2月27日，中国太保大宗交易成交115.2万股，成交额4701.31万元，占当日总成交额的2.96%，成交价 40.81元，较市场收盘价40.81元持平。 | Park CA region wound 1 km 1 Price 交易日期 | 证券商标 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 奥出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 026-02-27 | 中国太保 | 601601 | 40.81 4701.31 | 115.2 | 华葡语塑胶的有限 | 觀點點 | | KO | ...

2026年2月13日，国家金融监督管理总局晋中监管分局发布批复称，《中国太平洋财产保险股份有限公 司晋中中心支公司关于榆次支公司营业场所变更的请示》(太保产晋中支〔2026〕13号)收悉。经审核， 现批复如下： 二、中国太平洋财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国太平洋财产保险股份有限公司榆次支公司将营业场所变更为：山西省晋中市榆次区广安街 229号巨燕财富广场3幢3号楼2层。 ...

北京商报讯（记者 胡永新）国家金融监督管理总局中卫监管分局发布的行政处罚信息显示，中国太平洋财产保险股份有限公司中卫中心支公司因编制或者 提供虚假报告、报表、文件、资料；虚构保险中介业务套取费用，被罚款20.8万元。时任中国太平洋财产保险股份有限公司中卫中心支公司副总经理，兼任 中国太平洋财产保险股份有限公司中卫中心支公司下辖海原支公司总经理董明哲被警告并罚款4万元。 | 序号 | 当事人名称 | 行政处罚决 | 主要违法违规行为 | 行政处罚 | 作出决定 | | --- | --- | --- | --- | --- | --- | | | | 定书文号 | | 内容 | 机关 | | 1 | 中国太平洋财 产保险股份有 | | | 罚款20.8 | | | | 限公司中卫中 | | | 万元 | | | | 心支公司 | | | | | | | 董明哲(时任 | | 编制或者提供虚假 | | 国家金融 | | | 中国太平洋财 | 卫金罚决字 | 报告、报表、文 | | 监督管理 | | | 产保险股份有 | (2026) 1 | 件、资料;虚构保 | | 总局中卫 | | | 限公司中卫中 | 름 | ...

| 序号 | 当事人名称 | 行政处罚决 | 主要违法违规行为 | 行政处罚 | 作出决定 | | --- | --- | --- | --- | --- | --- | | | | 定书文号 | | 内容 | 机关 | | 1 | 中国太平洋财 产保险股份有 限公司中卫中 心支公司 | | | 罚款20.8 力元 | | | | 董明哲(时任 中国太平洋财 产保险股份有 限公司中卫中 心支公司副总 | 卫会罚决字 (2026) 1 号 | 编制或者提供虚假 报告、报表、文 件、资料;虚构保 险中介业务意取费 | | 国家会験 监督管理 总局中卫 监管分局 | | | | | 用 | | | | 2 | 经理,兼任中 | | | 警告并罚 | | | | 国大平洋财产 | | | 款4万元 | | | | 保险股份有限 | | | | | | | 公司中卫中心 | | | | | | | 支公司下辖海 | | | | | | | 原支公司总经 | | | | | | | 理) | | | | | 责任编辑：王馨茹 | 序号 | 当事人名称 | 行政处罚决 | 主要违法违规行为 | 行政处罚 | 作出决定 | ...

[Table_Title] 保险Ⅱ行业 26年险资配置调查结果出炉，增配权益而久期策略不变 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-02-26 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]刘淇 SAC 执证号：S0260520060001 0755-82564292 liuqi@gf.com.cn 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 唐关勇 SAC 执证号：S0260525070004 021-38003812 tangguanyong@gf.com.cn 请注意，刘淇,唐关勇并非香港证券及期货事务监察委员会 -20% -11% -2% 6% 15% 24% 10/24 01/25 03/25 06/25 08/25 10/25 保险Ⅱ 沪深300 的注册持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 保险Ⅱ行业 ...

在业内人士看来，给人形机器人上保险，不仅能助推机器人产业健康发展，也让保险更好地服务产业升 级，让金融与创新产业（300832）进一步深度融合。从承保情况来看，虽然险企有诸多创新实践可圈可 点，但各家险企对于人形机器人全链条的探索尚属起步阶段。 由于人形机器人风险数据缺失、技术迭代速度快、风险结构复杂并呈现动态变化，险企在摸清相关业务 的风险轮廓上还面临多重挑战。专家认为，未来需推动生态协同，在数据和隐私安全可控前提下，加强 科技产业、科研领域与保险行业的数据共享和标准共建。 春节期间，市场对人形机器人的讨论热度不减。随着具身智能技术快速发展，人形机器人正在一步步从 实验室走向生活场景。与此同时，配套的风险兜底需求同步增多。目前，多家大型财险公司已布局相关 业务，让人形机器人也能有自己的保单。 ● 本报记者 薛瑾 让风险轮廓更清晰 "保险经营遵循大数法则，以大量同质风险集合来预测损失、厘定费率。"一位保险业内人士说，但是人 形机器人领域缺乏这样的同质风险集合，导致险企定价缺乏可靠稳定的锚。多位业内人士坦言，在人形 机器人这种新兴领域，险企缺乏历史数据，而且叠加人形机器人技术迭代速度快、风险结构复杂且动态 变化 ...

