周桦教授在欢迎辞中向与会嘉宾表示热烈欢迎，并向长期关心中财保险学院发展的各界人士致以衷心感 谢。他指出，党的二十届四中全会为精算行业在"十五五"时期的创新发展指明了方向，精算师应努力成 为数据价值的挖掘者、智能工具的驾驭者、风险管理的创新者，以及在科技赋能与伦理治理之间把握平 衡的守护者。他期待本届大会能与精算师们一起深入研讨人工智能时代精算师的新使命与新担当，共同 为推动我国经济社会高质量发展，助力中国式现代化建设贡献智慧与力量。 主旨演讲环节，新华保险总裁龚兴峰、阳光保险集团执行董事、联席首席执行官彭吉海、安永中国区金 融服务风险管理与保险咨询主管合伙人付振平以及中央财经大学保险学院、中国精算研究院教授李晓林 围绕"十五五"规划、健康保险高质量发展、资产负债管理以及精算师的角色和价值等议题发表了演讲。 保险学院、中国精算研究院副院长王丽珍主持了本环节。 2025年11月29日上午，以"智绘新篇，护航发展——'十五五'时期精算师的使命与担当"为主题的第二届 中财总精论坛在中央财经大学南路校区学术会堂隆重举行。本届论坛汇聚保险行业专家及在校师生共 170余人，聚焦"人工智能"与"'十五五'规划"主线，深度探讨 ...

Core Viewpoint - China Pacific Insurance has increased its insurance coverage for the 8th China International Import Expo to over 1.28 trillion yuan, marking its continuous support for the event over the past eight years [1] Group 1: Company Initiatives - China Pacific Insurance has entered the medical devices and healthcare exhibition area for the first time at this year's expo, aiming to showcase its contributions to the national health strategy and promote high-quality industry development [1] - The company plans to host a forum titled "Open Win-Win, Healthy Future - High-Quality Development of Group Commercial Health Insurance" during the expo, focusing on policy implications and development pathways [3] - A volunteer team from China Pacific Insurance, consisting of 40 members certified by the American Heart Association, is providing emergency services at the expo, ensuring safety for all participants [3] Group 2: Industry Trends - The importance of health insurance is increasing in line with the development of the health China strategy, with a new policy aiming for health insurance to play a more significant role in the national health security system by 2030 [2] - The policy emphasizes the collaborative development of group and individual health insurance, aiming to create a multi-tiered health security framework covering the entire population and lifecycle [2] - The policy encourages health insurance companies to explore differentiated development paths, focusing on health management and innovative business models to avoid homogenized competition [2] Group 3: Future Directions - China Pacific Insurance aims to continue its "open win-win" philosophy, collaborating with partners to deepen product innovation and service optimization, contributing to the high-quality development of China's health security [4]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Views - The insurance and brokerage stocks are expected to see valuation recovery driven by high earnings growth [1] - The non-bank financial sector has shown a mixed performance, with insurance leading in growth, followed by diversified finance and securities [8][9] Summary by Sections Non-Bank Financial Subsector Performance - In the recent five trading days (October 20-24, 2025), all non-bank financial subsectors underperformed the CSI 300 index, with insurance up by 2.99%, diversified finance by 2.70%, and securities by 2.02% [8] - Year-to-date performance shows insurance leading with a 14.47% increase, followed by diversified finance at 12.38%, and brokerage at 7.73% [9] Non-Bank Financial Subsector Insights Securities - Trading volume has increased year-on-year, with October's average daily stock trading volume at CNY 25,070 billion, up 12.07% from last year [13] - Margin financing balance reached CNY 24,510 billion, a year-on-year increase of 47.76% [13] - The average price-to-book (PB) ratio for the securities industry is projected at 1.3x for 2025 [23] Insurance - Major insurers like China Life and New China Life are expected to report significant profit increases for Q3, with China Life's net profit projected between CNY 156.8 billion and CNY 177.7 billion, reflecting a 50%-70% year-on-year growth [25] - The insurance sector is benefiting from regulatory support for high-quality health insurance development [31] Diversified Finance - The trust industry is experiencing a stable transition, with total trust assets expected to reach CNY 29.56 trillion by the end of 2024, a 23.58% year-on-year increase [34] - The futures market saw a trading volume of 770 million contracts in September, with a transaction value of CNY 71.50 trillion, reflecting a 33.16% year-on-year growth [38] Industry Ranking and Key Company Recommendations - The non-bank