证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 保险行业 9 月保费：寿险单月保费增速回落， 财险各险种全面向好 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：长端利率趋势性下行；新单增长不及预期。 2025 年 11 月 02 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024/11/4 2025/3/4 2025/7/2 2025/10/30 保险Ⅱ 沪深300 相关研究 《保险行业 2025 年三季报回顾：投资 向好助推净利润超高增长，NBV 增速 继续提升》 2025-10-31 《中国个险渠道三十年——从"人海 战术"到价值驱动的转型升级之路》 2025-10-22 图1：2025 年 1-9 月保险行业保费同比增长情况（亿元） 3.7% 3.3% 2.5% 12.7% 2.0% 22.4% 0 5000 10000 15 ...

Core Viewpoint - The insurance sector in the A-share market has seen a collective rise, driven by positive earnings reports and favorable market conditions for insurance companies [1][2]. Group 1: Market Performance - On August 29, the insurance sector rose over 2%, with notable increases in stock prices: New China Life Insurance up 6.17%, China Pacific Insurance up 2.28%, and China Life Insurance up 1.25% [1][2]. - The overall increase in the insurance sector was 2.22%, with China Life Insurance and China Pacific Insurance also showing significant gains [1][2]. Group 2: Earnings Reports - The five major listed insurance companies reported a total net profit of 178.19 billion yuan for the first half of the year, marking a year-on-year increase of 3.7% [2][3]. - New China Life Insurance reported a net profit of 14.8 billion yuan, a 33.5% increase year-on-year, while China Life Insurance saw a 6.9% increase to 40.93 billion yuan [3]. Group 3: Business Performance - The new business value for life insurance companies has significantly improved, with New China Life Insurance's new business value increasing by 58.4% to 6.18 billion yuan [3]. - The comprehensive cost ratio for property insurance at PICC was 95.3%, the best level in nearly a decade, indicating improved profitability in the sector [3]. Group 4: External Factors and Future Outlook - The rise in insurance stocks is attributed to favorable external policies and a positive industry outlook, with the insurance sector benefiting from China's high-quality economic development [4][5]. - Regulatory improvements and policy measures have enhanced the stability and sustainability of the insurance industry, contributing to the positive market sentiment [5].

Group 1 - China Ping An Insurance has increased its stake in China Pacific Insurance (Group) Co., Ltd. H shares by approximately 1.74 million shares at a price of HKD 32.0655 per share, totaling around HKD 55.839 million, resulting in a 5.04% ownership stake in the H shares, triggering a mandatory disclosure under Hong Kong market rules [1] - This marks the first instance of an insurance company acquiring a stake in a peer company in six years, indicating a positive outlook on the industry’s development [1][2] - The last similar acquisition occurred in 2019 when China Life Insurance Co., Ltd. acquired shares in China Pacific Insurance [2] Group 2 - China Pacific Insurance is projected to achieve a revenue of CNY 404.089 billion in 2024, representing a year-on-year growth of 24.7%, with a net profit of CNY 44.96 billion, reflecting a 64.9% increase [2] - The latest annual dividend yield for China Pacific Insurance H shares is 4.68%, with the share price closing at HKD 36 on August 14, 2023, up 4.71% from the previous trading day, and a year-to-date increase of 49% [2] - Analysts suggest that the acquisition by China Ping An signals that insurance capital, as long-term funds, is also focusing on insurance stocks, which are considered part of the "dividend" category [2][3] Group 3 - The recent strong performance of insurance stocks in the secondary market has attracted investor attention, with A-share insurance companies experiencing a minimum increase of 9.8% and a maximum of 30.1%, while H-share insurance companies saw a minimum increase of 29.6% and a maximum of 80.8% from April 1 to August 14 [4] - Despite the higher price increases in H shares compared to A shares, H shares are still trading at a discount, which is one reason for the acquisition by insurance companies [4] - Institutional investors are expected to increase their allocation to insurance stocks due to their low valuations and high dividend rates, which appeal to investors seeking stable returns [4] Group 4 - The insurance industry has recognized and responded to the risks associated with interest rate spreads, leading to measures such as lowering product preset interest rates and adjusting product structures [5][6] - Regulatory bodies have implemented policies to alleviate financial pressures on the industry, enhancing operational resilience, while also signaling support for capital market confidence [5][6] - Despite the potential for growth, the insurance industry still faces challenges, including capital and profitability pressures [6]

Core Insights - The report indicates a reduction in public fund holdings in the insurance sector, with a total holding of 0.75% in Q1 2025, down by 0.09 percentage points from the previous quarter [2][4] - The overall non-bank financial sector holdings decreased to 1.27%, reflecting a broader trend of reduced allocations in both insurance and securities [2][4] - The report highlights a mixed performance among individual insurance stocks, with increases in holdings for China Ping An, New China Life, and China Life, while China Pacific Insurance and China Property & Casualty Insurance saw reductions [4][5] Industry Analysis - The insurance industry is experiencing a trend of reduced allocations, primarily driven by China Pacific Insurance and China Property & Casualty Insurance, which have seen significant decreases in public fund holdings [4][5] - The report notes that the first quarter of 2025 is characterized by a focus on asset management and the "opening red" period, with fluctuations in interest rates impacting bond trading and overall performance [5][7] - The report anticipates that the recent decline in interest rates to around 1.65% may alleviate pressure from bond trading losses, potentially enhancing equity investment returns [8][9] Company-Specific Insights - China Ping An remains the most heavily held stock in the insurance sector, with a holding of 0.29%, reflecting a slight increase of 0.01 percentage points [4][8] - New China Life and China Life also saw increases in their holdings, indicating positive market sentiment towards their profitability and pricing strategies [4][9] - Conversely, China Pacific Insurance and China Property & Casualty Insurance have faced declines in their holdings, suggesting market concerns regarding their performance [4][9]