Core Viewpoint - After the Lunar New Year holiday, the performance of Chinese H-share insurance companies has lagged behind the market, primarily due to concerns over short-term profit risks, lack of data points, and macroeconomic trends post-holiday [1] Group 1: Market Performance and Risks - Major insurance companies have not yet released positive profit forecasts, contributing to market concerns [1] - There is a lack of disclosed monthly premium income data, which adds to uncertainty [1] - The macroeconomic outlook following the Lunar New Year holiday is under scrutiny [1] Group 2: Future Catalysts - The sector is expected to regain momentum as the earnings announcement period approaches, driven by five key catalysts [1] - Increased discussions on total shareholder returns [1] - Management's optimistic guidance on life insurance sales prospects for fiscal year 2026 [1] - Solid solvency capital status projected for Q4 2025 [1] - Decrease in funding costs [1] - Enhanced confidence in the recovery of the Contractual Service Margin (CSM) for life insurance [1] Group 3: Company Preferences and Ratings - The company prefers China Ping An (02318) due to its recovery in life insurance sales and attractive valuation [1] - China Life (02628) is also favored for its strong life insurance sales growth and discussions on enhancing shareholder returns [1] - Morgan Stanley has assigned "Overweight" ratings to China Ping An and China Life H-shares, with target prices of HKD 100 and HKD 40 respectively [1] Group 4: Profit Forecasts and Market Consensus - Morgan Stanley believes that insurance companies do not need to issue profit forecasts unless annual net profit changes exceed 50% [2] - The firm forecasts net profit growth for China Life, China Ping An, and China Pacific Insurance (02601) at 47%, 19%, and 10% year-on-year for fiscal year 2025 respectively [2] - The market consensus for net profit in fiscal year 2026 shows a projected decline of 9%, indicating limited risk for further downward adjustments at this stage [2]

智通财经APP获悉，摩根大通发布研报称，农历新年长假期结束后，中国H股保险公司的表现落后于大 市。市场似乎关注：(1)短期盈利风险，因主要保险公司尚未公布正面盈利预告; (2)缺乏数据点，因未有 披露每月保费收入; (3)农历新年假期后的宏观走势。 该行预期，随着业绩公布期临近，板块将重拾动力。五大关键催化剂包括：(1)加强股东总回报的讨论; (2)管理层对2026财年寿险销售前景的乐观指引; (3)2025年第四季偿付能力资本状况稳健; (4)资金成本下 降; 及(5)对寿险准备金合约服务边际(CSM)恢复的信心增强。该行偏好中国平安(02318)，因其寿险销售 复苏及估值吸引; 以及中国人寿(02628)，其在同样强劲的寿险销售增长前景之外，还提供加强股东回报 的讨论。小摩对中国平安及国寿H股分别予"增持"评级，目标价分别100港元及40港元。 小摩认为，除非全年纯利变动超过50%，否则保险公司无需发布盈利预告。该行预测2025财年国寿、中 国平安及中国太保(02601)纯利分别同比增长47%、19%及10%。由于更关注核心盈利带来的可持续每股 股息增长，以及新会计准则下纯利波动性增加，保险公司对自愿发布 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [2][6]. Core Insights - The insurance sector has experienced a phase of adjustment, with a decline in the Shenwan Insurance Index from 1474.31 to 1419.21, a drop of -3.74% from February 13 to February 27. This decline occurred despite the Shanghai Composite Index and the CSI 300 Index showing positive growth during the same period [9][10]. - The report highlights that the insurance industry has significantly increased its equity asset allocation, with a rise of 1.6 trillion yuan in "stocks + funds," bringing the proportion to 15.4%. The bond allocation has increased by 0.9 percentage points to 50.4% [13][14]. - As of the end of Q4 2025, the average comprehensive solvency adequacy ratio for insurance companies was 181.1%, with a core solvency adequacy ratio of 130.4%, indicating overall strong solvency across the sector [13][14]. Summary by Sections 1. Insurance Sector Adjustment and Valuation Recovery - The report notes a significant adjustment in the insurance sector, with a focus on the stabilization of interest rates benefiting valuation recovery opportunities for undervalued insurance stocks [3][9]. 2. Industry Event Tracking - The National Financial Regulatory Administration reported that the insurance industry's total investment balance reached 38.5 trillion yuan by the end of 2025, reflecting a year-on-year increase of 15.7% [13]. - The solvency ratios of various insurance companies indicate that most are well-capitalized, with only five companies failing to meet regulatory standards [14]. - A survey indicates that most insurance institutions plan to slightly increase their allocation to A-shares in 2026, focusing on sectors such as electronics, non-ferrous metals, and pharmaceuticals [15]. 3. Company Event Tracking - China Taiping has reduced its stake in Joy City, bringing its holding below 5% [16]. - Ping An Life's chairman, Yang Zheng, is set to retire, with responsibilities transitioning to Cai Ting, the vice chairman [17]. - Zhongying Life has announced the discontinuation of two dividend insurance products, lowering the preset interest rate to 1.25% [17]. 4. Investment Recommendations - The report suggests maintaining an "Overweight" rating for the insurance sector, with specific stock recommendations including China Ping An, China Taiping, New China Life, China Pacific Insurance, China Life, and China People's Insurance Group [18].

