Key TakeawaysHong Kong’s Hang Seng Index fell 0.6% to 26,913.68 as tech heavyweights retreated due to renewed global concerns regarding the disruptive impact of artificial intelligence on employment.Mainland Chinese markets surged on the first trading day of the Year of the Horse, with the CSI 300 Index gaining 1.4% and the Shanghai Composite Index jumping 1.2%.South Korea lodged a formal protest with US Forces Korea (USFK) following a tense aerial standoff between American F-16s and Chinese fighter jets ov ...

智通财经APP获悉，华润啤酒-R(80291)、京东集团-SWR(89618)、友邦保险-R(81299)上一交易日沽空比 率位于前三位，分别为100.00%、92.61%、82.83%。美团-W(03690)、小米集团-W(01810)、腾讯控股 (00700)的沽空金额位居前三，分别为18.99 亿元、12.48 亿元、12.23 亿元。远大医药(00512)、越秀地产 (00123)、中粮家佳康(01610)的偏离值位居前三，分别为42.04%、40.19%、39.65%。 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 远大医药(00512) | 333.14 万元 | 53.62% | 42.04% | | 越秀地产(00123) | 1028.89 万元 | 56.01% | 40.19% | | 中粮家佳康(01610) | 632.42 万元 | 50.01% | 39.65% | | 融创服务(01516) | 240.14 万元 | 64.63% | 39.64% | | 中国船舶租赁(03877) | 1212.09 万 ...

[Table_Title] 保险Ⅱ行业 2025年险资规模双位数增长，权益配置同比大幅提升 [Table_Summary] 核心观点： 证券研究报告 [Table_Page] 跟踪分析|保险Ⅱ | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-23 | [Table_PicQuote] 相对市场表现 -20% -11% -2% 6% 15% 24% 10/24 01/25 03/25 06/25 08/25 10/25 保险Ⅱ 沪深300 | [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 | | 0 ...

Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

| 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 较港服 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | @ 00700 | 522.000 | -11.000 | -2.06% | TCEHY | 531.758 | +9.758 | | 2 | 阿里巴巴-W | 09988 | 147.100 | -7.600 | -4.91% | BABA | 150.874 | +3.774 | | 3 | 汇丰控股 | 00005 | 134.300 | +0.100 | 0.07% | HSBC | 137.775 | +3.475 | | 4 | 建设银行 | 00939 | 8.040 | +0.030 | 0.37% | CICHY | 8.112 | +0.072 | | 5 | 小米集团-W | 01810 | 35.360 | -1.300 | -3.55% | XIACY | 35.854 | +0.494 | | 6 | 友邦 ...

| .HSIADR 恒生指数ADR | | | --- | --- | | 26541.96 ↓ -163.98 -0.61% | 收盘价 02/19 16:00 美东 | | 三月日同 ▼ | | | 最高价 26674.58 开盘价 26658.57 | 成交量 2463.91万 | | 最低价 26480.63 昨收价 26705.94 | 平均价 26577.60 | | 52周最高 27964.68上 涨 -- | 平 智 -- | | 52周最低 19335.70下 跌 -- | 振 幅 0.73% | | 800000 恒生指数 26705.94 +138.82 +0.52% | | | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(H | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 533.000 | +1.000 | 0.19% | TCEHY | 532.3 | | 2 | 阿里巴巴-W | 09988 | 154.700 | -0.7 ...

The Finance group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is AIA (AAGIY) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.AIA is a member of the Finance sector. This group includes 852 individual stocks and currently holds a Zacks Sector Rank of #4. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Ran ...

该行认为，从宏利业绩直接引伸的关联性有限，因2025年第四季销售疲弱是受高基数效应及监管变化导 致经纪渠道中断的共同影响。相比宏利，友邦及保诚来自经纪渠道的年度化新保费贡献低得多，因此受 该渠道不利因素的影响较小。 关于人工智能颠覆的担忧，该行虽然看到未来存在颠覆风险，但强调代理销售专注于保单条款复杂、保 费缴付期长及/或保费金额大的产品。该行相信这些产品较不容易受到人工智能颠覆的影响，因为客户 重视人际互动。该行相信持续增长的论述依然完好，与疫情相关的干扰大多已成为过去。 保诚及友邦保险股价于上周五(13日)分别下跌8%及4%。投资者提及综合因素包括宏利金融(00945)于2月 12日公布的2025年第四季销售疲弱，以及对人工智能颠覆的担忧。 智通财经APP获悉，高盛发布研报称，以当前估值，看到具吸引力的风险回报，重申友邦保险(01299)及 保诚(02378)的"买入"评级，前者目标价96港元，后者目标价150港元。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, driven by the growth in premium income and stable asset management [5][3]. Core Insights - The growth in premium income is expected to lead to a steady increase in the balance of insurance funds, with a projected year-end balance of CNY 38.5 trillion for 2025, reflecting a 15.7% increase from the beginning of the year [5][3]. - The report highlights a significant increase in equity allocation, with total equity and fund assets reaching CNY 5.70 trillion, up CNY 1.60 trillion from the start of the year, accounting for 15.4% of total assets [5][3]. - The bond allocation remains robust, constituting 50.4% of the total assets, indicating that bonds continue to serve as a stabilizing force for insurance companies [5][3]. Summary by Sections Premium Growth and Fund Allocation - The insurance industry is projected to see a premium growth of 7.1% year-on-year in 2025, with life insurance premiums increasing by 8.3% and property insurance premiums by 3.9% [5][3]. - By the end of Q4 2025, the allocation of stocks reached CNY 3.73 trillion, an increase of CNY 1.31 trillion from the beginning of the year, while fund assets totaled CNY 1.97 trillion, reflecting a slight decrease in the last quarter [5][3]. Asset Management Strategy - The report anticipates that the stable long-term interest rates, which are expected to range between 1.79% and 1.90%, along with a mild recovery in the equity market, will positively impact the profitability of insurance companies [5][3]. - The report recommends specific stocks, including China Ping An, China Pacific Insurance, New China Life, and China Life, as favorable investment opportunities within the sector [5][3].

成交额前三的个股中，腾讯控股跌0.65%，成交超142亿港元；阿里巴巴跌2.02%，成交超108亿港元； 美团跌3.18%，成交超81亿港元。 （文章来源：新华财经） 新华财经香港2月13日电（记者林迎楠）13日港股主要指数低开后弱势整理，截至收盘，恒生指数下跌 1.72%至26567.12点，恒生科技指数下跌0.90%至5360.42点，国企指数下跌1.55%至9032.71点。 当日恒指低开392.38点，开报26640.16点，开盘后有所反弹便开始震荡下行，午后先降后升，最终恒指 跌465.42点，主板成交超2575亿港元。当日，港股通（南向）净流入超202亿港元。 整体来看，芯片、百货业等股多为上涨，新消费、新能源汽车、电信等股有涨有跌，黄金、有色金属、 生物医药、港口运输、科网、石油与天然气、券商、银行等股多有下跌。 个股方面，小米集团涨0.88%，友邦保险跌4.18%，紫金矿业跌7.64%，香港交易所跌2.13%，中芯国际 涨0.79%，携程集团-S跌2.10%，泡泡玛特跌1.90%，天数智芯涨14.59%，智谱涨20.65%，建设银行跌 1.49%，华润置地跌2.52%，老铺黄金跌3.97%，国 ...