Investment Rating - The report indicates a positive outlook for the brokerage sector, suggesting that it is currently in a phase of fundamental and valuation mismatch, with expectations for improvement in the first half of the year [2][6]. Core Insights - The brokerage sector has seen a significant increase in allocation by active equity funds, with a quarter-over-quarter increase of 102 basis points, surpassing the three-year average [2]. - The report highlights strong earnings forecasts for 2025, with notable increases in net profits for several brokerages, including a projected 405.3% increase for Guolian Minsheng [2][16]. - The insurance sector is expected to stabilize, with a forecasted recovery in the predetermined interest rate for life insurance products, anticipated to rise to 1.96% in Q1 2026 [2][28]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,702.50 with a decline of 0.62%, while the non-bank index fell by 1.45% [6]. - The brokerage, insurance, and diversified financial indices reported changes of -0.61%, -4.02%, and +3.10%, respectively [6]. Non-Banking Sector Insights - The report notes that the China Securities Regulatory Commission has introduced new guidelines for performance benchmarks for publicly offered securities investment funds, aiming to enhance transparency and accountability [8][10]. - Key announcements from individual companies include China Pacific Insurance reporting an 8.1% increase in premium income for 2025, and Guolian Minsheng forecasting a significant profit increase due to business integration [12][16]. Investment Analysis Recommendations - For brokerages, the report recommends focusing on firms with strong competitive positions, such as Guotai Junan and Citic Securities, as well as those with high earnings elasticity like Huatai Securities [2]. - In the insurance sector, the report maintains a positive medium-term outlook, recommending companies like China Life and Ping An Insurance [2]. Key Data Tracking - As of January 23, 2026, the average daily trading volume was reported at 30,388.36 billion [32]. - The margin trading balance stood at 27,249.13 billion [38].

Core Insights - The report highlights that the short-term changes in broad-based ETF shares are impacting weighted stocks, while long-term regulatory changes are constraining deviations in benchmarks [1][5]. Group 1: Market Performance - As of January 24, 2026, the Shanghai Composite Index rose by 0.84%, while the Shenzhen Component Index increased by 1.11%. The CSI 300 Index fell by 0.62%, and the ChiNext Index decreased by 0.34% [10]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.80 trillion yuan, reflecting a 19% decrease compared to the previous period [5]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with marginal improvements in long-term interest spreads. The 10-year government bond yield was 1.83%, down 1 basis point from the previous week, indicating a stable economic outlook [11][14]. - The insurance sector is benefiting from regulatory changes that enhance asset-liability management capabilities, which are expected to support high growth in 2026. Key stocks to watch include China Ping An, China Life, and New China Life [14][15]. Securities Sector - The report notes a significant decline in broad-based ETF shares, with the CSI 1000 dropping by 42%, the SSE 50 by 25%, and the CSI 300 by 23%. This decline is expected to have a direct impact on the trading volumes of associated leading stocks [15][19]. - The China Securities Regulatory Commission has introduced new guidelines for public fund performance benchmarks, effective March 1, 2026, aimed at enhancing stability and protecting investor interests [24][28]. Group 3: Key Company Valuations and Financial Analysis - China Ping An (601318.SH) has a current price of 68.40 CNY, with a target value of 85.17 CNY, indicating a buy rating. The expected EPS for 2025 is 8.91 CNY, with a PE ratio of 7.68x [6]. - New China Life (601336.SH) is rated as a buy with a target value of 94.21 CNY, and an expected EPS of 14.04 CNY for 2025, reflecting a PE ratio of 4.96x [6]. - China Pacific Insurance (601601.SH) is also rated as a buy, with a target value of 52.44 CNY and an expected EPS of 6.09 CNY for 2025, resulting in a PE ratio of 6.88x [6].

