Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The insurance sector is expected to see a double-digit growth in asset scale by 2025, with a significant increase in equity allocation compared to the previous year [7] - The investment assets of insurance companies reached 38.5 trillion CNY by the end of Q4 2025, marking a 15.7% increase from the beginning of the year, with life insurance and property insurance companies holding 34.7 trillion CNY and 2.4 trillion CNY respectively [7] - The proportion of equity assets in insurance funds has notably increased, with stocks and funds accounting for 23% of total investments by Q4 2025, indicating room for further enhancement in equity allocation [7] Summary by Sections Investment Scale and Allocation - By the end of Q4 2025, the investment balance of insurance companies reached 38.5 trillion CNY, a 15.7% increase year-on-year, with life insurance companies accounting for 90.1% of the total [7] - The bond allocation remained stable, while the proportion of stocks and funds increased significantly, with life and property insurance companies showing respective stock and fund allocations of 15.3% and 17.1% by Q4 2025 [7] Market Performance and Trends - The insurance sector's investment assets have shown continuous double-digit growth, driven by strong demand on the liability side and an upward trend in the equity market [7] - The overall solvency ratio of the insurance industry was 181% by Q4 2025, indicating a healthy capital position and potential for increased equity investments [7] Investment Recommendations - The report suggests focusing on the insurance sector, particularly on stocks such as China Ping An, China Life, China Taiping, and AIA Insurance, which are expected to benefit from improved equity elasticity and favorable market conditions [7]

"千万年薪"的传说渐远，分化悬殊的现实凸显。据北京商报记者不完全统计，截至2月23日，共有113家险企在披露的2025年四季度偿付能力报告 中公示了董监高薪酬，但在业绩整体向好的态势下，险企董监高薪酬并没有想象般"水涨船高"。 统计数据显示，董监高年薪超过500万元的公司由2024年的5家降至2025年的4家，且不同险企董监高薪酬差距明显，最高年薪突破500万元，最低 者不足50万元，差距达10倍以上，而曾经被热议的"千万年薪"已难觅踪迹。 险企董监高带头降薪 金融监管总局节前公布的数据显示，2025年全年，保险公司原保险保费收入6.1万亿元，同比增长7.4%；新增保单件数1168亿件，同比增长 12.6%。此外，2025年，受益于"报行合一"、资本市场向好等因素，行业经营情况可圈可点，已经公布数据的非上市险企中，约九成机构实现盈 利。 不过，在业绩整体向好的态势下，险企董监高薪酬延续了近两年的下降趋势。据北京商报记者统计，2023年同期，有10家保险公司董监高最高年 薪超500万元，到2024年只剩5家，2025年再次减少至4家，包括中美联泰大都会人寿、中宏人寿、美亚保险等。其他险企董监高最高薪酬多数位 于 ...

Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

春节，是刻在中国人骨子里的归家坐标，是万家灯火中最温柔的那一盏。对于中国太保而言，春节不仅 意味着团圆，更意味着一场关于责任与守护的"年度大考"。这个马年新春，中国太保旗下中国太保产险 以省心、放心、安心的"三心服务"为笔，在雪域高原、戈壁风雪、田间地头写下一个个温暖故事，让每 一段归途有依靠，每一个小家有保障。归途应急，"太保蓝"是最"省心"的"靠谱" 地点：西藏·日喀则 2月16日，除夕当日，在平均海拔4000米以上的日喀则地区，一位驾车返乡的客户因路面暗冰湿滑，不 幸发生侧翻。 高原反应、低温严寒、前不着村后不着店——事故发生时，车主内心涌起的不只是焦虑，更是对能否按 时回家吃上团圆饭的担忧。对于那个等待他的小家而言，他的归途就是全部。 接到报案后，中国太保产险的查勘员第一时间驱车奔赴现场。他们没有因为事故地处偏远而有丝毫懈 怠，抵达后迅速展开救援：妥善处置受损车辆，将车上人员转移到安全地带，协助联系后续交通，递上 热水和保暖物资。 这，便是"省心"的生动注脚——无论身处何地，无论环境多艰，无论深夜还是凌晨，一通电话，便有人 为你奔赴而来。守护每一个小家的团圆期盼，让归途不再因困顿而冰冷。 从田间定损到 ...

