Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The report highlights the recent regulatory guidance from the China Banking and Insurance Regulatory Commission (CBIRC) aimed at promoting the high-quality development of urban commercial health insurance, specifically the "Hui Min Bao" initiative. This marks a significant step towards systematic management and sustainable growth in the sector [5]. - The policy emphasizes a balance between "inclusive positioning" and "commercial attributes," aiming to expand coverage while adhering to commercial insurance principles. This shift is crucial for the long-term sustainability of the products [5]. - The report discusses the need for product optimization through "precise pricing" and "risk prevention," advocating for differentiated pricing based on health status and other factors to enhance fairness and adaptability in insurance offerings [5]. - The report also stresses the importance of ecological protection by discouraging "involution competition" and promoting information sharing among insurance companies, which is expected to improve risk identification and matching capabilities [5]. - Investment suggestions include focusing on life insurance liability transformation and recognizing the optimistic outlook for the equity market, particularly given the historical low long-term interest rates and the potential for improved pricing strategies [5]. Summary by Sections Regulatory Developments - The CBIRC issued a notice on July 31, 2025, to promote the high-quality development of urban commercial health insurance, marking a new phase for "Hui Min Bao" [5]. Product Development - The notice requires insurance companies to adopt differentiated pricing and conduct regular loss assessments to ensure sustainable product offerings [5]. Market Outlook - The report suggests that the life insurance sector is undergoing a transformation, with a focus on capacity enhancement and demand release as consumer awareness grows [5]. Investment Recommendations - The report advises investors to pay attention to large listed insurance companies with strong competitive advantages, as the sector is currently undervalued [5].

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to promote the high-quality development of urban commercial health insurance, emphasizing its inclusive nature while maintaining commercial attributes and adhering to insurance principles [1][2]. Group 1: Policy Requirements - The notice requires urban commercial health insurance, known as "惠民保," to focus on inclusivity, ensuring low entry barriers, low premiums, and high coverage to meet diverse health protection needs [1]. - Insurance companies are urged to optimize product offerings based on the quality medical protection needs of the public, incorporating new medical technologies, drugs, and equipment into coverage [1]. Group 2: Commercial Attributes - Urban commercial health insurance must adhere to market-oriented and legal principles, allowing companies to operate independently while ensuring voluntary participation from the public [2]. - The notice emphasizes the need for differentiated pricing based on factors such as age, gender, and health status, moving away from the previous uniform pricing model [2]. Group 3: Competition and Market Conduct - The notice prohibits "involutionary" competition among insurance companies, mandating fair competition and the enhancement of product and service diversity [3]. - Companies are not allowed to engage in low-price, disorderly competition or set pre-determined compensation rates, ensuring compliance with commercial insurance principles [3]. Group 4: Market Impact - Analysts predict that leading insurance companies that effectively transition their life insurance channels and products will benefit significantly, especially those with strong health insurance service systems [3].

Regulatory Voice - The Financial Regulatory Bureau emphasizes the importance of disaster response and insurance claims services during the main flood season, urging relevant units to enhance resource investment and streamline claims processes to support affected areas like Beijing and Hebei [1] - The Financial Regulatory Bureau has issued guidelines for the sustainable development of urban commercial health insurance, focusing on inclusivity, product management, risk management, and market order [1] Industry Focus - The predetermined interest rate for traditional life insurance products has been lowered by 50 basis points to 2.0%, with the guaranteed interest rate cap for participating insurance reduced to 1.75% [3] - The insurance industry reported a total premium income of 3.74 trillion yuan in the first half of the year, a year-on-year increase of 5.04%, with life insurance premiums growing by 5.34% [4] - Property insurance companies reported a combined profit of 87.59 billion yuan in Q2 2025, a 68.08% increase year-on-year, with 63 companies profitable [5] Corporate Dynamics - Zhongyi Property Insurance has received approval to increase its registered capital from 1.3 billion yuan to 1.692 billion yuan [7] - China Ping An has appointed Wang Xiaohang as the Chief Technology Officer [10] - Qian Fang is temporarily assuming the role of chairman at Guolian Life Insurance pending regulatory approval [11]

