保险股延续近期涨势，截至发稿，新华保险(01336)涨4.57%，报51.5港元；中国人寿(02628)涨1.97%， 报23.35港元；中国太保(02601)涨1.36%，报33.45港元；中国平安(02318)涨0.89%，报56.9港元。 消息面上，近日，保险行业协会公布，当前普通型人身保险产品预定利率研究值为1.99%。根据当前主 要公司已发布的公告来看，普通型人身险产品预定利率将从2.5%下调至2.0%；分红险的保证利率上限 将从2%调整为1.75%，万能险从1.5%调整至1.0%；平安、国寿、太保等公告8月31日之后将全面切换在 售产品至新定价利率要求。 大摩近期研报指，自2023年下半年以来，监管机构和保险公司已采取一系列措施减轻利差损失风险，预 计这一趋势将持续。8月后，保险公司新资金流入的保证负债成本预计将降至约1.7%，可提高盈利能 力，相对目前长期利率高于1.7%。该行指，保险公司表现强劲的关键驱动因素包括近期利率上调、稳 健的2025年上半年业绩预告，以及有利的市场情绪和资金流向。 ...

消息面上，近日，保险行业协会公布，当前普通型人身保险产品预定利率研究值为1.99%。根据当前主 要公司已发布的公告来看，普通型人身险产品预定利率将从2.5%下调至2.0%；分红险的保证利率上限 将从2%调整为1.75%，万能险从1.5%调整至1.0%；平安、国寿、太保等公告8月31日之后将全面切换在 售产品至新定价利率要求。 智通财经APP获悉，保险股延续近期涨势，截至发稿，新华保险(01336)涨4.57%，报51.5港元；中国人 寿(02628)涨1.97%，报23.35港元；中国太保(02601)涨1.36%，报33.45港元；中国平安(02318)涨0.89%， 报56.9港元。 大摩近期研报指，自2023年下半年以来，监管机构和保险公司已采取一系列措施减轻利差损失风险，预 计这一趋势将持续。8月后，保险公司新资金流入的保证负债成本预计将降至约1.7%，可提高盈利能 力，相对目前长期利率高于1.7%。该行指，保险公司表现强劲的关键驱动因素包括近期利率上调、稳 健的2025年上半年业绩预告，以及有利的市场情绪和资金流向。 ...

Core Viewpoint - The surge in insurance stocks is attributed to the recent adjustment in the predetermined interest rates for insurance products, which is expected to mitigate the risk of interest spread losses for insurance companies [2][8]. Group 1: Market Performance - Insurance stocks experienced a significant rally, with the Hong Kong insurance sector rising over 4%, and China Life's H-shares increasing nearly 6% [1][4]. - In the A-share market, New China Life and China Pacific Insurance also saw substantial gains, contributing to the overall surge in the sector [1][3]. - Various insurance-related warrants, such as Ping An's warrants, achieved a doubling in value within a single day [1][4]. Group 2: Interest Rate Adjustments - The China Insurance Industry Association announced a new predetermined interest rate of 1.99%, which is below the previous 2.25% threshold, triggering adjustments in life insurance product rates [1][6]. - The maximum predetermined interest rates for different insurance products have been set at 2.0% for ordinary insurance, 1.75% for participating insurance, and 1.0% for universal insurance, effective from August 31, 2025 [7][10]. Group 3: Implications for the Insurance Sector - Analysts believe that the adjustment in predetermined interest rates is a significant positive development for insurance stocks, as it helps to prevent potential interest spread losses [2][8]. - The reduction in interest rates is expected to enhance the competitiveness of participating insurance products compared to traditional savings deposits and other investment vehicles [10][11]. - The shift towards participating insurance is anticipated to occur as a response to the large volume of savings deposits maturing, with insurance companies likely to benefit from this transition [11][12].