Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next 6 to 12 months [1]. Core Insights - The insurance industry experienced a slowdown in premium growth in Q4 2025, with life insurance premiums expected to see new policy growth in 2026 [1]. - The report highlights that the total premium income for life insurance companies in 2025 reached CNY 436.24 billion, reflecting a year-on-year increase of 9.1%, while the total premium income for the industry was CNY 526.96 billion, up 8.5% year-on-year [5]. - The report anticipates a strong performance for listed insurance companies in the 2026 New Year, driven by the ongoing trend of "deposit migration" and the attractiveness of insurance products compared to bank deposits [5]. Summary by Sections Life Insurance - In 2025, life insurance premiums grew by 9.1%, but Q4 saw a significant slowdown with a growth rate of only 0.3% compared to Q3, primarily due to a decrease in market demand following a reduction in the preset interest rate [5]. - December 2025 saw a monthly premium income of CNY 215.2 billion, marking a 6.0% year-on-year increase, reversing the negative growth seen in November [5]. Health Insurance - Health insurance premiums increased by 2.0% in 2025, but Q4 experienced a slight decline of 0.1% year-on-year [5]. - The report notes that the health insurance sector is expected to grow significantly due to product innovation and improved pricing strategies [5]. Property Insurance - Property insurance premiums reached CNY 17,570 billion in 2025, with a year-on-year growth of 3.9%. However, Q4 saw a slowdown with a growth rate of only 0.5% [5]. - The report indicates that the growth in non-auto insurance premiums was driven by significant increases in agricultural, health, accident, and liability insurance premiums in December [5]. Financial Performance and Valuation - The report suggests that both liability and asset sides of insurance companies are improving, with significant upward potential in valuations [5]. - As of January 30, 2026, the insurance sector's valuation is at historical lows, with expected PEV ratios ranging from 0.67 to 0.88 and PB ratios from 1.15 to 2.38 [5].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - In December 2025, the growth rate of insurance premiums for both life and property insurance slowed down, but there is optimism for new business growth in life insurance by 2026 [1]. - The total premium income for personal insurance companies in 2025 reached CNY 46,491 billion, reflecting a year-on-year increase of 9.1%, while the fourth quarter saw a significant slowdown in growth to just 0.3% [5]. - The report anticipates a strong performance for listed insurance companies in the 2026 New Year, driven by the ongoing trend of "deposit migration" and the attractiveness of insurance products compared to bank deposits [5]. - Health insurance premiums grew by 2% in 2025, but the fourth quarter saw a slight decline of 0.1% year-on-year [5]. - Property insurance premiums reached CNY 17,570 billion in 2025, with a year-on-year increase of 3.9%, but the growth rate in the fourth quarter dropped to 0.5% [5]. - The report highlights that the liability side and asset side of insurance companies are continuously improving, with significant upward potential in valuations [5]. Summary by Sections Personal Insurance - The original premium income for personal insurance companies in 2025 was CNY 46,491 billion, with a year-on-year growth of 9.1% [5]. - The fourth quarter saw a premium income of CNY 5,191 billion, with a growth rate of only 0.3%, a decline of 24.7 percentage points from the previous quarter [5]. - December 2025 saw a monthly premium income of CNY 2,152 billion, marking a year-on-year increase of 6.0% [5]. Health Insurance - Health insurance premiums in 2025 increased by 2.0%, but the fourth quarter experienced a slight decline of 0.1% [5]. - The report notes that the health insurance market has significant growth potential due to product innovation and scientific pricing [5]. Property Insurance - Property insurance premiums totaled CNY 17,570 billion in 2025, with a year-on-year increase of 3.9% [5]. - The fourth quarter saw a growth rate of only 0.5%, a decline of 4.1 percentage points from the previous quarter [5]. - December 2025 recorded a monthly premium income of CNY 1,413 billion, with a year-on-year increase of 4.4% [5]. Market Outlook - The report suggests that the market demand remains strong, and the optimization of liability costs will alleviate pressure from interest rate spreads [5]. - The valuation of insurance stocks is currently at historical lows, with the insurance sector's estimated valuation for January 30, 2026, ranging from 0.67 to 0.88 times PEV and 1.15 to 2.38 times PB [5].

