Group 1 - The signing of the vegetable (edible bamboo shoot) planting insurance contract by Jiangxi Fuzhou Le'an Agricultural and Forestry Development Co., Ltd. and PICC Le'an Branch provides risk protection totaling 98.944 million yuan for over 39,000 acres of bamboo shoot forests, marking a significant step in financial support for the development of the "Le'an Bamboo Shoot" industry [1][3] - The insurance addresses the challenges faced by the bamboo shoot production industry, which is heavily reliant on weather conditions and susceptible to extreme weather and pests, thereby enhancing the confidence of operating entities and ensuring stable income for farmers [3][4] - The insurance offers comprehensive coverage for losses due to natural disasters and pests during the bamboo shoot planting period, with a coverage amount of 2,500 yuan per acre, supported by a substantial financial subsidy of 75% from provincial, municipal, and county levels [3][4] Group 2 - The successful implementation of the edible bamboo shoot insurance not only provides a safety net for production operations but also represents an important achievement in innovating financial support for agriculture and optimizing the agricultural development environment in Le'an County [4] - This initiative effectively mitigates the impact of natural risks on industry development, enhances the ability of new agricultural operators to withstand risks, and creates a more stable and predictable environment to attract more social capital and operators into the bamboo shoot industry [4] - Future plans include accelerating the standardization of bamboo shoot forests, deepening the branding and market expansion of "Le'an Bamboo Shoot," and continuously improving mechanisms to connect farmers, aiming to establish the bamboo shoot industry as a pillar of rural revitalization and a source of wealth for the community [4]

Core Viewpoint - The A-share insurance sector has shown remarkable performance at the beginning of 2026, continuing the strong trend from 2025, with major companies experiencing significant stock price increases [3][4]. Group 1: A-share Insurance Performance - As of January 6, 2026, major A-share insurance companies such as Xinhua Insurance and China Pacific Insurance saw stock price increases exceeding 5%, while China Life and Ping An rose over 2% [1][3]. - On the first trading day of 2026, all five major A-share listed insurance companies recorded gains of over 5%, with Xinhua Insurance leading at an increase of 8.87% and China Pacific at 7.52% [3]. - The stock prices of Xinhua Insurance and China Pacific reached historical highs, while Ping An closed at 72.36 yuan per share, marking a five-year peak [3]. Group 2: Industry Fundamentals - The insurance industry has shown solid growth, with total premium income reaching 5.76 trillion yuan in the first eleven months of 2025, reflecting a year-on-year increase of 7.56% [4]. - Specifically, life insurance companies reported a premium income growth of 9.1%, while property insurance companies saw a 3.9% increase, indicating a stable development trajectory for the industry [4]. Group 3: Market Dynamics and Policy Impact - Analysts attribute the strong performance of insurance stocks to a combination of policy benefits, improved earnings, valuation recovery, and favorable capital allocation [4]. - Recent regulatory changes aimed at encouraging long-term investments by insurance funds have alleviated market concerns regarding investment restrictions, facilitating a systematic valuation recovery for the sector [4]. - The shift towards index-based investment products by the government positions insurance stocks as prime candidates for passive investment, enhancing their appeal in the market [4][5]. Group 4: Future Outlook - The overall bullish trend in insurance stocks throughout 2025 is expected to continue into 2026, supported by favorable liquidity conditions and policy relaxations that enhance the operational capabilities of insurance companies [5]. - The outlook for new business value (NBV) and premium growth remains positive, driven by favorable deposit migration trends and improved interest margins [5].

展望2026年，市场人士认为，政策将持续支持保险公司强化资产负债管理，叠加居民对保险产品热情延 续以及资本市场上涨可期，上市险企资产负债共振向好有望延续。在业绩增长与估值提升的"戴维斯双 击"预期下，保险板块也有望持续受到资金关注。 实际上，在负债端减压和资产端松绑的政策影响下，保险板块持续走强，2025年全年保险板块涨幅为 26.42%。 负债端方面，预定利率下调、发展分红险等举措减轻了保险公司的负债成本压力，尤其是在市场利率持 续下行环境中，保险产品日益成为居民配置的重要资产。得益于居民"存款搬家"，负债端保险销售有望 保持增长趋势。 资产端方面，上调权益资产投资比例，调降股票投资相关风险因子，扩大保险资金长期投资试点，开展 黄金投资试点……2025年以来，政策持续为险资投资"松绑"，打开空间与拓宽渠道并行，鼓励险资"长 钱长投"。保险公司不断加强多元资产配置，尤其是增加权益资产配置，受益于2025年权益市场表现亮 眼，从而获得丰厚投资收益。2025年前三季度，A股五大上市险企合计实现归母净利润约4260.39亿元， 创下历史同期新高。 1月5日，A股保险板块上涨6.17%，居申万二级行业分类首位。个股方 ...

