截至6月25日收盘，互联网保险概念上涨4.17%，位居概念板块涨幅第2，板块内，18股上涨，天利科技 20%涨停，东方财富、新致软件、金证股份等涨幅居前，分别上涨10.04%、8.72%、7.60%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 300059 | 东方财 富 | 10.04 | 10.79 | 374702.71 | 11.27 | | 601318 | 中国平 安 | 1.92 | 0.97 | 34455.01 | 5.74 | | 300399 | 天利科 技 | 20.01 | 27.88 | 15325.50 | 8.14 | | 600446 | 金证股 份 | 7.60 | 10.66 | 12732.35 | 7.00 | | 601336 | 新华保 险 | 3.75 | 1.46 | 11247.06 | 6.21 | | 300253 | 卫宁健 康 | 5.70 | 6.08 ...

今天上午，A股延续反弹态势，大金融、国防军工板块领涨。 大金融方面，多元金融、证券、互联网保险等板块涨幅居前。东方财富（300059）上涨4.63%，成交额 为122.45亿元，再居A股第一，同时还是最近一段时间内，首只半日成交额过百亿元的个股。 港股券商板块上午大涨，龙头股国泰君安国际上涨68.55%，第一上海涨超25%。 消息面上，国泰君安国际获香港证监会批准，将现有证券交易牌照升级为可提供虚拟资产交易服务，以 及在提供虚拟资产交易服务的基础上提供意见。牌照升级后，客户将可在国泰君安国际平台直接交易加 密货币、稳定币等虚拟资产。国泰君安国际成为首家可提供全方位虚拟资产相关交易服务的香港中资券 商。 银行股盘中探底回升。中国银行、农业银行、工商银行、建设银行、江苏银行、杭州银行盘中股价集体 刷新历史新高。 国防军工板块方面，军工装备、军工电子等板块大涨。 截至上午收盘，上证指数上涨0.28%，深证成指上涨0.64%，创业板指上涨1.34%。 业绩线浮出水面 最近，中报业绩线开始崭露头角。 今天上午，泰凌微迎来"20CM"涨停。公司昨日晚间公告称，预计今年上半年实现营业收入5.03亿元左 右，同比增加37%左 ...

Core Viewpoint - The insurance technology company Yuanbao has demonstrated significant growth in its Q1 2025 financial report, highlighting its potential long-term value through its unique "AI + Insurance" model, which integrates artificial intelligence into the insurance distribution and claims process [1][2]. Group 1: Financial Performance - In Q1 2025, Yuanbao achieved total revenue of 970 million yuan, a year-on-year increase of 43.8%, and a net profit of 295 million yuan, up 122.1% [1]. - Yuanbao has maintained profitability for 11 consecutive quarters, with new policy numbers growing by 21.3% to reach 6.8 million [1]. - From 2022 to 2024, Yuanbao's revenue increased from 850 million yuan to 3.285 billion yuan, with a notable turnaround from net losses to a net profit of 436 million yuan in 2024 [2]. Group 2: Industry Context and Challenges - The insurance industry faces challenges such as an aging population, rising medical costs, and increased pressure on health insurance funds, making commercial health insurance increasingly important [1]. - Despite the potential market, the penetration rate of commercial health insurance remains low in lower-tier cities, limiting its ability to alleviate personal medical burdens [1]. Group 3: Technological Innovation - Yuanbao's "AI + Insurance" model enhances service quality and efficiency while reducing operational costs, addressing pain points in the traditional insurance business model [2]. - The company has developed a comprehensive consumer service engine that utilizes AI and big data to provide personalized insurance services, expanding its model library to 4,700 models and 5,100 features by Q1 2025 [6][7]. - Yuanbao's AI-driven customer service has replaced over 50% of repetitive tasks, significantly improving service efficiency and customer satisfaction [7]. Group 4: Market Opportunities - The current low penetration rate of internet insurance sales services, at 12.3%, presents a significant growth opportunity as consumer acceptance of online insurance increases [2][5]. - By 2028, the penetration rate of internet insurance in China is expected to reach 30.2%, indicating a favorable environment for growth for leading companies like Yuanbao [2][5]. Group 5: Competitive Advantage - Yuanbao has established a competitive edge through its technological capabilities and has received multiple recognitions, including being named a "High-tech Enterprise" and a top company in various categories in Beijing [7][8]. - The successful IPO is anticipated to further enhance Yuanbao's innovation potential and solidify its leading position in the insurance technology sector [8].

