普惠保险增量扩面 2024年6月，国家金融监管总局发布了《关于推动普惠保险高质量发展的指导意见》，系统阐明了普惠 保险的内涵、目标、原则，擘画了未来5年普惠保险发展蓝图，为行业实践提供了清晰的路径。 中国普惠金融研究院（CAFI）研究显示，当前普惠保险占整体保险保费收入约7%，未来5年，随着数 智化发展、生态中多方力量协同等，普惠保险保费规模将达到约万亿元，市场份额将会翻一番。这也意 味着普惠保险将在金融体系中占据更重要的地位。 记者注意到，近年来，普惠保险产品服务供给不断丰富。2023年7月，山西金融监管局联合山西市场监 督管理局、山西财政厅共同印发了《山西省个体工商户保险保障项目实施方案》，增强了个体工商户风 险抵御能力；同年，深圳金融监管局会同深圳市人力资源和社会保障局等共同印发了《深圳市新就业形 态劳动者综合保障实施方案》，为新业态劳动者提供意外伤害保障，构筑了综合保障安全网。 "扩大普惠保险的覆盖面是起点，终点是我们要把它做成可持续性的业务，这中间就是要坚守商业属 性，按照保险的规律进行市场化的运作，使它能够解决'不可能三角'的问题，使普惠保险能够走上健康 发展的轨道，得以发挥它应有的价值。"徐敬惠 ...

自2022年承接重庆市巴南、涪陵等四个区县的长护险服务工作以来，阳光人寿重庆分公司长护险服务团 队便化身政策的"播种者"与"守护者"，用足迹丈量着山城的坡坎街巷，用专业与热忱将国家长护险制度 转化为一个个触手可及的温暖瞬间。在老人舒展的眉头、家属如释重负的微笑间，重燃困顿家庭希望的 火种，让政策的光芒在照亮更多千家万户。 "临时儿女"的担当：政策主动找人，解困于未然 年近八十的朱老师突遇变故，妻子和女儿均因脑梗卧床，无奈下老人独自扛起了重担，家中愁云笼罩。 一次日常走访为家庭带来转机。 龙湖春江社区里，邻居无意的一句"朱老师很久没下楼遛弯了"，被阳光人寿巴南长护险工作人员王丹敏 锐地捕捉到。寻至门前，老人却因变故抗拒外界。门外，王丹反复耐心解释政策："朱老师，我们是巴 南长护险的，来看看您需要什么帮助？"一遍遍解释政策传递关切，真诚的话语终于叩开了紧闭的门 扉。 王丹带领巴南长护险的工作人员主动化身"临时儿女"，揽下代办手续事宜，为朱老师妻女整理材料，提 交长护险申请。很快，专业护理员便登门服务，每月不少于6次，费用由长护险支付。家中凝滞的空气 流动起来，朱老师紧锁的眉头舒展了："之前天像塌了，现在有了帮手， ...

Core Insights - China Taiping Insurance Group held its mid-year work meeting for 2025, emphasizing the implementation of central policies and the advancement of high-quality development [1] Group 1: Business Performance - In the first half of the year, China Taiping achieved a premium income growth of 2.6%, totaling 155.67 billion yuan [1] - The premium income from technology insurance increased by 7.3%, with existing investments in the technology sector reaching 69.88 billion yuan [1] - Green insurance premiums grew by 17.4%, with existing investments in the green sector amounting to 58.36 billion yuan [1] - Agricultural insurance premiums surged by 33.9%, providing risk protection exceeding 1.1 trillion yuan for small and micro enterprises [1] - The total assets of China Taiping Group reached 1.7 trillion yuan, reflecting a 6.4% increase since the beginning of the year [1] - Managed investment assets grew to 2.5 trillion yuan, marking a 0.4% increase from the start of the year [1] Group 2: Strategic Focus - The meeting outlined five key areas of focus for the second half of the year, including strengthening party leadership and enhancing risk compliance [2] - There is a commitment to accelerate the transformation of key businesses and promote high-quality development [2] - The company aims to deepen reforms while focusing on its core responsibilities and enhancing group management capabilities [2] - Six operational management tasks will be prioritized to improve service quality and efficiency in alignment with national objectives [2]