financial sector is currently undervalued, presenting a safety margin for investors [34] - The recommended ranking for investment is insurance > securities > diversified finance, with key companies including China Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [34]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - Recent market enthusiasm remains high, with Q3 brokerage performance expected to continue its growth trend. The long-term ROE central tendency is anticipated to rise. In the insurance sector, the logic of deposit migration, increased equity allocation, and improved new policy costs is confirmed, leading to greater certainty in long-term ROE improvement and accelerated valuation recovery. Overall, the cost-performance ratio for investment is gradually increasing [2][4] Summary by Sections Industry Performance - The non-bank financial index increased by 2.7% last week, with an excess return of 0.7% relative to the CSI 300. Year-to-date, the non-bank financial index is up 6.9%, but underperforms the CSI 300 by 11.0% [5][17] Market Activity - Market activity has slightly declined, with an average daily trading volume of 21,876.96 billion yuan, down 5.43% week-on-week. The average turnover rate is 2.28%, a decrease of 17.11 basis points [5][39] Insurance Sector - In August 2025, cumulative insurance premium income reached 479.99 billion yuan, a year-on-year increase of 9.63%. Life insurance premiums grew by 14.05%, while property insurance premiums increased by 4.67% [21][25] Brokerage Recommendations - The report recommends stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, along with companies like New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, and Tonghuashun based on performance elasticity and valuation [4][6] Financing Activities - In September 2025, equity financing reached 41.634 billion yuan, a month-on-month increase of 86.6%, while bond financing totaled 8.11 trillion yuan, up 8.3% [50]

Core Viewpoint - The Financial Regulatory Bureau has issued guidelines to promote the high-quality development of health insurance, addressing the increasing demand for health protection and the need for industry reform [1][2]. Group 1: Background and Rationale - Health insurance is crucial for providing financial protection against health-related losses and is integral to the social security system, linking healthcare and economic stability [1]. - The growing demand for health insurance is driven by economic development and the Health China strategy, highlighting the need for improved service levels and product diversity [1]. - Existing challenges include a lack of product variety, insufficient industry capabilities, and inadequate collaboration with the healthcare sector, which hinder service enhancement [1]. Group 2: Drafting Approach - The guidelines aim to clarify requirements for different segments of health insurance, expand product offerings, and support the development of floating income health insurance [2]. - Emphasis is placed on strengthening the industry's foundation, enhancing digital transformation, and improving data utilization [2]. - The guidelines encourage specialized operations within health insurance companies and promote collaboration with the health industry to improve the accessibility of innovative medical products [2]. Group 3: Main Content - The guidelines consist of five main parts: overall requirements, deepening health insurance reform, enhancing sustainable development capabilities, strengthening regulatory oversight, and optimizing the development environment [3][4]. - Specific focus areas include commercial medical insurance, long-term care insurance, income loss insurance, and disease insurance, with plans for regulatory standardization [3]. Group 4: Future Work Arrangements - The Financial Regulatory Bureau will coordinate with other departments to create a favorable policy environment for health insurance development [5]. - There will be a focus on developing detailed regulations for floating income health insurance and ensuring compliance with the guidelines to meet public demand for quality health protection [5]. - Regulatory efforts will be intensified to combat illegal activities and protect consumer rights in the health insurance sector [5].

