[Table_Reportdate] 2025年11月24日 [table_invest] 超配 行 业 周 报 [table_main] 投资要点： 行 业 研 究 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -25% -16% -6% 3% 13% 22% 31% 24-10 25-01 25-04 25-07 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.从中金合并东兴&信达，看汇金系 航母券商功能型整合的新范式—— 资本市场聚焦（十） 2.非车险"报行合一"落地，引导险 企合理定价与良性竞争——保险业 态观察（十一） 3.非车险"报行合一"指引落地，把 握年末风格切换的配置机遇——非 银金融行业周报（ 20251103- 20251109） [Table_NewTitle 中金开启汇金系券商合并进程 ] ，人身险 产品费用分摊指引出台 ——非银金融行业周报（20251117-20251123） 证券研究报告 HTTP://WWW.LONGON ...

证 券 研 究 报 告 保险行业周报（20251117-20251121） 根据《指引》，人身险业务经营费用将被分为变动费用和固定费用，后者需要 被分摊，并明确指出四类费用不参与分摊，分别是非源于销售和经营保险业务 发生的支出、投资业务相关费用、不直接归属于保险合同的费用、能够辨别的 非持续、一次性发生的费用。同时，要求不将固定费用支出在新单和存量业务 之间进行调节。 从组织结构管理角度，《指引》提出将费用分摊部门划分为前台销售、中台运 营、后台管理，明确各部门费用分摊归集范围。部门具体分类由保险公司根据 自身实际情况合理确定。 "报行合一"再深化，《人身险产品费用分摊 推荐（维持） 指引》出炉 ❑ 本周行情复盘：保险指数下跌 3.06%，跑赢大盘 0.71pct。保险个股普遍下跌， 国寿-1.5%，平安-2.87%，人保-2.95%，新华-4.13%，太保-4.57%，阳光-4.8%， 财险-5.23%，友邦-6.74%，众安-8.66%，太平-11.07%。10 年期国债收益率 1.82%， 较上周末持平。 ❑ 本周动态： （1）中国精算师协会：11 月 21 日，精算师协会发布《人身保险产品费用分 摊指 ...

刚刚 精算师协会下发 人身险产品费用分摊指引 ①"报行合一"再细化 人身险业的 费用 分摊指引 明确所有费用的认定、分摊... ②分"两大类"：变动和固定 渠道费用、代理人佣金等为变动 ③可不分摊的费用有4类 资管部等部门费用，审计费等 ④"先认定、后分摊" 手续费佣金等直接认定 渠道、年度间的费用分摊有要求 "报行合一"再细化 1 人身险产品 费用 分摊指引 明确所有费用的认定、分摊... 1. 精算师协会：下发人身险产品费用分摊指引！ 刚刚，为更好地落实"报行合一"相关要求，中国精算师协会发布《人身保险产品费用分 摊指引》。 乍看上去，大家可能不理解，费用分摊与"报行合一"有什么关系？ 其实，熟悉保险公司费用管理的大家，也知道有的时候部分渠道或者部分产品的费用高 企背后，都与渠道、产品间的费用调节，有一定关系。 因此， 在"报行合一"实施中，当上"报"的费用结构明确、上限确定后，还有一个关键 的环节！ 那就是费用实际执"行"中，费用的认定以及分摊，是否真实且与上"报"不偏离。 虽然，从2 023年8月第一个"报行合一"文件的下发，就明确要险企要上报附加费用率即 可用的总费用水平。 随后，行业协会又下发倡议 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7][12] Core Insights - As of the end of Q3 2025, the insurance industry's investment balance reached 37.5 trillion yuan, reflecting a year-to-date increase of 12.6% and a quarter-on-quarter increase of 3.4% [4][9] - The investment balance for life insurance and property insurance companies was 33.7 trillion yuan and 2.4 trillion yuan, respectively, with life insurance showing a year-to-date growth of 12.6% and property insurance at 7.5% [4][9] - Life insurance companies are increasing their allocation to equity assets, with a notable rise in stock and fund investments, while the proportion of bonds is marginally decreasing [10][11] Summary by Sections Investment Balance - The insurance industry's investment balance is 37.5 trillion yuan as of Q3 2025, with life insurance companies holding 33.7 trillion yuan and property insurance companies holding 2.4 trillion yuan [4][9] - The growth rates for these balances are 12.6% for life insurance and 7.5% for property insurance compared to the beginning of the year [4][9] Asset Allocation - Life insurance companies have allocated 19.69 trillion yuan to fixed income assets and 7.89 trillion yuan to equity assets, with the latter increasing by 13.3% from the previous quarter [10] - The allocation ratios for fixed income and equity assets are 58.4% and 23.4%, respectively, indicating a shift towards equities [10] - Property insurance companies have allocated 1.34 trillion yuan to fixed income and 0.55 trillion yuan to equity assets, with equity allocation increasing by 5.8% [11] Future Outlook - The report anticipates that improvements in new business value rates and asset returns will support growth in the insurance sector throughout 2025 [12] - Specific stock recommendations include China Life Insurance, China Pacific Insurance, and others [12]

