中国邮政官微于2025年10月发布的信息显示，中国邮政拥有6.4万个末端网点。因此，业内人士分析，此次中国邮政保险代理牌照落地，意味 着中国邮政能够直接整合其遍布城乡的、数量更为庞大的实体网点开展保险代理业务。 此外，值得注意的是，中国邮政的入局发生于保险中介行业正经历深度"清虚提质"的收缩期。在众多中小中介机构纷纷离场之际，"国家队"入 场，其背后的战略考量和市场影响引发业内高度关注。 逆势入局保险中介市场 南方财经全媒体记者 林汉垚 实习生 徐若萱 近日，国家金融监督管理总局发布批复，同意中国邮政集团有限公司（下称"中国邮政"）经营保险代理业务。批复信息显示，其代理险种范围 广泛，涵盖机动车辆保险、企业财产保险、家庭财产保险等财产险产品，以及人寿保险、年金保险、健康保险、意外伤害保险等人身险产品， 共计15类。 近年来，保险中介市场清虚提质正在加速。 据媒体报道，2024年全年共有21家保险专业中介机构牌照被注销或吊销，而2025年前10个月，注销数量已与2024年全年相当。 地方上，保险中介分支机构注销也推进。如国家金融监管总局吉林监管局数据显示，截至2025年6月末，吉林地区已注销保险专业中介机构62 ...

当越来越多的"玩家"在保险中介的牌桌上离场，中国邮政集团有限公司(以下简称"中国邮政")却选择在 当下的时间入局。11月24日，金融监管总局的一纸批复，为保险代理市场带来了一位重量级玩家，中国 邮政正式获准经营保险代理业务。业务范围包含常见的财产险和人身险。 重量级玩家入局 一纸批复在业内引起广泛关注。11月24日，金融监管总局发布关于中国邮政经营保险代理业务的批复表 示，同意中国邮政经营保险代理业务。 这份批复不仅核准了中国邮政经营保险代理业务的资格，还明确了其可代理的险种范围。包括机动车辆 保险、企业财产保险、货物运输保险、责任保险等财产险类别，以及人寿保险、年金保险等人身险类 别。 中国邮政以邮政、快递物流、金融、电子商务等为主业。该公司网点数量庞大，以北京为例，官网可查 询到超700家邮政所或邮政支局网点。另据2024年的数据，中国邮政拥有遍布城乡的5.4万个网点、40多 万个便民服务站，乡镇网点覆盖率和建制村通邮率均保持100%。 整体而言，对于坐拥近6万个营业网点的中国邮政来说，这张牌照的意义非同小可。 事实上，这并非中国邮政首次涉足保险中介业务。北京商报记者梳理发现，不论是邮政系统下的邮储银 行 ...

无论是在一线城市街头，还是在偏远山区的乡村，总能看到邮政的营业网点。这些网点不但可以寄快件，还可以办理转账汇款、储蓄业务，甚至购买各类金 融产品。 对此，一位接近中国邮政的人士表示，此前中国邮政一直使用邮储银行的资质进行保险代理业务，向金融监管总局申请恢复邮政代理资质，是解决合规问 题，整个保险业务的逻辑和经营模式并没有发生变化。 这要从中国邮政独特的经营模式说起。按照国家规定，中国邮政以邮政、快递物流、金融、电子商务等为主业，实行多元化经营。除邮务业务、快递业务子 公司外，中国邮政旗下还有邮储银行、中邮保险、中邮证券等金融类子公司。 2025年11月24日，国家金融监督管理总局（下称:金融监管总局）发文称，同意中国邮政集团有限公司（下称"中国邮政"）经营保险代理业务。 中国邮政代理险种范围为：机动车辆保险、企业财产保险、家庭财产保险、货物运输保险、船舶保险、工程保险、特殊风险保险、农业保险、责任保险、信 用保险、保证保险、人寿保险、年金保险、健康保险、意外伤害保险，代理保险业务的营业网点范围为代理营业机构。 其实，中国邮政一直是我国最大的保险代理机构。依靠邮政网点庞大销售能力成长起来的中邮保险，其总资产规模 ...

当越来越多的"玩家"在保险中介的牌桌上离场，中国邮政集团有限公司（以下简称"中国邮政"）却选择 在当下的时间入局。11月24日，金融监管总局的一纸批复，为保险代理市场带来了一位重量级玩家，中 国邮政正式获准经营保险代理业务。业务范围包含常见的财产险和人身险。 从行业视角出发，强监管、报行合一、清虚提质这些关键词如同筛子，正在过滤掉大量的参与者。在这 样的背景下，中国邮政"逆向"入局，背后有着怎样的考量？中国邮政系统内的部分网点早已具备销售保 险资格，此次在总公司层面申请牌照，与此前有何不同？ 重量级玩家 一纸批复在业内引起广泛关注。11月24日，金融监管总局发布关于中国邮政经营保险代理业务的批复表 示，同意中国邮政经营保险代理业务。 这份批复不仅核准了中国邮政经营保险代理业务的资格，还明确了其可代理的险种范围。包括机动车辆 保险、企业财产保险、货物运输保险、责任保险等财产险类别，以及人寿保险、年金保险等人身险类 别。 中国邮政以邮政、快递物流、金融、电子商务等为主业。该公司网点数量庞大，以北京为例，官网可查 询到超700家邮政所或邮政支局网点。另据2024年的数据，中国邮政拥有遍布城乡的5.4万个网点、40多 ...

