21世经济报道记者 叶麦穗 农行H股继续被平安举牌。香港联交所股权披露信息近日显示，2025年12月 30日，平安人寿以5.7854港元的平均价增持9558.2万股农业银行H股股份，合计耗资约5.53亿港元。在此 次增持后，平安人寿持有的农行H股股份由19.79%增至20.1%，触发举牌。 随着平安人寿的收尾举牌， 2025年险资的举牌次数达到39次，仅次于2015年的62次，为历史第二高。 险资扎堆H股 此前，平安人寿曾于2025年2月17日、5月12日、8月26日分别举牌农行H股，持有农行H股的比例分别达 到5%、10%、15%。以此计算，截至2025年12月30日，平安人寿持有约61.8亿股农行H股，持仓市值近 350亿港元。 除此之外，农行2025年三季报显示，平安人寿还在当年三季度新进农行A股前十大股东序列，至三季度 末持有农行49.13亿股A股股份，持股比例约1.4%。 在农行的股本结构中，H股占比不足9%。若平安人寿在去年四季度未减持农行A股，其合计持有的农行 股份超过3%。 就银行股2025年股价表现来看，农行A股股价年内涨幅达52.66%，稳居A股上市银行第一；农行H股年 内涨幅达40.83 ...

Core Viewpoint - China Ping An's stock price has surged above 70 yuan, reaching a market capitalization of over 1.3 trillion yuan, marking a new high since March 2021 and a 160% increase from its low in October 2022 [1][3]. Stock Performance - The stock price of China Ping An has shown significant recovery, nearing its historical high of 82.60 yuan, with a 25% increase in the fourth quarter of 2025 compared to the third quarter [1][4]. - Morgan Stanley has included China Ping An in its core recommendation list, raising the target price for A-shares from 70 yuan to 85 yuan [5]. Market Sentiment - Despite ongoing disputes with Huaxia Happiness, the stock continues to rise, indicating strong market support and investor confidence [6][7]. - The A-share market has seen substantial inflows, with nearly 100 billion yuan invested in the CSI A500 ETF, of which China Ping An is a significant component [7]. Fundamental Changes - The insurance sector, represented by companies like China Ping An, has outperformed traditional industries such as liquor, which face declining demand [8][9]. - China Ping An has focused on enhancing its core financial and healthcare services, shifting away from loss-making technology ventures [10][11]. Investment Strategy - The company has increased its investments in stable, high-dividend stocks, particularly in the banking sector, while reducing exposure to real estate [12][26]. - China Ping An's investment strategy emphasizes a balanced approach with a focus on fixed income, equities, and alternative assets, including gold [22][26]. Financial Performance - In the first three quarters of 2025, China Ping An reported a net profit of 1,328.56 million yuan, with an 11.47% growth rate, the lowest among major insurers [18]. - The company has improved its investment performance, with a non-annualized comprehensive investment return of 5.4% and a net investment return of 2.8% [21]. Premium Growth - China Ping An has demonstrated strong growth in both life and property insurance premiums, with a 11.7% increase in insurance business revenue in the first three quarters of 2025 [28]. - The company has successfully enhanced its distribution channels, particularly through the bancassurance model, which has seen a 171% increase in new business value [30]. Competitive Position - China Ping An is recognized as one of the most competitive companies in the insurance sector, with strong capabilities in product development, distribution, and technology application [37]. - However, it faces challenges in maintaining a competitive edge over other leading insurers, as its performance does not significantly exceed industry averages [38]. Future Outlook - The stock price of China Ping An may continue to rise, driven by market sentiment and the overall performance of the insurance sector, but it may not achieve independent growth due to reliance on broader market trends [41][42]. - The company is well-positioned to benefit from the aging population and increasing demand for insurance products, although growth rates may stabilize at moderate levels [36].

北京商报讯（记者 李秀梅）1月7日，中国平安人寿保险股份有限公司（以下简称"平安人寿"）公告表示，平安资管受托平安人寿资金，投资于农业银行H股 股票，于2025年12月30日达到农业银行H股股本的20%，根据香港市场规则，触发平安人寿举牌。 ...

