北京商报讯（记者 李秀梅）金融监管总局局长李云泽9月22日在国新办举行的"高质量完成'十四五'规 划"系列主题新闻发布会上介绍，"车险好投保平台"推动实现愿保尽保，凡投必保。目前在保车辆超过 4000万辆。 ...

Core Viewpoint - The insurance industry is experiencing a historic opportunity for high-quality development, playing an irreplaceable role in the modernization of the socialist country, enhancing economic vitality, and providing strong support for social stability [1] Group 1: Product and Service Optimization - The company is committed to improving inclusive insurance services to meet diverse health needs, introducing innovative insurance products for various demographics, including those with pre-existing conditions [2][3] - The "Pink Guardian" cancer recurrence insurance and other specialized products fill gaps in coverage for specific disease groups, linking medical resources and payment systems to enhance the multi-tiered medical security system [2] Group 2: Support for New Citizens - The "new citizen" group, nearly 300 million strong, faces significant insurance coverage challenges due to job mobility and location changes; the company has launched targeted insurance solutions to address these needs [3] - By the end of 2024, the company aims to provide insurance services to 600,000 new citizens, with total compensation exceeding 300 million yuan, enhancing their sense of security and well-being [3] Group 3: Empowering the Real Economy - The company supports national strategies and the development of the real economy, particularly focusing on small and micro enterprises by offering comprehensive insurance solutions to mitigate operational risks [4] - By the end of 2024, the "Tai Le Bao" series has provided nearly 10 billion yuan in risk coverage to over 8,000 small businesses, significantly reducing risks from natural disasters and accidents [4] Group 4: Digital Transformation and Technological Innovation - The company has invested over 2 billion yuan in technology research over the past decade, applying key technologies like cloud computing and AI to enhance operational efficiency and user experience [5][6] - The automation rate for underwriting and claims processing has reached 99.98%, with daily policy processing exceeding 50 million, significantly improving service speed and quality [6] Group 5: Risk Management and Social Stability - The company has established a comprehensive risk control system to combat insurance fraud, achieving a loss reduction of over 38 million yuan through innovative technology [7] - A full-cycle risk reduction service system has been developed to enhance disaster prevention and response, with over 295 million warning messages sent and claims totaling nearly 107 million yuan during the "14th Five-Year Plan" period [7] Group 6: Future Outlook - As it celebrates its tenth anniversary, the company aims to leverage its strengths in "insurance + technology" and "insurance + services" to enhance insurance coverage and service levels, contributing to the construction of a strong financial nation [8]

Core Insights - The insurance industry in China is projected to see a significant increase in original insurance premium income, with a growth of over 25% by 2024 compared to 2020, and total assets expected to rise by 68% by mid-2025 compared to the end of 2020 [1] - The insurance sector has enhanced its capacity to safeguard and improve people's livelihoods, with personal insurance payouts reaching 1.2 trillion yuan in 2024, an increase of 88.08% from 2020, and property insurance payouts at 1.1 trillion yuan, up 57.14% from 2020 [2] - The insurance industry is actively developing commercial insurance products, optimizing coverage for new industries and urban residents, and improving the inclusive insurance system to better meet public needs [2] Group 1: Enhancements in Public Welfare - The insurance industry has expanded its coverage and improved service capabilities, with a focus on commercial insurance for long-term care and annuities [2] - Catastrophe insurance has achieved full coverage for common natural disasters in China, with over 20 provinces piloting comprehensive catastrophe insurance [2] - The urban and rural residential catastrophe insurance community provided 22.36 trillion yuan in catastrophe risk protection for 64.39 million households in 2024 [2] Group 2: Support for the Real Economy - The insurance sector is providing risk protection across various aspects of the real economy, including agriculture, with agricultural insurance premiums increasing from 97.6 billion yuan in 2021 to 148.37 billion yuan in 2024 [3] - Innovative insurance products, such as weather index insurance for oil tea gardens, have been developed to mitigate losses from adverse weather conditions [3] - The insurance industry has supported significant projects and infrastructure, with insurance fund utilization increasing from 21.68 trillion yuan at the end of 2020 to 34.93 trillion yuan by the first quarter of 2023 [4] Group 3: Ongoing Reforms - The auto insurance reform has led to a 21.2% decrease in average premiums, with the average compulsory insurance coverage increasing significantly [6] - The insurance industry is implementing reforms to enhance product pricing accuracy and operational efficiency, including the establishment of a dynamic adjustment mechanism for life insurance product rates [6] - A series of reform measures aim to improve the competitiveness and risk management capabilities of insurance companies while better serving national strategies and social governance [6] Group 4: Future Directions - The financial regulatory authority plans to continue enhancing risk management, regulatory oversight, and high-quality development in the insurance sector, emphasizing its role as an economic stabilizer and social safety net [7]