当越来越多的"玩家"在保险中介的牌桌上离场，中国邮政集团有限公司（以下简称"中国邮政"）却选择在当下的时间入局。11月24日，金融监管总局的一纸 批复，为保险代理市场带来了一位重量级玩家，中国邮政正式获准经营保险代理业务。业务范围包含常见的财产险和人身险。 从行业视角出发，强监管、报行合一、清虚提质这些关键词如同筛子，正在过滤掉大量的参与者。在这样的背景下，中国邮政"逆向"入局，背后有着怎样的 考量？中国邮政系统内的部分网点早已具备销售保险资格，此次在总公司层面申请牌照，与此前有何不同？ 重量级玩家入局 一纸批复在业内引起广泛关注。11月24日，金融监管总局发布关于中国邮政经营保险代理业务的批复表示，同意中国邮政经营保险代理业务。 这份批复不仅核准了中国邮政经营保险代理业务的资格，还明确了其可代理的险种范围。包括机动车辆保险、企业财产保险、货物运输保险、责任保险等财 产险类别，以及人寿保险、年金保险等人身险类别。 中国邮政以邮政、快递物流、金融、电子商务等为主业。该公司网点数量庞大，以北京为例，官网可查询到超700家邮政所或邮政支局网点。另据2024年的 数据，中国邮政拥有遍布城乡的5.4万个网点、40多万个 ...

格隆汇11月25日丨亚洲金融(00662.HK)公布，根据集团截至2025年9月30日止九个月的未经审核综合管 理账目而作出的初步评估，并考虑到出售由公司直接全资附属公司亚洲保险有限公司持有的香港人寿保 险有限公司股权，预期集团于截至2025年12月31日止年度的公司股东应占净溢利，相对于2024年同期所 录得约为6.47亿港元经审核的溢利，将录得超过50%增长。 根据本集团目前可得的资料，溢利增长主要是由于出售香港人寿股权事项，以及环球股票市场回暖，令 集团投资证券组合的已变现及未变现溢利增加。 ...

批复要求，中国邮政集团有限公司应严格遵守保险代理有关法律法规，接受金融监管总局及其派出机构监管，不断提升代理保险业务管理能力，建立代理保 险业务防火墙，切实保护金融消费者合法权益。 11月24日，国家金融监督管理总局发布批复，同意中国邮政集团有限公司经营保险代理业务，代理险种范围为：机动车辆保险、企业财产保险、家庭财产保 险、货物运输保险、船舶保险、工程保险、特殊风险保险、农业保险、责任保险、信用保险、保证保险、人寿保险、年金保险、健康保险、意外伤害保险， 代理保险业务的营业网点范围为代理营业机构。 （国家金融监督管理总局） ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][10]. Core Insights - The company, Yuanbao, is a leading technology-driven online insurance distribution and service platform in China, focusing on personal life and health insurance products. It leverages big data and AI technology to provide a comprehensive insurance service cycle, including personalized recommendations, convenient underwriting, policy management, intelligent claims, and after-sales support [3][14]. - Yuanbao has achieved rapid growth and profitability within three years of establishment, establishing a strong foundation for continued leadership in the online insurance market [3][4]. Summary by Sections Company Overview - Yuanbao is recognized as a pioneer in internet insurance technology in China, holding national insurance brokerage and agency licenses. The company aims to make insurance more accessible through its technology-driven platform [14]. - The actual controller of the company is Rui Fang, who has extensive experience in financial technology and e-commerce [16]. - The main business model involves online distribution and full-cycle service of personal life and health insurance products, with a focus on short-term insurance [22]. Company Highlights - The company has built a robust competitive moat through its proprietary "Full Consumer Service Cycle Engine," which integrates media, users, and products to optimize the insurance service process [23][33]. - Yuanbao is the largest independent online insurance distributor in China, with significant market share and a strong growth trajectory [39]. - The online insurance distribution market in China has substantial growth potential, with online insurance sales penetration expected to rise significantly by 2028 [40]. Financial Forecast and Investment Recommendations - Projected revenues for 2025-2027 are estimated at 47.23 billion, 65.64 billion, and 87.96 billion RMB, respectively, with net profits of 13.42 billion, 20.94 billion, and 31.30 billion RMB [4][55]. - The company is expected to maintain a high growth rate, with revenue growth rates of 42%, 37%, and 32% for 2025-2027 [49]. - The report uses a relative valuation method, indicating that the company's PE ratio for 2025 is significantly lower than the average of comparable companies, suggesting a potential undervaluation [4][55].

