行 业 及 产 业 非银金融 2026 年 02 月 10 日 预计 NBV 增速亮眼，市场波动阶 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《资、负两端均表现亮眼，3Q25A 股险企 利润大增 68%——保险行业 2025 年三季 报业绩综述》 2025/11/05 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 孙冀齐 A0230523110001 看好 ——保险行业 2025 年年报前瞻 风险提示：长端利率下行、权益市场波动、大灾频发、监管政策影响超预期。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 预计 A 股险企 2025 年归母净利润 yoy+22.7%至 4264 亿元。4Q25 资本市场 阶段性波动叠加 2H2 ...

Core Viewpoint - The Cangyuan Financial Regulatory Bureau approved the request from China Ping An Property & Casualty Insurance Company to change the business location of its Cangyuan branch to a new address in Mengdong Town, Cangyuan Wa Autonomous County, Yunnan Province [1] Group 1 - The new business location is specified as Room 101, 1-2 floors, Building 9, Auto Trading Market, Mengdong Town, Cangyuan Wa Autonomous County, Yunnan Province [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

【环球网财经综合报道】86岁的刘爷爷，曾是心脏内科专家，如今却被帕金森综合征与腔隙性脑梗"困住"。每到黄昏，日落综合征还会发作：昔日沉稳的医 者，变成一个时而对着窗户呼喊救命，时而蜷缩在地上嘶吼挣扎的病人。 同样被认知症困扰的吴奶奶，却有截然不同的表现——她对陌生人充满戒备，见到摄影师执意要查对方的身份证，语气里满是不安与多疑。直到护理员轻声 安抚："小伙伴报警了，他是来取证的"，吴奶奶紧绷的神经才逐渐放松下来。 这些看似"不可理喻"的行为背后，是认知症长辈被疾病侵蚀后，独自面对世界的恐惧与无助。据估计，我国60岁及以上人群中认知障碍患者超过5300万，认 知症照护已成为严峻的社会课题。 刘女士在分享中表示，自己母亲在入住申园以前长期在香港生活，自己和妹妹每次去探望时母亲几乎不认识她们。入住申园后，原本严重营养不良的母亲在 护理公寓记忆照护团队的努力干预，在饮食起居方面有了很好的改观：自己母亲从最初呆滞的表情，到现在能够与小伙伴们亲切地打招呼、能够迈开腿自主 走路，这让她非常感激。更让她感到欣慰的是，经过申园记忆照护团队三个月的专业干预——包括个性化的营养方案、每日的情感交流与认知刺激、规律的 作息训练——母 ...

Market Overview - The Hang Seng Index rose by 0.58% to close at 27,183.15 points, while the Hang Seng Tech Index increased by 0.62% to 5,451.03 points, and the National Enterprises Index climbed by 0.81% to 9,242.75 points [1] - The index opened at 27,202.96 points, initially rising before retreating, and ultimately gained 155.99 points with a total turnover exceeding 234 billion HKD [1] - There were 1,344 advancing stocks, 923 declining stocks, and 896 stocks closing flat by midday [1] - The net inflow for the southbound trading (Hong Kong Stock Connect) was 84.7 million HKD [1] Sector Performance - Most sectors experienced gains, including chips, optical communications, biomedicine, new energy vehicles, oil and gas, banking, aviation, and port transportation [1] - Mixed performance was noted in new consumption, non-ferrous metals, and brokerage sectors, while gold, technology, real estate, and electricity sectors mostly declined [1] Individual Stock Movements - Notable stock movements included Pop Mart rising by 4.90%, Longi Green Energy increasing by 8.88%, Xiaomi Group up by 1.08%, and SMIC gaining 1.71% [1] - China Ping An rose by 0.62%, AIA fell by 0.52%, Zijin Mining increased by 2.52%, and Tianzuo Zhixin surged by 12.40% [1] - COSCO Shipping Energy rose by 5.49%, Zhihui gained 14.81%, and Rongchang Biotech increased by 3.64% [1] - HSBC Holdings rose by 0.72%, Industrial and Commercial Bank of China increased by 0.77%, and China Petroleum gained 1.64% [1] Top Traded Stocks - Tencent Holdings saw a decline of 1.61% with a turnover exceeding 16.1 billion HKD; Alibaba rose by 1.65% with a turnover over 9.3 billion HKD; Meituan fell by 2.47% with a turnover of 6.6 billion HKD [2]