Core Insights - The report highlights the strong performance of China's innovative pharmaceuticals, particularly in international markets, with the MSCI China Healthcare Index rising 27.6% year-to-date, outperforming the MSCI China Index by 14.5% [2] - Significant overseas licensing deals for innovative drugs are being realized, showcasing the international competitiveness of Chinese pharmaceutical companies [6][7] - The report recommends several companies in the pharmaceutical sector, including BeiGene, Innovent Biologics, and others, as potential investment opportunities due to favorable market conditions [7] Industry Analysis - The innovative drug sector is benefiting from overseas licensing transactions, optimization of domestic procurement policies, and the implementation of new medical insurance directories, which are expected to drive valuation recovery in the pharmaceutical industry by 2025 [7] - The report notes that the recent updates from companies like Innovent Biologics and 3SBio at the ASCO conference demonstrate their clinical advancements and potential market impact [2][5] - The report anticipates continued growth in the domestic insurance market, with a projected 12.7% year-on-year increase in total premiums for the first four months of the year, indicating strong growth potential for internet insurance companies [10] Company Insights - 3SBio's licensing agreement with Pfizer for its PD-1/VEGF drug is expected to yield $1.25 billion in upfront payments and up to $4.8 billion in milestone payments, reflecting the drug's best-in-class potential [6] - The report highlights the positive outlook for ZhongAn Online due to its involvement in the stablecoin regulatory framework in Hong Kong, which is expected to enhance its valuation [8][9] - The report projects that ZhongAn's insurance premium growth will be driven by health and automotive sectors, with an expected combined ratio improvement due to better underwriting practices [10]

作者 | 张贝贝 头图 | AI生图 说起"水滴筹"，想必大家都不陌生。 在微信朋友圈里经常会看到相关消息，如小A生病了,家里困难,请求大家施以援手等。笔者也是经常见到，因为有朋友背 书，所以但凡看到均会尽绵薄之力。而"微信朋友圈"天然具有背书能力的属性，也成为水滴筹强大筹款能力的支撑。 其母公司"水滴公司"也因水滴筹被大众所熟知。 只不过，这家以"水滴筹、水滴互助"公益项目起家的水滴公司，主业实则是保险，水滴筹承担的主要任务实质是为其互联 网保险平台的业务引流，进而实现变现。 出品 | 妙投APP 从商业模式看，水滴公司早期主要用众筹工具（水滴筹）及互助工具（水滴互助）来聚集流量，并引流到保险平台实现保 险产品售卖变现。 这种以"水滴筹引流、水滴保变现"的模式，使水滴公司以极低的获客成本迅速占领市场，被称为保险界的"黑马"，业绩不 断走强。水滴公司创始人沈鹏曾在某次演讲中提及，由于渠道足够下沉（涵盖一到五线城市、县域乃至乡村），每个捐款 用户的平均获客成本只有3毛钱。 但值得注意的是，这家以"水滴筹引流、水滴保（保险平台）变现"，曾经被称为"保险行业破局者"的公司，目前也陷入了 成长性困局，近几年日子并不好 ...

