Investment Rating - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown resilience, with various sub-sectors outperforming the Shanghai and Shenzhen 300 Index recently [9][10] - The report highlights the ongoing regulatory tightening on virtual currencies by eight government departments, which may impact market dynamics [16] - The insurance sector is expected to see significant growth in new business value (NBV) and profitability in 2026, driven by favorable market conditions and product demand [23][33] - The securities industry is undergoing transformation, with potential new growth points emerging from market recovery and supportive policies [21] - The trust industry is entering a stable transition phase, while the futures market continues to maintain high transaction volumes [40][41] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors of non-bank financials outperformed the Shanghai and Shenzhen 300 Index in the last five trading days [9] - The multi-financial sector rose by 0.49%, while the securities and insurance sectors fell by 0.63% and 0.73%, respectively [9] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - February trading volume decreased month-on-month, with average daily stock trading at 28,613 billion yuan, a 17.64% decline from the previous month but a 40.43% increase year-on-year [14] - The margin balance reached 26,809 billion yuan, up 49.43% year-on-year [14] - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026 [21] 2.2 Insurance - The insurance sector is projected to see a significant increase in NBV, with expectations of a 50% year-on-year growth in net profit for 2025 [23] - The total premium income for life insurance is expected to reach 52,696 billion yuan in 2025, reflecting an 8.5% year-on-year increase [27] - The "insurance + health care" model is gaining traction, with ongoing developments in commercial health insurance [30] 2.3 Multi-Financial - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a 20.11% year-on-year increase [34] - The futures market recorded a transaction volume of 9.51 billion contracts and a transaction value of 90.81 trillion yuan in December 2025, marking a 45.17% and 58.55% year-on-year growth, respectively [41] 3. Industry Ranking and Key Company Recommendations - The non-bank financial sector is currently undervalued, providing a safety margin for investors [21] - The insurance sector is favored due to its recovery potential and improving liability side, while the securities sector is expected to benefit from market recovery and policy support [21] - Recommended companies include China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [21]

Core Insights - The report emphasizes the continuous influx of incremental funds into the market, highlighting investment opportunities in the non-bank financial sector [1][7] - The industry rating remains at "Buy," indicating a positive outlook for the sector [2] Group 1: Market Performance - As of February 6, 2026, the Shanghai Composite Index closed at 4065.58 points, down 1.27%, while the Shenzhen Component Index fell 2.11% [12] - The average daily trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, reflecting a 3.38% decrease [7] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with a marginal improvement in long-term interest rate spreads [18] - China Ping An Group increased its stake in China Life H shares, indicating positive industry trends [18] - The first quarter of 2026 is anticipated to show better-than-expected performance for some insurance companies due to a low base in the first half of 2025 [18] Securities Sector - A significant increase in new accounts was observed in January 2026, with 491.58 million new A-share accounts opened, a 213% year-on-year increase [19] - The balance of margin trading reached a historical high, providing strong support for interest income in the securities industry [22] - The Hong Kong IPO market is active, with 384 companies applying for listings as of February 6, 2026, and a daily trading volume of 2202 billion yuan in January, a 94% year-on-year increase [24][28] Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and New China Life (A/H) [18] - In the securities sector, recommended stocks include Guotai Junan (AH), CICC (H), and Huatai Securities (AH) due to their potential for performance improvement [7][18]

南方财经全媒体记者 林汉垚 国家统计局最新数据显示，2025年末，我国60岁及以上人口32338万人，占总人口的23.0%，比上年增加1307万人；65岁及以上人口22365万 人，占总人口的15.9%，比上年增加342万人。 在人口老龄化加速推进的背景下，养老产业已成为国家多层次社会保障体系建设的关键一环，亦成为拥有长期资金优势的保险机构战略转型与 生态布局的核心赛道。 "城心模式"成新选择 政策、市场驱动险企布局养老产业 养老产业兼具民生属性和市场潜力，其发展始终受到国家政策的有力牵引。 近年来，从《关于发展银发经济增进老年人福祉的意见》、《关于深化养老服务改革发展的意见》到《关于培育养老服务经营主体 促进银发 经济发展的若干措施》，一系列顶层设计密集出台，明确了鼓励社会力量参与、促进医养结合、发展银发经济的总基调。 金融方面，中央金融工作会议将"养老金融"列为五篇大文章之一。随后。国家金融监管总局发布《关于银行业保险业做好金融"五篇大文章"的 指导意见》明确，"在风险有效隔离的基础上，支持保险机构以适当方式参与养老服务体系建设，探索实现长期护理、风险保障与机构养老、 社区养老等服务有效衔接。" 与此同时 ...

