Investment Rating - The report provides a positive outlook on the non-banking financial sector, indicating a strong performance and potential for continued growth in the coming years [1][2]. Core Insights - The report highlights the introduction of multiple regulatory frameworks aimed at strengthening the long-term performance of the non-banking sector, which is expected to enhance the overall stability and growth prospects of the industry [1][39]. - The insurance market is expanding steadily, with significant growth in premium income and investment returns, indicating a robust recovery and potential for further development [7][58]. - The report emphasizes the performance of various non-banking sectors, with insurance leading the growth, followed by diversified finance and securities [22][58]. Summary by Sections Regulatory Dynamics - The China Banking and Insurance Regulatory Commission (CBIRC) has introduced several new regulations, including adjustments to risk factors for insurance companies and management guidelines for financial leasing companies, aimed at enhancing regulatory efficiency and promoting high-quality development in the non-banking sector [3][39]. - New regulations also include the asset-liability management guidelines for insurance companies and the information disclosure management for asset management products, which are expected to improve transparency and investor protection [40][43]. Industry Dynamics - The non-banking sector has shown varied performance, with the insurance sector achieving a premium income of CNY 5.76 trillion, a year-on-year increase of 7.56% [58]. - The report notes that the A-share market's average daily trading volume reached CNY 10,768 billion, reflecting a year-on-year growth of 53.24%, although there was a slight decline in trading activity towards the end of the year [10][64]. Market Performance - In December 2025, the non-banking index rose by 6.31%, outperforming major indices, with insurance stocks showing the highest gains at 14.59% [19][22]. - The report identifies key ETFs in the non-banking sector, highlighting strong performance in the securities insurance ETFs and financial technology ETFs, which saw significant inflows [13][38]. Investment Opportunities - The report recommends focusing on the valuation recovery logic in the non-banking sector, particularly in ETFs such as the Hong Kong Stock Connect Non-Banking ETF and the Financial Technology ETF, which are expected to benefit from the positive market dynamics [13][38]. - The insurance sector's dividend yields are becoming increasingly attractive, with several companies offering yields above 3.5%, indicating a potential investment opportunity for income-focused investors [12].

Core Viewpoint - The article discusses the stability and growth of the average productivity per employee in the property insurance sector, highlighting a compound annual growth rate of 8.9% since 2016, with a projected average productivity of 3.953 million yuan per employee for 2024, indicating a stabilization in workforce numbers at approximately 423,000 employees [1][11][12]. Group 1: Employee Productivity - The total number of employees in the property insurance sector for 2024 is approximately 423,000, showing signs of stabilization compared to the previous year [11]. - The average productivity per employee for 2024 is projected to be 3.953 million yuan, which represents a 98% increase since 2016, with an annual compound growth rate of 8.9% [12]. - The average productivity for the top three companies (China Life Property, Ping An Property, and Taiping Property) is 4.468 million yuan, reflecting a year-on-year growth of 4.8% [3]. Group 2: Impact on Company Performance - An increase of 1% in average productivity leads to a decrease of 0.051 percentage points in the comprehensive expense ratio, ultimately improving the return on equity (ROE) by 0.017 percentage points [6][24]. - There are 7 companies with average productivity exceeding 10 million yuan, 5 companies between 5-10 million yuan, 26 companies between 3-5 million yuan, 42 companies between 1-3 million yuan, and 5 companies below 1 million yuan [6][30]. - The average productivity across 85 property insurance companies for 2024 is 4.084 million yuan, with a weighted average of 3.953 million yuan and a median of 2.851 million yuan [26]. Group 3: Empirical Analysis - The empirical model indicates a significant negative correlation between average productivity and the comprehensive expense ratio, confirming that higher productivity correlates with lower operational costs [20]. - The analysis of 640 sample points shows that average productivity significantly impacts the comprehensive expense ratio at a 1% confidence level [19]. - The relationship between average productivity and ROE is positively correlated, with a 1% increase in productivity resulting in a 0.017 percentage point increase in ROE [24][25]. Group 4: Company Rankings - The top ten property insurance companies by average productivity for 2024 include Zhonghui Mutual, Guotai Property, and Taikang Property, with Zhonghui Mutual leading at 36.724 million yuan [33]. - The rankings reveal that companies with internet attributes or self-insurance characteristics tend to have higher productivity levels [29]. - The detailed rankings of the top 30 companies are available for further analysis [32].

