Group 1 - The core viewpoint of the articles highlights the positive impact of recent US-China trade negotiations on market sentiment, leading to gains in major technology stocks and the Hang Seng China Enterprises Index [1] - The Hang Seng China Enterprises ETF (159960) rose by 0.42%, marking a three-day increase, while the Hang Seng China Enterprises Index (HSCE) increased by 0.97% [1] - Key stocks that contributed to the index's rise include Shenzhou International (02313) up 5.21%, Baidu Group-SW (09888) up 4.07%, Alibaba-W (09988) up 3.33%, and XPeng Motors-W (09868) up 3.19% [1] Group 2 - According to招商证券, the Hong Kong stock market is expected to experience a period of initial decline followed by recovery in the fourth quarter, driven by factors such as continuous innovation in the Chinese technology sector and a low probability of high tariffs being implemented [2] - The Hang Seng China Enterprises Index (HSCE) is closely tracking the performance of Chinese mainland companies listed in Hong Kong, with the top ten weighted stocks accounting for 55.75% of the index [2] - The long-term outlook suggests a "slow bull" trend for Hong Kong stocks, supported by improved fundamentals, upward revisions in profit expectations, and valuation recovery during a period of monetary easing [2]

一、同意中国平安财产保险股份有限公司云南分公司禄丰支公司营业场所变更为：云南省楚雄彝族自治 州禄丰市金山镇侏罗世纪大街东侧1幢1楼1-103、1-104、1-105、1-106房屋。 二、中国平安财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年10月16日，楚雄金融监管分局发布批复称，《关于中国平安财产保险股份有限公司云南分公司禄 丰支公司变更营业场所的请示》（平保产云分楚雄中支发〔2025〕8号）收悉。经审核，现批复如下： ...

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 季报期把握板块配置机遇 报告要点 [Table_Summary] 陆续进入三季报密集披露期，市场维持高位下券商业绩有望延续高增趋势，把握配置机遇；保 险方面，从已披露公司来看板块前三季度利润增速较此前预期大幅上调，投资收益突出，短期 担忧解除。整体来看印证了存款搬家、增配权益和新单成本改善逻辑，中长期 ROE 改善确定 性进一步提升，估值有望加速修复，结合中长期拐点向上的判断，我们认为整体配置性价比正 逐步提高。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 吴一凡 谢宇尘 盛晓双 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title2] 季报期把握板块配置机遇 [Table_Summary2] 核心观点 1）陆续进入三季报密集披露期，市场维持高位下券商业绩有望延续高增趋势，把握配置机遇； 保险方面，板块前三季度利润增 ...

Electronic and 2025 年 10 月 26 日 时玩人分析 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 重视非银补涨机会 非银金融行业周报（2025/10/20-2025/10/24） 本期投资提示: 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 若研究报 券商：本周申万券商 II 指数收涨 2.05%，跑输沪深 300 指数 1.19pct。1) 中信证券及东方财富 9M25 业绩亮眼，验证券商三季报业绩高增预期。中信证券：9M25 净利润 232 亿元/同比 +38%，3Q25 单季净利润 94.4 亿元/同比+52%/环比+32%，单季业绩创新高。报告期公司维持 双位数扩表，成为我国 A 股市场首家总资产突破 2 万亿的龙头券商。自营业务：3Q25，公司金融 投资资 ...

北京商报讯（记者 李秀梅）10月25日，平安健康保险股份有限公司（以下简称"平安健康险"）在北京举办平安乐健康品牌焕新升级发布会。会上，平安健 康险焕新升级发布"平安乐健康"健康保险服务新体系，重磅宣布"平安健康保险"客户端迭代升级为"平安乐健康"客户端。 平安健康险党委书记、董事长朱友刚表示，平安健康险坚定贯彻"健康中国"战略和金融监管总局政策精神，通过焕新升级"平安乐健康"这一标杆之举，旨在 让每一次运动、每一次就医、每一次理赔都能沉淀为客户可增值的健康资产。同时，此举也是平安健康险践行平安集团"三省"理念的生动实践，未来将持续 为客户创造"省心、省时、又省钱"的健康美好生活。 在发布会上，平安健康险总经理助理喻宁阐释了"平安乐健康"品牌焕新的核心内涵——即打造"平安乐健康"健康保险服务新体系，推出以"平安乐健康"客户 端为核心的健康生活方式数字化平台，为客户提供省心、省时、又省钱的服务。 此外，除了为客户提供多场景的优质服务，平安健康险洞悉客户需求，将"平安乐健康"客户端升级为一个"健康生活方式数字化平台"，通过数字化账户，串 联客户全周期健康旅程，将"健康行为"量化为可增值的"健康资产"，形成保单、服 ...