Core Viewpoint - Southbound funds have reduced their holdings in China People's Insurance Group (01339.HK) by 10.217 million shares on January 5, with a total net reduction of 11.0945 million shares over the past five trading days [1] Group 1: Southbound Fund Activity - In the last 20 trading days, southbound funds have reduced their holdings on 12 occasions, resulting in a cumulative net reduction of 56.0824 million shares [1] - Currently, southbound funds hold 2.607 billion shares of China People's Insurance Group, accounting for 29.86% of the company's total issued ordinary shares [1] Group 2: Company Overview - China People's Insurance Group is a holding company primarily engaged in providing insurance products [1] - The company and its subsidiaries are involved in various insurance sectors, including property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, and pension insurance [1] - The property insurance segment includes products for both corporate and individual clients, such as motor vehicle insurance, agricultural insurance, property insurance, and liability insurance [1] - The health insurance segment focuses on health and medical insurance products [1] - The life insurance segment offers various life insurance products, including participating, whole life, annuity, and universal life insurance [1] - The Hong Kong insurance segment encompasses property insurance operations in Hong Kong [1] - The pension insurance segment includes corporate annuities and occupational annuities [1]

截至2026年1月5日收盘，中国人保（601319）报收于9.43元，较前一交易日上涨5.36%，最新总市值为 4170.32亿元。该股当日开盘8.99元，最高9.52元，最低8.96元，成交额达11.55亿元，换手率为0.35%。 《H股公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司近日发布公告称，中国人民保险集团股份有限公司截至2025年12月31日的证券变动月报表显示，公 司普通股H股和A股的法定/注册资本、已发行股份均无变动。H股总数为8,726,234,000股，面值人民币1 元；A股总数为35,497,756,583股，面值人民币1元。库存股数量为零。本月底注册股本总额为人民币 44,223,990,583元。所有股份发行及变动均符合上市规则及相关法规。 最新公告列表 ...

整体看，A股交投气氛十分活跃，机构资金和各路游资纷纷出手，各有斩获。 数据显示，多家机构席位出现在了蓝色光标、盐湖股份、海格通信、西测测试的龙虎榜中，此外A股实 力游资章建平也出现在蓝色光标龙虎榜中，单日买入了6482.08万元，卖出了2.59亿元。 12连阳，沪指创33年最长连阳纪录，A股春季躁动行情渐入高潮！ 1月5日，A股迎来2026年首个交易日，三大指数全天高开高走，截至收盘，沪指涨1.38%，报4023.42 点，深成指涨2.24%，报13828.63点，创业板指涨2.85%，报3294.55点，科创50指数涨4.4%，报1403.41 点。与此同时，资金纷纷疯狂涌入A股，今日沪深两市合计成交额25463.47亿元，较上一个交易日放量 5011亿。 值得注意的是，沪指在2025年末已经走出11连阳的强势走势。在今日A股实现开门红之后，沪指从2025 年12月17日至2026年1月5日的12个交易日中，成功实现12连阳，创下A股1993年以来最长连阳纪录。最 近33年间A股最长连阳纪录为11天，分别在2006年以及2017-2018年出现过。A股最长连阳纪录为99天， 但彼时A股才处于起步阶段，市场体 ...