【大河财立方 记者 席韶阳 通讯员 唐爱红】新华保险在医康养生态领域再添重磅战略合作对象。近日，新华保险与New Frontier Group Limited（以下简称新 风天域集团）在北京举行战略合作签约仪式。双方将合作升级"保险+医疗健康"融合模式，为客户提供覆盖全生命周期的医疗健康解决方案。 新风天域集团表示，本次与新华保险达成战略合作，双方将共同努力开创"保险+医疗健康"融合新篇章，未来将依托其多元化的业务矩阵，为"保险+医疗"融 合模式提供支持。未来合作中，双方将充分发挥各自优势，共同探索并推动"服务给付型健康保险"产品的创新与发展，为新华保险的客户提供更安全、专业 和便捷的医疗健康服务。 新华保险长期锚定"中国一流的以保险业务为核心的金融服务集团"发展愿景，深化"保险+服务+投资"三端协同。新华保险相关负责人表示，未来，将以此次 战略合作为新起点，继续携手新风天域集团等生态伙伴，持续深化"保险+医疗健康"模式，扎实推进资源整合、提升服务协同能力，持续拓展医疗服务网 络，优化健康管理服务闭环，扎实构建"卓越医疗"服务体系，为"健康中国"建设注入新动能。 据悉，为积极响应"健康中国"战略，推动保险保障 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [4][7]. Core Viewpoints - The report highlights an increase in the proportion of non-bank financial holdings by public funds, with a significant increase in insurance allocations. The current holdings in the non-bank financial sector remain underweight compared to the market [4][5]. - Public funds' holdings in the non-bank financial sector rose by 0.96 percentage points to 1.97% in Q4 2025, with insurance seeing the most notable increase [5][10]. - The report suggests that the insurance sector is expected to achieve good growth in 2026, driven by improved net premium income and reduced asset allocation pressure due to rising long-term bond yields [7][8]. Summary by Sections Public Fund Holdings - In Q4 2025, the total holding of non-bank financials by public funds reached 370.64 billion, with an allocation of 1.97%, up from 1.00% in Q3 2025 [9][10]. - The breakdown of holdings shows insurance at 1.32%, securities at 0.58%, and diversified finance at 0.06%, with significant increases in insurance holdings [5][9]. Individual Stocks - The top five A-share stocks held by public funds in the non-bank financial sector are China Ping An (158.14 billion), China Pacific Insurance (47.88 billion), CITIC Securities (37.26 billion), Huatai Securities (25.21 billion), and New China Life Insurance (20.37 billion) [6][13]. - The report notes that the largest increases in holdings were also seen in these stocks, particularly China Ping An and China Pacific Insurance [6][13]. Investment Recommendations - The report recommends China Life Insurance, China Ping An, and China Pacific Insurance for their strong growth potential and favorable market conditions [7][8]. - For the brokerage sector, it suggests focusing on CITIC Securities, Huatai Securities, and Industrial Securities due to their growth prospects and market positioning [8].

