Core Insights - On January 26, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Zijin Mining (02899) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.744 billion, 2.564 billion, and 2.349 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and China National Offshore Oil Corporation (00883) also ranked as the top three, with trading amounts of 1.878 billion, 1.743 billion, and 1.608 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 3.744 billion with a net buy of -128 million [2] - Tencent Holdings (00700) recorded a trading amount of 2.564 billion with a net buy of 472 million [2] - Zijin Mining (02899) had a trading amount of 2.349 billion with a net buy of -1.605 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 2.025 billion with a net buy of 527 million [2] - JunDa Co., Ltd. (02865) had a trading amount of 2.009 billion with a net buy of 222 million [2] - China Mobile (00941) recorded a trading amount of 1.996 billion with a net buy of -1.177 billion [2] - SMIC (00981) had a trading amount of 1.975 billion with a net buy of 188 million [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 1.785 billion with a net buy of -35.021 million [2] - Pop Mart (09992) had a trading amount of 1.419 billion with a net buy of 613 million [2] - Yangtze Optical Fibre and Cable (06869) recorded a trading amount of 1.371 billion with a net buy of -6.072 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 1.878 billion with a net buy of -107 million [2] - Tencent Holdings (00700) recorded a trading amount of 1.743 billion with a net buy of 543 million [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 1.608 billion with a net buy of 142 million [2] - SMIC (00981) had a trading amount of 1.269 billion with a net buy of -266 million [2] - Xiaomi Group-W (01810) recorded a trading amount of 1.064 billion with a net buy of 295 million [2] - Yingfu Fund (02800) had a trading amount of 1.042 billion with a net buy of -1.036 billion [2] - Zijin Mining (02899) achieved a trading amount of 1.017 billion with a net buy of 528 million [2] - Laopu Gold (06181) had a trading amount of 0.928 billion with a net buy of -78.823 million [2] - JunDa Co., Ltd. (02865) recorded a trading amount of 0.812 billion with a net buy of -74.468 million [2] - China Life (02628) had a trading amount of 0.707 billion with a net buy of -107 million [2]

根据公告，基金拟以人工智能引导 "科技创新、产业升级"为主线，与上海市和浦东新区市区两级 开展合作，以参股型私募股权投资方式，重点投向人工智能技术和相关应用，以及包括集成电路、 生物医药等其他各类科技创新产业，符合保险资金配置需求。 来源：中国人寿保险股份有限公司 近日，中国人寿保险 股份有限公司发布公告，称公司与多方联合设立 汇智长三角（上海）私募基 金合伙企业（有限合伙）（最终名称以工商登记信息为准）（"合伙企业"）。合伙企业全体合伙 人认缴出资总额为人民币50.515亿元，其中，中国人寿认缴出资额为人民币40亿元。国寿资本投 资有限公司（"国寿资本"）将作为合伙企业的管理人。 该合伙企业的共同成立方包含 上海浦东引领区投资中心（有限合伙） （"浦东创投"）、上海国投 先导人工智能私募投资基金合伙企业（有限合伙）（"国投先导"）及国寿基础设施投资管理有限 公司（"国寿基础"）（各方均作为有限合伙人），创智和瑞（上海）企业管理有限公司（"创智和 瑞"）（作为普通合伙人）及领智盈（上海）企业管理合伙企业（有限合伙）（"领智盈上海"） （作为特殊有限合伙人）。 热文： 谁押中了沐曦股份？ 荐读： 2025募资市 ...

Group 1 - Southbound funds recorded a net sell of HKD 826 million in Hong Kong stocks for the second consecutive day [1] - Notable net purchases included Tencent Holdings at HKD 1.015 billion, Xiaomi Group at HKD 822 million, and Pop Mart at HKD 613 million [1] - Significant net sales were observed in China Mobile at HKD 1.177 billion, Zijin Mining at HKD 1.077 billion, and Alibaba at HKD 235 million [1] Group 2 - Southbound funds have consistently net bought Xiaomi for 7 days, totaling HKD 3.89621 billion [1] - Continuous net buying for China National Offshore Oil Corporation (CNOOC) for 4 days, amounting to HKD 1.09627 billion [1] - Pop Mart has seen net buying for 3 consecutive days, totaling HKD 1.73397 billion [1] - China Mobile has faced net selling for 16 days, accumulating to HKD 12.89303 billion [1]

从76年前的应运而生，到30年前迈入人身险业务专业化经营，再到当下的引领国内寿险业砥砺奋进，中 国人寿始终用坚守与变革，诠释着国有金融险企的责任与担当。一路走来，从计划经济时代的独家经营 到市场经济大潮中的破浪前行，从传统保险服务商到综合金融生态引领者，变的是发展方式和商业模 式，是顺应时代的开拓进取，不变的是"以人民为中心"的发展思想，是"成己为人、成人达己"的核心价 值观，是守护人民美好生活的赤诚初心。 迎来个险营销30周年之际，中国人寿表示，将继续深耕寿险沃土，全心全意为广大保险消费者提供简 捷、品质、温暖的保险保障服务。未来，该公司将不忘初心、砥砺前行，以高质量的保险产品供给助力 夯实人民美好生活的"经济基础"，切实提升人民群众的获得感、幸福感和安全感。 2026年，寿险头雁——中国人寿保险股份有限公司（以下简称"中国人寿"，股票代码：601628.SH， 2628.HK）将迎来个险营销30周年。 30年前，中国人寿的前身中保人寿有限公司成立，开始迈入人身保险业务专业化经营时代，也是从这一 年开始，正式引入"个人营销代理人制度"。其个险销售队伍如同春笋般在全国各地破土而出，将保险的 种子播撒在960万 ...

