A股三大指数涨跌不一，截至午间收盘，沪指涨0.09%报4089.45点，深成指跌0.2%，创业板指跌 0.52%，北证50指数涨0.81%。沪深京三市半日成交额17815亿元，较上日缩量722亿元，全市场超3700 只个股上涨。 盘面上，我国可控核聚变技术持续迎新突破，相关概念股全线大涨，中国核建、融发核电等多股涨停； 脑机接口板块再度活跃，南京熊猫、普利特、创新医疗4连板；美国猛增军费预算，军工股走强，航天 电子涨停。商业航天、短剧游戏、风电设备板块涨幅居前。券商、保险股普遍回调。 ...

Core Insights - The insurance industry is transitioning from traditional financial compensation models to a customer-centric service model, focusing on risk reduction through proactive health management [1][4] - The establishment of the Ping An Health Management Company marks a significant step in integrating health management services with health insurance, aiming to enhance customer engagement and reduce claims [1][2] Group 1: Health Management Integration - Ping An Health has reported a service revenue of 159 million yuan in the first half of 2025, providing health management services to over 4.8 million customers, reflecting a year-on-year growth of 21.4% [2] - Other companies, such as China Pacific Insurance and China Ping An, have also established health management subsidiaries to enhance their competitive edge in the health insurance market [3][4] - Health management services are becoming a standard feature in health insurance products, even in basic insurance offerings, which now include services like health consultations and chronic disease follow-ups [2][3] Group 2: Shift from Passive to Active Management - The health insurance sector is undergoing a transformation from passive risk compensation to active health management, aiming to lower claim rates and improve customer retention [4][5] - The importance of health management is recognized as a core component for product competitiveness and sustainable industry development, especially in the context of rising health demands and clearer basic insurance roles [4][5] Group 3: Challenges and Opportunities - Despite the recognized importance of health management, low user awareness and service utilization rates remain significant challenges for the industry [5] - The Chinese government has issued guidelines to promote the integration of health insurance and health management, emphasizing the need for preventive measures and improved public understanding of health insurance [6][7] - Artificial intelligence (AI) is seen as a potential solution to enhance service delivery and efficiency in health management, with applications in personalized health interventions and dynamic assessments [6][7]

二、鼎和财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意鼎和财产保险股份有限公司东莞中心支公司将营业场所变更为：广东省东莞市南城街道鸿福路 106号1栋705室。 2025年12月31日，国家金融监督管理总局东莞监管分局发布批复称，《关于鼎和财产保险股份有限公司 东莞中心支公司变更营业场所的请示》(鼎和保险粤发〔2025〕38号)收悉。经审核，现批复如下： ...

智通财经APP获悉，摩根大通发表研究报告指出，2025年香港上市的保险股表现优于亚太区同业，其中 国人寿(02628)升87%，跑赢恒指28%的升幅。该行预期，2026年将是主要寿险公司强劲资产负债表、稳 健分销渠道及优化产品组合获得市场认可的一年。中国平安(02318)为该行首选，给予"增持"评级，目 标价上调至100港元。其次为中国人寿(02628)，目标价40港元。 对于非寿险板块，该行维持谨慎立场，对人保(01339)及财险(02328)维持"中性"评级。该行继续偏好H股 多于A股，认为H股具有更有利的风险回报状况，预计H-A股估值差距将会收窄。中国平安(02318)以 2026财年预测市盈率7倍及5%股息率交易，估值吸引。 该行同时将太保(02601)评级由"中性"上调至"增持"，反映其基本面复苏。不过，将新华保险(01336)评 级由"增持"下调至"中性"，主要由于2025年股价强劲上涨后，相对主要寿险公司的准备金质量差距扩 大。 ...

为深入学习贯彻党的二十大精神及党的二十届四中全会相关决策部署,牢牢把握"健全基本公共服务 体系,提高公共服务水平"与"扎实推进乡村全面振兴"的工作要求,推动党建与业务深度融合,将主题教育 成果切实转化为服务群众、造福乡梓的实际行动,12月20日,海保人寿保险股份有限公司(以下简称"海保 人寿")党总支携手海南省肿瘤医院、海南成美医院,共同走进万宁市北大村,开展以"康养医保惠乡村、同 心共筑健康路"为主题的联合党建暨惠民服务活动。活动聚焦社会保障、健康中国与金融安全,创新采 用"保险+医养"服务模式,将实实在在的保障、专业暖心的医疗和通俗易懂的知识送到村民身边。 赠保险送保障,织密民生安全网 自2024年起,海保人寿已连续两年向北大村赠送"惠琼保"健康保险。今年,在海南自贸港封关运作的 关键时期,作为自贸港首家本土保险法人机构,海保人寿积极践行属地责任,不仅继续向北大村赠送总保额 1.15亿元的"惠琼保"保障,还邀请海南省肿瘤医院、海南成美医院携手助力乡村振兴,两家医院共同为村 民赠送了总保额6000万元的"惠琼保"保障。这一举措正是对党的二十届四中全会关于"健全覆盖全民、 统筹城乡、公平统一、安全规范、可持续 ...