历经三次递表、两次折戟后，深圳手回科技集团有限公司（手回集团，02621.HK）于近日通过港交所主板上市聆讯，为其长达18个月的IPO征程扫清关键障 碍。 根据公告，手回集团计划在全球发售0.24亿股股份，其中0.22亿股股份为国际发售股份，香港公开发售股份243.6万股，发行区间为5.84至8.08港元，本次IPO 募资规模至多为1.968亿港元，预计将于5月30日开始在香港联交所主板交易。 营收占比上，招股书显示，来自B端渠道的"牛保100"在2024年贡献了8.65亿元收入，占手回集团保险交易服务总收入的62.8%，知名度最高的"小雨伞"带来 的直销收入仅为2.93亿元，占比只有21.3%，来自"咔嚓保"渠道的收入为2.2亿元，占比为15.9%。 从集团整体的财务情况来看，手回集团近年的表现出较大的波动。 招股书显示，2022年至2024年，公司营收分别为8.06亿元、16.34亿元、13.87亿元，2023年同比激增102.7%，但2024年又骤降15.1%。净利润更是不容乐观： 2022年短暂盈利1.31亿元后，2023年与2024年分别亏损3.56亿元、1.36亿元，两年累计亏损达4.92亿元。 ...

元保成立已有五年，其创始人兼 CEO 方锐毕业于清华大学五道口金融学院，拥有超过 20 年的金融科技 与互联网电子商务深厚经验。创始人团队深谙金融与互联网的融合之道，为元保的发展注入了强大的驱 动力。值得一提的是，方锐先生曾担任网易集团副总裁及技术部负责人，期间创立网易电子商务部，连 续孵化多个业务并担任 CEO，其中包括互联网保险领域，这为其创立元保并深耕互联网保险市场积累 了宝贵的经验和资源。 元保自成立以来，便将目光投向了传统保险服务覆盖不足的下沉市场，通过技术创新和精细化运营，有 效地触达了更广泛的用户群体，并根据其特点推出了定制化的保险产品和服务。此次成功获得 IPO 备 案并启动赴美上市，无疑将为元保带来更加充足的资金和更广阔的发展平台，助力其在保险科技领域持 续创新，并进一步巩固其在下沉市场的领先地位，收获更大的增长红利。此次启动赴美上市，无疑将为 元保注入新的增长动能，助力其在保险科技领域持续创新，引领互联网保险服务的新潮流。 近期，元保向美国证券交易委员会（SEC）提交了上市招股书，宣布其纳斯达克上市计划，股票代码定 为"YB"。元保的上市进程备受关注，其招股书披露了公司经营的多项关键信息， ...

从退货运费险，到服务 6 亿用户。 10 月 10 日，互联网保险优选平台蚂蚁保宣布，知名演员刘亦菲成为蚂蚁保首位全球品牌代言人。这是蚂 蚁保成立 8 年来首次启用品牌代言人，也是其少见的高调行动。 和电商、本地生活、短视频等行业相比，互联网保险行业一直相对低调。2010 年，支付宝联合淘宝推出退 货运费险，这一互联网创新险种的试水，如今已是中国数十万亿电商市场的标配，也是蚂蚁保平台的源 起。 2016 年，蚂蚁又在原先支付宝保险的基础上，成立了互联网保险优选平台蚂蚁保，陆续上线好医保、宠物 险、电诈险、惠民保等爆款产品。八年后，蚂蚁保已成长为一个一站式综合保险平台，覆盖健康险、家财 险、储蓄险、车险等全系列险种，连接近百家保险公司和 6 亿保民。 从运费险到成立蚂蚁保，再到如今签下刘亦菲冲上热搜，蚂蚁的保险业务绝大多数时候远离舆论场中心。 蚂蚁集团副总裁、蚂蚁保总经理陈冠华对我们说，保险是最复杂的金融产品之一，做保险需要坚持长期主 义，有时候得慢工出细活。蚂蚁保和保险公司已经一起走过 8 年时间，但也还只是长征路途的开始。 从爆款健康险开始，回归保障本质 运费险成功之后，大概 2012 年开始，当时的支付宝 ...