| 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 ...

Investment Rating - The report maintains a "Buy" rating for the insurance sector, expecting a robust growth in premiums for listed insurance companies in 2025 [1][4]. Core Insights - The insurance index decreased by 4.04%, underperforming the market by 3.42 percentage points, with mixed performances among individual stocks [1]. - The China Insurance Association indicated that the current standard interest rate for ordinary life insurance is 1.89% [2]. - China Taiping announced a significant profit increase for 2025, projecting a rise of approximately 215% to 225% compared to 2024, driven by improved net investment income and favorable tax policies [2]. - The health insurance sector has seen an average compound annual growth rate of over 20% in the past decade [2]. - Agricultural insurance premiums in China have surpassed 155 billion yuan, with nearly 80% coming from government subsidies [2]. Summary by Sections Premium Growth Projections - In 2025, New China Life is expected to achieve premiums of 195.9 billion yuan, a year-on-year increase of 14.9%, with a "front-high and back-stable" growth pattern anticipated [3]. - China Pacific Insurance is projected to reach total premiums of 461.7 billion yuan, a 4.4% increase year-on-year, with life insurance being the main growth driver [3]. - ZhongAn Online is expected to achieve premiums of 35.6 billion yuan, reflecting a year-on-year growth of 6.7% [3]. Market Dynamics - The report anticipates steady premium growth for listed insurance companies in 2025, primarily driven by life insurance and the expansion of distribution channels [4]. - The property insurance sector is expected to show varied performance, influenced by adjustments in non-auto insurance business [4]. Investment Recommendations - The insurance sector has experienced two weeks of adjustments, mainly due to a slowdown in growth and high valuations [4]. - The report suggests that the performance of listed insurance companies in 2025 will be primarily driven by investment returns, with a favorable outlook for the first half of 2026 [4]. - The report highlights the potential for price-to-earnings value (PEV) ratios to recover, with estimates for major life insurance companies indicating potential increases above 1x [4]. Valuation Metrics - The report provides PEV valuations for major life insurance companies, with China Life at 0.87x, New China Life at 0.86x, and Ping An at 0.77x [4]. - For property insurance, the report lists valuations with China Property at 1.15x and PICC at 1.26x [5].

Investment Rating - The insurance industry is rated as "Recommended" for the next 3-6 months, with expectations that the industry index will outperform the benchmark index by more than 5% [21]. Core Insights - The insurance sector is expected to see steady premium growth in 2025, with significant contributions from bancassurance channels and the expansion of distribution networks [4][3]. - The report highlights that the average premium growth for listed insurance companies in 2025 is projected to be robust, driven by factors such as improved investment returns and favorable tax policies [2][4]. - The report notes that the health insurance sector has experienced an average compound annual growth rate of over 20% in the past decade, indicating strong market potential [2]. Summary by Sections Market Performance - The insurance index decreased by 4.04% this week, underperforming the broader market by 3.42 percentage points [1]. - Individual stock performances varied, with notable declines in companies like China Life (-3.77%) and Ping An (-3.66%), while China Taiping showed a significant increase of 8.78% [1]. Company-Specific Insights - China Taiping is expected to see a substantial increase in its annual profit, projected to grow by approximately 215% to 843.2 million HKD in 2025, driven by enhanced net investment income and favorable tax policies [2]. - New China Life's premiums are expected to reach 195.9 billion CNY in 2025, reflecting a year-on-year growth of 14.9% [3]. - China Pacific Insurance's total premiums are projected to be 461.7 billion CNY, with a growth rate of 4.4%, supported by an 8.1% increase in life insurance premiums [3]. Investment Recommendations - The report suggests that the insurance sector has undergone two weeks of adjustments, primarily due to a slowdown in the "New Year" growth and high valuations [4]. - For the medium term, the first half of 2026 is expected to have relatively low base pressure, with an active equity market and a thriving liability side likely to drive performance beyond expectations [4]. - The report indicates that the current stabilization trend in long-term interest rates significantly alleviates pressure on interest spreads, suggesting potential for price-to-earnings value (PEV) ratios to recover towards 1x [4]. Valuation Metrics - The report provides PEV valuations for various companies, indicating that China Life is at 0.87x, New China Life at 0.86x, and Ping An at 0.77x [4]. - For property and casualty insurance, the report lists China Re at 0.60x and China Pacific at 1.09x, with a recommendation order favoring China Taiping and China Ping An [5].

