丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 政策推动行业高质量发展，Q3 券商业绩有望 持续高增 报告要点 [Table_Summary] 近期市场热度仍维持高位，Q3 券商业绩有望延续高增趋势，慢牛下中长期 ROE 中枢有望抬升；保险方面， 整体来看印证了存款搬家、增配权益和新单成本改善逻辑，中长期 ROE 改善确定性进一步提升，估值有望 加速修复，结合中长期拐点向上的判断，我们认为整体配置性价比正逐步提高。 分析师及联系人 [Table_Author] SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 政策推动行业高质量发展， 2] Q3 券商业绩有望持 续高增 [Table_Summary2] 核心观点： 1）近期市场热度仍维持高位，Q3 券商业绩有望延续高增趋势，慢牛下中长期 ROE 中枢 ...

近日，金融监管总局印发了《关于推动健康保险高质量发展的指导意见》（以下简称《意见》)，相关 司局负责人回答了记者提问。 问：《意见》制定的背景是什么？ 答：健康保险为被保险人因健康原因或者医疗行为的发生而导致的财务损失提供保障，是保险业发挥筑 牢社会保障网功能的重要险种，连接医疗卫生等产业，关系国计民生。随着经济社会发展和健康中国战 略的推进，人民群众健康保障需求日益提升，健康保险重要性不断增强。健康保险在持续快速发展的同 时，产品形态单一、行业经营能力不足、基础薄弱、专业机构发展不及预期、与医疗医药协同不够等阶 段性问题也逐步显现，制约了服务保障水平的提升。2024年9月，国务院印发了《关于加强监管防范风 险推动保险业高质量发展的若干意见》，明确要求"提升健康保险服务保障水平""支持浮动收益型保险 发展"。因此，金融监管总局研究制定了《意见》，针对性地优化现有政策，打通卡点堵点，明确健康 保险未来方向和发展重点，正本清源，推动高质量发展。 问：《意见》的起草思路是什么？ 一是总体要求。明确健康保险未来一段时间发展的总体思路和阶段性目标。 二是深化健康保险改革。分别对健康保险的主要险种，即商业医疗保险、商业长 ...

每经记者｜涂颖浩每经编辑 廖 丹 日前，金融监管总局印发《关于推动健康保险高质量发展的指导意见》（以下简称《意见》)，针对性 地优化现有政策，打通卡点堵点，明确健康保险未来方向和发展重点，正本清源，推动高质量发展。 《意见》对商业医疗保险、商业长期护理保险、失能收入损失保险和疾病保险等四大类险种的发展重点 进行规划，同时规范各类经办承办服务。《意见》起草的思路之一是明确健康保险不同细分领域相应要 求，丰富健康保险保障内涵，拓宽产品形态和功能，支持浮动收益型健康保险发展，构建新型健康服务 保障体系。 中关村长策产业发展战略研究院健康养老研究中心主任龙格对《每日经济新闻》记者表示，健康险迎政 策利好，如监管支持浮动收益型健康保险发展，意味着分红型重疾险将重出江湖，未来健康险产品可以 有更多的产品形态。 金融监管总局相关司局负责人表示，下一步将重点做好以下工作：一是积极与其他部门沟通协调，持续 为健康保险发展营造良好政策环境。二是加快研究出台浮动收益型健康保险等配套业务细则，督促各保 险公司落实《意见》要求，丰富产品供给，更好地满足人民群众对高质量健康保障的需求，为推动健康 产业可持续发展贡献更多力量。三是强化健康 ...

事件 9 月 30 日，为贯彻落实《国务院关于加强监管防范风险推动保险业高质量发展的若干意见》精神，金融监管总局发布 《关于推动健康保险高质量发展的指导意见》，提出到 2030 年，健康保险在国家健康保障体系中的重要作用进一步发 挥的总体目标。 核心内容 明确健康保险不同细分领域相应要求。1）商业医疗险：表态为"积极发展"，预计是未来健康险的核心增量。①积极 将医疗新技术、新药品、新器械纳入保险保障范围。②鼓励长期医疗保险根据风险类别定价，健全费率调整机制。③ 支持开展个人账户式长期医疗保险业务。④严格按照商业保险的基本原则和客观规律，平稳有序开展城市商业医疗保 险（惠民保）。⑤鼓励开发惠及带病群体、罕见病群体的产品。2）疾病险：表态为"稳步发展"，亮点为支持监管评 级良好的保险公司开展分红型长期健康保险业务。3）此外，①加快发展商业长期护理保险和失能收入损失保险；② 支持与药械企业建立联动合作机制，探索按照市场化原则自主协商谈判、按疗效付费等创新药械多元化支付方式。 推进健康保险公司特色化、专业化经营，增强核心竞争力。①探索符合健康保险特点的发展战略和经营模式，深耕健 康管理，促进医养康养相结合。②支持监管 ...