保险观点更新：把握宽基抛压缓释后的顺周期龙头机会 评级： 增持（维持） 分析师：葛玉翔 执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn | 基本状况 | | --- | 请务必阅读正文之后的重要声明部分 事件：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，"短期看资金面抛压缓解，中期看"存 款搬家 & 慢牛持续"提振价值与利润增速，长期看顺周期兑现告别利差损隐忧"，我们 重申板块当前投资价值。 基本状况 行业-市场走势对比 境内宽基 ETF 交易层面压制逐步出现转向迹象，广发中证港股通非银 ETF 持续净流 入彰显板块基本面支撑。2026 年 1 月第二个交易周以来，主要宽基 ETF 成交量明显 放大，呈现显著净流出态势。我们对 1 月 15 日至 1 月 28 日之间累计宽基 ETF 净流 出规模超过百亿元所跟踪指数进行加权，排序如下：沪深 300 指数（62.0%） ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [3]. Core Insights - The top five sectors with the highest excess returns for long positions in January 2026 (excluding comprehensive) are Defense and Military, Communication, Agriculture, Home Appliances, and Electric Equipment & New Energy, with excess returns of 11.41%, 8.40%, 7.85%, 6.01%, and 4.98% respectively [2]. - Over the past year, the sectors with the highest average monthly excess returns (excluding comprehensive) are Real Estate, Home Appliances, Retail, Construction, and Defense and Military, with excess returns of 2.17%, 2.09%, 1.69%, 1.69%, and 1.58% respectively [2]. - The GAN_GRU factor has shown a mean Information Coefficient (IC) of 0.1107 and an annualized excess return of 22.36% from January 2019 to January 2026 [41]. - As of January 28, 2026, the latest IC for the GAN_GRU factor is 0.0003, with a one-year mean IC of 0.0553 [41]. - The top five sectors based on the recent IC performance of the GAN_GRU factor are Defense and Military, Construction, Real Estate, Banking, and Communication, with IC values of 0.3498, 0.2478, 0.2165, 0.1993, and 0.1976 respectively [41]. - The long position combination based on the GAN_GRU factor has shown the highest excess returns in the sectors of Defense and Military, Communication, Agriculture, Home Appliances, and Electric Equipment & New Energy [45]. Summary by Sections GAN_GRU Model Overview - The GAN_GRU model utilizes Generative Adversarial Networks (GAN) for processing time-series features and GRU for encoding these features into stock selection factors [4][13]. GAN_GRU Factor Performance - The GAN_GRU factor has demonstrated significant performance metrics, including a mean IC of 0.1107 and an annualized excess return of 22.36% [41]. - The recent IC rankings for various sectors indicate strong performance in Defense and Military, Construction, and Real Estate [41][45]. Long Position Combinations - The report lists the top ten stocks selected based on the GAN_GRU factor, including companies like Xinhua Insurance, Guanghong Technology, and Guangdong Expressway [50].

2026年1月28日，葫芦岛金融监管分局发布批复称，《新华人寿保险股份有限公司辽宁分公司关于变更 葫芦岛中心支公司营业场所的请示》(新保辽字〔2026〕4号)收悉。经审核，现批复如下： 一、同意将新华人寿保险股份有限公司葫芦岛中心支公司营业场所变更为：辽宁省葫芦岛市龙港区龙湾 大街48号国美大厦A座16层。 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1月30日 星期五| NO.1保险板块震荡走强，新华保险涨超3%，创历史新高 1月29日午后，保险板块震荡走强，新华保险盘中涨超3%，股价创历史新高，中国太保涨近5%，中国 平安涨幅靠前，中国人寿、中国人保跟涨。 NO.5美联储宣布维持基准利率不变 点评：券商分析，分红险持续深化带动结构改善，银保渠道网点拓张赋能新单增长，"报行合一"细化有 望持续贡献价值率增量，预计2026年上市险企合计新业务价值增速或在15%以上的水平。 今日，中国太平保险集团在上海召开2026年工作会议。会议透露，新会计准则下，中国太平集团2025年 营业收入1726.2亿元，同比增长1.1%；2025年年末管理投资资产2.5万亿元，较年初增长4%；2025年年 末总资产1.8万亿元，较年初增长11.7%，太平控股全年股价上涨超60%。 点评：中国太平集团在2025年展现出稳健的发展态势，总资产较年初增长11.7%，全年股价上涨超 60%，在行业转型与市场竞争加剧的背景下，反映了资本市场对其战略执行与经营韧性的认可。 NO.4宋绍富获批担任锦泰财险总经理 近日，国家金融监管总局四川监管局发布批复，核准宋绍富锦泰财产总经理的任 ...