石油天然气ETF(159588.SZ)，场外联接(A：021822；C：021823)。 2026年1月22日，石油天然气ETF(159588.SZ)收涨2.86%，成交5098.56万元。净流入3538.00万元（净申 购份额*单位净值），居可比基金第一。 拉长时间看，该基金连续8天资金净流入，合计吸金9232.77万元，居可比基金前二。 资金流入也助力了份额的提升，该基金最新份额较前一日增加2900.00万份，突破2.20亿份，创近1年新 高。与此同时，该基金最新规模突破2.70亿元，创近1年新高。 ...

2026年1月22日，半导体设备ETF 广发(560780.SH)收跌2.47%，成交2.76亿元。净流入1.63亿元（净申购 份额*单位净值），居可比基金前二。 拉长时间看，该基金连续12天资金净流入，合计吸金20.43亿元，居可比基金前三。 资金流入也助力了份额的提升，该基金最新份额较前一日增加7800.00万份，突破18.00亿份，创历史新 高。与此同时，该基金最新规模达38.84亿元，创历史新高。 半导体设备ETF 广发(560780.SH)，场外联接(A：020639；C：020640)。 ...

资金流入也助力了份额的提升，该基金最新份额较前一日增加3400.00万份，突破7.90亿份，创历史新 高。与此同时，该基金最新规模突破10.00亿元，创历史新高。 拉长时间看，该基金连续10天资金净流入，合计吸金2.39亿元，居全市场第一梯队。 2026年1月22日，中证红利质量ETF(159209.SZ)收跌0.31%，成交8375.76万元。净流入4319.70万元（净 申购份额*单位净值），居全市场第一梯队。 ...

2026年1月22日，科创芯片设计ETF易方达(589030.SH)收涨1.03%，成交1.20亿元。净流入6097.86万元 （净申购份额*单位净值），居可比基金首位。 资金流入也助力了份额的提升，该基金最新份额较前一日增加5700.00万份，突破3.10亿份，创历史新 高。与此同时，该基金最新规模突破3.30亿元，创历史新高。 ...

2026年1月22日，化工ETF嘉实(159129.SZ)收涨1.44%，成交1.61亿元。净流入1.37亿元（净申购份额*单 位净值），居全市场第一梯队。 拉长时间看，该基金连续11天资金净流入，合计吸金4.43亿元，居全市场第一梯队。 资金流入也助力了份额的提升，该基金最新份额较前一日增加1.14亿份，突破10.10亿份，创历史新高。 与此同时，该基金最新规模突破12.00亿元，创历史新高。 化工ETF嘉实(159129.SZ)，场外联接(A：013527；C：013528)。 ...

2026年1月22日，中证A500ETF富国(563220.SH)收涨0.23%，成交11.45亿元。净流出4.33亿元（净赎回 份额*单位净值），居可比基金前三。 拉长时间看，该基金连续5天资金净流出，累计流出9.76亿元，居全市场第一梯队。 资金流出也带来了份额的减少，该基金最新份额较前一日减少3.33亿份，跌破100.00亿份，创近1个月新 低。与此同时，该基金最新规模跌破130.00亿元，创近1个月新低。 中证A500ETF富国(563220.SH)，场外联接(A：022463；C：022464；Y：022902)。 ...

2026年1月22日，航空航天ETF(563380.SH)收涨4.49%，成交3.61亿元。净流出1719.64万元（净赎回份 额*单位净值），居全市场第一梯队。 资金流出也带来了份额的减少，该基金最新份额较前一日减少1300.00万份，跌破5.80亿份。与此同时， 该基金最新规模达7.65亿元。 ...

资金流出也带来了份额的减少，该基金最新份额较前一日减少500.00万份，跌破2.00亿份。与此同时， 该基金最新规模跌破3.00亿元。 深证50ETF富国(159350.SZ)，场外联接(A：020513；C：020514)。 2026年1月22日，深证50ETF富国(159350.SZ)收涨0.07%，成交9041.26万元。净流出752.90万元（净赎回 份额*单位净值），居可比基金首位。 ...