【窩輪透視】中國平安超買信號響起，窩輪槓桿效應如何把握？ 2026年1月5日收盤，中國平安（02318）異動走高，全日收報68.6元，單日升幅2.69%，成交額高達55.21億元，資金入場跡象明顯。從技術面來看，平保當 前（6日上午10點43分）股價報71.25元，阻力位集中在71.9元（阻力1）和74元（阻力2），短期支持位則分別為64.3元（支持1）和60.9元（支持2），目前上 升概率為50%，5日振幅7.8%。需要注意的是，其RSI指標高達75，已進入超買區，技術指標總結為「強力賣出」信號，信號強度達9，短期超買回調壓力不 容忽視。 從板塊聯動來看，1月5日保險股集體走強，成為市場亮點。友邦保險（01299）收報83.9元，上漲0.72%，技術指標同現「強力賣出」信號，股價逼近85元阻 力位；中國人壽（02628）收報29.82元，大漲3.40%，RSI達60顯示上升動能強勁，但30.7元阻力明確；中國太保（02601）和新華保險（01336）分別大漲 4.03%和5.34%，均創階段性高點，不過技術面均發出強烈看空信號；僅中國財險（02328）技術面呈中立狀態，RSI為40尚未超買。 整體而言，保險 ...

星展集团研究部：将 中国平安 保险 （集团）股份有限公司目标价从72.00港元上调至85.00港元。 ...

Core Viewpoint - The insurance sector experienced a significant rise of over 6% on January 5, 2026, with Xinhua Insurance and China Pacific Insurance reaching historical highs, driven by a cyclical logic of improved expectations, rising long-term interest rates, and reinforced profit elasticity since December 2025 [1] Group 1: Market Performance and Expectations - The current stock prices reflect an optimistic outlook for the "opening red" period of 2026, with Q1 2026 expected to be a peak for value and profit growth [2] - The average new business growth rate for listed insurance companies in Q1 2026 is projected to be 30%, with bancassurance and individual insurance growth rates at 50% and 20% respectively [2] - The low base from 2025 for individual insurance and the increasing focus on bancassurance channels by leading companies are expected to drive growth in new business [2] Group 2: Interest Rates and Valuation - The significance of long-term interest rates breaking the 2.0% mark is highlighted, with market expectations showing divergence on future trends [3] - If long-term rates exceed 2.0%, it could lead to a gradual approach of P/EV valuations towards 1x, benefiting insurance stock valuations [3] - The 10-year government bond yield is anticipated to range between 1.7% and 2.1% in 2026, with a favorable environment for insurance stock valuations due to improving credit spreads and term spreads [3] Group 3: Business Value and Growth Projections - The internal value (EV) credibility is gradually recovering, with expectations of a return to growth in EV for listed insurance companies from 2025 to 2027, averaging 10.6%, 10.9%, and 10.8% respectively [4] - The new business value (NBV) growth rates are projected at 34.7%, 21.7%, and 10.0% for the same period, indicating a positive outlook for the sector [4] - The insurance companies are expected to improve profitability through refined management of liability costs and benefit from upward catalysts in the asset side [4] Group 4: Strategic Recommendations - Investment in cyclical insurance stocks with strong performance support is recommended, as 2026 is expected to see growth in new business and value alongside continued management of liability costs [4] - The focus on bancassurance channels and the improvement in payment structures are likely to enhance value contributions from these channels [6]

Group 1 - Recent net purchases include China Ping An at 1.84 billion, Alibaba-W at 1.619 billion, China Life at 0.588 billion, Xiaomi Group-W at 0.496 billion, and Kuaishou-W at 0.234 billion [1] - Continuous net selling of Tencent Holdings has reached 5.66576 billion HKD over the past 7 days, while net buying of SMIC has totaled 1.5339 billion HKD over the last 4 days [1] - China Ping An's earnings forecast has been raised by Shenwan Hongyuan Research, maintaining a "buy" rating with a target price of 93.8 CNY per share, indicating a potential value reassessment in the insurance sector [5] Group 2 - Alibaba-W has been highlighted in a New York Times report for its AI model that aids in early detection of pancreatic cancer, showcasing its innovative capabilities [5] - Xiaomi Group-W announced a buyback of 3.9 million Class B ordinary shares, costing approximately 149.7 million HKD [6] - Goldwind Technology has disclosed its ownership of 4.1412% of Blue Arrow Aerospace through a wholly-owned subsidiary, as per its IPO prospectus [6]

