[Table_Page] 投资策略周报|证券Ⅱ 证券研究报告 [Table_Title] 非银金融行业 开年政策及资金延续向好，看好板块补涨机遇 [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-23 | [Table_Author] 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 严漪澜 SAC 执证号：S0260524070005 0755-82544248 yanyilan@gf.com.cn 分析师： 唐关勇 SAC 执证号：S0260525070004 021-38003812 tangguanyong@gf.com.cn 请注意，严漪澜,唐关勇并非香港证券及期货事务监察委员 -14% -6% 1% 9% 16% 24% 02/25 05/25 07/25 09/25 12/25 02/26 非银金融 沪深300 [Table_DocRep ...

内险股集体走高，截至发稿，众安在线(06060)涨4.53%，报16.63港元；中国人保(01339)涨4.15%，报 7.03港元；中国平安(02318)涨2.91%，报72.6港元；中国人寿(02628)涨2.8%，报34.5港元。 消息面上，国家金融监督管理总局此前发布保险业全年经营数据。数据显示，2025年保险行业实现原保 险保费收入约6.12万亿元，同比增长7.43%。全年赔付支出2.44万亿元，同比增长6.2%。截至2025年年 末，行业总资产41.31万亿元，较年初增长15.06%。 华源证券指出，股票运用总体余额为3.73万亿元，同比+53.8%，预计一方面系25年以来二级权益市场行 情较优，资产公允价值上升，另一方面系保险资金响应落实中长期资金入市政策、加大权益资产配置。 在保费增速较高+权益市场"慢牛"预期下，预计26年保险资金运用余额有望维持两位数增长、权益占比 有望延续抬升，资产端投资收益有望推动保险公司盈利改善。 ...

（来源：财闻） 为保障客户及家属权益，平安产险同步推出7项服务举措，开通绿色通道，提供及时、温暖、便捷的应 急支持，将持续关注事故后续情况并落实服务保障。 贝加尔湖8名中国游客遇险致7亡，平安产险启动应急机制，暂未接报案，推出7项服务举措。 据平安产险官方微博发布，平安产险已启动重大突发事故应急预案，总分公司第一时间成立应急处理小 组，全面跟进事件进展，并通过95511等渠道主动排查客户出险及救援申请信息。截至目前，公司尚未 收到相关理赔或救援申请。 2月20日，据新华社报道，中国驻伊尔库茨克总领馆确认，一辆载有8名中国游客的车辆在俄罗斯贝加尔 湖奥利洪岛附近因冰面破裂沉湖，1人逃生，7人溺亡。 ...

机构观点西部证券指出，2026年2月15日当周，保险Ⅱ指数下跌2.48%，跑输大盘，但保险业在产业结 构转型中具备长期成长性；若经济复苏政策发力，估值修复潜力较大。机构综合目标价为86.18元，较 当前股价有32%的上涨空间，盈利预测显示2025年净利润同比增长12.84%。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 2026年2月13日，中国平安召开临时股东会，审议通过修订《公司章程》的议案，包括取消 监事会设置并由董事会相关委员会行使职权，该修订尚需国家金融监督管理总局核准后生效。2026年2 月14日，平安人寿公告董事长杨铮因返聘期满卸任，由副董事长蔡霆代行职责，公司正有序推进新任董 事长聘任工作。此外，平安人寿在港股市场持续增持金融股，截至2026年2月，对中国人寿H股持股比 例已突破10%，触发举牌，反映其在高股息资产配置上的战略布局。 股票近期走势截至2026年2月13日收盘，中国平安A股股价报65.29元，当日下跌1.88%，成交额约55.10 亿元；所属保险Ⅱ板块下跌1.74%，大盘上证指数下跌1.26%。资金流向显示，2月13日主力资金净流出 7.58亿元，北向资金当日减持中国 ...

据"安徽发布"微信公众号消息，近日，全国首单林业目标碳票碳减排量保险在池州市正式落地。中国平 安财产保险股份有限公司池州中心支公司与池州市石台县国有林场完成签约，保险覆盖森林面积3760 亩，涉及碳减排量3.22万吨，总保险金额208万元。 转自：安徽发布 ...

Core Viewpoint - Ping An Life has increased its stake in China Life's H-shares, surpassing the 10% threshold, triggering a mandatory disclosure under Hong Kong market rules [2][11]. Group 1: Investment Activities - Ping An Life's investment in China Life's H-shares reached 10% on February 3, 2026, following a series of acquisitions that began in August 2025 [4][14]. - The initial stake in China Life was 5.04% after purchasing 9.5 million shares at an average price of HKD 32.0655 per share [4][13]. - The stake has been incrementally increased through multiple purchases, including 1.0895 million shares at approximately HKD 33.2588 per share, resulting in a current holding of about 10.12% [5][14]. Group 2: Broader Investment Strategy - Ping An is building a substantial high-dividend financial asset pool in the Hong Kong market, acquiring stakes in various banks, including Agricultural Bank of China and China Merchants Bank [6][17]. - The company has made 16 purchases of Agricultural Bank H-shares, increasing its stake from 5% to 20.10%, with holdings reaching approximately 4.618 billion shares [8][17]. - The investment strategy emphasizes asset-liability matching, with a focus on reliable operations, growth potential, and sustainable dividends [9][19]. Group 3: Market Implications - Analysts suggest that the trend of insurance capital investing in other insurance companies reflects a demand for stable returns and may lead to a revaluation of undervalued insurance stocks [6][16]. - The investment behavior indicates a preference for companies with clear governance, stable business models, and improving dividend levels, which are seen as essential for long-term returns [6][19].

