以下文章来源于创业黑马导师 ，作者吴世春 创业黑马导师 . 吴世春 梅花创投创始合伙人、卫哲 嘉御资本董事长、朱啸虎 金沙江创投主管合伙人、冯卫东 天图资本 管理合伙人、周鸿祎 360集团董事长、江南春 分众传媒董事长（排名不分先后）…… 我们在创业黑马 等你。✉️名字+项目，找到更多明星投资人。 1.一个人要发财的顺序，记住4步： 做些小事； 赢得薄名； 再混良圈； 终遇贵人。 赚钱，一定是赚认知范围内的钱。 2.提高自己的投资收益率，持续击败民间借贷利率。 创业也是一种投资，只不过是用你的时间和才华投资。 钱的进出只有两条线，一条是民营借贷利率，另一条是银行借贷利率。 银行借贷利率是3%到4%，民间是12%。 一个人的投资收益率持续低于银行借贷利率，有钱也会变成穷人。 吴世春 梅花创投合伙人、黑马加速导师 因为社会在通货膨胀，国家不断印钞。 收益率在银行和民间借贷利率之间，你会变成中产，赚中等的钱。 如果收益率持续超越15%以上，你没钱也会变成富人。 3.以末致财，勇于本守之。 用末业挣到的钱，要用本业去守住。 在古代士农工商，在工和商挣的钱，要去占买田买地，要去中科举。 现在的本业就是硬科技，所以在别的 ...

中邮人寿是保费收入排名前10，仅次于老六家的银保巨头公司。过去我们持续关注过这家公司的经营数据情况。 分红险时代，大家都更关注保险公司的投资收益率和经营数据情况，有些买过中邮人寿分红险或者在考虑中邮人寿的朋友，未免对这次公布的数据有些担 心。 不过，综合各方来看，这次对分红险保单的实际影响依旧有限，主要有几个原因： 一是，投资收益率，各家公司的变动都比以前更大了。 自执行新金融工具会计准则以来，保险公司的净利润波动一直在加大。2024年的上市公司已有直观体现：在第一季度股市低迷期，五家险企中有四家公司 净利润负增长；第三季度系列政策利好下股市进入"爆发期"，上市险企净利表现也如同坐上了"火箭"，其中，中国人寿、中国人保、新华保险三家公司单 季度净利润同比增幅区间为17倍至23倍。 已公布数据的保险公司三季度的表现都较上半年有回落。 之前我们统计的73家人身险公司偿付能力充足率，三季度综合偿付能力上升的只有9家，核心偿付能力上升的有7家。（链接：最新人身险AAA评级 （2025Q3人身险）| 偿付率下滑原因） 2025年6月以来，偿付能力充足率指标转头下行的主要原因：一方面，偿二代二期规则提高了相关风险因子和资 ...

丨证券研究报告丨 行业研究丨深度报告丨保险Ⅱ [Table_Title] 慢牛新周期，保险如何估值？——保险行业 2026 年度投资策略 %% %% %% %% research.95579.com 1 报告要点 [Table_Summary] 短期视角下，投资收益率是估值的主导因素，资产配置比例是投资收益率的决定性因素。中长 期视角下，受益于政策与市场变化，保险资产端与负债端的利差有望提升，结合行业中长期空 间充足，ROE 有望持续改善。个股层面，推荐中国人寿、新华保险、中国平安、中国人保等优 质标的。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 近十年数据来看，投资收益率的预期就是保险行业估值的锚。在保险股的投资分析框架中，我 们认为估值的短周期影响因子仍是利差预期，而由于负债成本率在短期变化浮动较小， 因此短 周期估值最主要的影响因素是投资收益率 。借鉴 EV 体系，结合对保险投资 ...

投资是寿险最核心的能力之一 分红险年代投资能力更显重要 寿险公司间投资能力有差异吗 哪家公司投资能力更强 我们将陆续为大家解读 今天讲8大千亿级寿险巨头 注：经营不满10年或未连续公布10年的不算在内 今晚7点 对话齐莱平 聊聊AI时代的顾问式行销 ① 八大千亿巨头近十年收益率 2024年保费过千亿的公司 有8家连续公布了 10年的投资收益率 先展示一下数据 | | | | | | | 八大寿险公司近十年收益率表 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 | 2024 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 2025 | | | 保費 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | न्रूस | | 国寿 | 6715 | 2.5% | 4.3% | 3.0% | 7.0% | 6.1% | 4.7% | 2.0% | 3.1% | 5.9% | 2.1% | | 平安 ...

