事件：中国太保披露2025 年三季度业绩，集团单季度营收和归母净利润分别同比增长24.6%和35.2%至 1444 和178 亿元，拉动2025 年累计营收和归母净利润同比增长11.1%和19.3%；集团3 季度末累计归母 营运利润同比增长7.4%，较中报同比的7.1%增速有所提速；截至9 月末集团归母净资产较年初下降2.5% 至2842 亿元；前三季度寿险NBV 的累计同比增速为31.2%，产险综合成本率同比优化1pct 至97.6%，整 体业绩基本符合市场预期。 点评： 1、从财务指标来看： 2、寿险业务：个险渠道新单逐季改善，整体NBV 增速较为稳定A、两大渠道新单保费增速有所分化： 太保寿险代理人渠道25 年的新单保费增速呈现逐季改善趋势，其中Q3 单季度新单保费同比增加13.5% 至106 亿元，我们认为改善的主要原因或在于推出了更多具有市场竞争力的产品（如"鑫禧年年年金保 险（分红型）"），以及把握住了8 月末预定利率切换的市场营销窗口期；银保渠道的累计新单保费增 速由25H1 的96%放缓至25Q3 末的52%，我们认为主要原因可能是银保渠道已经完成全年大部分的计划 任务，主动放慢节奏为下一年业 ...

Group 1: North Exchange Market Insights - The North Exchange 50 Index and the specialized new index will undergo adjustments on December 15, 2025, with potential additions of three companies: Kai Fa Technology, Ge Bi Jia, and Wan Tong Hydraulic [2][7] - The North Exchange 50 Index has seen a decline of over 3% this week, with average daily trading volume dropping to 23.1 billion yuan, indicating a need to monitor market sentiment and trading volume changes [2][8] - The overall outlook for the North Exchange remains optimistic, with a focus on companies with solid fundamentals and reasonable valuations, particularly those that may enter the index [8] Group 2: New Consumption Sector Developments - The introduction of new tax policies for gold trading is expected to drive market share towards compliant leading brands, while non-compliant businesses may face significant impacts [11][12] - Domestic beauty brands are increasingly leveraging video platforms like WeChat to enhance sales, with a notable growth in social e-commerce, indicating a shift in consumer engagement strategies [12][13] - The new consumption landscape reflects changing consumer attitudes, with a focus on innovative and high-quality domestic brands in sectors like beauty and jewelry [13] Group 3: Non-Banking Sector Analysis - China Pacific Insurance reported a 24.6% year-on-year increase in revenue and a 35.2% increase in net profit for Q3 2025, driven primarily by investment performance [3][16] - The company's new business value (NBV) in life insurance grew by 31.2% year-on-year, indicating a stable growth trajectory in individual insurance channels [17] - The overall performance aligns with market expectations, with a forecasted net profit growth of 17.7% to 751 billion yuan by 2027 [18] Group 4: Fast Food Industry Performance - Yum China achieved a revenue of $3.21 billion in Q3 2025, reflecting a 4% year-on-year growth, although net profit declined by 5% [20][21] - The company’s core brands, KFC and Pizza Hut, demonstrated resilience with improved operating profit margins, despite challenges in average transaction values [21][22] - Yum China is on track to meet its goal of 20,000 stores by the end of 2026, with a strong opening pace and strategic franchise expansion [22]

证券研究报告 非银金融 | 保险Ⅱ 金融|公司点评报告 hyzqdatemark 2025 年 11 月 09 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 联系人 市场表现： | 基本数据 | | | 2025 | 年 | 月 | 07 | 日 | | 11 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | 35.61 | | 一 年 最 最 低 | 高 | / | | | | | | 内 | | 42.23/28.70 | | | （元） | | | | | | | | | | | | | 资料来源：聚源数据 | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | 342,580.36 | | | 流通市值（百万元） | ...

Core Viewpoint - The annual disclosure season for participating insurance policies has revealed that leading insurance companies have achieved dividend realization rates exceeding 100%, with China Pacific Life Insurance (CPIC) leading the way [1][5]. Group 1: Performance of Participating Insurance Products - CPIC's two main whole life insurance products, "Manhao Life (Heritage Version)" and "Supreme Version," have achieved dividend realization rates of 145% and 127%, respectively, while its main annuity product, "Xinxin Yearly Annuity," has a realization rate of 124% [1][5]. - The high dividend realization rates of these products indicate strong actual returns for consumers, which are critical factors in their purchasing decisions [1][2]. Group 2: Comparison with Market Rates - The dividend realization rates of CPIC's products translate to customer yields of 3.5225% for the 145% realization rate, 3.33% for the 127% rate, and 3.302% for the 124% rate, all of which are significantly higher than current bank deposit rates and many wealth management products [2][6]. - The relative attractiveness of participating insurance products is expected to increase as traditional insurance and bank product rates decline [3][6]. Group 3: Underlying Strengths of CPIC - CPIC's ability to maintain high dividend realization rates is attributed to its solid fundamentals, including its strong market position as a publicly listed company in multiple locations and a 24-year history of consistent dividend payouts [2][7]. - The company has demonstrated superior investment performance, with an average investment return rate of 5.19% over the past decade, which supports its ability to deliver on customer promises [8][9]. Group 4: Industry Trends and Future Outlook - The competition in the participating insurance sector is shifting towards value creation, with CPIC's approach serving as a model for focusing on customer needs, stable investments, and transparent information disclosure [9].