Core Viewpoint - The insurance stocks continue to rise, with significant gains observed in major companies, indicating a positive market sentiment and potential for growth in the sector [1] Group 1: Stock Performance - Xinhua Insurance (01336) increased by 4.65%, reaching HKD 51.05 - China Pacific Insurance (601601) (02601) rose by 4.34%, reaching HKD 36.1 - Ping An Insurance (601318) (02318) saw a 3.37% increase, reaching HKD 65.9 - China Life Insurance (601628) (02628) grew by 2.4%, reaching HKD 28.98 [1] Group 2: Research Insights - Guojin Securities released a report indicating an upward trend in the "opening red" season, maintaining a positive recommendation for the sector - The report anticipates a significant number of fixed deposits maturing next year, making dividend insurance attractive for low-risk investors seeking long-term wealth preservation and growth - It is expected that the new single premium and NBV for the "opening red" will achieve double-digit growth, with large companies increasing their market share [1][1] Group 3: Regulatory Changes - Shenwan Hongyuan Securities published a report noting that regulatory authorities have recently lowered the risk factors for insurance companies holding long-term equity assets - This change is expected to release a substantial amount of incremental capital, estimated in the hundreds of billions, in the short term - The report highlights that with the replenishment of insurance capital and increased willingness to allocate, high-dividend stocks with stable returns and defensive attributes will become a key focus for investment [1][1]

Core Viewpoint - The insurance sector is experiencing a positive trend, with significant stock price increases for major companies, driven by favorable market conditions and regulatory changes [1] Group 1: Stock Performance - Xinhua Insurance (01336) increased by 4.65%, reaching HKD 51.05 - China Pacific Insurance (02601) rose by 4.34%, reaching HKD 36.1 - Ping An Insurance (02318) saw a 3.37% increase, reaching HKD 65.9 - China Life Insurance (02628) grew by 2.4%, reaching HKD 28.98 [1] Group 2: Market Outlook - Guojin Securities maintains a positive recommendation, citing an upward trend in the "opening red" season, with expectations of double-digit growth in new single premiums and NBV due to the upcoming maturity of a large number of fixed deposits [1] - The attractiveness of dividend insurance is highlighted for low-risk investors seeking long-term wealth preservation and growth, with major companies expected to increase market share amid a shift in the industry [1] Group 3: Regulatory Impact - Shenwan Hongyuan Securities reports that recent regulatory adjustments have lowered risk factors for insurance companies holding long-term equity assets, potentially releasing over RMB 100 billion in incremental capital [1] - The report emphasizes that with enhanced capital allocation willingness, high-dividend sectors with stable returns will become a key focus for insurance capital [1]

摩根士丹利对中国平安的看法更趋乐观，认为其可把握财富管理、医疗健康及养老服务三大核心机遇。 该行预计投资者担忧将逐步消散，为估值重估铺平道路。该行重申对其"增持"评级，目标价由70港元升 至89港元。(格隆汇) MACD金叉信号形成，这些股涨势不错！ 中国平安作为内险股龙头，获多家大行看好。中信证券更新2025年金股组合，将中国平安列为高切低轮 动精选个股之一。该行指，中国平安在利率周期上判断比同业前瞻，长债持仓和高股息布局领先市场， 银保扩展和保单价值率提升领先市场，保险合同服务边际正在筑底向好，质变正在发生，阿尔法回报略 慢但较为确定；同时，公司及时大幅提升股票仓位，贝塔属性显著增强，牛市周期盛宴刚刚开始。 中金指，展望2026年，寿险行业将再入黄金发展期、负债端有更积极的发展趋势呈现，行业投资逻辑将 从"寻求存量业务的重估修复"重回 "给予成长能力估值溢价"，优质寿险有望王者归来、目标估值重回 1.0x P/EV之上。中金预计中国平安将引领行业下轮估值修复，A股目标价从74.4元上调至89.8元，H股 目标价从71港元上调至99.4港元，均维持"跑赢行业"评级。 瑞银重申中国平安为行业首选，予"买入"评 ...

【 导读 】 5万亿ETF市场迎变局，平安证券联手1 1 家公募打造"投资圈"，开启财富管理生态 服务模式 中国基金报记者 方丽 随着 国内ETF市场规模突破5万亿元大关，券商财富管理 业务 正从 提供 单一的"交易通道"向 构建 深度的"赋能生态" 全面升级 。 12月 15日 ，平安证券 联合中国基金报，携手 易方达、 招商 等11家头部公募基金，正式推出"ETF冬季巅峰赛"，并首次在业内上线"ETF投资 圈"专区。此举被视为券商与公募机构深化合作、共同构建财富管理新生态的重要尝试。 对于此次赛事， 平安证券副总经理姜学红表示："ETF不仅是居民资产配置的好工具，也是资本市场服务实体经济、支持国家战略的重要抓 手。" 当前， 面对 数量众多的 ETF产品，投资者 面临的 "选品难、拿不住" 等 痛点成为行业突围的关键，行业亟待从产品销售导向转向 客户陪伴导向，提供覆盖投前、投中、投后的全流程服务。 平安证券首推「四大策略圈子」：助力客户学投资 本次赛事以 "找高手，加圈子" 为主题，突破传统投资竞赛模式，在平安证券A pp 上线全新的"ETF投资圈"页面，并依据策略类型划分出 四大核心圈层——"低估猎手圈 ...

