Group 1 - In Q4 2025, active equity funds significantly reduced their holdings in A-shares and Hong Kong stocks, while increasing allocations in cyclical and financial value stocks, with consensus on increasing positions in non-ferrous metals and non-bank financials [5][8] - The allocation to technology showed internal differentiation, with AI hardware infrastructure being favored, while TMT, pharmaceuticals, and military industries were reduced [5][8] - The overall market capitalization of active equity funds decreased by 195.65 billion to 3.38 trillion, with stock positions dropping to 84.2%, indicating a shift towards lower valuation and improving cyclical and financial sectors [5][8] Group 2 - The industry allocation saw a comprehensive increase in cyclical financials, with significant increases in non-ferrous metals, communications, non-bank financials, machinery, and basic chemicals, while media, electronics, new energy, pharmaceuticals, and military industries were reduced [5][28] - The allocation to communication equipment was notably increased, driven by AI infrastructure investments, while most technology sectors experienced significant reductions [5][28] - In the consumer sector, essential consumption was reduced, particularly in liquor and feed, while leisure food saw a notable increase [5][28] Group 3 - In the Hong Kong market, active funds significantly reduced their allocations, with a market capitalization decrease of 86 billion to 295.2 billion, and the allocation ratio dropping to 15.6% [5][28] - The funds increased their positions in cyclical and financial sectors, such as insurance, oil, airlines, and non-ferrous metals, while reducing positions in internet and semiconductor leaders [5][28] - The issuance of funds is expected to reach an inflection point, supporting further market growth, with a high percentage of funds achieving positive returns over various time frames [5][28]

Market Performance - Since October 2025, major indices have shown upward volatility, with the CSI 2000, CSI 500, and National CSI 2000 all achieving over 10% gains, while the Shanghai Composite Index has repeatedly surpassed 4000 points, reaching recent highs[1] - The top five performing sectors in Q4 2025 were non-ferrous metals (33.48%), national defense and military industry (28.59%), oil and petrochemicals (25.94%), basic chemicals (18.59%), and building materials (18.01%)[1] Fund Establishment and Positioning - A total of 100 new actively managed equity funds were established in Q4 2025, with a total share of 604.71 billion[2] - The average stock positions of various types of actively managed equity funds decreased compared to Q3 2025, with mixed equity funds averaging 88.69% (down 1.05%) and ordinary stock funds at 90.52% (down 0.52%)[3][31] Industry Distribution - The sectors with increased holdings of over 10 billion included non-ferrous metals, communication, basic chemicals, and non-bank financials, while sectors with decreased holdings included pharmaceuticals, computers, electronics, power equipment and new energy, and media[4] - The top five heavy-weight sectors for actively managed equity funds in Q4 were electronics (22.89%), communication (11.14%), power equipment and new energy (9.29%), pharmaceuticals (8.1%), and non-ferrous metals (8.09%) with notable increases in non-ferrous metals (up 2.08%) and communication[4][47] Individual Stock Analysis - The top five stocks with the largest increases in holdings were Zhongji Xuchuang, Dongshan Precision, China Ping An, Xinyi Technology, and Shengyi Technology[5] - The largest reductions in holdings were seen in Industrial Fulian, Yiwei Lithium Energy, Ningde Times, Luxshare Precision, and Focus Media[5] Billion Fund Holdings - As of January 22, 2026, there were 31 funds with over 10 billion in assets, a decrease of 3 from the previous quarter, with significant changes in holdings for companies like Shengyi Technology and Zhongji Xuchuang[6] Hong Kong Stock Holdings - The top three Hong Kong stocks held by funds in Q4 2025 were Tencent Holdings, Alibaba-W, and SMIC, each with a market value exceeding 18 billion, but all saw reductions of over 10 billion compared to the previous quarter[7]