Core Insights - The establishment of the Ping An Health Management Company marks a significant step in the transformation of the health insurance sector, reflecting a shift towards a "managed care" model and the reconstruction of a new ecosystem in health insurance [1][16] - As of November 2025, the cumulative premium for commercial health insurance reached 943.9 billion yuan, with a year-on-year growth of 2.3%, indicating a stable market but falling short of the 2 trillion yuan target set for 2025 [1][16] - The Chinese commercial health insurance market is at a crossroads, focusing on high-quality development driven by regulatory guidance and innovation in health management and product offerings [1][16] Market Structure - The commercial health insurance market is maintaining stability amid slowing growth, with a shift in focus from scale expansion to quality improvement [3][18] - In the first 11 months of 2025, life insurance companies accounted for 76.8% of health insurance premiums, totaling 725.2 billion yuan, but their growth rate has stagnated, while property insurance companies saw a 10.2% increase in premiums [3][18] - The market's stability is evidenced by a monthly premium of 49.6 billion yuan in November 2025, with life insurance companies contributing 40.2 billion yuan and property insurance companies 9.4 billion yuan [3][18] Policy Support - Regulatory measures have been pivotal in driving the transformation of the health insurance industry, with multiple initiatives launched to enhance product standards and payment reforms [4][19] - The "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" issued on September 30, 2025, outlines a vision for the role of health insurance in the national health security system by 2030 [4][19] - The policy emphasizes the integration of health insurance with health management, aiming to create a new health service guarantee system that combines prevention, management, and protection [4][19] Product Innovation - The health insurance sector is entering a phase of deep product innovation, with a focus on dual attributes of "protection + returns" in dividend insurance products [7][22] - Personal account-based long-term medical insurance is highlighted as a key area supported by policy, addressing the industry's challenges with traditional short-term medical insurance [7][22] - The mid-to-high-end medical insurance market is expanding, with major players enhancing their offerings to include comprehensive solutions beyond mere reimbursement [8][23] Ecosystem Reconstruction - The competition in the health insurance industry is shifting towards building an ecosystem, with a consensus on the "insurance + health management" model [10][26] - Major insurance companies are establishing health management firms to create a comprehensive health service system, moving from post-claim reimbursement to full-cycle health management [10][26] - The establishment of health management companies by leading insurers is seen as a localized innovation of the mature "managed care" model from developed markets, aiming to enhance service quality and sustainability [12][27] Technological Empowerment - The application of new technologies such as AI, big data, and blockchain is deepening in the health insurance sector, enhancing efficiency across product design, underwriting, and customer service [13][28] - Ping An has integrated AI into its health strategy, creating a comprehensive service system that covers various health service scenarios [13][28] - The focus on digitalization and the development of personalized health management platforms are expected to improve user experience and support dynamic pricing and risk control [13][28]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人民保險集團股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01339 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,726,234,000 | RMB | | 1 RMB | | 8,726,234,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 8,726,234,000 | RMB | | 1 RMB | | 8,726,234,000 | | 2. 股份分類 | 普通股 | 股份類 ...

Market Overview - The Hong Kong stock market showed a narrow range of fluctuations on January 5, with the Hang Seng Index slightly up by 0.03%, the Hang Seng China Enterprises Index down by 0.22%, and the Hang Seng Tech Index up by 0.09% [1][2]. Sector Performance - Large tech stocks exhibited mixed performance, with Kuaishou surging by over 11%, while other notable stocks like Bilibili and Alibaba also saw gains of over 5% and 2%, respectively. Conversely, stocks like NetEase and Xiaomi fell by over 2% [2][4]. - The biotechnology sector was active, with companies like Rongchang Bio and Kelun-Bothai rising over 7%, and other firms like Fuhong Hanlin and Tigermed increasing by over 6% [7]. - The insurance sector saw strong gains, with China Pacific Insurance up over 6% and New China Life Insurance up over 5%. Analysts highlighted five key trends in the life insurance industry for 2026, including rapid growth in new business and a shift in customer demographics [8]. - The automotive sector faced declines, with Great Wall Motors dropping over 6% and NIO nearly 6%. Despite some brands achieving record sales in 2025, only a few met their annual sales targets [10]. Notable Stock Movements - Kuaishou's stock price reached 73.60 HKD, reflecting an increase of 11.09% with a market cap of 317.91 billion HKD [5]. - Nanjing Panda Electronics surged by nearly 40%, while Micron Brain Science and Brainhole Technology rose by nearly 20% and over 17%, respectively, following news of Neuralink's plans for large-scale production of brain-computer interface devices [6][4]. - The "three oil giants" saw significant declines, with China Petroleum and China National Offshore Oil Corporation both dropping over 3% due to geopolitical tensions and OPEC+ decisions [9]. Capital Flows - Southbound funds recorded a net inflow of 18.723 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 9.809 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 8.914 billion HKD [12]. Future Outlook - Goldman Sachs recommends overweighting Chinese stocks, predicting a 15% to 20% annual increase in the Chinese stock market for 2026 and 2027. Guosen Securities also sees potential in the market driven by a weaker US dollar and improved domestic liquidity in the spring of 2026 [15].

证券研究报告 固收定期报告 hyzqdatemark 2026 年 01 月 05 日 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 联系人 长端收益率走高，利差大多小幅收窄 ——信用分析周报（2025/12/29-2026/1/4） 投资要点： 本周信用热点事件：12 月 26 日"15 天安人寿"公告实质性违约。 本周市场概览： 1）一级市场：本周传统信用债发行量、偿还量、净融资额环比上周均有所减少；资 产支持证券净融资额环比上周减少 192 亿元。本周由于元旦节前整体发行量较少， 不同评级不同券种的平均发行利率较上周变化幅度相对较大。 2）二级市场：本周信用债成交量环比上周减少 8328 亿元；换手率方面，本周信用 债换手率较上周整体下行。本周 1Y 短端信用债收益率小幅下行，其余不同评级不同 期限的信用债收益率大多有所上行。总体来看，本周不同行业不同评级的信用利差 较上周波动幅度均不超过 5BP，且大多有所压缩。具体来看，本周 ...