低位四 call 非银：更左侧、更具弹性、更高赔率 20260106 摘要 Q&A 近期非银板块的市场表现如何？保险和券商板块的具体情况是怎样的？ 近期非银板块市场波动较大，尤其是保险和券商板块。年初两个交易日中，保 险板块表现强劲，周一领涨市场，而周二则由券商接力。回顾元旦前后，由于 临近年底和假期影响，市场活跃度较低，但年初市场表现超出预期。 保险方面， 自去年 10 月以来，该板块已经走了将近三个月的上涨行情，资金净流入加速。 但由于部分标的积累了较大的浮盈，目前投资者对是否继续加仓存在分歧。尽 管如此，我们全年仍看好保险板块。今年（2025 年），虽然业绩边际增速可 能放缓，但估值提升将成为主要驱动力。此外，今年金管总局有望将几家大保 险公司划为系统重要性金融机构，这将进一步提升其估值。 对于券商板块，从 去年 12 月初至今，每次回调幅度都不大，目前趋势非常好。最近两个交易日 成交量快速放量，昨日突破 2.5 万亿人民币，今日突破 2.8 万亿人民币。如果 各国加速加密货币立法，离岸非持牌交易所逐步退出主流市场，为合规 持牌机构提供展业空间。跨境支付市场空间被低估，比特币等加密货币 价格回暖印证了这 ...

Core Viewpoint - The article discusses the challenges faced by Baige Online, a digital insurance intermediary, as it prepares for its IPO, highlighting its reliance on commission income and the risks associated with high customer concentration despite its growth in revenue and technological claims [2][4][5]. Group 1: Company Overview - Baige Online was established in 2015 and positions itself as an "insurance technology intermediary," focusing on "AI + insurance" to enhance the insurance transaction process [3]. - The company has developed over 1,900 customized insurance products covering 76 niche scenarios, claiming its technology platform can handle 100,000 policies per second [4]. Group 2: Revenue Structure - Nearly 90% of Baige Online's revenue comes from insurance transaction services, with income from this segment rising from 311 million yuan in 2022 to 825 million yuan in 2024, increasing its share of total revenue from 77.0% to 90.3% [4]. - The company's other business lines, including "precision marketing and digital solutions" and "third-party management services," contribute less than 10% to total revenue, indicating a heavy reliance on commission income [4]. Group 3: Financial Performance - Baige Online has reported continuous losses over three years, with net losses of 25.07 million yuan, 17.18 million yuan, and 27.71 million yuan from 2022 to 2024, despite revenue growth from 405 million yuan in 2022 to 914 million yuan in 2024 [5]. - In the first half of 2025, the company generated 567 million yuan in revenue but still faced a net loss of 21.54 million yuan [5]. Group 4: Investment and Marketing Strategy - The company's marketing expenses increased from 24.66 million yuan in 2022 to 41.91 million yuan in 2024, while R&D spending rose from 14.06 million yuan to 32.43 million yuan, indicating a disproportionate focus on marketing over technology development [5]. - The lack of significant breakthroughs in deep technology applications, such as AI and big data, raises concerns about the company's competitive edge in the insurance technology sector [5]. Group 5: Customer Concentration Risk - Baige Online's top five clients accounted for 55.3% of its revenue in 2022, increasing to 77.2% by 2024, which poses a risk to its revenue stability and bargaining power [7]. - The company acknowledges that losing any major client could significantly impact its growth and income, highlighting the vulnerability associated with its high customer concentration [7]. Group 6: Industry Context - The article notes a trend of insurance intermediaries, including Baige Online, seeking to go public amid pressures from early-stage investors and the need for capital to compete [9]. - The insurance industry is experiencing a shift towards direct sales by insurance companies, which threatens the traditional intermediary model, although the long-term value of third-party intermediaries remains [10].

