Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The insurance sector's total asset allocation reached approximately 38.5 trillion yuan by the end of Q4 2025, reflecting a year-to-date growth of 15.7%, with a net increase of over 5 trillion yuan throughout the year [2][4]. - The average comprehensive solvency adequacy ratio for insurance companies stands at 181.1%, with life insurance companies at 169.3% and property insurance companies at 243.5% [2]. - The industry is experiencing a shift in dividend insurance products, with a notable decrease in the preset interest rate to 1.25%, down from the previous cap of 1.75% [2]. - The overall premium income for the industry in 2025 is projected to be 6.12 trillion yuan, with a high fund conversion rate of 85% [4]. Summary by Sections Market Performance - The insurance index decreased by 2.52%, underperforming the market by 2.88 percentage points, with significant variations in individual stock performances [1]. Asset Allocation - The allocation of equity and fund assets in the insurance sector reached 5.70 trillion yuan, accounting for approximately 15.4% of total assets, maintaining a historical high [5]. - The stock assets alone amounted to 3.73 trillion yuan, representing 10.1% of total assets, with a year-on-year increase of 2.5% [5]. Company Performance and Valuation - The estimated PEV (Price to Embedded Value) for major life insurance companies is as follows: China Life at 0.89x, New China Life at 0.85x, Ping An at 0.78x, and China Pacific at 0.69x [6]. - The recommended order for investment in major companies is China Pacific, Ping An, China Life H, and China Property Insurance [6]. Future Outlook - The report anticipates that dividend insurance will attract household savings during the interest rate decline cycle, supporting growth in new premium income and net profit value (NBV) for life insurance [5]. - The long-term interest rates are expected to stabilize and rise, which may positively influence the PEV towards 1x [5].

Vi e w p o i n t | 13 Feb 2026 18:25:31 ET │ 50 pages China Insurance FY25E Preview: Life NBV Robust; P&C CoR Improved; Earnings & DPS Solid Despite Challenges in 4Q25 CITI'S TAKE HK/China insurers' FY25E reporting season begins with AIA, Pru and ZhongAn on 19-March. For FY25E, we expect China life insurers to book very robust NBV LFL growth, with the top 3 CL/PA/CPIC at 38%/32%/28%, while we anticipate 35% for NCI (actual basis), 12% for Taiping Life and 70% for PICC Life. For the top 3 P&C insurers, we fo ...

【导读】港股全线收跌，AI应用股表现强势，巨头智谱大涨超12%！电影概念股全天承压 2月24日，受关税恐慌、地缘局势紧张等因素影响，港股三大指数全线走低。恒指再度失守27000港元大关，恒科指数则跌超2%。 截至收盘，恒生指数跌1.82%，报26590.32点；恒生国企指数跌2.06%，报9007.86点；恒生科技指数跌2.13%，报5270.70点。 盘面上，大型科技股全线下跌，拖累大市。美团跌超4%，腾讯、小米、阿里巴巴、京东皆收跌；大金融股全天弱势，中国人寿（601628）大跌6%，新华 保险（601336）大跌5.79%，中国银河（601881）、中金公司（601995）等中资券商股齐下挫；影视股跌幅较大，猫眼娱乐跌超8%，欢喜传媒跌超5%。 此外，机器人概念股、光伏股、苹果概念股等纷纷走低。 另一方面，存储概念股涨幅居前，兆易创新（603986）涨近12%；油气股逆市上涨。中石化油服（600871）涨超5%，中海油服（601808）涨4.74%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 腾讯控股 | 520.000 | -3.35% | | 0700.HK | ...

