据中国保险行业协会官网人身保险产品信息库统计，2025年10月1日至今，在售的五十多款人寿保险产 品中，有四十多款是分红型产品；在售的二十多款年金保险产品中，也均为分红型产品。这些产品主要 以分红型终身寿险、分红型年金险、分红型两全险为主，保险责任类似，主要提供长期财富增值和养老 规划。 多位保险代理人向记者透露，分红险的结构和收益逻辑远比传统险复杂，要求代理人必须具备扎实的分 红险配置知识和清晰的产品解析能力，淘汰了以往只对比收益高低的营销模式。 多位寿险公司高管向记者坦言，险企转型分红险，不仅涉及产品本身的调整，更关键的是通过场景化营 销和生态服务来提升差异化竞争力，推动从单纯的产品销售向提供综合解决方案转变。总而言之，险企 向分红险的转型是一场深刻的商业模式革新。 中经记者 陈晶晶 北京报道 在利率持续下行的背景下，全面转向分红险已成行业发展共识。 《中国经营报》记者注意到，近期，多家人身险公司推出的新产品中，绝大部分为分红险。 需要注意的是，分红险成为主流产品虽是趋势所向，但面临较大的现实挑战。 多位保险代理人对记者坦言，"前两年，我们主要营销增额终身寿险，这类产品收益固定、产品结构简 单易懂，无论是 ...

债券研究 证 券 研 究 报 告 【债券周报】 政策双周报（1106-1121）：保持合理的利率 比价关系，财政力度要给足 ❖ 宏观基调：激发民间投资活力，因地制宜发展新质生产力 （1）民间投资：11 月 10 日，国务院办公厅印发《关于进一步促进民间投资 发展的若干措施》，提出 13 项针对性政策举措。 （2）促消费：11 月 14 日，国务院总理李强主持召开国务院常务会议，会议 指出，增强供需适配性是进一步释放消费潜力、畅通经济循环的有效举措。 （3）新质生产力：《求是》杂志发表习近平总书记重要文章《因地制宜发展 新质生产力》。文章强调，"十五五"时期，必须把因地制宜发展新质生产力 摆在更加突出的战略位置。 ❖ 财政政策：财政力度要给足、发力要精准、政策要协同 （1）政策基调：新华社访财政部部长蓝佛安，蓝部长提出"十五五"时期财政 政策将坚持"力度要给足、发力要精准、政策要协同"三大原则。 （2）国债：11 月 7 日，证券结算风险基金投资范围新增购买关键期限国债。 （3）主权债券：11 月 18 日，财政部代表中央政府在卢森堡成功发行了 40 亿 欧元主权债券。 ❖ 货币政策：三季度货政报告发布，关注利 ...

资本市场回暖，叠加寿险业务的新业务价值稳定实现正向增长，保险巨头迎来了一段最好的时光。 截至10月30日，中国人寿、中国人保、中国平安、新华保险和太平洋保险五大保险巨头都公布了今年第三季度业绩报告，成绩亮眼。 前三季度，五大巨头的合计营收为2.37万亿元，归母净利润之和达4260.39亿元，大幅超过2024年全年水平；其中，营收增幅为13.6%，但净利润增幅却高 达33.54%，说明五大险企在降本增效、扩大收益组合上取得明显成效。 今年第三季度，五大保险巨头的单季净利之和润增幅高达68.34%，显著超越市场预期。得益于资本市场回暖，五大巨头都从投资收益增加中获益，特别 是三季度快速升温的资本市场为五大巨头带来了明显收益。细看之下也有不同，中国人寿仍然是寿险的巨无霸；中国平安则从精细化运营中获利，代理人 渠道新业务价值表现喜人；中国人保巩固了财险基本盘；太平洋保险则依靠寿险银保渠道的迅速增长。 中国保险行业如今仍处于发展和转型的周期，在激烈竞争中，行业大势是普遍回升向好。但两极化也日渐明显，五大巨头坚定在转型中求发展，狠抓精细 化运营；腰部险企则追求稳健发展；亦有中小险企在苦苦挣扎。 2025年前三个季度，五大 ...