12月23日，轻松健康挂牌上市，首日大涨158%，市值突破120亿港元，成为港股保险科技板块的一匹"黑马"。 几乎同一时间，白鸽在线也正式通过港交所上市聆讯，有望冲击"国内保险行业AI第一股"。 回溯2025年全年，4月元保在纳斯达克挂牌，首日上涨6.4%；5月手回集团登陆港交所，却遭遇破发；7月i云保赴美上市获中国证监会备案通过；9月暖哇 科技向港交所递交招股书。 从美股到港股，从成功挂牌到排队待审，2025年，保险科技行业掀起新一轮上市浪潮。 这场"上市突围战"背后，折射出行业叙事逻辑的根本转变：当互联网流量红利消退、监管趋严压缩传统中介空间，AI技术正重塑保险科技企业的增长路径 与资本市场的价值判断。如今叙事已告别"流量为王"，全面切换为"AI+保险"的核心逻辑。 但热潮之下，不同企业的AI落地成效差异显著，市场估值也呈现两极分化。这场以AI为核心的资本浪潮，正重塑中国保险科技行业的竞争格局。 01 生态共振：保险AI规模化落地全面提速 2025年，保险业的科技竞赛进入了深水区，"AI+保险"的叙事不再停留于概念探讨，迎来了规模化落地与深度应用的高潮。 据艾瑞咨询数据显示，2025年中国保险业在科技上的 ...

Core Viewpoint - Baige Online (Xiamen) Digital Technology Co., Ltd. is set to become the first insurance technology company in the Hong Kong stock market with a focus on "AI + insurance," aiming to drive technological transformation in the traditional insurance industry [1] Group 1: Company Overview - Established in 2015, Baige Online specializes in digital risk management, connecting insurance companies, scenario partners, and end consumers through a digital platform [2] - The company's core business revolves around "scenario insurance," covering areas such as delivery services, shared mobility, and government services [2] - As of December 2025, Baige Online is projected to have serviced over 8.9 billion policies and connected more than 381 million insured individuals [2] Group 2: Technology and Innovation - Baige Online's core technological advantage lies in its self-developed "MaaS model," which includes six AI models such as "Ark," "Femtosecond," and "Smart Eye," supporting dynamic pricing, risk prediction, and automated claims processing [2] - The company's AI technology is integrated with its "9+N ecosystem," collaborating with 233 scenario partners to accumulate multidimensional data covering 381 million insured individuals [3] - The technology architecture allows for seamless API integration with partner systems, enabling real-time linkage between insurance services and scenario transactions, with the SaaS system "Baige e Insurance" capable of processing over 50 million policies daily [3] Group 3: Market Potential and IPO Plans - The market size for scenario insurance in China is expected to grow from 53.1 billion yuan in 2020 to 93.2 billion yuan in 2024, with a projected compound annual growth rate of 12.1% [4] - Baige Online plans to use the funds raised from its IPO primarily for technology research and development, ecosystem expansion, and potential mergers and acquisitions, including optimization of the MaaS model and big data infrastructure [4] - The IPO is seen as a critical step for Baige Online's development and offers a new perspective on the evolution of insurance technology [4]

在中国保险业的版图上，"普惠"二字正以前所未有的速度被重新定义。国家层面持续释放创新信号，政策红利不断涌现，近日首个商保创新药目录也重磅落 地，一批批保险机构前仆后继投入到普惠保险的"蓝海"之中。然而，商业价值与社会价值的统筹兼顾，从来不是易事，真正能够在"普惠"与"可持续"之间走 通道路的公司，屈指可数。 在这场看似艰难的博弈中，一家仅约500人规模的互联网保险科技平台却脱颖而出——其精准把握了普惠健康险的机遇，短短5年多就成功上市，并成为人身 险市场第二大独立分销商——它是如何做到的？ 元保，是国内领先的互联网保险科技平台，旗下拥有全国性的保险经纪牌照和保险代理牌照(以下统称"元保")。2025年11月，元保迎来成立六周年，回望其 产品迭代史不难发现，这家以"技术驱动"著称的创新急先锋，在互联网自带的流量属性和规模效应之外，突围之道不外乎"跟随用户"的朴素逻辑。 从旗下百万医疗险的"0免赔"升级，到百万重疾险以"百元保费撬动百万保额"，再到AI驱动的精准匹配与极速理赔，元保的每一步迭代，都直击用户痛点、 对准真实需求。以元保最新推出的"守护保·百万重疾险（旗舰版）"为例，该产品以"一次给付+多次报销"并行 ...