Core Insights - The article discusses the increasing trend of banks promoting insurance products, driven by the ongoing "deposit migration" and the urgent need for banks to boost their intermediary business revenue [2][6] - The insurance industry is witnessing a competitive landscape in the bancassurance channel, with significant growth in premium income, particularly among leading insurance companies [3][6] Group 1: Industry Trends - In 2025, the bancassurance channel for life insurance is expected to see an overall premium growth rate of approximately 10%, with leading insurers outperforming the industry average [3] - The "old seven" life insurance companies (including Ping An Life and China Life) achieved over 40% growth in bancassurance premiums, with Ping An Life leading at a remarkable 163% year-on-year increase [3][6] - The total premium income of the insurance industry surpassed 6 trillion yuan in 2025, marking a 7.4% year-on-year growth, with life insurance companies contributing significantly [6] Group 2: Competitive Landscape - There is a clear division among bank-affiliated insurance companies, with some experiencing significant growth while others face declines; for instance, Everbright Life Insurance saw a 111% increase, while others like China Merchants Life faced negative growth [4][5] - Foreign and joint venture insurers, although smaller in size, are achieving impressive growth rates by focusing on high-net-worth clients and long-term value services [5] Group 3: Strategic Developments - The removal of restrictions on the number of insurance companies a single bank branch can partner with has expanded product selection and improved matching with customer needs [7] - Insurers are actively enhancing their bancassurance channel strategies, with predictions indicating that new business value growth will be primarily driven by this channel in 2026 [8][11] - Major insurers are establishing extensive partnerships with banks, with China Life collaborating with over 100 banks and other companies also expanding their banking partnerships [9][11]

二、新华人寿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4日，国家金融监督管理总局甘南监管分局发布批复称，《新华人寿保险股份有限公司甘肃分 公司关于甘南中心支公司营业场所变更的请示》(新保甘字〔2026〕9号)材料收悉。经审核，现批复如 下： 一、同意新华人寿保险股份有限公司甘南中心支公司将营业场所变更为：甘肃省甘南州合作市美森佳苑 保障性住宅小区15#楼二楼1号商铺。 ...

Core Viewpoint - The insurance stocks have experienced significant declines, with major companies like China Life, New China Life, and China Pacific Insurance seeing drops of 3.81%, 3.6%, and 3.14% respectively. The government is planning to issue approximately 200 billion yuan in special bonds to inject capital into large insurance firms, marking a potential first for such a move in China [1]. Group 1: Stock Performance - China Life (601628) shares fell by 3.81%, trading at 33.82 HKD [1] - New China Life (601336) shares decreased by 3.6%, trading at 60.2 HKD [1] - China Pacific Insurance (601601) shares dropped by 3.14%, trading at 38.24 HKD [1] Group 2: Government Action - The government plans to issue around 200 billion yuan in special bonds to provide capital to state-owned insurance companies like China Life and PICC [1] - This initiative could be announced as early as the first quarter of this year [1] - It represents a potential first for the issuance of special bonds aimed at injecting capital into insurance firms in China [1] Group 3: Industry Analysis - According to Industrial Securities, leading state-owned insurance companies require additional capital due to the lagging nature of the 750-day curve used in calculating reserves [1] - The 750-day curve is expected to continue declining, which will further pressure solvency despite interest rates remaining stable [1] - The recent increase in equity allocation by insurance companies is likely to exacerbate existing solvency pressures, indicating that the industry faces ongoing challenges [1] - From a regulatory perspective, the capital injection may aim to mitigate tail risks within the industry [1]