公司盈利预测与业务展望：根据研报分析，中国太保2025-2027年新业务价值（NBV）预计同比增速分 别为30.0%、10.5%和13.2%，归母净利润预计同比增速分别为15.7%、19.5%和15.1%；银保渠道业务占 比快速提升，2025年上半年新单保费占比已达46.1%，可能成为未来增长核心。 公司状况 行业政策与环境 行业政策与市场动态：国家金融监督管理总局于2025年12月下调保险公司投资股票的风险因子，这一政 策可能释放增量资金空间，对2026年保险板块估值形成支撑；同时，2026年初行业"开门红"期间保费增 长加速，可能推动公司短期业务景气度。 机构观点 经济观察网 根据公开信息，中国太保（601601）股票未来值得关注的事件主要包括以下几个方面： 近期事件 可转换债券到期事件：公司存在一项2030年到期的155.56亿港元零息可转换债券，转换价为每股39.04港 元，可能转换发行约3.98亿股H股，这可能会影响未来的股本结构和股东权益。 此外，公司近期动态如科技金融创新项目落地（如"秦科研发保"）、职业经理人薪酬制度改革以及监管 合规事项也需保持关注，但这些主要为已公告的近期事件。 以上内容基 ...

（原标题：中国太保投资管理（香港）行政总裁兼执行董事周成岗：稳驭周期，智创价值——迎接2026 年跨境资产配置新时代） 大家好！马年新春将至，我谨代表太保资管香港，向各位投资者与合作伙伴致以诚挚的节日问候，祝愿 大家在新的一年里龙马精神、财源广进、阖家安康！ 回顾2025年，全球经济在结构性调整中展现韧性，中国资本市场在深化改革与高水平开放中稳步前行。 太保资管香港始终坚守"稳健致远、价值投资"的核心理念，依托中国太保集团的综合金融与跨境布局优 势，积极应对挑战，稳步推进战略落地。 展望2026年，全球经济预计将步入"温和增长、政策协同"的新阶段。中国经济长期向好的趋势、香港国 际金融中心的枢纽功能强化，以及大湾区跨境金融政策的持续深化，将为跨境资产管理带来结构性机 遇。我们对2026年的资本市场保持谨慎乐观，并认为当前是进行长期布局、优化资产配置的重要窗口 期。 最后，再次祝愿大家新春快乐、马到成功、阖家幸福！2026年，让我们携手共进，稳驭周期，智创未 来！ 在权益投资方面，我们建议保持战略定力，在波动中增配优质股票资产。港股估值仍具备显著的长期配 置价值。随着美联储货币政策趋于宽松、内地经济稳步复苏，以 ...

Core Viewpoint - Ping An Life has increased its stake in China Life's H-shares, surpassing the 10% threshold, indicating a strategic move to build a substantial high-dividend financial asset pool in the Hong Kong market [1][4]. Group 1: Investment Actions - Ping An Life's investment in China Life's H-shares reached 10.12% after acquiring approximately 1,089.50 million shares at an average price of 33.2588 HKD per share [4]. - This is not the first time Ping An has increased its stake in a peer company; it previously acquired shares in China Pacific Insurance and China Life in August 2025, triggering initial stake notifications [2][3]. - The company has been actively buying shares in major banks, including Agricultural Bank of China, with its stake rising from 5% to 20.10% by the end of 2025 [5][6]. Group 2: Investment Strategy - Ping An's investment strategy focuses on asset-liability matching, ensuring that investments align effectively with its liability business [1][7]. - The company employs a "three criteria" principle for investments, assessing reliability, growth potential, and sustainable dividends [7]. - Analysts suggest that the motivations behind Ping An's stake increases can be categorized into two types: seeking stable dividend cash flows and targeting companies with strong return on equity (ROE) [7].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, driven by the growth in premium income and stable asset management [5][3]. Core Insights - The growth in premium income is expected to lead to a steady increase in the balance of insurance funds, with a projected year-end balance of CNY 38.5 trillion for 2025, reflecting a 15.7% increase from the beginning of the year [5][3]. - The report highlights a significant increase in equity allocation, with total equity and fund assets reaching CNY 5.70 trillion, up CNY 1.60 trillion from the start of the year, accounting for 15.4% of total assets [5][3]. - The bond allocation remains robust, constituting 50.4% of the total assets, indicating that bonds continue to serve as a stabilizing force for insurance companies [5][3]. Summary by Sections Premium Growth and Fund Allocation - The insurance industry is projected to see a premium growth of 7.1% year-on-year in 2025, with life insurance premiums increasing by 8.3% and property insurance premiums by 3.9% [5][3]. - By the end of Q4 2025, the allocation of stocks reached CNY 3.73 trillion, an increase of CNY 1.31 trillion from the beginning of the year, while fund assets totaled CNY 1.97 trillion, reflecting a slight decrease in the last quarter [5][3]. Asset Management Strategy - The report anticipates that the stable long-term interest rates, which are expected to range between 1.79% and 1.90%, along with a mild recovery in the equity market, will positively impact the profitability of insurance companies [5][3]. - The report recommends specific stocks, including China Ping An, China Pacific Insurance, New China Life, and China Life, as favorable investment opportunities within the sector [5][3].