上海保险交易所有关负责人说，财险公司依照市场化法治化原则，自愿参与高赔付风险分担机制接入平 台。"不得通过'玻璃门'制造障碍变相拒保。"这位负责人说。 如何保障"车险好投保"平台平稳有序运行？中国保险行业协会有关负责人说，在参与机制上，平台不对 保险中介机构和保险公司的销售渠道开放，确保由客户自主选择保险公司及产品类型；在市场秩序上， 强化车险"报行合一"监管政策落实，加强日常管控，杜绝出现捆绑销售、虚假宣传、虚假理赔等扰乱市 场和损害消费者权益等问题。中国保险行业协会将对"车险好投保"平台运行过程进行自律监督，对发现 的问题进行严肃通报。 据了解，有10家大中型财险公司首批接入平台，包括人保财险、平安财险、太保财险、国寿财险等。第 二批22家公司于2月28日接入平台，包括紫金财险、大家财险、鼎和财险及比亚迪财险等。新能源汽车 客户投保完成后，由出单的保险公司提供承保理赔服务。 "有了这个平台，不愁上不了车险，可以安心选购心仪的小众车型。"近期有购车计划的河南郑州市民侯 先生说。此外，有消费者表示，通过该平台投保，有效避免了"捆绑销售"等情况，降低了新能源汽车投 保成本。 也有消费者表示，在平台上选择一家公司 ...

Core Insights - The "Car Insurance Good to Insure" platform has been operational for three months, successfully managing high compensation risk for new energy vehicle insurance [1] - The platform has registered 676,200 users and integrated with 32 property insurance companies, providing coverage for 506,600 new energy vehicles and offering insurance protection amounting to 494.812 billion yuan [1] Group 1 - The platform is a significant initiative to implement the guidelines issued by multiple regulatory bodies aimed at promoting high-quality development in new energy vehicle insurance [1] - It serves as an online convenient insurance application window specifically for high compensation risk new energy vehicles [1]

Regulatory Updates - The National Financial Regulatory Administration announced the approval of the third batch of pilot reforms for long-term investment of insurance funds, with a scale of 60 billion yuan, bringing the total to 222 billion yuan across three batches [1] Industry Insights - The "Car Insurance Easy to Insure" platform has successfully insured over 506,000 new energy vehicles, providing insurance coverage of 494.81 billion yuan, with 676,200 registered users and partnerships with 32 property insurance companies [2] - As of the end of Q1 2025, the total assets of insurance financial institutions reached 37.8 trillion yuan, a year-on-year increase of 5.4%, with premium income of 2.2 trillion yuan, up 0.8% [4] - Insurance companies' investment balance reached 34.93 trillion yuan, with a bond allocation exceeding 51%, and stock holdings valued at 2.65 trillion yuan, indicating a growing demand for equity investments in a low-interest environment [3] Corporate Developments - The Honghu Fund Phase III has been approved, aiming to facilitate the entry of long-term funds into the market [5] - Guofu Life Insurance plans to increase its registered capital by approximately 121 million yuan, raising it from 1.93 billion yuan to 2.05 billion yuan [6] - China United Life Insurance intends to increase its registered capital by 1.2 billion yuan, bringing the total to 4.1 billion yuan [7] - The Honghu Fund Phase II, initiated by China Life and Xinhua Insurance, is set to invest 20 billion yuan, focusing on high market impact quality listed companies [8] - Sunshine Insurance plans to establish a private equity investment fund with a total scale of 20 billion yuan, focusing on equity assets including stocks from the CSI 300 Index and related ETFs [9]

