债券仍是压舱石，权益配置显著提升 [Table_Industry] 保险 ——2025 年四季度保险公司资金运用点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_subIndustry] | 本报告导读： 保费景气增长推动 2025 年保险资金运用余额稳健提升，债券配置稳健，权益配置明 显提升， 看好资产端内外部因素共同推动保险公司盈利向好，维持"增持"。 投资要点： [Table_Summary] 事件：2 月 12 日，金融监管总局发布 2025 年四季度保险公司资金 运用情况。 评 股票研究 /[Table_Date] 2026.02.14 [Table_Invest] 评级： 增持 保费景气增长推动 2025 年保险资金运用余额稳 ...

观点网讯：2月13日，中国建设银行董事长张金良会见中国太平保险集团有限责任公司董事长尹兆君， 双方就进一步全面深化业务合作举行工作会谈。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 尹兆君表示，中国太平高度重视和建设银行的合作关系，希望双方在传统业务良好合作的基础上，加大 在战略投资、财富管理、养老金融、海外业务等领域的合作，建立常态化沟通机制，扎实推进银保高质 量发展。 张金良表示，中国太平是建设银行重要的战略合作伙伴，双方在代理保险、资产托管、企业年金、金融 市场等多领域开展了广泛而深入的合作，希望未来双方立足"十五五"新起点，积极响应市场需求，不断 创新合作机制、升级产品服务，共筑银保协同发展新生态。 ...

来源：今日建行 2月13日下午，中国建设银行董事长张金良会见中国太平保险集团有限责任公司（以下简称"中国太 平"）董事长尹兆君，双方就进一步全面深化业务合作举行工作会谈。建设银行行长张毅、副行长纪志 宏，中国太平总经理李可东、副总经理朱捷参加会谈。 张金良对尹兆君一行的到访表示欢迎，对中国太平给予建设银行的信任和支持表示感谢。他表示，中国 太平是建设银行重要的战略合作伙伴，双方在代理保险、资产托管、企业年金、金融市场等多领域开展 了广泛而深入的合作，希望未来双方立足"十五五"新起点，积极响应市场需求，不断创新合作机制、升 级产品服务，共筑银保协同发展新生态。 尹兆君对建设银行长期以来对中国太平的支持表示感谢。他介绍了中国太平2025年经营情况和下一步发 展方向，并表示中国太平高度重视和建设银行的合作关系，希望双方在传统业务良好合作的基础上，加 大在战略投资、财富管理、养老金融、海外业务等领域的合作，建立常态化沟通机制，扎实推进银保高 质量发展。 建设银行总行金融同业部、资产托管业务部、个人金融部（消费者权益保护部）、金融市场部、集团资 产管理部（养老金融部）、投资银行部，上海市分行相关负责人参加会谈。 责任编 ...

4Q25资本市场阶段性波动叠加2H25部分险企大幅提升二级市场权益配置比例，4Q25上市险企利润表现 或阶段性承压。预计2025年A股上市险企归母净利润yoy+22.7%至4264亿元，增速较1-3Q25环比下降 10.9pct。细分公司来看，预计2025年归母净利润增速中国太平(已发布业绩预增公告，同比增速达 215%-225%)、中国人寿(yoy+45.8%)、新华保险(yoy+43.0%)、中国财险(yoy+27.9%)、中国太保 (yoy+16.0%)、中国人保(yoy+10.9%)、阳光保险(yoy+9.7%)、中国平安(yoy+5.3%)。 预计人身险负债端延续高增态势 前三季度亮眼表现为全年达成奠定坚实基础，2025年NBV高增态势有望延续。细分公司来看，预计 2025年NBV增速表现人保寿险(yoy+60.2%)、阳光保险(yoy+49.9%)、新华保险(yoy+46.9%)、中国平安 (yoy+39.8%)、中国人寿(yoy+35.3%)、中国太保(yoy+27.8%)。 4Q25台风"麦德姆"或阶段性影响COR表现 智通财经APP获悉，申万宏源发布研报称，前三季度亮眼表现为全年达成奠定坚实 ...

| 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 腾讯控股(00700) | 43.16 亿 | 22.17% | 547.500（-1.97%） | | 阿里巴巴-W(09988) | 16.58 亿 | 13.70% | 155.000（-2.88%） | | 泡泡玛特(09992) | 5.88 亿 | 17.52% | 243.200（+0.33%） | | 南方恒生科技(03033) | 5.09 亿 | 4.36% | 5.230（-0.95%） | | 美团-W(03690) | 4.96 亿 | 13.72% | 91.400（-2.56%） | | 中芯国际(00981) | 4.47 亿 | 12.44% | 67.600（+0.22%） | | 中国海洋石油(00883) | 4.10 亿 | 19.38% | 24.020（+1.87%） | | 中国移动(00941) | 3.80 亿 | 23.11% | 80.200（-0.25%） | | 中国石油股份(00857) | 2.97 亿 | 28.80% | 9 ...

证券研究报告 | 行业点评报告 2026 年 02 月 09 日 2025 年稳健收官，2026 年开门红值得期待 保险行业 2025 年 12 月保费收入点评 总量研究/非银行金融 近日，国家金融监督管理总局公布 2025 年 1-12 月保险业经营情况，人身险公 司全年保费增速接近两位数，2026 年开门红预计表现强劲；财产险公司全年 保费中低速增长，非车险"报行合一"有望推动盈利持续改善。 ❑ 风险提示：产品吸引力下降；资本市场波动；监管收紧；经济增长不及预期。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 90 | 1.7 | | 总市值（十亿元） | 6622.4 | 5.9 | | 流通市值（十亿元） | 6453.3 | 6.4 | 行业指数 % 1m 6m 12m 绝对表现 -2.9 1.8 17.9 相对表现 0.2 -11.1 -3.0 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 非银行金融 沪深300 相关报告 1、《非银金融 25Q4 ...