Core Insights - The insurance industry is transitioning towards high-quality development, with Xinhua Insurance exemplifying this shift through its professional agents and commitment to service [2][3][4] - Xinhua Insurance achieved a total original insurance premium income of nearly 195.9 billion yuan in 2025, marking a 15% year-on-year increase, driven by significant growth in individual insurance channels [2][6] - The "XIN Generation" initiative launched in 2024 has evolved into a comprehensive training system for Whole Life-cycle Planners (WLP), reflecting a strategic shift from quantity to quality in agent recruitment and development [4][5] Industry Transformation - The Chinese insurance industry is undergoing a deep transformation, moving from rapid growth to high-quality development, necessitated by changing economic conditions and consumer demands [3][4] - The number of insurance agents in China has decreased from 9.12 million in 2019 to over 2.6 million by the end of 2024, indicating a significant decline in the "human sea tactics" approach [3] - The introduction of the new "National Ten Policies" has accelerated the consensus on marketing system reforms within the industry, prompting Xinhua Insurance to lead in transforming its sales force [3][4] Training and Development - The "XIN Generation" plan focuses on providing agents with multidimensional career growth opportunities, moving away from the previous model that emphasized sheer numbers [4] - By the end of 2024, Xinhua Insurance had conducted approximately 18,000 professional training sessions under the WLP system, with over 1.19 million participants and a total training duration exceeding 4.87 million hours [4] - The upgraded WLP 2.0 system aims to create a comprehensive planning service framework, integrating various aspects of life insurance, health, retirement, wealth, and education [4][5] Performance and Growth - Xinhua Insurance's dual strategy of enhancing product offerings and service ecosystems has led to improved agent performance and customer satisfaction [5][6] - The company has introduced new insurance products that align with market demands, resulting in reduced communication costs for agents and shorter client signing cycles [5] - In 2025, Xinhua Insurance added over 30,000 new agents, achieving a 140% year-on-year increase, with a 50% rise in per capita productivity [6][7] Financial Impact - The integration of health and wellness services has generated nearly 20 billion yuan in premium income, demonstrating the effectiveness of the dual empowerment model [7] - Xinhua Insurance's policy retention rate improved, with a decrease in the cancellation rate to 1.2%, and a significant 50.8% increase in new business value year-on-year [7] - The company aims to establish itself as a leading financial service group centered on insurance, focusing on sustainable growth across multiple dimensions [7]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 今天，A股市场横盘震荡，三大指数走势分化，消费股表现活跃，资源股延续强势。 午后，白酒股爆发，分析人士表示，白酒板块大涨，主要有三个原因：一是近期热点板块各自的交 易逻辑已经充分演绎，与此同时，商业航天、存储芯片等板块处于相对高位， 市场有"高低切"的 内在需求 。白酒股处于周期底部，成为最贴合当前市场要求的板块。 二是最近飞天茅台市场批发价格逐步回暖。 1月29日，第三方平台数据显示，53度、500ml飞天茅 台酒批发价格继续上涨。其中，2025年飞天茅台原箱较上一日上涨20元/瓶，至1620元/瓶。此 外，2026年飞天茅台原箱亦较上一日上涨20元/瓶，至1610元/瓶。 三是"涨价"是最近市场的潜在主线 ，主要集中在大宗商品、半导体产业链上游等领域，涨价趋势 向下游传导，以白酒板块为代表的大消费有望受益，成为市场新的交易预期。 截至收盘，上证指数涨0.16%，深证成指跌0.3%，创业板指跌0.57%。 板块方面，白酒、油气开采及服务、贵金属、文化传媒、AI应用等板块涨幅居前，光刻机、半导 体、元件、储存芯片等板块 ...