Core Viewpoint - The collaboration between Botai Car Union and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to transform the insurance landscape in the smart mobility era [1] Group 1: Strategic Cooperation Details - The companies will create a new service paradigm by integrating AI and data while ensuring data security, leveraging their technological and insurance expertise to enhance user value and satisfaction [2] - They will build a leading safety ecosystem through the "car-insurance linkage" model, combining driving behavior risk perception with Ping An's customer operation system to inject technological momentum into the construction of a strong transportation nation [2] - The partnership will explore new dimensions in smart mobility services by integrating resources, providing one-stop travel solutions, and innovating embedded insurance financial products to foster a new ecosystem of technology empowerment and cross-industry collaboration [2]

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] 业绩预告期仍为重点配置时期 报告要点 [Table_Summary] 本周非银板块整体表现较强，部分公司披露 2025 年业绩预告，整体延续高增态势。券商方面， 本周证监会召开资本市场"十五五"规划上市公司座谈会，另外市场交投有所回升，整体维持 历史高位；保险方面，中长期来看三季报以来印证了存款搬家、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，健康慢牛下建议积极增配保险。 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] 业绩预告期仍为重点配置时期 [Table_Summary2] 核心观点 1）本周非银板块整体表现较强，部分公司披露 2025 年业绩预告，整体延续高增态势。券商方 面，本周证监会召开资本市场"十 ...

Core Viewpoint - The collaboration between Botai Car Union and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to transform the insurance landscape in the smart mobility era [1]. Group 1: Strategic Cooperation Details - The companies will create a new service paradigm by integrating AI and data while ensuring data security, leveraging their technological and insurance expertise to enhance user value and satisfaction [2]. - They will build a leading safety ecosystem through the integration of driving behavior risk perception systems with Ping An's customer operation systems, aiming to establish a new "car-insurance linkage" model [2]. - The partnership will explore innovative embedded insurance solutions and provide comprehensive travel solutions by merging their ecological resources, focusing on diverse travel scenarios [2].

Core Viewpoint - The collaboration between Botai Che Lian and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to transform the insurance landscape in the smart mobility era through AI and data-driven innovations [1][2]. Group 1: Strategic Cooperation - The framework agreement establishes a partnership to create a new service paradigm that combines AI and data, enhancing user value and satisfaction while ensuring data security [1]. - The collaboration will build a leading safety ecosystem that integrates driving behavior risk perception with Ping An's customer operation system, leveraging Botai's technology in multimodal interaction and cloud platforms [1]. Group 2: Market Opportunities - The partnership seeks to explore embedded insurance financial innovations and provide comprehensive travel solutions by deeply integrating both parties' ecological resources [2]. - The initiative aims to foster a new ecosystem characterized by technology empowerment, cross-industry integration, and collaborative development, seizing market opportunities for upgrading the smart transportation ecosystem [2].

Core Viewpoint - The collaboration between Botai Che Lian and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to enhance the insurance ecosystem for smart mobility, transitioning from basic services to personalized, all-scenario empowerment [1][2] Group 1: Strategic Cooperation - The companies will co-create a new service paradigm that integrates AI and data, ensuring data security while leveraging their technological and insurance expertise to enhance user value and satisfaction [1] - They will build a leading safety ecosystem that links vehicles and insurance, combining Botai's technology in multi-modal interaction and cloud platforms with Ping An's customer operation system to create a new model for vehicle-insurance interaction [1] Group 2: Expanding Smart Mobility Services - The partnership will deeply integrate their ecological resources to merge driving safety with insurance services, providing comprehensive travel solutions and exploring embedded insurance financial innovations [2] - This collaboration aims to foster a new ecosystem characterized by technology empowerment, cross-industry integration, and collaborative development, seizing market opportunities to upgrade the smart transportation ecosystem [2]

