Core Viewpoint - The A-share market is showing strong momentum in January 2026, with the Shanghai Composite Index achieving a record 14 consecutive days of gains, indicating a favorable environment for institutional investors to position themselves for the upcoming market trends [2][3]. Group 1: Market Outlook - January is typically a time for institutional investors to prepare for the "spring surge" and the overall market trend for the year, with expectations of a structural market performance amid potential style differentiation as the Chinese New Year approaches [2]. - Long-term bullish sentiment is supported by a rebound in corporate earnings forecasts, particularly due to low comparative bases from the previous year, and an influx of capital into the A-share market as the year begins [3]. - Key investment themes identified include high-growth sectors such as AI hardware, renewable energy, and cyclical industries like non-ferrous metals, as well as financial sectors with stable earnings [2][3]. Group 2: Sector and Stock Recommendations - The focus on cyclical industries, particularly non-ferrous metals and financial sectors, has increased, with significant recommendations from various brokerages. For instance, the non-ferrous metals sector saw an increase of 15 stocks in the January recommendations, making it the second most recommended sector [7][20]. - Specific stocks highlighted include Zijin Mining, which is favored by 11 brokerages and has shown a substantial increase in institutional holdings, indicating strong market confidence [20][21]. - The electronic sector remains dominant with 47 stocks recommended, maintaining its position as the most favored sector for 23 consecutive months [6][9]. Group 3: Notable Stocks - Among the stocks recommended by multiple brokerages, Zhongji Xuchuang stands out with 12 brokerages supporting it, reflecting its strong market performance and significant institutional backing [11][12]. - Other notable stocks include Zijin Mining and Sanhua Intelligent Controls, both of which have shown impressive growth rates and are heavily favored by institutional investors [20][14]. - The commercial aerospace sector has also gained traction, with 9 stocks included in the January recommendations, reflecting a growing interest in this area [18].

Group 1 - The internet insurance sector experienced a decline of 2.00%, ranking among the top losers in the concept sector, with notable declines from Tianli Technology, Jinzhen Co., and Jiayun Technology [1] - Among the stocks in the internet insurance sector, China Life, Xinhua Insurance, and Seven Wolves saw increases of 1.01%, 1.88%, and 3.65% respectively, despite the overall sector decline [1] - The concept sectors with the highest gains included photolithography with a rise of 6.05% and storage chips with an increase of 3.30% [1] Group 2 - The internet insurance sector faced a net outflow of 3.265 billion yuan, with 15 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 50 million yuan [1] - The stock with the highest net outflow was Dongfang Wealth, which saw a net outflow of 1.774 billion yuan, followed by Keda Xunfei and China Ping An with net outflows of 534 million yuan and 454 million yuan respectively [1] - Conversely, the stocks with the highest net inflows included China Life, Tongfang Co., and Xinzhisoft, with net inflows of 20.365 million yuan, 7.703 million yuan, and 734,100 yuan respectively [1][2]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300059 | 东方财富 | -2.31 | 3.88 | -177448.48 | | 600030 | 中信证券 | -2.29 | 1.88 | -110692.58 | | 601318 | 中国平安 | -1.17 | 0.86 | -45361.42 | | 600909 | 华安证券 | -0.92 | 6.68 | -40287.87 | | 300773 | 拉卡拉 | -4.32 | 13.19 | -29443.53 | | 601696 | 中银证券 | -2.49 | 4.20 | -26118.89 | | 601211 | 国泰海通 | -0.31 | 0.97 | -24741.64 | | 601601 | 中国太保 | 1.14 | 0.70 | -18875.98 | | 000776 | 广发证券 | -2.61 | 1.44 | -17701.64 | | 600095 | 湘财股份 | -2.43 | 2 ...

Core Viewpoint - China Ping An has received approval for the relocation of its Shiquan branch office, indicating ongoing operational adjustments and regulatory compliance within the company [2] Group 1: Company Operations - The Ankang Financial Regulatory Bureau has approved the request for China Ping An Property & Casualty Insurance Co., Ltd. to change the business location of its Shiquan branch [2] - The new business address will be located at No. 107 and 108, Jinjiang Commercial Street, North Ring Road East Section, Chengguan Town, Shiquan County, Ankang City, Shaanxi Province [2] - China Ping An is required to handle the necessary changes and obtain new permits in accordance with relevant regulations [2]

星展集团研究部：将 中国平安 保险 （集团）股份有限公司目标价从72.00港元上调至85.00港元。 ...

二、中国平安财产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。 一、同意中国平安财产保险股份有限公司剑河支公司将营业场所变更为：贵州省黔东南苗族侗族自治州 剑河县仰阿莎街道滨江东路1号4栋4号、5号门面。 2025年12月30日，黔东南金融监管分局发布批复称，《关于中国平安（601318）财产保险股份有限公司 贵州分公司剑河支公司变更营业场所的请示》(平保产黔分黔东南中支发〔2025〕6号)收悉。经审核， 现批复如下： ...

