Core Viewpoint - JPMorgan has increased its long position in Ping An Insurance (Group) Company of China, Ltd. - H shares from 7.95% to 8.23% as of February 9, 2026 [1] Company Summary - JPMorgan's long position in Ping An Insurance has seen an increase, indicating a growing confidence in the company's performance and potential [1]

Industry Focus - The ten bank-affiliated insurance companies are projected to achieve a total premium income of 477.15 billion yuan by 2025, representing a year-on-year growth of 15.29% [1] - The net profit for these companies is expected to reach 24.364 billion yuan, a significant increase of 145.06% compared to 2024, with all companies reporting profitability [1] - Notably, CITIC Prudential Life and Everbright Sun Life have turned losses into profits [1] - The average simple investment return rate is projected to be 4.153%, with five companies exceeding 4%, although the comprehensive investment return rate has declined to an average of 1.71%, down 8.004 percentage points year-on-year [1] Corporate Dynamics - Ping An Life Insurance Co., Ltd. has increased its registered capital from 33.8 billion yuan to approximately 36.003 billion yuan, marking a growth of about 7% [2] - This capital increase, driven by shareholders, aims to enhance the company's capital strength and solvency, potentially improving its comprehensive solvency and market competitiveness [2] Financial Personnel Changes - The chairman of China Post Life Insurance Co., Ltd., Han Guangyue, has submitted his resignation due to personal age reasons, with his 60th birthday approaching in two months [3] - Zeng Shangyou has been appointed as the temporary head and party secretary of PICC Reinsurance Co., Ltd., following the resignation of former chairman Xiao Jianyou in October 2025 [4] - Lei Wanchun has been approved as the general manager of Three Gorges Life Insurance Co., Ltd. by the Chongqing Financial Regulatory Bureau [5] - Yan Wenbo, the party secretary and president of Huajin Securities, is set to be appointed as the chairman of Hengqin Life Insurance, succeeding Qian Zhonghua, who resigned on January 22 [6]

Core Viewpoint - The company, Ping An Pension Insurance, is actively engaged in a nationwide public welfare initiative called "New Year Warmth Delivery," aimed at providing support and care to vulnerable groups, including impoverished families, elderly individuals living alone, children in need, and families with special requirements during the New Year period [1][8]. Group 1: Targeted Assistance - In Taibai Village, Shaanxi Province, volunteers from Ping An Pension Insurance's Shaanxi branch visited impoverished families, engaging in conversations to understand their health, income, and challenges, while also providing essential supplies like rice and cooking oil [1]. - In Laohhe Village, Anhui Province, the company donated 100 computers to enhance the information technology capabilities of local government offices and schools, and conducted financial literacy classes for students to raise awareness about financial safety [1]. Group 2: Care for Special Groups - In Wuhan, Hubei Province, volunteers collaborated with a center for families with autistic children, providing essential supplies and engaging in interactive activities to foster communication and support for these families [4]. - In Yinchuan, Ningxia Province, the company provided school supplies and educational materials to underprivileged children, aiming to encourage their optimism and healthy growth [4]. - In Jinan, Shandong Province, volunteers delivered essential goods to sanitation workers, acknowledging their hard work during the winter season [4]. Group 3: Community Engagement - In Changsha, Hunan Province, volunteers visited elderly individuals and families in need, offering support and information about available policy assistance while delivering care packages [6]. - In Urumqi, Xinjiang Province, the company set up a "Warmth Point" at a busy train station, providing travelers with practical items and festive goods to enhance their travel experience during the New Year [6]. Group 4: Commitment to Long-term Support - The company emphasizes that true warmth comes from sustained companionship and consistent efforts rather than one-time donations, reflecting its commitment to ongoing community support and care [8].

