Investment Rating - The report maintains a "Recommended" rating for the insurance sector, indicating a positive outlook for the industry in the coming months [7]. Core Insights - The insurance industry has shown signs of recovery, with total premium income reaching 30,602 billion yuan from January to May 2025, reflecting a year-on-year increase of 3.8%. The premium income for May alone was 4,647 billion yuan, up 13.2% year-on-year [4]. - Life insurance continues to recover, with premium income of 18,735 billion yuan from January to May 2025, a 3.9% increase year-on-year. The premium income for May was particularly strong at 2,674 billion yuan, marking a 24.1% increase year-on-year [4]. - The health insurance sector experienced a slight decline in premium income, totaling 3,879 billion yuan from January to May 2025, a 0.9% increase year-on-year, with May showing a decrease of 6.3% [5]. - The property insurance sector saw premium income of 7,805 billion yuan from January to May 2025, a 5.2% increase year-on-year, with May's income at 1,319 billion yuan, up 5.3% [4]. - The report highlights the potential for life insurance products, particularly participating insurance, to gain market share due to their dual benefits of protection and investment returns, especially in a low-interest-rate environment [4][9]. - The automotive insurance segment benefited from increased vehicle sales, with premium income reaching 3,720 billion yuan, a 4.4% increase year-on-year, while non-auto insurance premiums were 4,085 billion yuan, up 6.0% [8]. Summary by Sections Life Insurance - Life insurance premium income from January to May 2025 was 18,735 billion yuan, up 3.9% year-on-year, with a significant increase in May of 24.1% [4]. - The demand for life insurance products is expected to recover due to the declining bank deposit rates, enhancing the attractiveness of long-term insurance products [4]. Health Insurance - Health insurance premium income was 3,879 billion yuan from January to May 2025, reflecting a modest growth of 0.9% year-on-year, with a notable decline in May [5]. - The report suggests that the health insurance sector is undergoing a transformation, with potential for growth in mid-to-high-end medical insurance products [5]. Property Insurance - Property insurance premium income reached 7,805 billion yuan from January to May 2025, a 5.2% increase year-on-year, with steady growth in both auto and non-auto segments [4][8]. - The report anticipates a continued focus on professionalization and refinement in the property insurance sector, particularly among leading companies [9]. Investment Opportunities - The report suggests that the insurance sector is poised for growth, with a focus on improving product structures and increasing the share of participating insurance products [9]. - The macroeconomic recovery is expected to support long-term interest rates, which could positively impact the insurance sector's performance [9].

Group 1: Banking Sector - The banking sector has shown strong performance recently, with a two-week increase of 5.48%, ranking second among 31 industries [14][17] - Major banks like Jiangsu Bank, Hangzhou Bank, and Industrial and Commercial Bank of China have reached historical highs, despite a marginal decline in overall performance in Q1 due to macroeconomic conditions [46][47] - The sector's return on equity (ROE) remains above 10%, indicating resilience in profitability and dividends, supported by policies aimed at boosting domestic demand and credit growth [46][47] Group 2: Securities Sector - The securities sector has been active, with a recent approval for Guotai Junan International to provide virtual asset trading services, marking a significant development in the industry [48] - The sector's price-to-book (PB) ratio stands at 1.46, indicating potential for valuation recovery as it is at the 54.84% percentile of the last five years [48][26] - Expected improvements in global risk appetite and ongoing capital market reforms are likely to enhance the business environment for securities firms, with projected double-digit profit growth for the year [48][49] Group 3: Insurance Sector - Recent regulatory measures have curtailed aggressive competition in the insurance sector, particularly regarding dividend insurance, which is expected to stabilize the market [50] - The shift from a "scale-oriented" to a "value-oriented" strategy in the insurance industry is anticipated to lead to valuation recovery, with a focus on products that offer both guaranteed and floating returns [50] - Insurance companies are increasingly investing in bank stocks, benefiting from stable dividends and strong market performance, which is expected to enhance their investment returns [50][51]

[证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -29% -11% 7% 25% 42% 60% 78% 24-06 24-09 24-12 25-03 申万行业指数:非银金融(0749) 沪深300 [Table_Reportdate] 2025年06月10日 [table_invest] 超配 行 业 周 报 [相关研究 table_product] 1.关注陆家嘴论坛政策发布预期带 来的市场情绪催化——非银金融行 业周报（20250526-20250601） 2.浮动管理费率基金加速推出，LPR 下调有望推动预定利率调整Q3落地 ——非银金融行业周报（20250519- 20250525） 3.修订并购重组管理办法，制度包容 度提升释放市场活力——资本市场 聚焦（三） [Table_NewTitle] AMC系券商实控人变更，把握政策催化 带来的板块配置机遇 ——非银金融行业周报（20250602-20250608） [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP: ...

