Core Viewpoint - The article discusses the investment strategies between life insurance and property insurance, particularly in the context of market conditions and potential returns [3]. Timing Strategy - Life insurance has greater elasticity compared to property insurance, which means it can yield higher returns in favorable market conditions, but it may also experience negative returns in downturns due to smaller bases [4]. - Currently, life insurance companies like Xinhua Insurance have already seen significant rebounds, raising questions about future investment choices [4]. - The investment assets of life insurance typically double every six to seven years, but low interest rates and rising liability costs may hinder net investment returns from doubling in the future [4][5]. - Property insurance, while not doubling its investment assets, benefits from stable zero-cost liabilities, potentially leading to better net investment returns compared to life insurance [5]. Investment Return Analysis - In various hypothetical scenarios, property insurance may show higher growth than life insurance [6]. - Life insurance stocks with historically high investment returns may struggle to outperform property insurance in the coming years [7]. - Conversely, life insurance stocks with lower investment returns have a higher probability of outperforming property insurance [8]. Company-Specific Insights - China Taiping is highlighted as a preferred investment choice due to its low investment return of 2.68%, indicating significant potential for growth in the near future [8]. - If China Taiping's investment return reaches historical highs of 6%, the attractiveness of property insurance may increase [9]. Net Asset Stability - The net asset situation of various insurance companies shows that even in a year of increased investment returns, life insurance companies face pressure on net assets, while property insurance companies maintain stable growth [12][13]. - Net asset growth is crucial for insurance companies as it directly impacts their solvency and investment decisions [14][15]. - Property insurance companies exhibit more stable net asset growth, which supports their investment performance and valuation [16]. Overall Assessment - Property insurance is characterized by strong certainty in returns, with the only uncertainty stemming from the comprehensive cost ratio of auto insurance [17].

Group 1 - The core point of the article highlights significant sell orders in the closing auction for multiple heavyweight stocks, with Zijin Mining's sell order amount exceeding 4 billion yuan [1] - Other companies such as China Ping An, Jiangxi Copper, China Duty Free Group, Shandong Gold, Wanhua Chemical, and Kweichow Moutai also had sell orders exceeding 400 million yuan [1] - Previously, on January 14, 2026, several stocks including China Merchants Bank, Zijin Mining, and Yangtze Power had sell orders exceeding 1 billion yuan [1]

小摩表示，香港保险业监管局计划自2026年1月起下调前端销售佣金，促使经纪渠道销售贡献显著提 升，第三季度占新单保费比例达35%，同比增加8个百分点。 报告同时指出，美元保单需求保持稳健，第三季度同比增长48%，反映在内地保证利率下调后，香港寿 险市场在产品多元性及回报竞争力方面的优势。展望第四季度，小摩预期在销售佣金率调整前，代理及 经纪渠道将共同推动新单业务保持强劲。此外，内地保险公司自2025年9月起下调非分红险保证利率， 可能进一步刺激内地访客对香港保险产品的需求。 摩根大通发布研报称，香港寿险业在2025年第三季度再次创下新单销售纪录，首年保费达910亿元，同 比大幅增长69%。然而，该行认为虽然销售量创新高，但整体产品结构及业务发展的健康度不及近期季 度，并预期在监管趋紧的背景下，管理增长动能将成为2026年关键。小摩表示，2026年更偏好中国人寿 （601628）(02628)及中国平安（601318）(02318)，认为其业务增长前景优于其他地区同业。 ...

（文章来源：每日经济新闻） 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 平安证券指出，避险情绪发酵，贵金属价格冲高。美元信用削弱趋势短期加速抬升，避险情绪发酵下， 黄金等贵金属价格上涨。长期来看美国债务问题未解，美元信用走弱的主线逻辑持续，央行购金以及黄 金投资需求增长，贵金属价格重心或仍将继续抬升。海外宏观不确定性持续，中期黄金避险属性仍处于 放大阶段。长期来看特朗普上任后，美元信用走弱的主线逻辑愈加清晰，黄金货币属性加速凸显，持续 看好黄金中长期走势。 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 ...

报告同时指出，美元保单需求保持稳健，第三季度同比增长48%，反映在内地保证利率下调后，香港寿 险市场在产品多元性及回报竞争力方面的优势。展望第四季度，小摩预期在销售佣金率调整前，代理及 经纪渠道将共同推动新单业务保持强劲。此外，内地保险公司自2025年9月起下调非分红险保证利率， 可能进一步刺激内地访客对香港保险产品的需求。 智通财经APP获悉，摩根大通发布研报称，香港寿险业在2025年第三季度再次创下新单销售纪录，首年 保费达910亿元，同比大幅增长69%。然而，该行认为虽然销售量创新高，但整体产品结构及业务发展 的健康度不及近期季度，并预期在监管趋紧的背景下，管理增长动能将成为2026年关键。小摩表示， 2026年更偏好中国人寿(02628)及中国平安(02318)，认为其业务增长前景优于其他地区同业。 小摩表示，香港保险业监管局计划自2026年1月起下调前端销售佣金，促使经纪渠道销售贡献显著提 升，第三季度占新单保费比例达35%，同比增加8个百分点。 ...