固定收益 | 固定收益定期 大行买短债，基金买信用 证券研究报告 机构行为周度跟踪 债市活力指数小幅回落 截至 10 月 24 日，债市活力指数较 10 月 17 日回落 4pcts 至 15%，5D-MA 回落 1pcts 至 24%。 其中，债市活力升温指标包括：十年期国开债隐含税率（反向）（滚动两年 分位数由 2%上升至 4%）、银行间债市杠杆率较过去 4 年同期均值的超额水 平（滚动两年分位数由 16%升至 40%）。降温指标包括：10Y 国开债活跃券 成交额/9-10Y 国开债余额（滚动两年分位数由 56%降至 48%）、30Y 国债换 手率（滚动两年分位数由 45%降至 17%）、中长期纯债基久期中位数（滚动 两年分位数由 85.0%降至 83.8%）。 机构买卖行为跟踪：当前机构行为整体平淡，后续关注配置力量 1）买卖力度与券种选择：大行持续买入短债，基金主力信用债 整体来看，本周现券市场净买入力度排序为：货基>基金>大行>理财>券 商>其他>保险>其他产品类>外资银行，净卖出力度排序为股份行>城商 行>农村金融。 券种选择上，目前各类机构主力的券种为：1）大行主力 1 年以内利率债、 1-3Y ...

本报讯 （记者冷翠华）10月25日，平安健康保险股份有限公司（以下简称"平安健康险"）在北京发布"平安乐健康"品牌， 重磅宣布"平安健康保险"客户端迭代升级为"平安乐健康"客户端。这标志着平安健康险在"健康保险+医健服务"融合发展领域又 迈出关键一步，不仅全面创新推出健康保险服务新体系，还将打造一个专业级的"健康生活方式数字化平台"。 平安健康险党委书记、董事长朱友刚表示，平安健康险坚定贯彻"健康中国"战略和国家金融监督管理总局政策精神，升级 发布"平安乐健康"客户端，旨在让每一次运动、每一次就医、每一次理赔都能沉淀为客户可增值的健康资产。同时，此举也是 平安健康险践行平安集团"三省"理念的生动实践，未来将持续为客户创造"省心、省时、又省钱"的健康美好生活。 9月底，国家金融监督管理总局发布的《关于推动健康保险高质量发展的指导意见》明确提出，推动健康保险与健康管理 融合发展。构建"事前预防、事中管理、事后保障"相结合的新型健康服务保障体系。 平安健康险积极响应政策精神，基于"健康保险+医健服务"双轮驱动的经营战略，构建以"平安乐健康"为核心的健康保险 服务新体系，切实提升保险中的专业健康管理服务，助力保险高质 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the rebound opportunities in the brokerage segment [2][3]. Core Insights - The report emphasizes the strong performance of major brokerages such as CITIC Securities and Dongfang Wealth, with significant profit growth in Q3 2025, indicating a robust recovery in the brokerage sector [3]. - The insurance sector is expected to benefit from the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," focusing on high-quality development and risk management [3]. - The report identifies three main investment themes in the brokerage sector: strong head institutions benefiting from competitive landscape optimization, brokerages with high earnings elasticity, and firms with strong international business capabilities [3]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,660.68 with a weekly change of +3.24%, while the non-bank index closed at 2,017.91 with a change of +2.02% [6]. - The brokerage, insurance, and diversified financial indices reported changes of +2.05%, +1.85%, and +2.46% respectively [6]. Non-Bank Financial Data - As of October 24, 2025, the average daily trading volume in the stock market was 20,966.76 billion, reflecting a decrease of 29.04% compared to the previous month [15][50]. - The margin trading balance reached 24,510.45 billion, an increase of 31.5% from the end of 2024 [15][47]. Key Company Announcements - China Life Insurance expects a net profit increase of approximately 50% to 70% year-on-year for the first three quarters of 2025, driven by effective investment strategies and market recovery [37][38]. - Dongfang Wealth reported a net profit of 9.1 billion for the first nine months of 2025, marking a 51% year-on-year increase [3]. Investment Recommendations - The report recommends investing in leading brokerages such as Guangfa Securities, Guotai Junan, and CITIC Securities, as well as insurance companies like China Life and China Pacific Insurance, due to their strong fundamentals and market positioning [3].

