Market Performance - The A-share market showed mixed results with the Shanghai Composite Index rising by 0.16% to close at 4157 points, while the Shenzhen Component Index fell by 0.3% and the ChiNext Index decreased by 0.57% [1] - The total market turnover reached 3.26 trillion yuan, an increase of 267.1 billion yuan compared to the previous trading day, with over 3500 stocks declining [1] Sector Highlights - The liquor sector experienced a surge, with Kweichow Moutai's price rising nearly 9%, and over twenty stocks including Wuliangye and Luzhou Laojiao hitting the daily limit [1] - The precious metals sector continued to rise, with spot gold approaching 5600 USD, leading to multiple stocks like Sichuan Gold and Zhaojin Gold hitting the daily limit [1] - AI application stocks collectively surged, with a significant increase in related stocks [1] - The cultural media sector also saw gains, with stocks like Zhejiang Wenlian hitting the daily limit [1] - Insurance stocks were active, with China Pacific Insurance leading the gains [1] - Real estate, oil and gas services, and banking sectors showed notable increases [1] Declines in Specific Sectors - The high-bandwidth memory and SMIC concepts faced declines, with Jingce Electronics dropping nearly 9% [1] - The electronic chemicals sector experienced widespread declines, with Anji Technology falling over 8% [1] - The electronic components and PCB sectors also saw declines, with Yidong Electronics dropping over 11% [1] - Other sectors such as power grid equipment, superconducting concepts, and optical communication modules faced significant downturns [1]

每经AI快讯，港股内险股震荡走高，截至发稿，新华保险(01336.HK)涨3.48%，报65.4港元；中国太保 (02601.HK)涨3.48%，报39.9港元；中国平安(02318.HK)涨3.03%，报73.1港元；中国人寿(02628.HK)涨 1.02%，报35.54港元。 ...

消息面上，2026年以来，银行超50万亿元的天量高息定期存款到期，资金流向成为市场热议的话题。东 海证券指，受存款搬家催化，以及权益市场提振带动分红险保险竞争力提升，2026保险"开门红"销售火 热，头部险企新单保费增速亮眼。该行预计，在居民稳健理财需求持续释放、银保渠道产能进一步兑现 的支撑下，"开门红"期间行业整体保费规模将保持高增态势，头部险企凭借渠道与产品优势，保费增长 动能将持续领先行业。 华创证券指出，着眼短期，预计上市险企2025年业绩预增可期，或主要受投资端业绩驱动。把握中期， 2026年上半年基数压力相对较小，权益市场活跃+负债端欣欣向荣，有望驱动业绩超预期。放眼长远， 当前长端利率企稳趋势明显，利差损压力大幅减轻，该行认为PEV估值或有望向1x修复，居民挪储或带 动NBV强劲增长，或驱动部分优质龙头险企PEV估值提升至1x以上。 内险股震荡走高，截至发稿，新华保险（601336）(01336)涨3.48%，报65.4港元；中国太保（601601） (02601)涨3.48%，报39.9港元；中国平安（601318）(02318)涨3.03%，报73.1港元；中国人寿（601628） (02 ...

华创证券指出，着眼短期，预计上市险企2025年业绩预增可期，或主要受投资端业绩驱动。把握中期， 2026年上半年基数压力相对较小，权益市场活跃+负债端欣欣向荣，有望驱动业绩超预期。放眼长远， 当前长端利率企稳趋势明显，利差损压力大幅减轻，该行认为PEV估值或有望向1x修复，居民挪储或带 动NBV强劲增长，或驱动部分优质龙头险企PEV估值提升至1x以上。 智通财经APP获悉，内险股震荡走高，截至发稿，新华保险(01336)涨3.48%，报65.4港元；中国太保 (02601)涨3.48%，报39.9港元；中国平安(02318)涨3.03%，报73.1港元；中国人寿(02628)涨1.02%，报 35.54港元。 消息面上，2026年以来，银行超50万亿元的天量高息定期存款到期，资金流向成为市场热议的话题。东 海证券指，受存款搬家催化，以及权益市场提振带动分红险保险竞争力提升，2026保险"开门红"销售火 热，头部险企新单保费增速亮眼。该行预计，在居民稳健理财需求持续释放、银保渠道产能进一步兑现 的支撑下，"开门红"期间行业整体保费规模将保持高增态势，头部险企凭借渠道与产品优势，保费增长 动能将持续领先行业。 ...

