2025年，中国A股市场上的保险板块无疑是最亮眼的"明星"之一。从年初的缓慢升温到年末的屡创新 高，保险股在2025年多次强势领涨A股市场，其全年累计涨幅显著，大幅跑赢了银行与非银金融板块的 整体表现。若将观察周期拉长，自2024年低点以来，保险板块更是走出了趋势性的上涨行情，累计涨幅 可观，被市场投资者称为"走出了牛市的节奏"。 板块与个股齐飞，但估值仍处历史低位 2025年保险股的"强势"，既体现在板块指数的突破上，也反映在个股的分化与领涨中，更凸显在"市值 增长+估值洼地"的双重优势里。截至2025年12月31日，A股保险板块（申万二级分类）指数报收1554.89 点。从短期表现看，保险板块的"爆发力"尤为突出，其10日、20日及60日涨幅均位列A股各板块前列， 显示出强劲的短期动量。 从资金关注度来看，保险板块的成交额在年底持续放大，市场交投活跃度显著提升。以保险行业指数 （932136）为例，其单日成交额在12月中旬一度创下阶段新高，即便在月末市场震荡调整期间，其成交 额水平也远高于12月初，显示出市场资金对保险股的配置需求持续上升。 2025年A股5家上市险企（中国平安、中国太保、新华保险、中国人 ...

产业研究 证 券 研 究 报 告 基金新发结构逆转，保险新发总量退潮 银行理财产品： 根据普益标准数据，本期（12 月 1 日至 12 月 14 日）理财市场新发理财产品 总计 1202 只，较上一期（11 月 17 日至 11 月 30 日）的 1254 只基本持平。银 行理财产品市场延续了固收主导、理财子公司主导、中短期限集中的结构性特 征，结构分化持续增强：按投资性质划分，固定收益类产品仍占绝对主导地位， 占比高达 98.5%，持续增加；按机构类型划分，理财公司仍为主流，本期发行 产品 895 只，占比 74.46%；按投资起点划分，依然是 1 元及以下占比最高， 新发产品总数达 795 只（占比 66.14%），其次是 1 千元-1 万元（含）263 只（占 比 21.88%），反映出理财行业日益向低门槛、普惠化转型。 基金产品： 2025 年 12 月 1 日至 14 日，中国公募基金市场呈现"总量平稳、结构剧变"的 显著特征。根据 wind 数据，全市场共新发基金 58 只，累计募集规模达 548.07 亿元人民币，环比前一双周（2025 年 11 月 17 日-11 月 30 日，数量 71 只 ...

纵观2025年，行业韧性生长之力贯穿始终，每一个脚印都扎实而清晰……在这幅徐徐展开的行业长卷中，十大关键笔触尤 为鲜明，共同勾勒出行业于变局中开新局的生动图景。 ■本报记者 苏向杲 冷翠华 杨笑寒 杨洁 编者按：时序更替，华章日新。2025年的保险业绘就了一幅动人的画卷：主基调气韵平和，行笔稳健，其中数笔浓墨重 彩，勾勒出行业面对新变局主动作为的犀利锋芒。 行业之"稳"体现在：今年前10个月，原保险保费收入5.48万亿元，同比增长8%；赔付支出超2万亿元，同比增长7%。行业 不仅实现了稳健发展，也让保险的温度可感可及。行业之"锋"则体现为：在资产端，险资规模创新高，举牌活跃，险资私募基 金纷纷设立；在负债端，分红险崛起，新能源车险异军突起，服务新动能的保险产品不断涌现；在运营端，数字化、人工智能 加速重塑行业运行逻辑。 回望2025年，保险业展现出强大的韧性，在转型阵痛中迸发出向新而行的活力。这一年，行业在平衡木上走出了增长与质 量兼顾的稳健步伐。一方面，行业资产规模、保费收入与赔付支出稳中有升，保障功能进一步凸显；另一方面，高质量转型亮 点纷呈，寿险业与财险业产品结构持续升级，资产配置格局更趋合理，支持实体 ...