Core Viewpoint - Ping An Health Insurance has launched the upgraded "Ping An Le Health" brand, marking a significant step in the integration of health insurance and medical services, and aims to create a digital platform for health management [1][4][11] Group 1: Brand Upgrade and New System - The "Ping An Le Health" brand upgrade introduces a new health insurance service system that combines health insurance with medical services [1][4] - The upgraded client app will serve as a digital platform for health management, allowing customers to manage their health assets effectively [6][7] Group 2: Strategic Alignment with National Policies - The upgrade aligns with the national strategy of "Healthy China" and the recent guidelines from the National Financial Regulatory Administration aimed at promoting high-quality development in the health insurance sector [4][11] - Ping An Health Insurance is committed to implementing the "three savings" philosophy, focusing on creating a hassle-free, time-efficient, and cost-effective health experience for customers [3][11] Group 3: Service Offerings - The new health insurance service system includes four key services: Active Living, Quality Medical Care, Digital Healing, and Long-term Protection, addressing various customer needs [6][11] - The digital platform will quantify health behaviors into valuable health assets, creating a closed-loop system that encourages family health management [7][11] Group 4: Social Responsibility and Community Engagement - Ping An Health Insurance is launching a series of health marketing activities to promote public health awareness and support the "Healthy China" initiative [8][10] - The company aims to leverage its resources to conduct various health activities, enhancing public health literacy and engagement [8][11]

Regulatory Dynamics - The People's Bank of China maintains the 1-year and 5-year Loan Prime Rate (LPR) at 3.0% and 3.5% respectively, unchanged for five consecutive months since May [5] - The National Healthcare Security Administration reports that 25 provinces will implement direct payment of maternity allowances to individuals, covering nearly 90% of coordinated areas [6] - The Ministry of Health aims to increase the average life expectancy in China from 79 to around 80 years within five years [8] - The Financial Regulatory Bureau emphasizes the role of artificial intelligence in enhancing the core competitiveness of insurance institutions [9] Company Dynamics - China Life Insurance expects a year-on-year increase of 50% to 70% in net profit for the first three quarters [27] - China Ping An has completed the repurchase and cancellation of shares, aiming to enhance shareholder returns [28] - Zhong Postal Life has increased its registered capital to approximately 32.64 billion RMB [21] - AIA Group has received an increase in shares from JPMorgan Chase, totaling 768,100 shares [23] Industry Dynamics - Multiple insurance companies report significant profit increases in their third-quarter results, with growth rates between 40% and 70% [40] - Insurance Asset-Backed Securities (ABS) have become a popular investment choice, with nearly 100 billion in scale during the third quarter [43] - The overall dividend realization rate for insurance products has improved, with many companies reporting rates exceeding 100% [46] - A total of 2,565 insurance branch offices have exited the market this year, reflecting a trend of consolidation in the industry [48] Personnel Changes - Zhou Mingqiang has been approved as the Deputy General Manager of Everbright Yongming [32] - Chen Ping has been appointed as the Deputy General Manager of Ruizhong Life Insurance [33] - Zhao Peng has been approved as the financial responsible person for China Insurance [34]