Core Viewpoint - The insurance sector is poised for strategic investment opportunities due to the growth in net assets and investment returns, supported by shifts in resident savings towards insurance assets, alongside favorable policies [1][9]. Group 1: Performance Metrics - The insurance index is projected to rise by 31.31% in 2025, outperforming other financial sectors such as banking (12.04%) and brokerage (4.05%) [1]. - Individual stocks like New China Life, Ping An, China Pacific Insurance, China Life, and China Property & Casualty are expected to see significant increases in their stock prices, with respective gains of 46.03%, 35.87%, 26.6%, 21.21%, and 10.39% in 2025 [1]. - The A-share insurance sector is anticipated to maintain strong performance into 2026, with continued growth in the liability side and improved investment returns on the asset side [1]. Group 2: Liability Side Developments - The transformation of participating insurance products is enhancing competitiveness, attracting funds due to their "guaranteed + floating" return characteristics amid declining bank deposit rates [2][10]. - The ongoing shift in resident deposits and the reduction in large bank certificates of deposit are expected to further expand the growth of the insurance liability side [2][11]. - The demand for pension and health protection is driving the appeal of insurance products, which are expected to capture a larger share of resident savings and fixed-income investments [2][12]. Group 3: Asset Side Strategies - Insurers are increasing their allocation to equity assets due to pressure on interest margins and the challenges of bond yields not covering the costs of new premium inflows [5][14]. - The need for higher investment returns is pushing insurers to enhance their equity investment capabilities, especially as the industry transitions to a full-scale transformation of participating insurance by 2027 [5][15]. - The long-term trend indicates a significant increase in the proportion of equity investments within insurance portfolios, driven by the need for better returns [5][15]. Group 4: Policy Environment - Regulatory policies since September 2024 have encouraged insurance capital to enter the market, with expectations of substantial annual inflows into A-shares [7][16]. - The introduction of structural easing policies aims to optimize asset allocation and reduce capital requirements for insurance companies, supporting long-term market stability [7][16]. - The focus on nurturing patient capital and guiding long-term investments is expected to stabilize the capital market, with a particular emphasis on technology sectors for potential high returns [8][17].

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。 一、同意中国太平洋财产保险股份有限公司邢台市开发区支公司营业场所变更为：河北省邢台市襄都区 新世纪嘉园枫雅苑71#楼东侧商业一层8号门市。 2026年1月12日，邢台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河北分公司关于 中国太平洋财产保险股份有限公司邢台市开发区支公司变更营业场所的请示》(冀太保产〔2025〕87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富平支公司将营业场所变更为：陕西省渭南市富平县乔山路 100号炬升逸景苑商住楼第一幢南号商铺1-2层。 2026年1月15日，国家金融监督管理总局渭南监管分局发布批复称，《中国太平洋财产保险股份有限公 司渭南中心支公司关于富平支公司变更营业场所的请示》(渭太保产〔2025〕54号)收悉。经审核，现批 复如下： 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。 ...

2）证券：市场风险偏好抬升、交投活跃度维持高位，证券 IT 公司与 券商从估值到业绩均具备β属性，全面受益； 证券研究报告 | 行业周报 gszqdatemark 2026 01 19 年 月 日 非银金融 行业周报|稳字当头，逆周期调节促健康发展 规范衍生品市场，实施逆周期调节促进健康发展。1 月 16 日证监会就 《衍生品交易监督管理办法（试行）（征求意见稿）》公开征求意见。1） 规范衍生品市场发展：明确办法适用范围、各方应当遵守的基本原则、 衍生品合约的开发条件及程序与基本交易规则、明确履约保障制度； 明确交易者适当性标准，并加强衍生品监测监控与跨市场监管；强化 经营机构、市场基础设施监管等。2）明确衍生品市场管理风险、配置 资源、服务实体经济的功能定位：鼓励利用衍生品市场从事套期保值 等风险管理活动，支持开发满足中长期资金风险管理需求的衍生品， 依法限制过度投机行为。3）实施逆周期调节：证监会遵循审慎监管原 则，健全衍生品市场监测监控制度，可以对衍生品交易实施逆周期调 节管理。衍生品行业协会、衍生品交易场所和衍生品结算机构应当采 取措施，保持衍生品市场合理的杠杆水平和市场规模。 证监会定调 2026 ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 19 年 月 日 非银金融 行业周报|稳字当头，逆周期调节促健康发展 规范衍生品市场，实施逆周期调节促进健康发展。1 月 16 日证监会就 《衍生品交易监督管理办法（试行）（征求意见稿）》公开征求意见。1） 规范衍生品市场发展：明确办法适用范围、各方应当遵守的基本原则、 衍生品合约的开发条件及程序与基本交易规则、明确履约保障制度； 明确交易者适当性标准，并加强衍生品监测监控与跨市场监管；强化 经营机构、市场基础设施监管等。2）明确衍生品市场管理风险、配置 资源、服务实体经济的功能定位：鼓励利用衍生品市场从事套期保值 等风险管理活动，支持开发满足中长期资金风险管理需求的衍生品， 依法限制过度投机行为。3）实施逆周期调节：证监会遵循审慎监管原 则，健全衍生品市场监测监控制度，可以对衍生品交易实施逆周期调 节管理。衍生品行业协会、衍生品交易场所和衍生品结算机构应当采 取措施，保持衍生品市场合理的杠杆水平和市场规模。 证监会定调 2026 年：稳字当头防大起大落，长钱入市深化改革。1 月 15 日证监会召开 2026 年系统工作会议，吴清主席总结 ...

