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。 ...

【中泰研究丨晨会聚焦】非银葛玉翔：OCI 选择权的两面性，税 务追溯对现金流影响有限 证券研究报告/晨会聚焦 2026 年 01 月 07 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】固收 吕品：对冲交易 01：金属与人民币走 强的背后》2026-01-06 2、《【中泰研究丨晨会聚焦】策略 徐驰：年初市场科技主线能否延续？ ——信用业务周报》2026-01-05 3、《【中泰研究丨晨会聚焦】固收 吕品：2025 年债市启示录：框架的贫 穷》2026-01-05 今日预览 今日重点 【非银】葛玉翔：上市险企新旧准则切换所得税切换测算：OCI 选择权的两面性，税务追溯对现 金流影响有限 事件：近日，财政部、税务总局联合发布《关于保险合同准则转换有关企业所得税处理事项的公 告》（财政部 税务总局公告 2025 年第 15 号，以下简称 15 号文）明确，对首次执行年度为 2025 年及之前的企业，统一自 2026 年起以新准则为基础进行纳税调整，并对执行初期的税务差异给予 分期平滑 ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300059 | 东方财富 | -2.31 | 3.88 | -177448.48 | | 002230 | 科大讯飞 | -1.61 | 3.78 | -53387.32 | | 601318 | 中国平安 | -1.17 | 0.86 | -45361.42 | | 300399 | 天利科技 | -7.92 | 19.84 | -17539.73 | | 600446 | 金证股份 | -3.29 | 4.24 | -8299.94 | | 601336 | 新华保险 | 1.88 | 1.73 | -8030.53 | | 300253 | 卫宁健康 | -1.53 | 4.08 | -7777.95 | | 002029 | 七匹狼 | 3.65 | 8.94 | -3351.04 | | 300242 | 佳云科技 | -2.78 | 5.03 | -2853.11 | | 300061 | 旗天科技 | -2.23 | 2.46 | - ...

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Nanjing Bank, among others [12][19][53]. Core Insights - The report highlights the financial and manufacturing industries' investment outlook for January 2026, emphasizing the need to focus on companies with strong fundamentals and growth potential amid economic pressures [6][8][10]. - It identifies specific sectors such as real estate, non-bank financials, banking, new energy, machinery, military industry, light industry, and environmental protection as areas of interest for investment [8][10][21][32][36][43]. Summary by Sector Real Estate - The real estate sector faces increasing downward pressure, necessitating policy easing. Key companies like China Resources Land are highlighted for their strong operational capabilities and cash flow stability [11][12][53]. Non-Bank Financials - The non-bank financial sector is expected to benefit from policy support and high market trading volumes, with companies like New China Life Insurance showing strong growth potential [16][17][53]. Banking - The banking sector is viewed positively, with a focus on large banks and city commercial banks, particularly Jiangsu Bank, which is noted for its attractive valuation and growth prospects [18][19][53]. New Energy - The new energy sector is at a turning point, with companies like Sungrow Power Supply and Slin Smart Drive recommended for their growth potential in solar and energy storage technologies [21][23][53]. Machinery - The machinery sector is encouraged to focus on AI and robotics, with companies like Hengli Hydraulic and Ding Tai High-Tech identified for their growth opportunities in traditional and emerging markets [25][30][31][53]. Military Industry - The military sector is expected to see growth from military-to-civilian transitions and military trade, with AVIC Xi'an Aircraft Industry Company highlighted for its potential in the domestic and international markets [32][34][53]. Light Industry - The light industry is advised to focus on overseas manufacturing and new consumer opportunities, with companies like Yingke Medical and Meiyin Sen noted for their growth in international markets [36][40][53]. Environmental Protection - The environmental sector is poised for growth through overseas expansion and rising metal prices, with companies like Weiming Environmental and Ice Wheel Environment recommended for their strong market positions [43][48][51][53].

在普惠金融方面，2025年新华保险为乡村人群赔付33亿元，惠及38.7万人次；为老年人群赔付10亿元， 惠及94.8万人次。同时，公司在22家分公司承接55个惠民保项目，赔付金额超4600万元。公益项目方 面，"顶梁柱""加油宝贝"等项目覆盖超10个省份、35万人，累计赔付5460件、671.3万元；关爱环卫工 人项目2025年赔付61件、520.5万元。 2025年，新华保险百万医疗垫付服务金额达2925万元，同比增长155%，为573人次提供垫付服务支持。 此外，公司全年对CAR-T、质子重离子等先进疗法赔付超2000万元，并创新推出服务给付型商业护理保 险"康护无忧"，将专业护理服务纳入保障范围。 理赔是保险承诺的兑现，也是保险业社会价值的最直观体现。近日，新华保险发布的2025年理赔服务年 报显示，2025年赔付总金额达147亿元，日均赔付4029万元，全年处理赔付件数501万件，平均每天有 1.4万件理赔案结案，全年豁免保费8.1亿元，涉及2.1万张保单。从赔付结构看，重疾险赔付金额61.3亿 元，占比超过40%。 基于2025年的理赔数据，新华保险发布健康风险提示，未成年人需重点防范呼吸系统疾病、 ...