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [2] Core Views - The non-bank financial sector is expected to show potential investment opportunities despite recent adjustments, particularly in the insurance segment, which is undergoing valuation adjustments due to interest rate changes [1][8] - The report highlights that the non-bank sector has experienced significant adjustments, suggesting that valuation levels are now attractive for potential investments [1][8] Summary by Sections 1. Securities Business Overview and Weekly Review - The China Securities Regulatory Commission (CSRC) has introduced new regulations for private fund information disclosure, effective from September 1, which aims to enhance transparency and reduce hidden risks in the private fund industry [14] - The report notes that the major indices showed mixed performance, with the non-bank financial index declining by 1.90% compared to the Shanghai Composite Index's increase of 1.08% [16][19] - The average price-to-book (PB) ratio for the securities sector is reported at 1.34, indicating it is at the 31st percentile of its historical range [18][41] 2. Insurance Business Overview and Weekly Review - A new policy has been introduced to systematically develop low-altitude insurance, addressing the growing demand for risk coverage in low-altitude flight activities [44][45] - The policy outlines a phased approach to establish a mandatory insurance system for unmanned aerial vehicles by 2027 and aims to create a comprehensive low-altitude insurance framework by 2030 [45][46] - The report anticipates that the implementation of this policy will create new growth opportunities for insurance companies, prompting them to develop innovative insurance products tailored to the low-altitude economy [46] 3. Market Liquidity Tracking - The report indicates that the central bank conducted a net withdrawal of 5,774 billion yuan in the open market during the week, with various monetary policy tools being utilized [53]

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [2] Core Views - The non-bank financial sector is expected to show potential investment opportunities despite recent adjustments, particularly in the insurance segment, which is undergoing valuation adjustments due to interest rate changes [1][8] - The report highlights that the non-bank sector has experienced significant adjustments, suggesting that valuation levels are now attractive for potential investments [1][8] Summary by Sections 1. Securities Business Overview and Weekly Review - The China Securities Regulatory Commission (CSRC) has introduced new regulations for private fund information disclosure, effective from September 1, which aims to enhance transparency and reduce hidden risks in the private fund industry [14] - Major indices showed mixed performance, with the non-bank financial index declining by 1.90% compared to the Shanghai Composite Index's increase of 1.08% [16][19] - The average price-to-book (PB) ratio for the securities sector is reported at 1.34, indicating it is at the 31st percentile of its historical range [18][41] 2. Insurance Business Overview and Weekly Review - A new policy framework for low-altitude insurance has been established, aiming to create a comprehensive insurance system for low-altitude activities by 2030 [44][45] - The policy includes key initiatives such as mandatory insurance for unmanned aerial vehicles and the development of a product system covering the entire low-altitude industry chain [45][46] - The low-altitude insurance initiative is expected to open new growth avenues for the insurance industry, enhancing product development and risk management capabilities [46] 3. Market Liquidity Tracking - The central bank conducted a net withdrawal of 5,774 billion yuan in the open market during the week, indicating a tightening of liquidity conditions [53]

