Group 1 - Insurance stocks collectively rose, with AIA Group (01299) up 3.55% to HKD 86, China Life (601628) (02628) up 2.86% to HKD 33.1, PICC (601319) (01339) up 2.47% to HKD 6.65, Xinhua Insurance (601336) (01336) up 2.23% to HKD 61.8, and Ping An (601318) (02318) up 2.06% to HKD 69.5 [1] - Several listed insurance companies have disclosed their 2025 full-year premium income or net profit data, with Xinhua Insurance achieving a cumulative original insurance premium income of CNY 195.99 billion, a year-on-year increase of 15%, and China Pacific Insurance (601601) reporting a total premium income of CNY 461.68 billion, a year-on-year increase of 4.43% [1] - Huachuang Securities expects listed insurance companies to achieve steady premium growth in 2025, driven mainly by investment performance, despite a recent two-week adjustment in the insurance sector due to slowing growth and high valuations [1] Group 2 - Morgan Stanley recently released a report predicting that 2026 will be a year when domestic insurance stocks outperform the market again, driven by strong sales growth, better business quality, and a favorable investment environment [2] - The report indicates that regulatory policies, interest rate trends, and market investment sentiment will be key catalysts for tracking the overall industry performance, with expectations for an increase in industry valuations [2] - Morgan Stanley anticipates that AIA Group will show continuous improvement in most key indicators in the fourth quarter of last year, maintaining a healthy growth outlook for new business value [2]

Summary of China Pacific Insurance Group Conference Call Company Overview - **Company**: China Pacific Insurance Group - **Industry**: Insurance Key Points Performance Highlights - The personal insurance segment showed significant performance during the 2026 New Year period, driven by adequate product preparation and strong training of the sales team, focusing on dividend insurance while also selling traditional insurance, effectively reducing interest spread loss risk and significantly improving new business value rate [2][5] - The group’s bancassurance channel development met expectations, becoming a partner with the five major banks, with over 50% contribution from regular premium insurance, and strengthened cooperation with small and medium banks [2][7] - The life insurance segment continues to advance a value-driven strategy, optimizing business structure and enhancing renewal management while transforming products to reduce interest spread loss risk [2][9] Financial Performance - In 2025, the overall operating situation was stable, with property insurance revenue growth in line with GDP growth, although fourth-quarter agricultural insurance payouts increased due to major disasters [3] - The comprehensive cost ratio for auto insurance reached a historical low, with plans to maintain pricing capability and claims service quality [2][14] Health Insurance Strategy - The health insurance segment faces challenges and opportunities due to changes in medical insurance policies, with the company leveraging its professional advantages to build infrastructure and integrate data from pharmacies, hospitals, and medical personnel [10][11] Asset Allocation Strategy - The asset allocation strategy is based on asset-liability matching, pursuing absolute returns and long-term returns, with a focus on increasing equity investment in the secondary market, particularly in the A-share market [4][17] - The dividend policy includes a minimum dividend payout ratio of 30% for the group and 40% for property insurance, ensuring stable growth in per-share dividends [4][22] Risk Management - The company actively manages risks associated with major disasters, aiming to control their impact on the comprehensive cost ratio to not exceed historical averages [15] - The company’s solvency is robust, with dynamic management of solvency in response to regulatory changes, maintaining a leading position in the industry [20] Future Outlook - The property insurance industry is expected to maintain stable growth between 4% and 5%, with a focus on both auto and non-auto insurance segments [12] - The demand for dividend insurance is expected to continue, driven by declining bank deposit rates and increasing household income [9] Additional Insights - The company is cautious about expanding the number of agents, focusing instead on sustainable long-term development based on existing investments [9] - The introduction of new asset-liability matching rules is not expected to significantly alter the company’s asset allocation strategy [16] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's performance, risk management, and future outlook in the insurance industry.