保险Ⅱ 2025 年 10 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -22% -14% -7% 0% 7% 14% 2024-10 2025-02 2025-06 保险Ⅱ 沪深300 相关研究报告 《财险和权益投资拉动业绩，分红险 转型驱动投资端增配权益—保险行业 深度报告》-2025.9.22 《固收兼顾配置和交易，高股息+长股 投 为 破 局 之 道 — 行 业 深 度 报 告 》 -2025.4.10 《资负两端驱动业绩与分红，假设调 整提升 EV 可信度—行业深度报告》 -2025.4.7 拓宽产品形态和功能，健康险有望迎来增长新机遇 ——"健康险高质量发展意见"点评 高超（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 顶层设计打通堵点，指明方向，全方位助推健康险高质量发展 2025 年 9 月 30 日，金监总局发布《关于推动健康保险高质量发展的指导意见》 (以下简称《意见》)，为关乎国计民生的重要险种健康险的发展提出明确要求。 主要内容包括：(1)总体要求：到 2030 年，健康保险在国家健康保障体系中的重 要作用进一步发 ...

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]

中新网9月30日电据国家金融监督管理总局网站消息，国家金融监督管理总局近日发布关于推动健康保 险高质量发展的指导意见。具体如下： (四)推动健康保险与健康管理融合发展。构建"事前预防、事中管理、事后保障"相结合的新型健康服务 保障体系。支持通过提供医疗、康复、护理等服务的形式履行对被保险人的健康保障责任，推动全社会 健康风险减量和人民群众健康素质提升。升级完善与养老配套的健康管理服务体系。 (五)促进健康产业协同发展。加强保险公司健康服务网络建设，推进大健康产业协同发展。促进健康保 险与医疗、医药深度融合，助力卫生健康事业和生物医药产业突破发展。支持与药械企业建立联动合作 机制，探索按照市场化原则自主协商谈判、按疗效付费等创新药械多元化支付方式。 (六)规范各类经办承办服务。支持保险公司做好大病保险服务保障，提升各类经办业务运行效率。持续 为长期护理保险制度提供精细化、规范化管理服务。规范委托管理合同，充分发挥保险公司专业优势， 提供健康保障方案设计和咨询建议、健康管理、医疗服务调查、费用审核和支付等综合服务。强化委托 管理业务方案设计和资金支付的合规性、公平性管理。 为贯彻落实《国务院关于加强监管防范风险推 ...

Core Insights - The Financial Regulatory Bureau issued guidelines to promote high-quality development in health insurance, emphasizing the need for innovation in products like personal account-based long-term medical insurance and dividend-based long-term health insurance [2][3] Background - Health insurance is crucial for providing financial protection against health-related losses, linking to the broader social security network and the health of the nation [3] - The increasing demand for health insurance is driven by economic development and the Health China strategy, highlighting its growing importance [3] - Current challenges in the health insurance sector include product homogeneity, insufficient industry capabilities, and inadequate collaboration with the medical sector [3] Development Directions - The guidelines outline key development areas for major health insurance types, including commercial medical insurance, long-term care insurance, income loss insurance due to disability, and disease insurance [3][4] - For commercial medical insurance, the guidelines advocate for a comprehensive product system, inclusion of new medical technologies, and a fair pricing mechanism [4] - Long-term care insurance is encouraged to align with community and institutional care needs, offering cash benefits alongside care services [5] - Disease insurance is to be developed steadily, with regular updates to disease definitions and incidence rates [5][6] Innovation Initiatives - The guidelines support the introduction of dividend-based long-term health insurance for well-rated insurance companies [7] - A new health service guarantee system is proposed, integrating prevention, management, and post-care services [7] - Collaboration between insurance companies and pharmaceutical firms is encouraged to explore innovative payment methods based on market principles [7][8] Market Opportunities - In 2024, the total premium income for short-term and long-term commercial health insurance in China is projected to reach 977.3 billion yuan, with significant room for growth in meeting customer needs [9] - The guidelines set a 2030 target for health insurance to play a more significant role in the national health security system, promoting a multi-layered market structure [9] Strategic Recommendations - Insurance companies are advised to focus on product innovation, industry collaboration, technology empowerment, and leveraging policy benefits to drive sustainable growth [10] - Emphasis on differentiated product offerings targeting specific demographics, such as those with pre-existing conditions and the elderly, is recommended [10][11] - Companies should enhance their integration with healthcare services and pharmaceutical innovations, creating a comprehensive health management service [10][11]