当高端理财、公募基金、跨境理财通等财富选项在券商App理财页面占据核心位置时，一个新变化正在 悄然发生。 日前，中信证券、平安证券、招商证券等头部机构均在官方App中更新了保险业务的专属入口。保险专 区的集中上线，加速了金融产品边界的消融，券商财富管理的争夺战迈入新阶段。 值得关注的是，线上专区密集上线的背后，线下执行层面也在快速跟进。记者了解到，深圳多家券商营 业部已接到明确的保险销售KPI。 对于这场掀起的新风潮，受访专家肯定了券商兼业代理保险业务对改善业绩周期性的作用，认为保险代 销收入的低波动性，能有效平滑市场牛熊带来的业绩震荡。 多家券商App上线保险专区 一线员工已安排保险业绩KPI 自2026年以来，券商开始加速推进保险产品代理业务。湾财社记者注意到，中信证券、平安证券、招商 证券、东方财富证券等多家行业头部券商已在官方APP中上线"保险专区"。 以中信证券App为例，其"理财"页面已设置"保险专区"专属入口。目前，中信证券App上线的保险产品 达20款，覆盖健康险、寿险、年金（分红）等类型。值得注意的是，高级筛选中虽有"财险""意外伤害 险"等选项，但对应产品暂未上线，后续动向有待观察。 从合 ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook compared to the market [2]. Core Insights - The implementation of new regulations for public fund performance benchmarks aims to reshape the industry towards long-term value creation, moving from a "scale-oriented" to a "capability-oriented" approach [14][16]. - The insurance sector shows high efficiency in claims processing, with claim acceptance rates generally above 99%, driven by technology such as AI and big data [43][44]. Summary by Sections 1. Securities Business Overview and Weekly Review - The new public fund performance benchmark regulations will take effect on March 1, 2026, addressing issues like benchmark ambiguity and style drift, thereby enhancing the accountability of fund managers [14][15]. - The report highlights a mixed performance among major indices, with the Shanghai Composite Index at 4,136.16 points, up 0.84% week-on-week, while the non-bank financial index fell by 1.70% [16][19]. 2. Insurance Business Overview and Weekly Review - Recent claims reports from various insurance companies indicate a high claim acceptance rate, with companies like Ping An Life achieving 99.2% [43]. - Despite high acceptance rates, consumer perceptions of "claim difficulties" persist, primarily due to misunderstandings regarding policy terms and inadequate preparation of claim materials [44]. - The average payout for critical illness insurance is around 100,000 CNY, while the average treatment cost for severe illnesses can reach 400,000 CNY, highlighting a significant coverage gap [44]. 3. Market Liquidity Tracking - The central bank's net injection in the open market was 9,795 billion CNY for the week of January 19-23, 2026, indicating ongoing liquidity management efforts [49].

Core Viewpoint - The article discusses the significant transformation in the securities brokerage industry, highlighting the reduction of traditional brokers and the rise of investment advisors as firms shift from sales-driven models to wealth management-focused strategies [2][5]. Group 1: Decline of Securities Brokers - The number of securities brokers has decreased by over 5,000 in the past year, reflecting a broader trend of industry contraction [2]. - From early 2018 to the end of 2025, the number of brokers in the industry dropped from over 90,000 to 22,400, a reduction of more than 68,000 brokers over eight years [3]. - Major firms like CICC and China Merchants Securities have seen drastic reductions in their broker counts, with CICC achieving a "zero" broker count and China Merchants reducing from over 800 to just 13, a decline of over 90% [4]. Group 2: Factors Driving Change - The shift from "transactional trading" to wealth management has led to a reevaluation of talent needs, with a focus on professional skills over sheer numbers [3][4]. - Increased market competition and the decline in commission rates have pressured traditional revenue streams, exacerbated by reforms in public fund fees [4]. - The advancement of financial technology has reduced the demand for traditional broker roles, as online services and automated tools take precedence [4]. Group 3: Rise of Investment Advisors - The number of investment advisors has surged, increasing from over 40,000 in 2018 to 86,000 by the end of 2025, with a notable addition of over 5,000 advisors in the past year [6]. - Leading firms are investing in expanding their advisory teams, with companies like Huatai Securities and CITIC Securities increasing their advisor counts significantly [6]. - Smaller firms are also adopting strategies to enhance their advisory capabilities, focusing on reducing interchangeable roles while boosting the quality and scale of their advisory teams [6]. Group 4: Transition from Brokers to Advisors - Many investment advisors are former brokers transitioning into advisory roles, with firms assessing potential candidates based on their qualifications and client service abilities [7]. - The core competitive advantage in advisory services lies in building a highly skilled team capable of providing tailored solutions and asset management [7]. - The industry faces challenges in bridging the gap between traditional sales roles and the more complex demands of asset management and client relationship building [7]. Group 5: Evolving Skill Requirements - The current market demands investment advisors to possess skills in asset allocation, client relationship management, and the use of digital tools [8]. - Firms are developing training programs to enhance advisor capabilities, focusing on both technical skills and client engagement strategies [8]. - Companies are implementing structured support systems to ensure consistent delivery of strategies and insights across their advisory teams [8].

Monetary Policy - The central bank will implement a moderately loose monetary policy in 2026, with room for rate cuts and reserve requirement ratio reductions. The focus will be on maintaining ample liquidity and managing expectations for the RMB exchange rate [2][5]. Fund Management - Multiple funds have announced fee reductions to lower investment costs for investors. For instance, 华夏基金 reduced the management fee of its financial technology ETF from 0.50% to 0.15% and the custody fee from 0.1% to 0.05% [2][5]. Banking Sector - The interest rates on large time deposits from local small and medium-sized banks have fallen below 2%. It is predicted that the maturity scale of time deposits over one year will be around 50 trillion yuan in 2026 [3][5]. - The wealth management business of small and medium-sized banks is experiencing changes, with reports indicating that the scale of raised funds is lower than that of maturing funds [3][5]. Real Estate Market - The second-hand housing market in several regions continues to show a "tail-up trend" at the beginning of 2026, with notable recovery in transaction volumes in major cities like Beijing, Shanghai, and Shenzhen [3][5]. Fiscal and Financial Policies - A package of policies promoting domestic demand through fiscal and financial collaboration has been introduced, including a 500 billion yuan special guarantee plan for private investment and interest subsidies for loans to small and micro enterprises [5][6]. Global Market Trends - Concerns over the Greenland crisis and fiscal pressures have triggered a global bond market sell-off, with significant increases in yields for long-term bonds in Japan and the U.S. [6][6]. - NVIDIA's CEO highlighted that AI has initiated the largest infrastructure buildout in human history, requiring substantial investments and resources [6][6].