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Beike-W [15][18][20][21]. Core Insights - The macroeconomic environment shows a continuation of strong supply and weak demand characteristics, with short-term growth pressure remaining manageable [9]. - The real estate sector is experiencing a valuation recovery opportunity for quality developers due to a resonance between fundamentals and policies [10]. - The banking sector is witnessing a recovery from oversold conditions, with stock prices rebounding ahead of improvements in the funding environment [20]. - The non-bank financial sector is expected to benefit from policy-driven high-quality development, with a focus on high-performing stocks [22]. - The new energy sector has established a bottom line, with attention on marginal changes in new technologies [25]. - The machinery sector is gaining order resilience from overseas solar expansion and new business developments, while space solar technology opens growth opportunities [31]. - The environmental sector is focusing on carbon neutrality opportunities, with overseas expansion and metal prices providing elasticity [33]. Summary by Sections Real Estate - The sector is expected to face challenges in 2026, but recent policy easing and improved second-hand housing sales indicate a potential recovery [14]. - China Resources Land is highlighted as a leading developer with strong operational capabilities and a solid financial position, projected to achieve a net profit of 26.2 billion, 27 billion, and 28.2 billion from 2025 to 2027 [15]. Banking - Nanjing Bank is recommended due to its expected double-digit revenue growth in 2025, driven by stable asset quality and improved net interest margins [21]. Non-Bank Financials - New China Life Insurance is noted for its high elasticity and potential for improved returns on equity, with projected intrinsic values of 292.1 billion and 329.0 billion for 2025 and 2026, respectively [24]. New Energy - The storage sector is expected to see demand stability supported by national capacity pricing, while lithium battery technology is anticipated to rebound with improved economic conditions [25]. - JunDa Co. is recognized for its strategic partnerships and potential growth in the space solar sector, with projected profits increasing significantly by 2027 [27]. Machinery - The machinery sector is benefiting from overseas solar project expansions, with companies like DiEr Laser positioned to capitalize on new technologies and increased order volumes [31][32]. Environmental - Weiming Environmental is highlighted for its potential in the Indonesian waste-to-energy market, with expected project launches in early 2026 [39]. - The company is projected to achieve net profits of 2.88 billion and 3.44 billion in 2025 and 2026, respectively [39]. Light Industry - The light industry is seeing a rebound in export-driven companies, with a focus on quality stocks that can leverage cost efficiencies and supply chain advantages [43]. Military Industry - The military sector is expected to benefit from the transition of military technology to civilian applications and increased military trade, with key recommendations including Aviation Power and AVIC Xi'an Aircraft Industry [51][53].

Core Viewpoint - The insurance sector experienced a 1.1% increase on February 4, with China Pacific Insurance leading the gains, while the overall market indices also showed positive movement [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up 0.85% [1] - The Shenzhen Component Index closed at 14156.27, up 0.21% [1] Group 2: Individual Stock Performance - China Pacific Insurance (601601) closed at 44.73, with a gain of 1.71% and a trading volume of 287,300 shares, totaling a transaction value of 1.275 billion yuan [1] - New China Life Insurance (601336) closed at 81.55, up 1.34% with a trading volume of 145,900 shares [1] - Ping An Insurance (601318) closed at 67.40, gaining 1.23% with a trading volume of 877,400 shares [1] - China Life Insurance (601628) closed at 48.70, up 0.81% with a trading volume of 147,900 shares [1] - China Reinsurance (601319) closed at 9.09, gaining 1.00% with a trading volume of 704,700 shares [1] Group 3: Capital Flow - The insurance sector saw a net inflow of 318 million yuan from institutional investors, while retail investors experienced a net outflow of 28.0153 million yuan [1] - The capital flow for major stocks showed that Ping An Insurance had a net inflow of 281 million yuan from institutional investors, but a net outflow of 265 million yuan from speculative investors [2] - China Pacific Insurance had a net inflow of approximately 36.6 million yuan from institutional investors, while retail investors saw a net outflow of about 61.9 million yuan [2]

所以，下次当你翻开保单时，不妨多问一句：它连接了哪些健康资源？能为我提供怎样的医疗支持？因 为在今天，保险的价值早已不止于理赔，它可能正在无声中，为你预约一个更健康、更安心、更从容的 未来。 审核：王霆杰 你是否曾想过，一张保单不仅能保障风险，还能提前为你锁定稀缺医疗资源、对接健康服务？随着人们 对健康管理的需求日益多元与深入，保险正在悄然蜕变——从单纯的风险补偿，演进为贯穿健康预防、 医疗对接、康复管理的全流程服务伙伴。 近期，新华保险与和睦家母公司新风天域集团达成战略合作，标志着"保险+医疗健康"融合模式进入新 阶段。这并不是新华保险在医康养生态中的首次布局——此前其已携手复星集团、欧葆庭、雅达资本等 多方力量，持续构建覆盖健康管理、养老服务、医疗资源的服务网络。而此次合作，标志着这一生态网 络进一步深化与拓展，也反映出新华保险在战略上的持续聚焦。新华保险坚持"保险+服务+投资"三端 协同，打造以客户为中心的健康服务生态。公司全面加速康养生态布局，完善"机构养老+居家养老+旅 居养老"的养老生态，持续丰富健康医疗服务内容。截止目前，新华保险已在全国布局康养社区40城57 家，"东西南北中"全国化战略布局持 ...

以下为罚单详细信息： 来源：金融一线 2月4日金融一线消息，据酒泉金融监管分局行政处罚信息公开表显示，新华人寿保险股份有限公司酒泉 中心支公司因代理人学历不真实，产说会上存在销售误导情形被警告并处罚款8.6万元 。同时，吴双劳 （时任新华人寿保险股份有限公司酒泉中心支公司总经理）因代理人学历不真实，产说会上存在销售误 导情形 ，被警告并处罚款1.4万元 。 ...