证券研究报告 | 2026年01月07日 2026年01月08日 中国平安（601318.SH） 内外资金共振，核心资产回归——"重估平安"系列之一 |  | 公司研究·公司快评 |  | 非银金融·保险Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 孔祥 | 021-60375452 | kongxiang@guosen.com.cn | 执证编码：S0980523060004 | | 证券分析师： | 王京灵 | 0755-22941150 | wangjingling@guosen.com.cn | 执证编码：S0980525070007 | 事项： 2025 年 12 月以来，A 股保险板块实现最高月 20%的涨幅，其中以中国平安为代表的低估值保险个股创下近 四年新高。 国信非银观点：近期以平安为代表的低估值保险板块走强，本质上是政策驱动、宏观变化、基本面、市场 资金等多重因素共振的结果。其一，从外部资金面来看，人民币汇率的升值趋势吸引了外资重新增配中国 核心资产，平安作为流动性好且估值偏低的金融龙头成为核心选择之一 ...

对于非寿险板块，该行维持谨慎立场，对人保(01339)及财险(02328)维持"中性"评级。该行继续偏好H股 多于A股，认为H股具有更有利的风险回报状况，预计H-A股估值差距将会收窄。中国平安(02318)以 2026财年预测市盈率7倍及5%股息率交易，估值吸引。 该行同时将太保(02601)评级由"中性"上调至"增持"，反映其基本面复苏。不过，将新华保险（601336） (01336)评级由"增持"下调至"中性"，主要由于2025年股价强劲上涨后，相对主要寿险公司的准备金质量 差距扩大。 摩根大通发表研究报告指出，2025年香港上市的保险股表现优于亚太区同业，其中国人寿（601628） (02628)升87%，跑赢恒指28%的升幅。该行预期，2026年将是主要寿险公司强劲资产负债表、稳健分销 渠道及优化产品组合获得市场认可的一年。中国平安（601318）(02318)为该行首选，给予"增持"评 级，目标价上调至100港元。其次为中国人寿(02628)，目标价40港元。 ...

Core Viewpoint - The recent appointment of chief compliance officers (CCOs) in various insurance companies, including China Insurance, reflects a significant shift in the industry towards proactive governance and compliance management in response to regulatory requirements [1][2]. Group 1: Regulatory Changes - The Financial Regulatory Bureau issued the "Compliance Management Measures for Financial Institutions," which will take effect on March 1, 2025, mandating the establishment of CCOs at the headquarters of financial institutions [2][4]. - The CCO is considered a senior management position, directly reporting to the chairman and CEO, and is responsible to the board of directors [2][4]. Group 2: Industry Trends - Multiple insurance companies have recently appointed CCOs, indicating a trend where compliance roles are becoming a focal point in corporate governance [1][2]. - The qualifications for CCOs are stringent, requiring extensive experience in both financial and legal fields, ensuring that appointees possess the necessary expertise [2][5]. Group 3: Implementation Challenges - The establishment of CCOs is not only a response to regulatory demands but also a restructuring of internal governance and risk management systems within insurance companies [4][5]. - Challenges in implementing the CCO role include potential resistance from business departments, the need for clear authority and resource allocation, and the complexity of compliance risks across various operational areas [4][5]. Group 4: Talent Development - There is a notable shortage of qualified professionals who can fulfill the multifaceted requirements of the CCO role, particularly in smaller insurance companies [5][6]. - Recommendations for overcoming these challenges include establishing direct communication between the board and CCOs, integrating compliance performance into executive assessments, and fostering a culture of compliance throughout the organization [5][6].

Core Insights - The project aims to enhance agricultural risk management in Yunnan's Lincang City through the "insurance + futures" model, specifically targeting corn production [1][2] - The initiative is supported by China Eastern Airlines Futures, China Eastern Airlines Leasing, and China Eastern Airlines Investment, with a total coverage of 4,189.5 tons of corn and 876 households benefiting from over 9 million yuan in value protection [1][2] Group 1 - The "insurance + futures" project has successfully provided a risk management framework for local farmers, helping them mitigate the impact of natural disasters and market price fluctuations [1] - The project has already realized compensation of over 100,000 yuan, with ongoing efforts to distribute further compensation to affected households [1] - This initiative aligns with the central government's directives for rural reform and revitalization, showcasing the model's value in supporting agricultural development [2] Group 2 - China Eastern Airlines Futures has accumulated extensive experience in implementing the "insurance + futures" model, having successfully introduced it in 2024, leading to positive outcomes for local farmers [2] - The company plans to continue leveraging its expertise in the futures industry to enhance financial resource integration and service innovation, aiming to provide more effective financial support for rural revitalization [2] - The project establishes a long-term development mechanism for the local corn industry, contributing to sustainable prosperity in the region [2]

Group 1 - Non-bank financial stocks weakened, with Huatai Securities and GF Securities dropping over 3%, while China Ping An, Guotai Junan, China Pacific Insurance, and China Life fell over 2% [1] - Securities and insurance-related ETFs declined approximately 2% [1] Group 2 - Some brokerages indicate that the fundamentals of the brokerage sector will continue to improve in 2025, but the sector is currently "stagnant" with significantly undervalued valuations; looking ahead to 2026, broker ROE is expected to return to an upward trend, with margin financing balances and derivative business becoming the main leverage direction for brokerages, and accelerated mergers and acquisitions among leading brokerages expected to enhance industry concentration [2] Group 3 - In the insurance sector, the liability side showed strong performance, with leading insurance companies leveraging product structure optimization and market concentration advantages to lay a solid foundation for annual performance growth; simultaneously, the asset side continues to show resilience, as the spring market activity is expected to improve investment returns for insurance companies, further boosting profit expectations; the low base effect from the first quarter of last year is likely to amplify this year's year-on-year performance growth [3] - The dual benefits from both the liability and asset sides strengthen the valuation repair momentum for the insurance sector [3]