with a monthly increase of 14.77%, surpassing overall market performance. Key companies reached new highs, indicating a peak in market interest for the sector [3][13]. - The surge in insurance stocks is attributed to multiple favorable factors, including supportive regulatory policies introduced in the second half of 2025, which encouraged investment in equities and promoted the development of health and annuity insurance products [5][15]. Financial Performance - The overall stock market's positive trend in 2025 led to a significant increase in insurance companies' investment income, with net profits exceeding 420 billion yuan, a year-on-year increase of 33% [6][16]. - Insurance companies are actively transforming their product offerings, focusing on dividend insurance products to reduce liability costs while meeting consumer savings needs in a low-interest-rate environment [6][16]. Future Outlook - Industry experts are optimistic about the insurance sector's prospects for 2026, anticipating a dual recovery in both asset and liability sides. Increased consumer demand for savings and protection insurance is expected as the economy recovers, alongside improved profitability from new business lines [7][18]. - The growing proportion of equity assets held by insurance companies is likely to enhance profit margins, especially if the equity market continues to perform well in 2026, potentially driving stock prices and valuations higher [7][18].

Core Viewpoint - The insurance sector has shown strong performance against the market trend, driven by favorable policies, improved industry fundamentals, and positive institutional outlooks, leading to a valuation recovery [5]. Group 1: Market Performance - The insurance industry index rose approximately 5%, closing up 4.31%, making it the top-performing sector [1]. - The total market capitalization of the five major insurance companies reached approximately 3.50 trillion yuan, an increase of about 106.43 billion yuan from the previous trading day [2]. - China Ping An led the gains with a rise of 4.96%, closing at 67.08 yuan per share, marking a four-year high for both A-shares and H-shares [2][3]. Group 2: Policy Impact - On December 5, the National Financial Regulatory Administration announced adjustments to risk factors for certain insurance company businesses, which is expected to guide long-term investments and stabilize the capital market [5]. - The adjustments are projected to release a minimum capital of approximately 19.8 billion yuan, potentially bringing about an additional 72.6 billion yuan in funds if fully allocated to stock investments [5]. Group 3: Industry Fundamentals - As of November 30, China Life reported total premiums exceeding 700 billion yuan, raising market expectations for the insurance industry's annual performance [6]. - The reduction in preset interest rates and the transformation of dividend insurance are expected to optimize the liability costs for the insurance industry [6]. Group 4: Analyst Outlook - Several international investment banks and domestic brokerages have recently issued reports favoring insurance stocks, raising target prices and providing positive ratings [7]. - Morgan Stanley included China Ping An in its key focus list, raising its target price for A-shares to 85 yuan and H-shares to 89 Hong Kong dollars [7]. - Analysts predict that the life insurance industry will enter a golden development period by 2026, with a shift in investment logic towards growth potential [7].

Core Viewpoint - The insurance sector is experiencing a significant upward trend, driven by multiple factors including market recovery, favorable asset conditions, and ongoing liability transformation [1][3][4]. Group 1: Market Performance - On December 15, insurance stocks collectively rose, with China Ping An increasing by over 5%, leading the sector alongside China Life, China Pacific Insurance, and New China Life [3][4]. - Year-to-date performance shows substantial gains for insurance stocks, with New China Life up over 45%, China Ping An up over 33%, China Pacific Insurance up over 19%, and China Life up over 12% [5]. Group 2: Regulatory and Policy Support - Recent favorable policies include a joint notice from the Ministry of Commerce, the People's Bank of China, and the financial regulatory authority aimed at boosting consumption through the development of various insurance products [3][4]. - The adjustment of risk factors for insurance companies' holdings in certain indices is expected to alleviate solvency pressures and encourage long-term investments in the stock market [4]. Group 3: Future Outlook - Analysts predict that insurance stocks may enter a prolonged bull market, contingent on overall market conditions and increased investment returns [5][6]. - International investment banks and domestic brokerages have recently issued "buy" and "overweight" ratings for several insurance stocks, indicating positive sentiment towards the sector's growth potential [6].