城市定制型商业医疗保险(以下简称"城市商业医疗险")业务，迎来规范发展新阶段。 7月31日，金融监管总局向业内发布《关于推动城市商业医疗险高质量发展的通知》(以下简称《通知》)， 从突出普惠定位、坚守商业属性、规范精准定价、提升服务能力、共建良好生态、注重统筹规划六个维 度，全面规范城市商业医疗险业务，推动实现商业可持续发展，保护保险消费者合法权益。 回应社会关切 推动实现可持续发展 城市商业医疗险，即我们常说的"惠民保"，是由地方政府及相关部门指导、保险公司商业运作、与基本医 保衔接的商业保险，具有投保门槛低、保费低、保额高等特点。 一方面，要突出城市商业医疗险普惠定位。《通知》要求，保险业要坚持以人民为中心的发展思想，围绕 人民群众的优质医疗保障需求，优化城市商业医疗险产品供给，及时将医疗新技术、新药品、新器械应用 纳入责任范围，提供覆盖广泛、公平可得、保费合理、保障有效的保险服务。要努力扩大城市商业医疗险 的惠及面，推动商业医疗保险可及可信、可保可赔、可感可知。 另一方面，城市商业医疗险要坚守商业属性，遵循保险规律。《通知》指出，城市商业医疗险应当遵循市 场化、法治化原则，坚持保险公司自主经营，人民群众 ...

Core Viewpoint - The new regulatory guidelines emphasize the importance of balancing the inclusive nature and commercial attributes of urban commercial health insurance (惠民保), aiming for sustainable development while adhering to market principles [1][5]. Group 1: Regulatory Guidelines - The Financial Regulatory Bureau issued a notification on July 31, requiring urban commercial health insurance to focus on inclusivity while maintaining its commercial nature [1]. - The notification mandates that insurance companies optimize product offerings to meet diverse health protection needs, ensuring broad coverage and reasonable premiums [2][5]. - Insurance companies are instructed to base pricing on reliable historical data, ensuring fair and differentiated pricing according to factors like age, gender, and health status [3][5]. Group 2: Market Competition - The notification prohibits "involution-style" competition, urging insurance companies to avoid chaotic price wars and maintain fair competition [4][5]. - Companies must enhance product diversity and adhere to internal control management during product development, sales, and claims processes [4]. - Sales practices must be transparent, with clear communication of product functions and obligations to prevent misleading information [4][5]. Group 3: Long-term Development - Experts believe the guidelines aim to curb unhealthy competition and ensure service quality, promoting the long-term health of 惠民保 [5]. - The focus is on transitioning from short-term expansion to long-term value creation, supporting a multi-tiered medical insurance system [5].

Core Viewpoint - The National Financial Supervision Administration issued a notice aimed at promoting the high-quality development of urban commercial health insurance, emphasizing the importance of inclusivity, adherence to commercial principles, and compliance with insurance regulations [1] Group 1: Regulatory Guidelines - Urban commercial health insurance should highlight its inclusive positioning while maintaining its commercial nature and following insurance laws [1] - The notice mandates that insurance companies operate independently, with consumers voluntarily choosing to purchase insurance [1] - Companies are required to align premium collection with the level of coverage provided, ensuring a balance between expanding coverage and sustainable commercial development [1] Group 2: Consumer Protection and Product Management - Insurance companies must focus on the needs of target customers when defining insurance responsibilities and exclusions [1] - There is a requirement for enhanced management of product sales appropriateness, ensuring accurate communication of product functions and benefits to the public [1] - Companies must collaborate with sales channels to fulfill the obligation of explaining exclusion clauses, preventing misleading sales practices that exaggerate coverage or conceal exclusions [1]

国家金融监督管理总局31日向各金融监管局、保险业协会、各保险公司印发《关于推动城市商业医疗险 高质量发展的通知》，要求城市商业医疗险突出普惠定位，坚守商业属性，遵循保险规律，规范精准定 价。 据了解，城市商业医疗险即"惠民保"是由地方政府及相关部门指导、保险公司商业运作、与基本医保衔 接的商业保险，具有投保门槛低、保费低、保额高等特点。近年来，城市商业医疗险在多地落地并快速 发展，满足人民群众多层次多样化的健康保障需求。 通知还要求城市商业医疗险规范精准定价。要遵循风险对价原则，实现差异化定价，原则上应当基于不 同群体的年龄、性别、健康状况等因素进行相应的责任分级或费率分组，不断提升产品和服务的公平性 和适配性。对于首次纳入保险合同的责任，应当基于历史经验数据和医疗、医保、医药等相关方提供的 基础数据，科学准确定价。 数据显示，2024年我国商业健康保险保费收入合计近万亿元，2025年上半年保费收入6223亿元，近10年 年均增速约20%，累计支付赔款2.6万亿元，目前还积累了超过2.5万亿元的长期责任准备金，将成为人 民群众未来健康保障的储备。 （文章来源：新华社） 通知明确城市商业医疗险应突出普惠定位。保 ...

