Core Viewpoint - The individual insurance sector has shown strong performance in new policy premium growth, with leading companies like China Life, Ping An, Taikang, and Xinhua experiencing a growth rate of 40-60% in new individual insurance premiums as of January 1, 2026 [1][2] Market Environment - The continuous decline in bank deposit rates and the scarcity of medium to long-term deposit supply have made insurance products more attractive as low-risk savings alternatives, leading to a "deposit migration" effect [1] - A significant amount of fixed-term deposits will mature in 2026, further enhancing the appeal of insurance products [1] Product Structure - The introduction of a dynamic adjustment mechanism for the guaranteed interest rate in 2025 has led to a rapid rise in participating insurance products, which combine guaranteed returns with floating dividends [1] - From September to December 2025, participating insurance products accounted for 46% of newly launched life insurance, becoming a core driver of new policy growth [1] Policy Environment - The "reporting and operation integration" policy in the life insurance sector has curbed vicious price competition, shifting the focus of industry competition towards value-added services [1] - Regulatory adjustments have reduced the risk factors associated with equity investments for insurance companies, laying a foundation for improvements in the asset side of the industry [1] Future Outlook - The liability side of insurance companies is expected to maintain high prosperity, with strong demand for participating and savings-type insurance continuing [1] - The asset side is anticipated to benefit from a slow bull market in equities, with institutions predicting that new equity allocations by insurance funds in A-shares could reach between 300 billion to 770 billion yuan in 2026 [1] - The industry is entering a phase of "dual resonance" development on both the liability and asset sides [1]

Market Overview - The A-share market opened strongly in 2026, with the Shanghai Composite Index surpassing 4000 points for the first time since 2016, closing above 4020 points for two consecutive trading days [1][2] - Analysts are optimistic about the market's ability to maintain this level, with many institutions predicting a potential upward trend towards 4500 points in the near future [3][21] Institutional Insights - Major brokerage firms have expressed bullish sentiments, with predictions for the Shanghai Composite Index to reach levels as high as 5000 points, reminiscent of the 2015 bull market [2][3] - Foreign investment banks like Goldman Sachs and JPMorgan have forecasted annual increases of 15% to 20% for Chinese stocks in 2026 and set target points for major indices [2][3] Sector Performance - The insurance sector has shown significant strength, with major companies like China Ping An and New China Life reaching historical highs, contributing to market stability at the 4000-point level [13][18] - The insurance sector's performance is attributed to its role as a stabilizing force in the market, benefiting from rising stock prices and favorable regulatory conditions [18][19] Fund Flows - Insurance companies have increased their equity investments significantly, with a reported 37.46 trillion yuan in total funds, marking a 16.5% year-on-year growth [19][20] - The influx of long-term capital from insurance funds is expected to enhance market stability and investor confidence, creating a positive feedback loop for further investment [19][22] Trading Activity - Margin trading has seen a gradual increase, with the total margin balance reaching 2.56 trillion yuan by January 2026, reflecting a steady recovery rather than a speculative surge [23][24] - The current trading environment is characterized by a cautious yet optimistic approach from investors, contrasting sharply with the rapid growth seen during the 2015 bull market [23][24]

Core Viewpoint - The A-share market has started 2026 with strong performance, reaching a ten-year high, driven by active insurance stocks and favorable policies for long-term investments in the insurance sector [2][3]. Group 1: Insurance Market Performance - In the first two trading days of 2026, major insurance stocks such as New China Life, China Pacific Insurance, and Ping An Insurance saw significant gains, with increases of 15.93%, 12.98%, and 8.65% respectively [2]. - The year 2025 was marked by active participation of insurance capital in the market, with the Shanghai Composite Index rising by 18.41%, and the total trading volume in the A-share market exceeding 400 trillion yuan, a year-on-year increase of over 60% [2]. Group 2: Policy Support - Starting from September 2024, a series of favorable policies have been introduced to encourage insurance capital to enter the market, culminating in the "9·24 market" phenomenon [4]. - In January 2025, a joint implementation plan was issued to guide long-term funds, including insurance capital, to increase market participation [4]. Group 3: Regulatory Adjustments - In April 2025, the regulatory authority raised the upper limit for equity asset allocation for insurance funds, allowing for greater investment flexibility [5]. - By December 2025, further adjustments were made to reduce risk factors for long-held stocks, encouraging insurance companies to maintain longer positions in the market [6]. Group 4: Investment Trends - In 2025, insurance capital made at least 33 significant investments in listed companies, a notable increase from 20 in 2024, with a focus on sectors like banking and utilities that align with their long-term investment strategies [7][8]. - The trend of long-term investment reform was highlighted, with insurance institutions establishing private equity funds to invest in the stock market [8][9]. Group 5: Future Outlook - The investment environment for insurance capital is expected to evolve, with continued low interest rates prompting a shift towards equity investments, particularly in high-dividend stocks [12][14]. - The introduction of new accounting standards in 2026 will allow insurance companies to recognize stock dividends in their profit statements, further promoting long-term investment strategies [13][14].

