数据显示，截至2025年9月30日，中证800证券保险指数(399966)前十大权重股分别为中国平安 (601318)、东方财富(300059)、中信证券(600030)、国泰海通(601211)、中国太保(601601)、华泰证券 (601688)、中国人寿(601628)、广发证券(000776)、招商证券(600999)、东方证券(600958)，前十大权重 股合计占比62.52%。 方正证券指出，权益上行推动险企利润和投资环比继续提速，板块业绩有望超预期；寿险预定利率下 调、分红型重疾等创新产品推出等有望提振保单销售、改善NBVM，保障NBV稳健增长；财险各产品 条线报行合一落地、大灾风险减弱将驱动COR持续优化。在业绩超预期、基本面持续改善下，板块估 值预计将延续修复趋势。 保险证券ETF紧密跟踪中证800证券保险指数，中证800证券保险指数是在中证800指数的基础上，选择 证券保险行业内对应的证券作为指数样本，为投资者提供更多样化的投资标的。 截至2025年10月23日 15:00，中证800证券保险指数(399966)上涨0.95%，成分股国信证券(002736)上涨 4.11%，国盛金控(00 ...

太平洋证券发布研报称，首次覆盖友邦保险(01299)，给予"增持"评级，预计公司2025-2027年营业收入 为331.78、351.39、374.47亿美元，归母净利润为63.67、70.55、80.13亿美元，每股净资产为4.26、 4.70、5.17美元，对应10月20日收盘价的PB估值为2.18、1.97、1.79倍。公司在亚洲寿险市场的领先地位 稳固，中国香港与泰国市场增长强劲，中国内地利润率改善，东盟及印度等成长型市场保持高增。 报告期内，中国香港市场新业务价值增长24%至10.63亿美元，新入职代理人增加15%，活跃新代理人增 加25%，代理新业务价值上升35%，代理人渠道新业务价值占比超过70%。受东亚银行卓越表现影响， 公司伙伴分销新业务价值上升10%。中国内地新业务价值为7.43亿美元，若不计及经济假设变动影响， 同比增长10%，利润率升至58.6%;泰国市场增长35%至5.22亿美元，利润率达115.7%，主要受益于新规 实施前的一次性销售;新加坡市场增长16%至2.59亿美元;其他市场整体增长14%至2.49亿美元。年化新保 费增长8%至49.42亿美元，新业务价值利润率提升显示区域与 ...

智通财经APP获悉，太平洋证券发布研报称，首次覆盖友邦保险(01299)，给予"增持"评级，预计公司 2025-2027年营业收入为331.78、351.39、374.47亿美元，归母净利润为63.67、70.55、80.13亿美元，每 股净资产为4.26、4.70、5.17美元，对应10月20日收盘价的PB估值为2.18、1.97、1.79倍。公司在亚洲寿 险市场的领先地位稳固，中国香港与泰国市场增长强劲，中国内地利润率改善，东盟及印度等成长型市 场保持高增。 渠道结构优化，代理与银保协同推进 代理渠道新业务价值增长17%至22.2亿美元，代理人总数超过110万，产能持续改善。银行及合作伙伴 渠道新业务价值增长8%至8.04亿美元，泰国、马来西亚和中国香港表现亮眼。公司深化与盘谷银行、 大众银行、花旗银行等区域龙头银行合作，拓展高净值与跨境客户市场，渠道结构更均衡、价值贡献增 强。 盈利能力与资本实力稳健，现金流充裕 太平洋证券主要观点如下： 事件：友邦保险发布2025年中期业绩报告 上半年，公司实现税后营运利润36.09亿美元，同比增长6%;归母净利润25.34亿美元，同比23.5%;新业务 价值同比增长 ...

花旗认为市场或低估了友邦内地业务的快速复苏，以及香港市场在次季急促销售的韧性，给予"买入"评 级，目标价为99港元。 花旗发表研究报告，预期友邦第三季业务将继续表现向好，新业务价值(VNB)按年增长预期可进一步加 快，目前预测以实际汇率及固定汇率计算将分别增长21%及19%，对比首季及次季按实际汇率计算增幅 为13%及19%。 按固定汇率计算，该行认为VNB增长主要受内地及香港业务(分别增长36%及20%)推动，友邦将受惠于 内地家庭财富重新配置及低利率环境下对保险的强劲需求、香港保险产品仍具吸引力，以及6月下旬销 售热潮溢出效应的利好，同时相信东盟及其他市场预计将继续保持健康增长。 ...