Group 1 - The "Private Economy Promotion Law" was passed by the 15th meeting of the 14th National People's Congress Standing Committee and will take effect on May 20, marking a significant milestone in the development of the private economy in China [1] - The law includes a chapter on "Investment and Financing Promotion," which outlines several regulations aimed at enhancing financial support for the private economy [1][3] - The Financial Regulatory Administration has tailored a series of differentiated financial regulatory policies specifically for small and micro enterprises, which constitute the majority of private enterprises [2] Group 2 - The average annual growth rate of loans to private enterprises has been 1.1 percentage points higher than the average growth rate of all loans over the past five years, with a loan balance of 76.07 trillion yuan as of the end of Q1 2025, reflecting a year-on-year increase of 7.41% [2] - The balance of inclusive small and micro enterprise loans reached 35.3 trillion yuan, with a year-on-year growth of 12.5% [2] - A no-repayment renewal loan policy has been implemented, resulting in a renewal loan balance of 7.4 trillion yuan, which is a year-on-year increase of 35.7% [2] Group 3 - A coordination mechanism for supporting financing for small and micro enterprises has been established between the Financial Regulatory Administration and the National Development and Reform Commission, leading to new loans of 12.6 trillion yuan being issued to small and micro entities at an average interest rate of 3.66% [3] - The Financial Regulatory Administration aims to implement the Private Economy Promotion Law through regulatory guidance, policy incentives, mechanism promotion, and institutional guarantees, focusing on precise measures for enterprises of different industries, sizes, and development stages [3]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector has shown mixed performance, with the insurance sector outperforming the CSI 300 index recently, increasing by 1.69% compared to the index's 1.39% rise [6][11] - The report highlights a significant increase in trading volume in the securities sector, with March 2025 daily average trading volume reaching 1.9018 trillion yuan, a 71.15% year-on-year increase [10][11] - The insurance sector is expected to benefit from rising long-term bond rates and economic recovery, with valuations currently at historical lows [19][33] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (March 3-7, 2025), only the insurance sector outperformed the CSI 300 index, with an overall increase of 0.97% for the non-bank financial sector [6][7] - Year-to-date performance shows the multi-financial sector down 2.57%, insurance down 4.02%, and securities down 4.54% [7] 2. Insights on Non-Bank Financial Sub-Sectors 2.1 Securities - Trading volume has significantly increased, with a daily average of 1.9018 trillion yuan in March 2025, up 71.15% year-on-year [10] - The margin financing balance reached 1.9207 trillion yuan, a 28.30% year-on-year increase [10] - The average valuation for the securities sector is currently at 1.7x 2024E P/B, with recommendations for leading firms like CITIC Securities and Huatai Securities [15][16] 2.2 Insurance - The insurance sector is focusing on long-term investment reforms, with over 1,000 billion yuan in pilot programs and an additional 600 billion yuan recently added [18] - The sector's valuation is currently between 0.52-0.81x 2024E P/EV, indicating a favorable investment opportunity [19][33] 2.3 Multi-Financial - The trust industry is entering a stable transition period, with total assets reaching 27 trillion yuan, a 24.5% year-on-year increase [21] - The futures market saw a trading volume of 553 million contracts in January 2025, with a transaction value of 48.87 trillion yuan, reflecting a 10.9% year-on-year increase [27][30] 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and other multi-financial services, recommending companies such as China Pacific Insurance, China Life, CITIC Securities, and Huatai Securities [33]