智通财经记者 | 冯丽君 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 随着第三季度偿付能力报告的披露，人身险公司综合退保率变化也浮出水面。 综合退保率是评估人身险公司现金流风险水位的重要指标，也是衡量保险公司业务质量的关键。 智通财经记者梳理目前已披露三季度综合退保率的70家人身险公司第三季度偿付能力报告发现，整理来 看，相比2024年前三季度，近八成人身险公司2025年三季度综合退保率呈现下降趋势，但仍有15家人身 险公司三季度综合退保率同比上升。 而从退保率、退保金额居前的具体保险产品来看，以投连险、万能险等理财属性较强的产品为主；渠道 方面，银保渠道仍是退保"重灾区"。 北京大学应用经济博士后朱俊生教授对智通财经表示，行业退保率整体下降，反映出产品结构改善、客 户经营能力增强以及市场利率预期稳定。然而，退保压力仍集中在理财属性强的产品上，尤其是投连险 和万能险。银保渠道因客户理财化特征、件均保费高、销售收益导向等因素，仍是退保的主要来源。未 来，在利率持续下行的背景下，优化产品结构、提升客户风险认知和长期经营能力，将成为险企控制退 保风险的关键。 55家人身险企退保率下降， ...

【环球网财经报道 记者 冯超男】在如今分红险热度持续攀升的市场浪潮中，曾淡出公众视野二十余载的分红型重 疾险，被认为有望再度回归市场。 这一转变的背后，是国家金融监督管理总局发布的《关于推动健康保险高质量发展的指导意见》（下称《意 见》）带来的政策东风。《意见》明确提出 "支持监管评级良好的保险公司开展分红型长期健康保险业务"。 至于企业端反馈，中国平安于近期在上证e互动上透露，公司已开展分红型重疾险的产品研究与开发，预计在相关 细则出台后即可开发有关产品，力争尽早上市销售，以把握市场机遇。 从监管层面给予的政策支持，到险企释放的积极信号，分红型重疾险被寄予新的期待。而期待的背后，既折射出 传统重疾险增长乏力的困境，也面临着市场对分红型产品接受度仍需进一步提升的挑战。 真伪之辨，何为分红型重疾险？ 政策推动下，市场随之泛起层层涟漪。环球网注意到，除中国平安在上证e互动就分红型重疾险有所回应，新华保 险在10月末也在该平台上发声，"支持监管评级良好的保险公司开展分红型长期健康保险业务"为近年来相对低迷 的疾病险业务发展带来了重要发展机遇，是健康保险领域供给侧改革的重要举措之一。新政出台后，公司高度重 视，正研究 ...