Group 1: Inclusive Insurance Development - The core viewpoint is that inclusive insurance is a crucial part of a multi-tiered social security system and has seen rapid growth due to policy support, with significant long-term development potential [1] - Currently, the inclusive insurance market is underdeveloped, with a substantial risk protection gap; it is estimated that by 2030, premium income could exceed 900 billion yuan [1] - The report suggests that inclusive insurance should primarily adopt a government-enterprise cooperation model to enhance business sustainability through expansion, risk diversification, and technological empowerment [1] Group 2: Agricultural Insurance - Agricultural insurance is recognized as an essential tool for managing agricultural risks, with the scale of agricultural insurance growing from 0.9 trillion yuan in 2012 to 5.22 trillion yuan in 2024 [2] - Significant achievements have been made in implementing the national inclusive finance strategy, with major grain crop insurance coverage exceeding 70% across the country [2] - The "insurance + futures" model has emerged as an important financial innovation, covering 18 agricultural products and benefiting nearly 7 million households [2] Group 3: Health Insurance - Huiminbao - Huiminbao is a new type of health insurance model characterized by low thresholds, low premiums, and high coverage, making it a significant part of the multi-tiered medical security system [3] - As of 2023, there are 215 Huiminbao products with 170 million insured individuals, and the premium income reached 17.8 billion yuan in 2022, totaling 32 billion yuan [3] - Huiminbao effectively expands the coverage of traditional commercial health insurance, particularly for the elderly, alleviating the medical burden on society [3] Group 4: Critical Illness and Long-term Care Insurance - Critical illness insurance provides coverage for high medical expenses for severe illnesses, with 21 commercial insurance companies managing this business, covering 1.2 billion people by June 2024 [4] - Long-term care insurance has seen a 69.2% increase in participants since 2020, reaching 183 million in 2023, with fund surpluses exceeding 10 billion yuan in both 2022 and 2023 [4] - The number of designated service institutions and personnel for long-term care insurance has grown annually by 18.6% and 16.6% respectively from 2020 to 2023 [4]

Investment Rating - The report maintains an "Outperform" rating for the industry [7]. Core Insights - The long-term care insurance (LTCI) is expected to generate a trillion-level demand for nursing services, emphasizing the importance of innovative medical devices [2][4]. - The report highlights a significant increase in the number of disabled individuals in China, projected to reach 62 million by 2050, leading to a related care demand of approximately 1.7 trillion yuan [4][16]. - The LTCI system is in an accelerated establishment phase, with the government increasingly focusing on its implementation since 2021 [4][18]. Summary by Sections Long-term Care Insurance - The LTCI is anticipated to become a core payment mechanism for nursing services, with a projected care demand of 1.7 trillion yuan by 2050 due to the rising number of disabled individuals [4][16]. - The number of individuals covered by LTCI has grown from 108 million in 2020 to 183 million in 2023, with a significant increase in both income and expenditure of the LTCI fund [27][28]. - The report outlines various methods to estimate the potential income scale of LTCI, suggesting it could reach between 1,773 billion and 20,130 billion yuan based on different assumptions [41][46]. Market Review and Trends - The report notes a 4.2% decline in the CITIC Pharmaceutical Index for the week of June 16-20, 2025, underperforming the CSI 300 Index by 3.8 percentage points [3][49]. - The report identifies key stocks that performed well during the week, including Anglikang (+21.2%) and Yuekang Pharmaceutical (+19.3%) [3][64]. - The overall market sentiment in the pharmaceutical sector is currently weak, with a 25.6% decrease in trading volume compared to the previous week [5][63]. Investment Recommendations - The report suggests focusing on innovative medical devices and pharmaceuticals as key investment themes, particularly those with strong performance trends and potential for growth [5][6]. - Specific companies to watch include Huada Zhizao, Huitai Medical, and Xinda Biopharma, among others [6][12].

Core Insights - The long-term care insurance (LTCI) system aims to establish a nationwide coverage for long-term care, particularly addressing the needs of the 120 million rural elderly in China [1][2][3] - The LTCI pilot program has highlighted the significant gap in care services for rural elderly, exacerbated by funding challenges and insufficient service supply [1][2][3] - Experts suggest that the LTCI can stimulate the silver economy and lead to the emergence of branded, chain-based elderly care service companies similar to those in the UK [1][4][6] Group 1: Current Situation and Challenges - The aging population in rural areas is more severe than in urban areas, with 121 million individuals aged 60 and above, representing 23.81% of the rural population [2][3] - The proportion of empty-nest elderly individuals has surpassed 50%, with some rural areas exceeding 70%, highlighting the urgent need for care services [2][4] - The current LTCI pilot program is fragmented, with varying coverage and benefits across different regions, leading to inadequate support for rural residents [2][3] Group 2: Policy and Implementation - The government is encouraging the development of embedded and chain-type nursing institutions to enhance service accessibility in rural areas [1][5] - Local pilot programs have shown success in integrating long-term care services into existing healthcare facilities, such as transforming hospitals into care zones [5][6] - The LTCI system has expanded to cover 1.8 billion people, with over 800 billion yuan spent on benefits, creating approximately 300,000 jobs and attracting 60 billion yuan in social capital [7] Group 3: Future Prospects - The establishment of localized care service institutions is seen as a key strategy to improve accessibility and efficiency in rural long-term care [6][7] - The LTCI policy is expected to attract significant social capital investment into the nursing industry, potentially leading to the development of well-known brand chains in rural care services [6][7] - The effective implementation of LTCI will require a robust network of quality care institutions to ensure that the benefits translate into real services for the elderly [6][7]