作者|格隆汇官方 数据支持 | 勾股大数据（www.gogudata.com） 2026年度格隆汇"下注中国"十大核心资产榜单已正式发布，中国平安（601318.SH/2318.HK）凭借其综合实力与行业引领地位，成功入选。 2025年对中国平安而言，是股价强劲回升、市场信心全面修复的一年，全年A股累计涨幅达37%，H股累计涨幅超50%。 这一轮贯穿全年的上涨，不仅是市场对平安基本面向好的确认，更是对其独特的"综合金融+医疗养老"生态模式所蕴含的长期价值进行的重估。以摩根士 丹利、中信证券为代表的海内外头部机构纷纷将其列为行业首选，认为公司正处"重大机遇期"，看好其估值继续上行。 从战略改革深化到业绩全面复苏，平安正迈入新的成长周期。最新财报数据显示，2025年前三季度中国平安实现归母净利润同比增长11.5%，第三季度当 季同比大幅增长45.4%；寿险及健康险业务新业务价值强劲增长46.2%；保险资金投资业绩大幅提升。凭借近2.5亿个人客户与深度融合的医疗养老生态 圈，它以实打实的业绩证明：每一次经济与人口周期的穿越，都将巩固一位生态级巨头的绝对地位。 01 人口周期与财富管理双轮驱动，价值呈长期性增长 中国 ...

Group 1 - Recent net redemptions in A-share broad-based ETFs have drawn market attention, with significant outflows recorded on January 15 and 16, totaling 687 billion and 863 billion respectively, marking the highest single-day outflows in history [1] - As of January 19, four out of six major broad-based ETFs saw their shares decline by over 10% in the last three trading days, with the largest, Huatai-PB CSI 300 ETF, dropping to 778.63 billion shares, a scale of approximately 369.2 billion, the lowest since August 2024 [1] - The ChiNext and STAR Market ETFs also experienced significant declines, with the E Fund STAR 50 ETF and E Fund ChiNext ETF seeing share reductions of 34.55% and 20.22% respectively [3] Group 2 - In contrast to the outflows from broad-based ETFs, certain commodity, cross-border, and narrow-based ETFs attracted significant inflows, with the Southern Nonferrous ETF being the only product to receive over 10 billion in net inflows, totaling 100.87 billion, driven by rising base metal prices [3] - Other ETFs such as Yongying Satellite ETF, Harvest Software ETF, and GF Media ETF also received net inflows exceeding 6 billion [3] - According to CITIC Securities, the impact of ETF redemptions on individual stocks was significant, with main board, ChiNext, and STAR Market stocks experiencing sell-offs of 946 billion, 334 billion, and 265 billion respectively during the peak outflow days [3] Group 3 - Regulatory measures have been implemented to cool down the market following rapid price increases and overheated sentiment, including raising the minimum margin requirement for margin trading from 80% to 100% [5][6] - The China Securities Regulatory Commission emphasized the need for comprehensive market monitoring and timely counter-cyclical adjustments to maintain market stability and prevent excessive volatility [6] - There are differing views on the long-term outlook for A-shares, with some analysts suggesting the potential for a slow bull market due to reforms, while others remain skeptical about escaping historical volatility patterns [7]

Group 1 - The insurance sector increased by 0.86% on January 20, with China Life leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stock performances in the insurance sector included China Life at 48.29 with a rise of 1.62%, Ping An at 66.60 with a rise of 0.45%, and China Pacific Insurance at 44.25 with a rise of 0.36% [1] Group 2 - The net inflow of main funds in the insurance sector was 764 million yuan, while retail funds experienced a net outflow of 354 million yuan [1] - Major fund flows for key companies included Ping An with a net inflow of 332 million yuan, New China Life with 180 million yuan, and China Pacific Insurance with 124 million yuan [2] - Retail fund flows showed significant outflows for China Life and New China Life, with outflows of 132 million yuan and 1.22 billion yuan respectively [2]