Core Viewpoint - The Financial Regulatory Bureau has issued guidelines to promote the high-quality development of health insurance, focusing on optimizing existing policies and addressing key issues in the sector [1][2] Group 1: Development Focus - The guidelines outline development priorities for four major types of insurance: commercial medical insurance, long-term care insurance, income loss insurance due to disability, and disease insurance [1][3] - There is an emphasis on developing a comprehensive and multi-tiered commercial medical insurance product system, incorporating new medical technologies and treatments [3][5] - The guidelines support the development of floating income health insurance, indicating a potential resurgence of dividend-type critical illness insurance products [1][6] Group 2: Regulatory Measures - The Financial Regulatory Bureau plans to enhance communication with other departments to create a favorable policy environment for health insurance development [2] - There will be a focus on accelerating the research and implementation of supporting business details for floating income health insurance [2][6] - The guidelines stress the importance of strengthening regulatory oversight of health insurance businesses to protect consumer rights [2] Group 3: Integration and Collaboration - The guidelines advocate for the integration of health insurance with health management services, promoting a holistic approach to health risk reduction and improving public health [4][5] - There is support for establishing collaborative mechanisms with pharmaceutical and medical device companies to explore innovative payment methods based on market principles [4] Group 4: Product Diversification - The guidelines encourage the development of long-term care insurance and income loss insurance due to disability, aiming to meet the needs of home, community, and institutional care [5][6] - There is a call to enhance the definition of diseases covered by disease insurance in line with changes in disease patterns and medical advancements [6] - The guidelines propose to increase the core competitiveness of health insurance companies by exploring new business strategies and models [7]

Investment Rating - The report indicates a positive outlook for the health insurance industry, suggesting a potential increase in value exceeding 15% over the next 3-6 months [5]. Core Insights - The report emphasizes the importance of health insurance in the national health security system by 2030, as outlined in the recent regulatory guidance [1]. - It highlights the need for differentiated requirements across various segments of health insurance, with a focus on commercial medical insurance as a core growth area [2]. - The report advocates for the development of innovative insurance products that cater to specific groups, such as those with pre-existing conditions and rare diseases [2]. - It stresses the importance of collaboration among regulatory bodies, insurance organizations, and information-sharing platforms to enhance the health insurance ecosystem [3]. - The report outlines key future regulatory priorities, including the promotion of floating yield health insurance and the enhancement of health management services within insurance products [3]. Summary by Sections Commercial Medical Insurance - The report supports the active development of commercial medical insurance, which is expected to be a significant growth driver in the health insurance sector [2]. - It encourages the inclusion of new medical technologies and treatments in insurance coverage and the establishment of a pricing mechanism based on risk categories [2]. Disease Insurance - The report suggests a steady development approach for disease insurance, with a focus on supporting well-rated insurance companies in offering dividend-based long-term health insurance products [2]. Long-term Care Insurance - There is a call to accelerate the development of commercial long-term care insurance and income loss insurance due to disability [2]. Collaboration and Policy Support - The report emphasizes the need for enhanced cooperation between regulatory authorities and local governments to support the development of regional and specialized insurance products [3]. - It also highlights the importance of leveraging existing policies to promote group health insurance and facilitate quick claims processing in commercial medical insurance [3].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the significant potential for growth in the health insurance sector, driven by increasing health awareness and an aging population. The recent regulatory guidance aims to enhance the quality and scope of health insurance products [4][5] - Major insurance companies are strategically positioning themselves in the health management sector, which is expected to improve profitability and valuation as they leverage their comprehensive advantages [6] Summary by Sections Industry Overview - The health insurance market is projected to expand significantly due to demographic changes and rising health consciousness among the population [5] - The report notes a decline in the proportion of health insurance premiums in recent years, attributed to factors such as profitability of insurance products and market standardization [5] Regulatory Developments - The China Banking and Insurance Regulatory Commission issued guidelines to promote the high-quality development of health insurance, emphasizing the need for a multi-layered health insurance market by 2030 [4] - Key initiatives include expanding coverage to include new medical technologies and supporting the integration of health insurance with health management services [4][5] Company Strategies - Leading insurance firms like China Pacific Insurance, China Life, and Ping An are enhancing their health management capabilities and developing innovative insurance products [6] - These companies are expected to benefit from regulatory support, which will help them reduce risk and improve profitability through a higher proportion of health insurance in their portfolios [6]