平安人寿再度举牌中国人寿H股，持股比例一举突破10%大关。 近日，平安人寿发布公告，平安资管受托平安人寿资金，投资于中国人寿H股股票，于2月 3日达到中国人寿H股股本的10%，根据香港市场规则，触发举牌。 从2025年相继举牌中国太保与中国人寿，到持续"扫货"农行、招行等银行H股，平安系正加速 在港股构筑庞大的高股息金融资产池。在低利率与"资产荒"交织的当下， 这种罕见的"险资买 险资"现象背后，折射出头部险企基于资产负债匹配的战略诉求。 中国平安常务副总经理兼联席首席执行官郭晓涛解释到，平安的投资策略的核心是做资产负 债的匹配，需要去考虑的是投资如何与前端的负债业务进行有效匹配。 再度举牌中国人寿H股 早在2025年8月份，平安系资金就先后举牌中国太保H股和中国人寿H股。 2025年8月11日，根据香港交易所公告，平安人寿以每股32.0655港元的均价买入中国太保H股 约174万股，共持股1.4亿股，占港股流通股的比例达5.04%，触及举牌，总股本占比1.46%。 2025年8月12日，平安系资金又买入中国人寿950万股H股股票，买入后平安系资金持有中国 人寿H股比例达到5.04%，触发举牌。 记者丨林汉垚 ...

Group 1 - The core point of the article is the retirement of Yang Zheng from his position as Chairman of Ping An Life Insurance, with Vice Chairman Cai Ting taking over the responsibilities temporarily [1] - Ping An Life is actively working on the appointment of a new chairman and will fulfill its information disclosure obligations as per legal and regulatory requirements [1] - Yang Zheng has been with Ping An since 1994 and has held various significant positions, contributing to the implementation of the company's "channel + product" strategy during his tenure [1] Group 2 - Cai Ting, born in October 1985, has been with Ping An since November 2014 and has held multiple roles, including Vice Chairman and Deputy General Manager [2] - As of the third quarter of 2025, Ping An Life reported a 23.3% year-on-year growth in new business value from its agent channel, with a 29.9% increase in new business value per agent [3] - The bancassurance channel saw a remarkable 170.9% increase in new business value, contributing 35.1% to the overall new business value of Ping An Life [3]

平安人寿管理层，迎来新老更替。 杨铮此次退休并不突然，其生于1964年2月，已经年满60岁。 杨铮自1994年7月加入平安，迄今已在平安工作超30年。作为平安集团一员老将，杨铮在平安多个业务条线担 任过重要管理职务。其曾任平安人寿董事长、平安健康险董事长、平安产险总经理、平安银行东区事业部副总 经理、平安产险总经理助理兼北区事业部总经理、平安产险上海分公司总经理、平安人寿临时负责人等职务。 2020年底，为进一步深化寿险改革，实现数据化经营模式的创新突破，平安人寿宣布杨铮将出任公司党委书 记、董事长兼CEO，全面负责平安人寿整体经营管理工作。2022年5月，杨铮担任公司董事长的任职资格获 批。 杨铮出身前线干部，调任之时正值平安人寿改革之际。平安集团内部对于杨铮给予了相当大的期待。期待通过 此次调整加强平安人寿的班子建设，持续为寿险改革提供强大的动能。 整体来看，平安人寿近年转型颇有成效。2025年前三季度，平安人寿持续深化"渠道+产品"战略，全面加强渠 道建设，提升业务质量，同时积极升级"保险+服务"方案，不断深化健康养老领域布局。 数据显示，2025年前三季度，平安人寿代理人渠道新业务价值同比增长23.3 ...

Core Viewpoint - The management of Ping An Life Insurance is undergoing a transition with the retirement of Yang Zheng, who has served the company for over 30 years, and the appointment of Cai Ting as acting chairman [1][2][4] Group 1: Management Transition - Yang Zheng, born in February 1964, is retiring after a long tenure at Ping An, having held various significant positions including Chairman and CEO [2][8] - Cai Ting, born in October 1985, is taking over the chairman duties temporarily; he has extensive experience within the Ping An system and has held multiple managerial roles [4][10][11] - The company is actively working on the formal appointment of a new chairman following Yang Zheng's retirement [1][4] Group 2: Company Performance - Ping An Life has shown significant growth in new business value, with agent channel new business value increasing by 23.3% year-on-year and bancassurance channel new business value soaring by 170.9% in the first three quarters of 2025 [3][9] - The total assets of Ping An Life exceeded 5.8 trillion yuan by the end of the third quarter of 2025, indicating strong financial health [3][9] - The company has been successfully implementing its "channel + product" strategy, enhancing business quality and expanding into health and pension services [2][6][9]