市场策略丨深度报告 [Table_Title] 红马奔腾策略系列 1：从老红利到新红马之投资 范式 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 目前部分机构资产回报率承压，核心原因在于负债端久期长、成本刚性，而低利率环境下，固 收类资产收益率下行，权益类的传统红利投资股息下降，较难覆盖负债端成本。投资思路：预 期回报率高（3%~5%以上）、安全边际高（行业格局和估值企稳）的方向值得关注。1）寻找 未来股息率高的方向：通过分红率的提高来提供较高的股息水平，直接增厚股息回报；2）同时 估值不应大幅下滑：具有安全边际，避免因资本利得大幅损失（如股价下跌）抵消股息收益， 重点关注供给收缩/行业出清到尾声的细分行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% 关注自由现金流和稳住 ROE 是分红潜力的关键。一是从理论出发，稳定的自由现金流是保障 潜在股息率提升的重要基础，其通过影响利润与估值，提供持续的 ...

阳光保险(06963)发布公告，本公司于近日收到国家金融监督管理总局《国家金融监督管理总局关于王 霄鹏阳光保险集团股份有限公司董事任职资格的批复》(金复[2026]57号)(该批复)。根据该批复，国家金 融监督管理总局已核准王霄鹏先生担任本公司执行董事的任职资格，其任职自2026年1月29日起生效。 自同日起，王霄鹏先生亦担任董事会风险管理委员会主任委员职务，执行董事李科先生不再担任董事会 风险管理委员会主任委员职务。 ...

会议强调，2026年国寿养老要按照中国人寿集团"333战略"指引，将党中央决策部署转化为推动养老金融高质量发展的具 体行动和扎实成效。要坚持和加强党的全面领导，力争实现业务规模与结构双突破，深耕投资能力建设，拥抱数智变革，守牢 发展底线，强化经营管理，为"十五五"时期高质量发展开好局、起好步。 （编辑 李家琪） 本报讯 （记者冷翠华）1月30日，中国人寿养老保险股份有限公司（以下简称"国寿养老"）召开2026年工作会议。会议指 出，截至2025年年底，该公司管理资产规模近2.4万亿元，较"十四五"期初增长139%，业务结构进一步优化，累计创收达到"十 三五"时期的两倍，行业头雁地位进一步巩固。 会议指出，2025年，国寿养老系统各单位锐意进取、砥砺前行，各项工作取得新成效。纵深推进党的建设，打牢组织基 础，强化监督执纪，落实党中央决策部署更加坚决有力。坚持发展第一要务，基本养老金累计规模超过780亿元，年金业务累 计规模超过2.2万亿元，集合计划累计规模与企业数实现行业"双第一"，商业养老金业务存量规模和有效账户数稳居市场首位。 长期业绩保持稳定，企业年金和职业年金受托业绩排名位居行业前列，投资管理收益率实现 ...

截至2025年年底，平安健康险的肿瘤全病程服务已累计服务39.6万人次，客户满意率高达98%，精准的就医引导达1.4万人 次，就医服务达35万人次，权威的多学科（MDT）咨询和二诊咨询服务超2800次，特药使用14.4万人次，康复服务1.1万人次。 报告显示，肿瘤全病程服务最长时长达1460天，单人最多特药使用46次，单笔特药赔付金额最高达129万元，生动诠释了"全病 程管理"的内涵。 （编辑 张昕） 本报讯 （记者冷翠华）1月30日，平安健康保险股份有限公司（以下简称"平安健康险"）正式发布2025年理赔年度报告。 报告显示，过去一年，平安健康险累计理赔案件达622万件，理赔客户171万人，赔付总金额达79亿元，人均赔付4次，单客户 最多理赔104次，单客户最高赔付金额456万元。其中，最快理赔仅需3秒，实现了理赔效率的再提速，单客户最长赔付年限跨 越17年，见证了治疗周期中的持续守护，赔付年龄跨度从13天到103岁，实现了全生命周期的保障覆盖。 2025年，监管层鼓励保险公司构建"事前预防、事中管理、事后保障"相结合的新型健康服务体系，平安健康险积极响应， 理赔服务边界持续向前延伸，创新推出肿瘤全病程服务 ...