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector, indicating a positive long-term outlook despite short-term adjustments in the A-share market [4]. Core Insights - The official release of the public fund performance benchmark guidelines emphasizes the importance of benchmarks in measuring performance and enhancing accountability among fund managers [1][20]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and retirement security, despite short-term pressures on sentiment and funding [4][36]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from improved valuations and performance [4][36]. Summary by Sections Industry Dynamics - The non-bank financial sector, including securities and insurance, experienced varied performance, with the insurance sector showing a decline of 1.45% and the securities sector a slight decrease of 0.34% during the week [10]. - The ten-year government bond yield decreased to 1.8298%, reflecting a slight decline from the previous week [17]. Insurance - The insurance industry is focusing on high-quality development, with a significant emphasis on commercial health insurance, which has seen a compound annual growth rate exceeding 20% over the past decade [14]. - The China Insurance Industry Association is working on industry demonstration clauses and drug payment lists to enhance collaboration between medical, pharmaceutical, and insurance sectors [14]. - China Pacific Insurance reported a total premium income of CNY 258.11 billion for the past year, marking an 8.08% year-on-year increase, driven primarily by the rapid expansion of the bancassurance channel [16]. Securities - The official guidelines for public fund performance benchmarks will take effect on March 1, 2026, establishing clear requirements for benchmark selection and management responsibilities [20][21]. - The report highlights the importance of maintaining a consistent performance benchmark to ensure transparency and accountability in fund management [21]. - The average daily trading volume for stock funds reached CNY 22,757.32 billion, a decrease of 44.37% from the previous week, indicating fluctuations in market activity [27]. Multi-Financial - The Shanghai Futures Exchange is revising its nickel futures business rules to allow for international participation, which may enhance market liquidity and trading opportunities [34]. - The Guizhou Futures Exchange has adjusted the trading limits and margin requirements for lithium carbonate futures, reflecting ongoing developments in the commodities market [34].

Market Overview - The A-share market opened higher but experienced fluctuations, with the Shanghai Composite Index closing at 4141.01 points, a slight increase of 0.12% [1] - The Shenzhen Component Index fell by 0.74%, and the ChiNext Index dropped by 0.86% [1] Individual Stock Performance - A total of 3756 stocks declined, while 1606 stocks rose, with 50 stocks hitting the daily limit up [2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.24 trillion yuan, an increase of 347.8 billion yuan compared to the previous trading day [2] Sector Performance Precious Metals - The precious metals sector saw significant gains, with stocks such as Hunan Gold (002155) hitting the daily limit up, and others like Jin Hui Shares (603132) and Zhao Jin Gold (000506) also achieving 10% limit up [3][5] - The price of spot gold surpassed $5000 per ounce for the first time, increasing by over 1%, while spot silver rose by over 5% [5] Oil and Gas - The oil and gas sector experienced a rally, with major companies like China Petroleum and China Oil & Gas seeing increases of over 4% [6] - International oil prices surged, with WTI and ICE crude oil both rising by over 3% due to escalating geopolitical tensions [6] Financial Sector - The financial sector showed upward movement, with securities stocks rising, and insurance and banking stocks also performing well [8] - Notable gains were seen in stocks like Caitong Securities (601108) and Xingye Securities, both increasing by over 4% [9] Alcoholic Beverages - The liquor sector faced a downturn, with a decline of over 1%, particularly affected by a significant drop in Yanghe Shares (002304), which fell by over 8% [13] - Yanghe Shares projected a net profit decline of 62.18% to 68.30% for the fiscal year 2025, indicating potential financial distress [14]

2026年1月21日，湛江金融监管分局发布批复称，《中国太平洋财产保险股份有限公司榆林中心支公司 关于府谷支公司变更营业场所的请示》（榆太保产发〔2025〕40号）收悉。经审核，现批复如下： 一、同意中国太平洋财产保险股份有限公司榆林中心支公司将营业场所变更为：陕西省榆林市府谷县府 谷镇河滨东路22号民富大厦（又三村）第五层511、512、516、518房间。 二、中国太平洋财产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。 ...

每经AI快讯，大金融板块集体走强，财通证券冲击涨停，兴业证券、新华保险、中国太保、宁波银行 涨超5%。 （文章来源：每日经济新闻） ...

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].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant improvement in market trading volume and new fund issuance at the beginning of 2026, which is favorable for the fundamentals of financial IT and brokerage sectors. Brokerage firms are expected to continue rapid growth in their brokerage business, while investment banking, asset management, and overseas expansion are likely to enhance the return on equity (ROE) of leading brokerage firms. The insurance sector has also seen a strong start in both individual and bank-insurance channels, with a continued trend of deposit migration, suggesting a positive outlook for the insurance sector in the spring market [4][6]. Summary by Sections Brokerage Sector - Daily average trading volume for stock funds reached 3.44 trillion, down 16% week-on-week; however, the average trading volume since the beginning of 2026 is 3.64 trillion, a 105% increase compared to Q1 2025 [4] - New stock and mixed fund issuance in January 2026 totaled 44.3 billion, a 56% year-on-year increase [4] - The "Public Fund Performance Benchmark Guidelines" was officially released on January 23, 2026, establishing stricter standards for benchmark selection and changes, enhancing performance evaluation and compensation management systems [4] Insurance Sector - The fourth quarter of 2025 saw a stable research value for ordinary life insurance products at 1.89%, slightly down from 1.90% in the previous quarter, indicating a trend towards stability [6] - The individual insurance channel is under pressure due to various factors, but the strong start in 2026 is expected to improve new policy growth, aided by favorable market conditions [6] - The stabilization of long-term interest rates and a favorable equity market are expected to enhance net assets and profitability for insurance companies, with a potential valuation recovery towards 1x PEV for leading firms [6] Recommended Stocks - Recommended stocks include Guangfa Securities, Guotai Junan, Huatai Securities, and China International Capital Corporation H, as well as China Life, China Pacific Insurance, and Ping An Insurance [7]