Core Viewpoint - China Ping An has been recognized as a core asset in the "Betting on China" list for 2026, reflecting its comprehensive strength and industry leadership [2] - The year 2025 marked a strong recovery in stock prices and market confidence for China Ping An, with A-shares increasing by 37% and H-shares by over 50% [2] - The market's positive outlook is attributed to the reassessment of the long-term value of its unique "comprehensive finance + healthcare and elderly care" ecosystem [2][3] Financial Performance - In the first three quarters of 2025, China Ping An achieved a year-on-year net profit growth of 11.5%, with a significant quarterly increase of 45.4% [3] - The new business value in life and health insurance grew robustly by 46.2% [3] - The revenue structure for H1 2025 shows life and health insurance contributing 45.8%, property insurance 34.5%, banking 13.9%, and other asset management 5.3% [6] Market Position and Trends - China Ping An's market position is strengthened by its ability to adapt to structural changes in wealth allocation and the aging population, becoming a core platform for family needs [10] - The shift in asset allocation from single appreciation to comprehensive planning for "protection, retirement, health, and inheritance" is a significant trend [10] - The insurance products that provide stable long-term returns are increasingly attractive as the real estate market evolves [10] Healthcare and Elderly Care Ecosystem - The demand for integrated healthcare and elderly care services is rising due to accelerated aging and increased health awareness [12] - The healthcare ecosystem is expected to grow significantly, with the comprehensive health service market projected to reach 11.8 trillion yuan by 2029, growing at a CAGR of 7.7% [12] - The healthcare ecosystem contributes nearly 70% to the new business value of life insurance, indicating a shift from merely selling insurance contracts to providing comprehensive solutions [23] Technological Empowerment - Technology plays a crucial role in enhancing the efficiency of the financial and healthcare ecosystems, with a focus on AI capabilities [25] - The "super AI portal" has significantly improved operational efficiency, handling over 12.92 billion service interactions in the first three quarters of 2025 [26] - The integration of AI has led to a 23% improvement in policy renewal efficiency and a reduction of 91.5 billion yuan in claims through fraud prevention [26] Valuation and Market Recognition - The valuation of China Ping An is being driven by a dual engine: short-term financial recovery and long-term structural revaluation [28] - The company is recognized for its high dividend yield, with expected yields of 4.0% for A-shares and 4.5% for H-shares in 2025 [30] - Major institutions have raised their target prices for China Ping An, reflecting a shift in market perception towards its unique ecosystem model [32][33] Future Outlook - 2026 is anticipated to be a pivotal year for value re-evaluation, with multiple catalysts expected to drive performance and valuation recovery [37] - The company is well-positioned to benefit from structural adjustments in financial demand and aligns with national policies addressing health and aging [37]

Core Viewpoint - The company has proactively responded to a severe snowstorm in Jiangsu province, focusing on risk reduction to protect agricultural production and the livelihoods of local residents [1][12]. Group 1: Emergency Response Actions - The company initiated an emergency plan in Xuzhou on January 19, where heavy snowfall covered agricultural greenhouses, leading to immediate action by agricultural insurance specialists to clear snow and reinforce structures [1]. - Other branches across the province entered standby mode, utilizing various communication channels to send disaster warnings and frost prevention guidelines to farmers, while also preparing emergency supplies [3]. - By January 20, after a night of snowfall, agricultural insurance teams were deployed across multiple cities, including Nantong, Yangzhou, Changzhou, Yancheng, and Lianyungang, to assist farmers [3]. Group 2: Specific Actions by Regional Branches - The Yangzhou branch assisted farmers in the Jiangdu vegetable greenhouse area by clearing snow and advising on multi-layer insulation for crops [5]. - The Nantong branch conducted field inspections at orchid planting bases to assess frost damage and provided technical guidance for recovery [6]. - The Changzhou branch focused on identifying risks in older greenhouses and helped farmers relocate vulnerable seedlings [8]. - The Yancheng branch engaged in snow removal and soil condition checks, advising farmers on soil maintenance and organic fertilization to mitigate cold impacts [10]. - The Lianyungang branch distributed de-icing agents and other supplies to support local farmers and communities [12]. Group 3: Overall Impact and Future Plans - The company has sent over 50,000 warning messages and identified more than 200 agricultural risk points, assisting in the clearing of over 1,000 acres of greenhouse snow, effectively reducing disaster losses [12]. - The company plans to continue monitoring weather changes and enhance risk reduction services to support stable agricultural production and rural revitalization in Jiangsu [12].

