与此同时，该基金最新成交量为4921.89万份，最新成交额达5918.63万元，居可比基金末位。 2026年1月26日，稀有金属ETF基金（561800.SH）收涨3.06%，主力资金（单笔成交额100万元以上）净 流出565.52万元，居可比基金前2。（数据来源：Wind） 与此同时，该基金最新成交量为4921.89万份，最新成交额达5918.63万元，居可比基金末位。 2026年1月26日，稀有金属ETF基金（561800.SH）收涨3.06%，主力资金（单笔成交额100万元以上）净 流出565.52万元，居可比基金前2。（数据来源：Wind） ...

Core Viewpoint - The introduction of innovative agricultural insurance products, such as the "fattening pig income insurance," aims to stabilize farmers' income against market fluctuations and natural disasters, enhancing the resilience of the agricultural sector in China [1][2]. Group 1: Agricultural Insurance Innovations - The "fattening pig income insurance" combines pig futures prices with actual output to provide a comprehensive income protection scheme for farmers, addressing both price and quantity risks [2]. - This insurance product represents an evolution from the previous "insurance + futures" model, which primarily focused on price risk, to a model that directly safeguards farming outcomes [2]. - The insurance is designed to help farmers like Li Bin, who have experienced significant financial stress during market downturns, by providing a safety net that allows for better planning and management of farming operations [2]. Group 2: Support for Fruit Farming - China Pacific Insurance has launched 11 specialized insurance products for the fruit industry in Guangdong, providing 2.5 billion yuan in risk coverage for various fruits, including lychee and longan, covering over 830,000 acres [3]. - The company has developed a comprehensive risk management approach, including weather index insurance and blockchain traceability systems, to enhance the resilience of the fruit supply chain [3][4]. - The collaboration between insurance providers and agricultural enterprises has improved risk management precision and expanded the coverage of insurance services, enabling farmers to adopt proactive risk control measures [4]. Group 3: Overall Impact on Agriculture - In 2025, China Pacific Insurance offered nearly 5,000 agricultural insurance products, providing 1.3 trillion yuan in risk coverage to over 5.73 million farming households [4]. - The ongoing exploration of the "insurance +" model aims to support high-quality agricultural development and rural revitalization, focusing on refined management and diversified collaboration [4].

姜旭平先生已确认与本公司董事会并无不同意见，而就其退任一 事，亦无任何需要通知本公司股东和债权人的事项。姜旭平先生在任 职期间勤勉尽责、认真履职，本公司董事会对姜旭平先生为本公司所 做的贡献表示衷心的感谢！ 证券代码：601601 证券简称：中国太保 公告编号：2026-002 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2026 年 1 月 27 日 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 关于独立董事任职资格获核准的公告 本公司近日收到国家金融监督管理总局（以下简称"金融监管总 局"）《关于黄显荣中国太平洋保险（集团）股份有限公司独立董事 任职资格的批复》（金复〔2026〕43 号）。金融监管总局已核准了 黄显荣先生担任本公司独立董事的任职资格。自此，黄显荣先生接替 姜旭平先生正式担任本公司第十届董事会独立董事。同日，姜旭平先 生退任董事职务。 ...

1月26日金融一线消息，中国太保发布公告称，公司近日收到国家金融监督管理总局（以下简称"金融监 管总局"）《关于黄显荣中国太平洋保险（集团）股份有限公司独立董事任职资格的批复》（金复 〔2026〕43号）。金融监管总局已核准了黄显荣担任中国太保独立董事的任职资格。自此，黄显荣接替 姜旭平正式担任中国太保第十届董事会独立董事。同日，姜旭平退任董事职务。 1月26日金融一线消息，中国太保发布公告称，公司近日收到国家金融监督管理总局（以下简称"金融监 管总局"）《关于黄显荣中国太平洋保险（集团）股份有限公司独立董事任职资格的批复》（金复 〔2026〕43号）。金融监管总局已核准了黄显荣担任中国太保独立董事的任职资格。自此，黄显荣接替 姜旭平正式担任中国太保第十届董事会独立董事。同日，姜旭平退任董事职务。 证券代码:601601 证券简称:中国太保 公告编号:2026-002 重要提示 责任编辑：秦艺 中国太平洋保险(集团)股份有限公司董事会 2026年1月27日 责任编辑：秦艺 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 中国太 ...

