[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].

Group 1 - Hong Kong insurance stocks collectively rose, with ZhongAn Online (06060.HK) increasing by 4.53% to HKD 16.63 [1] - China Pacific Insurance (01339.HK) saw a rise of 4.15%, reaching HKD 7.03 [1] - Ping An Insurance (02318.HK) increased by 2.91%, trading at HKD 72.6 [1] - China Life Insurance (02628.HK) rose by 2.8%, priced at HKD 34.5 [1]

内险股集体走高，截至发稿，众安在线(06060)涨4.53%，报16.63港元；中国人保(01339)涨4.15%，报 7.03港元；中国平安(02318)涨2.91%，报72.6港元；中国人寿(02628)涨2.8%，报34.5港元。 消息面上，国家金融监督管理总局此前发布保险业全年经营数据。数据显示，2025年保险行业实现原保 险保费收入约6.12万亿元，同比增长7.43%。全年赔付支出2.44万亿元，同比增长6.2%。截至2025年年 末，行业总资产41.31万亿元，较年初增长15.06%。 华源证券指出，股票运用总体余额为3.73万亿元，同比+53.8%，预计一方面系25年以来二级权益市场行 情较优，资产公允价值上升，另一方面系保险资金响应落实中长期资金入市政策、加大权益资产配置。 在保费增速较高+权益市场"慢牛"预期下，预计26年保险资金运用余额有望维持两位数增长、权益占比 有望延续抬升，资产端投资收益有望推动保险公司盈利改善。 ...

| 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 腾讯控股(00700) | +13.91亿元 | +266.49万股 | | 小米集团－Ｗ(01810) | +9.83亿元 | +2779.84万股 | | 美团-W(03690) | +9.31亿元 | +1152.98万股 | | 中国石油化工股份(00386) | +3.15亿元 | +5828.20万股 | | 兆易创新(03986) | +3.09亿元 | +76.66万股 | | 金山云(03896) | +2.77亿元 | +3853.80万股 | | 山东黄金(01787) | +2.59亿元 | +653.25万股 | | 联想集团(00992) | +2.31亿元 | +2509.00万股 | | 华虹半导体(01347) | +2.14亿元 | +227.72万股 | | 紫金黄金国际(02259) | +2.07亿元 | +96.45万股 | 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；持股额变动=变动持股数*昨日收盘价。 3、港股通最近 ...

| 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 ...

机构观点西部证券指出，2026年2月15日当周，保险Ⅱ指数下跌2.48%，跑输大盘，但保险业在产业结 构转型中具备长期成长性；若经济复苏政策发力，估值修复潜力较大。机构综合目标价为86.18元，较 当前股价有32%的上涨空间，盈利预测显示2025年净利润同比增长12.84%。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 2026年2月13日，中国平安召开临时股东会，审议通过修订《公司章程》的议案，包括取消 监事会设置并由董事会相关委员会行使职权，该修订尚需国家金融监督管理总局核准后生效。2026年2 月14日，平安人寿公告董事长杨铮因返聘期满卸任，由副董事长蔡霆代行职责，公司正有序推进新任董 事长聘任工作。此外，平安人寿在港股市场持续增持金融股，截至2026年2月，对中国人寿H股持股比 例已突破10%，触发举牌，反映其在高股息资产配置上的战略布局。 股票近期走势截至2026年2月13日收盘，中国平安A股股价报65.29元，当日下跌1.88%，成交额约55.10 亿元；所属保险Ⅱ板块下跌1.74%，大盘上证指数下跌1.26%。资金流向显示，2月13日主力资金净流出 7.58亿元，北向资金当日减持中国 ...

据"安徽发布"微信公众号消息，近日，全国首单林业目标碳票碳减排量保险在池州市正式落地。中国平 安财产保险股份有限公司池州中心支公司与池州市石台县国有林场完成签约，保险覆盖森林面积3760 亩，涉及碳减排量3.22万吨，总保险金额208万元。 转自：安徽发布 ...

| .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 ...

（来源：财闻） 平安养老保险以7次调研频次位居榜首。 春节假期前，投资机构调研上市公司马不停蹄。 自2月初以来，共有42家保险机构参与调研。其中，平安养老保险以7次调研频次位居榜首，太平养老保 险以6次位列第二。此外，中国人民养老保险、中国人寿养老保险及瑞众人寿保险均开展了4次调研。 ...