Core Viewpoint - The recent issuance of the "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" by the National Financial Supervision Administration aims to strengthen regulation and mitigate risks, aligning with the Healthy China strategy [2][4] Regulatory Developments - The guiding opinions set a target for health insurance to play a more significant role in the national health security system by 2030, promoting the coordinated development of group and individual health insurance [2][4] Market Dynamics - Market demand for savings remains strong, and with ongoing regulatory guidance and proactive transformation by insurance companies, liability costs are expected to gradually decrease, alleviating pressure from interest rate spreads [5] - The recent decline in the ten-year government bond yield to approximately 1.86% may ease the pressure on insurance companies' new fixed-income investment returns as the domestic economy recovers [5] Industry Performance - In the first eight months of 2025, total health insurance premiums reached 759.8 billion yuan, reflecting a year-on-year growth of 2.4%, accounting for about 20% of life insurance premiums [4] - The insurance sector's valuation as of September 30, 2025, is projected to be between 0.57-0.86 times PEV and 1.02-2.19 times PB, indicating that the industry is at a historical low and maintaining an "overweight" rating [5] Product Innovation and Collaboration - The guiding opinions encourage the development of various health insurance products, including commercial medical insurance, long-term care insurance, and disease insurance, while promoting collaboration between health insurance and the medical industry [3][4] - The reintroduction of dividend-type health insurance products is expected to enhance product attractiveness and stimulate market growth potential [4]

Core Viewpoint - The National Financial Regulatory Administration has issued guidelines to promote the high-quality development of health insurance, aligning with the "Healthy China" strategy and enhancing regulatory measures to mitigate risks in the insurance sector [1][2]. Overall Requirements - The guidelines emphasize the importance of health insurance in the national health security system by 2030, aiming for a multi-level health insurance market that meets diverse needs across the population and lifecycle [2]. Deepening Health Insurance Reform - Development of commercial medical insurance is encouraged, with a focus on creating a comprehensive product system that includes new medical technologies and treatments [3]. - The guidelines support the growth of long-term care insurance and income loss insurance due to disability, integrating cash benefits with care services [3]. - Disease insurance will be developed steadily, with regular updates to disease definitions and incidence rates [4]. - A new health service guarantee system will be established, integrating prevention, management, and protection [4]. - Collaboration between health insurance and the broader health industry is promoted to enhance service networks and support the development of the health sector [4]. Enhancing Sustainable Development Capacity - The guidelines call for strengthening professional capabilities within insurance companies and improving actuarial practices [6]. - Emphasis is placed on advancing digital transformation in health insurance, utilizing AI and big data to enhance operational efficiency and customer satisfaction [7]. - Health insurance companies are encouraged to explore innovative business models that integrate health management with insurance products [7]. Strengthening Health Insurance Regulation - A robust regulatory framework will be established, including independent financial rules and product oversight to ensure compliance and fair pricing [8]. - The guidelines aim to improve market order by enhancing performance management and addressing consumer complaints effectively [8]. - Strict measures will be taken against illegal activities within the insurance market to maintain order and mitigate risks [8]. Optimizing the Health Insurance Development Environment - The establishment of industry standards and simplified insurance terms is prioritized to enhance clarity and accessibility for consumers [9]. - Collaboration among regulatory bodies, industry organizations, and local governments is encouraged to support the development of tailored health insurance products [9]. - Efforts will be made to increase public awareness and understanding of health insurance through educational initiatives [9].