Core Insights - The insurance companies' investment yield has increased, with total investment funds surpassing 37 trillion yuan for the first time, driven by a significant rise in stock investments and a focus on banking, energy, and transportation sectors [1][6][7]. Investment Performance - The average annualized financial investment yield for life insurance companies reached nearly 5%, with a median exceeding 4.7%, marking an increase of approximately 1 percentage point compared to the previous year [3][6]. - The total investment funds of insurance companies exceeded 37 trillion yuan, with life insurance companies managing over 33.5 trillion yuan and property insurance companies nearly 2.4 trillion yuan [6][8]. - Equity investments accounted for 23.4% of total funds, reaching a recent high of over 8.4 trillion yuan [4][6]. Stock Investment Trends - Direct stock investments surged over 55%, with the amount reaching 3.6 trillion yuan, an increase of approximately 1.3 trillion yuan year-on-year [8][10]. - The growth in stock investments is attributed to regulatory measures encouraging long-term capital market participation [10][12]. Sector Preferences - Insurance funds are heavily invested in banking, energy, transportation, and telecommunications sectors, with banking remaining the top sector, accounting for about 50% of total investments [15][20]. - By the end of Q3 2025, the market value of bank stocks held by insurance companies exceeded 3.35 trillion yuan, reflecting an increase of nearly 700 billion yuan since the beginning of the year [20][22]. Major Holdings - Companies like Ping An and China Life have increased their stakes in Agricultural Bank and Industrial and Commercial Bank, respectively, indicating a continued preference for stable, high-dividend stocks [17][23]. - The investment strategy focuses on long-term stable dividend income, particularly in industries with solid profitability [15][16].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - As of Q3 2025, the total balance of insurance companies' funds under management reached 37.46 trillion yuan, a 3.39% increase from Q2 2025. Among them, life insurance companies' funds under management were 33.73 trillion yuan, and property insurance companies' were 2.39 trillion yuan, growing by 3.45% and 1.75% respectively compared to Q2 2025 [2]. - In Q3 2025, the growth of bond investments slowed slightly. The balance of insurance - fund bond investments was 18.18 trillion yuan, with a single - quarter increase of 0.31 trillion yuan in Q3, less than the 0.88 trillion yuan in Q3 2024. However, the actual increase in bond investments in Q3 2025 might be higher if the impact of fair - value changes is excluded. Meanwhile, investments in stocks, securities investment funds, long - term equity investments, and other investments increased year - on - year, while bank deposit investments decreased by 0.16 trillion yuan [2]. - As of Q3 2025, the book balance of insurance funds' stock holdings increased significantly, mainly driven by the strong performance of the stock market in the third quarter. The balance of insurance - fund stock investments was 3.62 trillion yuan, a 49.14% increase from the end of 2024, with a 18% increase in the third quarter, basically in line with the 17.9% increase of the CSI 300 Index [2]. - The proportion of bond investments in property insurance companies increased slightly quarter - on - quarter, while that in life insurance companies decreased. As of Q3 2025, in life insurance companies, the proportion of bond investments decreased by 0.88 pct to 51.02%, and in property insurance companies, it increased by 0.33 pct to 40.62% [2]. - The driving force for insurance - fund bond investments weakened in Q3 2025, with the year - on - year growth rate dropping to 20.95%. The reason might be the slowdown in premium growth due to the significant reduction in insurance interest rates, the focus on dividend - insurance products, and the approaching end of the peak of non - standard investment maturities, which led to a weakened demand for ultra - long bonds [2]. - As of Q3 2025, insurance institutions' main bond investment varieties were interest - rate bonds, followed by financial bonds and medium - term notes. Insurance institutions preferred interest - rate bonds, with interest - rate bonds accounting for 75.78% of their bond investments [2][3]. 3. Summary by Related Content Insurance Companies' Funds Under Management and Asset Allocation - As of Q3 2025, the total balance of insurance companies' funds under management was 37.46 trillion yuan, with life insurance companies at 33.73 trillion yuan and property insurance companies at 2.39 trillion yuan, showing different growth rates compared to Q2 2025 [2]. - The allocation of insurance funds included bank deposits (7.64%), bonds (48.52%), stocks (9.67%), securities investment funds (5.26%), and long - term equity investments (7.59%) [2]. Bond Investments - In Q3 2025, the balance of insurance - fund bond investments was 18.18 trillion yuan, with a single - quarter increase of 0.31 trillion yuan, less than in Q3 2024. The year - on - year growth rate dropped to 20.95% from the previous high level, mainly due to factors such as slowdown in premium growth and weakened demand for ultra - long bonds [2]. - Insurance institutions preferred interest - rate bonds, with interest - rate bonds accounting for 75.78% of their bond investments as of Q3 2025. The total bond custody of insurance institutions was 5.25 trillion yuan, but the custody data did not include asset - management products held by insurance institutions [2][3]. Stock Investments - As of Q3 2025, the balance of insurance - fund stock investments was 3.62 trillion yuan, a 49.14% increase from the end of 2024. The increase in the third quarter was 18%, in line with the performance of the CSI 300 Index, indicating that the growth was driven by the stock - market performance [2]. Asset Allocation Changes in Life and Property Insurance Companies - In life insurance companies, the proportion of bond investments decreased by 0.88 pct to 51.02%, while the proportion of stock investments increased by 1.30 pct to 10.12% as of Q3 2025 [2]. - In property insurance companies, the proportion of bond investments increased by 0.33 pct to 40.62%, and the proportion of stock investments increased by 0.41 pct to 8.74% as of Q3 2025 [2].

