"十五五"开局之年的春天，一场聚焦"制造业与服务业协同发展"的高质量发展大会如约而至。2月24 日，2026年广东省高质量发展大会在广州召开，来自政产学研各界的代表齐聚一堂，共同探讨产业融合 的创新路径。 在当天下午举行的"科技与金融创新赋能产业融合"分会场上，中国平安财产保险股份有限公司（下 称"平安产险"）党委副书记石合群在发言中，阐述了平安产险以科技保险为纽带，精准对接科技创新需 求，为广东科技创新突破与现代化产业体系建设保驾护航的实践路径与未来规划。 当"硬科技"遇上"软风险" 这份"精准"并非空谈。中国汽车工业协会数据显示，2025年，新能源汽车产销量均突破1600万辆，国内 新车销量占比突破50%。但电池热失控、自动驾驶算法缺陷等新型风险也随之而来；半导体企业研发投 入动辄数亿元，一旦流片失败，可能直接导致初创企业资金链断裂；低空经济方兴未艾，飞行器坠落、 数据安全等风险亟需成熟保障方案。 记者调研了解到，制造业的"硬投入"与服务业的"软支撑"之间，正面临着一道隐形鸿沟。一边是科技企 业"不敢研、不敢试"的顾虑，另一边是金融机构对技术风险识别能力不足、"看不懂、不敢保"的困境。 这种双向信息不对称 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The insurance sector is expected to see a double-digit growth in asset scale by 2025, with a significant increase in equity allocation compared to the previous year [7] - The investment assets of insurance companies reached 38.5 trillion CNY by the end of Q4 2025, marking a 15.7% increase from the beginning of the year, with life insurance and property insurance companies holding 34.7 trillion CNY and 2.4 trillion CNY respectively [7] - The proportion of equity assets in insurance funds has notably increased, with stocks and funds accounting for 23% of total investments by Q4 2025, indicating room for further enhancement in equity allocation [7] Summary by Sections Investment Scale and Allocation - By the end of Q4 2025, the investment balance of insurance companies reached 38.5 trillion CNY, a 15.7% increase year-on-year, with life insurance companies accounting for 90.1% of the total [7] - The bond allocation remained stable, while the proportion of stocks and funds increased significantly, with life and property insurance companies showing respective stock and fund allocations of 15.3% and 17.1% by Q4 2025 [7] Market Performance and Trends - The insurance sector's investment assets have shown continuous double-digit growth, driven by strong demand on the liability side and an upward trend in the equity market [7] - The overall solvency ratio of the insurance industry was 181% by Q4 2025, indicating a healthy capital position and potential for increased equity investments [7] Investment Recommendations - The report suggests focusing on the insurance sector, particularly on stocks such as China Ping An, China Life, China Taiping, and AIA Insurance, which are expected to benefit from improved equity elasticity and favorable market conditions [7]

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。 ...

Group 1 - The top three companies by Hong Kong Stock Connect holding ratio are Haotian International Investment (71.36%), China Telecom (71.32%), and Green Power Environmental (68.88%) [1][2] - Tencent Holdings, Xiaomi Group-W, and Meituan-W have seen the largest increases in holding amounts over the last five trading days, with increases of +1.391 billion, +983 million, and +931 million respectively [1][2] - The companies with the largest decreases in holding amounts over the last five trading days include WuXi Biologics (-481 million), Zijin Mining (-447 million), and Southern Hengsheng Technology (-344 million) [1][4] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show Haotian International Investment with 7.919 billion shares, China Telecom with 9.900 billion shares, and Green Power Environmental with 0.279 billion shares [2] - The top 10 companies with the largest increases in holding amounts over the last five trading days include China Petroleum & Chemical Corporation (+315 million) and Zhaoyi Innovation (+309 million) [2][4] - The top 10 companies with the largest decreases in holding amounts include Pop Mart (-294 million) and SenseTime-W (-277 million) [4]

Group 1 - Major blue-chip stocks mostly rose, with HSBC Holdings closing at HKD 137.775, up 2.59% from the previous close in Hong Kong [2] - Tencent Holdings closed at HKD 531.758, an increase of 1.87% from the previous close in Hong Kong [2] Group 2 - Tencent Holdings reported a latest price of HKD 522.000, down HKD 11.000 or 2.06%, with an ADR price of HKD 531.758, showing an increase of HKD 9.758 compared to the Hong Kong stock price [3] - Alibaba Group (W) had a latest price of HKD 147.100, down HKD 7.600 or 4.91%, with an ADR price of HKD 150.874, reflecting an increase of HKD 3.774 compared to the Hong Kong stock price [3] - HSBC Holdings had a latest price of HKD 134.300, up HKD 0.100 or 0.07%, with an ADR price of HKD 137.775, indicating an increase of HKD 3.475 compared to the Hong Kong stock price [3]

Group 1 - The core point of the article is that Ping An Insurance is undergoing significant corporate governance changes, including the cancellation of the supervisory board and the appointment of a new chairman following the retirement of the current chairman [1] - As of February 14, 2026, Ping An Life has increased its stake in China Life's H-shares to over 10%, triggering a mandatory bid, indicating a strategic focus on high-dividend asset allocation [1] - On February 13, 2026, Ping An's A-share price closed at 65.29 yuan, down 1.88%, with a trading volume of approximately 5.51 billion yuan, while the insurance sector index fell by 1.74% and the Shanghai Composite Index decreased by 1.26% [1] Group 2 - According to Western Securities, the insurance sector index fell by 2.48% in the week of February 15, 2026, underperforming the broader market, but the insurance industry has long-term growth potential amid structural transformation [2] - The comprehensive target price set by the institution is 86.18 yuan, indicating a potential upside of 32% from the current stock price, with a profit forecast showing a 12.84% year-on-year increase in net profit for 2025 [2]

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 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,541.96, down by 163.98 points or 0.61% on February 19 [1] - The index opened at 26,658.57, reached a high of 26,674.58, and a low of 26,480.63, with a trading volume of 24.6391 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 135.722, up by 1.13% compared to the previous close [2] - Tencent Holdings closed at HKD 532.399, down by 0.11% compared to the previous close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 533.000, with a slight increase of 1.000 or 0.19% [3] - Alibaba Group (09988) latest price is HKD 154.700, down by 0.700 or 0.45% [3] - HSBC Holdings (00005) latest price is HKD 134.200, down by 1.500 or 1.11% [3] - AIA Group (01299) latest price is HKD 82.350, up by 2.050 or 2.55% [3] - Meituan (03690) latest price is HKD 82.050, down by 0.100 or 0.12% [3] - JD.com (09618) latest price is HKD 105.900, down by 0.500 or 0.47% [3]