Group 1 - The core viewpoint of the article highlights China Taiping Insurance Group's commitment to steady progress in 2025, focusing on risk prevention, management enhancement, development promotion, and safety assurance [2][3] - In 2025, China Taiping's operating revenue is projected to be 172.62 billion yuan, reflecting a year-on-year growth of 1.1%. Total assets are expected to reach 1.8 trillion yuan, an increase of 11.7% from the beginning of the year. Managed investment assets are anticipated to be 2.5 trillion yuan, growing by 4% [2] - The insurance premiums from technology insurance are expected to grow by 17.2%, with the investment scale in the technology sector increasing by 39% year-on-year. Green insurance premiums are projected to rise by 18.2%, with a 20% increase in the investment scale in the green sector [2] - Agricultural insurance premiums are expected to increase by 17.7%, while the balance of pension management assets is nearing 700 billion yuan, with personal pension insurance premiums expected to grow by 41.5% [2] - The investment scale in the Guangdong-Hong Kong-Macao Greater Bay Area is projected to grow by 26.6% year-on-year, achieving premium income exceeding 50 billion yuan, with cross-border vehicle insurance in the three regions increasing by 5.6% [2] - Premium income from businesses along the "Belt and Road" initiative is expected to grow by 15.3% year-on-year [2] Group 2 - The meeting outlined China Taiping's goals for 2026, emphasizing adherence to the central government's decisions, balancing development and safety, strengthening core functions, improving quality and efficiency, and advancing strict party governance [3] - The main line of focus for the group is "preventing risks, strengthening management, promoting development, and ensuring safety," aiming for high-quality development breakthroughs in the first year of the 14th Five-Year Plan [3] - The group aims to contribute significantly to building a strong financial nation and advancing Chinese-style modernization [3]

会议指出，2025年，中国太平坚持稳中求进，扎实推进防风险、强管理、促发展、保安全各项工 作，"稳"的基础更加坚实，"进"的动能更加强劲，高质量发展迈出坚实有力步伐。经营业绩稳中有进， 新会计准则下，中国太平实现营业收入1726.2亿元人民币，同比增长1.1%；2025年末总资产1.8万亿 元，较2025年初增长11.7%；管理投资资产2.5万亿元，较2025年初增长4%。 1月29日，中国太平在上海召开2026年工作会议。中国太平党委书记、董事长尹兆君出席并讲话， 党委副书记、总经理李可东作经营工作报告。 会议指出，"十四五"时期，中国太平坚决贯彻党中央、国务院决策部署，坚持稳中求进工作总基 调，持续深化改革，统筹发展和安全，推动集团高质量发展顶压前行、向新向优。一是毫不动摇坚持党 的全面领导，以高质量党建引领高质量发展。二是始终坚持金融工作的政治性、人民性，在服务"国之 大者"中践行初心使命、彰显央企担当。三是完整准确全面贯彻新发展理念，高质量发展成效明显。四 是持续深耕战略布局，着力构建面向未来的发展新优势。五是抓牢防风险强管理，在强基固本中筑牢行 稳致远的基础。 会议提出2026年目标任务。聚焦坚决贯 ...

|2026年1月30日 星期五| NO.1保险板块震荡走强，新华保险涨超3%，创历史新高 1月29日午后，保险板块震荡走强，新华保险盘中涨超3%，股价创历史新高，中国太保涨近5%，中国 平安涨幅靠前，中国人寿、中国人保跟涨。 NO.5美联储宣布维持基准利率不变 点评：券商分析，分红险持续深化带动结构改善，银保渠道网点拓张赋能新单增长，"报行合一"细化有 望持续贡献价值率增量，预计2026年上市险企合计新业务价值增速或在15%以上的水平。 今日，中国太平保险集团在上海召开2026年工作会议。会议透露，新会计准则下，中国太平集团2025年 营业收入1726.2亿元，同比增长1.1%；2025年年末管理投资资产2.5万亿元，较年初增长4%；2025年年 末总资产1.8万亿元，较年初增长11.7%，太平控股全年股价上涨超60%。 点评：中国太平集团在2025年展现出稳健的发展态势，总资产较年初增长11.7%，全年股价上涨超 60%，在行业转型与市场竞争加剧的背景下，反映了资本市场对其战略执行与经营韧性的认可。 NO.4宋绍富获批担任锦泰财险总经理 近日，国家金融监管总局四川监管局发布批复，核准宋绍富锦泰财产总经理的任 ...