Group 1 - The monthly report on residential sales prices in 70 large and medium-sized cities in China will be released on January 19, 2025, at 9:30 AM, by the National Bureau of Statistics, which is expected to impact related commodity futures prices [1] - A press conference on the national economic operation for 2025 will be held on January 19, 2025, at 10:00 AM, where the National Bureau of Statistics will present the economic data, including a projected GDP growth of 4.5% for Q4 2025, down from 4.8% [2] - The expected GDP growth for the entire year of 2025 is 5.1%, with a forecasted retail sales growth of 1.2% in December 2025, slightly down from 1.3% [2] Group 2 - The People's Bank of China will announce the Loan Prime Rate (LPR) on January 20, 2025, with expectations of the 1-year LPR remaining at 3.00% and the 5-year LPR at 3.50%, indicating a neutral impact on commodity futures and stock index futures if unchanged [3] - The International Energy Agency (IEA) will release its monthly oil market report on January 21, 2025, which is anticipated to influence oil and related commodity futures prices [3] Group 3 - The U.S. Department of Commerce will publish the final GDP for Q3 2025 on January 22, 2025, with an expected annualized quarterly growth rate of 4.3%, consistent with the initial estimate [4] - The U.S. Department of Labor will report the initial jobless claims for the week ending January 12, 2025, with an expectation of 200,000 claims, slightly up from 198,000, which may suppress industrial commodity prices excluding precious metals if the data exceeds expectations [5] Group 4 - The EIA will announce the weekly change in crude oil inventories for the week ending January 16, 2025, on January 23, 2025, with a previous increase of 3.391 million barrels, and further increases may hinder oil and related commodity prices [6] - The Eurozone's consumer confidence index for January is expected to be -12.5, an improvement from -13.1, with the announcement scheduled for January 23, 2025 [7] Group 5 - The U.S. S&P Global Manufacturing PMI for January is expected to be 52.0, slightly up from 51.8, with the announcement on January 23, 2025, which may support industrial commodity prices if the data exceeds expectations [8] - The National Bureau of Statistics of China will release important production material market prices for mid-January on January 24, 2025, covering nine categories and 50 products, which may influence market dynamics [8]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The adjustment of the financing margin ratio from 80% to 100% aims to cool down excessive leverage and maintain market stability. This change will take effect on January 19, 2026, and applies only to new financing contracts [3][4][15][7] - As of January 14, 2026, the total market financing balance reached a historical high of 2.68 trillion yuan, with the margin balance accounting for 2.59% of the A-share market capitalization, indicating an increase from the average level of 2.40% in 2025 [4][15] - The non-bank financial sector index fell by 2.63%, underperforming the CSI 300 index by 2.06 percentage points, ranking 26th among all primary industries. The securities sector decreased by 2.21%, while the financial technology sector increased by 1.34% [2][13] Summary by Sections Market and Sector Performance - The average daily trading volume of A-shares for the week of January 11-17, 2026, was 34.651 billion yuan, a 21.5% increase week-on-week and a 189.4% increase year-on-year. The average trading volume for the first quarter of 2026 is 31.585 billion yuan, up 107.7% from the same period in 2025 [19] - In the same week, three new stocks were issued, raising 2.025 billion yuan, while two new stocks were listed, raising 1.484 billion yuan. Year-to-date, three A-share IPOs have raised 3.039 billion yuan [19] Financing Margin Ratio Adjustment - The financing margin ratio adjustment is a regulatory measure to prevent systemic risks and protect investors' rights. The increase in the minimum margin requirement is intended to curb market overheating and ensure a smooth market transition [4][7][15] Regulatory Developments - The National Financial Supervision Administration held a regulatory work meeting on January 15, 2026, outlining five key tasks for the year, including risk resolution for small and medium-sized financial institutions and enhancing regulatory quality. The focus for 2026 is on preventing systemic risks and ensuring high-quality industry development [8][16][17]

