康险业务新业务价值（NBV）在前三季度增长46.2%，说明其主营业务保持着高速增长的强劲势头。从投 资维度看，平安保险资金投资组合实现非年化综合投资收益率5.4%，同比上升1.0个百分点。 连日来，伴随沪指创十年新高，保险板块表现颇为亮眼。昨日，新华保险和中国太保股价创下历史新高， 市值过万亿元的中国平安和中国人寿股价也不断逼近历史高点。 面对这波保险"开门红"行情，有观点认为，保险股是在行业政策利好和转型成效（如新业务价值重回高速 增长）初步显现后，市场对其价值的重估和修复。 南都湾财社记者看到，截至今天收盘，中国平安A股报73.45元，相比昨日74.32的收盘价有所下跌，但市值 已坐稳1.3万亿关口。按照统计，从去年12月8日到1月7日的一个月时间内，平安股价累计上涨近两成，并 创下近4年新高，在资本市场上完成了从"老登股"到"大象起舞"的逆袭。 与资本市场态度相呼应，日前中金公司发布2026年展望研报认为，寿险行业几大趋势值得关注，其中新业 务延续快速增长，拥抱"存款搬家"和"健康险新时代"。同时，新业务刚性成本进一步下降，新业务价值说 服力增强。还有一大趋势是行业客群层级向上迁移，同时行业经营模式、人 ...

跟随A股保险股的强劲表现，港股市场保险股走强。其中，中国太平、新华保险涨超5%，中国太保涨 超3%，中国平安、中国财险涨近3%。值得注意的是，新华保险、中国太保创历史新高，中国平安创近 5年新高。 中金公司发布2026年展望研报认为，寿险行业五大趋势值得关注：一是新业务延续快速增长，拥抱"存 款搬家"和"健康险新时代"；二是新业务刚性成本进一步下降，新业务价值说服力增强；三是新业务产 品结构多元化，优质公司业务结构优化更显著且新业务质量与同业分化；四是行业客群层级向上迁移， 同时行业经营模式、人才以此为契机开启升级优化；五是竞争格局向具备寿险经营能力的公司集中。 ...

跟随A股保险股的强劲表现，港股市场保险股走强。其中，中国太平、新华保险涨超5%，中国太保涨 超3%，中国平安、中国财险涨近3%。值得注意的是，新华保险、中国太保创历史新高，中国平安创近 5年新高。 中金公司发布2026年展望研报认为，寿险行业五大趋势值得关注：一是新业务延续快速增长，拥抱"存 款搬家"和"健康险新时代"；二是新业务刚性成本进一步下降，新业务价值说服力增强；三是新业务产 品结构多元化，优质公司业务结构优化更显著且新业务质量与同业分化；四是行业客群层级向上迁移， 同时行业经营模式、人才以此为契机开启升级优化；五是竞争格局向具备寿险经营能力的公司集中。 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 00966 | 中国太平 | 5.54% | 20.380 | 732.46亿 | 9.04% | | 01336 | 新华保险 | 5.16% | 59.100 | 1843.65亿 | 8.74% | | 02601 | 中国太保 | 3.65% | 37.520 | 3609.55亿 ...

Core Insights - The report from CICC highlights five key trends in the life insurance industry to watch for by 2026, indicating a shift towards high-quality development in the sector [1] Group 1: New Business Growth - New business continues to experience rapid growth, embracing the "deposit migration" and the "new era of health insurance" [1] Group 2: Cost and Value Dynamics - The rigid costs associated with new business are further declining, enhancing the persuasive power of new business value [1] Group 3: Product and Quality Diversification - The product structure of new business is becoming more diversified, with notable optimization in the business structure of high-quality companies, leading to differentiation in new business quality compared to peers [1] Group 4: Customer Segmentation and Operational Upgrades - The customer base is migrating upwards, providing an opportunity for the industry to upgrade and optimize its operational models and talent [1] Group 5: Competitive Landscape - The competitive landscape is concentrating around companies with strong life insurance operational capabilities [1]

Core Viewpoint - The life insurance industry is expected to enter a new growth cycle by 2026, driven by improved liability trends and a return to growth-oriented valuation logic for high-quality companies [2][3][8]. Group 1: Life Insurance Trends - Five key trends in the life insurance industry are anticipated: 1) Continued rapid growth of new business, embracing "deposit migration" and a "new era of health insurance"; 2) Further reduction in the rigid costs of new business, enhancing its value proposition; 3) Diversification in new business product structures, with significant optimization in quality companies; 4) Upward migration of customer tiers, prompting upgrades in operational models and talent; 5) Concentration of competition among companies with strong life insurance operational capabilities [3][8][9]. - The "deposit migration" phenomenon is expected to become more pronounced, with savings-type insurance products gaining traction in a low-interest-rate environment, providing a more attractive yield compared to bank deposits [9][11]. - The health insurance sector is projected to recover, with new business premiums returning to growth by 2026, supported by policy reforms and the removal of operational bottlenecks [11][41]. Group 2: Financial Insurance Insights - The property and casualty insurance sector is expected to see stable growth in auto insurance premiums, with head companies optimizing their business structures to improve underwriting profitability [33][35]. - Non-auto insurance is anticipated to experience moderate growth, with health insurance emerging as a significant growth driver, particularly in light of ongoing regulatory reforms [40][41]. - The industry is positioned to replicate successful overseas expansion strategies seen in Japan's insurance sector during the 1980s, leveraging China's Belt and Road Initiative and the growing overseas presence of Chinese enterprises [44][46]. Group 3: Hong Kong Life Insurance - The life insurance business in Hong Kong is expected to regain investment appeal as foreign attitudes towards Chinese assets shift, coinciding with a new growth phase in the mainland insurance market [4][50]. - The competitive landscape is likely to favor high-quality Hong Kong insurers, as they adapt to the evolving dynamics of the mainland market and capitalize on upward customer migration trends [51].

Core Insights - The insurance industry is expected to enter a new growth cycle by 2026, with a shift in investment logic from "seeking revaluation of existing business" to "valuing growth potential" [1][2] - The life insurance sector is anticipated to experience five key trends leading to a high-quality development phase, with leading companies likely to regain their market position [2] - The property insurance sector is projected to see stable profitability in auto insurance, while non-auto insurance and overseas expansion will contribute positively [3] Group 1: Life Insurance Industry - The life insurance sector is expected to see rapid growth in new business, embracing trends like "deposit migration" and a "new era of health insurance" [2] - The cost of new business is anticipated to decrease, enhancing the persuasive value of new business [2] - The structure of new business products is becoming more diversified, with leading companies optimizing their business structures and differentiating the quality of new business from peers [2] Group 2: Property Insurance Industry - Auto insurance is expected to see slow premium growth, with leading companies optimizing their business structure to improve underwriting profitability [3] - Non-auto insurance growth is projected to decelerate, while health insurance is expected to become a significant growth driver [3] - The current internal and external environment of China's property insurance industry shares structural similarities with Japan's post-1980s property insurance, presenting historical opportunities for successful overseas expansion [3] Group 3: Hong Kong Life Insurance - Hong Kong life insurance companies, such as AIA, have faced declines due to foreign concerns about Chinese assets and the outlook for the mainland insurance industry [4] - By 2026, as foreign attitudes towards Chinese assets shift and the mainland insurance industry enters a golden development period, Hong Kong life insurers may see improved growth trends and business structures [4] - The upward migration of customer demographics in the industry may make mainland business a significant investment highlight for Hong Kong insurers [4]