Group 1: Insurance Industry Developments - Ningbo government supports insurance institutions in innovating reproductive assistance insurance products, expanding the scope of fertility protection and including certain assisted reproductive medical services in the medical insurance fund payment range [1] - AIA Asset Management and HUA Asset Management have officially opened as wholly foreign-owned insurance asset management institutions in Shanghai, marking a significant development in the foreign investment landscape in the insurance sector [2] - China Life Property & Casualty Insurance reported a net profit of 3.976 billion yuan for 2025, a year-on-year increase of 109.04%, with total assets reaching 155.397 billion yuan, up 5.95% [3] - China Life Property & Casualty Insurance announced executive changes, with the appointment of a new financial officer and promotions for regional managers, indicating a strategic shift in leadership [4] - Car Car Technology has signed a strategic cooperation agreement with FBA Tianxing Insurance and Jinbiao Dazhong to develop insurance products for new energy vehicles, focusing on product innovation and smart pricing [5] - China Pacific Insurance reported total assets of 1.8 trillion yuan at the end of 2025, an increase of 11.7% from the beginning of the year, highlighting growth in the insurance sector [6] - China Life Insurance launched two new dividend-type annuity insurance products, enhancing its offerings in the retirement planning market [7] Group 2: Market Trends and Financial Insights - Goldman Sachs predicts that approximately 1.6 trillion yuan will flow into Chinese stocks driven by insurance companies increasing their equity asset allocations, with a total of 3.6 trillion yuan expected to enter the market [8][9] - Ethos Technologies, a U.S. online life insurance service provider, plans to go public on NASDAQ, aiming to raise up to 210.5 million USD, reflecting the growing interest in digital insurance platforms [11] - Japanese life insurance companies are reducing their holdings in ultra-long-term Japanese government bonds in response to rising yields and policy uncertainties, indicating a shift in investment strategies [12]

北京商报讯（记者 李秀梅）1月29日，中国太平保险集团在上海召开2026年工作会议。北京商报记者了 解到，新会计准则下，2025年该集团营业收入1726.2亿元，同比增长1.1%；年末总资产1.8万亿元，较 年初增长11.7%；管理投资资产2.5万亿元，较年初增长4%。净利润大幅增长。科技保险保费收入同比 增长17.2%、科技领域存量投资规模较年初增长39%；绿色保险保费收入同比增长18.2%、绿色领域存量 投资规模较年初增长20%；农业保险保费收入同比增长17.7%；年金管理资产余额近7000亿元、个人养 老金保险保费收入同比增长41.5%；上线50个大模型应用。大湾区存量投资规模较年初增长26.6%，实 现保费收入超500亿元。承保三地跨境车同比增长5.6%。 ...

Core Viewpoint - China Taiping Insurance Group held a work meeting in Shanghai to discuss the goals and strategies for 2026, emphasizing the implementation of the Party's decisions and the pursuit of high-quality development during the "15th Five-Year Plan" period [1][3][34] Group Achievements During the "14th Five-Year Plan" - The group adhered to the Party's leadership and focused on high-quality development, achieving significant progress in reform and risk management [4][21] - Key achievements included a notable increase in various insurance sectors, such as technology insurance premiums growing by 17.2% and green insurance premiums by 18.2% [12][29] Strategic Focus for the "15th Five-Year Plan" - The group aims to align its actions with the Party's scientific judgments and decisions, enhancing strategic planning for high-quality development [16][33] - Seven major reform and development tasks have been identified, including strengthening core functions and promoting internal efficiency [34] Key Operational Goals for 2026 - The group will focus on risk management, compliance, and enhancing operational efficiency while maintaining a strong commitment to the Party's directives [17][34] - Six operational priorities include improving service quality, enhancing competitive advantages, and solidifying foundational management [34][35]