Investment Rating - The report does not explicitly provide an investment rating for the insurance industry, but it emphasizes the importance of addressing risks in small and medium-sized insurance companies as a key regulatory task for 2026 [4][32]. Core Insights - The risk resolution of small and medium-sized insurance institutions is a significant regulatory focus during the "14th Five-Year Plan" period, with a particular emphasis on market-oriented solutions for existing risks [4][32]. - The report highlights that 19 life insurance companies are currently unable to disclose their solvency reports, with recognized liabilities totaling approximately 4.31 trillion yuan, accounting for about 11.4% of the industry [4][17]. - The report discusses the transition from a "single fund guarantee" model for the insurance guarantee fund to a more diversified market-oriented risk resolution approach [4][32]. Summary by Sections Introduction - The report outlines the challenges faced by small and medium-sized insurance institutions in a persistently low interest rate environment, which has led to operational difficulties and increased risk exposure [10][14]. Current Situation of Small and Medium-Sized Insurance Institutions - The report categorizes the 19 life insurance companies unable to disclose solvency reports into three stages: newly established companies, those undergoing risk resolution, and those with slow progress in risk resolution [22][24]. - It notes that the current risk resolution approach in the insurance sector is characterized by "one company, one policy," allowing new entities to take over business without reducing the total number of insurance licenses [33][35]. Comparison with Historical Events - The report draws parallels between the current situation in China's insurance industry and the insurance crisis in Japan during the 1990s, noting that the current environment has not yet broken the "guaranteed return" constraint [4][38]. Changes in Risk Resolution Models - The report indicates that the insurance guarantee fund's model will shift from a single fund to a multi-faceted market-oriented resolution strategy, highlighting the need for capable market participants to assist in risk resolution [4][32]. Investment Recommendations - The report suggests that accelerating the risk resolution process for small problem insurance companies is essential for promoting a healthier competitive ecosystem in the industry, transitioning from quantity expansion to quality improvement [4][32].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 公司名稱: 中國人壽保險股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02628 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,441,175,000 | RMB | | | 1 RMB | | 7,441,175,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,441,175,0 ...

Investment Rating - The report does not explicitly state an investment rating for the non-bank financial sector, but it provides insights into various segments such as insurance, brokerage, and banking, indicating potential investment opportunities and strategies [1][2][3]. Core Insights - The non-bank financial index decreased by 1.18% this week, underperforming the CSI 300 index by 2.26 percentage points. The insurance sector saw a decline of 3.74%, while the brokerage sector fell by 0.39%. In contrast, the diversified financial index increased by 3.90% [1][10]. - The insurance sector is experiencing a short-term adjustment due to profit-taking, a shift of funds towards growth sectors, and a lack of policy and earnings reports. However, the medium-term outlook remains positive as insurance companies are expected to increase equity allocations in 2026, supported by economic recovery and low valuations [2][14]. - The brokerage sector is expected to benefit from the recent capital market planning discussions, which emphasize market openness and reform. The report suggests that leading brokerages with strong cross-border capabilities will likely gain from these developments [2][16]. - The banking sector is viewed as a potential investment opportunity, particularly as macroeconomic conditions improve. The report recommends focusing on banks with high earnings elasticity, high dividend yields, and those expected to benefit from convertible bond catalysts [3][19]. Summary by Sections Insurance Sector - The insurance sector's index fell by 3.74%, underperforming the CSI 300 index by 4.82 percentage points. The decline is attributed to profit-taking and a shift in market sentiment towards growth sectors [2][13]. - Despite the short-term pullback, the long-term outlook for the insurance sector is optimistic, with expectations of increased equity allocations and a favorable economic environment supporting valuation recovery [14][15]. - Recommended stocks include New China Life Insurance, China Pacific Insurance, China Ping An, and China Life Insurance [15]. Brokerage Sector - The brokerage sector index decreased by 0.39%, underperforming the CSI 300 index by 1.47 percentage points. The sector's price-to-book (PB) ratio is currently at 1.33x, indicating a mismatch between earnings and valuations [2][16][17]. - The report highlights the importance of selecting brokerages based on their strengths and potential for mergers and acquisitions, recommending firms like Guotai Junan and Huatai Securities [17][18]. - The recent discussions by the China Securities Regulatory Commission signal a commitment to market reform and openness, which could benefit leading brokerages [16]. Banking Sector - The banking sector index fell by 0.92%, underperforming the CSI 300 index by 2.00 percentage points. The sector's PB ratio is at 0.50x, suggesting potential undervaluation [3][18]. - The report emphasizes the banking sector's resilience and potential for recovery as macroeconomic conditions improve, recommending banks with strong earnings potential and high dividend yields [19]. - Suggested banks for investment include Hangzhou Bank, Ningbo Bank, and China Merchants Bank, among others [19].