Core Viewpoint - The non-bank financial sector is underweight, with a total underweight of 3.08 percentage points, despite an increase in holdings in the fourth quarter, indicating potential investment opportunities as resident funds enter the market under a low interest rate environment [1][4]. Group 1: Brokerage Sector - The brokerage sector has received an increase in allocation, with public funds (excluding passive index funds) raising their holding ratio from 0.85% to 1.08%, still underweight by 2.30 percentage points [2]. - The Wind All A Index rose by 0.97% in the fourth quarter, with a quarterly stock fund transaction volume of 24.5 trillion, indicating active market trading that has led to increased fund allocation to the brokerage sector [2]. - Notable individual stock increases include Citic Securities' holding ratio rising from 0.1687% to 0.3132% and Huatai Securities' from 0.1579% to 0.1989% [2]. Group 2: Insurance Sector - The allocation ratio for the insurance sector significantly increased from 1.03% to 2.13%, with an underweight of 0.33%, and the insurance index rose by 23.42% in the fourth quarter [3]. - Individual stock increases include China Life's holding ratio rising from 0.019% to 0.020%, Ping An's from 0.68% to 1.449%, and China Pacific Insurance's from 0.22% to 0.422% [3]. - The expectation of continued capital inflow and a focus on undervalued targets supports the recommendation for insurance stocks [3]. Group 3: Multi-Financial and Fintech Sectors - The allocation ratio for the multi-financial and fintech sectors decreased from 0.204% to 0.145% [3]. - Individual stocks such as Lakala and Yuexiu Financial Holdings received increased allocations, with holding ratios rising from 0% to 0.0027% and 0% to 0.0025%, respectively [3]. - The outlook remains positive for financial information services, third-party payments, and equity investment opportunities due to ongoing policy support for capital inflow and advancements in digital currency and AI applications [3]. Group 4: Investment Recommendations - The non-bank sector remains underweight, with a total underweight of 3.08 percentage points, suggesting four key investment opportunities: 1) Wealth management opportunities in fintech and brokerage due to resident funds entering the market [4]. 2) Valuation recovery opportunities in the insurance sector as interest rates stabilize [4]. 3) Profit enhancement opportunities for third-party payment companies from the expansion of digital currency scenarios [4]. 4) Broader exit channels for equity investment institutions due to an increase in IPOs in the tech sector [4].

Group 1: Core Insights - The Chinese U23 men's football team has made a remarkable run in the Asian Cup, reaching the finals and reigniting hope among fans for Chinese football [1][10] - The team's strong performance includes three group stage matches without conceding a goal and a decisive victory over Vietnam in the semifinals [1][10] Group 2: Support from China Ping An - China Ping An has committed to supporting Chinese football through the "Inspiration Plan," which will provide financial assistance and insurance for youth players pursuing careers in European clubs [5][14] - The company has a long-standing relationship with Chinese football, having invested 1.7 billion yuan over ten years to sponsor the Chinese Super League [6][15] Group 3: Youth Development Initiatives - China Ping An has built 119 "Ping An Hope Schools" to promote football among children and has organized numerous training camps, engaging millions of young players [8][17] - The company's youth training initiatives have produced promising talents, evidenced by the success of the U23 team in the Asian Cup, highlighting the importance of youth development in the future of Chinese football [9][18]

证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 政策引导+行协牵头，保险业布局康养领域进 程再加速 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -6% -1% 4% 9% 14% 19% 24% 29% 34% 39% 44% 2025/1/23 2025/5/24 2025/9/22 2026/1/21 保险Ⅱ 沪深300 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：长端利率趋势性下行；新单增长不及预期。 2026 年 01 月 23 日 相关研究 《低利率时代的重逢——中国分红险 发展的前世今生》 2025-12-30 《保险行业 11 月保费：产寿单月保费 增速均有改善，继续看好寿险开门红 表现》 2025-12-27 东吴证券研究所 1 / 4 请务必阅读正文之后的免责声明部分 ◼ 【事件】1 月 22 日保险公司在康养领域消息频现，我们预计"保险+康 养"模式发展进一步加速。 ◼ 行业层面：协会 ...

一、同意中国平安财产保险股份有限公司乳山支公司将营业场所变更为："山东省威海市乳山市世纪大 道100号18楼1802、1803、1804、1805房屋"。 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。 中国平安 中国平安-R 中国平安 分时图 日K线 周K线 月K线 63.90 -0.90 -1.39% 1.71% 1.14% 0.57% 0.00% 0.57% 1.14% 1.71% 63.69 64.06 64.43 64.80 65.17 65.54 65.91 09:30 10:30 11:30/13:00 14:00 15:00 0 99万 197万 296万 2026年1月22日，国家金融监督管理总局威海监管分局发布批复称，《关于中国平安（601318）财产保 险股份有限公司乳山支公司变更营业场所的请示》(平保产鲁分发〔2026〕7号)收悉。经审核，现批复 如下： ...

- The report does not contain any quantitative models or factors for analysis, as it primarily focuses on the analysis of active equity funds' holdings, preferences, and structural changes in Q4 2025[3][6][7] - The report provides detailed insights into the number, scale, and allocation preferences of active equity funds, including their industry and sectoral adjustments, but does not include any specific quantitative models or factor construction methodologies[3][6][7] - The analysis highlights the changes in fund holdings and preferences, such as increased allocation to cyclical and financial sectors and reduced allocation to technology and healthcare, but no quantitative models or factors are discussed[44][48][49]