在车险、财产险风控领域,平安产险整合大模型技术构建"事前预防、事中预警、事后复盘"的三位一体 数字化风控体系。2025年上半年智能减损规模达64.4亿元,通过AI审计与SNA模型,每年新增识别欺诈团 伙超1000个,实现风险全链路闭环管理。 针对网络安全保险新兴领域,平安产险打造业内首个网络安全保险风险评估与定价一体化平台,实现大、 中、小企业网络安全风险的一键评估与精准定价功能。该平台通过风险评估模型与报价器联动机制,支 持差异化保险方案定制,有效提升网络安全保险展业效率。 客户服务创新方面,客户全生命周期服务智链体系融合数据挖掘、零代码平台和人工智能技术,成功突破 客户需求精准洞察、服务方案动态优化、关系链智能匹配三大核心能力,提升客户关系匹配效率,缩短需 求响应周期。该模式已在浙江区域实现18万团体客户服务覆盖,并完成全国17家分公司的标准化复制。 近日,由中国信息通信研究院主办的第五届(2025)"金信通"金融科技创新应用案例征集活动结果发布,平 安产险五项实践成果通过专家评审入选。其中,《基于时空数据预测模型的农灾全流程风控系统》获 评"智领"案例称号,《企业网络安全保险智能风控平台》获评"智新"案 ...

中国平安1月6日大宗交易平台共发生2笔成交，合计成交量34.50万股，成交金额2564.04万元。成交价格 均为74.32元。 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为5929.00万元。 证券时报·数据宝统计显示，中国平安今日收盘价为74.32元，上涨2.71%，日换手率为1.38%，成交额为 108.68亿元，全天主力资金净流出1.92亿元，近5日该股累计上涨4.44%，近5日资金合计净流出14.17亿 元。 1月6日中国平安大宗交易一览 | 成交量 （万股） | 成交金额 （万元） | 成交价格 （元） | 相对当日收盘折 溢价（%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 25.00 | 1858.00 | 74.32 | 0.00 | 广发证券股份有 | 招商证券股份有限公司北京 | | | | | | 限公司总部 | 景辉街证券营业部 | | 9.50 | 706.04 | 74.32 | 0.00 | 广发证券股份有 | 招商证券股份有限公司北京 | | | | | | 限公司总部 | 景辉街证券营 ...

Investment Rating - The industry investment rating is "Increase Holding" [2] Core Viewpoints - The tax adjustment for listed insurance companies has a limited overall impact, primarily affecting cash flow rather than profit and loss statements or balance sheets [5][10] - The new accounting standards provide insurance companies with an OCI option, which reduces the impact of interest rate fluctuations on net profit [5] - The average effective tax rate for listed insurance companies has been low, with rates of 10%, 8%, -1%, -6%, 12%, and 17% from 2020 to Q3 2025, indicating a disconnect between tax burdens and actual operating performance [5][12] - The estimated taxable profit difference for listed companies under the new and old standards is projected to be 42 billion in 2023 and 93 billion in 2024, with a significant portion of this difference being attributable to insurance contracts [5][18] Summary by Relevant Sections Tax Adjustment Impact - The tax adjustment is expected to have a minimal effect on operating cash flow, with an average impact of 2.27% across listed insurance companies [5][18] - Specific companies like New China Life and China Life may experience a more significant impact, estimated at around 14% for New China Life [5][18] Financial Performance - The listed insurance companies have seen record high pre-tax profits in the first three quarters of 2025, exceeding the total profits of 2024 [11] - The actual income tax paid has not kept pace with rising profits, indicating a potential for future tax liabilities [12] Recommendations - The report suggests focusing on companies such as China Life (A/H), Ping An (A/H), China Pacific Insurance (A/H), New China Life (A/H), and China Property & Casualty Insurance (A/H) for investment opportunities [5]

Core Viewpoint - The A-share insurance sector has experienced a strong rise since 2025, significantly outperforming other financial sectors and the CSI 300 index, driven by policy benefits, improved fundamentals, and favorable market conditions [1][2]. Group 1: Performance and Growth - The five major listed insurance companies in A-shares have shown substantial annual growth rates, with stock price increases of 21.21% for China Ping An, 10.39% for China Life, 26.60% for China Pacific Insurance, 35.87% for China Re, and 46.03% for New China Life in 2025 [2]. - The insurance sector's performance has outpaced that of banks and securities, indicating a robust upward trend in the market [2]. Group 2: Fundamental Support - The strong performance of insurance stocks is attributed to two main factors: better-than-expected growth in new insurance policies and a recovering equity market, which has led to increased investment from insurance funds [3]. - In the first eleven months of 2025, the insurance industry's original premium income reached 5.76 trillion yuan, reflecting a year-on-year growth of 7.6%, with life insurance companies seeing a 9.1% increase [3]. Group 3: Market Dynamics - The "opening red" phenomenon in 2026 is expected to sustain the high demand for insurance products, further supporting the ongoing bullish trend in the insurance market [4]. - The stability of long-term interest rates and increased equity allocation are anticipated to enhance investment returns, while the return of dividend insurance products is expected to optimize the cost structure for listed insurance companies [5]. Group 4: Regulatory and Policy Environment - Recent regulatory adjustments have lowered risk factors for insurance companies, potentially releasing significant capital for investment in the stock market, estimated to exceed 1 trillion yuan if fully allocated [6]. - The insurance sector is expected to see an influx of approximately 600 billion yuan in new capital entering the market in 2026, driven by favorable policies and market conditions [6].