Summary of China Pacific Insurance Conference Call Company Overview - **Company**: China Pacific Insurance (中国太保) - **Focus**: Steady operations and long-termism in both liability and investment sides, maintaining stability in key indicators throughout Q4 2025 [2][3] Key Points Industry and Market Position - **Investment Strategy**: The company emphasizes long-term asset allocation, increasing long-term interest rate bond allocation to over 40% from 10% in 2017 [2][5] - **Tax Policy Impact**: The new insurance contract tax treatment announced by the Ministry of Finance is not expected to significantly affect future effective tax rates, which are projected to remain within normal ranges for 2025 [2][4] Financial Performance - **Investment Performance**: Investment performance in 2025 will rely on accumulated asset allocation over the years, with a focus on fixed income and equity strategies [2][5][6] - **Growth Projections**: The agent channel is expected to see high single-digit growth in premium payments, while the bancassurance channel is projected to grow by 20% to 30% [2][10] Product Strategy - **Product Sales**: The company has successfully launched various products, including investment-linked insurance and dividend-type savings products, which have shown strong demand [12][13] - **Sales Strategy**: Emphasis on segmented customer management, targeting high-net-worth and mid-to-high-end clients with tailored products [9][13] Future Outlook - **2026 Strategy**: The company plans to continue its "integrated closing and opening" strategy, focusing on segmented customer management and maintaining a steady growth pace without excessive expansion [9][16] - **Long-term Trends**: The demand for savings-type insurance is expected to increase due to demographic factors such as delayed retirement and aging population [11][17] Risk Management - **Duration Management**: As of Q3 2025, the overall asset duration is over 12 years, with a duration gap of 2 to 3 years. The company will implement refined management strategies based on account types [24] Regulatory Changes - **New Standards Impact**: The implementation of new standards in 2026 will introduce regulatory measures affecting tax policies and solvency management, aligning with the company's focus on sustainable and long-term capabilities [22][23] Dividend Policy - **Dividend Strategy**: The company will continue its medium to long-term dividend policy based on surplus profit growth and current investment returns, with specific figures to be confirmed in the annual report [21] Conclusion - **Overall Strategy**: China Pacific Insurance maintains a focus on steady operations and long-term growth, with a commitment to enhancing service capabilities and optimizing product offerings to meet evolving market demands [2][19]

| 成交量(万份) | 成交额(万元) | 相对当日收盘折价 (%) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | | 580.00 | 1417.52 | 6.87 | 机构专用 | 华宝证券股份有 公司上海东大名 证券营业部 | | 1280.00 | 3127.04 | 6.87 | 机构专用 | 瑞银证券有限责 公司上海花园7 路证券营业培 | | 3940.00 | 9625.42 | 6.87 | 机构专用 | 华宝证券股份有公司 公司上海东大2 | （数据来源：Wind） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2026年1月28日，矿业ETF(561330.SH)收涨7.38%，发生3笔折价大宗交易，成交价均为2.44元，较当日收盘价折价6.87%。成交额分别为1417.52万元， 3127.04万元，9625.42万元，总成交额为1.42亿元，居全市场第一。（数据来源：Wind） 矿业ETF(561330.SH)，场外联接(A：018167；C：018168)。 ...

Core Viewpoint - The development of health insurance in China is transitioning from merely existing to improving quality, with a focus on enhancing service as a key driver for sustainable growth in the industry [1][20][21]. Group 1: Importance of Service in Health Insurance - Service is identified as a crucial element for driving customer engagement and sustainable operations in health insurance [2][21]. - The industry must balance three core relationships: alignment of healthcare supply with customer needs, collaboration between customer growth and diverse channel strategies, and interaction between medical inflation and risk reduction [2][21]. - The "service flywheel" concept illustrates how effective service can create a self-reinforcing cycle that enhances customer loyalty and attracts new clients [3][25]. Group 2: Service Flywheel Mechanism - The service flywheel effect describes how initial investments in customer service can lead to exponential growth in value through enhanced customer experience and retention [3][25]. - The flywheel's acceleration is driven by the "service multiplier" effect, where each health service provided generates greater value than the initial investment [3][25]. - A successful service flywheel can stabilize customer bases and mitigate the risks associated with long-term health insurance operations [4][25]. Group 3: Transition from Risk Pricing to Value Pricing - The shift from risk pricing to value pricing in health insurance is essential to address challenges such as medical inflation and changing customer expectations [16][36]. - Value pricing integrates health services into product design, allowing for a more comprehensive approach to customer needs and risk management [16][36]. - The industry is encouraged to expand coverage through innovative service combinations that address out-of-pocket expenses and provide dynamic protection throughout the customer lifecycle [18][37]. Group 4: Challenges and Solutions in Health Management - The integration of health management with insurance faces challenges such as low adherence to health management practices and difficulties in measuring effectiveness [34][35]. - Establishing a scientific mechanism for validating the impact of health services on risk reduction is crucial for aligning service investments with core business metrics [35]. - The use of artificial intelligence and data analytics can enhance personalized health management, improving adherence and breaking the linear cost growth pattern [35][36]. Group 5: Future Directions for Health Insurance - The health insurance sector must evolve from a reactive compensation model to a proactive health management partner, enhancing its role in the healthcare ecosystem [19][38]. - Companies are encouraged to deepen their engagement in health services to strengthen competitive advantages and avoid detrimental market practices [19][38]. - The establishment of a robust service framework is seen as a complex but necessary step for achieving high-quality development in commercial health insurance [19][38].