Investment Rating - The industry investment rating is maintained as "Increase" [1] Core Insights - The insurance industry is experiencing significant growth in asset allocation towards core equities, with a slowdown in bond allocation pace [5] - By the end of 2025, the total investment balance of the insurance industry reached 38.5 trillion yuan, marking a 15.7% increase from the beginning of the year, the highest growth rate since 2021 [9] - The allocation of "stocks + funds" increased by 1.6 trillion yuan in 2025, with a total balance of 5.7 trillion yuan by year-end [5] - The proportion of "stocks + funds" in total investment reached 15.4% by the end of 2025, an increase of 2.6 percentage points from the beginning of the year [5] - The demand in the market remains strong, and the optimization of liability costs is expected to alleviate pressure from interest rate spreads [5] Summary by Sections Investment Allocation - By the end of 2025, the investment scale of life insurance companies was 34.7 trillion yuan, accounting for 90.1% of the industry [5] - The allocation of bank deposits decreased to 7.6%, while the bond allocation increased to 51.1% [5] - The allocation of stocks and funds reached a high level, with stocks accounting for 10.1% and funds for 5.3% of total investments [5] Market Outlook - The recent decline in the yield of ten-year government bonds to approximately 1.81% is expected to ease the pressure on the investment income of insurance companies [5] - The insurance sector's valuation remains at historical lows, with estimated PEV ranging from 0.64 to 0.86 and PB from 1.15 to 2.24 [5]

Core Viewpoint - The approval for the change of business location for China Ping An Property & Casualty Insurance Co., Ltd. Guangzong Branch has been granted by the Xingtai Financial Regulatory Bureau [1] Group 1 - The new business location for China Ping An Property & Casualty Insurance Co., Ltd. Guangzong Branch is specified as: S-2 Building 303, Tianyi City Commercial Street, East Side of Heping Road South Section, South Side of Limao Street, Guangzong County, Xingtai City, Hebei Province [1] - The company is required to handle the change and obtain the new license in accordance with relevant regulations [1]

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。 2026年2月9日，抚州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崇仁 支公司营业场所变更的请示》(平保产赣分发〔2026〕9号)及相关材料收悉。经审核，现批复如下： 一、同意中国平安财产保险股份有限公司崇仁支公司将营业场所变更为：江西省抚州市崇仁县活力大道 (中文时代影城)159号。 ...

Core Viewpoint - The emergence of a comprehensive insurance system for robots is crucial to alleviate concerns from both suppliers and users, enabling the integration of robots into real-world applications [2][3]. Group 1: Insurance Development - The first "lifetime liability insurance for elderly care robots" was launched in Shanghai, addressing key concerns for both robot manufacturers and care institutions [2]. - A new insurance sector focused on robots is rapidly developing, with policies emerging to support various types of robots, including consumer-grade exoskeletons [2][3]. - The Chinese humanoid robot market is projected to reach 8.239 billion yuan by 2025, accounting for approximately 50% of the global market [3]. Group 2: Risk and Challenges - The complexity of robots introduces various risks, including hardware damage, software failures, and human-robot interaction issues, which pose challenges for insurance product design and pricing [5][6]. - Real-world incidents have highlighted the necessity of insurance, as accidents involving robots can lead to significant damages and liabilities [3][5]. - Insurance companies face difficulties in obtaining necessary operational data from robot manufacturers, which hinders accurate risk assessment and pricing [6]. Group 3: Collaborative Solutions - Policy guidance is essential for the development of insurance products in emerging fields like robotics, with local governments providing subsidies to stimulate market demand [7]. - Collaborative data sharing between insurance companies, industry players, and academic institutions is recommended to build a comprehensive risk database for humanoid robots [7]. - The rapid technological evolution of robots necessitates flexible insurance products that can adapt to new applications and scenarios [8]. Group 4: Market Potential - The humanoid robot market is expected to grow significantly, with projections indicating a market size of 20 to 50 billion yuan by 2028 and potentially reaching 10 trillion yuan by 2045 [8]. - The establishment of a robust insurance framework is vital not only for risk transfer but also for fostering the overall development of the robotics industry [8].

