近日，新华保险与New Frontier Group Limited(以下简称"新风天域集团")在北京举行战略合作签约仪 式。双方将合作升级"保险+医疗健康"融合模式，为客户提供覆盖全生命周期的医疗健康解决方案。 签约仪式上，新华保险相关负责人表示，面对日益增长的多元化、高品质健康管理需求，传统的保险保 障与医疗服务相分离已难以满足公众对健康生活的全面追求。新华保险正在全面加速推动医康养生态布 局，打造"卓越医疗""卓越健康"服务体系。新风天域集团是一家创立于中国香港的综合性医疗和生命科 学集团，已迅速成长为中国领先的一体化私立医疗集团之一。与新风天域集团的战略合作将进一步丰富 为积极响应"健康中国"战略，推动保险保障与医疗服务深度融合，继与复星集团、欧葆庭、雅达资本等 合作之后，新华保险在医康养生态领域又添重磅战略合作对象。 新风天域旗下和睦家 新华居家养老和健康医疗服务内容，将保险的风险保障功能与医疗健康的专业服务能力无缝连接，持续 为客户构建全生命周期健康医疗服务保障体系。 新风天域集团相关负责人表示，本次与新华保险达成战略合作，双方将共同努力开创"保险+医疗健 康"融合新篇章。新风天域集团将凭借其多元 ...

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].

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入（元） | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601336 新华保险 | | 2.60亿 | 9.33% | -5141.09万 | -1.84% | -2.09亿 | -7.48% | | 601601 中国太保 | | 1.19/Z | 4.02% | 5411.66万 | 1.83% | -1.73亿 | -5.85% | | 601319 中国人保 | | 8002.96万 | 7.30% | 792.67万 | 0.72% | -8795.63万 | -8.02% | | 601628 中国人寿 | | -5498.40万 | -3.19% | 1.53亿 | 8.91% | -9840.94万 | -5.71% | | 601318 中国平安 | | -2.37亿 | -1.81% | -4.21亿 | -3.22% | 6.58 Z | 5.03% | 证券之星消息，1月26日保险板块较上一交易日上 ...

每经AI快讯，大金融板块集体走强，财通证券冲击涨停，兴业证券、新华保险、中国太保、宁波银行 涨超5%。 （文章来源：每日经济新闻） ...

Group 1 - The A-share insurance sector experienced an upward trend on January 26, with New China Life Insurance rising over 5% [1] - China Life Insurance and China Pacific Insurance both increased by more than 3% [1] - China Reinsurance and Ping An Insurance also saw gains, following the positive movement in the sector [1]

Group 1 - The insurance sector has shown strong performance, with Xinhua Insurance rising over 5% [1] - China Life and China Pacific Insurance both increased by more than 3% [1] - China Re and Ping An also experienced gains, contributing to the overall positive trend in the insurance industry [1]

Core Viewpoint - The insurance sector is becoming increasingly attractive to investors, with significant growth in both the A-share market and the Hong Kong insurance market, driven by lower interest rates and a shift of capital from traditional savings to higher-yielding insurance products [3][4][5]. Group 1: Insurance Market Performance - As of January 25, 2026, the A-share market's three-year return is 31.01%, while the insurance industry index has achieved a return of 51.75% [4]. - In the first three quarters of 2025, the five major listed insurance companies in A-shares reported a total net profit of 426 billion yuan, marking a year-on-year increase of 33.5% [5]. - Major insurance companies such as China Life and Ping An have shown substantial growth in both revenue and net profit, with China Life's net profit increasing by 60.5% year-on-year [6]. Group 2: Hong Kong Insurance Market Dynamics - The Hong Kong insurance market has seen a surge in mainland Chinese investors, with 50.5% year-on-year growth in new policy premiums in the first half of 2025, and 29% of new policies purchased by mainland visitors [10]. - Hong Kong's insurance products offer greater flexibility and higher investment returns compared to mainland products, attracting more sophisticated mainland investors [10][11]. - The majority of new policies in Hong Kong are denominated in US dollars (79.8%), highlighting the preference for foreign currency products among investors [12]. Group 3: Investment Opportunities in Hong Kong Insurance - Hong Kong's dividend insurance products have a much higher expected return compared to mainland products, with potential returns reaching 4%-6% over 30 years [20][21]. - The advantages of Hong Kong's critical illness insurance include higher leverage, multiple payout options, and broader coverage compared to mainland offerings [26][30]. - Innovative financial strategies, such as leveraging loans to invest in high-yield insurance products, are being explored by investors, although they carry significant risks [32][33]. Group 4: Broader Investment Trends - The Hong Kong stock market is becoming a preferred destination for mainland companies, with a record IPO financing amount of 286.3 billion HKD in 2025, indicating a robust market environment [34][35]. - The average daily trading volume in the Hong Kong stock market increased by 90% in 2025, reflecting heightened investor interest and market activity [38]. - The Hang Seng Index rose by 25.77% in 2025, showcasing strong performance amid favorable market conditions [39]. Group 5: Strategic Importance of Hong Kong - Nearly 80% of mainland enterprises are choosing Hong Kong as their global expansion starting point, benefiting from its financial services and strategic location [42]. - Hong Kong's unique position as a free trade port allows for flexible currency transactions, making it an attractive option for businesses looking to mitigate exchange rate risks [43]. - The presence of a large pool of professional service providers in Hong Kong supports mainland companies in navigating international markets effectively [46].

Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights a significant increase in insurance holdings, with public fund holdings in the non-bank financial sector rising from 1.49% in Q3 2025 to 2.48% in Q4 2025, driven by market style rebalancing and marginal support from the sector's fundamentals [24][34] - The report notes that despite the ongoing pursuit of high-elasticity technology sectors, the non-bank financial sector is at a historical low valuation, with strong performance in the insurance sector and increased trading volumes in brokerage firms, indicating fundamental resilience [24][34] - The report suggests that the public fund holdings in the securities sector increased slightly from 0.63% in Q3 2025 to 0.71% in Q4 2025, reflecting improved performance trends and the appeal of low valuations [33] Summary by Sections New Public Fund Issuance - In Q4 2025, the number of newly issued funds remained stable at approximately 477, with a year-on-year increase of 81% compared to 264 in Q4 2024, while the issuance volume decreased by 15.19% year-on-year [12][19] - The share of newly issued equity funds decreased from 41% in the previous quarter to 32%, while mixed fund shares increased from 15% to 19% [12] Non-Bank Financial Fund Holdings - Public fund holdings in the non-bank financial sector increased, with the total market capitalization share rising to 2.48% in Q4 2025 [24] - The report attributes this increase to a shift in funds from crowded technology sectors to undervalued defensive sectors, alongside a recovery in northbound capital allocations [24] Major Non-Bank Companies' Holdings - The report indicates that major non-bank companies saw slight increases in public fund holdings, with China Ping An leading at 1.11% and China Pacific Insurance at 0.35% [41] - The report recommends focusing on key companies such as CITIC Securities, Huatai Securities, and China Ping An for potential investment opportunities [24][41]