春节期间，市场对人形机器人的讨论热度不减。随着具身智能技术快速发展，人形机器人正在一步步从 实验室走向生活场景。与此同时，配套的风险兜底需求同步增多。目前，多家大型财险公司已布局相关 业务，让人形机器人也能有自己的保单。 在业内人士看来，给人形机器人上保险，不仅能助推机器人产业健康发展，也让保险更好地服务产业升 级，让金融与创新产业进一步深度融合。从承保情况来看，虽然险企有诸多创新实践可圈可点，但各家 险企对于人形机器人全链条的探索尚属起步阶段。 由于人形机器人风险数据缺失、技术迭代速度快、风险结构复杂并呈现动态变化，险企在摸清相关业务 的风险轮廓上还面临多重挑战。专家认为，未来需推动生态协同，在数据和隐私安全可控前提下，加强 科技产业、科研领域与保险行业的数据共享和标准共建。 ● 本报记者 薛瑾 头部财险公司纷纷布局 "目前各大保险公司为人形机器人定制的保险方案，有点像车险的逻辑，主要集中在两大方面：一方面 是本体损失保险，另一方面是第三者责任保险。"一位保险业内人士告诉记者。 春节假期前夕，人保财险广州市分公司为国家级专精特新"小巨人"企业、具身智能机器人装备及智能制 造方案提供商广州里工实业有限公司定制 ...

业内人士认为，人形机器人保险的加速落地，不仅能助推机器人产业健康发展，也可使保险更好服务产 业升级，让金融与创新产业进一步深度融合。 多家险企已布局 春节前，人保财险广州市分公司为国家级专精特新"小巨人"企业、具身智能机器人装备及智能制造方案 提供商——广州里工实业有限公司，定制了专属保险方案。 据人保财险相关人士介绍，方案覆盖两大方面的保障： 一方面是具身智能机器人本体损失保险，范围不仅涵盖自然灾害、操作失误、电气故障等传统风险，还 新增恶意软件攻击、黑客入侵等网络安全的新型风险。这一保险产品不仅保障机器人本体，还把配套设 备及软件系统的直接损失与合理施救费用全面纳入。 另一方面是具身智能机器人第三者责任保险，对机器人使用过程中因故障、缺陷、通信异常、网络事故 等非除外责任导致的第三方人身伤亡、财产损失及相关法律费用提供赔偿。 记者梳理发现，自2025年下半年起，头部财险公司纷纷布局人形机器人保险赛道。 今年春节，人形机器人讨论热度颇高。随着具身智能技术快速发展，人形机器人正一步步从实验室走向 商业化应用，配套的风险兜底需求也同步爆发。中国证券报记者了解到，目前，多家保险公司已布局机 器人保险业务。 推动精 ...

Investment Rating - The industry investment rating is "Positive" (maintained) based on the recovery of new business growth, reduced interest rate sensitivity, and prudent actuarial assumptions [5][30]. Core Viewpoints - The report highlights that the valuation of Chinese insurance companies is expected to improve, drawing comparisons with AIA Group's strong performance since its listing. AIA's embedded value (PEV) multiple was approximately 1.48 times at the end of 2025, indicating high growth potential and lower sensitivity to interest rates, which could benefit the valuation of Chinese insurers [5][6]. - The new business value (NBV) of Chinese life insurance companies is recovering rapidly, driven by improved distribution channels and product offerings, with expectations for continued growth in 2026 [5][13]. - Effective asset-liability duration management and the transformation towards participating insurance have reduced the sensitivity of Chinese insurers' values to interest rates, which is favorable for valuation [15][17]. - Prudent adjustments to actuarial assumptions have brought Chinese insurers' assumptions closer to those of AIA, enhancing the credibility of their valuations [22][30]. Summary by Sections Section 1: AIA's Performance and Valuation - AIA has shown strong stock performance since its listing, with a PEV multiple of approximately 1.48 times at the end of 2025, indicating a favorable outlook for valuation improvements in Chinese insurers [5][6]. Section 2: Recovery of New Business and Growth Indicators - Chinese life insurance companies are experiencing a rapid recovery in new business growth, with NBV for AIA increasing by 18% year-on-year to USD 4.314 billion in the first three quarters of 2025. The NBV for 2024 was approximately 113% of the 2019 figure, indicating strong growth potential [8][13]. - Major Chinese insurers are expected to see NBV growth of 30%-80% in 2025, with positive growth in CSM for China Life and Ping An in the first half of 2025 [13][18]. Section 3: Interest Rate Sensitivity and Actuarial Assumptions - The sensitivity of Chinese insurers' values to interest rates has decreased due to effective duration management and a successful shift towards participating insurance. For instance, AIA's NBV only decreased by 1.9% with a 50 basis point drop in interest rates [15][17]. - Chinese insurers have made prudent adjustments to their actuarial assumptions, aligning them more closely with AIA's, which enhances the reliability of their valuations. For example, China Life's investment return assumption has been adjusted to 4% from 5% [22][30].

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 asset management balance reached approximately 38.5 trillion yuan by the end of Q4 2025, reflecting a year-to-date growth of 15.70% [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 Asset Management - As of Q4 2025, the asset management balance of insurance companies is nearly 38.5 trillion yuan, with life insurance companies holding 34.66 trillion yuan and property insurance companies 2.42 trillion yuan [2][4]. - The fund conversion rate for life insurance companies is exceptionally high at 108%, while property insurance companies have a much lower rate of 11% [4]. Equity Allocation - The allocation of equity and fund assets in the industry reached 5.70 trillion yuan, accounting for approximately 15.4% of total assets, maintaining a historical high [5]. - The stock assets alone amount to 3.73 trillion yuan, representing 10.1% of total assets, with a year-on-year increase of 2.5% [5]. Investment Recommendations - The report suggests that the insurance sector is currently in a correction phase, primarily influenced by liquidity conditions around the Spring Festival [5]. - The report recommends specific companies for investment, including China Pacific Insurance, China Life Insurance, and New China Life Insurance, with respective PEV valuations [6][10].