Core Insights - The report emphasizes that AI technology is driving cost reduction and efficiency improvements in financial companies, presenting a configuration opportunity for the sector after recent volatility [1] - The report highlights the ongoing influx of incremental capital into the market, suggesting that the stability of the capital market enhances the sector's tool attributes, making it a favorable investment opportunity [1] Group 1: Market Performance - As of February 28, 2026, the Shanghai Composite Index rose by 1.98%, while the Shenzhen Component Index increased by 2.80% [9] - The average daily trading volume in the Shanghai and Shenzhen markets reached 2.44 trillion yuan, a 15.60% increase month-on-month [4] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Short-term stock price fluctuations do not alter the positive long-term fundamentals of the insurance sector, with expectations for improved long-term premium and fee differentials [14] - The approval of AI applications in insurance pricing has raised concerns about potential disruptions in the core insurance value chain, leading to a temporary decline in domestic insurance stocks [14] - The report suggests that leading insurance companies are likely to accelerate digital transformation through AI applications, enhancing their competitive edge [14] Securities Sector - The "15th Five-Year" planning meeting for foreign capital institutions was held, indicating a deepening of capital market openness [15] - The meeting aims to incorporate foreign institutions' suggestions into the planning process, enhancing the market's internationalization and stability [16] - The report anticipates that the capital market's institutional opening will accelerate, creating new opportunities for securities firms, particularly in cross-border business [20] Group 3: Investment Recommendations - The report recommends focusing on specific stocks within the insurance sector, including China Ping An, China Life, and New China Life, due to their strong fundamentals and growth potential [14] - In the securities sector, firms such as Guotai Junan, Huatai Securities, and CITIC Securities are highlighted as having significant investment opportunities due to their competitive advantages and market positioning [4][14]

Core Viewpoint - The Hong Kong stock market showed positive performance on February 27, with the Hang Seng Index rising by 249.52 points, or 0.95%, closing at 26,630.54 points. The total turnover for the day was HKD 288.42 billion [1]. Market Indices - The Hang Seng Index increased by 249.52 points, closing at 26,630.54 points, with a gain of 0.95% [1]. - The National Enterprises Index rose by 45.2 points, closing at 8,859.49 points, reflecting a gain of 0.51% [1]. - The Hang Seng Technology Index gained 28.51 points, closing at 5,137.84 points, with an increase of 0.56% [1]. Blue-Chip Stocks - Tencent Holdings rose by 1.17%, closing at HKD 518 [1]. - Hong Kong Exchanges and Clearing increased by 0.87%, closing at HKD 419 [1]. - China Mobile saw a rise of 0.89%, closing at HKD 79.3 [1]. - HSBC Holdings increased by 1.59%, closing at HKD 147.3 [1]. Local Hong Kong Stocks - Cheung Kong Holdings increased by 3.58%, closing at HKD 49.78 [1]. - Sun Hung Kai Properties rose by 7.12%, closing at HKD 146 [1]. - Henderson Land Development gained 2.9%, closing at HKD 35.44 [1]. Chinese Financial Stocks - Bank of China decreased by 0.22%, closing at HKD 4.64 [1]. - China Construction Bank fell by 0.12%, closing at HKD 7.99 [1]. - Industrial and Commercial Bank of China rose by 0.47%, closing at HKD 6.45 [1]. - Ping An Insurance increased by 0.22%, closing at HKD 68 [1]. - China Life Insurance rose by 0.64%, closing at HKD 31.58 [1]. Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation increased by 0.37%, closing at HKD 5.45 [1]. - China National Petroleum Corporation rose by 0.85%, closing at HKD 9.54 [1]. - CNOOC Limited saw an increase of 2.68%, closing at HKD 25.32 [1].