Core Viewpoint - Morgan Stanley forecasts that AIA's new business value for Q3 will increase by 15% year-on-year at constant exchange rates, continuing the momentum from a 14% year-on-year increase in the first half of the year [1] Group 1: Market Performance - The Hong Kong market is expected to achieve a 20% growth in new business value at constant exchange rates, driven by the launch of popular new participatory products [1] - The mainland market's new business value is projected to rise by 9% year-on-year, with healthy demand anticipated due to a new round of interest rate cuts, along with regional business expansion and growth in bancassurance channels [1] Group 2: Analyst Rating - Morgan Stanley maintains an "Overweight" rating on AIA, with a target price set at HKD 96 [1]

Core Viewpoint - Morgan Stanley forecasts that AIA Group (01299) will see a 15% year-on-year increase in new business value for Q3, continuing the momentum from a 14% increase in the first half of the year [1] Group 1: Market Performance - The Hong Kong market is expected to achieve a 20% year-on-year growth in new business value for Q3, driven by the launch of popular new participatory products [1] - The mainland market is projected to see a 9% year-on-year increase in new business value, supported by healthy demand due to a new round of interest rate cuts, regional business expansion, and growth in bancassurance channels [1] - The Thai market is anticipated to experience a 20% year-on-year growth in new business value, with annualized premium equivalents in July and August showing a 13% year-on-year increase, alongside stable profit margins for certain medical products [1] - The Singapore market is expected to achieve a 19% year-on-year growth in new business value, with new linked products likely to remain attractive [1] Group 2: Investment Rating - Morgan Stanley maintains an "Overweight" rating for AIA Group, with a target price set at HKD 96 [1]

Core Viewpoint - Jianyin International has raised the target price for China Life Insurance (02628) to HKD 24 while downgrading its rating to "Neutral" [1] Group 1: Financial Performance - In the first half of the year, China Life's total premium and new contract premium increased by 7% and 1% year-on-year, respectively [1] - The growth in premium income from the bancassurance channel, which increased by 1.1 times, was the main driver, offsetting a 24% decline in premium income from the agency business [1] Group 2: Profit Forecast and Target Price Adjustment - Due to a strong rebound in the A-share market since the second half of 2025, the IFRS profit forecast for the fiscal year 2025 has been raised by 5% [1] - Based on the improved trajectory of new business value growth, the target price for China Life's A-shares and H-shares has been adjusted from RMB 50 and HKD 19 to RMB 53 and HKD 24, respectively [1] - The rating for China Life's A-shares remains "Outperform," while the rating for its H-shares has been downgraded from "Outperform" to "Neutral" [1]

Core Viewpoint - China Life Insurance (601628)(02628) reported a year-on-year growth of 7% in total premiums and 1% in new contract premiums for the first half of the year [1] Group 1: Premium Growth - The insurance premium income from the bancassurance channel increased by 1.1 times, becoming the main driver of growth [1] - This growth offset a 24% year-on-year decline in premium income from the agency business [1] Group 2: Profit Forecast and Target Price Adjustment - Due to a strong rebound in the A-share market since the second half of 2025, the IFRS profit forecast for the fiscal year 2025 has been raised by 5% [1] - Based on the growth trajectory of new business value, the target price for China Life's A-shares and H-shares has been adjusted from 50 RMB and 19 HKD to 53 RMB and 24 HKD respectively [1] Group 3: Ratings - The rating for China Life's A-shares is maintained at "Outperform" [1] - The rating for China Life's H-shares has been downgraded from "Outperform" to "Neutral" [1]

Core Viewpoint - AIA aims for a compound annual growth rate of 40% in new business value in four new regions in China from 2025 to 2030 [1][5][6]. Financial Performance - In the first half of 2025, AIA reported a 14% increase in new business value to $2.838 billion, with the China segment contributing $743 million, a 10% year-on-year growth [2][3]. - The operating profit increased to $5.893 billion, with earnings per share rising by 15% [3]. - AIA returned $3.7 billion to shareholders through dividends and share buybacks, with a 10% increase in interim dividends to HKD 0.49 per share [4]. Business Expansion in China - AIA has intensified its business operations in mainland China, particularly in Anhui, Shandong, Chongqing, and Zhejiang, where over 1,700 new agents have been established, targeting 100 million potential customers [2][5][6]. - The company expects significant growth in these regions, with a target of 40% compound annual growth rate for new business value over the next five years [1][6]. Cost Management and Efficiency - AIA demonstrated effective cost control, achieving an operating profit margin of 15.1% and a reduction in expense ratio to 8.2% [3].

Core Viewpoint - UBS forecasts that China Ping An will announce its mid-year results at the end of August, with a projected year-on-year growth of 3.5% in after-tax operating profit (OPAT) for the first half of the year, driven by a recovery in the capital markets and improved bond fair value due to declining interest rates [1] Financial Performance - The second quarter is expected to see an accelerated growth rate of 4.5%, compared to 2.4% in the first quarter, benefiting from the asset management business and property insurance [1] - The new business value (VNB) is projected to grow by 43% year-on-year in the second quarter, with a total increase of 38% for the first half, outperforming peers [1] Dividend Outlook - UBS predicts a slight increase in the interim dividend to HKD 0.94 per share, with an expected total annual dividend of HKD 2.63 per share, resulting in a dividend yield of 5.1%, the highest among peers [1] Target Price Adjustment - Based on improved macroeconomic conditions and reduced interest rate risks, UBS has raised the target price from HKD 60 to HKD 66 while maintaining a "Buy" rating for Ping An [1]