南方财经全媒体记者林汉垚 近日，中国人寿、中国人保、中国太平、中国再保以及中国信保等多家大型保险相继召开2026年经营工 作会议，总结2025年经营成效并部署"十五五"开局之年的重点任务。 从各家会议释放的信息看，行业在宏观环境复杂、利率中枢下移与风险约束趋严的背景下，正进一步强 化高质量发展导向，将风险防控、提质增效与服务实体经济置于更加核心的位置；与此同时，不同机构 基于功能定位与业务结构差异，在数智化转型、国际化布局、业务结构优化及政策性功能发挥等方面呈 现出差异化路径。 高质量发展为共同主线 从整体基调看，"高质量发展"、"防风险"成为多家险企2026年经营工作的核心关键词。 中国人寿在工作会议上明确提出，2026年要全力实现经营业绩稳中有进、风险防控扎实有效等高质量发 展目标，为中国式现代化贡献国寿力量。 中国人保提出，加力推动高质量发展，构建高质量业务组合，提升高质量服务能力，拓展高质量投资， 深化提质降本增效，做好高质量市值管理，推动实现质的有效提升和量的合理增长。加力深化改革，顺 应基层改革期盼，深入推进公司治理改革、战略管控体制机制改革、赋能基层发展机制改革、客户资源 共享改革、数字化改革、 ...

Core Viewpoint - The Hong Kong insurance stocks experienced a collective surge, with significant gains observed across major companies in the sector [1] Group 1: Company Performance - China Life and Ping An Insurance both rose over 5% [1] - China Taiping increased by 4.8% [1] - China Pacific Insurance saw a rise of 4.5% [1] - China Insurance, New China Life, and China Property & Casualty Insurance all gained over 3% [1] - AIA Group experienced an approximate increase of 3% [1]

Core Viewpoint - The Hong Kong insurance stocks experienced a collective surge, with major companies like China Life and Ping An rising over 5%, driven by favorable market conditions and strategic positioning in the insurance sector [1] Group 1: Market Performance - China Life's stock price increased by 5.22% to 35.460 [2] - Ping An's stock price rose by 5.03% to 73.100 [2] - China Taiping's stock price went up by 4.79% to 25.820 [2] - China Pacific's stock price increased by 4.46% to 40.260 [2] - Other notable increases include China People's Insurance at 3.50%, New China Life at 3.39%, and China Property & Casualty at 3.22% [2] Group 2: Industry Insights - CITIC Securities' report indicates that with a large number of deposits maturing, savings-type insurance products are expected to meet the demand for stable long-term value growth due to their high returns and long terms [1] - The report anticipates that leading insurance companies will capitalize on improved bancassurance value rates, leading to rapid growth in new policies and new business value (NBV) [1] - The asset side is expected to benefit from a spring rally in the equity market, enhancing profits, while stable interest rates will support long-term returns for insurance funds [1] Group 3: Future Projections - Huaxi Research predicts that listed insurance companies will continue to see rapid growth in net profit attributable to shareholders through 2025, although Q4 may face some pressure from investment impacts [1] - The report highlights a high level of enthusiasm for the insurance sector in Q1 2026, driven by the "opening red" period and the transformation of savings-type insurance products, which will alleviate pressure from interest rate spreads [1] - Recommended stocks include Ping An for its improved fundamentals and high dividend yield, New China Life for its asset flexibility and high dividend yield, and China Life for its asset flexibility [1]

Core Viewpoint - The Hong Kong insurance stocks have collectively risen, with major companies like China Life and Ping An increasing by over 5%, driven by favorable market conditions and growth in new business value (NBV) [1] Group 1: Market Performance - China Life's stock price increased by 5.22% to 35.460 [2] - Ping An's stock price rose by 5.03% to 73.100 [2] - China Taiping's stock price went up by 4.79% to 25.820 [2] - China Pacific's stock price increased by 4.46% to 40.260 [2] - Other companies like China People’s Insurance and New China Life also saw increases of over 3% [1] Group 2: Industry Insights - CITIC Securities' report indicates that with a large amount of deposits maturing, savings-type insurance products are expected to meet the demand for stable long-term value growth due to their high returns and long terms [1] - The leading insurance companies are expected to leverage the improvement in bancassurance value rates to enhance their market positioning, leading to rapid growth in new business and NBV [1] - The asset side is anticipated to benefit from a bullish equity market in spring, which will enhance profits, while stable interest rates will support long-term returns for insurance funds [1] Group 3: Future Projections - Huaxi Research forecasts that the net profit attributable to shareholders of listed insurance companies will continue to grow rapidly through 2025, although Q4 may face some pressure from investment impacts [1] - The high demand for new business value in Q1 2026 is expected to significantly increase year-on-year, driven by the favorable conditions at the beginning of the year [1] - The transformation towards dividend insurance is expected to alleviate pressure from interest rate spreads, further driving the valuation recovery of insurance stocks [1] Group 4: Stock Recommendations - Recommended stocks include Ping An for its improving fundamentals and high dividend yield, New China Life for its asset flexibility and high dividend yield, and China Life for its asset flexibility [1] - Other recommended stocks include China People’s Insurance and China Pacific for their stable performance, as well as ZhongAn Online for its business improvements [1]