智通财经APP获悉，周四，美股三大指数集体收涨。恒生指数ADR上涨，按比例计算，收报26739.45点，较香港收市涨109.49点或0.41%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 597.500 | -5.000 | -0.83% | TCEHY | 594.990 | -2.510 | -0.42% | 7 | | 2 | 阿里巴巴-W | 09988 | 164.800 | +1.600 | 0.98% | BABA | 172.684 | +7.884 | 4.78% | 17 | | 3 | 汇丰控股 | 00005 | 129.700 | +1.500 | 1.17% | HSBC | 130.600 | +0.900 | 0.69% | 00 | | 4 | 建设银行 | 00939 | 7.610 ...

AI基金西部利得港股通新机遇混合A（008861）披露2025年四季报，第四季度基金利润76.21万元，加权平均基金份额本期利润0.0342元。报告期内，基金净 值增长率为4.58%，截至四季度末，基金规模为1559.46万元。 该基金属于灵活配置型基金。截至1月21日，单位净值为0.811元。基金经理是胡超和周晶晶。 基金管理人在四季报中表示，港股市场在经历前期快速上涨后，四季度或受降息和关税预期反复整体进入调整，行业指数表现分化明显，恒生原材料、金融 和能源表现相对较好。本基金重视评估竞争格局和产业周期，精选在行业格局和产业趋势上共振的优质个股。策略上保持稳定，基于对行业格局和产业趋势 梳理，持续看好港股低估值保险板块配置价值，延续三季度策略战略性配置相关板块，同时适当增配出海价值个股和优质龙头公司。 截至1月21日，西部利得港股通新机遇混合A近三个月复权单位净值增长率为9.77%，位于同类可比基金542/1286；近半年复权单位净值增长率为22.31%，位 于同类可比基金624/1286；近一年复权单位净值增长率为58.35%，位于同类可比基金213/1286；近三年复权单位净值增长率为-5.88%，位 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The Q4 predetermined interest rate research value is 1.89%, indicating that product predetermined rates remain stable [6] - The insurance industry is expected to see a marginal improvement in the "interest and expense difference" due to regulatory guidance aimed at reducing liability costs and potential increases in asset yields [6] - The dynamic adjustment mechanism for predetermined rates and the transformation of participating insurance are expected to drive down the rigid liability costs of new policies, leading to a turning point for existing liability costs [6] - The report suggests focusing on the insurance sector, with specific stock recommendations including China Ping An, China Life, China Taiping, and others [6] Summary by Sections Industry Overview - The Q4 predetermined interest rate research value is 1.89%, which does not meet the conditions for a rate reduction, as it is only 11 basis points lower than the current traditional insurance predetermined rate of 2.0% [6] - The expected stability of the predetermined interest rate is projected to continue into Q1 2026, with an estimated value of around 1.9% [6] Regulatory Environment - The China Insurance Industry Association has set guidelines for adjusting predetermined rates, which require a 25 basis point difference over two consecutive quarters to trigger a reduction [6] - The report highlights the importance of the 10-year government bond yield as a key indicator influencing the research value [6] Investment Recommendations - The report recommends focusing on the insurance sector, particularly companies such as China Ping An (A/H), China Life (A/H), China Taiping (H), and others, due to expected improvements in profitability margins [6][7]

大型蓝筹股涨跌不一，汇丰控股收报129.700港元，较香港收市涨1.17%；腾讯控股收报599.924港元，较香港收市跌0.43%。 | 序号 名称 | | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 602.500 | +1.500 | 0.25% | TCEHY | 599.924 | -2.576 | -0.43% | 7 | | 2 | 阿里巴巴-W | 099888 | 163.200 | +3.500 | 2.19% | BABA | 164.396 | +1.196 | 0.73% | 16 | | 3 | 汇丰控股 | 00005 | 128.200 | -0.200 | -0.16% | HSBC | 129.700 | +1.500 | 1.17% | 8 | | 4 | 建设银行 | 00939 | 7.670 | -0.0 ...

来源：新浪基金∞工作室 主要财务指标：本期已实现收益418.76万元 利润亏损393万元 报告期内（2025年10月1日-12月31日），华夏中证港股通50ETF主要财务指标显示，本期已实现收益 4,187,630.75元（约418.76万元），但本期利润为-3,929,756.93元（约-393万元）。期末基金资产净值 80,738,932.29元，期末基金份额净值1.3810元。 从财务数据看，本期已实现收益为正，主要来源于利息收入、投资收益等，但受公允价值变动收益拖 累，整体利润转为亏损，反映出报告期内持仓股票市值波动对基金业绩产生了负面影响。 基金净值表现：Q4净值跌4.27% 跑赢基准0.16% 香港市场作为离岸市场，受国内经济（分子端）和美联储政策（分母端）双重影响。报告期内，前期累 积涨幅后市场对负面消息敏感，如美联储12月降息不及预期、AI资本开支质疑等引发风险偏好降温， 市场调整后随降息落地情绪恢复。基金运作中，重点做好指数跟踪，应对投资者申赎及成份股调整，同 时通过中信证券、中金公司等流动性服务商保障市场流动性。 业绩表现：跟踪偏离度0.16% 费用与成份股调整为主要偏离原因 截至2025 ...

| 2025 | 2026 | | 2026 | 2026 | 2026 | 2025 | | --- | --- | --- | --- | --- | --- | --- | | 排名 | 排名 | 대상 | 品牌价值 | 品牌强度得分 | 品牌强度评级 | 品牌强度评级 | | et | 66 | 中国石化 | 30415.32 | 78.56 | AA+ | AA+ | | 102 | 67 | 宁德时代 | 30120.16 | 79.69 | AA+ | AAA- | | ୧୦ | 74 | 招商银行 | 27799.82 68.17 | | AA+ | AA- | | 73 | 81 | 五粮液 | 27297.52 | 93.63 | AAA+ | AAA+ | | 68 | જિટ | 中国建筑 | 25473.48 | 71.82 | AA+ | AA | | 107 | 101 | 只乐 | 0 | P | B | 0 | | 109 | 104 | 中国人寿保险 | D | 0 | B | 0 | | 126 | 128 | 中信报行 | D | P | B | B | | 91 | ...