近年来，新华保险积极响应市场与客户需求，持续深化保险与信托工具的融合应用，推动保险金信托业 务实现跨越式发展。2025年，公司全年保险金信托服务件数近2000件，规模突破50亿元，同比增长 68%。自信托业务启动以来，累计规模已突破100亿元，近两年均实现规模翻番。这一成绩不仅体现了 新华保险在财富管理领域的深耕成果，也反映出市场对"保险+信托"创新服务模式的高度认可，为公司 进一步优化服务体验、提升业务价值奠定了坚实基础。 此次成功签约服务的客户为一名拥有多家企业的实业经营者，家庭资产规模较大，长期关注财富安全传 承与养老规划。客户最终选择新华保险，正是基于对公司品牌实力、专业团队以及"保险+信托"一体化 服务模式的充分信任。新华保险通过"总部专家支撑、分支机构协同、信托机构高效对接"的全流程服务 机制，为客户量身定制综合方案，有效解决了传统信托服务中存在的流程和服务断点、决策环节冗长等 痛点，展现了公司在复杂财富规划场景下的专业服务能力与高效执行水平。 2026年2月，新华保险营销渠道开局业务期间首单2.0模式保险金信托在广东分公司东莞中支成功签约， 标志着公司在"保险+信托"综合金融服务领域实现重要进步 ...

此次成功签约服务的客户为一名拥有多家企业的实业经营者，家庭资产规模较大，长期关注财富安全传 承与养老规划。客户最终选择新华保险，正是基于对公司品牌实力、专业团队以及"保险+信托"一体化 服务模式的充分信任。新华保险通过"总部专家支撑、分支机构协同、信托机构高效对接"的全流程服务 机制，为客户量身定制综合方案，有效解决了传统信托服务中存在的流程和服务断点、决策环节冗长等 痛点，展现了公司在复杂财富规划场景下的专业服务能力与高效执行水平。 此次2.0模式保险金信托的成功落地，还为公司在全国范围内推广定制化、专业化金融服务提供了可复 制的标杆案例。未来，新华保险将继续锚定高质量发展方向，坚持以客户为中心，持续强化专业赋能与 协同机制，不断优化"保险+信托"服务生态，致力于为更多客户提供安全、稳健、可持续的财富管理解 决方案，以实际行动践行金融为民的使命，为行业创新发展贡献新华智慧与力量。 (责任编辑：马欣) 2026年2月，新华保险营销渠道开局业务期间首单2.0模式保险金信托在广东分公司东莞中支成功签约， 标志着公司在"保险+信托"综合金融服务领域实现重要进步，不仅进一步巩固了公司在财富传承与风险 隔离服务市场的专 ...

【环球网保险综合报道】2025年，A股上市险企股价呈现出上行趋势，保险Ⅱ(申万）（801194.SI）全年涨幅达 到26.42%。行情向好的背后，行业基本面持续稳健。 据国家金融监督管理总局披露，2025年，保险业原保险保费收入突破6.12万亿元，首次站上6万亿台阶，较上年 同期增长7.4%。2025年前三季度，A股五大上市险企（中国人寿、新华保险、中国平安、中国太保、中国人 保）合计实现归母净利润4260亿元，同比增长33.5%，刷新历史纪录。 东吴证券研报提到，在当前"存款搬家"背景下，储蓄型保险产品需求旺盛，继续看好2026年负债端增长，预计 银保渠道仍是拉动增长的主动力，同时预计2026年分红险新单保费占比进一步提升，负债成本持续优化。 在中国企业资本联盟副理事长柏文喜看来，2026年，银保渠道"战略C位"将持续强化，市场份额向头部集中。 随着网点扩张赋能增长，头部险企通过深化银行客户综合金融服务，预计2026年银保渠道仍将是新单增长主引 擎。与此同时，个险渠道将继续朝着专业化、职业化方向深度转型，中介渠道"清虚提质"加速整合。 他进一步指出，在产品方面，分红险成为市场主流，其"固收+浮动"特性契合当 ...