Core Viewpoint - The insurance sector is experiencing a strong performance at the beginning of 2026, driven by a bull market, favorable policies, improved industry fundamentals, and positive institutional outlooks, leading to significant stock price increases and historical highs for several companies [1][3][4]. Group 1: Market Performance - The insurance industry index rose by 3.29%, with major listed insurance companies in A-shares collectively seeing gains [1]. - Multiple insurance stocks reached historical highs on January 6, 2026, including China Ping An, New China Life, and China Pacific Insurance [1]. - The total market capitalization of the five major listed insurance companies reached approximately 3.89 trillion yuan, an increase of about 128.8 billion yuan from the previous trading day [1]. Group 2: Key Drivers - The bull market is identified as a key driver for the insurance stock performance, with strong earnings elasticity and valuation recovery potential in an upward market [3]. - Recent policy adjustments by the National Financial Regulatory Administration, including changes to risk factors and asset-liability management, are expected to enhance the investment capacity of insurance companies [3][4]. - The insurance sector's fundamentals are improving, with expectations for premium income in 2026 to exceed forecasts, driven by a favorable liability environment [4]. Group 3: Financial Metrics - In the first eleven months of 2025, the insurance industry reported original premium income of 5.76 trillion yuan, a year-on-year increase of 7.6%, with life insurance premiums growing by 9.2% [5]. - The total assets of the insurance industry surpassed 40 trillion yuan, with net assets reported at 3.68 trillion yuan [6]. Group 4: Future Outlook - The insurance sector is expected to maintain its upward trend in 2026, supported by strong demand for protection and savings products, as well as ongoing policy support [7][8]. - However, potential risks include the pace of valuation recovery and the sustainability of the liability side, which will depend on product structure optimization and agent channel reforms [8]. - Long-term, the industry is shifting from a "scale-driven" model to a "value growth" model, with leading companies showing resilience due to asset-liability matching advantages [9].

记者丨 曹媛 编辑丨孙超逸 2026年开年两个交易日，保险股持续走强。今日保险行业指数（886055.WI）收涨3.29%，位 居行业涨幅榜前列，A股五大上市险企集体飘红。 值得注意的是， 多只保险股股价创历史新高。1月6日，中国平安A股，新华保险、中国太保A 股和H股股价均创历史新高。新华保险、中国太保已连续2个交易日创历史新高。 其中，新华保险（601336.SH）领涨，收80.80元/股，涨6.48%；中国太保（601601.SH）紧随 其后，收47.35元/股，涨5.08%；中国人保（601319.SH）、中国人寿（601628.SH）分别涨 3.92%、2.90%；中国平安（601318.SH）的后复权盘中最高价达到234.59元，创上市以来历 史新高。 Wind数据显示，今日A股五大上市险企总市值合计约为3.89万亿元，较上一个交易日增加约 1288亿元。 | | | 证券代码 上市险企 上市至今最高价 最高价日 | | | --- | --- | --- | --- | | 601318.SH | 中国平安 | 234.59元 | 2026-01-06 | | 601336.SH | 新华保险 ...

前瞻性布局落地，核心资产引领市场上涨！ 2026年开年，A股、港股市场暖意融融，格隆汇研究院凭借对中国经济趋势与产业升级的深刻洞察，前瞻性挖掘优质核心资产，元旦期间重磅 推出的"下注中国"十大核心资产组合，开年即迎来强势爆发，用实打实的涨幅印证了专业筛选的硬实力！ | 核心资产 | 证券代码 | 总市值(亿人民币) | 行业/题材/概念 | 被PK掉的其他选择 | | --- | --- | --- | --- | --- | | 中际旭创 | 300308 A股 | 6,778 | AI算力/先进制造 | 新易盛、中芯国际、立讯精密、宁德时代 | | 腾讯 | 00700 H股 | 49,160 | AI应用 | 网易、小米集团-W、快手 | | 阿里巴巴 | 09988 HKS | 24,500 | AI/云计算 | 地平线-W、百度、拼多多、美团 | | 黄金ETF | 518880 AM | | 有色金属 | 紫金矿业、中国宏桥 | | 洛阳辑业 | 603993 AK | 4,279 | | 股大数据 锡业股份、华友钻业 | | 中国平安 | 601318 A股 | 12,400 | 金融 | . ...