Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The insurance industry achieved a total premium income of 61,194 billion yuan in 2025, reflecting a year-on-year growth of 7.4%. The growth rate has slightly decreased compared to the previous month [7][6]. - Life insurance premiums reached 35,557 billion yuan, with a year-on-year increase of 11.4%, while health and accident insurance also showed growth, albeit with a slight decline in month-on-month performance [7][6]. - The total assets of the insurance industry reached 41.3 trillion yuan by the end of 2025, marking a year-on-year increase of 15.1% [7][6]. - The report anticipates that the new business for life insurance will see rapid growth due to the dual benefits of high deposit flow and the expansion of bank insurance channels [7][6]. Company Summaries - **China Pacific Insurance (601601.SH)**: Expected EPS for 2025 is 5.68 yuan, with a PE ratio of 7.21 and a PB ratio of 1.41. The stock is rated as "Recommended" [3]. - **China Life Insurance (601628.SH)**: Expected EPS for 2025 is 6.34 yuan, with a PE ratio of 11.79 and a PB ratio of 2.18. The stock is rated as "Recommended" [3]. - **Ping An Insurance (601318.SH)**: Expected EPS for 2025 is 8.02 yuan, with a PE ratio of 8.24 and a PB ratio of 1.14. The stock is rated as "Strongly Recommended" [3]. - **China Property & Casualty Insurance (02328.HK)**: Expected EPS for 2025 is 2.07 yuan, with a PE ratio of 6.81 and a PB ratio of 1.09. The stock is rated as "Recommended" [3].

2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！人保财险 获评"年度卓越ESG实践奖"。 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！人保财险 获评"年度卓越ESG实践奖"。 本次评选活动从多领域、多视角对保险机构各方面进行了综合评估，最终评选出多家行业佼佼者。 责任编辑：王馨茹 本次评选活动从多领域、多视角对保险机构各方面进行了综合评估，最终评选出多家行业佼佼者。 责任编辑：王馨茹 ...

Group 1 - The Hong Kong Dividend ETF (ICBC, 159691) closed down 3.71% on February 2, with a trading volume of 472 million yuan [1] - The fund was established on March 30, 2023, with an annual management fee of 0.45% and a custody fee of 0.07% [1] - As of January 30, 2024, the fund's latest share count was 6.306 billion, with a total size of 8.691 billion yuan, reflecting a 3.43% decrease in shares and a 3.03% increase in size since December 31, 2025 [1] Group 2 - The current fund managers are Liu Weilin and He Shun, with Liu managing since March 30, 2023, achieving a return of 39.18%, while He is set to manage from May 30, 2024, with a return of 16.38% [2] - The fund's top holdings include China National Offshore Oil Corporation (14.55%), China Shenhua Energy (9.65%), and China Pacific Insurance (8.90%), among others [2][3]

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 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]

二、中国人民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。 一、同意中国人民财产保险股份有限公司凯里经济开发区支公司将营业场所变更为：贵州省黔东南苗族 侗族自治州凯里市温州大道6号凯里国际商贸城四大馆38幢4层3802号。 中国财险 分时图 日K线 周K线 月K线 16.19 -0.20 -1.22% 2.01% 1.34% 0.67% 0.00% 0.67% 1.34% 2.01% 16.06 16.17 16.28 16.39 16.50 16.61 16.72 09:30 10:30 12:00/13:00 14:00 16:10 0 245万 489万 734万 2026年1月22日，黔东南金融监管分局发布批复称，《关于中国人民财产保险股份有限公司凯里经济开 发区支公司变更营业场所的请示》(黔东南人保财险发〔2025〕127号)收悉。经审核，现批复如下： ...