2025Q4 人身险预定利率研究值为 1.89%，不满足预定利率下调条 证券研究报告 | 行业周报 gszqdatemark 2026 01 26 年 月 日 非银金融 行业周报|公募业绩基准正式稿落地，短期资金面扰动不改长期向好趋势 公募业绩比较基准正式稿落地，突出基准的表征与约束作用。 1 月 22 日，证监会发布《公开募集证券投资基金业绩比较基准指引》， 随后中基协于 23 日发布配套《公开募集证券投资基金业绩比较基准操 作细则》，均将于 2026 年 3 月 1 日起施行。较征求意见稿，正式稿仅 进行了细节的修订完善。新规明确了业绩比较基准选取和基本要求， 重点压实了基金管理人的主体责任，同步完善基金托管、销售、评价等 各方职责，以此构建围绕业绩比较基准的全链条、多维度管控机制。 突出基准衡量业绩的作用：1）明确管理人应健全以投资收益为核心的 绩效考核和薪酬管理体系，充分体现产品业绩和投资者盈亏情况。2） 规范业绩展示。3）规范基金评价。 明确基准的选取规范，严格基准变更要求：1）基准的构成要素与权重 应当能够表征基金产品投资风格。2）基准的计算方法、数据来源等应 当清晰透明、可持续、可量化。3）选取 ...

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector, indicating a positive long-term outlook despite short-term adjustments in the A-share market [4]. Core Insights - The official release of the public fund performance benchmark guidelines emphasizes the importance of benchmarks in measuring performance and enhancing accountability among fund managers [1][20]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and retirement security, despite short-term pressures on sentiment and funding [4][36]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from improved valuations and performance [4][36]. Summary by Sections Industry Dynamics - The non-bank financial sector, including securities and insurance, experienced varied performance, with the insurance sector showing a decline of 1.45% and the securities sector a slight decrease of 0.34% during the week [10]. - The ten-year government bond yield decreased to 1.8298%, reflecting a slight decline from the previous week [17]. Insurance - The insurance industry is focusing on high-quality development, with a significant emphasis on commercial health insurance, which has seen a compound annual growth rate exceeding 20% over the past decade [14]. - The China Insurance Industry Association is working on industry demonstration clauses and drug payment lists to enhance collaboration between medical, pharmaceutical, and insurance sectors [14]. - China Pacific Insurance reported a total premium income of CNY 258.11 billion for the past year, marking an 8.08% year-on-year increase, driven primarily by the rapid expansion of the bancassurance channel [16]. Securities - The official guidelines for public fund performance benchmarks will take effect on March 1, 2026, establishing clear requirements for benchmark selection and management responsibilities [20][21]. - The report highlights the importance of maintaining a consistent performance benchmark to ensure transparency and accountability in fund management [21]. - The average daily trading volume for stock funds reached CNY 22,757.32 billion, a decrease of 44.37% from the previous week, indicating fluctuations in market activity [27]. Multi-Financial - The Shanghai Futures Exchange is revising its nickel futures business rules to allow for international participation, which may enhance market liquidity and trading opportunities [34]. - The Guizhou Futures Exchange has adjusted the trading limits and margin requirements for lithium carbonate futures, reflecting ongoing developments in the commodities market [34].

2026年1月20日，国家金融监督管理总局阜新监管分局发布批复称，《中国平安财产保险股份有限公司 辽宁分公司关于中国平安财产保险股份有限公司彰武县支公司变更营业场所的请示》（平保产辽分发 〔2025〕631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彰武县支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彰武县支公司将营业场所变更为：辽宁省阜新市彰武县彰武镇 丹霍路15#楼15-3门。 ...

报告亦指出，中国平安持续扩展银保渠道，目前已覆盖约1.9万个非平安银行网点。该行认为，在家庭 储户追求稳健收益的趋势下，银保渠道具备进一步渗透的潜力，预计中国平安2025年新业务价值(NBV) 将按年增长41.7%。 招银国际发表研究报告，维持中国平安"买入"评级，对其H股目标价从75港元上调至90港元。以可比基 础计，该行预计中国平安2025年集团税后营业利润按年增长12%至1360亿元，意味着第四季度营业利润 将按年增长约46%。增速加快主要受惠于寿险及健康险业务营业利润强劲增长、资产管理业务减值损失 下降，以及财产保险业务承保利润稳健。 ...

1月26日，中国平安A股涨2.6%，最高触及65.58元；H股涨超2%，最高触及68.4港元。 消息面上，根据公募基金披露的2025年四季报，中国平安获主动偏股公募基金增持68亿元，为获增持金 额最大的个股，Q4持股市值达168亿元。 国际权威品牌评估机构Brand Finance近日发布《2026年全球品牌价值500强榜单》。中国平安以488.39 亿美元的品牌价值十度蝉联中国最具价值保险品牌，位列全球第32位，较2025年提升3位，排名中国第 10位，品牌价值同比增长13%。榜单方认为，中国平安在复杂多变的外部环境中，依然保持稳健经营与 持续增长，展现出突出的品牌韧性和长期价值。 此外，中金最新研报指，中国平安将于今年3月下旬发布2025年全年业绩，预计公司归母净利润同比增 长5.2%至1332.5亿元，归母营运利润(OPAT)增长8.8%至1325.4亿元，全年每股分红年增6.2%至2.71元。 中金重申此前判断，在"存款搬家"浪潮与客群升级机遇下，公司或有望再迎黄金发展期，依托其优秀核 心经营能力，实现好于行业整体的份额增长。中金维持公司"跑赢行业"评级，维持平安A股目标价89.8 元、H股目标价99 ...