Core Insights - The insurance industry in China is transitioning towards high-quality development, facing challenges from traditional models while embracing digitalization, ecological integration, and intelligence as key transformation directions [1] - Taikang Online, as a pioneer in the industry, has demonstrated profound thinking and practical experience in this transformation over its ten-year journey [1] Group 1: Company Milestones - Taikang Online was established in 2015 with the mission to make insurance more secure, convenient, and affordable, collaborating closely with partners to build a new ecosystem for internet insurance [2] - In 2016, the company launched customized products for online shopping and the first rider insurance in the industry, supporting daily insurance for delivery personnel [2] - By 2017, Taikang Online had surpassed 100 million policies issued and introduced innovative health insurance products, significantly enhancing user experience [2] - The company addressed the accessibility of critical medications with the launch of the "Yao Shen Bao" plan in 2019 [2] - In 2022, Taikang Online's premium income exceeded 10 billion, serving over 200 million customers and launching new citizen insurance to enhance inclusive services [2] - As of 2023, the company has achieved historical highs in various metrics, serving 300 million customers, issuing 17.5 billion policies, and paying out over 30.5 billion in claims [2] Group 2: Future Directions - Taikang Online will hold a ten-year anniversary celebration on November 18 in Beijing, focusing on the theme "We, You, They" to reflect on its journey and set a forward-looking vision [3] - The event will explore the future direction of intelligent upgrades in insurance services, leveraging AI technology to reshape the customer experience [3] - The company aims to continue building an open and win-win insurance ecosystem, contributing to national strategies and enhancing public welfare [3]

Core Insights - The article highlights the controversial practices of Yuanbao, an internet insurance platform, which has been accused of automatically deducting fees from elderly customers without their knowledge, raising concerns about ethical marketing practices in the insurance industry [1][2][4]. Group 1: Company Practices - Yuanbao's marketing strategy heavily targets elderly individuals, leading to numerous complaints about unauthorized deductions, with some customers reporting annual charges exceeding 2500 yuan [1][2]. - The company has been found to utilize various platforms, including WeChat and SMS, to lure customers into automatic payment schemes, often without clear consent [2][4]. - Complaints against Yuanbao have surged, with over 1955 reported cases on consumer complaint platforms, primarily concerning unauthorized deductions and misleading information [4]. Group 2: Financial Performance - Yuanbao, founded in 2019, has shown significant revenue growth, achieving 3.85 billion yuan in 2021, 8.5 billion yuan in 2022, and 20.45 billion yuan in 2023, with a notable profit in the first half of 2024 [5]. - The company reported a record revenue of approximately 10.7 billion yuan in Q2 2025, marking a 25.2% year-on-year increase, and a net profit of 3.05 billion yuan, up 55.6% [5]. Group 3: Technology and Innovation - Yuanbao's competitive edge lies in its "AI + insurance" model, which has led to the development of over 4800 analytical models, enhancing its ability to target potential consumers effectively [6][7]. - The company has faced regulatory scrutiny in the past for not adhering to internet insurance regulations, indicating ongoing challenges in balancing technological innovation with compliance [7]. Group 4: Market Context - The insurance market in China has grown significantly, reaching a scale of 5.7 trillion yuan, with a particular focus on health insurance due to the aging population [9]. - Yuanbao's approach reflects a broader industry issue of supply-demand mismatch and trust deficits, raising questions about the ethical implications of its aggressive marketing tactics [8][9].

