兴业证券主要观点如下： 2025年1-11月回顾 截至2025年11月28日，沪深300指数累计上涨15.0%，保险Ⅱ(申万)上涨10.3%，跑输沪深300指数 4.7pct。各家均上涨，新华、平安、人保跑赢沪深300指数，国寿、太保跑输沪深300指数。板块整体上 涨但表现弱于大盘，主要因保险股为指数权重股，受市场资金风格向成长赛道切换影响较明显。截至 2025年11月28日，恒生指数累计上涨28.9%，香港保险指数上涨49.2%，跑赢恒生指数20.3pct。各家均 有不同程度的涨幅;其中，新华、中再、国寿和保诚领涨，除太保外所有港股保险均跑赢恒生指数。 行业投资逻辑 保险公司盈利由承保利润和投资利润构成。承保利润受保费收入以及赔付和运营成本影响。投资利润取 决于投资收益和负债的利率成本，受资本市场、预定利率以及产品结构影响。展望2026年，该行预期宏 观及资本市场环境将处于"经济周期向下但资本市场景气度提升"向"经济周期向好且资本市场回暖"过渡 阶段，与投资密切相关的净利润依然是首要关注指标，同时新单、NBV等负债端指标重要性明显提 升。 智通财经APP获悉，兴业证券发布研报称，2026年保险板块将继续演绎 ...

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Industry**: Insurance Key Points and Arguments Sales and Growth Projections - China Life expects a recovery in dividend insurance sales by 2026 due to a smaller reduction in the preset interest rate and the floating income sharing feature [2][4] - After experiencing negative growth in new individual insurance premiums at the beginning of 2024, the individual insurance channel is projected to recover quarterly, with good development expected in 2026 [2][7] - The bancassurance channel maintains high growth rates, providing strategic support to the individual insurance channel, ensuring stable business value and premium scale [2][7] Human Resources and Team Development - The individual insurance workforce remains stable, with a focus on improving quality; metrics such as the proportion of high-performing personnel, per capita productivity, retention rates, and income are all showing upward trends [2][8] - The company emphasizes professionalization, vocational reform, and youth adjustment within its workforce [2][8] Investment Strategies - China Life has invested over 40 billion in private equity funds (Huanghu Phase II and III) since 2024, with good performance; future investments will depend on market conditions, valuations, and regulatory approvals [2][9] - In the current low bond market, the company adheres to a payment matching principle and a neutral flexible allocation strategy, focusing on high-quality credit products to maintain a reasonable payment gap [2][10] Market Outlook and Capital Allocation - China Life is optimistic about the Chinese capital market and plans to increase equity allocation in the public market, focusing on high-dividend stocks and sectors with new productive capabilities [2][5][11] - The company will actively implement mid- to long-term capital market entry requirements and adjust its public market equity investment scale according to market conditions [2][13] Product Development and Compliance - The company plans to launch a dividend-type health insurance product in 2026, aligning with the high-quality development guidelines for health insurance [2][15][16] - China Life is preparing for the upcoming "opening red" period by conducting market demand assessments, product design, agent training, and customer resource preparation [2][6] Competitive Positioning - Despite the preset interest rate reduction, China Life maintains a competitive edge in dividend insurance through its long-standing payment management capabilities [2][14] - The company is committed to a diversified product strategy to avoid potential risks associated with focusing on a single product type [2][19] Social Responsibility and Financial Inclusion - China Life supports inclusive finance while adhering to a prudent project selection process, collaborating with local governments and healthcare institutions to ensure safe and stable business development [2][18] Stock Buyback and Shareholder Communication - The company is considering stock buyback or increase plans, which would require consultation with major shareholders and timely disclosure of any arrangements [2][20] Human Resource Assessment Changes - In response to a decrease in industry personnel, China Life is enhancing recruitment standards and providing systematic training to improve agent professionalism and sales efficiency [2][21]

Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Date**: November 27, 2025 Key Points Industry and Market Performance - Xinhua Insurance's overall investment returns exceeded expectations in Q3, driven by capital market performance and optimized asset allocation [2][3] - The proportion of equity assets remained around 20%, with domestic stock funds accounting for approximately 14% and general stocks about 5% [2][3] Investment Strategy - Future adjustments in asset allocation will consider market performance and economic conditions, focusing on structural optimization [2][3] - Regulatory guidance requires 30% of new premiums to be invested in A-shares, but specific details are still pending [4] - The company prefers high-dividend stocks and is inclined towards sectors like finance and technology [2][4] Fixed Income Investments - Fixed income investments have seen an increase, with an overall yield of about 2.2% [4] - The company primarily invests in ultra-long-term government bonds and local government bonds, with a slight increase in credit bonds [4] Asset and Liability Duration - The asset duration is approximately 10-11 years, while the liability duration is around 13-14 years, resulting in a gap of 4-5 years [5][19] Dividend Policy - Xinhua Insurance has maintained a stable dividend payout ratio of around 30% since 2016, with a 24% increase in mid-term cash dividends for 2025 compared to 2024 [2][7] - The minimum dividend ratio stipulated in the company’s articles is not less than 10% [8] Health Insurance Innovations - The company is actively preparing new products in the dividend-type health insurance sector, which is seen as having significant growth potential [14] - Recent innovations in health insurance products and channels have been implemented in response to regulatory guidance [14] Sales Channels and Partnerships - Xinhua Insurance has partnered with nearly 60 banks, focusing on enhancing product competitiveness and team building [3][12] - The company emphasizes a dual focus on scale and value in its bancassurance channel, which is considered a strategic breakthrough point [12][15] Future Outlook - The company aims to balance returns with profit volatility by adjusting growth-style investments towards stable, reasonably valued leading companies [6] - Xinhua Insurance plans to continue its strategic focus on risk management and enhance its bancassurance business in 2026 [15][16] OCI and Investment Preferences - The company’s OCI has increased by over 30 billion, totaling approximately 360-370 billion [4][21] - Investment preferences include sectors with a dividend yield of at least 4%, focusing on new productive forces and low-valuation companies [21] Conclusion - Xinhua Insurance is positioned to leverage its investment strategies and partnerships to enhance its market presence and maintain stable growth in dividends and overall profitability [2][3][12]

Core Insights - The insurance industry is experiencing a continuous improvement in fundamentals, driven by enhanced asset allocation and regulatory policies that support cost reduction and product transformation [1][5]. Group 1: Product Transformation and Growth Opportunities - The introduction of new regulations for health insurance is creating growth opportunities for participating health insurance products, particularly dividend-type health insurance [2]. - The shift towards dividend-type health insurance is expected to optimize the product and cost structure of insurance companies, providing a more stable revenue stream compared to traditional pure protection products [2]. - The sales capabilities of agents are crucial for the success of dividend-type health insurance, with leading companies like Taiping, Ping An, and China Life showing strong performance in individual insurance channels [2]. Group 2: Asset Allocation and Investment Strategy - The rising potential for interest spread losses emphasizes the importance of equity investment, with dividend-type products driving the development of equity investments by insurance companies [3]. - Regulatory policies are being optimized to support long-term equity investments by insurance companies, including adjustments to investment limits and expanding pilot programs for long-term stock investments [3][4]. - Insurance funds are increasingly allocating to stocks and long-term equity investments, with a significant increase of over 900 billion yuan in the first half of the year, indicating a proactive investment strategy [4]. Group 3: Overall Market Performance and Valuation - Since the second half of 2024, insurance stocks have performed well, primarily due to improving asset-side expectations that are driving valuation recovery [5]. - The dynamic adjustment mechanism for pricing and ongoing cost reduction initiatives are laying a solid foundation for optimizing product costs and enhancing the overall performance of insurance companies [5]. - The continuous improvement in the fundamentals of the insurance sector is expected to steadily enhance investment value, supported by favorable policies and ongoing product transformation [5].