每经AI快讯，大金融板块集体走强，财通证券冲击涨停，兴业证券、新华保险、中国太保、宁波银行 涨超5%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The insurance sector is becoming increasingly attractive to investors, with significant growth in both the A-share market and the Hong Kong insurance market, driven by lower interest rates and a shift of capital from traditional savings to higher-yielding insurance products [3][4][5]. Group 1: Insurance Market Performance - As of January 25, 2026, the A-share market's three-year return is 31.01%, while the insurance industry index has achieved a return of 51.75% [4]. - In the first three quarters of 2025, the five major listed insurance companies in A-shares reported a total net profit of 426 billion yuan, marking a year-on-year increase of 33.5% [5]. - Major insurance companies such as China Life and Ping An have shown substantial growth in both revenue and net profit, with China Life's net profit increasing by 60.5% year-on-year [6]. Group 2: Hong Kong Insurance Market Dynamics - The Hong Kong insurance market has seen a surge in mainland Chinese investors, with 50.5% year-on-year growth in new policy premiums in the first half of 2025, and 29% of new policies purchased by mainland visitors [10]. - Hong Kong's insurance products offer greater flexibility and higher investment returns compared to mainland products, attracting more sophisticated mainland investors [10][11]. - The majority of new policies in Hong Kong are denominated in US dollars (79.8%), highlighting the preference for foreign currency products among investors [12]. Group 3: Investment Opportunities in Hong Kong Insurance - Hong Kong's dividend insurance products have a much higher expected return compared to mainland products, with potential returns reaching 4%-6% over 30 years [20][21]. - The advantages of Hong Kong's critical illness insurance include higher leverage, multiple payout options, and broader coverage compared to mainland offerings [26][30]. - Innovative financial strategies, such as leveraging loans to invest in high-yield insurance products, are being explored by investors, although they carry significant risks [32][33]. Group 4: Broader Investment Trends - The Hong Kong stock market is becoming a preferred destination for mainland companies, with a record IPO financing amount of 286.3 billion HKD in 2025, indicating a robust market environment [34][35]. - The average daily trading volume in the Hong Kong stock market increased by 90% in 2025, reflecting heightened investor interest and market activity [38]. - The Hang Seng Index rose by 25.77% in 2025, showcasing strong performance amid favorable market conditions [39]. Group 5: Strategic Importance of Hong Kong - Nearly 80% of mainland enterprises are choosing Hong Kong as their global expansion starting point, benefiting from its financial services and strategic location [42]. - Hong Kong's unique position as a free trade port allows for flexible currency transactions, making it an attractive option for businesses looking to mitigate exchange rate risks [43]. - The presence of a large pool of professional service providers in Hong Kong supports mainland companies in navigating international markets effectively [46].

Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights a significant increase in insurance holdings, with public fund holdings in the non-bank financial sector rising from 1.49% in Q3 2025 to 2.48% in Q4 2025, driven by market style rebalancing and marginal support from the sector's fundamentals [24][34] - The report notes that despite the ongoing pursuit of high-elasticity technology sectors, the non-bank financial sector is at a historical low valuation, with strong performance in the insurance sector and increased trading volumes in brokerage firms, indicating fundamental resilience [24][34] - The report suggests that the public fund holdings in the securities sector increased slightly from 0.63% in Q3 2025 to 0.71% in Q4 2025, reflecting improved performance trends and the appeal of low valuations [33] Summary by Sections New Public Fund Issuance - In Q4 2025, the number of newly issued funds remained stable at approximately 477, with a year-on-year increase of 81% compared to 264 in Q4 2024, while the issuance volume decreased by 15.19% year-on-year [12][19] - The share of newly issued equity funds decreased from 41% in the previous quarter to 32%, while mixed fund shares increased from 15% to 19% [12] Non-Bank Financial Fund Holdings - Public fund holdings in the non-bank financial sector increased, with the total market capitalization share rising to 2.48% in Q4 2025 [24] - The report attributes this increase to a shift in funds from crowded technology sectors to undervalued defensive sectors, alongside a recovery in northbound capital allocations [24] Major Non-Bank Companies' Holdings - The report indicates that major non-bank companies saw slight increases in public fund holdings, with China Ping An leading at 1.11% and China Pacific Insurance at 0.35% [41] - The report recommends focusing on key companies such as CITIC Securities, Huatai Securities, and China Ping An for potential investment opportunities [24][41]

