Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7] Core Insights - The non-bank sector has shown weak overall performance this week, but some companies have disclosed high profit growth forecasts for 2025. The China Securities Regulatory Commission (CSRC) has issued guidelines to promote the return to fundamentals in the public offering securities investment fund industry, which is expected to drive long-term stable development [2][4] - The market trading volume has decreased, yet remains at historically high levels. The report suggests monitoring the sector's future performance [4] - In the insurance sector, the third-quarter reports have confirmed the logic of deposit migration, increased equity allocation, and improved new policy costs. The certainty of ROE improvement has increased, and valuations are expected to accelerate recovery [4] - The report highlights the increasing cost-effectiveness of overall allocations and ongoing revaluation in the sector [4] Summary by Sections Non-Bank Sector Performance - The non-bank financial index decreased by 1.5% this week, with an underperformance of 0.8% relative to the CSI 300, ranking 29th out of 31 sectors [5] - Year-to-date, the non-bank financial index has decreased by 1.6%, underperforming the CSI 300 by 3.1% [5] Market Overview - The average daily trading volume in the two markets was 27,988.78 billion yuan, down 19.23% week-on-week, with a daily turnover rate of 2.68%, down 68.47 basis points [5] - The leverage capital scale has rebounded, with a margin balance of 2.72 trillion yuan, up 0.23% [5] Insurance Sector Insights - The cumulative insurance premium income for November 2025 reached 57,629 billion yuan, a year-on-year increase of 7.56% [23] - Life insurance income was 41,472 billion yuan, up 9.06% year-on-year, while property insurance income was 16,157 billion yuan, up 3.88% [24] Company Recommendations - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, due to their strong business models and market positions [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4]

中国太保（601601）(02601)发布公告，公司近日收到国家金融监督管理总局(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公司独立董事的任职资格。黄显荣先生担任公司独立董事的任期自2026年1月22日 起生效。 公司同时宣佈，姜旭平先生于同日退任公司独立非执行董事。 ...

格隆汇1月26日丨中国太保(02601.HK)宣布，公司近日收到国家金融监督管理总局《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覆》(金复[2026]43号)。金融监管总局已核准了黄显 荣担任公司独立董事的任职资格。黄显荣担任公司独立董事的任期自2026年1月22日起生效。 ...

智通财经APP讯，中国太保(02601)发布公告，公司近日收到国家金融监督管理总局(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公司独立董事的任职资格。黄显荣先生担任公司独立董事的任期自2026年1 月22日起生效。 公司同时宣佈，姜旭平先生于同日退任公司独立非执行董事。 ...

格隆汇1月26日丨中国太保(02601.HK)宣布，公司近日收到国家金融监督管理总局《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覆》(金复[2026]43号)。金融监管总局已核准了黄显 荣担任公司独立董事的任职资格。黄显荣担任公司独立董事的任期自2026年1月22日起生效。 ...

| 執 | 行 | 董 | 事、董 | 事 | 長 | 獨立非執行董事 | | --- | --- | --- | --- | --- | --- | --- | | 傅 | 帆 | | | | | 陳 欣 | | | | | | | | 林婷懿 | | 執 | 行 | 董 | 事、總 | 裁 | | 羅婉文 | | 趙永剛 | | | | | | 金弘毅 | | | | | | | | 黃顯榮 | 非 執 行 董 事、副 董 事 長 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 董事名單與其角色和職能 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 董 事 會（「董事會」）成 員 載 列 如 下： 周東輝 John Robert DACEY 黃迪南 路巧玲 非執行董事 王他竽 王昱華 陳 然 董事會目前已設立5個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 這 些 委 員 會 中 所 擔 任 的 職 位。 – 1 – | | 委員會 | 審計 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. 董事任職資格核准 茲 提 述 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司（「本公司」））日 期 為2025年7 月31日 的 第 十 屆 董 事 會 第 十 五 次 會 議 決 議 公 告，日 期 為2025年8月12日 的 通 函（「該通函」）及 日 期 為2025年8月29日的臨時股東大會表決結果公告。 除另有指定者外，本公告中所使用的詞彙與該通函所界定者具有相同意義。 本公司於2025年8月29日舉行之臨時股東大會選舉黃顯榮先生為本公司 獨 立 非 執 行 董 事，任 期 至 本 公 司 第 十 屆 董 事 會 屆 滿。其 任 職 資 格 須 待 監 管 機 構 核 准 後 方 可 生 效。 本公 ...

Investment Rating - The report maintains a "Recommend" rating for the non-bank financial sector, indicating a positive outlook for investment in this area [1][8]. Core Insights - The non-bank financial sector is experiencing a continued high level of activity, with significant increases in holdings in both the brokerage and insurance segments. The brokerage sector's holdings increased to 0.99%, while the insurance sector saw a substantial rise to 2.04% [1][7]. - The overall fund net asset value reached 36.8 trillion yuan, reflecting a year-on-year growth of 14% and a quarter-on-quarter increase of 2% [12]. - The brokerage sector is expected to benefit from improved market conditions, with a projected net profit increase of 26% year-on-year for Q4 2025 [19][20]. - The insurance sector is poised for strong performance in 2026, driven by favorable market conditions and a significant increase in new policy premiums [22][23]. Summary by Sections Public Fund Market Size - As of Q4 2025, the total net asset value of public funds was 36.8 trillion yuan, with a year-on-year increase of 14% and a quarter-on-quarter increase of 2% [12]. - The non-monetary fund size reached 21.7 trillion yuan, growing 16% year-on-year [12]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.99%, up 0.1 percentage points from the previous quarter, with a total of 7.71 billion shares held, reflecting a 17.9% quarter-on-quarter increase [20]. - Major brokerages such as CITIC Securities and Guotai Junan saw significant increases in their holdings, with respective increases of 0.14 and 0.07 percentage points [20][21]. Insurance Sector - The insurance sector's holdings rose to 2.04%, a significant increase of 0.97 percentage points from the previous quarter, exceeding the benchmark allocation [23]. - Key players like Ping An and China Life experienced notable increases in their holdings, with Ping An's allocation rising by 0.68 percentage points [23]. Investment Recommendations - The report suggests focusing on key stocks within the brokerage sector, including Guotai Junan, CITIC Securities, and Huatai Securities, as well as major insurance companies like Ping An and China Life [8].

Group 1 - The credit bond ETF (511190.SH) closed down by 0.06% on January 26, 2026, with a net outflow of main funds (single transaction amount over 1 million yuan) amounting to 27.39 million yuan, ranking it among the top two in comparable funds [1] - The latest trading volume of the fund was 1.2245 million units, and the latest transaction amount fell below 130 million yuan, placing it among the bottom two in comparable funds [1]

Group 1 - The core point of the article highlights that the Science and Technology Innovation Bond ETF (招商551900.SH) experienced a slight increase of 0.02% on January 26, 2026, despite facing significant net outflows of 14.46 million yuan from major funds (transactions over 1 million yuan) [1][1][1] - The latest trading volume for the fund was reported at 354,100 units, with the total transaction amount falling below 100 million yuan, placing it at the lower end compared to similar funds [1][1][1]