上海证券报记者从相关渠道获悉，金融监管总局近日下发《关于印发〈非车险综合治理有关问答(一)〉 的通知》(下称《通知》)，针对非车险"报行合一"实施过程中出现的各类现实问题，进一步厘清政策内 涵与边界，统一行业执行标准。 业内专家表示，《通知》针对当前非车险领域执行"报行合一"存在的主要问题和矛盾，首次进行全面梳 理，统一执行标准。非车险业务"内卷"现象一直比较明显，各财产保险公司过去过度追求业务规模和业 务增速，不仅牺牲了承保利润，也引发了一些风险事件，《通知》将推动非车险业务更好地执行"报行 合一"，从而促进非车险业务高质量发展。 此前，非车险市场长期存在非理性竞争，导致出现费用水平过高、持续承保亏损、应收保费居高不下等 问题，不仅对保险公司的现金流和财务稳定性造成不利影响，也容易因缴费义务和保险责任不匹配造成 理赔纠纷。 (责任编辑：孟茜云) 因为涉及党政机构、公众利益，《通知》明确，这些业务可以不执行"见费出单"，保险公司可在政府提 供已签章的投保单、协议或政府相关文件(如投标文件、会议决议文件、政府发文等)的前提下签发保 单。企事业单位、个人作为投保人，政府只是提供补贴的业务，须"见费出单"，但政府补 ...

◎记者 韩宋辉 上海证券报记者从相关渠道获悉，金融监管总局近日下发《关于印发〈非车险综合治理有关问答 （一）〉的通知》（下称《通知》），针对非车险"报行合一"实施过程中出现的各类现实问题，进一步 厘清政策内涵与边界，统一行业执行标准。 多位财险业务人士告诉上海证券报记者，近年来，地方财政吃紧，在"见费出单"的各种争议中，党政机 关等单位为公众利益利用财政资金投保的政策性业务最容易出现延期缴费，也就比较难实现"见费出 单"。 因为涉及党政机构、公众利益，《通知》明确，这些业务可以不执行"见费出单"，保险公司可在政府提 供已签章的投保单、协议或政府相关文件（如投标文件、会议决议文件、政府发文等）的前提下签发保 单。企事业单位、个人作为投保人，政府只是提供补贴的业务，须"见费出单"，但政府补贴的部分不纳 入考量。 根据此前政策，保费金额较大的保险合同允许安排一定灵活的缴费方式，即分次缴费。业内人士告诉记 者，部分保险公司将缴费条件异化为竞争砝码，甚至订立缴费金额"前低后高"的极端分次结构，违背分 次缴费制度设计的初衷。 根据《通知》，保险公司应合理确定分次缴费结构，首次之外，原则上每次应保持一致或递减，最后一 次缴 ...