保险板块配置比例大幅上升，重视配置力量带来的保险机会：保险板块配置比例从1.03%升至2.13%， 欠配0.33%，四季度保险指数上涨23.42%。个股方面，中国人寿持仓市值比例从0.019%提升至0.020%， 中国平安、中国太保获超配。其中平安持仓市值比例从0.68%提高至1.449%，中国太保持仓市值比例从 0.22%提高至0.422%。基于未来配置资金持续入市并优先增配低估值标的的预期，随着利率企稳和保险 企业负债端转型深化，我们继续推荐保险标的。 多元金融及金融科技板块配置比例下降，金融科技相关标的值得关注：四季度多元金融及金融科技板块 公募基金（剔除被动指数基金）持仓比例由0.204%降至0.145%。个股方面，拉卡拉和越秀金控获增 配，持仓市值比例分别从0%提升至0.0027%，从0%提升至0.0025%。随着增量资金入市政策的持续落 地、数字人民币的场景拓展、AI在金融领域的产品落地以及科创类公司IPO数量增加，我们继续看好金 融信息服务，第三方支付和股权投资相应标的投资机会。 投资建议：非银板块仍处于欠配状态，总体欠配3.08Pct。中长期增量资金加速入市，看好四类投资机 会：1）看好居民资 ...

Core Viewpoint - The report from CITIC Securities anticipates continued growth in the computing power sector driven by sustained capital expenditures (Capex) from major CSPs, increasing demand for tokens, and continuous product capability enhancements [1] Group 1: Performance Outlook - The computing power sector's performance is expected to maintain a favorable growth trajectory through 2025 [1] - AI applications are projected to show structural highlights, particularly in areas such as AI fintech, AI healthcare, and AI data, with general agent applications also demonstrating resilient growth [1] - Overall profitability in the sector is likely to improve significantly [1] Group 2: Future Projections - Looking ahead to 2026, the computing power sector is expected to continue its favorable conditions, with AI applications poised to reach pivotal opportunities [1]

智通财经APP获悉，中信证券预计算力板块2025年业绩将在CSP大厂Capex持续兑现、Token需求不断释 放、产品能力不断提升等背景下持续景气增长;AI应用显现结构性亮点，如AI金融科技、AI医疗、AI数 据等领域表现突出，通用Agent应用亦韧性增长;板块整体盈利有望明显改善。展望2026年，算力景气有 望持续、AI应用迎拐点机遇。 展望2026年，国产算力的竞争正逐步由单卡算力比拼过渡到超节点等系统级别竞争，超节点系统级能力 将成为算力厂商下一阶段竞争的重要要素;同时在各大CSP厂商持续加速Capex投入、tokens需求持续释 放的背景下，算力发展具备高确定性。AI应用层面，模型能力提升叠加出海新机遇，AI应用拐点已 至、价值有望重估;AI应用正逐步从Chatbot、Coding、搜索、客服等场景走向广泛的多模态、Agent、具 身智能等场景;国内AI应用公司加速布局海外市场，抢占全球AI应用市场份额，海外业务带来全新商业 价值。内需来看，政策有望继续加大对于卫星、医疗、消费等内需科技的支持。中信证券认为，国产 AI拐点已至。 ▍收入端：算力高景气，应用显亮点。 中信证券预计算力板块在CSP大厂Ca ...

Core Viewpoint - The report from CITIC Securities indicates that the computing power sector is expected to continue its growth into 2026, driven by sustained capital expenditures from major CSP companies, increasing token demand, and continuous product capability enhancements [1] Group 1: Computing Power Sector Outlook - The computing power sector's performance in 2025 is projected to remain strong due to ongoing capital expenditures from major CSP companies [1] - The demand for tokens is anticipated to keep increasing, contributing to the sector's growth [1] - Overall profitability in the sector is expected to improve significantly [1] Group 2: AI Application Highlights - AI applications are showing structural highlights, particularly in areas such as AI fintech, AI healthcare, and AI data, which are performing exceptionally well [1] - General agent applications are also experiencing resilient growth [1] - The AI application sector is poised to reach a turning point of opportunity [1]