Core Viewpoint - The insurance industry is expected to see continuous improvement in fundamentals since 2025, driven by better asset management and regulatory policies that enhance profitability and reduce costs [1][6]. Group 1: Product Transformation and Growth Opportunities - The shift towards dividend-type health insurance products is gaining momentum, providing new growth opportunities for life insurance companies [2]. - Regulatory support for dividend-type long-term health insurance is anticipated to accelerate growth in health insurance business [2]. - Dividend-type health insurance can enhance the stability of premium income for life insurers, addressing risks associated with low interest rates [2]. Group 2: Asset Allocation and Investment Strategy - The importance of equity investment is increasing due to potential risks associated with interest rate spreads, with a focus on dividend-type products driving equity investment development [3]. - Policies are being optimized to support long-term equity investments by insurance companies, encouraging a focus on long-term value [3]. - The proportion of insurance funds allocated to stocks is expected to rise, with a more diversified equity allocation structure [3][4]. Group 3: Market Performance and Investment Value - Since the second half of 2024, insurance stocks have performed well, primarily due to improved asset-side expectations driving valuation recovery [5]. - Continuous policy support and product transformation on the liability side are expected to consolidate premium income and reduce costs, further enhancing the investment value of insurance stocks [6]. - The overall improvement in the fundamentals of the insurance industry is likely to drive steady increases in investment value [6]. Group 4: Investment Recommendations - Companies with strong asset-liability management, accelerated transformation towards dividend-type products, and resilient investment performance are recommended for investment [7]. - Specific recommendations include China Pacific Insurance (02328) and China Insurance (601319.SH), maintaining an "overweight" rating for the industry [7].

Core Viewpoint - The recent guidance from the Financial Regulatory Bureau aims to enhance the quality and sustainability of health insurance, addressing the evolving needs of the population for diverse health protection [1][9]. Summary by Sections Health Insurance Market Dynamics - The health insurance sector is experiencing increased demand due to economic development and the "Healthy China" strategy, but it faces challenges such as product homogeneity and insufficient operational capabilities [1]. - In 2024, the top five health insurance companies in China are projected to hold a market share of 62%, with over 70% product overlap, leading to a price war that pressures industry profit margins [1]. Regulatory Changes and Product Innovation - The guidance emphasizes the development of four main types of health insurance: commercial medical insurance, long-term care insurance, income loss insurance due to disability, and disease insurance [2]. - The reintroduction of participating long-term health insurance, after 22 years, signals a regulatory push towards normalizing floating yield products in the health insurance sector [2][3]. Commercial Medical Insurance - The guidance promotes the active development of commercial medical insurance, aiming to create a comprehensive and multi-tiered product system that includes new medical technologies and treatments [5][12]. - The introduction of personal account-based long-term medical insurance is highlighted, which allows individuals to accumulate funds for out-of-pocket medical expenses, addressing the issue of underutilized medical insurance balances [5][6]. Integration of Health Management - The guidance calls for the integration of health insurance with health management, reflecting a shift in consumer demand from reactive treatment to proactive health management [7]. - Data indicates that clients participating in health management services experience an 18% reduction in major disease incidence and a 22% decrease in hospitalization costs, underscoring the importance of health management in controlling insurance payouts [7]. Industry Trends and Future Outlook - Leading insurance companies are already investing in health management ecosystems, with initiatives to combine insurance with health services [8]. - The implementation of the guidance is expected to enhance the role of health insurance in the overall health protection system by 2030, promoting a multi-layered market that meets diverse needs [11].