Core Insights - Southbound funds increased their holdings in China People's Insurance Group by 6.452 million shares on November 18, 2025, marking a 0.24% increase in total shares held [1][2] - Over the past five trading days, there were three days of net increases, totaling 10.745 million shares, while in the last twenty trading days, there were eleven days of net reductions, totaling 13.60 million shares [1] - As of now, southbound funds hold 2.654 billion shares of China People's Insurance Group, accounting for 30.4% of the company's total issued ordinary shares [1] Shareholding Summary - On November 18, 2025, total shares held reached 2.654 billion, with a change of 6.452 million shares [2] - On November 17, 2025, total shares held were 2.647 billion, with a change of 0.964 million shares [2] - On November 14, 2025, total shares held were 2.646 billion, with a decrease of 1.946 million shares [2] - On November 13, 2025, total shares held were 2.648 billion, with an increase of 5.877 million shares [2] - On November 12, 2025, total shares held were 2.642 billion, with a decrease of 0.602 million shares [2] Company Overview - China People's Insurance Group is a holding company primarily engaged in providing insurance products, including property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, and pension insurance [2] - The property insurance segment includes products for both corporate and individual clients, such as motor vehicle insurance, agricultural insurance, property insurance, and liability insurance [2] - The health insurance segment focuses on health and medical insurance products, while the life insurance segment includes various life insurance products such as participating, whole life, annuity, and universal life insurance [2] - The Hong Kong insurance business encompasses property insurance operations in Hong Kong, and the pension insurance segment includes corporate annuities and occupational annuities [2]

Financial Data and Key Metrics Changes - The company reported gross revenues of BRL 4.9 billion, representing a 9% growth year over year and a 6% growth quarter over quarter [19] - Net income reached BRL 1.3 billion, a 12% growth year over year and a 1% increase quarter over quarter [23] - The return on equity (ROE) was 23%, flat year over year, while the capital ratio stood at 21.2%, an increase of 180 basis points quarter over quarter [7][24] Business Line Data and Key Metrics Changes - Retail revenues reached BRL 3.7 billion, representing 6% growth year over year and 4% growth quarter over quarter [19] - Corporate and industry services achieved a record performance of BRL 729 million, with 32% growth year over year and 33% growth quarter over quarter [21] - Life insurance retail premium posted a 25% growth year over year, while retirement plans client assets grew 15% year over year, reaching BRL 90 billion [14] Market Data and Key Metrics Changes - The company reported BRL 20 billion in retail net new money and BRL 9 billion in corporate and institutional, totaling BRL 5 billion lower than last year but three times higher than last quarter [8] - The company maintained a 10% market share in capital markets distribution, with a robust pipeline of fixed income offerings [15] Company Strategy and Development Direction - The company aims to become the leader in investments in Brazil by enhancing client service and introducing new products, including a new app and credit card offerings [3][10] - The strategy includes democratizing access to high-quality wealth planning services, previously reserved for high-net-worth clients [10][12] - The company is focused on improving its investment platform and enhancing client experience through advisor initiatives [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but emphasized commitment to evolving the business for growth and profitability [4] - The outlook for the wholesale banking segment remains positive, with expectations for continued strong performance in Q4 [31] - Management indicated that while achieving the 10% revenue growth target for 2025 may be challenging, they remain optimistic about future growth [82] Other Important Information - The company repurchased BRL 2 billion in shares in 2025, with a new BRL 1 billion buyback program announced [24] - The company plans to pay a dividend of BRL 500 million in 2025, representing a 50% payout ratio based on net income [24] Q&A Session Summary Question: Expectations for wholesale business performance in Q4 - Management expects good performance in the wholesale banking segment for Q4, with a strong second half of the year compared to the first half [31][33] Question: Details on the strategy to increase the warehousing book - The strategy involves holding high-quality assets and increasing the warehouse book to sell to retail clients in the following year [33] Question: Clarification on corporate revenues and hedging strategy - Corporate revenues are tied to DCM activity, with hedging solutions being a significant driver [39] Question: Insights on fixed income revenue contraction despite AUC growth - The contraction in fixed income revenues is attributed to a shift in the mix towards lower take rates and shorter durations [46] Question: Impact of new hires on advisor numbers - The decrease in the number of advisors is due to the conversion of IFAs into employees and a focus on hiring higher-quality advisors [52] Question: Explanation for the reduction in financial expenses - The reduction in financial expenses is linked to a geographic shift in debt management, with cheaper bank debt replacing corporate debt [54] Question: Future guidance on EBIT margin - Management believes achieving the EBIT margin guidance is still possible, but it may take until the end of next year to realize [62]