Core Viewpoint - Major insurance companies are shifting towards "guaranteed returns + floating dividends" products, indicating a transformation in product design towards dividend insurance, which relies on the actual operating surplus of the insurance companies, thus testing their investment and operational capabilities [1][2][4]. Product Structure Shift - The insurance predetermined interest rate has entered a single-digit era, with a continuous decline over three years, reaching the lowest level in 20 years. Ordinary products have dropped from 3.5% to 2%, while dividend products have decreased from 3.0% to 1.75% [3][4]. - The dynamic adjustment mechanism for predetermined interest rates was officially launched this year, with rates being adjusted quarterly based on various market indicators [3]. - To adapt to the low-interest-rate environment, insurance companies are focusing on dividend insurance products, which provide guaranteed returns and potential growth, thus enhancing their sales strategies [3][4]. Investment Capability Challenges - The shift towards dividend insurance is influenced by multiple factors, including declining interest rates and the need for better asset-liability matching to mitigate interest rate risk [4][5]. - Dividend insurance consists of guaranteed returns and non-guaranteed bonuses, with the latter being subject to fluctuations based on investment performance, claims, and expenses, placing higher demands on the investment and operational capabilities of insurance companies [6]. Ensuring Dividend Realization Rates - To prevent misleading clients with overly optimistic projected dividend rates, regulatory measures have been implemented, requiring insurance companies to disclose actual dividend realization rates and allocate at least 70% of distributable surplus to clients [7]. - Major insurance companies are increasingly investing in high-dividend assets to ensure stable cash flow and long-term matching, employing a combination management framework to balance short, medium, and long-term investment goals [7][8]. - Companies must possess advanced product design capabilities, professional dividend policy formulation skills, systematic risk management abilities, and innovative asset-liability linkage capabilities to ensure sustainable dividend levels and financial stability [8].

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 a downward adjustment in the preset interest rate for ordinary life insurance products to 1.90%, a decrease of 9 basis points from the previous quarter, reflecting a trend of gradual reduction since Q4 2024 [4][5]. - The report notes significant growth in new business for major listed insurance companies, with year-on-year increases of 55% for Xinhua, 52% for China Life, 46% for PICC Life, and 21% for Ping An in Q3 2025, driven by a "stop selling" catalyst [4]. - The net profit of five A-share listed insurance companies increased by 33.5% year-on-year in the first three quarters of 2025, with a remarkable 64.3% growth in Q3 alone, primarily due to improved investment returns [4]. Summary by Sections Investment Highlights - The preset interest rate for life insurance products has been adjusted to 1.90%, with a consistent downward trend observed since Q4 2024 [4]. - The market interest rate is expected to stabilize, with the report indicating that the downward adjustment in preset rates will likely slow down in the future [4]. - The report emphasizes the importance of product switching and the potential for value growth in the insurance sector [4]. Market Performance - The report indicates that the insurance sector is currently undervalued, presenting significant investment opportunities, especially as market sentiment improves [4]. - The report suggests that the insurance sector will benefit from a shift in investment styles towards dividend stocks as year-end profit-taking occurs [4]. Recommendations - The report recommends focusing on large listed insurance companies with a clear competitive advantage, as they are expected to perform well in the current market environment [4].

Core Insights - The adjustment of the preset interest rate since September has caused a short-term impact on sales, with significant declines in the premium growth rates of New China Life and Taikang Life in September [1] - The impact is expected to gradually ease in Q4 2023, with a potential for small single-digit growth in Q1 2026 due to a low base effect [1] - The dynamic adjustment mechanism of preset interest rates allows for more flexible regulation of the rigid cost components of insurance policies, which may alleviate the cost pressure on existing policies [1] - The potential pressure from "interest spread loss" in the life insurance industry may have gradually converged, and the PEV valuation of life insurance targets may see a recovery [1] Industry Developments - On October 29, the China Insurance Industry Association held a meeting regarding the evaluation interest rates for life insurance reserves, where experts indicated that the current research value for preset interest rates for ordinary life insurance products is 1.90% [2] - The preset interest rate cap for the life insurance industry will be lowered from 2.5% to 2% starting September 1, 2025, with the current research value at 1.9%, which is 15 basis points away from the adjustment threshold [3] - The preset interest rate research value has decreased by 9 basis points compared to the previous quarter, and while interest rates are currently fluctuating at low levels with a short-term upward trend, they remain in a downward trajectory based on the 250/750-day averages [3] - The 10-year government bond yield's 250-day average is currently at 1.77%, and it is anticipated that the preset interest rate research value will likely not fall below 1.75% in the next quarter, maintaining the current cap of 2% for the next six months [3]

Core Viewpoint - The recent adjustment of the predetermined interest rates for life insurance products has led to a significant shift in the insurance market, with a focus on dividend insurance products becoming more prominent due to their competitive advantages following the rate cuts [1][2][3]. Product Changes - As of September 1, the predetermined interest rates for ordinary insurance products have been reduced to 2.0%, and for dividend insurance products to 1.75%, marking the first adjustment since the dynamic adjustment mechanism was established [2][3]. - Many insurance companies have launched new products, but the overall number of new offerings remains limited [2][3]. Market Dynamics - The reduction in predetermined interest rates is expected to enhance the appeal of dividend insurance products, prompting insurance companies to shift their sales focus towards these products [3][4]. - The competitive landscape for dividend insurance may face short-term challenges, but the narrowing gap between dividend and traditional insurance rates could ultimately benefit the overall business structure and risk management [3][5]. Training and Development - Insurance companies are increasing training efforts for sales personnel to better understand and sell dividend insurance products, which are perceived as more complex compared to previous offerings [4][5]. - Companies are establishing specialized teams to facilitate the transition towards dividend insurance sales, indicating a strategic shift in their product offerings [5].

