登录新浪财经APP 搜索【信披】查看更多考评等级 2025年，保险资金举牌上市公司继续升温。 | 月份 | 保险公司 | 举牌标的 | 举牌后持股比例 | | --- | --- | --- | --- | | 1月 | 平安人寿 | 邮储银行H股 | 5% | | | 平安人寿 | 招商银行H股 | 5% | | | 新华人寿 | 杭州银行A股 | 5.87% | | | 阳光人寿 | 中国儒意H股 | 7.15% | | 2月 | 长城人寿 | 中国水务H股 | 5.02% | | | 平安人寿 | 农业银行H股 | 5% | | 3月 | 长城人寿 | 大唐新能源H股 | 5.0043% | | | 瑞众人寿 | 中信银行H股 | 5% | | | 中国人寿 | 电投产融A股 | 25.0540% | | | 平安人寿 | 招商银行H股 | 10% | | | 瑞众人寿 | 中国神华H股 | 5% | | 4月 | 新华人寿 | 北京控股H股 | 5% | | 5月 | 中邮人寿 | 东航物流A股 | 5% | | | 平安人寿 | 邮储银行H股 | 10% | | | 平安人寿 | 农业银行H股 | ...

| 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) | 03968 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | 第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) 否 | 於香港聯交所上市 (註1) | | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 360028 | 說明 | 於上交所上市之人⺠幣27,5 ...

Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 847.37%, Zhejiang Shibao (01057) at 398.38%, and Hongye Futures (03678) at 286.02% [1] - The bottom three AH premium rates are recorded by Ningde Times (03750) at -14.50%, China Merchants Bank (03968) at -5.83%, and Heng Rui Medicine (01276) at -3.71% [1] - The highest deviation values are for Zhejiang Shibao (01057) at 86.11%, Guanghe Tong (00638) at 17.07%, and China Shipbuilding Defense (00317) at 11.89% [1] Group 2 - The lowest deviation values are for Northeast Electric (00042) at -40.60%, New China Life Insurance (01336) at -13.42%, and GAC Group (02238) at -13.31% [1] - The top ten AH stocks by premium rate include Sinopec Oilfield Service (01033) at 275.36% and Beijing Jingcheng Machinery Electric Company (00187) at 266.34% [2] - The bottom ten AH stocks by premium rate include Midea Group (00300) at 4.83% and WuXi AppTec (02359) at 7.50% [1][2]

2026年伊始，人民币继续走强。 1月2日，离岸人民币对美元一度升破6.97，最高升至6.9687，创2023年5月以来新高。截至10时15分发 稿，离岸人民币对美元报6.9690，涨约0.15%。 该报告总结过往10年汇率涨跌变化发现，"人民币汇率具备季节性走强的特征，主要体现在每年11月至 次年1月，此时人民币刚需结汇盘涌现（年末关账、发放工资），带动汇率升值。" 业内认为，人民币汇率是由国际环境、资金流向、政策变化等多维因素共同作用的结果，其后续走势依 然面临多重不确定性。 招商银行金融市场部报告认为，2026年1月，在刚需结汇盘的加持下，人民币汇率或稳中有升。而进入2 月，刚需结汇需求有所减弱，基于春节假期的海外旅游需求，部分零售购汇盘将出现，对结汇力量形成 一定中和。 "人民币双向波动的总基调不会变，金融市场的不确定性也不会变，市场主体可以根据自身的实需情况 和市场阶段性走势，择机操作。"报告强调。 （文章来源：上海证券报） 连日来，在外部美元指数转弱与内部结汇需求释放的共振作用下，人民币升值有所加速。上周，离岸、 在岸人民币对美元双双升破7.0关口。 招商银行金融市场部发布报告认为，2025年企业 ...