Core Viewpoint - The insurance industry is undergoing a significant transformation from being traditional "risk bearers" to "risk reduction managers," which is seen as a necessary adaptation to meet the evolving demands of economic and social development in the new era [2][3][4]. Industry Trends - The "14th Five-Year Plan" emphasizes the insurance sector's role in supporting "new quality productivity" and the financial "five major articles," prompting insurance institutions to redefine their roles [2][3]. - The transition to "risk reduction management" is driven by increasing policy support, growing market demand, expanding business opportunities, and accelerated technological application [4][5][6]. Key Opportunities - Policy guidance has intensified, with the government issuing documents to promote risk reduction management services, such as the "National Ten Articles 3.0" [5]. - Market demand for risk management services is rising due to the increasing complexity of risks and heightened awareness among the public regarding risk management [5][6]. - The potential for business growth is expanding as insurance companies can offer risk assessment and management services, creating a win-win scenario for society, clients, and insurers [6]. - The integration of new technologies like AI and IoT is reshaping traditional insurance business models, enabling more effective risk management and service delivery [6][10]. Challenges - There is a need for a shift in development concepts within the insurance industry, moving from a sales-focused approach to a service-oriented one [6]. - The foundational capabilities for risk reduction services must be strengthened, as the industry has historically developed in a relatively crude manner [6]. - Cross-sector collaboration is essential for enhancing the quality of risk reduction services, requiring cooperation among government, enterprises, and research institutions [6]. Life Insurance Transformation - The life insurance sector is experiencing a profound transformation, with a focus on aligning products and services with diverse customer needs, particularly in areas like health and retirement [7][8]. - Key drivers for sustainable growth in life insurance include strong policy support, enhanced ecological services, financial technology empowerment, and channel transformation [8][9]. Technological Integration - AI and other advanced technologies are positively impacting the insurance value chain, allowing for the transformation of previously uninsurable risks into insurable ones [10][11]. - The use of big data and AI enhances fraud detection, operational efficiency, and customer experience, leading to a more proactive risk management approach [11][12]. Ecosystem Development - The company is focused on building a comprehensive "insurance + service" ecosystem, integrating health management and financial technology to better serve customer needs [12][13]. - Future initiatives will include expanding the health management service system, accelerating the application of financial technology, and enhancing collaborative mechanisms within the ecosystem [13].

Core Viewpoint - The frequent equity stakes taken by insurance companies, particularly by Ping An Life, signal a strategic shift towards long-term investments in stable financial institutions and state-owned enterprises, moving away from short-term financial investments and arbitrage opportunities [2][3][5]. Group 1: Investment Activities - Ping An Life increased its stake in China Life's H-shares by purchasing 11.891 million shares at an average price of HKD 32.0553 per share, raising its holding from 8.98% to 9.14%, totaling approximately 681 million shares [2]. - In 2025, insurance capital was notably active in the capital market, with 41 public equity stakes recorded, the highest in nearly a decade, primarily in H-shares [3]. - Ping An Life has made multiple significant investments in Agricultural Bank of China H-shares, reaching a stake of 20% by December 30, 2025, with a total investment balance of approximately CNY 32.428 billion [3]. Group 2: Market Performance - The stock price of China Life H-shares increased by 150% from around HKD 14 in May to approximately HKD 35 by January 30, 2023, with its market capitalization nearing HKD 1 trillion [2]. - The insurance sector has shown strong performance at the beginning of the year, with several stocks, including New China Life and China Pacific Insurance, reaching historical highs [5]. Group 3: Investment Logic - Ping An's investment strategy is characterized by a focus on long-term value and strategic asset allocation, emphasizing patience and shared growth [5][6]. - The company adheres to a "three criteria" principle for investments: operational reliability, growth potential, and sustainable dividends, which guide its long-term investment decisions [6].