Group 1 - The National Financial Supervision Administration approved the relocation of Taiping Life Insurance Co., Ltd. LePing Branch to a new address in Jingdezhen City, Jiangxi Province [1] - The new business location is specified as: Building 5, No. 115, 116, and 208, Zhongyuan Daming City, LePing Avenue, LePing City, Jingdezhen [1] - Taiping Life Insurance Co., Ltd. is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Group 1 - The Hong Kong insurance sector showed strength at the beginning of trading, with AIA Group (01299.HK) rising by 2.35% [1] - China Life Insurance (02628.HK) increased by 1.8%, indicating positive market sentiment [1] - Other companies such as Prudential (02378.HK), China Pacific Insurance (01339.HK), and China Taiping Insurance (00966.HK) also saw gains of over 1% [1]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7] Core Insights - The non-bank sector has shown weak overall performance this week, but some companies have disclosed high profit growth forecasts for 2025. The China Securities Regulatory Commission (CSRC) has issued guidelines to promote the return to fundamentals in the public offering securities investment fund industry, which is expected to drive long-term stable development [2][4] - The market trading volume has decreased, yet remains at historically high levels. The report suggests monitoring the sector's future performance [4] - In the insurance sector, the third-quarter reports have confirmed the logic of deposit migration, increased equity allocation, and improved new policy costs. The certainty of ROE improvement has increased, and valuations are expected to accelerate recovery [4] - The report highlights the increasing cost-effectiveness of overall allocations and ongoing revaluation in the sector [4] Summary by Sections Non-Bank Sector Performance - The non-bank financial index decreased by 1.5% this week, with an underperformance of 0.8% relative to the CSI 300, ranking 29th out of 31 sectors [5] - Year-to-date, the non-bank financial index has decreased by 1.6%, underperforming the CSI 300 by 3.1% [5] Market Overview - The average daily trading volume in the two markets was 27,988.78 billion yuan, down 19.23% week-on-week, with a daily turnover rate of 2.68%, down 68.47 basis points [5] - The leverage capital scale has rebounded, with a margin balance of 2.72 trillion yuan, up 0.23% [5] Insurance Sector Insights - The cumulative insurance premium income for November 2025 reached 57,629 billion yuan, a year-on-year increase of 7.56% [23] - Life insurance income was 41,472 billion yuan, up 9.06% year-on-year, while property insurance income was 16,157 billion yuan, up 3.88% [24] Company Recommendations - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, due to their strong business models and market positions [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4]

Investment Rating - The report maintains a "Recommend" rating for the non-bank financial sector, indicating a positive outlook for investment in this area [1][8]. Core Insights - The non-bank financial sector is experiencing a continued high level of activity, with significant increases in holdings in both the brokerage and insurance segments. The brokerage sector's holdings increased to 0.99%, while the insurance sector saw a substantial rise to 2.04% [1][7]. - The overall fund net asset value reached 36.8 trillion yuan, reflecting a year-on-year growth of 14% and a quarter-on-quarter increase of 2% [12]. - The brokerage sector is expected to benefit from improved market conditions, with a projected net profit increase of 26% year-on-year for Q4 2025 [19][20]. - The insurance sector is poised for strong performance in 2026, driven by favorable market conditions and a significant increase in new policy premiums [22][23]. Summary by Sections Public Fund Market Size - As of Q4 2025, the total net asset value of public funds was 36.8 trillion yuan, with a year-on-year increase of 14% and a quarter-on-quarter increase of 2% [12]. - The non-monetary fund size reached 21.7 trillion yuan, growing 16% year-on-year [12]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.99%, up 0.1 percentage points from the previous quarter, with a total of 7.71 billion shares held, reflecting a 17.9% quarter-on-quarter increase [20]. - Major brokerages such as CITIC Securities and Guotai Junan saw significant increases in their holdings, with respective increases of 0.14 and 0.07 percentage points [20][21]. Insurance Sector - The insurance sector's holdings rose to 2.04%, a significant increase of 0.97 percentage points from the previous quarter, exceeding the benchmark allocation [23]. - Key players like Ping An and China Life experienced notable increases in their holdings, with Ping An's allocation rising by 0.68 percentage points [23]. Investment Recommendations - The report suggests focusing on key stocks within the brokerage sector, including Guotai Junan, CITIC Securities, and Huatai Securities, as well as major insurance companies like Ping An and China Life [8].