南都·湾财社记者从多方面核实，阳光保险、大地保险等多家险企目前已暂停个人融资性信保业务的新 增办理。这场业务退潮背后，是哪些因素叠加作用？又将给普通消费者的融资选择带来何种影响？ 个人融资性信保业务按下"暂停键" "我想咨询一下个人信用保险产品，用于辅助贷款。"1月26日，记者以消费者身份联系阳光保险业务 员，对方回复称："这项业务我们现在做不了，建议你咨询其他公司。"同时补充说明，"后续这类个人 融资性信保业务我们都不会再开展了。" 同日，大地保险相关工作人员也向记者证实："公司自2025年12月31日起，已正式停止办理个人融资性 信保业务的新增申请，当前仅负责原有存量客户的投诉处理及后续服务维护工作。" 事实上，这场行业退潮早有征兆。据多家媒体此前报道，早在2025年初，太平洋财产保险便已暂停旗下 核心融资性信保产品"太享贷"的新增申请。公开资料显示，2016年，中国太保产险推出的"太享贷"首创 保证险行业"交易保"模式，创新性重构了银行无抵押贷款业务流程，将全流程办理时间压缩至1-2天， 大幅提升融资效率，综合融资成本仅为传统融资模式的一半，从根本上缓解了小微企业（主）续贷 中"过桥贵、融资慢、易断桥" ...

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入（元） | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601336 新华保险 | | 2.60亿 | 9.33% | -5141.09万 | -1.84% | -2.09亿 | -7.48% | | 601601 中国太保 | | 1.19/Z | 4.02% | 5411.66万 | 1.83% | -1.73亿 | -5.85% | | 601319 中国人保 | | 8002.96万 | 7.30% | 792.67万 | 0.72% | -8795.63万 | -8.02% | | 601628 中国人寿 | | -5498.40万 | -3.19% | 1.53亿 | 8.91% | -9840.94万 | -5.71% | | 601318 中国平安 | | -2.37亿 | -1.81% | -4.21亿 | -3.22% | 6.58 Z | 5.03% | 证券之星消息，1月26日保险板块较上一交易日上 ...

Group 1 - The A-share insurance sector experienced an upward trend on January 26, with New China Life Insurance rising over 5% [1] - China Life Insurance and China Pacific Insurance both increased by more than 3% [1] - China Reinsurance and Ping An Insurance also saw gains, following the positive movement in the sector [1]

Core Viewpoint - The insurance sector is becoming increasingly attractive to investors, with significant growth in both the A-share market and the Hong Kong insurance market, driven by lower interest rates and a shift of capital from traditional savings to higher-yielding insurance products [3][4][5]. Group 1: Insurance Market Performance - As of January 25, 2026, the A-share market's three-year return is 31.01%, while the insurance industry index has achieved a return of 51.75% [4]. - In the first three quarters of 2025, the five major listed insurance companies in A-shares reported a total net profit of 426 billion yuan, marking a year-on-year increase of 33.5% [5]. - Major insurance companies such as China Life and Ping An have shown substantial growth in both revenue and net profit, with China Life's net profit increasing by 60.5% year-on-year [6]. Group 2: Hong Kong Insurance Market Dynamics - The Hong Kong insurance market has seen a surge in mainland Chinese investors, with 50.5% year-on-year growth in new policy premiums in the first half of 2025, and 29% of new policies purchased by mainland visitors [10]. - Hong Kong's insurance products offer greater flexibility and higher investment returns compared to mainland products, attracting more sophisticated mainland investors [10][11]. - The majority of new policies in Hong Kong are denominated in US dollars (79.8%), highlighting the preference for foreign currency products among investors [12]. Group 3: Investment Opportunities in Hong Kong Insurance - Hong Kong's dividend insurance products have a much higher expected return compared to mainland products, with potential returns reaching 4%-6% over 30 years [20][21]. - The advantages of Hong Kong's critical illness insurance include higher leverage, multiple payout options, and broader coverage compared to mainland offerings [26][30]. - Innovative financial strategies, such as leveraging loans to invest in high-yield insurance products, are being explored by investors, although they carry significant risks [32][33]. Group 4: Broader Investment Trends - The Hong Kong stock market is becoming a preferred destination for mainland companies, with a record IPO financing amount of 286.3 billion HKD in 2025, indicating a robust market environment [34][35]. - The average daily trading volume in the Hong Kong stock market increased by 90% in 2025, reflecting heightened investor interest and market activity [38]. - The Hang Seng Index rose by 25.77% in 2025, showcasing strong performance amid favorable market conditions [39]. Group 5: Strategic Importance of Hong Kong - Nearly 80% of mainland enterprises are choosing Hong Kong as their global expansion starting point, benefiting from its financial services and strategic location [42]. - Hong Kong's unique position as a free trade port allows for flexible currency transactions, making it an attractive option for businesses looking to mitigate exchange rate risks [43]. - The presence of a large pool of professional service providers in Hong Kong supports mainland companies in navigating international markets effectively [46].