Core Viewpoint - The insurance industry is facing a significant adjustment in the predetermined interest rates for insurance products, with the rates being lowered due to regulatory changes and market conditions, leading to a more rational market response from consumers [1][4][7]. Group 1: Regulatory Changes and Market Adjustments - The predetermined interest rates for ordinary life insurance products have been adjusted from a maximum of 2.5% to 2.0%, while the maximum for participating insurance products is now 1.75%, and the minimum guaranteed rate for universal insurance products is 1.0% [2]. - This adjustment marks the first time the rates have been modified based on market interest rates since the introduction of the dynamic adjustment mechanism earlier in the year [2][5]. - The current adjustment is the fifth major change since 2019, indicating a trend of continuous regulatory intervention in response to market conditions [5][6]. Group 2: Market Reactions and Consumer Behavior - The market has shown a more rational response to the rate adjustments, with fewer consumers rushing to purchase insurance products before the changes take effect, focusing instead on the intrinsic value and features of the products [3][4]. - The insurance industry has largely completed the transition to new products ahead of the deadline, with most companies having developed and filed new products in anticipation of the changes [3][4]. Group 3: Implications for the Insurance Industry - The dynamic adjustment mechanism is seen as a proactive response to the declining interest rates, aimed at preventing "interest rate risk" and encouraging stable operations within the industry [7]. - The shift in predetermined interest rates is expected to lead to a decline in the investment attributes of insurance products, emphasizing their protective features instead [7]. - The current market environment is likely to create a divide within the industry, favoring larger companies with better investment capabilities and product offerings, while posing challenges for smaller firms [7][8]. Group 4: Product Trends and Consumer Recommendations - Participating insurance products are gaining popularity due to their combination of guaranteed rates and potential dividends, which appeal to both consumers and insurance companies [8]. - Companies are encouraged to enhance their product design, sales strategies, and investment approaches to adapt to the changing market landscape [8][9]. - Consumers are advised to focus on risk protection products, particularly health insurance, and to consider the historical performance of insurance products when making long-term investment decisions [9].

Core Viewpoint - The insurance industry is undergoing a significant adjustment in the predetermined interest rates for various insurance products, with the rates being lowered due to a dynamic adjustment mechanism established earlier this year, reflecting market expectations and trends [1][4][6]. Group 1: Rate Adjustments - The maximum predetermined interest rate for ordinary life insurance products has been adjusted from 2.5% to 2.0%, while the maximum for participating insurance products is now 1.75%, and the minimum guaranteed rate for universal insurance products is set at 1.0% [2]. - This adjustment marks the first time rates have been modified based on market interest rates since the introduction of the dynamic adjustment mechanism [2][5]. - The current adjustment is the fifth major change since 2019, indicating a trend of continuous rate reductions in response to market conditions [5]. Group 2: Market Reactions - The market is exhibiting more rational behavior compared to previous adjustments, with fewer consumers rushing to purchase insurance products before the rate change [3][4]. - Insurance companies have largely completed their product transitions ahead of the deadline, indicating a well-prepared industry [3]. Group 3: Industry Implications - The ongoing adjustments are seen as a proactive response to the declining interest rate environment, aimed at preventing "interest rate risk" and encouraging a return to the core protective nature of insurance products [7]. - The shift in predetermined interest rates is expected to compel insurance companies to enhance their investment capabilities and innovate their product offerings to maintain market competitiveness [7][8]. Group 4: Consumer Guidance - Consumers are advised to focus on risk protection insurance products, particularly health insurance, and to consider the historical performance of insurance companies when making long-term investment decisions [9]. - The popularity of participating insurance products is rising due to their balance of guaranteed rates and potential dividends, which can help mitigate the pressure from declining interest rates [8].

Core Insights - The current research value for the predetermined interest rate of ordinary life insurance products is 1.99%, down from 2.34% in January and 2.13% in April [1] - The insurance industry is facing new challenges due to the continuous decline of mid-to-long-term interest rates and the enhanced impact of new accounting standards on financial statements [1] - Major life insurance companies, including China Life and Ping An Life, announced adjustments to the maximum predetermined interest rates for newly filed insurance products, effective from August 31 [1] Group 1 - The meeting organized by the China Insurance Industry Association highlighted the need for life insurance companies to enhance market sensitivity and judgment [1] - The maximum predetermined interest rate for ordinary insurance products is set at 2.0%, while for participating insurance products it is 1.75%, and for universal insurance products, the minimum guaranteed interest rate is 1.0% [1] - The dynamic adjustment mechanism for predetermined interest rates was implemented in January, requiring quarterly updates based on market rates [2] Group 2 - Life insurance companies are encouraged to continue cost reduction and efficiency improvement, as well as product transformation to adapt to the changing economic landscape [1] - The insurance industry is urged to strengthen research on economic conditions and industry development patterns to improve operational capabilities and service levels [1]