Core Viewpoint - China Pacific Insurance aims to accelerate the high-quality development of non-auto insurance while consolidating its advantages in auto insurance, aligning with the national "14th Five-Year Plan" and responding to the evolving market dynamics [1][2]. Group 1: Non-Auto Insurance Development - Non-auto insurance is a key area for the insurance industry to fulfill its dual functions and serve national development [1]. - In the first three quarters, China Pacific Insurance achieved insurance service revenue of 431.34 billion yuan, a year-on-year increase of 6.8%, and a net profit of 46.822 billion yuan, up 28.9% year-on-year [2]. - The company has established six core capabilities in non-auto insurance, including rapid pricing, comprehensive channel development, rigorous underwriting, professional claims service, strong reinsurance support, and advanced risk reduction services [3]. Group 2: Market Opportunities and Regulatory Changes - The non-auto insurance market is undergoing significant transformation, with new regulations marking the end of chaotic growth and the beginning of a more regulated development phase [2]. - By the end of the "14th Five-Year Plan," direct foreign investment is expected to exceed 220 billion USD, R&D expenditures will surpass 4.5 trillion yuan, and total social logistics will exceed 450 trillion yuan, indicating strong growth potential for non-auto insurance [3]. Group 3: International Expansion - China Pacific Insurance is focusing on expanding its overseas business, responding to the national strategy for high-level opening-up [4]. - The company aims for overseas business growth to account for approximately 30% of the total growth across all insurance types within five years [5]. - As of September, the company’s overseas interests have covered 148 countries and regions, providing risk protection amounting to 1.7 trillion yuan [6]. Group 4: Internet Health Insurance Growth - The internet health insurance segment has seen a compound annual growth rate of 46.8%, with premiums growing from 30 million yuan in 2017 to 17.8 billion yuan in 2024 [7]. - The company has covered over 80 million customers in the internet health insurance market, holding more than one-third of the market share [7]. - Innovative products such as guaranteed renewals for long-term medical insurance and tax-advantaged nursing insurance have been launched, reflecting a customer-centric approach [8]. Group 5: Technological Innovation and Digital Transformation - China Pacific Insurance is actively promoting digital technology to enhance its insurance services, including the deployment of AI in internet health insurance [10]. - The company has implemented a digital employee system to automate report generation and anomaly detection, improving operational efficiency [10]. - The focus on digital transformation aims to enhance operational efficiency, customer experience, and service capabilities in non-auto insurance management [10].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The A-share market saw a significant increase in new accounts, with a total of 22.45 million new accounts opened in the first ten months of 2025, representing a year-on-year growth of 10.57% [3][13] - The implementation of new regulatory guidelines for non-auto insurance is expected to shift the industry focus from scale to value, promoting rational competition and enhancing profitability in the long term [7][15] Market and Sector Performance - The non-bank financial index decreased by 0.17%, underperforming the CSI 300 index by 0.99 percentage points, ranking 23rd among all primary industries [2][12] - The securities sector fell by 0.72%, while the insurance sector rose by 1.25% during the same period [2][12] - The average daily trading volume in the A-share market was 20.123 billion yuan, down 13.5% month-on-month and 21.1% year-on-year [18] New Account Openings - In October 2025, the Shanghai Stock Exchange recorded 2.3099 million new accounts, a sharp decline from 6.8468 million in October 2024, primarily due to the previous year's market surge [3][13] - Institutional accounts have been increasing, with 83,800 new institutional accounts opened in the first ten months of 2025, bringing the total to 1.2366 million [3][13] Insurance Regulatory Changes - The new guidelines for non-auto insurance, which include specific rules for premium payments and policy issuance, have been officially implemented, marking a significant regulatory shift [7][15] - The guidelines aim to enhance the operational efficiency of the non-auto insurance sector and are expected to lead to a more competitive and innovative market environment [7][15] Financial Performance - The securities industry reported a revenue of 419.561 billion yuan in the first three quarters of 2025, a year-on-year increase of 17.02%, with net profits rising by 62.48% to 169.291 billion yuan [14]

Core Insights - The event held by China Life Insurance and China Property Insurance on November 7, 2025, focused on the strategic framework and outlook for non-auto insurance development, highlighting its growing importance in the insurance sector [1] Group 1: Non-Auto Insurance Growth - Non-auto insurance has become a significant part of the property insurance sector, accounting for 50.1% of total premiums as of 9M25, up from 37.1% at the end of 2019, with a premium income of 0.69 trillion yuan, reflecting a year-on-year growth of 5.4% [1] - The non-auto insurance sector is expected to continue expanding due to various factors, including increased foreign direct investment, growth in personal insurance needs, and rising healthcare demands driven by demographic changes [2] Group 2: Strategic Initiatives - The company is accelerating its overseas business in response to national policies, with foreign direct investment flows reaching 192.2 billion USD in 2024, a year-on-year increase of 8.4% [3] - The company has been focusing on internet-based insurance services, achieving a compound annual growth rate (CAGR) of 46.8% over the past eight years, with a market share of 37% in the health insurance segment [3] Group 3: Future Outlook - The implementation of a unified pricing system for non-auto insurance is expected to optimize the cost of risk (COR) structure, similar to the improvements seen in auto insurance, potentially leading to increased underwriting profit [4] - The company maintains a strong recommendation rating, with expectations of steady profit growth driven by operational efficiency and improved cost management, projecting net profits of 54.1 billion, 57 billion, and 58.9 billion yuan for 2025-2027 [5]