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]

Summary of the Conference Call on Wealth Management Industry Outlook for 2026 Industry Overview - The report focuses on the wealth management industry in China, particularly in the context of deposit migration and new asset allocation narratives for 2026 [4][5]. Key Insights and Arguments 1. **Growth in Wealth Management**: In 2025, the wealth management industry experienced unexpected growth due to deposit migration and the release of floating profits, with a total scale reaching 33.7 trillion yuan, a year-on-year increase of 12.5% [16][4]. 2. **Future Opportunities**: The industry is expected to benefit from multi-asset layouts and a further decline in household savings rates in 2026, although it will face pressure from valuation adjustments [4][5]. 3. **Risk Appetite of Residents**: There is a slight upward trend in the risk appetite of Chinese residents, influenced by their asset-liability performance and historical changes in financial assets during Japan's low-interest era [5][25]. 4. **Deposit Migration**: In 2025, the average decline in retail deposit rates was approximately 30 basis points, with a notable slowdown in fixed-term deposits. Conversely, demand for demand deposits, bank wealth management products, and non-bank deposits increased [5][48]. 5. **Excess Savings**: From 2020 to 2025, an excess savings of 14.4 trillion yuan was generated, indicating potential for additional funds to flow into wealth management and other investment areas as savings rates decline [6][50]. 6. **Valuation Adjustments**: The report anticipates that wealth management products will face "true" net value adjustments in 2026, which may increase product volatility and challenge institutions to meet investor demands for stable growth [13][14]. 7. **Projected Growth**: The wealth management industry is expected to grow by approximately 8% in 2026, reaching a scale of 36 trillion yuan, with potential for further growth if the bond market stabilizes [14][15]. Additional Important Points 1. **Product Structure Trends**: The report predicts a continued demand for low-volatility, stable fixed-income products, while the growth of rights-based wealth management products is expected to increase [15][4]. 2. **Impact on Stock Market**: The anticipated increase in equity asset allocation by wealth management institutions could potentially inject nearly 1 trillion yuan into the capital market by 2027 [15][14]. 3. **Public Fund Outsourcing Demand**: There is a growing demand for bond ETFs and rights-based funds, driven by the need for enhanced returns and external collaboration [15][4]. 4. **Consumer Behavior**: The report highlights that despite the potential for increased risk asset allocation, the majority of wealth management products will still prioritize stability and safety due to the current risk appetite of residents [15][25]. 5. **Regulatory Environment**: The regulatory landscape continues to evolve, with institutions required to return floating profits to investors, which has supported product performance amid market volatility [19][22]. This summary encapsulates the key points from the conference call regarding the wealth management industry outlook for 2026, highlighting growth opportunities, challenges, and consumer behavior trends.

Summary of the Conference Call Transcript Industry Overview - The banking sector is entering a phase of high-quality development, with a focus on absolute and relative returns from bank stocks, driven by high dividend yields and asset quality [3][4][20]. Key Points Financial Performance Projections - Expected revenue growth for listed banks in 2026 and 2027 is +2.5% and +3.6% respectively, with net profit growth of +1.9% and +2.6% [4][20]. - Revenue and profit growth are anticipated to improve due to: 1. Narrowing net interest margin pressure 2. Quality-focused credit issuance amid weak demand [4][20]. 3. Stabilization of fee income growth after several years of fee reductions [4][20]. 4. Stable or improving net non-performing loan generation rates [4][11]. 5. Accelerated supply-side reforms leading to a reduction in the number of bank licenses, improving competition and operational landscape [4][11]. Customer Demand and Market Dynamics - The low-interest-rate environment has shifted customer demand, with government and state-owned enterprises becoming significant contributors to leverage, affecting the structure of new social financing [5][10]. - Regulatory policies are influencing the development of inclusive finance, focusing on risk compensation rather than merely increasing customer numbers [5][10]. Risk Factors - Risks associated with real estate developers and retail sectors are highlighted, with potential for greater-than-expected exposure [6][11]. Profitability and Valuation Adjustments - Adjustments to profitability forecasts for 2025 and 2026 have been made, with a focus on net interest income recovery and fee income growth [20][21]. - The expected net interest margin for 2026 is projected to be approximately 1.34%, a decrease of 6 basis points from 2025 [21][22]. - Fee income is expected to grow by 3.6% and 4.9% in 2026 and 2027 respectively, indicating a positive trend in non-interest income [21][22]. Asset Quality and Credit Costs - The net non-performing loan generation rate is expected to stabilize or slightly decline, with structural characteristics of retail and corporate lending continuing [11][21]. - Credit costs are projected to remain stable at around 0.58% for 2026 and 2027, reflecting the balance between corporate and household debt servicing capabilities [21][22]. Investment Recommendations - The report suggests a continued positive outlook for bank stocks, emphasizing the importance of dividend yield and asset quality in investment decisions [3][4][20]. Additional Insights - The banking sector is undergoing a transformation towards high-quality development, with a shift in focus from scale to quality, driven by macroeconomic pressures and regulatory changes [12][20]. - The reduction in the number of banking licenses over the past five years indicates successful risk management efforts within the sector [11][12]. - The report emphasizes the need for banks to adapt their strategies to maintain competitiveness in a changing regulatory and economic environment [12][20].