Group 1 - The core viewpoint of the articles highlights a collective rebound in the insurance sector, particularly in health insurance, driven by regulatory support and market dynamics [1][2] - The Financial Regulatory Bureau has issued guidelines to promote the high-quality development of health insurance, indicating a strategic direction and phased goals for the sector [1] - The reintroduction of dividend-type long-term health insurance products is expected to enhance product attractiveness and stimulate market growth potential, especially after a long hiatus since 2003 [1] Group 2 - Following the recent adjustment of the predetermined interest rate for life insurance, there was a sales peak before the change, but a subsequent impact on product sales is anticipated [2] - Dividend-type products have only seen a minor reduction of 0.25% in their predetermined interest rates, making them a more favorable choice for consumers compared to traditional life insurance products [2] - The narrowing gap of 25 basis points between the predetermined interest rates of dividend-type and traditional products, combined with the flexibility of floating returns, enhances the competitive advantage of dividend-type products [2]

Group 1 - The core viewpoint of the articles highlights a collective rebound in the insurance sector, particularly in health insurance, following the issuance of guidelines by the financial regulatory authority to promote high-quality development in health insurance [1][2] - Major insurance stocks such as Xinhua Insurance, China Life, China Pacific Insurance, and Ping An have seen significant price increases, with Xinhua Insurance rising by 5.24% to HKD 49.06, China Life by 3.43% to HKD 22.32, China Pacific Insurance by 1.88% to HKD 31.4, and Ping An by 1.72% to HKD 53.35 [1] - The new guidelines support well-rated insurance companies in launching dividend-type long-term health insurance products, which could enhance product attractiveness and stimulate market growth potential [1] Group 2 - Prior to the end of August, there was a sales peak for life insurance products due to a scheduled decrease in the preset interest rate, which is expected to impact sales negatively [2] - Despite the interest rate reduction, dividend-type products have only seen a minor decrease of 0.25%, making them a more favorable choice for consumers compared to traditional life insurance products [2] - The gap between the preset interest rates of dividend-type products and traditional life insurance products has narrowed to 25 basis points, enhancing the competitive advantage of dividend-type products due to their flexible returns [2]

Core Viewpoint - The insurance sector is experiencing a decline, with major companies like Xinhua Insurance, China Pacific Insurance, and China Life all reporting significant stock price drops following a default event in the industry [1] Group 1: Stock Performance - Xinhua Insurance (01336) fell by 3.77%, trading at 45.98 HKD [1] - China Pacific Insurance (02328) decreased by 3.1%, trading at 17.79 HKD [1] - China Life (02628) dropped by 2.54%, trading at 21.5 HKD [1] - China Taiping (02601) saw a decline of 2.93%, trading at 30.48 HKD [1] Group 2: Default Event - Tianan Insurance announced a default on a capital replenishment bond totaling 5.3 billion CNY due to insufficient solvency and inability to repay principal and interest [1] - This event marks the first default on insurance capital replenishment bonds in the industry [1] - According to Founder Securities, this default may signal the beginning of market-driven risk pricing, prompting a need to monitor the stability of shareholders and management, funding cost trends, liability structure, and risk management mechanisms [1] Group 3: Market Opportunities - The return of dividend-type health insurance after 22 years is expected to create new development opportunities in the health insurance sector [1] - The release of high-quality development opinions for health insurance aims to enhance product offerings and service attractiveness, potentially reducing risk in profit margins for insurance companies [1] - This development is anticipated to improve profitability and valuation levels for the insurance sector [1]

Group 1 - The insurance sector is experiencing a decline, with major companies like Xinhua Insurance, China Pacific Insurance, China Life, and China Property & Casualty Insurance reporting significant drops in stock prices, ranging from 2.54% to 3.77% [1] - Tianan Insurance announced a default on a capital replenishment bond totaling 5.3 billion yuan due to insufficient solvency and inability to repay principal and interest, marking the first default in the insurance capital replenishment bond market [1] - According to Founder Securities, Tianan Insurance's default may signal the beginning of market-oriented risk pricing, prompting attention to the stability of shareholders and management, trends in funding costs, liability structure, and risk management mechanisms [1] Group 2 - A new type of dividend-based health insurance has returned to the market after 22 years, with the release of high-quality development opinions for health insurance expected to enhance product offerings and attract more customers [1] - The development of health insurance is anticipated to create new opportunities for various health insurance products, potentially reducing the risk of interest margin losses for insurance companies and improving profitability and valuation levels [1]