Q&A 保险资产配置交流 20251118 摘要 头部保险公司二级权益配置比例多在 10%-15%，激进者近 20%，收益 普遍达 20%以上，偏好红利股和成长价值股。中小险企分化明显，激进 者维持高仓位，但偿付能力压力迫使其降低仓位，仓位弹性较大。 行业内股票、基金及长期股权投资占比已达 23%，接近 30%监管上限。 大型机构权益配置基本在 20%以上，但受偿付能力和非上市权益增量限 制，加之年底回调，加仓空间有限。 大型国央企明年将增配红利股、高股息标的，或通过私募证券基金增配 长期股权投资。激进机构可能转向科技成长，但对科技或 OCI 策略存在 分歧。中小险企短期内仍将提高权益仓位以追求超额收益，但操作弹性 受偿付能力影响。 上市保险公司权益中枢合理范围在 12%-15%，大权益中枢增加 4-5 个 百分点。2026 年，头部险企或被动增加约两个百分点，预计权益中枢 将围绕 14%-17%区间制定，大权益比可能再增加约 4 个百分点。 平安和太保配置风格趋同，偏向 OCI 和高股息资产。平安股票配置替代 长期债券，OCI 占比持续增长。太保偏向价值投资和红利股，委外管理 高波动成长股票以补偿收益。 今 ...

1)强法治：金融法有望统领金融领域基础性、综合性法律，新《保险法》有望优化资本要求，完善中小 机构风险处置机制;2)严监管：分级分类监管态势预计将延续;3)化风险：聚焦化解利差损、中小机构风 险两大议题;4)促发展：推动负债端长期可持续增长，推动险资入市;人保集团财险业务"走出去"战略定 位升级，中资保险公司出海有望迈入新阶段。 负债："反内卷"政策持续推进，分红险有望接棒增额终身寿险 财产险方面，非车险综合治理步入落地期，通过优化考核机制、规范费率条款与费用管理，高风险险种 COR有望显著改善;人身险方面，个险"报行合一"正式落地，有助于压降负债成本、助力费差改善。居 民真实无风险利率明显回落，预定利率持续下调，资本市场预期改善态势下，将分红险作为核心产品推 动成为市场多数机构共识;同时，分红险的分红水平持续得到监管约束，有助于有效管控负债成本的浮 动部分。银保渠道作为头部机构的重要战略发展方向，机构竞争从渠道、产品竞争升级为多重资源竞 争。 资产：战略定位持续升级，险资入市仍将为26年关键趋势 智通财经APP获悉，申万宏源发布研报称，3Q25 A股险企利润大增68%，投资业绩贡献前三季度税前利 润增量的7 ...

Core Insights - The insurance sector is characterized by a "high elasticity" label, with a significant profit increase driven by investment performance, as evidenced by a 68% year-on-year profit growth in Q3 2025, with investment performance contributing 79% of the pre-tax profit increment for the first three quarters [3][11][12] - The "14th Five-Year Plan" emphasizes strong rule of law, strict regulation, risk mitigation, and development promotion, indicating a strategic focus on enhancing the legal framework and regulatory environment for the insurance industry [3][27][28] - The ongoing "anti-involution" policy is expected to boost dividend insurance, while property insurance is undergoing comprehensive governance to improve high-risk insurance types [3][19][27] - The strategic positioning of insurance assets is evolving, with a notable increase in stock and fund investments by listed insurance companies, projected to reach an additional 875.2 to 943.4 billion yuan in A-shares from 2025 to 2027 [3][11][19] - The insurance sector's valuation recovery is anticipated to continue, with recommendations to focus on undervalued, high-elasticity stocks such as China Life, Ping An, and others [3][19][21] Review of Performance - The insurance sector index has risen by 13.5% since the beginning of the year, underperforming the CSI 300 index by 4.1 percentage points [6][10] - In Q3 2025, the total net profit of listed insurance companies reached 426 billion yuan, a year-on-year increase of 33.5%, with significant contributions from investment performance [11][12][19] Policy Outlook - The "15th Five-Year Plan" outlines key directions for the insurance industry, focusing on high-quality development, technological independence, and comprehensive reform [24][28] - The regulatory environment is expected to remain stringent, with a focus on risk mitigation and the promotion of sustainable growth in the insurance sector [27][31] Liability and Asset Management - The "anti-involution" policy is driving a shift towards dividend insurance, while property insurance is seeing a rationalization of competition [3][19][27] - The strategic focus on asset allocation is expected to enhance the investment capabilities of insurance funds, with a projected increase in equity market allocations [3][11][19] Investment Recommendations - The report suggests maintaining a focus on undervalued, high-elasticity stocks within the insurance sector, highlighting companies such as China Life and Ping An as key investment opportunities [3][19][21]