Core Viewpoint - The predetermined interest rate for life insurance products in China has decreased to 1.90%, marking a continuous decline in the context of a low interest rate environment and regulatory adjustments [1][2]. Group 1: Predetermined Interest Rate Trends - The current predetermined interest rate for ordinary life insurance products is 1.90%, down from previous values of 2.34%, 2.13%, and 1.99% released earlier this year [2]. - The decline in the predetermined interest rate reflects a broader trend of decreasing market interest rates, which are influencing the pricing of life insurance products [2][4]. Group 2: Regulatory Framework - The China Banking and Insurance Regulatory Commission has established a mechanism linking predetermined interest rates to market interest rates, allowing for dynamic adjustments based on market conditions [1][3]. - The maximum predetermined interest rate for life insurance products must be a multiple of 0.25%, and adjustments are required if the rates exceed the research value by 25 basis points for two consecutive quarters [3]. Group 3: Industry Challenges and Responses - The low interest rate environment is identified as a significant challenge for the life insurance industry, impacting operational management [4]. - To address these challenges, companies are encouraged to lower predetermined interest rates, increase the proportion of floating rate products, and enhance the development and sales of protection-type products [4].

Core Insights - Yuanbao, a leading internet insurance technology platform, is approaching its first lock-up expiration after its NASDAQ listing on October 27, with major investors expressing confidence in the company's long-term growth potential [1] - The company has demonstrated strong operational capabilities and growth potential since its listing, benefiting from favorable policies and technological upgrades in the insurance technology and health insurance sectors [1] Group 1: Company Performance - Yuanbao's stock price has increased by 59.87% since its IPO, closing at $23.98 per share on October 20, 2025, with a market capitalization of $1.105 billion [2] - The company reported record revenue of 1.07 billion yuan in Q2 2025, representing a year-on-year growth of 25.2%, and a net profit of 305 million yuan, up 55.6% year-on-year [2] - As of June 30, 2025, Yuanbao's cash reserves reached 3.42 billion yuan [2] Group 2: Industry Position - Yuanbao is the second-largest distributor in China's life insurance market based on first-year premium calculations, and the largest independent insurance distributor when excluding affiliated distributors from major internet companies [1] - The company focuses on the inclusive health insurance market and has integrated AI technology across all aspects of insurance distribution and claims, significantly enhancing the customer experience and operational efficiency [1] - Yuanbao's business model involves collaborating with insurance companies to customize and distribute life insurance products, while also providing claims and after-sales services [1] Group 3: Investor Sentiment - Major investors, including Shanhang Capital and Northern Light Venture Capital, have expressed their commitment to long-term support for Yuanbao, highlighting the company's competitive advantages and growth strategy [1] - Investors believe that Yuanbao's technology-driven approach and data efficiency will sustain its competitive edge and contribute to the overall value enhancement in the insurance industry [1]

Core Viewpoint - The China Banking and Insurance Regulatory Commission (CBIRC) has issued a draft regulation aimed at addressing persistent issues such as sales misrepresentation and bundling in the life insurance sector, with the goal of creating a more transparent and trustworthy sales environment for consumers [1][2]. Group 1: Regulation Overview - The draft regulation consists of eight chapters and eighty-five articles, focusing on the full process of life insurance sales, including pre-sale, during-sale, and post-sale behaviors of insurance companies and intermediaries [2]. - The regulation introduces a tiered management system for insurance products and sales personnel, aiming to reduce the risk of sales misrepresentation by categorizing products based on complexity and risk [2][3]. Group 2: Sales Personnel Management - The regulation emphasizes the need for a grading system for insurance sales personnel, allowing experienced agents to sell more complex products while restricting new agents from selling complicated life insurance products [3]. - It also mandates regular integrity evaluations for insurance sales personnel to enhance accountability and trustworthiness in the sales process [3]. Group 3: Consumer Protection - The regulation requires insurance companies to conduct suitability assessments for consumers, guiding them to make informed purchasing decisions based on their financial capabilities [5][6]. - A new provision for "suggesting termination of insurance" is introduced, where companies must advise consumers to halt purchases if the products are deemed unsuitable for their financial situation [6]. Group 4: Market Impact - The implementation of the regulation is expected to improve the overall perception of the insurance industry, reduce complaints, and lower the rate of policy cancellations by fostering a more ethical sales environment [4][6]. - The regulation aims to empower consumers to make rational insurance purchases, ultimately leading to a more orderly and competitive market [6].