Core Viewpoint - In 2025, Ping An Life Insurance aims for high-quality development through a dual-driven strategy of "comprehensive finance + medical care and elderly care," enhancing operational efficiency and expanding insurance value while fulfilling social responsibilities and improving customer experience through AI technology [1] Group 1: High-Quality Development - The company emphasizes high-quality development by implementing the spirit of the 20th National Congress, conducting over 7,559 meetings and 1,384 educational activities to strengthen party organization and leadership [2] - Ping An Life Insurance's "4 channels + 3 products" strategy has significantly improved business quality, contributing to economic stability and quality enhancement [2] Group 2: Individual Insurance Channel Reform - The company has established a "four-in-one" system to support the transformation of its agent workforce, focusing on professional insurance products and services [3] - The upgraded basic law encourages agents to enhance productivity and organizational efficiency, while training programs are designed to improve agent skills [3] Group 3: Insurance + Service Upgrade - The "Tianping An" insurance + service solution was launched, offering a range of products and services that cater to customer needs in health and elderly care [4] - New services include traditional Chinese medicine health management and home care services, addressing the core needs of the elderly population [4] Group 4: Customer Rights System - The "Enjoy Ping An" customer rights system provides over 100 value-added services across four areas: sports, education, cultural life, and health management, serving over 12 million customers [6] - The system has received multiple awards for its service quality, reflecting market recognition [6] Group 5: Product Innovation - The company has introduced various dividend and medical insurance products to meet the growing demand for insurance and wealth management [7] - New products are designed to address customer needs in a low-interest-rate environment, enhancing the overall customer experience [7] Group 6: Channel Innovation - Ping An Life Insurance has deepened its multi-channel construction, with the bancassurance channel showing a 170.9% year-on-year growth in new business value [8] - Community financial services are also expanding, contributing to 35.1% of the new business value [8] Group 7: Financial Consumer Protection - The company prioritizes consumer rights protection, launching emergency plans for disaster recovery and enhancing financial education outreach to over 1 billion people [9] - Efforts to combat illegal insurance practices have led to significant legal actions against fraudulent activities [9] Group 8: Embracing Technological Change - The company has adopted advanced AI technologies to enhance business operations, including sales, training, and claims processing [10] - The implementation of the DeepSeek intelligent platform has improved service efficiency and customer experience [10] Group 9: Long-Term Investment - Ping An Life Insurance promotes the "long money, long investment" concept, directing insurance funds into capital markets and supporting the real economy [11] - The company has launched a 30 billion yuan private equity fund focused on long-term and value investments [11] Group 10: Social Responsibility - The company engages in various public welfare activities, including educational programs and community support initiatives, benefiting thousands of individuals [12] - Efforts in rural revitalization have included financial assistance and support for local projects, demonstrating a commitment to social responsibility [12]

Report Industry Investment Rating - Not provided in the content Core Views of the Report - The new "Insurance Company Asset - Liability Management Measures (Draft for Comment)" has five major changes, aiming to strengthen the supervision of insurance companies' asset - liability management and guide long - term operations [2]. - In 25Q3, the solvency indicators of the insurance industry declined, mainly due to the increase in equity capital occupation and the pressure on both the asset and liability sides [2]. - The rise in long - term bond yields and the good performance of the A - share market in 25Q3 improved the investment returns of the insurance industry and reduced industry risks, but the credit risks of some under - performing insurers need attention [2]. - Large - scale life insurance companies have an advantage in scale premium growth, while small and medium - sized insurers show significant differentiation [2]. - The issuance scale of insurance sub - debt has shrunk [2]. Summary by Relevant Catalogs New "Insurance Company Asset - Liability Management Measures (Draft for Comment)" - **Five major changes**: System integration, organizational framework improvement, clear regulatory indicators, optimized indicator calculation methods, and improved regulatory measures [2][4]. - **Regulatory indicators for property insurance companies**: Precipitation fund coverage ratio to prevent short - term fund long - term investment, income coverage ratio and pressure - scenario liquidity coverage ratio to guide long - term operations [2][5]. - **Regulatory indicators for life insurance companies**: Effective duration gap to prevent asset - liability table fluctuations, comprehensive investment income coverage ratio and net investment income coverage ratio to guide long - term operations [2][5]. 25Q3 Insurance Industry Solvency - **Solvency indicators**: The comprehensive solvency ratio was 186.3% and the core solvency ratio was 134.3%, down 18.2 and 13.5 percentage points respectively from 25Q2, mainly due to the decline of life insurance companies [2]. - **Reasons for the decline**: Increased equity asset allocation, higher risk factors for equity assets under the new rules, and pressure on both the asset and liability sides [2]. 25Q3 Insurance Industry Investment and Profit - **Investment returns**: The rise in long - term bond yields and the good performance of the A - share market improved investment returns, with the total net profit of most insurers with outstanding insurance sub - debt increasing from 92.7 billion yuan in Q2 to 246.9 billion yuan in Q3 [2][24]. - **Profit differentiation**: Among 41 insurers with available data and outstanding insurance sub - debt, property insurance companies' net profit decreased by 3.306 billion yuan in 25Q3, while life insurance companies' net profit increased by 155.65 billion yuan [2]. Scale Premium Growth of Insurance Companies - **Large - scale life insurance companies**: As of 25Q3, China Post Life and New China Life had year - on - year scale premium growth rates of 18.65% and 17.96% respectively, showing relatively high and stable growth [2]. - **Small and medium - sized life insurance companies**: There was significant differentiation, with some companies having high growth rates and others having negative growth [2]. Insurance Sub - debt Issuance - **Issuance scale**: In 2024, 117.5 billion yuan of insurance sub - debt was issued, with 57.3 billion yuan in 24Q3. In 2025, 104.2 billion yuan was issued, a 11.3% year - on - year decrease. As of January 22, 2026, only 5 billion yuan was issued [2]. Investment Recommendations - Screened state - owned and central - owned enterprise insurance company sub - debt with a valuation yield > 2.2%, core solvency ratio > 100%, comprehensive solvency ratio > 150%, and risk comprehensive rating of BBB or above, such as 24 China Property Insurance Capital Supplementary Bond, 25 Great Wall Life Perpetual Bond 01, etc. [3]