Core Insights - The introduction of weather index insurance for navel orange farmers in Zigui County, Hubei, has significantly mitigated the risks associated with low temperatures and adverse weather conditions, allowing farmers to cultivate with greater confidence [1][2] - The insurance model has transformed the approach of farmers from being reactive to proactive in managing weather-related risks, thus supporting rural revitalization and the development of specialty agriculture [2] Group 1: Weather Index Insurance - The weather index insurance launched by Ping An Insurance in collaboration with local government agencies provides automatic compensation based on predefined low-temperature thresholds, enhancing the efficiency of claims processing [1][2] - In the 2025 low-temperature disaster, the insurance company completed the claims process within 3 hours for inspections and 5 days for damage assessment, achieving a compensation rate of 157% [2] Group 2: Regional Adaptation and Impact - Ping An Insurance has tailored its risk protection solutions to local agricultural characteristics, such as tea and olive production in Fujian, addressing the unique challenges faced by farmers in mountainous regions [3] - The introduction of the "weather index + geographical indication" insurance model in Fujian has provided over 38.93 million yuan in risk coverage for local agricultural products, significantly reducing frost damage losses [3] Group 3: Broader Agricultural Insurance Innovations - Ping An Insurance has developed specialized insurance products for various agricultural sectors across different regions, including apple and bamboo shoot insurance, thereby strengthening the agricultural safety net [3]

Core Insights - The insurance industry is transitioning from traditional financial compensation models to a customer-centric service model, driven by aging populations and diverse health needs [1][2] - The establishment of health management companies is becoming a standard configuration in health insurance, with companies like Renbao Health and China Pacific Insurance leading the way [2][3] - Health management services are essential for sustainable development in health insurance, focusing on proactive risk reduction and customer engagement [5][6] Group 1 - Renbao Health's health management subsidiary was officially established in Beijing, aiming to integrate health management services as a key method for risk reduction [1] - In the first half of 2025, Renbao Health's health management services generated revenue of 159 million yuan, serving over 4.8 million customers, reflecting a year-on-year growth of 21.4% [2] - The integration of health management services into insurance products is becoming standard, even for basic insurance offerings [2][3] Group 2 - Major insurance companies are enhancing their core business through health management, with China Pacific Insurance focusing on high-end customer needs in health management and rehabilitation [3][5] - The shift from passive claims to active health management is crucial for the health insurance sector, aiming to lower claim rates and improve customer retention [5][6] - The low user awareness and service utilization rates present significant challenges for the industry, despite the recognized importance of health management [6][7] Group 3 - Regulatory guidance has been issued to promote the integration of health insurance and health management, emphasizing a new health service guarantee system [7] - Artificial intelligence (AI) is seen as a key solution to enhance health management efficiency and effectiveness, with applications in personalized health interventions [8] - The deep integration of AI technology into health management services is expected to address challenges in service delivery and improve overall health outcomes [8]

Core Viewpoint - The individual insurance sector has shown strong performance in new policy premium growth, with leading companies like China Life, Ping An, Taikang, and Xinhua experiencing a growth rate of 40-60% in new individual insurance premiums as of January 1, 2026 [1][2] Market Environment - The continuous decline in bank deposit rates and the scarcity of medium to long-term deposit supply have made insurance products more attractive as low-risk savings alternatives, leading to a "deposit migration" effect [1] - A significant amount of fixed-term deposits will mature in 2026, further enhancing the appeal of insurance products [1] Product Structure - The introduction of a dynamic adjustment mechanism for the guaranteed interest rate in 2025 has led to a rapid rise in participating insurance products, which combine guaranteed returns with floating dividends [1] - From September to December 2025, participating insurance products accounted for 46% of newly launched life insurance, becoming a core driver of new policy growth [1] Policy Environment - The "reporting and operation integration" policy in the life insurance sector has curbed vicious price competition, shifting the focus of industry competition towards value-added services [1] - Regulatory adjustments have reduced the risk factors associated with equity investments for insurance companies, laying a foundation for improvements in the asset side of the industry [1] Future Outlook - The liability side of insurance companies is expected to maintain high prosperity, with strong demand for participating and savings-type insurance continuing [1] - The asset side is anticipated to benefit from a slow bull market in equities, with institutions predicting that new equity allocations by insurance funds in A-shares could reach between 300 billion to 770 billion yuan in 2026 [1] - The industry is entering a phase of "dual resonance" development on both the liability and asset sides [1]