以下文章来源于创业黑马导师 ，作者吴世春 创业黑马导师 . 吴世春 梅花创投创始合伙人、卫哲 嘉御资本董事长、朱啸虎 金沙江创投主管合伙人、冯卫东 天图资本 管理合伙人、周鸿祎 360集团董事长、江南春 分众传媒董事长（排名不分先后）…… 我们在创业黑马 等你。✉️名字+项目，找到更多明星投资人。 1.一个人要发财的顺序，记住4步： 做些小事； 赢得薄名； 再混良圈； 终遇贵人。 赚钱，一定是赚认知范围内的钱。 2.提高自己的投资收益率，持续击败民间借贷利率。 创业也是一种投资，只不过是用你的时间和才华投资。 钱的进出只有两条线，一条是民营借贷利率，另一条是银行借贷利率。 银行借贷利率是3%到4%，民间是12%。 一个人的投资收益率持续低于银行借贷利率，有钱也会变成穷人。 吴世春 梅花创投合伙人、黑马加速导师 因为社会在通货膨胀，国家不断印钞。 收益率在银行和民间借贷利率之间，你会变成中产，赚中等的钱。 如果收益率持续超越15%以上，你没钱也会变成富人。 3.以末致财，勇于本守之。 用末业挣到的钱，要用本业去守住。 在古代士农工商，在工和商挣的钱，要去占买田买地，要去中科举。 挣钱的四种方式：用能力赚钱，用认 ...

Core Insights - The article compares the investment performance of social security funds, enterprise annuities, and life insurance funds over the past 15 years, highlighting that the life insurance industry has the highest investment yield and the lowest volatility, with the highest Sharpe ratio [1][6][34]. Investment Performance Comparison - In 2024, the scale of social security funds is approximately 3.3 trillion yuan, while enterprise annuities amount to 3.6 trillion yuan. In contrast, the scale of life insurance investment funds reaches 30 trillion yuan, significantly higher than both social security funds and enterprise annuities [27]. - The average investment yield for social security funds is 6.2%, for enterprise annuities is 4.7%, and for life insurance funds is 5.1% [34]. - The standard deviation of life insurance funds' yield is the lowest among the three, indicating lower risk [34]. - The Sharpe ratio for life insurance funds is the highest at 1.406, followed by social security funds at 0.619, and enterprise annuities at 0.598. The average yield of the Shanghai Composite Index is below the risk-free rate, resulting in a negative Sharpe ratio [34][35]. Investment Strategies and Asset Allocation - The investment strategies of social security funds, enterprise annuities, and life insurance funds differ significantly due to their underlying asset allocations. Social security funds have increased their equity asset allocation from 23.7% in 2008 to 53.6% in 2024 [7][17]. - Enterprise annuities maintain a high allocation to equity assets, consistently above 80% over the past decade, reaching 86.8% by 2024 [25]. - Life insurance funds have approximately 20.3% of their assets in equity and long-term equity investments [19]. Regulatory Environment - The regulatory frameworks for social security funds and enterprise annuities differ from that of insurance funds, which must consider risks such as policyholder withdrawals and liquidity [37]. - The 2025 regulations allow insurance companies more flexibility in equity asset allocation based on their solvency ratios, with limits set at 40% or 50% depending on their solvency status [15][17].

大摩指，有传领展计划斥资15亿澳元，向澳洲Australian Prime Property Fund Retail基金收购三个购物中 心各一半的股权，涉及昆士兰Sunshine Plaza、新南威尔斯州Macarthur Square以及西澳Lakeside Joondalup项目。大摩预料交易总投资收益率或达约5.4%，高于2025财年有效借贷利率3.6%及澳洲央行 现金利率3.6%，预测收购后将导致公司负债比率提升约4.6个百分点。 摩根士丹利发布研报称，对领展房产基金(00823)给予"增持"评级，预期将受惠于潜在美国减息，并看 好其预测股息回报率达6.2%的吸引水平，相信香港租户销售表现将向好，可为2026财年上半财年业绩 (11月20日公布)提供支持。 ...

Financial Performance - China Life's Q3 2025 revenue and net profit attributable to shareholders increased by 54.8% and 91.5% year-on-year, reaching 298.7 billion and 126.9 billion respectively, driving year-to-date revenue and net profit growth to 25.9% and 60.5% [1] - The company's net assets attributable to shareholders grew by 22.8% year-to-date to 625.8 billion by the end of Q3, outperforming peers whose growth ranged from -2.5% to 16.9% [1] - The total investment return rate increased by 104 basis points year-on-year to 6.42% [1] Business Development - New policy sales showed a significant improvement, with new premium growth accelerating from -4.5% in Q1 2025 to 10.4% in Q1-3 2025, and Q3 alone saw a strong growth of 52.5% [2] - The new business value (NBV) growth rate also improved, rising from 4.8% in Q1 2025 to 41.8% in Q1-3 2025, attributed to a strong individual insurance sales team and effective marketing strategies [2] Investment Performance - Total investment income for the first three quarters of 2025 increased by 41% to 368.6 billion, with a total investment return rate of 6.42% [2] - The company likely benefited from an increase in equity investments and capitalized on the growth stock market in Q3 2025 [2] Profit Forecast - The company forecasts net profits for 2025-2027 to be 173.5 billion, 153.8 billion, and 186.4 billion respectively, with year-on-year growth rates of 62%, -11.4%, and 21.2% [3] - The estimated embedded value per share for 2025-2027 is projected to be 57.1, 60.2, and 65.3 yuan, with current price-to-embedded value (PEV) ratios of 0.75, 0.71, and 0.66 [3]