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

Core Viewpoint - The article discusses the challenges and strategies of corporate philanthropy in China, highlighting the need for sustainable models that integrate social responsibility into business operations. It emphasizes that relying solely on a few individuals for charitable efforts is not sustainable in the long run [1][2]. Group 1: Corporate Philanthropy Models - Five main types of corporate philanthropy are identified among the top 50 companies in China: 1. **Participation by Everyone**: Companies like Tencent encourage public involvement through low-barrier donation options, such as the "Fenfen Donation" program, which has engaged 400 million users by the end of 2024 [2][3]. 2. **Technical or Industrial Support**: Companies like CATL engage in rural revitalization through initiatives that support local agriculture, such as the "I Have an Acre of Land" program, which has reclaimed 280 acres of wasteland [3][4]. 3. **Establishment of Charitable Trusts/Funds**: Many companies, including Vanke, have set up foundations that have collectively invested over 1 billion yuan in various social causes by the end of 2024 [4]. 4. **Creating Charity IPs**: Notable examples include Ping An's Hope Primary Schools, which have supported over 31,000 students and trained over 20,000 rural teachers [4][5]. 5. **Direct Charitable Donations**: This straightforward approach remains a primary method for many companies, although it is seen as less sustainable [4][5]. Group 2: Sustainability of Philanthropic Models - Among the five models, "Technical or Industrial Support" is considered the most sustainable, as it aligns social needs with business capabilities, allowing for a synergy between social and commercial value [5][6]. - Establishing charitable trusts or funds is also viewed as sustainable, as it allows for independent management of social issues, facilitating long-term planning [5][6]. - The "Participation by Everyone" model enhances brand image and is well-suited for platform companies like Tencent, while the "Charity IP" model maximizes brand benefits [5][6]. Group 3: Challenges in Corporate Philanthropy - Companies face significant challenges in creating sustainable philanthropic models, including the need for strategic integration of philanthropy into business operations and the establishment of a culture that promotes ongoing participation [11][12]. - The lack of dedicated personnel in many corporate foundations raises concerns about the effectiveness and management of charitable initiatives [8][9]. - A comprehensive approach to philanthropy is necessary, requiring professional management processes and a clear understanding of social issues to ensure long-term impact [12][13]. Group 4: Financial Contributions and Impact - In 2024, corporate donations accounted for 983 billion yuan, representing 74.21% of total charitable contributions in China, underscoring the critical role of businesses in philanthropy [8]. - Notable large donations include BYD's commitment of 3 billion yuan to education and significant stock donations from individuals supporting educational institutions [8][9]. - The article highlights the diverse forms of donations, including cash, stocks, and services, reflecting a growing trend in corporate philanthropy [8].

与有色金属、通信等板块受成长型基金驱动不同，非银金融此轮增持主要由价值型基金主导。分析指出，保险行 业兼具稳定分红与长期成长性，在权益市场回暖和定存资金转移的背景下，其配置价值进一步凸显。2025年四季 度，保险指数累计上涨23.42%，显著跑赢银行股和券商股。中国平安、中国太保等龙头因资产负债表优化、新业 务价值回升，成为基金超配的核心标的。机构认为，经过前期估值调整，保险板块的结构性机会大于市场整体波 动，尤其是具备渠道优势和产品创新能力的头部公司，有望持续受益于居民财富配置转型。 券商板块的加仓则呈现"强者恒强"特征。数据显示，公募基金对中信证券的持仓市值比例从0.1687%提升至 0.3132%，华泰证券从0.1579%增至0.1989%，而中小券商的增持幅度相对有限。市场人士指出，全面注册制深 化、衍生品业务扩容等政策预期，叠加权益市场活跃度提升，头部券商凭借资本实力和综合服务能力，更易获得 超额收益。不过，尽管四季度获得加仓，非银金融整体仍处于低配状态，当前仓位较2006年以来平均水平仍有较 大差距，位于30%的历史分位，后续增配空间或受市场风险偏好和行业基本面改善程度影响。 【环球网财经综合报道 ...