2023年1月12日，中国银保监会发布《关于进一步扩大商业车险自主定价系数浮动范围等有关事项的通知》。该政策实施时间原则上不迟于2023年6月1日。
　　我们预计财险行业短期内将面临车险价格下行的不利因素。该政策的目的是进一步放开车险定价，惠及消费者。新政将车险自主定价系数浮动范围由[0.65，1.35]扩大至[0.5，1.5]，为不同驾驶行为的消费者提供更大的定价差异，惠及优质消费者。鉴于2022年车险行业录得承保利润，仍有进一步降价空间，我们预计保险公司将通过下调车险价格来吸引消费者，短期内将对保费收入和盈利能力带来压力。
　　重申行业评级为“跑赢大市”。我们预计车险定价的进一步市场化将促进车险行业的长期健康发展。我们预计领先的财险公司将因强大的定价能力而受益于新政，并推荐中国财险（02328 HK），这是一家领先的财险公司，拥有大量数据支持下的强大定价能力，可实现精准差异化定价。

研究报告全文：股票Research研究EquitySectorTableBasicInfoReportNon-BankFinanceSectorFrancoLi李炜行业报告非银金融行业85225097204francoligtjascomhk16January2023TableMainInfoPCInsuranceFurtherLiberalizationofAutoInsurance行PricingPricesExpectedtoDropOutperform财险车险定价进一步市场化预计车险保费降价跑赢大市业报OnJanuary122023theChinaBankingandInsuranceRegulatoryCommissionCBRCissuedthenoticeonFurtherExpandingtheRatingTableInvestInfoOutperformMaintained告SectorReportFloatingRangeofSelf-determinedPricingCoefficientsofCommercialAutoInsuranceTheimplementationtimeofthepolicyisinprincipleno评级跑赢大市维持laterthanJune120232WeexpectthePCinsuranceindustrytofaceheadwindsfromthedecreaseinautoinsurancepriceintheshortrunThepurposeofthepolicyistofurtherliberalizeautoinsurancepricingandbenefitconsumersThepolicyexpandedthefloatingrangeofself-determinedpricingcoefficientsofautoinsurancefrom065135to0515allowingwiderpricingdifferentiationforconsumerswithdifferentdrivingbehaviorssoastobenefithigh-qualityconsumersGiventhattheautoinsuranceindustryrecordedunderwritingprofitsin2022andthusstillhadroomforfurtherpricecutswe证expectinsurancecompaniestocutautoinsurancepricetoattractconsumers告bringingpressuretopremiumincomeandprofitabilityintheshortrun券研报ReiterateindustryratingasOutperformWeexpectthefurther究究liberalizationofautoinsurancepricingtopromotethehealthydevelopmentoftheautoinsuranceindustryinthelongrunWeexpectleadingPCinsuranceResearchReport报研companiestobenefitfromthepolicyduetostrongpricingcapabilitiesand告recommendPICCPC02328HKwhichisaleadingPCinsurance券Equitycompanywithunparalleledpricingcapabilitiesbackedbyalargeamountof证datatosupportaccuratedifferentiatialautoinsurancepricings2023年1月12日中国银保监会发布关于进一步扩大商业车险自主定价系数浮动范围等有关事项的通知该政策实施时间原则上不迟于2023年6月1日我们预计财险行业短期内将面临车险价格下行的不利因素该政策的目的是进一步放开车T险定价惠及消费者新政将车险自主定价系数浮动范围由065135扩大至0515a为不同驾驶行为的消费者提供更大的定价差异惠及优质消费者鉴于2022年车险行业录得承保利润仍有进一步降价空间我们预计保险公司将通过下调车险价格来吸引消费b非者短期内将对保费收入和盈利能力带来压力银l重申行业评级为跑赢大市我们预计车险定价的进一步市场化将促进车险行业的长期金e健康发展我们预计领先的财险公司将因强大的定价能力而受益于新政并推荐中国财险融02328HK这是一家领先的财险公司拥有大量数据支持下的强大定价能力可实行现精准差异化定价L业SectorBankFinance-efNontMarginSeethelastpagefordisclaimerPage1of3SeSourceSourceBloombeWeightedAverageSimpleAveragePlcPrudentialLtdAiaGroupCorpManulifeFinancialInsuranPCZhonganOnlineCoLifeInsuranceChinaGrInsuranceChinaPacificCasualtyPropertyPiccPingCoGroupInsuranceAnCoGroupReinsuranceChinaCLifeInsuranceNewChinaChinaTaipingHoldInsuranceCoGrouInsurancePeopleSCompanyTableethe-1lastPeersPeerspagrgGuotaiJunanInternationalJunanGuotairgefo--HcrH-omparisonHdisclaimer---HH-H-HHStockCodeStock02318HK02318HK01508HK01336HK00966HK0133902378HK02378HK01299HK00945HK06060HK02628HK02601HK02328CurrencyHKDHKDHKDHKDHKDHKDHKDHKDHKDHKDHKDHKDLastLastprice12290014650062150232008795027050149802120011000056026607710HKP1001842842na893140534590676963641APE1661774261122fiscalyearfiscalna8497735192467170402F137180302298937870624871324750373F120159208286787162564361304144354FTablePageHeader213102523091907070711020504041APBfiscalyearPBfiscal214112527092107080711020604042F212102124091907070610020504043F211091923081806060609020504044FROENon130106135122116112297896500805083662-FakiacSectorFinanceBankDY239421117520039547846574132782FPagePage1031403103140310340911136060MHK347283274665268261170824245544kt106711396852591340972Cap2mofof32nigraMelbaT1nigraMelbaTSectorReportNon-BankFinanceSector非银金融行业16January2023SeTel852250927FLowBlockGrandGuotaiJunananditsgroupcompaniesanytoregistrationorlicensingrequirementwithinsuchjurisdictionlawapplicabletocontrarybewoulduseoravailabilitypublicationdistributionsuchwherejurisdictionanyRThiswherandrisksrelateditsandconsulttheirownfinancialadvisersprioranyobjectivestoinvestmentdecisioninvestmentthecomprehendandunderstandshouldInvestorscontainmayuncertaintyandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforwardefforthasbestThoughensurebeentoaccuracytheinformationmadeoftheanddatacontainedResearchthisinReportGuotaicontrarytoopinionsorinvestmereportthisinexpressedopinionsAnycompaniesofgroupJunanGuotaiofexecutivesprofessionalotheranddealerspersonscontrarybeordiffermayreportthisinexpressedopinionsAnyservicesproprietarilyinvestmentbankinginvestmentincludingaJunanGuotaiJunanGuotaiLimitedKongResearchReportdThisDISCLAIMER654321DISCLOSUREOFINTERESTSRatingHorizonTimeto618monthsTheBenchmarkTableSectorRatingDefinitionSectorRatingHorizonTimeto618monthsTheCompanyTableCompanyRatingDefinitionTableSectorSubReportTabledisclosure2023ReduceNeutralAccumulateBuyUnderperformNeutralOutperformSellethBenchmarkeesearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresideorcitizenaiswhoentityorpersonanybyuseortodistributionforintendedordirectedatnotisesearchReportReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunanandgroupitscompanJunanGuotaiReportINSURANCEANPINGHKJunanGuotaiReportwithinprecedingthe12monthsGuotai01983BANKHKLUZHOU00512doholdnotequaltoormorethanof1themarketcapitaliz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