Core Viewpoint - The life insurance product guaranteed interest rate will be comprehensively lowered, leading to the suspension of many insurance products in the market [1][2]. Group 1: Product Suspension and Market Response - Many insurance products have been suspended recently, with some experiencing "lightning" suspensions, such as a dividend-type increasing endowment insurance with a guaranteed interest rate of 2.0% [2]. - Several insurance companies have announced the suspension of multiple products and adjusted the maximum guaranteed interest rates for new registered insurance products, with ordinary insurance products set at 2.0%, dividend products at 1.75%, and universal insurance products at 1.0% [2]. - The recent suspension of products has occurred with less market speculation compared to previous instances, indicating a more stable market environment [1][3]. Group 2: Impact on Insurance Companies - The reduction in guaranteed interest rates is expected to optimize the liability costs for insurance companies, which is beneficial for their long-term stable operations and provides more investment space for insurance funds [1]. - Insurance companies are proactively suspending high guaranteed interest rate products to avoid interest rate risk and to prevent misleading sales practices [3]. - The insurance product guaranteed interest rate is a key assumption for future investment returns, and its reduction typically leads to higher product prices or lower returns [3]. Group 3: Shift Towards Dividend Insurance Products - Insurance companies are pushing for a transformation towards dividend insurance products, with a focus on maintaining a competitive edge by lowering the guaranteed interest rates of these products less than other types [4]. - The current environment favors dividend insurance products, which can potentially offer higher returns compared to traditional fixed-rate products, especially if investment returns exceed 2.11% [4]. - The risk-sharing mechanism of dividend insurance products helps reduce the rigid costs for insurance companies and alleviates interest rate risk pressures [5]. Group 4: Need for Product Diversification - While dividend insurance is currently a mainstream product, there is a need to avoid product homogeneity and excessive competition in a single market segment [5]. - Insurance companies are encouraged to explore diversification in three areas: health insurance products that meet aging needs, integration with the pension industry, and developing specialized insurance products in collaboration with public resources [5].

Core Viewpoint - The implementation of a dynamic adjustment mechanism for the predetermined interest rate of life insurance products will officially begin in January 2025, with the initial research value set at 2.34%. This mechanism may trigger adjustments to the predetermined interest rates and product offerings if the maximum predetermined interest rate exceeds the research value by more than 25 basis points for two consecutive quarters [1][2]. Group 1: Regulatory Framework - The regulatory authority has emphasized the importance of guiding the predetermined interest rates for life insurance products, with a notification issued in August 2024 to adjust the upper limit of these rates and establish a dynamic adjustment mechanism linked to market rates [2][3]. - The China Insurance Industry Association will regularly organize meetings to evaluate and publish the predetermined interest rate research values quarterly, enhancing the dynamic adjustment mechanism for life insurance products [2][3]. Group 2: Determination of Research Value - The predetermined interest rate research value is determined using a specific formula that incorporates the 5-year Loan Prime Rate (LPR), 5-year fixed deposit rates, and 10-year government bond yields, along with industry asset-liability management considerations [3][4]. - The basic return level is calculated using a formula that averages the 10-year government bond yield and tax premium over 250 and 750 days, reflecting the differences in yields between government bonds and policy financial bonds [3]. Group 3: Impact on Insurance Products - Changes in the predetermined interest rate research value will significantly affect the pricing and availability of life insurance products, potentially leading to the withdrawal of certain products if the rates are adjusted downward [5][6]. - The anticipated decline in the predetermined interest rate could result in increased prices for life and health insurance products, with a potential "preemptive halt" in sales to manage demand before the adjustment [6].

Core Viewpoint - The insurance intermediary market is experiencing a dichotomy with a surge in IPO activities while the number of institutions is declining, indicating a significant transformation in the industry driven by regulatory pressures and competitive challenges [1][5][6]. Group 1: IPO Activities - Shouhui Group successfully listed on the Hong Kong Stock Exchange on May 30, 2024, but its stock price fell below the issue price, closing at 6.61 HKD per share, down over 18% from the issue price of 8.08 HKD [2]. - Other insurance intermediaries such as Lighter Health Group, White Dove Online, and Qingmin Digital Science are also seeking to go public, indicating a trend among intermediaries to pursue IPOs [1][3]. - Yuanbao Group listed on NASDAQ in April 2024, reporting a revenue of 9.70 billion CNY in Q1 2025, a 43.8% increase year-on-year, and a net profit of 2.95 billion CNY, up 122.1% [3]. Group 2: Industry Challenges - The number of insurance intermediaries in China has decreased, with 2,539 institutions reported by the end of 2024, down 27 from the previous year, and over 20 institutions have been deregistered in 2025 [5][6]. - The market for equity transactions among insurance intermediaries is sluggish, with declining transfer prices and instances of unsold shares [5][6]. - Regulatory pressures and increased competition are leading to a "Matthew Effect," where larger firms gain market share while smaller firms struggle to survive [6]. Group 3: Revenue and Profitability - Shouhui Group's revenue from 2022 to 2024 was 806 million CNY, 1.634 billion CNY, and 1.387 billion CNY, with net profits of 131 million CNY in 2022, a loss of 356 million CNY in 2023, and a loss of 136 million CNY in 2024 [2]. - The average first-year commission rate for long-term life insurance products dropped from 31.7% in 2023 to 21.5% in 2024, indicating pressure on revenue due to regulatory changes [7]. Group 4: Future Directions - Insurance intermediaries are encouraged to enhance service capabilities, leverage technology, and collaborate within ecosystems to create differentiated competitive advantages [8][9]. - Experts suggest that intermediaries should focus on niche markets and provide specialized services rather than merely pursuing scale [9]. - The ongoing digital transformation necessitates that intermediaries adopt technology to improve efficiency and customer experience [9][10].