在岗位要求方面，国任保险提出了三个要求，原则上近5年工作经历须符合以下条件之一，特别优秀的 经审定可以适当放宽条件：曾担任保费规模100亿元以上财险公司总部经营班子副职及以上满两年，工 作业绩突出；在大中型财险公司担任分公司总经理5年以上，其中任省辖型分公司（保费规模50亿元以 上）总经理3年以上，具备总分公司多岗位管理经验的优先，工作业绩突出；此外，在保费规模300亿元 以上财险公司担任总公司部门总经理及以上职务（或集团内同级别岗位）5年以上，且具有省辖型分公 司（保费规模30亿元以上）总经理3年以上的任职经历，工作业绩突出。 北京商报记者注意到，国任保险此次总经理招聘中，还提到，熟悉数智化趋势，了解互联网科技、人工 智能等领域，具有保险科技平台建设、应用相关经验者优先。 北京商报讯（记者 李秀梅）2月10日，据国任财产保险股份有限公司（以下简称"国任保险"）微信公众 号，国任保险现任总经理面临退休，现拟对外公开选聘总经理。 ...

Group 1: Macroeconomic Insights - The Japanese Liberal Democratic Party (LDP) achieved a significant victory in the recent elections, gaining over 20% more seats in the House of Representatives, which is unprecedented since World War II. This victory is expected to facilitate the implementation of loose monetary and fiscal policies, as well as a "Japan First" foreign policy [2][3] - The global manufacturing PMI rose for the sixth consecutive month in January, indicating ongoing recovery in the manufacturing sector. Developed countries showed more significant improvements compared to emerging markets, with new orders and export orders also improving [3] Group 2: Fixed Income and Market Trends - The A-share market experienced a decline due to macroeconomic fluctuations, with net outflows of financing funds exceeding 50 billion. The pricing power is shifting towards institutional funds, with a notable increase in the positions of active equity funds [4][5] - The liquidity tracking report indicated a marginal easing in the funding environment, with DR007 averaging 1.48%, down 9 basis points from the previous week. The overall net injection in the open market was -6,560 billion [5] Group 3: Real Estate and Commercial Property - The Hong Kong real estate market is showing signs of recovery, with residential prices experiencing the largest monthly increase since April 2025. The inventory of unsold new homes is decreasing, and rental prices have reached historical highs [8] - The introduction of REITs in commercial real estate is progressing rapidly, with 10 projects successfully submitted for approval. This development is expected to enhance asset liquidity and drive value re-evaluation for related companies [12] Group 4: Industry-Specific Developments - Enphase Energy reported a revenue of $343 million for Q4 2025, a year-on-year decline of 10.3%. However, the company anticipates a recovery in performance due to new product launches and favorable market conditions [19] - The domestic chemical industry is expected to see improved profitability as the price spread between raw materials and products has widened, driven by geopolitical tensions and seasonal demand [10] Group 5: Investment Opportunities - The report highlights the potential for companies like Minshi Group, which is expanding its robotics business in the U.S. and Europe, indicating a strong growth trajectory in traditional and new business segments [18] - The approval of D-allohexose enzyme preparations in China is expected to benefit Baolong Chuangyuan, a leader in functional sugars, as it accelerates the application of allulose in the market [20]

Core Viewpoint - Ping An Property & Casualty Insurance is launching the "2026 'Ten Thousand Families Safe Journey' Spring Festival Risk Reduction Action" to proactively address risks during the Spring Festival travel period, utilizing historical claims data and a collaborative approach with law enforcement and technology [1] Group 1: Action Overview - The initiative is part of the "Ping An Guardian" campaign, focusing on risk reduction services tailored to high-risk areas identified through historical data [1] - The action targets seven key regions with significant increases in average daily claims during the same period, including Sichuan, Anhui, Henan, Hunan, Jiangxi, Guizhou, and Chongqing, while also being implemented in multiple provinces nationwide [1] Group 2: Risk Reduction Strategy - The risk reduction model combines data analysis, collaboration with law enforcement, and localized strategies to address the challenges posed by high traffic volumes and potential hazards during the Spring Festival [1] - Specific measures include deploying service station networks, implementing smart intersection warnings, rural road improvements, tidal flow guidance, and ice hazard management, all aimed at ensuring road safety [1]

