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]

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Insights - The insurance industry is accelerating its layout in the health and wellness sector, driven by policy guidance and industry association leadership [1] - The average annual compound growth rate of commercial health insurance has exceeded 20% over the past decade, with over 11,000 medical insurance products currently available [4] - The report anticipates that insurance institutions will further accelerate their investments in the health and wellness sector, leveraging policy support to create a second growth curve through the "insurance products + health services" model [4] Industry Trends - The China Insurance Industry Association held a seminar focusing on the high-quality development of commercial health insurance, discussing the integration of commercial insurance with the medical field [4] - The Shanghai Financial Regulatory Bureau has released a plan for the high-quality development of pension finance, proposing 20 measures to support the pension industry [4] - Major insurance companies are establishing specialized health management subsidiaries to build a comprehensive health and wellness service ecosystem [4] Financial Performance - The report indicates that both the liability and asset sides of the insurance companies are continuously improving, with significant upward valuation potential [4] - The market demand remains strong, and the reduction in the preset interest rate along with the transformation of participating insurance will optimize liability costs [4] - As of January 23, 2026, the insurance sector's valuation is projected at 0.61-0.83 times PEV and 1.10-2.19 times PB, which is at a historical low [4]

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].

Core Viewpoint - The report from Industrial Securities indicates a slight decline in the management scale of active equity funds in Q4 2025, primarily due to significant redemption pressure from existing funds, which has hindered the continuation of growth seen in Q3 2025 [1][2]. Group 1: Fund Management Scale - In Q4 2025, the management scale of three types of active equity funds (ordinary stock, mixed equity, and flexible allocation) decreased by 189.8 billion yuan, with new active equity fund issuance at 56.2 billion yuan and net redemptions from existing funds at 165.6 billion yuan, alongside a decline of 80.4 billion yuan due to market fluctuations [1][2]. - The equity position of active equity funds decreased by 0.83 percentage points to 86.62% in Q4 2025, remaining at the second-highest historical level, just behind Q3 2025 [2]. Group 2: Sector Allocation Changes - In terms of sector allocation, the proportion of investment in the ChiNext board increased to 24.98%, up by 1.24 percentage points from Q3 2025, while the allocation to the Sci-Tech Innovation board decreased to 16.55%, down by 0.90 percentage points [3]. - The allocation to the main board fell to 58.21%, down by 0.30 percentage points, indicating a further increase in underweight positions [3][4]. Group 3: Style and Sector Adjustments - Active equity funds increased their positions in cyclical and financial real estate sectors while reducing exposure to technology growth and pharmaceuticals. The allocation percentages for technology growth, financial real estate, consumption, pharmaceuticals, and cyclical sectors were 52.27%, 4.47%, 14.28%, 8.18%, and 20.67%, respectively, with notable changes from the previous quarter [5]. - The funds increased their positions in non-ferrous metals, communications, and non-bank financial sectors, with increases of 2.26 percentage points, 1.85 percentage points, and 0.87 percentage points, respectively, while reducing positions in electronics and pharmaceuticals [6][7]. Group 4: TMT Sector Adjustments - The allocation to the TMT sector slightly decreased in Q4 2025, with the overall allocation dropping to 38.05% from a peak of 40% in Q3 2025. The internal structure showed increased positions in communication devices and components while reducing holdings in consumer electronics and semiconductors [11]. Group 5: Dividend Sector Recovery - The allocation to dividend low-volatility indices and the CSI Dividend Index showed signs of stabilization and recovery, with the allocation to the former rising by 1.7 percentage points to 4.3% and the latter increasing by 1.5 percentage points to 4.4% [12]. Group 6: Top Holdings and Changes - The top five stocks with increased holdings in active equity funds in Q4 2025 included Zhongji Xuchuang, Xinyi Sheng, Dongshan Precision, China Ping An, and Zijin Mining, with respective increases of 1.46 percentage points, 0.63 percentage points, 0.63 percentage points, 0.58 percentage points, and 0.40 percentage points [13]. - Conversely, the top five stocks with reduced holdings included Industrial Fulian, Yiwei Lithium Energy, Ningde Times, Luxshare Precision, and Focus Media, with respective decreases of 1.07 percentage points, 0.64 percentage points, 0.53 percentage points, 0.44 percentage points, and 0.33 percentage points [15].

Investment Rating - The report provides a positive outlook on the non-banking financial sector, indicating a strong performance and potential for continued growth in the coming years [1][2]. Core Insights - The report highlights the introduction of multiple regulatory frameworks aimed at strengthening the long-term performance of the non-banking sector, which is expected to enhance the overall stability and growth prospects of the industry [1][39]. - The insurance market is expanding steadily, with significant growth in premium income and investment returns, indicating a robust recovery and potential for further development [7][58]. - The report emphasizes the performance of various non-banking sectors, with insurance leading the growth, followed by diversified finance and securities [22][58]. Summary by Sections Regulatory Dynamics - The China Banking and Insurance Regulatory Commission (CBIRC) has introduced several new regulations, including adjustments to risk factors for insurance companies and management guidelines for financial leasing companies, aimed at enhancing regulatory efficiency and promoting high-quality development in the non-banking sector [3][39]. - New regulations also include the asset-liability management guidelines for insurance companies and the information disclosure management for asset management products, which are expected to improve transparency and investor protection [40][43]. Industry Dynamics - The non-banking sector has shown varied performance, with the insurance sector achieving a premium income of CNY 5.76 trillion, a year-on-year increase of 7.56% [58]. - The report notes that the A-share market's average daily trading volume reached CNY 10,768 billion, reflecting a year-on-year growth of 53.24%, although there was a slight decline in trading activity towards the end of the year [10][64]. Market Performance - In December 2025, the non-banking index rose by 6.31%, outperforming major indices, with insurance stocks showing the highest gains at 14.59% [19][22]. - The report identifies key ETFs in the non-banking sector, highlighting strong performance in the securities insurance ETFs and financial technology ETFs, which saw significant inflows [13][38]. Investment Opportunities - The report recommends focusing on the valuation recovery logic in the non-banking sector, particularly in ETFs such as the Hong Kong Stock Connect Non-Banking ETF and the Financial Technology ETF, which are expected to benefit from the positive market dynamics [13][38]. - The insurance sector's dividend yields are becoming increasingly attractive, with several companies offering yields above 3.5%, indicating a potential investment opportunity for income-focused investors [12].