风险提示：长端利率下行，开门红增速持续较差等 图表 1:2026年保险股基本面判断:资产负债两端开花 中泰固收团队认为2026年10年国债区间或在1.7%-2.1%。我们建议 利率 关注利率强β催化 资产端:股 市仍是"双 A股慢牛基础不断稳固,市场交投加速活跃,板块轮动赚钱效应明 击"核心 权益 保险股作为权益投资的影子股,新准则下业绩弹性较高 2026年开门红备战时间拉长,个险银保双轮作战,整体新单受益于 基本面判断 "存款搬家"大背景 新单 2026年预计不会迎来预定利率调整期 -头部公司渠道重视度提升,银行网 预计银保渠道"供需改善"_ 点合作意愿改善 负债端 价值率的改善得益于预定利率持续下调和经济假设不再更新下调带 来的利好 份值 银保渠道缴费结构改善带动价值贡献有望进一步提升 报告摘要 事件：2026年1月5日保险板块大涨逾6%，新华保险和中国太保创出历史新高。我们认为自去年12月以来保险板块先后历经"开门红预期好转—— 长端利率回升——指数上攻强化利润弹性"的顺周期逻辑。从估值修复到业绩兑现，我们重申板块投资价值，建议持续关注中国人寿，中国太保， 中国平安，新华保险，中国财险等标的。 当前股价 ...

险资在推动资本市场投融资改革中的投资行为不是单一的，而是系统的、战略导向鲜明的，且也是富有成效的。 文/每日财报 栗佳 日前在京举行的中央经济工作会议，在全面总结2025年经济工作的同时，还立足当前我国经济形势对2026年经济工作作出系统部署与精准规划。 其中，2026年资本市场工作安排，被纳入会议确定的年度第三项重点任务，引发市场广泛关注。会议明确提出，要坚持改革攻坚，激发高质量发展动力与 活力，持续深化资本市场投融资综合改革。 值得关注的是，这已是中央经济工作会议连续两年聚焦"资本市场投融资综合改革"。2024年中央经济工作会议曾明确要求，深化资本市场投融资综合改 革，打通中长期资金入市卡点堵点，增强资本市场制度的包容性与适应性。 近年来，推进投融资综合改革已成为资本市场改革发展的主线。从2024年中央经济工作会议首次提出深化资本市场投融资综合改革，到党的二十届四中全 会审议通过的《"十五五"规划建议》提出健全投资和融资相协调的资本市场功能，再到如今政策加码提出持续深化资本市场投融资综合改革，政策顶层设 计的持续递进，勾勒出资本市场改革的清晰路径。 这一系列部署，既是我国构建起"安全、规范、透明、开放、有 ...

理赔是保险承诺的兑现，也是保险业社会价值的最直观体现。近日，新华保险发布的2025年理赔服 务年报显示，2025年赔付总金额达147亿元，日均赔付4029万元，全年处理赔付件数501万件，平均每天 有1.4万件理赔案结案，全年豁免保费8.1亿元，涉及2.1万张保单。从赔付结构看，重疾险赔付金额61.3 亿元，占比超过40%。 数据显示，2025年，新华保险单笔身故最高赔付1050万元，重疾最高赔付419万元；医疗赔付方 面，单一客户累计最高获赔547万元，全年赔付次数最高的客户达160次。 在服务效率方面，公司整体理赔案件从申请到结案的平均时效缩短至0.77天，其中5000元以内小额 医疗险理赔平均时效为0.5天，最快一笔理赔到账时间为10秒，全年96.4%的理赔案件实现结案当日到 账。 在普惠金融方面，2025年新华保险为乡村人群赔付33亿元，惠及38.7万人次；为老年人群赔付10亿 元，惠及94.8万人次。同时，公司在22家分公司承接55个惠民保项目，赔付金额超4600万元。公益项目 方面，"顶梁柱""加油宝贝"等项目覆盖超10个省份、35万人，累计赔付5460件、671.3万元；关爱环卫 工人项目202 ...

Group 1 - As of January 6, the margin trading balance in A-shares reached 25,799 billion yuan, an increase of 192.52 billion yuan from the previous trading day, accounting for 2.53% of the A-share circulating market value [1] - The trading volume for margin transactions on the same day was 3,289.06 billion yuan, which is an increase of 373.81 billion yuan from the previous trading day, representing 11.6% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 23 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 4.398 billion yuan [1] Group 2 - A total of 74 individual stocks had net financing inflows exceeding 1 billion yuan, with Dongfang Caifu leading at a net inflow of 955 million yuan [1] - Other notable stocks with significant net financing inflows include Aerospace Electronics, Xunwei Communication, Zhongji Xuchuang, Goldwind Technology, New China Insurance, China Merchants Bank, CATL, Shenghong Technology, and TCL Technology [1] - In 2026, the application of AI in terminal devices is expected to accelerate, integrating deeply into various hardware products and industrial scenarios [2] - AI technology is anticipated to enhance traditional consumer electronics such as computers, display devices, and home appliances, while new AI hardware categories like AI glasses and AI headphones are expected to see significant breakthroughs [2] - The ongoing development of physical AI is gradually being applied in industrial, robotics, and intelligent driving scenarios [2]

Group 1 - As of January 6, the A-share margin balance reached 25,799 billion yuan, an increase of 192.52 billion yuan from the previous trading day, accounting for 2.53% of the A-share circulating market value [1] - The margin trading volume on the same day was 3,289.06 billion yuan, up by 373.81 billion yuan from the previous trading day, representing 11.6% of the total A-share trading volume [1] - Among the 31 primary industries, 23 experienced net financing inflows, with the electronics sector leading at a net inflow of 4.398 billion yuan [1] Group 2 - A total of 74 stocks had net financing inflows exceeding 1 billion yuan, with Dongfang Caifu leading at a net inflow of 955 million yuan [1] - Other notable stocks with significant net financing inflows include Aerospace Electronics, Xinwei Communication, Zhongji Xuchuang, Goldwind Technology, New China Life Insurance, China Merchants Bank, CATL, Shenghong Technology, and TCL Technology [1][2] - In 2026, the application of AI in terminal devices is expected to accelerate, integrating deeply into various hardware products and industrial scenarios [2] - AI technology is anticipated to enhance traditional consumer electronics such as computers, display devices, and home appliances, while new AI hardware categories like AI glasses and AI headphones are expected to see significant breakthroughs [2]