Group 1 - The core viewpoint of the news is that China Life Insurance expects a significant increase in net profit for the first three quarters of 2025, with estimates ranging from 156.8 billion to 177.7 billion yuan, and a projected net profit for Q3 between 115.9 billion and 136.8 billion yuan, reflecting a year-on-year growth of 75% to 106% [1] - The company is actively promoting long-term capital market entry and increasing equity investment, with a notable investment scale of 970.8 billion yuan in stocks and funds in the first half of the year, a 36% increase compared to the same period in 2024 [1] - The insurance sector is experiencing improvements on both the asset and liability sides, with low valuations and public fund holdings, which are expected to support the recovery of insurance stock valuations [1] Group 2 - The company anticipates a steady growth in new business value (NBV) for the year, with a downward adjustment in the preset interest rate accelerating the transformation of dividend insurance, which will further improve liability costs [1] - The current valuation of the insurance sector and public fund holdings remain at historical lows, indicating potential for future growth [1] - China Ping An is also mentioned as having a strong performance due to the gradual resolution of real estate risks and robust growth in bancassurance [1]

Core Viewpoint - The insurance sector has shown strong performance, driven by both asset and liability factors, with significant gains observed in stock prices on October 14, 2023 [1][4]. Group 1: Market Performance - As of October 14, the insurance sector's stock prices increased by over 3%, leading the A-share market, with a slight decline to 2.88% later in the afternoon [1]. - Notable individual performances included New China Life Insurance, which saw its stock price rise by over 7% at one point, and China Life and China Pacific Insurance, which also experienced gains exceeding 4% and 3%, respectively [4]. Group 2: Financial Results - New China Life Insurance announced a projected net profit for the first three quarters of 2023 between 299.86 billion and 341.22 billion yuan, representing a year-on-year growth of 45% to 65% [4]. - The company's profit for the first three quarters of 2023 has already surpassed the total profit for the entire year of 2024, indicating strong financial performance [4]. Group 3: Policy and Market Drivers - Recent favorable policies in the insurance industry, including guidelines for the development of health insurance and regulations for non-auto insurance, are expected to support the stable growth of leading insurance companies [5]. - The overall performance of the A-share market since 2025 has improved, with the CSI 300 index showing a cumulative increase of over 17%, enhancing investment return expectations for insurance companies [5]. Group 4: Investment Trends - Insurance capital has shown a significant preference for bank stocks, which constitute 36.63% of the total market value of A-share stocks held by insurance funds [6]. - There has been an increase in insurance capital acquisitions, with 31 instances of stake increases in 2025, of which 41.9% were in bank stocks [6].

Core Viewpoint - The insurance sector in China is experiencing a significant increase in stock prices, driven by strong performance in participating insurance products during the first half of the year [1] Group 1: Stock Performance - As of the report, China Pacific Insurance (02601) rose by 4.85% to HKD 32.84, China Life Insurance (02628) increased by 3% to HKD 23.38, China Property & Casualty Insurance (02328) gained 3.27% to HKD 18.93, and China Reinsurance (01339) saw a rise of 3.28% to HKD 6.93 [1] Group 2: Participating Insurance Performance - In the first half of the year, participating insurance products showed remarkable performance among listed insurance companies, with Taiping Life Insurance's participating insurance accounting for 87.1% of the first-year premium income from long-term insurance [1] - China Life's participating insurance made up over 50% of the first-year premium income from individual insurance channels, with new single premium accounting for over 19.87% [1] - China Pacific Life's participating insurance represented 42.5% of new premium income, with new single premium accounting for 16.1% [1] - Xinhua Insurance began focusing on promoting participating insurance transformation from the second quarter, with new single premium accounting for 10.9% in the first half of the year [1] Group 3: Market Analysis - According to Shenwan Hongyuan's research report, participating insurance has a higher risk appetite compared to general accounts due to independent investment in separate accounts, and the relative attractiveness of participating insurance is expected to increase after asymmetric adjustments to the preset interest rate [1] - Industrial Securities noted that the valuation recovery trend for insurance stocks, starting in April 2024, is fundamentally a correction of the overly pessimistic expectations regarding interest rate declines, which previously led to significant undervaluation of the sector due to concerns over interest margin losses [1] - As investors deepen their understanding of the "expectation gap," the momentum for valuation recovery in insurance stocks, particularly Hong Kong-listed insurance stocks, is expected to continue strengthening [1]

Group 1 - The Hong Kong insurance sector experienced a collective surge, with notable increases in stock prices for major companies such as New China Life Insurance rising over 9%, ZhongAn Online over 5%, and China Life over 4% [1] - New China Life Insurance reported a total revenue of 69.429 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 25.5%, and a net profit attributable to shareholders of 14.799 billion yuan, up 33.5% year-on-year [2] - The company proposed an interim cash dividend of 0.67 yuan per share [2] Group 2 - Cathay Securities released a report indicating that life insurance premiums accelerated in the first seven months of 2025, driven by increased customer demand due to expectations of reduced preset interest rates [3] - The report highlighted stable growth in auto insurance and accelerated growth in certain non-auto businesses, with a shift towards a barbell asset allocation structure in Q2 2025 [3] - The insurance sector is expected to benefit from improved interest margins due to stable premium growth on the liability side and increased equity allocation on the asset side, leading to a positive outlook for insurance stock valuation recovery [3]