小贷新规"余震"不断！21世纪经济报道此前提及， 年化超2 4%的小贷被叫停， 支付机 构已经开始切断2 4%以上产品支付通道 。 前不久，社交媒体平台有人曝出大地保险、阳光财险旗下信保业务关停，出现大量裁员的情 况。 21世纪经济报道记者通过多位知情人士了解到，涉及关停的业务主要是大地保险、阳光 财险的融资性信保业务，主要为个人贷款相关业务。 其中， 大地财险 2025年底起停止新增相关业务并开始调整和优化从业人员， 阳光财险 也在 同样的时间节点关停全国这类业务的线下网点和业务系统。 记者丨 杨梦雪 编辑丨周炎炎 两大平台App页面截图，目前产品无法申请，用户也无法注册 目前两家险企旗下信保业务平台的业务均已停滞。 阳光财产保险信用保证保险服务平台"阳光 闪贷保"App页面上的产品已经无法申请，客服称现在业务在调整中，暂不支持办理业务。而 大地保险旗下个人贷款保证保险品牌"大地时贷险"App已无法注册，客服称目前其公司的产品 政策正在做调整，暂时无法申请办理。 上述提及的信保业务所指的是融资性信保业务，此前一度因抓住互联网金融浪潮迎来一轮巨大 发展。 信用保证保险是指以履约信用风险为保险标的的保险，是信用 ...

Investment Rating - The report indicates a positive outlook for the brokerage sector, suggesting that it is currently in a phase of fundamental and valuation mismatch, with expectations for improvement in the first half of the year [2][6]. Core Insights - The brokerage sector has seen a significant increase in allocation by active equity funds, with a quarter-over-quarter increase of 102 basis points, surpassing the three-year average [2]. - The report highlights strong earnings forecasts for 2025, with notable increases in net profits for several brokerages, including a projected 405.3% increase for Guolian Minsheng [2][16]. - The insurance sector is expected to stabilize, with a forecasted recovery in the predetermined interest rate for life insurance products, anticipated to rise to 1.96% in Q1 2026 [2][28]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,702.50 with a decline of 0.62%, while the non-bank index fell by 1.45% [6]. - The brokerage, insurance, and diversified financial indices reported changes of -0.61%, -4.02%, and +3.10%, respectively [6]. Non-Banking Sector Insights - The report notes that the China Securities Regulatory Commission has introduced new guidelines for performance benchmarks for publicly offered securities investment funds, aiming to enhance transparency and accountability [8][10]. - Key announcements from individual companies include China Pacific Insurance reporting an 8.1% increase in premium income for 2025, and Guolian Minsheng forecasting a significant profit increase due to business integration [12][16]. Investment Analysis Recommendations - For brokerages, the report recommends focusing on firms with strong competitive positions, such as Guotai Junan and Citic Securities, as well as those with high earnings elasticity like Huatai Securities [2]. - In the insurance sector, the report maintains a positive medium-term outlook, recommending companies like China Life and Ping An Insurance [2]. Key Data Tracking - As of January 23, 2026, the average daily trading volume was reported at 30,388.36 billion [32]. - The margin trading balance stood at 27,249.13 billion [38].

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 ...

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in China People's Insurance Group (01339.HK) by 240,000 shares on January 23, with a total net reduction of 6.6355 million shares over the last five trading days and 77.7542 million shares over the last 20 trading days [1] - As of now, southbound funds hold 2.55 billion shares of China People's Insurance Group, accounting for 29.22% of the company's total issued ordinary shares [1] Group 2 - China People's Insurance Group Co., Ltd. is a holding company primarily providing insurance products, including property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, and pension insurance [1] - The property insurance business includes products for both companies and individuals, such as motor vehicle insurance, agricultural insurance, property insurance, and liability insurance [1] - The health insurance business focuses on health and medical insurance products, while the life insurance business includes various life insurance products such as participating, whole life, annuity, and universal life insurance [1] - The Hong Kong insurance business encompasses property insurance operations in Hong Kong, and the pension insurance business includes corporate annuities and occupational annuities [1]