Core Viewpoint - The article discusses the performance of the HuShen 300 ETF managed by Harvest Fund Management, highlighting its recent market movements and key holdings [1] Group 1: ETF Performance - The HuShen 300 ETF (159919) opened at 4.918 yuan, experiencing a decline of 0.22% [1] - Since its establishment on May 7, 2012, the fund has achieved a return of 129.33%, while its return over the past month is -1.31% [1] Group 2: Key Holdings Performance - Notable stocks within the ETF include: - CATL (宁德时代) down 0.07% - Kweichow Moutai (贵州茅台) unchanged at 0.00% - Ping An Insurance (中国平安) down 0.59% - Zhongji Xuchuang (中际旭创) down 0.66% - Zijin Mining (紫金矿业) down 3.75% - China Merchants Bank (招商银行) down 0.10% - Xinyi Technology (新易盛) down 1.02% - Midea Group (美的集团) down 0.36% - Industrial Bank (兴业银行) up 0.05% - Yangtze Power (长江电力) up 0.04% [1] Group 3: Management Information - The ETF is managed by Harvest Fund Management Co., Ltd., with Liu Jiayin as the fund manager [1]

特别提示：平安久瑞回报混合型证券投资基金的发售日期为2026年2月26日至2026年3月13日。 投资者可通过以下途径咨询有关详情： （1）中国平安人寿保险股份有限公司 客服电话：95511 转 1 网址：http://life.pingan.com （2）蚂蚁（杭州）基金销售有限公司 客服电话：95188-8 网址：www.fund123.cn 根据平安基金管理有限公司（以下简称"本公司"）与中国平安人寿保险股份有限公司、蚂蚁（杭州）基 金销售有限公司、上海好买基金销售有限公司、腾安基金销售（深圳）有限公司、京东肯特瑞基金销售 有限公司、诺亚正行基金销售有限公司、上海中正达广基金销售有限公司、和耕传承基金销售有限公 司、南京苏宁基金销售有限公司、弘业期货股份有限公司、通华财富(上海)基金销售有限公司、华瑞保 险销售有限公司、上海陆享基金销售有限公司、嘉实财富管理有限公司、华源证券股份有限公司、上海 证达通基金销售有限公司、万家财富基金销售（天津）有限公司、上海陆金所基金销售有限公司、上海 长量基金销售有限公司、上海天天基金销售有限公司、珠海盈米基金销售有限公司、北京雪球基金销售 有限公司、东方财富证券股份有 ...

Core Insights - The Shenzhen listed companies have contributed over 2 trillion yuan in taxes in the past five years and more than 3.5 trillion yuan in the last decade, supporting regional employment with over 4 million jobs [1][2] - During the 14th Five-Year Plan period, Shenzhen listed companies distributed nearly 990 billion yuan in dividends, significantly exceeding the equity financing scale, ranking second among major cities in China [1] - In 2025, the cash dividends are expected to exceed 180 billion yuan, with leading companies like China Ping An and China Merchants Bank maintaining over 10 years of continuous dividends [1] Financial Performance - In the first three quarters of 2025, 52 listed companies in Shenzhen paid out 50.201 billion yuan in cash dividends, setting a new record with a payout ratio exceeding 30% [1] - The stock prices of major companies have shown strong performance, with China Ping An's stock price increasing by 35.87%, China Merchants Bank's A-shares rising by 11.76%, and Industrial Fulian's stock price surging by 194.26% [1] Economic Impact - In the first three quarters of 2025, Shenzhen listed companies paid nearly 285 billion yuan in various taxes and provided over 4 million jobs, with total employee compensation exceeding 620 billion yuan and an average annual salary of over 200,000 yuan [2] - Leading enterprises are showing strong investment intentions, significantly increasing their investments in fixed assets and other long-term assets, which injects sustainable momentum into economic development [2] - Innovative companies like UBTECH and Huichuan Technology are not only creating numerous high-end job opportunities but also driving the development of thousands of small and medium-sized enterprises in the supply chain, fostering a robust ecosystem [2]