Investment Rating - The report maintains an "Accumulate" rating for the insurance industry [1] Core Views - The insurance industry is expected to experience significant profit growth driven by improved investment returns, with a projected increase in net profit exceeding 80% for listed insurance companies in 2024 [6][12] - The report highlights a shift in product structure towards traditional insurance, with a notable increase in the proportion of traditional insurance products [39] - The overall investment environment is improving, with a focus on increasing bond investments and enhancing total investment returns [4][6] Summary by Sections 1. Net Profit Growth and Dividend Returns - Listed insurance companies' net profit is projected to grow by over 80% in 2024, with major players like Xinhua and China Life showing increases of 201.1% and 131.6% respectively [12][14] - The average dividend payout ratio for listed insurance companies is expected to be 25.7%, reflecting a slight decrease from the previous year [22][23] - Xinhua Insurance's dividend growth significantly outperformed expectations, with a 198% increase [22][24] 2. Life Insurance: Value Rate Improvement Driving NBV Growth - New business value (NBV) is expected to see high growth driven by improved value rates, despite a slowdown in new policy growth due to high base effects and regulatory changes [30][31] - The proportion of traditional insurance products continues to rise, reaching 59.2% of total premiums in 2024, indicating a shift towards dividend insurance products [39][42] 3. Property Insurance: Steady Premium Growth and Cost Performance - Property insurance premiums are expected to grow steadily, with non-auto insurance segments gaining market share [3][4] - The average combined cost ratio for listed property insurers is projected to be 98.4%, indicating overall profitability despite challenges from natural disasters [4][6] 4. Investment: Increased Bond Allocation and Improved Returns - The investment asset scale for listed insurers is expected to grow by 21% year-on-year, with a focus on increasing bond investments [4][6] - Total and comprehensive investment returns are anticipated to improve significantly, driven by a rebound in the stock market and favorable bond market conditions [4][6] 5. Investment Recommendations - The report suggests focusing on investment opportunities in insurance stocks amid rising interest rates, as the market's demand for savings remains strong [6][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company achieved a significant increase in net profit, with a growth of 201.1% year-on-year, reaching 26.23 billion yuan in 2024 [3][5] - The company's operating revenue for 2024 was 132.56 billion yuan, reflecting an 85.3% increase compared to the previous year [3][5] - The new business value (NBV) grew by 106.8% to 6.25 billion yuan, with the new business value rate increasing by 7.9 percentage points to 14.6% [1][5] - The company has optimized its business structure, with the proportion of first-year premium income from long-term insurance reaching 70.1%, an increase of 12.6 percentage points year-on-year [1][5] Summary by Sections Financial Performance - In 2024, the company reported total insurance premium income of 170.51 billion yuan, a year-on-year increase of 2.8% [1] - The return on equity (ROE) for the company was 27.25% [1] Business Channels - The individual insurance channel generated premium income of 115.97 billion yuan, a slight increase of 0.3%, while the first-year premium income for long-term insurance grew by 19.7% [5] - The bancassurance channel achieved a premium income of 51.67 billion yuan, with first-year premium income reaching a historical high of 13.87 billion yuan, up 11.5% [5] Investment Strategy - The company increased its allocation to bonds and stocks, with high-dividend OCI investments growing from 5.37 billion yuan to 30.64 billion yuan, a 470.6% increase [5] - The overall investment return rate was 8.5%, with a net investment return rate of 3.2% [5] Dividend Distribution - The company initiated a mid-term dividend distribution, proposing a cash dividend of 0.54 yuan per share, totaling 1.685 billion yuan, and a year-end cash dividend of 1.99 yuan per share, totaling 6.208 billion yuan [5] - The total proposed cash dividend for 2024 is 7.893 billion yuan, an increase of 197.6% from the previous year [5]