Core Viewpoint - The Financial Regulatory Bureau issued a notice to promote the high-quality development of urban commercial health insurance, emphasizing its inclusive nature and commercial attributes to ensure sustainable growth [1][4]. Group 1: Development and Challenges - Urban commercial health insurance, known as "Hui Min Bao," has rapidly developed in recent years, with 168 million participants, effectively meeting public healthcare needs [2]. - Despite its growth, the commercial sustainability of Hui Min Bao faces challenges, including a low overall participation rate of about 5%, which may lead to adverse selection and financial instability [3]. Group 2: Regulatory Guidelines - The notice outlines several guidelines to enhance the sustainable development of Hui Min Bao, including optimizing product supply, expanding coverage, and ensuring fair pricing [4][5]. - Insurance companies are required to adopt risk-based pricing, considering factors such as age, gender, and health status to improve product fairness and adaptability [5][6]. Group 3: Market Dynamics - The notice reiterates the commercial nature of Hui Min Bao, mandating that insurance companies operate independently while ensuring consumer protection and satisfaction [6]. - It also prohibits low-price, chaotic competition among insurers to promote high-quality development in urban commercial health insurance [6].

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to promote the high-quality development of urban commercial health insurance, emphasizing its inclusive nature while maintaining its commercial attributes and adhering to insurance regulations [1][2]. Group 1: Urban Commercial Health Insurance Overview - Urban commercial health insurance, known as "Hui Min Bao," is guided by local governments and operated by insurance companies, designed to complement basic medical insurance with low entry barriers, low premiums, and high coverage [1]. - The rapid development of urban commercial health insurance in various regions meets the diverse health protection needs of the population [1]. Group 2: Policy Requirements - The notice mandates that urban commercial health insurance should focus on inclusivity, optimizing product supply to ensure broad coverage, reasonable premiums, and effective protection [1]. - Insurance companies are required to operate autonomously while ensuring voluntary participation from the public, aligning premium collection with the level of coverage provided [1]. Group 3: Pricing and Data Insights - Urban commercial health insurance must implement precise pricing based on risk-sharing principles, considering factors such as age, gender, and health status for differentiated pricing [2]. - The commercial health insurance premium income in China is projected to reach nearly 1 trillion yuan in 2024, with 6.223 billion yuan collected in the first half of 2025, reflecting an average annual growth rate of approximately 20% over the past decade [2]. - Cumulative claims paid amount to 2.6 trillion yuan, with over 2.5 trillion yuan in long-term liability reserves accumulated, indicating a robust future health protection reserve for the population [2].

Core Viewpoint - The new regulations issued by the Financial Regulatory Bureau aim to enhance the quality and sustainability of urban commercial health insurance, particularly focusing on the "Hui Min Bao" program, which has been updated after four years to better meet public health needs and expand coverage [3][8][9]. Group 1: New Regulations Overview - The new regulations emphasize the inclusive nature of "Hui Min Bao," aiming to optimize supply and include innovative drugs in the coverage [4][10]. - The regulations stress voluntary insurance participation and differentiated pricing based on health status and age, with higher payout ratios and lower deductibles for healthier individuals [20][21]. - Insurers are prohibited from adjusting the payout conditions of signed insurance contracts within the same year, ensuring stability for policyholders [39][40]. Group 2: Product Positioning and Consumer Satisfaction - The regulations highlight the need for urban commercial health insurance to maintain a public welfare focus while adhering to commercial principles [11][19]. - Insurers are encouraged to improve product offerings and customer service to enhance consumer satisfaction and retention [18][19]. - The regulations support the establishment of platforms for better communication among healthcare, insurance, and pharmaceutical sectors to facilitate claims processing [34][36]. Group 3: Risk Management and Pricing Strategies - Insurers are required to implement precise pricing strategies that reflect the risk profiles of different demographic groups, thereby enhancing fairness and adaptability in product offerings [23][25]. - The regulations address concerns about the sustainability of "Hui Min Bao" by promoting risk management practices and preventing adverse selection [22][24]. - The new rules also call for a clear distinction between commercial insurance and social insurance to avoid confusion among consumers [50]. Group 4: Market Order and Compliance - The regulations outline six prohibitions to maintain market order, including the requirement for insurers to avoid unfair competition and ensure transparent communication of product features [41][42]. - Insurers must clearly indicate the "customized" nature of their products and specify applicable regions in their offerings [51][53]. - The regulations encourage collaboration among insurers to share data and improve operational efficiency, thereby enhancing the overall ecosystem of urban commercial health insurance [38][49].