Core Viewpoint - The "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" issued by the Financial Regulatory Bureau emphasizes the significant role of health insurance in the national health security system by 2030, outlining development goals and innovative points for the industry [1][2]. Summary by Sections Development Goals - By 2030, health insurance is expected to play a crucial role in the national health security system, with a multi-level health insurance market structure that meets diverse needs across the entire population and lifecycle [2]. - The regulatory framework for health insurance will be more robust, enhancing regulatory effectiveness [2]. Industry Challenges - Despite rapid growth, the health insurance sector faces challenges such as product homogeneity, insufficient operational capacity, and inadequate collaboration with the medical and pharmaceutical sectors [2][5]. - The need for innovation is highlighted as a key factor for the high-quality development of commercial health insurance [2]. Innovative Products - The introduction of personal account-based long-term medical insurance and dividend health insurance is a significant innovation, allowing for a richer service offering and aligning with the trend of integrating health insurance with health management [3][4]. - The personal account model is expected to function alongside primary medical insurance, enabling investment returns and covering health management expenses [3]. Regulatory Support - The Opinions support well-rated insurance companies in launching dividend-based long-term health insurance, expanding the sources of returns beyond fixed income [4]. - The cap on health management costs in net premiums is set to increase for certain health insurance companies, allowing them to develop unique offerings [4]. Integration with Innovative Medical Solutions - The Opinions stress the importance of integrating new medical technologies, drugs, and devices into insurance coverage, promoting collaboration with pharmaceutical companies for innovative payment methods [5]. - The commercial health insurance sector is increasingly recognized for its role in facilitating access to high-cost treatments, such as CAR-T therapy, which are not covered by national insurance [6]. Future Directions - The Financial Regulatory Bureau plans to enhance communication with other departments to create a favorable policy environment for health insurance development and to implement detailed regulations for floating yield health insurance [6].

Core Viewpoint - The National Financial Regulatory Administration has issued the "Guiding Opinions on Promoting the High-Quality Development of Health Insurance," which aims to address challenges in various health insurance sectors and encourages the integration of commercial health insurance into the broader health and wellness ecosystem, emphasizing diverse products and services to meet customer needs [1][30]. Group 1: Development of Health Insurance Products - Support for the development of personal account-based long-term medical insurance to enrich service forms [2][11]. - Encouragement for insurance companies with good regulatory ratings to offer dividend-based long-term health insurance products [3][14]. - Promotion of the combination sales of health insurance and life insurance [4][31]. Group 2: Long-term Care and Disability Insurance - Accelerate the development of commercial long-term care insurance and disability income loss insurance, providing cash benefits combined with care services [13][31]. - Support for converting life insurance benefits into care expenses for insured individuals who become disabled [6][31]. - Expansion of coverage for disability income loss insurance [13][31]. Group 3: Disease Insurance - Steady development of disease insurance, with timely updates to disease definitions based on changes in disease patterns and medical technology [14][31]. - Support for regulatory-rated insurance companies to restart dividend-based critical illness insurance [15][31]. Group 4: Health Management and Industry Collaboration - Promotion of the integration of health insurance with health management, creating a new health service guarantee system that combines prevention, management, and protection [17][31]. - Support for collaboration with pharmaceutical and medical device companies to explore innovative payment methods based on market principles and efficacy [18][32]. - Emphasis on enhancing the health service network of insurance companies to promote the collaborative development of the health industry [32]. Group 5: Regulatory and Operational Improvements - Strengthening the regulatory framework for health insurance, including the establishment of independent accounting rules and performance evaluation systems [21][30]. - Encouragement for insurance companies to enhance operational efficiency in major illness insurance services [19][31]. - Support for the development of standardized health management service standards within the insurance industry [23][31]. Group 6: Capacity Building and Sustainable Development - Emphasis on enhancing the professional capabilities of health insurance companies and promoting the integration of health management with care services [20][31]. - Support for good regulatory-rated health insurance companies to trial higher cost-sharing limits for health management services [20][31]. - Focus on improving the digital transformation of health insurance to enhance service capabilities and operational management [33][31].