Core Insights - Insurance capital is increasingly flowing into the primary market, driven by the dual forces of regulatory policies promoting long-term investments and a low-interest-rate environment [1][4] - China Life announced a partnership to establish a private equity fund focusing on artificial intelligence and related applications, with a total investment of 4 billion yuan [3][4] - Since 2025, there has been a surge in insurance capital entering the private equity market, with significant investments in sectors like renewable energy and biomedicine [4][5] Investment Trends - Insurance funds are actively investing in private equity, with a focus on hard technology sectors such as artificial intelligence, integrated circuits, and renewable energy [5][6] - The investment strategy aligns with national strategic directions, emphasizing high growth potential and technological barriers, which are expected to yield stable long-term returns [5][6] - The insurance sector is encouraged to support venture capital through diversified investment tools, enhancing the development of long-term and patient capital [5][6] Future Outlook - Predictions indicate that insurance capital will expand its investment scope to include more hard technology and livelihood-related industries by 2026 [6] - There is an expectation for deeper collaboration models, potentially enhancing direct investment capabilities or linking with industrial capital [6] - Insurance capital is likely to focus more on niche sectors, strengthening research and investment capabilities to navigate uncertainties while adjusting investment rhythms and exit strategies [6]

Core Insights - The report highlights that the short-term changes in broad-based ETF shares are impacting weighted stocks, while long-term regulatory changes are constraining deviations in benchmarks [1][5]. Group 1: Market Performance - As of January 24, 2026, the Shanghai Composite Index rose by 0.84%, while the Shenzhen Component Index increased by 1.11%. The CSI 300 Index fell by 0.62%, and the ChiNext Index decreased by 0.34% [10]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.80 trillion yuan, reflecting a 19% decrease compared to the previous period [5]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with marginal improvements in long-term interest spreads. The 10-year government bond yield was 1.83%, down 1 basis point from the previous week, indicating a stable economic outlook [11][14]. - The insurance sector is benefiting from regulatory changes that enhance asset-liability management capabilities, which are expected to support high growth in 2026. Key stocks to watch include China Ping An, China Life, and New China Life [14][15]. Securities Sector - The report notes a significant decline in broad-based ETF shares, with the CSI 1000 dropping by 42%, the SSE 50 by 25%, and the CSI 300 by 23%. This decline is expected to have a direct impact on the trading volumes of associated leading stocks [15][19]. - The China Securities Regulatory Commission has introduced new guidelines for public fund performance benchmarks, effective March 1, 2026, aimed at enhancing stability and protecting investor interests [24][28]. Group 3: Key Company Valuations and Financial Analysis - China Ping An (601318.SH) has a current price of 68.40 CNY, with a target value of 85.17 CNY, indicating a buy rating. The expected EPS for 2025 is 8.91 CNY, with a PE ratio of 7.68x [6]. - New China Life (601336.SH) is rated as a buy with a target value of 94.21 CNY, and an expected EPS of 14.04 CNY for 2025, reflecting a PE ratio of 4.96x [6]. - China Pacific Insurance (601601.SH) is also rated as a buy, with a target value of 52.44 CNY and an expected EPS of 6.09 CNY for 2025, resulting in a PE ratio of 6.88x [6].