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - The current preset interest rate for ordinary life insurance products is 1.89%, a slight decrease from the previous value of 1.90%, indicating a narrowing decline in the preset interest rate research values over recent quarters [4]. - The report highlights that the long-end interest rates have stabilized since 2025, with a gradual upward trend established in the second half of 2025, suggesting a positive outlook for the industry [4]. - The report emphasizes the implementation of a dynamic adjustment mechanism linking preset interest rates to market rates, which is expected to guide companies in prudent pricing and asset-liability management [4]. - The likelihood of a "buy-stop" season in 2026 is considered low, as the preset interest rate research value is close to the maximum allowable rate for current products, making significant adjustments unlikely [4]. Summary by Sections Industry Overview - The report notes that the preset interest rate research values have shown a decreasing trend, with recent declines of 21bps, 14bps, 9bps, and 1bps, indicating a gradual stabilization [3]. - The financial regulatory authority has issued guidelines to link preset interest rates with market rates, which is expected to enhance the industry's pricing strategies [4]. Market Trends - The report indicates that the 5-year LPR remains at 3.5%, the 5-year fixed deposit benchmark rate at 1.3%, and the 10-year government bond yield at 1.85%, all showing stability compared to the previous quarter [4]. - The report suggests that the insurance sector has experienced a positive cyclical recovery since December of the previous year, with expectations for improved performance and valuation recovery [4]. Investment Recommendations - The report recommends continued attention to key players in the insurance sector, including China Life, China Pacific Insurance, Ping An Insurance, New China Life, China Property & Casualty Insurance, and AIA Group, as they are expected to benefit from the anticipated market conditions [4].

智通财经APP获悉，周二，美股三大指数集体收跌。恒生指数ADR下跌，按比例计算，收报26246.02点，较香港收市跌241.49点或0.91%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% ADR | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 601.000 | -9.000 | -1.48% | TCEHY | 593.183 | -7.817 | -1.30% | 7 | | 2 | 阿里巴巴-W | 09988 | 159.700 | -0.700 | -0.44% | BABA | 158.308 | -1.392 | -0.87% | 16 | | 3 | 汇丰控股 | 00005 | 128.400 | +1.400 | 1.10% | HSBC | 128.682 | +0.282 | 0.22% | 00 | | 4 | 建设银行 | 00939 | 7.76 ...

| 股份代號: | 01299 | | --- | --- | | 上市法國名稱: | 友邦保險控股有限 | | 日期 (日 / 月 / 年): | 19/12/2025 - 19/01 | | 一般的一 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) 材 | | | | | | | | 偷自分市 | | CS20260115E00453 | BlackRock, Inc. | 1101(L) | 26,869,334(L) | HKD 83.7565 | 743,693,517(L) | 7.08(L)12/01/2026 | | | | | | | 2.119.600(S) | 0.02(S) | 格隆汇1月19日丨根据联交所最新权益披露资料显示，2026年1月12日，友邦保险(01299.HK)获BlackRock, ...

Core Insights - The report highlights that new regulations in derivatives are expected to release positive signals for the non-bank financial sector, with a focus on companies likely to announce performance increases [1][5]. Group 1: Market Performance - As of January 16, 2026, the Shanghai Composite Index closed at 4101.91, down 0.45%, while the Shenzhen Component Index rose by 1.14% to 14281.08 [10]. - The average daily trading volume in the Shanghai and Shenzhen markets reached 3.47 trillion yuan, an increase of 21.50% month-on-month [5]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to continue high growth, with improvements in long-term interest rate spreads anticipated [12][16]. - As of January 12, 2026, the total scale of private equity securities investment funds by insurance capital reached 184.5 billion yuan, with 11 funds established [16]. - The report suggests focusing on companies such as China Ping An, China Life, and New China Life for potential investment opportunities [16]. Securities Sector - The China Securities Regulatory Commission (CSRC) emphasized stability and quality improvement in its 2026 work meeting, aiming to prevent market volatility and enhance internal stability [17][18]. - The CSRC's new derivatives regulations aim to standardize the market, encourage risk management, and improve the income structure of brokerage firms [25][26]. - The report indicates that the derivatives market is expected to grow significantly, with the scale of over-the-counter derivatives increasing from 0.32 trillion yuan in 2015 to 2.38 trillion yuan in 2023, reflecting a compound annual growth rate of 29% [26]. Group 3: Key Company Valuations and Financial Analysis - China Ping An (601318.SH) has a current price of 66.33 yuan, with a target value of 85.17 yuan, indicating a buy rating [6]. - New China Life (601336.SH) is rated as a buy with a current price of 82.09 yuan and a target value of 94.21 yuan [6]. - China Life (601628.SH) is also rated as a buy, with a current price of 47.52 yuan and a target value of 55.47 yuan [6].