二、中国平安财产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。 一、同意中国平安财产保险股份有限公司麻江支公司将营业场所变更为：贵州省黔东南苗族侗族自治州 麻江县杏山街道城关村农场路麻江电商产业园1号一楼门面。 2025年12月30日，黔东南金融监管分局发布批复称，《关于中国平安（601318）财产保险股份有限公司 贵州分公司麻江支公司变更营业场所的请示》(平保产黔分黔东南中支发〔2025〕5号)收悉。经审核， 现批复如下： ...

二、上述机构须持此批复及时来国家金融监督管理总局上饶监管分局换领《保险许可证》，并到当地市 场监督管理部门办理工商变更登记手续。 2025年12月30日，国家金融监督管理总局上饶监管分局发布批复称，《中国平安（601318）财产保险股 份有限公司上饶中心支公司关于婺源等5家支公司职场地址变更的请示》(平保产赣分上饶中支发 〔2025〕11号)材料收悉。经审核，现批复如下： 一、批准中国平安财产保险股份有限公司婺源支公司营业场所地址由"江西省上饶市婺源县紫阳镇才仕 大道33号建材城2幢113-114室"变更为"江西省上饶市婺源县紫阳镇才仕大道紫锦嘉苑15B幢101室"，万 年支公司营业场所地址由"江西省上饶市万年县陈营镇建德大街商会大厦1幢A座8楼"变更为"江西省上 饶市万年县陈营镇建德大街商会大厦1幢A座1层第15间(部分区域)"，余干支公司营业场所地址由"江西 省上饶市余干县玉亭镇天虹购物中心D2栋2-17、18、19号商铺"变更为"江西省上饶市余干县玉亭镇中央 首府13栋1-14号、1-15号"，横峰支公司营业场所地址由"江西省上饶市横峰县岑阳镇虹桥东路199号彩 虹城5号楼2-07至10"变更为"江西省 ...

Core Viewpoint - The insurance sector experienced a significant rise of over 6% on January 5, 2026, with Xinhua Insurance and China Pacific Insurance reaching historical highs, driven by a cyclical logic of improved expectations, rising long-term interest rates, and reinforced profit elasticity since December 2025 [1] Group 1: Market Performance and Expectations - The current stock prices reflect an optimistic outlook for the "opening red" period of 2026, with Q1 2026 expected to be a peak for value and profit growth [2] - The average new business growth rate for listed insurance companies in Q1 2026 is projected to be 30%, with bancassurance and individual insurance growth rates at 50% and 20% respectively [2] - The low base from 2025 for individual insurance and the increasing focus on bancassurance channels by leading companies are expected to drive growth in new business [2] Group 2: Interest Rates and Valuation - The significance of long-term interest rates breaking the 2.0% mark is highlighted, with market expectations showing divergence on future trends [3] - If long-term rates exceed 2.0%, it could lead to a gradual approach of P/EV valuations towards 1x, benefiting insurance stock valuations [3] - The 10-year government bond yield is anticipated to range between 1.7% and 2.1% in 2026, with a favorable environment for insurance stock valuations due to improving credit spreads and term spreads [3] Group 3: Business Value and Growth Projections - The internal value (EV) credibility is gradually recovering, with expectations of a return to growth in EV for listed insurance companies from 2025 to 2027, averaging 10.6%, 10.9%, and 10.8% respectively [4] - The new business value (NBV) growth rates are projected at 34.7%, 21.7%, and 10.0% for the same period, indicating a positive outlook for the sector [4] - The insurance companies are expected to improve profitability through refined management of liability costs and benefit from upward catalysts in the asset side [4] Group 4: Strategic Recommendations - Investment in cyclical insurance stocks with strong performance support is recommended, as 2026 is expected to see growth in new business and value alongside continued management of liability costs [4] - The focus on bancassurance channels and the improvement in payment structures are likely to enhance value contributions from these channels [6]

Group 1 - Recent net purchases include China Ping An at 1.84 billion, Alibaba-W at 1.619 billion, China Life at 0.588 billion, Xiaomi Group-W at 0.496 billion, and Kuaishou-W at 0.234 billion [1] - Continuous net selling of Tencent Holdings has reached 5.66576 billion HKD over the past 7 days, while net buying of SMIC has totaled 1.5339 billion HKD over the last 4 days [1] - China Ping An's earnings forecast has been raised by Shenwan Hongyuan Research, maintaining a "buy" rating with a target price of 93.8 CNY per share, indicating a potential value reassessment in the insurance sector [5] Group 2 - Alibaba-W has been highlighted in a New York Times report for its AI model that aids in early detection of pancreatic cancer, showcasing its innovative capabilities [5] - Xiaomi Group-W announced a buyback of 3.9 million Class B ordinary shares, costing approximately 149.7 million HKD [6] - Goldwind Technology has disclosed its ownership of 4.1412% of Blue Arrow Aerospace through a wholly-owned subsidiary, as per its IPO prospectus [6]