1月26日金融一线消息，国家金融监督管理总局日前发布《关于张璐中国人寿保险（集团）公司董事任职资格的批复》，核准张璐中国人寿保险（集团）公 司董事的任职资格。 官网简历显示，张璐，1971年出生，中国人寿党委副书记、执行董事。经济学硕士学位，2025年2月任现职。曾任中央和国家机关工委委员、基层组织建设 指导部部长。 责任编辑：曹睿潼 1月26日金融一线消息，国家金融监督管理总局日前发布《关于张璐中国人寿保险（集团）公司董事任职资格的批复》，核准张璐中国人寿保险（集团）公 司董事的任职资格。 官网简历显示，张璐，1971年出生，中国人寿党委副书记、执行董事。经济学硕士学位，2025年2月任现职。曾任中央和国家机关工委委员、基层组织建设 指导部部长。 责任编辑：曹睿潼 ...

1月23日，中国人寿发布公告称，公司将与国寿启远在今年9月30日前订立协议，共同设立北京国寿养老 产业股权投资基金二期(有限合伙)， 基金认缴出资总额为85亿元。其中，中国人寿出资额为84.915亿 元，国寿启远出资额为850万元，国寿股权将作为合伙企业的管理人。 据介绍，该合伙企业聚焦长三角地区人工智能领域科技创新、产业升级新机遇，投资于成长期股权类资 产。主要投向人工智能、集成电路和生物医药三大先导行业中的科技创新企业，且明确表示人工智能领 域投资占比不低于实缴出资额的70%。 实际上，近年中国人寿在持续加码科技创新领域的股权投资。目前，通过国寿投资已布局沐曦股份、长 鑫存储、MiniMax等多家科技公司。 截至2025年9月末，国寿投资科技自立自强累计投资规模已达到约430亿元，在管规模超360亿元，2025 年新增划款规模超80亿元，较年初增长24%。 有分析指出，保险资金作为典型的耐心资本，具有体量大、期限长、来源稳的主要特点，与股权投资基 金投早、投小、投长期、投科技的特征相匹配，逐渐成为服务科技创新、赋能新质生产力的动力源和破 解资产荒、利差损等行业共性难题的新引擎。 公告显示，该基金将采取轻重 ...

小摩表示，香港保险业监管局计划自2026年1月起下调前端销售佣金，促使经纪渠道销售贡献显著提 升，第三季度占新单保费比例达35%，同比增加8个百分点。 报告同时指出，美元保单需求保持稳健，第三季度同比增长48%，反映在内地保证利率下调后，香港寿 险市场在产品多元性及回报竞争力方面的优势。展望第四季度，小摩预期在销售佣金率调整前，代理及 经纪渠道将共同推动新单业务保持强劲。此外，内地保险公司自2025年9月起下调非分红险保证利率， 可能进一步刺激内地访客对香港保险产品的需求。 摩根大通发布研报称，香港寿险业在2025年第三季度再次创下新单销售纪录，首年保费达910亿元，同 比大幅增长69%。然而，该行认为虽然销售量创新高，但整体产品结构及业务发展的健康度不及近期季 度，并预期在监管趋紧的背景下，管理增长动能将成为2026年关键。小摩表示，2026年更偏好中国人寿 （601628）(02628)及中国平安（601318）(02318)，认为其业务增长前景优于其他地区同业。 ...

报告同时指出，美元保单需求保持稳健，第三季度同比增长48%，反映在内地保证利率下调后，香港寿 险市场在产品多元性及回报竞争力方面的优势。展望第四季度，小摩预期在销售佣金率调整前，代理及 经纪渠道将共同推动新单业务保持强劲。此外，内地保险公司自2025年9月起下调非分红险保证利率， 可能进一步刺激内地访客对香港保险产品的需求。 智通财经APP获悉，摩根大通发布研报称，香港寿险业在2025年第三季度再次创下新单销售纪录，首年 保费达910亿元，同比大幅增长69%。然而，该行认为虽然销售量创新高，但整体产品结构及业务发展 的健康度不及近期季度，并预期在监管趋紧的背景下，管理增长动能将成为2026年关键。小摩表示， 2026年更偏好中国人寿(02628)及中国平安(02318)，认为其业务增长前景优于其他地区同业。 小摩表示，香港保险业监管局计划自2026年1月起下调前端销售佣金，促使经纪渠道销售贡献显著提 升，第三季度占新单保费比例达35%，同比增加8个百分点。 ...