从田间地头到产业协同，中国太保锚定农业农村现代化，将"保险+"融入更广泛的金融服务生态，为农 业高质量发展、乡村全面振兴注入强劲动能，在全面助力特色富民产业高质量发展的同时，让农户在面 对自然灾害和市场波动时，既有从容应对的心态，更有坚实可靠的底气。 以前靠运气 现在有保险 "养猪就像坐过山车，价格高时笑，价格跌时愁。"在福建省龙岩市新罗区，养殖户李斌(化名)看着自家 存栏的4000多头生猪，语气中透出多年经营的感慨，而如今他的神情显得从容许多。 近日，李斌投保的福建省首单"育肥猪期货收入保险"正式生效，这意味着无论市场价格如何波动，他的 养殖收入有了坚实的"保护垫"。 这一创新保险产品由中国太保产险福建分公司联合兴证期货共同推出，标志着在应对"猪周期"、稳定生 猪生产方面，探索出一条"保价格"更"保收入"的市场化新路径。 针对广东岭南水果全产业链需求，中国太保产险推出了11款水果专属险种。2025年，为荔枝、黄皮、龙 眼等岭南水果提供了25亿元的风险保障，覆盖种植面积超83万亩。 与此同时，中国太保产险持续创新保险服务模式，落地地方政策性荔枝气象指数保险，并进一步拓展荔 枝花期、采摘期气象指数保险，实现全生 ...

阿里巴巴-W（09988）、中国移动（00941）、中国太保（02601）南向资金净流出金额位列市场前三， 分别净流出-14.88 亿、-7.45 亿、-4.66 亿 智通财经APP获悉，1月23日,泡泡玛特（09992）、小米集团-W（01810）、快手-W（01024）南向资金 净流入金额位列市场前三，分别净流入7.45 亿、6.09 亿、5.35 亿 前10大净流入比榜 | 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 民生银行(01988) | 68.65% | 1.26 亿 | 3.820（+0.53%） | | 美的置业(03990) | 60.58% | 227.38 万 | 4.060（-0.25%） | | 环球新材国际(06616) | 51.04% | 2634.44 万 | 8.600（-2.82%） | | 四川成渝高速公路 | 50.36% | 504.87 万 | 5.200（+1.76%） | | --- | --- | --- | --- | | (00107) | | | | | 江苏宁沪高速公路 | 5 ...

Investment Rating - The industry investment rating is "Recommended" for the insurance sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [8][21]. Core Insights - The report highlights a significant increase in public fund holdings in the insurance sector, with the total holding rising to 2.29% in Q4 2025, reflecting a 1.19 percentage point increase from the previous quarter. This increase is attributed to improved annual performance expectations, public fund reforms, and the initiation of year-end promotional activities [3][6][7]. - The report notes that individual stock holdings within the insurance sector have generally increased, with China Ping An's holding rising to 1.20%, a substantial increase of 0.73 percentage points. Other companies like China Life and New China Life also saw increases in their holdings [6][7]. - The long-term interest rates are expected to stabilize in 2025, with a potential upward trend in 2026, which may alleviate previous concerns regarding "interest spread losses" and positively impact the valuation of the life insurance sector [6][7]. Summary by Sections Public Fund Holdings - The overall non-bank financial holdings increased by 1.19 percentage points, with the insurance sector's holdings at 2.29% and the securities sector at 0.84%. The multi-financial sector saw a decrease to 0.17% [3][4]. - The report provides a detailed breakdown of public fund holdings in major insurance companies, indicating a general trend of increased investment in the sector [9]. Market Dynamics - The report attributes the increase in public fund holdings to three main factors: reduced performance pressure due to base changes, structural market opportunities despite some adjustments, and the initiation of promotional activities by listed insurance companies [7][8]. - The anticipated performance of the insurance sector is expected to remain strong, supported by the equity market and the demand for savings products from residents [8][10]. Recommendations - The report recommends specific companies for investment, including China Taiping, China Ping An, China Life H, and China Pacific Insurance, based on their expected performance and market conditions [10].