Core Viewpoint - The Hong Kong insurance stocks have collectively risen, indicating positive market sentiment towards the sector [1] Group 1: Stock Performance - AIA Group (01299.HK) increased by 3.55%, reaching HKD 86 [1] - China Life Insurance (02628.HK) rose by 2.86%, trading at HKD 33.1 [1] - China Pacific Insurance (01339.HK) saw a gain of 2.47%, priced at HKD 6.65 [1] - New China Life Insurance (01336.HK) climbed by 2.23%, with a share price of HKD 61.8 [1] - Ping An Insurance (02318.HK) experienced a 2.06% increase, now at HKD 69.5 [1]

Group 1 - Insurance stocks collectively rose, with AIA Group (01299) up 3.55% to HKD 86, China Life (601628) (02628) up 2.86% to HKD 33.1, PICC (601319) (01339) up 2.47% to HKD 6.65, Xinhua Insurance (601336) (01336) up 2.23% to HKD 61.8, and Ping An (601318) (02318) up 2.06% to HKD 69.5 [1] - Several listed insurance companies have disclosed their 2025 full-year premium income or net profit data, with Xinhua Insurance achieving a cumulative original insurance premium income of CNY 195.99 billion, a year-on-year increase of 15%, and China Pacific Insurance (601601) reporting a total premium income of CNY 461.68 billion, a year-on-year increase of 4.43% [1] - Huachuang Securities expects listed insurance companies to achieve steady premium growth in 2025, driven mainly by investment performance, despite a recent two-week adjustment in the insurance sector due to slowing growth and high valuations [1] Group 2 - Morgan Stanley recently released a report predicting that 2026 will be a year when domestic insurance stocks outperform the market again, driven by strong sales growth, better business quality, and a favorable investment environment [2] - The report indicates that regulatory policies, interest rate trends, and market investment sentiment will be key catalysts for tracking the overall industry performance, with expectations for an increase in industry valuations [2] - Morgan Stanley anticipates that AIA Group will show continuous improvement in most key indicators in the fourth quarter of last year, maintaining a healthy growth outlook for new business value [2]

Group 1 - Insurance stocks collectively rose, with AIA Group (01299) up 3.55% to HKD 86, China Life (02628) up 2.86% to HKD 33.1, PICC (01339) up 2.47% to HKD 6.65, New China Life (01336) up 2.23% to HKD 61.8, and Ping An (02318) up 2.06% to HKD 69.5 [1] - Several listed insurance companies have disclosed their premium income or net profit data for the year 2025, with New China Life achieving a total original insurance premium income of CNY 195.899 billion, a year-on-year increase of 15%, and China Pacific Insurance reporting a total premium income of CNY 461.676 billion, a year-on-year increase of 4.43% [1] - Huachuang Securities expects listed insurance companies to achieve steady premium growth in 2025, driven mainly by investment performance, despite a recent two-week adjustment in the insurance sector due to slowing growth and high valuations [1] Group 2 - Morgan Stanley recently released a report predicting that 2026 will be a year when domestic insurance stocks outperform the market again, driven by strong sales growth, improved business quality, and a favorable investment environment [2] - The report indicates that regulatory policies, interest rate trends, and market investment sentiment will be key catalysts for tracking the overall performance of the industry, with expectations for an increase in industry valuations [2] - Morgan Stanley anticipates that AIA Group will show continuous improvement in most key indicators in the fourth quarter of last year, maintaining a healthy growth outlook for new business value [2]

Group 1 - The Hong Kong insurance sector showed strength at the beginning of trading, with AIA Group (01299.HK) rising by 2.35% [1] - China Life Insurance (02628.HK) increased by 1.8%, indicating positive market sentiment [1] - Other companies such as Prudential (02378.HK), China Pacific Insurance (01339.HK), and China Taiping Insurance (00966.HK) also saw gains of over 1% [1]

港股保险板块震荡走高，中国人寿涨超3%，新华保险涨超2%，中国太平、中国太保、中国平安均涨超 1%。 ...

智通财经APP获悉，1月22日,阿里巴巴-W（09988）、中国海洋石油（00883）、中国人寿（02628）南 向资金净流入金额位列市场前三，分别净流入14.11 亿、5.90 亿、5.08 亿 中国移动（00941）、腾讯控股（00700）、中国宏桥（01378）南向资金净流出金额位列市场前三，分 别净流出-8.48 亿、-6.71 亿、-4.32 亿 在净流入比方面，长江基建集团（01038）、优然牧业（09858）、海天味业（03288）以56.47%、 56.41%、51.11%位列市场前三。 在净流出比方面，中教控股（00839）、中国中药（00570）、碧桂园服务（06098） 以-62.38%、-57.48%、-55.30%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 14.11 亿 | 14.34% | 164.800（+0.98%） | | 中国海洋石油(00883) | 5.90 亿 | 21.89% | 22.740（+2.52%） | | 中 ...

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 374381.67 | -12829.26 | -1.96 | | 00700 | 腾讯控股 | 港股通(沪) | 256404.25 | 47186.91 | 0.76 | | 02899 | 紫金矿业 | 港股通(沪) | 234866.76 | -160485.92 | 4.35 | | 01810 | 小米集团-W | 港股通(沪) | 202530.35 | 52716.55 | -2.81 | | 02865 | 钧达股份 | 港股通(沪) | 200947.57 | 22193.94 | -6.56 | | 00941 | 中国移动 | 港股通(沪) | 199564.94 | -117692.48 | -0.88 | | 00981 | 中芯国际 | 港股通(沪) | 197489.33 | 18826.54 | -3.27 | | 09988 | 阿里巴巴-W ...

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]

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].

二、中国人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年1月21日，湛江金融监管分局发布批复称，《关于中国人寿保险股份有限公司湛江分公司第一营 销服务部变更营业场所的请示》(国寿人险湛呈〔2026〕2号)收悉。经审核，现批复如下： 一、同意中国人寿保险股份有限公司湛江分公司第一营销服务部将营业场所变更为：广东省湛江市经济 开发区乐山路19号恒福时代商务中心1号楼酒店16层1606-1615号房。 ...