在金融机构普遍降薪的当下，逆流而上的保险公司触动了行业"敏感神经"。日前，中国人寿保险（集 团）在官网披露的2024年人力薪酬数据显示，集团14.61万名员工平均薪酬17.75万元，相比2023年的 14.50万元，相当于加薪超两成，薪酬水平也为四年来最高。 减员与增效同样明显。数据显示，2024年国寿集团薪酬总额达259.3亿元，比上一年度增加约43亿元， 增幅20.05%；员工总数为14.61万人，微降2.01%，相当于比上一年度只减少约3000人。 | 企业名称 | 清算的工资总额 | 职工年平均人数 职工年平均 | | | --- | --- | --- | --- | | | (万元) | (人) | 工资(万元) | | 中国人寿保险 (集团)公司 | 2593000 | 146087 | 17.75 | 值得注意的是，就在1月27日，香港联交所披露，平安人寿近日以每股均价32.0553港元增持了中国人寿 H股1189.1万股，持股比例由8.98%升至9.14%。作为险资举牌的"风向标"，中国平安此举传递了长期主 义投资逻辑和战略协同理念。 实际上，不只是中国人寿，近日中国太保、新华保险、众安在线 ...

蓝鲸新闻1月30日讯，近日，国家金融监督管理总局商丘监管分局发布了罚单，剑指诚泰财产保险股份有限公司永城支公司及其相关责任人。 罚单显示，诚泰财产保险股份有限公司永城支公司的主要违法违规事实（案由）为：未按规定使用经备案的保险条款和保险费率。 针对上述违法违规行为，国家金融监督管理总局商丘监管分局对其罚款12万元；对经理孙玉杰警告并处罚款1万元。 ...

1月30日金融一线消息，阳光保险发布公告称，公司于近日收到国家金融监督管理总局《国家金融监督 管理总局关于王霄鹏阳光保险集团股份有限公司董事任职资格的批复》，国家金融监督管理总局已核准 王霄鹏担任公司执行董事的任职资格，其任职自2026年1月29日起生效。自同日起，王霄鹏亦担任董事 会风险管理委员会主任委员职务，执行董事李科不再担任董事会风险管理委员会主任委员职务。 责任编辑：王馨茹 1月30日金融一线消息，阳光保险发布公告称，公司于近日收到国家金融监督管理总局《国家金融监督 管理总局关于王霄鹏阳光保险集团股份有限公司董事任职资格的批复》，国家金融监督管理总局已核准 王霄鹏担任公司执行董事的任职资格，其任职自2026年1月29日起生效。自同日起，王霄鹏亦担任董事 会风险管理委员会主任委员职务，执行董事李科不再担任董事会风险管理委员会主任委员职务。 责任编辑：王馨茹 ...

Core Viewpoint - In a low-interest-rate environment and industry transformation, China Merchants Jinhe Life Insurance, backed by China Merchants Group and China Mobile, has achieved significant growth, entering the "trillion club" with total assets reaching 108.1 billion yuan by the end of 2025, marking an 18.4% increase year-on-year [1]. Financial Performance - The company reported a cumulative net profit of 672 million yuan in 2025, a staggering increase of 411% year-on-year, with the return on equity (ROE) rising from 2.24% to 8.69% [1][3]. - The company appears to have exited its initial loss-making phase and is now on a path of profit generation [3]. Capital Adequacy - By the end of 2025, the core solvency adequacy ratio dropped to 96.18%, down from 128.47% at the end of 2024, primarily due to rapid accumulation of business liabilities, which increased from 7.65 billion yuan to 9.53 billion yuan [3]. - The future surplus of policies included in core Tier 1 capital decreased from 1.17 billion yuan to 520 million yuan, indicating some erosion of the capital base [3]. Financial Strategy - In response to capital pressure, the company issued 1.3 billion yuan in capital supplement bonds at a low interest rate of 2.40% and redeemed 800 million yuan of old debt with a higher interest rate of 4.95%, resulting in a net increase of 500 million yuan in supplementary capital and annual interest savings of approximately 20 million yuan [3]. - The investment yield for 2025 was 5.22%, slightly lower than the previous year's 5.47%, with a clear asset allocation strategy favoring government bonds, which increased to 31.05 billion yuan [3][4]. Shareholder Changes - Beijing Zaichuan Technology Co., Ltd. plans to transfer its 3.79% stake to Chongqing Yufu Holdings Group and Chongqing Linkong Development Investment Group, introducing strong state-owned enterprise backing from Chongqing into the shareholder structure [4]. Future Challenges - Despite achieving over 100 billion yuan in assets, the company anticipates a further decline in the core solvency adequacy ratio to 83.55% in the next quarter, raising concerns about future capital pressures and the potential need for shareholder capital increases [5]. - The company is attempting to find a sustainable balance between expansion ambitions and capital constraints [5].