Group 1 - Hong Kong insurance stocks experienced a widespread decline, with significant drops in share prices [1] - Xinhua Insurance (01336.HK) fell by 6.03%, trading at 56.85 HKD [1] - China Life (02628.HK) decreased by 5.61%, with a current price of 32.66 HKD [1] - China Pacific Insurance (02601.HK) saw a decline of 4.12%, now priced at 36.8 HKD [1] - China Property & Casualty Insurance (02328.HK) dropped by 1.71%, currently at 16.64 HKD [1]

Core Viewpoint - The insurance sector is experiencing a significant decline, with major companies like Xinhua Insurance, China Life, China Pacific Insurance, and China Property & Casualty Insurance all reporting notable drops in stock prices. Analysts predict that the fourth quarter of 2025 will see pressure on net profit growth for listed insurance companies due to a temporary adjustment in growth sectors [1] Group 1: Stock Performance - Xinhua Insurance's stock fell by 6.03%, trading at 56.85 HKD [1] - China Life's stock decreased by 5.61%, reaching 32.66 HKD [1] - China Pacific Insurance's stock dropped by 4.12%, priced at 36.8 HKD [1] - China Property & Casualty Insurance's stock declined by 1.71%, at 16.64 HKD [1] Group 2: Profit Forecasts - Dongwu Securities forecasts that the net profit growth for listed insurance companies in Q4 will face slight pressure, primarily due to a temporary adjustment in growth sectors [1] - The report indicates that since 2025, insurance companies have maintained a high equity holding ratio, with the A-share market, ChiNext, and STAR Market indices showing changes of +1.0%, -1.1%, and -10.1% respectively [1] - The decline in stock prices will directly impact the current profit and loss due to the holdings being recorded under FVTPL [1] Group 3: Market Conditions - Shenwan Hongyuan notes that the capital market's fluctuations in Q4 2025, combined with some insurance companies significantly increasing their secondary market equity allocation in the second half of 2025, will lead to a temporary pressure on profits [1] - The firm projects that the net profit for A-share listed insurance companies will grow by 22.7% year-on-year to 426.4 billion CNY, although this represents a 10.9 percentage point decline compared to the first three quarters of 2025 [1]

Core Viewpoint - The insurance sector is experiencing a significant decline, with major companies like Xinhua Insurance, China Life, China Pacific Insurance, and China Property & Casualty Insurance all reporting notable drops in stock prices. This downturn is attributed to anticipated pressure on net profit growth for listed insurance companies in Q4 2025 due to a temporary adjustment in growth segments [1][1][1]. Group 1: Stock Performance - Xinhua Insurance's stock fell by 6.03%, trading at 56.85 HKD [1] - China Life's stock decreased by 5.61%, reaching 32.66 HKD [1] - China Pacific Insurance's stock dropped by 4.12%, priced at 36.8 HKD [1] - China Property & Casualty Insurance's stock declined by 1.71%, at 16.64 HKD [1] Group 2: Profit Growth Expectations - Dongwu Securities forecasts slight pressure on the net profit growth rate for listed insurance companies in Q4, primarily due to a phase adjustment in growth segments [1] - The report indicates that since 2025, insurance companies have maintained a high equity holding ratio, with the performance of major indices showing mixed results: +1.0% for the CSI All A, -1.1% for the ChiNext Index, and -10.1% for the Sci-Tech 50 Index [1] - The anticipated profit growth for A-share listed insurance companies in 2025 is projected at 22.7%, totaling 426.4 billion CNY, with a sequential decline of 10.9 percentage points compared to the first three quarters of 2025 [1]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 保险行业总资产突破 41 万亿；券商再融资持 续推进 2026 年 02 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 非银金融 沪深300 相关研究 《西南证券拟定增 60 亿元，券商定增 或全面放开》 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026-02-14 《天风证券处罚靴子落地，轻装上阵 有望更好的规范化经营》 2026-02-14 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2026 年 02 月 09 日-2026 年 02 月 13 日）非银金融各子板块均跑输沪深 300 指数。证券行业下跌 1.04 ...