Market Overview - The Hong Kong stock index showed mixed performance with the Hang Seng Index rising by 0.09% to 26,773.97 points, while the Hang Seng Tech Index fell by 1.31% to 5,721.82 points [1] - Major tech stocks experienced varied movements, with Alibaba down by 1.25%, Tencent up by 0.92%, and JD.com up by 1.39% [1] - Gold stocks led the rise in the metals sector, with companies like Lingbao Gold and Shandong Gold reaching new highs, while China Nonferrous Mining surged over 11% [1] - Oil stocks strengthened, with CNOOC rising by over 4% [1] - Commercial aerospace stocks generally declined, with Asia Pacific Satellite down over 8% [1] Corporate News - Road King Infrastructure (01098.HK) plans to sell several property rights in the Road King New World commercial project in Ningbo for 100.3 million yuan [2] - Asia Cement (00743.HK) expects a net profit of approximately 85.6 million yuan for 2025 [3] - Zijin Mining (02899.HK) announced the completion of the second phase of the Julong Copper Mine, which will become the largest copper mine in China [4] - Minmetals Capital (01141.HK) anticipates a net profit of 130 million to 170 million HKD for 2025, representing a year-on-year increase of 155.9% to 234.6% [4] - Everbright Securities (06178.HK) projects a revenue of 10.863 billion yuan for 2025, a year-on-year growth of 13.18%, with a net profit of 3.729 billion yuan, up 21.92% [4] - China Merchants Bank (03968.HK) reported a revenue of 337.532 billion yuan for 2025, with a slight increase of 0.01%, and a net profit of 150.181 billion yuan, up by 1.21% [4] - Shanghai Fudan (01385.HK) expects a revenue of approximately 3.93 billion to 4.03 billion yuan for 2025, with a net profit decrease of about 66.82% to 50.58% [4] - China Life Insurance (02628.HK) plans to invest 4 billion yuan to establish a partnership focused on AI-driven technological innovation and industrial upgrades in the Yangtze River Delta [5] - Xinda International Holdings (00111.HK) issued a profit warning, expecting a net profit of approximately 74 million to 82 million HKD [6] - Huadian International Power (01071.HK) reported a cumulative power generation of 262 million MWh for 2025, a decrease of about 6.99% year-on-year [7] - CNOOC Services (02883.HK) released a strategic guideline for 2026, expecting capital expenditure of approximately 8.44 billion yuan [8] - Sinopec (00386.HK) forecasts an oil production of 39.7 million tons for 2025, a slight increase of 0.2%, and a natural gas production of 41.253 billion cubic meters, up 4.02% [8] Institutional Insights - Galaxy Securities noted that the short-term interest rate cut expectations by the Federal Reserve have decreased, leading to a forecast of narrow fluctuations in the Hong Kong stock market [9] - The technology sector remains a long-term investment focus, benefiting from price increases in the supply chain, domestic substitution, and accelerated AI applications [9] - Consumption sectors are expected to continue benefiting from policy support, with attention needed on policy implementation and improvements in consumption data [9] - Dongxing Securities highlighted that the number of satellite launches in China is expected to accelerate by 2026, creating market opportunities in satellite manufacturing and rocket launches [10] - Guangfa Securities indicated that space photovoltaics are likely to benefit from the global commercial aerospace boom, with existing low-orbit satellite plans potentially creating nearly 10 GW of demand for space photovoltaics [10]

Core Viewpoint - China Life Property & Casualty Insurance is launching its sixth "Treasure Festival" from January 19 to March 31, 2026, focusing on various insurance needs related to travel, health, accidents, and family property, while enhancing customer engagement through interactive online content [1][2]. Group 1: Event Overview - The "Treasure Festival" integrates traditional culture with modern digital interaction, creating a festive atmosphere that includes diverse activities to meet customer participation needs [2]. - Activities include online fireworks, traditional games, and lantern riddles, designed to enhance family safety awareness and provide a fun experience [2]. Group 2: Product Matrix - The festival introduces a comprehensive product matrix covering multiple life scenarios, including auto insurance, accident insurance, health insurance, and home insurance, aimed at providing systematic and one-stop protection solutions [3][4]. - Specific products include travel accident insurance, children's accident insurance, and senior citizen accident insurance, addressing the needs of different age groups and life situations [3]. Group 3: Health Management - The product system is continuously improved to offer differentiated health insurance options, including cancer medical insurance for seniors and diabetes medical insurance, enhancing health protection levels for individuals and families [4]. - Family insurance discounts are available for major medical insurance products, alleviating the financial burden of serious illnesses [4]. Group 4: Digital Transformation - The company is committed to digital transformation, integrating technology into its operations to enhance customer service and operational efficiency [6][7]. - The "Anxin Enjoy" platform serves as a key hub for online activities and customer engagement, transitioning from traditional services to a dual online and offline service model [6]. Group 5: Customer-Centric Approach - The festival combines festive joy with practical risk protection, ensuring customers feel secure during the celebrations [8]. - The company aims to continue optimizing its service system through technological innovation, focusing on customer needs and contributing to national development [8].