Group 1: Market Overview - On December 31, the Hong Kong stock market saw a net inflow of 34.49 billion HKD from northbound funds, with 30.97 billion HKD from the Shanghai Stock Connect and 3.51 billion HKD from the Shenzhen Stock Connect. This marks a record high net inflow of 1.41 trillion HKD for the year, significantly up from approximately 807.9 billion HKD in 2024 [2]. Group 2: Key Stocks - The most net bought stocks by northbound funds included China Merchants Bank (招商银行) with 7.24 billion HKD, Industrial and Commercial Bank of China (工商银行) with 5.88 billion HKD, and China Construction Bank (建设银行) with 5.61 billion HKD [6]. - The most net sold stocks were Zijin Mining (紫金矿业) with a net outflow of 6.82 billion HKD and Tencent (腾讯) with a net outflow of 6.46 billion HKD [7]. Group 3: Sector Performance - The banking sector is expected to benefit from a stable macro-financial environment, with projections indicating that bank interest margins may have bottomed out and risks in the real sector are easing. This is anticipated to lead to income and profit recovery in the banking industry [6]. - Semiconductor stocks, particularly SMIC (中芯国际), received significant net buying, with 3.91 billion HKD, driven by price increases in the 8-inch BCD process platform by approximately 10% [6]. Group 4: Specific Company Insights - Jiangxi Copper (江西铜业) saw a net inflow of 1.58 billion HKD, while Zijin Mining faced a net outflow of 6.82 billion HKD. The National Development and Reform Commission emphasized the need for optimizing the management of the copper smelting industry, which may impact future production levels [7]. - Xiaomi Group (小米集团) received a net inflow of 2.37 billion HKD, supported by government policies promoting consumer electronics [7].

滨州日报/滨州网讯在元旦佳节来临之际，12月31日下午，市委常委、副市长、市政府党组副书记胡薄 走访慰问财税金融系统干部职工，向大家致以新年的问候与祝福。 胡薄先后到招商银行滨州分行、建设银行滨州西城支行、人民银行滨州市分行、国家金融监督管理总局 滨州监管分局走访，参观营业大厅、业务办公区，与一线干部职工亲切交流，详细询问各项工作运行情 况，对大家一年来的辛勤付出表示感谢。 胡薄指出，金融是国民经济的血脉。今年以来，全市财税金融系统围绕中心工作，迎难而上、奋力进 取，在助力滨州经济稳健向好中发挥了重要作用。新的一年，要继续保持昂扬的斗志，用足用好各项优 惠政策，加强和改进金融服务，为产业发展、企业转型、科技创新、民生改善提供有力保障，为品质滨 州建设作出新贡献。 张博参加活动。 原标题：胡薄走访慰问财税金融系统干部职工 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 3.449 billion HKD today [1] - The top net purchases included China Merchants Bank at 724 million HKD, Industrial and Commercial Bank of China at 589 million HKD, and China Construction Bank at 562 million HKD [1] - Notable net sales included Zijin Mining at 682 million HKD, Tencent Holdings at 646 million HKD, and China Ping An at 298 million HKD [1] Group 2 - Southbound funds have recorded a continuous net sell of Tencent for five consecutive days, totaling 3.94334 billion HKD [2]