中国平安 20251212 摘要 投资者对中国平安 2025 年四季度及 2026 年业绩（包括净资产、净利 润等）普遍持有乐观预期，主要基于行业和纵向对比的信心。 平安在港股市场估值被显著低估，赔率角度看具有较大上涨潜力，美联 储降息等外部环境变化也为资金流入创造条件，外资配置虽低但新增资 金进场明显。 短期基本面层面，平安"预享金悦"分红型增额终身寿险市场反馈良好， 2026 年一季度开门红预期积极，居民对保险需求旺盛。 2025 年公司推出 6 年缴费期分红险产品，margin 相对稳定，与去年相 比不会有大幅提升，政策已反映在公司的 margin 中。 2025 年价值率增长约 70%归因于监管因素（报行合一、银保渠道、个 险及预定利率下调），30%归因于内部经营管理（费用率降低和缴费期 拉长）。 对华夏幸福的减值已接近完成，账面资产很少，不会再有大的损失；对 万科的风险敞口有限且可控，将尽可能履行义务和责任，并协作解决问 题。 预计 2027 年前基本可以摆脱掉大部分减值问题，2025、2026 两年基 本上差不多可以轻装上阵；2025 年 ROE 预计能回到 17%左右甚至更 高。 Q&A 最近中 ...

A股保险股走强，中国太保涨近2%，中国平安涨超1%，中国人保、新华保险等跟涨。 ...

中证报中证网讯（记者 齐金钊）日前，由平安证券主办，平安期货协办的"平安证券·2025年私募生态合 作伙伴大会"在深圳举行。与会嘉宾围绕资本市场投资机遇、私募行业前景展望、证券公司如何助力私 募基金成长与发展等核心议题，展开了深入研讨与交流。 平安证券副总经理姜学红表示，近年来，为顺应私募行业发展趋势，精准满足私募管理机构在资金、交 易、增值服务等方面的核心诉求，平安证券依托平安集团强大的综合金融优势，着力构建并持续优化机 构经纪服务平台，不断完善服务生态体系，以有效赋能私募基金的成长与发展。目前，平安证券已成为 众多私募基金密切的战略合作伙伴。展望未来，公司将继续不遗余力地支持优秀私募机构做大做强，持 续打磨以资金、交易及增值服务为核心的综合服务体系，与市场各方，尤其是与优秀的私募基金管理人 携手并肩，共同为资本市场引入更多长期资金与活水，助力市场持续稳健发展。 在主题分享环节，平安证券经纪业务事业部机构经纪业务部总经理张新年详细介绍了平安证券的私募生 态服务体系。他认为，当前资本市场正迎来向好的发展周期，私募基金凭借其亮眼的业绩表现，已成为 投资者资产配置的重要选择。与此同时，私募赛道竞争日趋激烈，选择一 ...

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2]. Short-Selling Ratios - Anta Sports (82020) has the highest short-selling ratio at 100.00%, followed by China Mobile (80941) at 86.71% and BYD Company (81211) at 82.34% [1][2]. - Other notable companies with high short-selling ratios include China Resources Beer (80291) at 74.99% and JD.com (89618) at 71.60% [2]. Short-Selling Amounts - Xiaomi Group (01810) leads in short-selling amount with 2.798 billion, followed by Tencent Holdings (00700) at 1.686 billion and Ping An Insurance (02318) at 1.465 billion [1][2]. - Alibaba (09988) and Meituan (03690) also feature prominently with short-selling amounts of 1.424 billion and 1.253 billion respectively [2]. Deviation Values - China Sanjiang Chemical (02198) has the highest deviation value at 41.73%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][2]. - Other companies with high deviation values include Television Broadcasts (00511) at 38.56% and China Mobile (80941) at 38.41% [2].

2025年12月9日，国家金融监督管理总局资阳监管分局发布批复称，《中国平安财产保险股份有限公司 资阳中心支公司关于乐至支公司变更营业场所的请示》（平保产川分资阳中支发〔2025〕14号）及相关 说明解释材料收悉。 一、同意中国平安财产保险股份有限公司乐至支公司将营业场所变更为：四川省资阳市乐至县二环路南 二段90号附38号202-1号。 二、中国平安财产保险股份有限公司资阳中心支公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Group 1 - The top ten financial brands in Beijing for the year 2025 have been announced [1] - The list includes major banks such as ICBC, China Construction Bank, and Agricultural Bank of China [2] - Other notable companies on the list are China Life Insurance and Ping An Life Insurance [2]