Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and a favorable financing environment [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies contributed 41,472 billion yuan, up 9.1%, while property insurance companies reported 16,157 billion yuan, up 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices had respective changes of -0.87%, +0.91%, and +1.95%, while the CSI 300 index increased by 2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st respectively [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector was 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank had the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate was 2.0%, with the one-year and five-year LPR at 3.0% and 3.50% respectively. The weighted average interbank borrowing rates for one day, seven days, and fourteen days were 1.33%, 1.50%, and 1.60% respectively [29][32]. Industry News - The China Banking and Insurance Regulatory Commission reported that insurance companies issued bonds totaling 104.2 billion yuan in 2025, driven by high capital replenishment needs and favorable regulatory support [39][40].

每一盏亮起的灯，都是一个家庭的温暖所在；每一份保单的背后，都是一份对未来的郑重承诺。近期， 新华保险发布2025年理赔服务年报，以详实的数据、温情的笔触，系统呈现了公司在过去一年履行保险 保障责任、提升服务体验、助力民生发展的坚实步伐。 数字背后的守护力量 自1996年成立至今，新华保险已累计向客户支付理赔款1368亿元，这是一笔沉甸甸的社会信任与家庭希 望。仅2025年度，该公司赔付总金额达147亿元，日均赔付4029万元；处理理赔案件501万件，意味着平 均每天有1.4万个家庭或个人通过理赔获得及时的经济支持。其中，重疾险赔付61.3亿元，占总赔付金额 的40%以上，在客户罹患重大疾病、经济压力骤增的关键时刻，提供了至关重要的保障。 责任不仅体现在总额上，更见于细微处。年报显示，新华保险全年豁免保费8.1亿元，涉及2.1万张保 单，让客户在符合约定的情况下，无需继续缴费仍能享有保障，切实缓解了特定群体的经济负担。 面对医疗技术的进步，新华保险的保障责任也在同步进化。CAR-T细胞免疫疗法、质子重离子治疗等先 进疗法费用得到有效覆盖，2025年相关赔付超过2000万元，让客户能够更从容地选择前沿治疗方案。 ...

Core Insights - The "2025 Extraordinary Investment Value Company" award recognizes companies with strong core barriers and growth resilience, highlighting their exceptional investment value [6] Group 1: Award Overview - The "2025 Golden Jubilee Award" is divided into three categories: company, institution, and comprehensive, continuing a tradition established over the past seven years [5] - The award is based on extensive data analysis and comparisons of thousands of companies, with final selections made by a panel of media reporters and research teams [4] Group 2: Award Winners - Inner Mongolia Yili Industrial Group Co., Ltd., Jiangsu Hengrui Medicine Co., Ltd., and New China Life Insurance Co., Ltd. were awarded the "2025 Extraordinary Investment Value Company" title [5][6] - These companies represent key sectors: Yili in consumer goods, Hengrui in pharmaceuticals, and New China Life in finance, demonstrating strong profitability and value creation capabilities [6] Group 3: Company Performance Highlights - Yili's milk powder business leads nationally, with a 18.73% increase in net profit excluding non-recurring items in the first three quarters, benefiting from low raw milk prices and policy support [6] - Hengrui has made significant progress in innovation, launching 24 first-class innovative drugs and expanding through international collaborations [6] - New China Life has optimized its asset and liability structure, showcasing industry-leading investment capabilities [6]

南方财经1月9日电，保险板块走弱，新华保险跌近3%，中国人保、中国太保、中国平安、中国人寿跟 跌。 ...

①31张"百万"罚单 1家被罚超千万，5家超500万 ②问责到人力度大 115人被禁业， 47人终身禁业 ③Tomor row系结局 华夏人寿等3家，被吊销许可证 | 序 | Company of the Children Comments of the controlled on the controlled in the contribution of the contribution of the many of the many of the may be and the many of the many of | | 分支数 詞款总额 | ਲ | 寿险公司 | 分支数 | 罚款息额 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | a 2 | | 号 | 2 | | | | 1 | 人保财险 | 97 | 4,232.83 | 1 | 太保寿险 | 34 | 1,301.40 | | 2 | △ 太保财险 | | 69 2,879.50 | 2 | 中国人寿 | 82 | 1,255.50 | | 3 | 平安产险 | ୧୧ | 2, ...