中国经济网北京1月30日讯 国家金融监督管理总局网站昨日发布博尔塔拉金融监管分局行政处罚信息公 示列表。中国人民财产保险股份有限公司温泉支公司及相关责任人财务数据不真实。博尔塔拉金融监管 分局对该支公司罚款18万元；对朱煜警告并罚款3万元。 中国人民银行网站2026年1月22日公布2025年第四季度拒收人民币现金行政处罚情况。中国人民财产保 险股份有限公司宁波市北仑支公司（以下简称"人保财险宁波市北仑支公司"）拒绝客户使用现金支付方 式办理投保业务。中国人民银行宁波市分行依据《中华人民共和国中国人民银行法》第三十二条第一款 第三项、第四十六条以及《中华人民共和国行政处罚法》第三十二条第一项，对人保财险宁波市北仑支 公司给予警告，并处3万元罚款；对负有直接责任的管理人员给予警告，并处0.8万元罚款。 国家金融监督管理总局网站2026年1月19日公布的塔城金融监管分局行政处罚信息公示列表显示，中国 人民财产保险股份有限公司额敏支公司及相关责任人套取费用。塔城金融监管分局对该支公司罚款6万 元；对杨新锋警告并罚款1万元。 国家金融监督管理总局网站2026年1月16日公布的随州监管分局行政处罚信息公开表显示，中国人民 ...

保险观点更新：把握宽基抛压缓释后的顺周期龙头机会 评级： 增持（维持） 分析师：葛玉翔 执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn | 基本状况 | | --- | 请务必阅读正文之后的重要声明部分 事件：我们认为自去年 12 月以来保险板块先后历经 " 开门红预期好转 —— 长端利率回 升 —— 指数上攻强化利润弹性 " 的顺周期逻辑，"短期看资金面抛压缓解，中期看"存 款搬家 & 慢牛持续"提振价值与利润增速，长期看顺周期兑现告别利差损隐忧"，我们 重申板块当前投资价值。 基本状况 行业-市场走势对比 境内宽基 ETF 交易层面压制逐步出现转向迹象，广发中证港股通非银 ETF 持续净流 入彰显板块基本面支撑。2026 年 1 月第二个交易周以来，主要宽基 ETF 成交量明显 放大，呈现显著净流出态势。我们对 1 月 15 日至 1 月 28 日之间累计宽基 ETF 净流 出规模超过百亿元所跟踪指数进行加权，排序如下：沪深 300 指数（62.0%） ...

梅州市宇顺农业科技发展公司负责人说道，"经营农业经常会遇到自然灾害、病虫害、价格波动等影响，有了政策性果树险和 金柚价格险，让我们发展更安心、更有底气，感谢国家好政策、感谢人保财险保障！" 发展乡村特色产业是推进乡村全面振兴的基础，要加强科技应用，推动农文旅融合，不断延伸产业链、增加附加值，带动更 多农民群众增收致富。作为扎根广东梅州的金融主力军，人保财险梅州市分公司积极推动党建工作与农业保险深度融合，与 农业农村局联学共建，立足区域发展需求，打造"一园一品"高品质金柚示范点，深化农业保险"保防减救赔"一体化建设，构 建"保险＋科技＋服务"模式新型农业生产技术服务体系，整合保险资源与现代农业科技力量，实现农民增产增收与生态效益 的双重目标，用实打实的"人保担当"守护金柚"甜蜜事业"，为促进区域特色农业高质量发展提供保险保障。 人保财险梅州市分公司用保险倾情守护金柚产业发展 托起"硒望"田 精准赋能乡村全面振兴 革命老区河北保定阜平县地处太行山深处，曾是全国重点贫困县。人保财险保定阜平支公司积极巩固拓展脱贫攻坚成果，深 化党建业务融合，推动保险创新融入服务乡村全面振兴战略，打造当地特色富硒黑花生产业量身专属保险 ...

1月28日金融一线消息，国家金融监督管理总局发布批复，核准李玲中国人民财产保险股份有限公司董 事的任职资格。 1月28日金融一线消息，国家金融监督管理总局发布批复，核准李玲中国人民财产保险股份有限公司董 事的任职资格。 责任编辑：秦艺 责任编辑：秦艺 ...