Investment Rating - The report maintains a positive recommendation for the insurance sector, suggesting a favorable outlook for both short-term and long-term performance [5]. Core Insights - The report highlights the restructuring of the trillion-yuan health insurance market, with medical insurance continuing to dominate, projected to reach a premium of 944 billion yuan by November 2025, reflecting a year-on-year growth of 2.39% [4]. - The report emphasizes the strong performance of securities firms, with CITIC Securities forecasting a revenue of 74.83 billion yuan for 2025, a year-on-year increase of 28.75%, and a net profit of 30.05 billion yuan, up 38.46% [3][44]. - The report identifies three main investment themes: high-quality securities firms with significant valuation and performance mismatches, companies in the technology sector benefiting from venture capital, and diversified financial firms with impressive growth rates [3]. Summary by Sections Securities Sector - The report notes an increase in the financing margin ratio from 80% to 100%, aimed at promoting market stability and resilience, with a controlled overall impact expected [2]. - Two securities firms reported strong earnings forecasts for 2025, with CITIC Securities showing significant growth in revenue and net profit due to high market activity [2][44]. Insurance Sector - The health insurance market is expected to see medical insurance as the main product, with a projected market share of approximately 46% by 2025, growing at nearly 7% [4]. - The report indicates that the C-end business will dominate the health insurance market, with a near 70% share by 2025, driven by trends such as expanding coverage and targeting younger demographics [4]. - The report anticipates that medical insurance will be the primary growth driver, influenced by factors like population aging and medical inflation [4]. Investment Recommendations - The report suggests focusing on three main lines: high-quality securities firms with valuation mismatches, technology firms benefiting from venture capital, and diversified financial firms with strong growth [3]. - It highlights the positive short-term outlook for the insurance sector, with expectations of high performance in Q1 due to favorable market conditions [5].

Core Insights - The report highlights that new regulations in derivatives are expected to release positive signals for the non-bank financial sector, with a focus on companies likely to announce performance increases [1][5]. Group 1: Market Performance - As of January 16, 2026, the Shanghai Composite Index closed at 4101.91, down 0.45%, while the Shenzhen Component Index rose by 1.14% to 14281.08 [10]. - The average daily trading volume in the Shanghai and Shenzhen markets reached 3.47 trillion yuan, an increase of 21.50% month-on-month [5]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to continue high growth, with improvements in long-term interest rate spreads anticipated [12][16]. - As of January 12, 2026, the total scale of private equity securities investment funds by insurance capital reached 184.5 billion yuan, with 11 funds established [16]. - The report suggests focusing on companies such as China Ping An, China Life, and New China Life for potential investment opportunities [16]. Securities Sector - The China Securities Regulatory Commission (CSRC) emphasized stability and quality improvement in its 2026 work meeting, aiming to prevent market volatility and enhance internal stability [17][18]. - The CSRC's new derivatives regulations aim to standardize the market, encourage risk management, and improve the income structure of brokerage firms [25][26]. - The report indicates that the derivatives market is expected to grow significantly, with the scale of over-the-counter derivatives increasing from 0.32 trillion yuan in 2015 to 2.38 trillion yuan in 2023, reflecting a compound annual growth rate of 29% [26]. Group 3: Key Company Valuations and Financial Analysis - China Ping An (601318.SH) has a current price of 66.33 yuan, with a target value of 85.17 yuan, indicating a buy rating [6]. - New China Life (601336.SH) is rated as a buy with a current price of 82.09 yuan and a target value of 94.21 yuan [6]. - China Life (601628.SH) is also rated as a buy, with a current price of 47.52 yuan and a target value of 55.47 yuan [6].

Core Insights - The insurance industry is accelerating the entry of pension communities by the end of 2025, transitioning from early single-point exploration to large-scale, networked operations, with "insurance + pension" integration becoming mainstream [1][3] - The industry is facing challenges such as long capital return cycles and insufficient inclusivity, which need to be addressed for further growth [1][6] Group 1: Industry Developments - By the end of 2025, over 10 pension community projects are expected to be launched by insurance companies, with major players like China Pacific Insurance and Ping An leading the way [3][4] - China Pacific Insurance's "Taibao Home" has already established 14 communities across 12 cities, serving over 3,000 long-term residents and achieving 130,000 short-term stays in a year [3][4] - Ping An's home-based elderly care services have reached 85 cities, with nearly 240,000 clients qualifying for services, and they have launched six high-quality pension community projects across five cities [4] Group 2: Strategic Upgrades - China Pacific Insurance is upgrading its strategy from "big health" to "big pension and health," aiming to create a comprehensive ecosystem covering various aspects of elderly care [3] - The industry is entering a phase of scale explosion, with commercial pension and health insurance reserves reaching 11 trillion yuan during the 14th Five-Year Plan period [4] Group 3: Challenges and Solutions - The long capital return cycle is a significant challenge, with some insurance companies indicating that it takes over 10 years to achieve profitability in heavy-asset pension communities [6] - High occupancy rates are essential for profitability, with a threshold of 60% occupancy needed for stable operations [6] - The industry faces issues with inclusivity, as many pension communities have high entry barriers, making it difficult for middle and low-income groups to access services [6] - A shortage of professional talent is a common pain point, with difficulties in retaining staff due to low wages and challenging working conditions [6] Group 4: Policy Support - Recent policy initiatives from the National Financial Regulatory Administration aim to enhance the integration of long-term care and community pension services, promoting the expansion of insurance companies into home-based care [7] - The application of financial tools like REITs is expected to improve funding exit channels for the pension industry, alleviating capital pressure [7] - The competition in the pension community sector is anticipated to intensify, with ecological, inclusive, and technological advancements being key directions for industry breakthroughs [7]