Core Insights - The net asset scale of the life insurance industry reached 2.03 trillion yuan in Q3 2025, an increase of approximately 200 billion yuan compared to the same period in 2024, reflecting a year-on-year growth of 10.93%, but the growth rate has significantly slowed down [1][36] - The increase in net assets is primarily driven by the stable growth of large and medium-sized insurance companies and the capital raising activities of smaller firms [2][36] - Among the 72 life insurance companies that reported their Q3 2025 net assets, 54% achieved positive growth, while 46% experienced a year-on-year decline, indicating a challenging industry environment [4][38] Net Asset Growth - The top 10 companies in terms of net asset growth are dominated by large and medium-sized insurers, with the top seven including China Life, Ping An, New China, Taiping, AIA, PICC Health, and China Post Life, collectively increasing their net assets by 206.17 billion yuan [1][36] - The number of companies experiencing a decline in net assets has doubled compared to the previous year, with 33 companies reporting a decrease in Q3 2025, up from 14 in Q3 2024 [4][40] - The proportion of companies with a net asset ratio exceeding 10% is only 28%, while 72% of companies fall below this threshold, indicating a significant disparity in financial health across the industry [23][36] Capital Raising Activities - A total of 12 life insurance companies have been approved for capital increases from October 1, 2024, to September 30, 2025, with several smaller firms showing significant growth due to capital injections [8][36] - The issuance of bonds for capital supplementation has also been a key strategy for many smaller insurers, with 16 companies issuing bonds during the same period [9][36] Net Asset Ratio Trends - The number of companies with an increasing net asset ratio has dropped sharply from 38 in Q3 2024 to only 20 in Q3 2025, while 72% of companies have seen their ratios decline [24][36] - The net asset ratio of the top 10 companies is predominantly above 20%, but five of these companies have experienced a decline in their ratios compared to the previous year [27][36] Performance of Major Insurers - The "big four" insurers (China Life, Ping An, Taiping, and Taikang) collectively hold 1.33 trillion yuan in net assets, accounting for 65.37% of the industry's total net assets [7][41] - Notable changes in rankings have occurred, with China Post Life entering the top 10 due to significant capital increases [40][41] Challenges and Future Outlook - The industry faces significant challenges, with many companies struggling to maintain positive growth amid changing accounting standards and market conditions [20][41] - The future landscape of the industry will likely be shaped by the resilience and internal capital generation capabilities of insurers as the effects of recent capital-raising activities and accounting changes stabilize [33][41]

Core Viewpoint - The insurance industry is experiencing a strong recovery in the bancassurance channel, which has become a core pillar supporting industry growth, with a projected 10% year-on-year increase in premium income from this channel in 2025. However, this recovery is characterized by a polarized growth pattern, with leading insurers showing significant gains while smaller firms struggle [1][11]. Group 1: Industry Growth and Trends - The "old seven" life insurance companies are expected to see a 48% year-on-year growth, with Ping An Life leading at a remarkable 163% increase in premium income from the bancassurance channel [1][3]. - The bancassurance channel's average commission level has decreased by approximately 30% following the implementation of the "reporting and banking integration" policy, which has shifted the focus from cost-driven competition to demand-driven and product-driven strategies [3][13]. - The overall growth rate for the bancassurance channel is projected to be around 10% in 2025, with the market share of the "old seven" companies increasing to 36% [3][14]. Group 2: Competitive Landscape - The competitive landscape is intensifying, with larger insurers leveraging their resource advantages and channel strengths to capture market opportunities, while smaller firms face challenges in resource allocation [2][12]. - The bancassurance channel has seen a compound annual growth rate of 16.2% from 2019 to 2023, while standard premium income from bancassurance and individual insurance has declined by 4.9% and 10.9%, respectively [2][12]. - The removal of the "1+3" restriction on bank- insurer partnerships has allowed leading firms to accelerate their acquisition of quality bank resources, further enhancing their market position [4][14]. Group 3: Performance of Key Players - Ping An Life's bancassurance channel new business value grew by 170.9% in the first three quarters of 2025, contributing 35.1% to the company's overall new business value [7][17]. - China CITIC Insurance and other firms have achieved significant growth, with CITIC Insurance's new business scale premium surpassing 11.5 billion yuan, marking a 141% year-on-year increase [8][18]. - MetLife has established partnerships with over 20 banks, focusing on high-net-worth clients and aiming for long-term, value-driven development in its bancassurance operations [9][19]. Group 4: Future Outlook - The outlook for the bancassurance channel in 2026 is optimistic, with expectations of a 30% increase in new premium income driven by the reallocation of household savings and strategic positioning by insurers [6][16]. - The projected incremental funds for the bancassurance channel in 2026 are expected to show a "high first, low later" trend, with significant contributions in the first quarter due to the timing of household savings [6][16]. - The ongoing trend of market differentiation will likely continue, with firms that possess comprehensive service capabilities and differentiated competitive advantages expected to lead the market [10][19].