Group 1 - The core focus of the news is on the development of a comprehensive healthcare model by Beijing University Health Group, which is part of China Ping An's strategy to integrate finance, healthcare, and elderly care [1] - Beijing University Health Group aims to address pain points in the healthcare sector by creating a full-cycle service model that connects health management, medical services, and rehabilitation, shifting from passive treatment to proactive health management [1] - By 2025, the group anticipates that outpatient and emergency visits will exceed 3.2 million, with inpatient admissions increasing by 13%, and bed occupancy rates at Beijing International Hospital reaching 98% and at Beijing Rehabilitation Hospital reaching 115% [1] Group 2 - In Shenzhen, there is a significant shortage of rehabilitation beds, with a need for 60,000 beds according to international standards, while currently, there are fewer than 5,000, resulting in a shortfall of 55,000 beds [2] - Shenzhen's demographic is relatively young, with an average age of 32.5 years and a nearly 50% participation rate in sports, leading to a shift in rehabilitation needs towards sports injuries and chronic disease management [2] - The aging population in Shenzhen is projected to increase, with over 1.5 million residents aged 60 and above, expected to rise to 10% by 2029, which will further exacerbate the demand for rehabilitation services [3] Group 3 - The trend of Hong Kong residents seeking medical services in Shenzhen is increasing, with a new agreement allowing 21 hospitals in the Greater Bay Area to accept Hong Kong medical vouchers, presenting both challenges and opportunities for Shenzhen's healthcare system [3] - Shenzhen North Medical Rehabilitation Hospital is pioneering a comprehensive rehabilitation model that integrates multidisciplinary teams for physical recovery, psychological support, and advanced rehabilitation technologies, aiming to fill the regional bed shortage [3] - The "medical-insurance collaboration" model is gaining traction, with successful examples such as remote rehabilitation guidance for injury claims, which improves patient outcomes and reduces insurance payouts [4]

Investment Rating - The report maintains a "Buy" rating for Ping An Insurance, with a target price raised to HKD 90 based on a sum-of-the-parts (SOTP) valuation [1][4]. Core Insights - The report highlights that the fourth quarter earnings may see relief amid growth stock corrections, with expectations of a 12% year-on-year increase in group OPAT for 2025, reaching RMB 136 billion, and a 5.1% increase in net profit to RMB 133 billion [1][3]. - The insurance company is projected to achieve double-digit growth in NBV (New Business Value) in 2026, driven by strong first-year premium growth and stable profit margins [2][4]. Summary by Sections Financial Performance - For FY25, the net profit is expected to be RMB 162.5 billion, with EPS projected at RMB 7.52, reflecting a 5.1% year-on-year increase [5][13]. - The report provides a detailed financial summary, indicating a steady increase in net profit and EPS over the forecast period, with net profit reaching RMB 175.7 billion by FY27 [5][15]. Valuation Metrics - The target price of HKD 90 implies a valuation of 0.9 times the FY26E price-to-earnings ratio and 1.24 times the price-to-book ratio [4][14]. - The report employs a comprehensive valuation method, indicating a fair value for various segments, including life insurance and property & casualty insurance, contributing to the overall target price [4][14]. Business Growth Drivers - The report notes that the bank's insurance channel is expected to benefit from a shift in household deposits, with a projected 18% growth in NBV for FY26 [2][4]. - The strong performance in the insurance sector is supported by robust underwriting profits and improved investment service results, particularly in the context of a recovering capital market [1][3].

Investment Rating - The report assigns an "Overweight" rating to the industry, indicating a positive outlook for investment opportunities in the non-bank financial sector [5][14]. Core Insights - The report highlights that the non-bank sector is currently underweight by 3.08 percentage points, despite an increase in holdings during the fourth quarter of 2025. It emphasizes the potential for profit improvement and low valuations in non-bank stocks due to the influx of household funds into the market [3][5]. - The report notes a significant increase in the allocation to the insurance sector, with the proportion rising from 1.03% to 2.13%, while the insurance index saw a substantial increase of 23.42% in the fourth quarter [5][8]. - The report suggests that the brokerage sector has also received increased allocations, with public fund holdings rising from 0.85% to 1.08%, although it remains underweight by 2.30 percentage points [5][8]. Summary by Sections Non-Bank Sector - The non-bank sector remains underweight overall by 3.08 percentage points, with a positive outlook for long-term capital inflows and wealth management opportunities [5][8]. - Specific recommendations include increasing holdings in companies such as Jiufang Zhituo Holdings, Tonghuashun, Guoxin Securities, and others, as they are expected to benefit from the ongoing market dynamics [5][8]. Insurance Sector - The insurance sector's allocation has increased significantly, with a focus on low-valuation stocks as capital continues to flow into the market. The report recommends increasing holdings in China Life, Ping An, and China Pacific Insurance [5][8]. Brokerage Sector - The brokerage sector has seen a rise in public fund holdings, with notable increases in individual stocks like CITIC Securities and Huatai Securities. The report suggests that the retail business share is likely to improve, making these stocks attractive [5][8]. Financial Technology and Diversified Finance - The report indicates a decrease in the allocation to diversified finance and financial technology sectors, but highlights potential investment opportunities in companies like Lakala and Yuexiu Financial Holdings due to ongoing policy support and technological advancements [5][8].