Core Viewpoint - The insurance industry is undergoing a transformation driven by AI technology, which is reshaping operational logic and enhancing efficiency while maintaining customer-centric values [1][2][4]. Development Background - The insurance sector is in urgent need of technology-driven transformation due to pressures from rough growth and operational challenges. AI is set to reconstruct the insurance value chain, evolving from an efficiency tool to a strategic hub [4][5]. Market Size and Growth - The Chinese insurance market is expected to exceed 6 trillion yuan by 2026, with original premium income projected to grow from 4.3 trillion yuan in 2019 to 5.7 trillion yuan in 2024, reflecting a compound annual growth rate of 6.0% [5]. - The insurance industry's technology investment is anticipated to surpass 67 billion yuan by 2025, with a focus on big data, cloud computing, and AI [5][14]. Technology Investment - The insurance sector's technology investment is growing at an annual rate of 14.6%, significantly outpacing the overall market growth, with a projected total investment of over 67 billion yuan by 2025 [14][18]. AI Applications in Insurance - AI applications in the insurance industry are transitioning from point solutions to comprehensive, centralized intelligent systems, enhancing efficiency and creating new value [27][55]. - AI is being integrated across the entire insurance value chain, including underwriting, claims processing, risk control, and customer service, driven by data and algorithmic models [22][28]. Trends in AI Integration - The insurance industry is witnessing a shift from using AI as an efficiency tool to adopting it as a strategic core, with a focus on deep integration of AI in product and service offerings [57][59]. - AI is facilitating the transition from traditional product sales to a service-oriented model, enhancing customer engagement and long-term value [59]. Risk Control and Compliance - AI applications in risk control and compliance present a dual impact, improving fraud detection and risk pricing accuracy while also raising concerns about compliance and data privacy [61]. Case Studies - iYunbao is leveraging AI to empower insurance agents through a flat management model, enhancing the entire sales process from product design to customer service [44]. - Ping An Life is a benchmark for intelligent transformation, utilizing AI for real-time responses, precise pricing, and proactive risk control [46]. - ZhongAn Technology is focusing on AI model applications across the insurance lifecycle, driving efficiency and innovation [52].

Core Viewpoint - The rise of AI technology is significantly impacting various industries, including insurance, with companies like Nuanwa Technology aiming to become leaders in AI insurance solutions despite facing substantial financial challenges and market skepticism [1][22]. Group 1: Company Overview - Nuanwa Technology is China's largest independent AI insurance technology company, recently filing for an IPO in Hong Kong to become the "first AI insurance stock" [1]. - The company has developed AI underwriting and claims solutions, with its core products being the "Alamos" system for underwriting and the "Roborock" model for claims verification [4][6]. Group 2: Financial Performance - Despite revenue growth from 345 million in 2022 to 944 million in 2024, Nuanwa Technology has incurred cumulative losses of 718 million over three and a half years [7][22]. - The company's reliance on a few major clients, particularly ZhongAn Online, raises concerns about its sustainability and growth potential, with over 49% of its revenue coming from ZhongAn in the first half of 2025 [10][9]. Group 3: Market Position and Challenges - The AI insurance market is projected to grow from 746.8 billion to 1.35 trillion from 2024 to 2029, but existing insurance tech companies have faced significant stock price declines post-IPO [22]. - Nuanwa Technology's research and development spending has decreased significantly, raising questions about its ability to innovate and compete effectively in the market [16][22]. Group 4: Client Dependency and Risks - Nuanwa Technology's revenue is heavily dependent on a small number of clients, with the top five clients contributing over 73% of its revenue, which poses a risk to its business model [10][12]. - The company has faced reputational risks due to issues associated with its major client, ZhongAn Online, which has been criticized for customer complaints and regulatory penalties [19][22].

Core Insights - The integration of technology and finance in the insurance sector is leading to innovative solutions, as demonstrated by the successful implementation of an AI-driven operational model by Ping An Property & Casualty Insurance in Fujian [1][5]. Group 1: Project Overview - The project titled "AI Refined Intelligent Operation Plan for Group Insurance Clients and Government Platform Application" was recognized at the 2025 Digital Transformation Development Conference [1]. - The initiative aims to transition insurance services from a one-size-fits-all approach to a tailored strategy for each enterprise, enhancing digital transformation in the insurance industry [1][3]. Group 2: Technology and Implementation - The intelligent service agent integrates generative AI, MCP protocol, and "Eagle Eye" risk control technology, utilizing data from over 1.2 million historical client interactions to accurately identify client needs [3][4]. - The system's capabilities include automatic demand prediction, resource matching, and service strategy optimization, allowing for proactive service delivery [4]. Group 3: Operational Efficiency - During the pilot phase, online service usage increased to 75%, and the time for service delivery was reduced from hours to minutes, with a 90% reduction in manual intervention [5]. - The speed of typhoon risk control service notifications improved to seconds, ensuring both quality and operational efficiency [5]. Group 4: Future Implications - The project represents a significant shift in insurance service logic, with plans for continued application of AI technology in the insurance sector [5][6]. - The mature "AI + Service" model is expected to extend its benefits to various industries, enhancing service delivery across multiple sectors [6].