Core Insights - The core viewpoint of the articles is that China Pacific Insurance (601319.SH) is focusing on non-auto insurance as a key growth area for premiums and profits during the 14th Five-Year Plan and beyond [2] Group 1: Non-Auto Insurance Business - The non-auto insurance business is expected to become a significant growth point for China Pacific Insurance's premiums and profitability [2] - The changing competitive landscape in the insurance industry necessitates a shift from traditional competition based on price and costs to a focus on pricing, risk control, and specialized capabilities [2] - The company aims to deepen its understanding of risk characteristics and demand changes in the non-auto insurance sector, emphasizing long-termism and enhancing core competitiveness through specialization, digitalization, and integration [2] Group 2: Digital Transformation and AI - The rise of large models and artificial intelligence is transforming business models and ecosystems across all industries, including non-auto insurance [3] - China Pacific Insurance plans to leverage digital tools to reshape every aspect of non-auto insurance operations, aiming to become an expert in understanding customer risks [3] - The company is committed to enhancing operational efficiency, customer experience, and service capabilities through digital and intelligent transformation [3] Group 3: International Expansion - An important direction for the non-auto business is the expansion into overseas markets, with a significant increase in Chinese enterprises' overseas engineering projects [3] - China Pacific Insurance aims to initiate an international strategy, targeting a 30% increase in overseas business contributions to total business growth over the next five years [3] - The company will focus on supporting Chinese products and enterprises going abroad, establishing an integrated overseas business model that includes reinsurance, property insurance, and collaboration with Hong Kong operations [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1339 關於2025年投資者開放日相關報告的公告 中國人民保險集團股份有限公司（「本公司」）於2025年11月7日（星期五）舉行2025年投資者 開放日。本次投資者開放日以「非車險高質量發展的實踐和展望」為主題，本公司相關報 告的具體內容請見本公告附件。 承董事會命 中國人民保險集團股份有限公司 伍秀薇 公司秘書 中國北京，二零二五年十一月七日 於本公告日，本公司執行董事為丁向群女士、趙鵬先生及肖建友先生，非執行董事為徐 向先生、王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為邵善波先生、徐麗娜 女士、王鵬程先生及高平陽先生。 中国人保 601319.SH 中国人民保险集团 1339.HK 中国财险 2328.HK 2025年 投资者开放日 Investor Day 2025 打造核心竞争力 助力非车险高质量发展 CONTENTS 行业现状 市场潜力 人保优势 关注转型升级，避免非车险"内卷式"竞争 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (在中華人民共和國註冊成立之股份有限公司) (股份代號: 2328) 關於2025年投資者開放日相關報告的公告 中國人民財產保險股份有限公司（「本公司」）於 2025 年 11 月 7 日（星期五）與本公 司控股股東中國人民保險集團股份有限公司聯合舉行 2025 年投資者開放日。本次投資 者開放日以「非車險高質量發展的實踐和展望」為主題，本公司相關報告的具體内容請 見本公告附件。 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2025 年 11 月 7 日 於 本 公 告 日 ， 本 公 司 董 事 長 為 丁 向 群 女 士 （ 非 執 行 董 事 ） ， 副 董 事 長 為 于 澤 先 生 （ 執 行董事），降彩石先生、張道明先生及胡 ...

Core Viewpoint - The insurance industry is undergoing a paradigm shift in its competitive model, moving away from traditional price and cost-based competition towards a focus on specialized capabilities such as pricing, risk control, and service reduction [1] Group 1: Industry Trends - The insurance market in China is evolving towards a more mature market, influenced by factors such as declining interest rates and regulatory changes [1] - The competition's success will increasingly depend on the high-level professional capabilities in pricing, risk management, and service [1] Group 2: Company Strategy - China Pacific Insurance aims to strengthen its non-auto insurance segment, which is seen as a key area for supporting national development and addressing new insurance demands [1] - The company plans to enhance its competitive advantage in auto insurance while simultaneously accelerating the high-quality development of non-auto insurance [1] - Non-auto insurance is expected to become a significant source of premium and profit growth for the company during the 14th Five-Year Plan and beyond, creating higher value for shareholders and investors [1]

Core Viewpoint - The insurance industry has shown significant growth in net profit and insurance business income in the first three quarters of the year, indicating improved operational efficiency and investment returns [1][2]. Group 1: Financial Performance - A total of 86 property insurance companies reported a combined insurance business income of 1.37 trillion yuan and a net profit of 778.27 billion yuan for the first three quarters, with both metrics showing year-on-year increases [1]. - The insurance business income increased by 4.0% year-on-year, while net profit saw a substantial rise of 53.1% [3]. - Among the top performers, China People's Property Insurance Company, Ping An Property Insurance Company, and China Pacific Property Insurance Company each reported over 100 billion yuan in insurance business income, with figures of 444.73 billion yuan, 256.58 billion yuan, and 159.68 billion yuan respectively [3]. Group 2: Profitability Insights - Out of the 86 companies, 78 achieved positive net profits totaling 780.65 billion yuan, while 8 companies reported a combined loss of 2.38 billion yuan [4]. - The leading companies in net profit included China People's Property Insurance Company (336.29 billion yuan), Ping An Property Insurance Company (155.55 billion yuan), and China Pacific Property Insurance Company (87.67 billion yuan) [4]. - The industry is experiencing a "volume and quality rise," with stable growth in insurance business income and a significant increase in net profit, driven by optimized business structure and improved operational efficiency [4]. Group 3: Market Dynamics - The "Matthew Effect" is evident, with the top three companies accounting for 74% of the industry's total net profit, while 45 companies reported net profits below 100 million yuan [6]. - The competitive landscape favors larger firms due to their advantages in brand, channels, data, and capital scale, which help them adapt to regulatory pressures and reduce costs [6]. - Smaller companies are encouraged to avoid homogeneous competition and focus on niche markets, such as new energy vehicle insurance, to establish differentiated advantages [6].