Core Insights - The average total investment return for life insurance companies in the first three quarters of 2025 is 3.5%, an increase of 1.2 percentage points year-on-year. The comprehensive investment return is 6.1%, up by 0.2 percentage points year-on-year. The recovery of the capital market is a key factor contributing to this increase [10][12][16]. Investment Return Analysis - The simple average total investment return for life insurance companies in the first three quarters of 2025 is 3.7%, while the weighted average is 3.5% and the median is 3.0%. Eight companies have a total investment return exceeding 5% [3][18][21]. - The simple average comprehensive investment return for life insurance companies in the first three quarters of 2025 is 3.0%, with a weighted average of 6.1% and a median of 2.8%. Nine companies have a comprehensive investment return exceeding 5% [6][27]. Ranking of Investment Returns - The top ten life insurance companies by total investment return for the first three quarters of 2025 are as follows: 1. Junlong Life: 12.21% 2. Beijing Life: 6.36% 3. Xiaokang Life: 6.02% 4. Dehua Insurance: 5.70% 5. Guofu Life: 5.26% 6. Hongkang Life: 5.25% 7. Caixin Life: 5.13% 8. Xingfu Life: 5.03% 9. Dongwu Life: 4.95% 10. Great Wall Life: 4.65% [23][30]. - The top ten life insurance companies by comprehensive investment return for the first three quarters of 2025 are as follows: 1. Ping An Life: 13.39% 2. Junlong Life: 11.22% 3. Xiaokang Life: 10.92% 4. Xinhua Insurance: 10.57% 5. Great Wall Life: 6.07% 6. Taibao Health: 5.33% 7. China Life: 5.27% 8. Huagui Life: 5.23% 9. Ping An Pension: 5.05% 10. Guofu Life: 4.91% [30][44]. Factors Influencing Returns - The increase in investment returns is attributed to the recovery of the capital market, with the Shanghai Composite Index rising by 12.2% year-on-year at the end of the third quarter last year and 15.8% year-on-year at the end of the third quarter this year, significantly enhancing the returns on equity investments for life insurance companies [10][12][16]. - The difference between total investment return and comprehensive investment return is influenced by the reclassification of assets and the definitions used in calculating these returns [12][15]. Historical Context - Over the past two years, the comprehensive investment return for life insurance companies has shown a significant increase, with the total investment return for the industry reflecting a median of 3.7% and a maximum of 5.7% [37][43].

Core Insights - The insurance industry has seen a significant profit increase, with 72 life insurance companies reporting a total profit of 461.96 billion, surpassing the entire profit of the previous year by approximately 176.5 billion, marking a year-on-year growth of nearly 62% [6][10][12] - Major insurance companies like China Life and Ping An have achieved record profits, with China Life exceeding 165.5 billion and Ping An surpassing 105.5 billion [26][20] - Approximately 70% of insurance companies have an investment return rate exceeding 3%, with the overall industry investment return rate increasing by nearly 1 percentage point [10][12][20] Profit Rankings - In the profit rankings for the third quarter of 2025, the top seven companies are China Life, Ping An Life, Taiping Life, New China Life, Taikang Life, Taiping Life, and PICC Life, with China Life and Ping An Life both achieving record profits [26][20] - The profit of China Life reached 165.5 billion, while Ping An Life's profit was 105.5 billion, both showing significant year-on-year increases [26][20] Investment Returns - The increase in profits is largely attributed to improved investment returns, with 54 out of 72 companies reporting investment returns exceeding 3% [12][10] - The average investment return rate for the industry has risen by nearly 1 percentage point, contributing significantly to profit growth [12][10] Business Growth - The insurance business income for the 72 companies grew by approximately 12%, indicating strong consumer demand for long-term products [17][15] - The number of loss-making companies has significantly decreased, and the total loss amount has also dropped, suggesting a positive trend in the industry [19][20] Loss-Making Companies - Despite the overall positive trend, some companies continue to report losses, with notable cases including Dingcheng Life, which has not disclosed its data, and Changsheng Life, which reported insufficient solvency [38][40] - Changsheng Life's investment return rate decreased significantly, contributing to its losses [43][40]