Group 1 - The life insurance industry is expected to experience historic opportunities due to wealth reallocation as retail investors seek higher reinvestment returns from maturing bank deposits by 2026 [1][2] - Profit margins are anticipated to remain stable, as the pricing rate cut in September 2025 is expected to offset margin erosion caused by changes in product mix [1][2] - The preference for leading companies such as China Life (601628) and Ping An (601318) is highlighted, as a K-shaped growth divergence is expected between large and small insurance companies amid tightening regulations [1] Group 2 - The Chinese life insurance industry is entering a golden period this year, driven by the maturity of substantial bank deposits (estimated to exceed 70 trillion RMB) deposited after 2021, with retail investors facing a low reinvestment rate environment [2] - The shift from savings-type products to dividend-type products is expected to help insurance companies reduce new business costs and mitigate interest rate risks, while the recovery of protection-type products may serve as a gradual long-term driver for margin improvement [2] - The non-auto insurance business is expected to see a reasonable cost rate adjustment, and the management of auto insurance costs is anticipated to improve under regulatory support [1]

Group 1 - The life insurance industry is expected to experience a historic opportunity for wealth reallocation by 2026, as retail investors seek higher reinvestment returns for maturing bank deposits [1][2] - Profit margins are projected to remain stable, as the pricing rate cut in September 2025 will offset the margin erosion caused by changes in product mix [1][2] - The preference for leading companies such as China Life (02628) and Ping An (02318) is highlighted, as a K-shaped growth differentiation is anticipated between large and small insurance companies amid tightening regulations [1] Group 2 - The property insurance sector is expected to see a premium growth of 4%, with further improvement in the combined cost ratio (CoR) due to regulatory tailwinds [1] - The non-auto insurance business is expected to rationalize expense ratios, while auto insurance expense management is being strengthened, and pricing for new energy vehicle insurance is gradually being relaxed [1] - Despite the property insurance sector being less favored in a bull market, leading companies like China Pacific Insurance (02328) are expected to benefit the most and achieve the best industry performance [1]

Group 1 - The core idea of the news is that Ping An Property & Casualty Insurance's Quanzhou branch is actively engaging in community service by providing safety enhancements for hazardous goods transportation during the New Year, reflecting the company's commitment to customer service through the "Insurance + Service" model [1][7] - The volunteer team focuses on the characteristics of high-frequency travel and nighttime operations in the hazardous goods transportation industry, transforming holiday care into safety protection actions [1] - The initiative includes customized services such as the application of reflective stickers to improve vehicle visibility in low-light conditions, thereby reducing safety risks during transportation [5] Group 2 - Volunteers meticulously apply reflective stickers to critical areas of oil tankers and tricycles, ensuring enhanced visibility and conducting checks on key vehicle components like brakes, lights, and tires, providing immediate maintenance advice for aging or worn parts [4][5] - The volunteers also educate company representatives and drivers on winter driving safety and insurance claims, addressing employer liability insurance needs and clarifying coverage and claims processes, thus providing a one-stop solution for customer inquiries [5] - The company aims to continue focusing on customer needs, enhancing services and protections, and ensuring that the spirit of the New Year translates into lasting safety and support for businesses [7]