Core Viewpoint - China Pacific Insurance (601601) is actively enhancing financial safety awareness among urban and rural residents through a series of volunteer service activities themed "Golden Sail to Welcome the New Year Financial Consumer Protection Village-to-Village" [1][7]. Group 1: Financial Consumer Protection Activities - The Qingdao branch of China Pacific Insurance has organized diverse and rich financial consumer protection volunteer service activities to deliver financial knowledge to the public [1]. - Volunteers engaged with villagers at local markets, using simple language to educate them on preventing illegal fundraising, identifying telecom fraud, and protecting personal information [1]. - The initiative aims to help villagers safeguard their finances, with positive feedback from participants highlighting the importance of awareness against scams [1]. Group 2: Community Engagement and Services - The "Three Hearts" service brand (peace of mind, reassurance, and comfort) guides the implementation of community activities, including setting up promotional points and distributing informational materials [3]. - Volunteers provided additional services such as distributing New Year gift bags and offering practical assistance, enhancing the warmth of financial services during the festive season [3]. - The outreach efforts are designed to bridge the gap in financial consumer protection awareness, ensuring that services reach the grassroots level effectively [3]. Group 3: Special Initiatives During Spring Festival - During the Spring Festival travel period, the Huangdao branch conducted a "Warm Homecoming Journey" initiative at the Qingdao West Coast Bus Station, distributing portable financial knowledge handbooks to travelers [5]. - The focus was on reminding travelers to protect their personal belongings and account security while being vigilant against financial fraud [5]. - Feedback from travelers indicated that the initiative provided practical knowledge and reassurance during their journeys home [5]. Group 4: Future Plans - The series of activities not only delivered financial knowledge to grassroots communities but also aimed to enhance public financial literacy and risk awareness in a relatable and heartfelt manner [7]. - China Pacific Insurance plans to continue deepening its financial consumer protection volunteer services, promoting the normalization and long-term effectiveness of financial knowledge dissemination [7].

Core Viewpoint - The insurance stocks in China have collectively declined, with significant drops observed in major companies, indicating potential pressure on profits due to market fluctuations and changes in capital allocation strategies [1] Group 1: Stock Performance - China Life (601628) fell by 4.14% to HKD 32.92 [1] - China Pacific Insurance (601601) decreased by 2.41% to HKD 37.26 [1] - New China Life (601336) dropped by 2.1% to HKD 58.15 [1] - China Ping An (601319) saw a decline of 3.52% to HKD 6.56 [1] Group 2: Profit Forecasts - Shenwan Hongyuan's report predicts a 22.7% year-on-year growth in net profit for A-share listed insurance companies in 2025, reaching CNY 426.4 billion [1] - The growth rate is expected to decrease by 10.9 percentage points compared to the third quarter of 2025 [1] Group 3: Market Dynamics - The narrative of "deposit migration" continues to evolve, with rumors about the scale of maturing deposits rising from CNY 10 trillion to CNY 70 trillion [1] - Bank of America reports that 70%-80% of maturing deposits are likely to remain within the banking system, with approximately CNY 1 trillion expected to flow into "non-deposit assets" [1] - If CNY 500 billion of this amount flows into insurance, it could lead to noticeable elasticity in life insurance sales [1]