| 序号 | 当事人名称 | 主要违法违规行为 | 行政处罚内容 | 作出决定机关 | | --- | --- | --- | --- | --- | | | 浙商财产保险股 | | 对浙商财产保 险股份有限公 | | | | 份有限公司浙江 | | 司浙江分公司 | | | 1 | 分公司及相关责 | 业务数据不真实。 | 罚款12万元; | 浙工金融监管局 | | | 任人 | | 对高云警告并 | | | | | | 罚款2万元。 | | 北京商报讯（记者 李秀梅）2月10日，国家金融监督管理总局浙江监管局发布行政处罚信息显示，浙商财产保险股份有限公司浙江分公司及相关责任人，存 在业务数据不真实的违法违规行为，国家金融监督管理总局浙江监管局对浙商财产保险股份有限公司浙江分公司罚款12万元；对高云警告并罚款2万元。 ...

Core Viewpoint - The Financial Regulatory Administration is actively addressing the challenges in the new energy vehicle insurance sector, aiming to enhance consumer protection and support the high-quality development of the new energy vehicle industry [1][2]. Group 1: New Energy Vehicle Insurance - The proposal by Zhang Xinghai, Chairman of Seres Group, emphasizes the need to improve the risk-sharing mechanism to resolve the difficulties in insuring new energy vehicles [1]. - As of now, over 1.35 million new energy vehicles have successfully obtained insurance through the "Easy to Insure" platform, providing risk coverage exceeding 1.36 trillion yuan, which alleviates the high compensation risk in this sector [1]. - The Financial Regulatory Administration has launched the first guiding opinions on new energy vehicle insurance, implementing a comprehensive set of policy measures to facilitate the industry's development [2]. Group 2: Support for Private Economy - Huang Daifang, Chairman of Taihao Group, proposed optimizing the loan renewal management mechanism to enhance bank credit support for the private economy [3]. - The Financial Regulatory Administration has issued a notice to ensure stable growth in credit for small and micro enterprises, with new credit issuance amounting to 30.4 trillion yuan, of which 32.2% is in the form of credit loans [3]. - The administration is committed to monitoring key indicators related to private enterprise loans and credit loan balances to ensure continued support for the private sector [3]. Group 3: Regulatory Measures and Industry Engagement - The Financial Regulatory Administration emphasizes the importance of research and industry feedback in processing proposals, ensuring that the concerns of representatives are addressed [4]. - In response to a proposal regarding the regulation of illegal loan intermediaries, the administration has taken measures to standardize financial institution behavior and enhance consumer education [5]. - The administration has successfully completed all proposals ahead of the stipulated time, receiving positive feedback from representatives and affirming its commitment to a people-centered financial approach [5].

据21世纪经济报道记者不完全统计，已公布数据的75家非上市财产险公司全年共实现保险业务收入4752.11亿元，同比增长 7.63%。在保费稳中有增的基础上，净利润也实现较大增长，合计净利润达到146.49亿元，较去年同期增长178.18%。 南方财经全媒体记者 林汉垚 实习生 涂盛青 从披露数据来看，2025年财产险市场仍呈现"强者恒强"的竞争格局，头部公司凭借规模与渠道优势，在规模与利润上双双领 先；与此同时，一批中小型险企依托特色业务或股东资源，实现保费与利润快速增长，行业转型与差异化经营趋势进一步凸 显。 国寿财险保费稳增，申能、比亚迪财险等增速亮眼 随着2025年第四季度偿付能力报告陆续披露，非上市财产险公司的全年经营图谱逐渐清晰。 国家金融监督管理总局最新数据显示，2025年财产险行业累计原保险保费收入约1.76万亿元，同比增长3.92%，增速较上年略有 回落。整体来看，财产险保费保持小幅正增长。其中，行业主要保费仍由头部大型险企贡献，但头部公司的增长趋缓，与行业 增速基本持平甚至略低。 | 排名 | 公司名称 | | 业务收入(单位:亿元) | | | --- | --- | --- | --- ...