每一盏亮起的灯，都是一个家庭的温暖所在；每一份保单的背后，都是一份对未来的郑重承诺。2025年，新华保险继续秉承"以客户为中心"的服务宗旨， 在风险来临时撑起保护伞，在平凡日子里守护微光。近日发布的《新华保险2025年理赔服务年报》以详实的数据、温情的笔触，系统呈现了该公司在过去 一年中履行保险保障责任、提升服务体验、助力民生发展的坚实步伐。 数字背后的守护力量 自1996年成立至今，新华保险已累计向客户支付理赔款1368亿元，这是一笔沉甸甸的社会信任与家庭希望。仅2025年度，该公司赔付总金额达147亿元， 日均赔付4029万元；处理理赔案件501万件，意味着平均每天有1.4万个家庭或个人通过理赔获得及时的经济支持。其中，重疾险赔付61.3亿元，占总赔付 金额的40%以上，在客户罹患重大疾病、经济压力骤增的关键时刻，提供了至关重要的保障。 责任不仅体现在总额上，更见于细微处。年报显示，新华保险全年豁免保费8.1亿元，涉及2.1万张保单，让客户在符合约定的情况下，无需继续缴费仍能 享有保障，切实缓解了特定群体的经济负担。 从理赔类型结构看，重疾（41.7%）、医疗（36.9%）、身故（19.8%）构成主要赔付 ...

2026年开年首周，保险行业上演"开门红"盛况。 开年以来，A股保险板块集体拉升，截至1月7日，申万保险指数涨幅近10%，新华保险（601336.SH） 涨超18%，多只保险股股价创下历史新高；港股市场亦同步走强，中国人寿（02628.HK）、中国太平 （00966.HK）等涨幅均超15%，南北两市保险股共振走强。 业内认为，保险股行情火热背后，和行业"开门红"业务超预期兑现有一定关系。在居民 "存款搬家" 与 低利率双重驱动下，"保底+浮动收益" 的分红险成绝对主力，演示结算收益率为3%-3.5%的产品，精准 承接储蓄迁移需求；部分险企地区分公司开年首三天期交保费破亿元，有投资者购买百万元的分红型保 单。 南开大学金融发展研究院院长田利辉向时代财经指出，分红险的崛起和银保渠道的价值回归，或标志着 行业正从粗放的规模竞赛，转向兼顾稳健经营与客户价值的深度耕耘。未来的赢家，必将是那些能够将 庞大的销售网络转化为深度服务生态，并以穿越周期的资产配置能力，将保单上的"预期红利"转化为客 户账户实际收益的保险公司。 分红险成主推产品，"开门红"表现普遍超预期 田利辉向时代财经表示，分红险的核心吸引力在于"利率下行周期 ...

Group 1 - The core viewpoint of the news highlights the growth of the insurance industry in the Xinjiang Uygur Autonomous Region, with a total original insurance premium income of 74.148 billion yuan from January to November 2025, representing a year-on-year increase of 4.09% [1] - Life insurance accounted for the highest proportion of the total original insurance premium income in Xinjiang, amounting to 33.827 billion yuan, which is 45.62% of the total [1] - The report referenced is the "2026-2032 China Insurance Industry Development Analysis and Investment Prospect Forecast Report" published by Zhiyan Consulting, indicating a focus on future trends and investment opportunities in the insurance sector [1] Group 2 - The data source for the cumulative original insurance premium income statistics from 2020 to November 2025 is the National Financial Supervision Administration, organized by Zhiyan Consulting [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2]

2020年-2025年1-11月海南省累计原保险保费收入统计图 上市企业：天茂集团（000627），中国平安（601318），中国人保（601319），新华保险（601336）， 中国太保（601601），中国人寿（601628） 相关报告：智研咨询发布的《2026-2032年中国保险行业发展分析及投资前景预测报告》 2025年1-11月海南省原保险保费收入共计207.89亿元，同比增长2.88%，海南省累计原保险保费收入不 同险种类别中寿险占比最高，为95.12亿元，占比45.75%。 数据来源：国家金融监督管理总局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...