Group 1 - Economic growth has shown improvement in 2025, with a "strong supply and weak demand" situation still prevailing, but price indicators are moving in a positive direction [1][3] - Production data for December 2025 shows improvement compared to November and October, as well as a quarter-on-quarter improvement from Q4 compared to Q2 and Q3 [1][3] - The narrowing decline in PPI and the expansion in CPI, along with a significant reduction in the year-on-year decline of the GDP deflator index in Q4, indicate positive trends [1][3] Group 2 - Demand-side indicators remain relatively weak, with December's retail sales and fixed asset investment showing slight negative growth on a month-on-month basis [1][3] - Capacity utilization rates in manufacturing and mining sectors are still experiencing a year-on-year decline [1][3]

Core Viewpoint - The upcoming ESG evaluation for A-share listed insurance companies is drawing significant market attention, with a focus on their carbon emissions and customer service complaints as they prepare for mandatory disclosures by January 2026 [2][3]. Group 1: ESG Reporting and Carbon Emissions - All five major A-share listed insurance companies, including China Life, Ping An, China Pacific, PICC, and New China Life, are required to disclose their latest annual ESG reports within three months [2]. - The first national standard for financial ESG evaluation has been released, providing a clear scoring framework for the insurance industry [2]. - The total carbon emissions of these five companies show a downward trend, with the highest reduction reaching 12.5% [2][6]. - China Life has the highest total carbon emissions at 67.61 thousand tons, while PICC has the lowest at 1.76 thousand tons, indicating significant disparities in emissions across the industry [6]. Group 2: Green Investments - The total scale of green investments by the five insurance companies exceeds 1 trillion yuan, with China Life leading at nearly 535 billion yuan [11][12]. - Green insurance products are also being developed, with significant coverage amounts reported by various companies, such as China Life providing risk coverage exceeding 18 trillion yuan [11][12]. Group 3: Customer Complaints - New China Life has seen a dramatic increase in customer complaints, with a year-on-year rise of 71.52%, totaling 134,293 complaints [15][16]. - The complaint volume per billion yuan of premium for New China Life is 0.87, which is relatively high compared to other companies [15][16]. - The insurance industry is facing scrutiny regarding customer service quality, which is a critical aspect of the social dimension of ESG [15][17].

Group 1 - The National Financial Supervision Administration of Shaoxing approved the request for the cancellation of the Sanjiang Marketing Service Department of China Pacific Property Insurance Co., Ltd. Shengzhou Branch [1] - The company is required to return the license to the Shaoxing Financial Supervision Bureau within 15 working days after receiving the approval document [1] - The cancellation is in accordance with relevant laws and regulations [1]

Group 1 - The main inflows in commodity futures (main contracts) yesterday were in gold, lithium carbonate, silicon manganese, palm oil, and copper, with inflows of 9.511 billion, 1.289 billion, 0.615 billion, 0.294 billion, and 0.280 billion respectively [1] - The main outflows were in silver, coking coal, live pigs, iron ore, and alumina, with outflows of 1.761 billion, 0.513 billion, 0.216 billion, 0.199 billion, and 0.199 billion respectively [1] - Overall, there was a significant inflow in commodity futures, particularly in non-ferrous metals, agricultural products, and chemical sectors, while the black and financial sectors experienced outflows [1] Group 2 - Key commodities with significant inflows include gold, lithium carbonate, palm oil, copper, platinum, and PTA, while those with notable outflows include silver, live pigs, and styrene [1] - The black sector showed outflows, particularly in iron ore and hot-rolled coil, while there were counter-trend inflows in silicon manganese and stainless steel [1] - In the financial sector, attention is drawn to the CSI 300 index futures and 30-year treasury futures [1]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The Q4 predetermined interest rate research value is 1.89%, indicating that product predetermined rates remain stable [6] - The insurance industry is expected to see a marginal improvement in the "interest and expense difference" due to regulatory guidance aimed at reducing liability costs and potential increases in asset yields [6] - The dynamic adjustment mechanism for predetermined rates and the transformation of participating insurance are expected to drive down the rigid liability costs of new policies, leading to a turning point for existing liability costs [6] - The report suggests focusing on the insurance sector, with specific stock recommendations including China Ping An, China Life, China Taiping, and others [6] Summary by Sections Industry Overview - The Q4 predetermined interest rate research value is 1.89%, which does not meet the conditions for a rate reduction, as it is only 11 basis points lower than the current traditional insurance predetermined rate of 2.0% [6] - The expected stability of the predetermined interest rate is projected to continue into Q1 2026, with an estimated value of around 1.9% [6] Regulatory Environment - The China Insurance Industry Association has set guidelines for adjusting predetermined rates, which require a 25 basis point difference over two consecutive quarters to trigger a reduction [6] - The report highlights the importance of the 10-year government bond yield as a key indicator influencing the research value [6] Investment Recommendations - The report recommends focusing on the insurance sector, particularly companies such as China Ping An (A/H), China Life (A/H), China Taiping (H), and others, due to expected improvements in profitability margins [6][7]

21世纪经济报道记者卢陶然、李德尚玉 北京报道 距离2026年A股上市公司ESG首次"大考"仅剩3个月，上市险企的ESG成绩单备受市场关注。 截至2026年1月21日，中国人寿、中国平安、中国太保、中国人保、新华保险等5家A股上市险企，已全 部被纳入交易所规定的ESG强信披范围，需要在未来3个月内披露最新年度ESG报告。 与此同时，随着我国首部金融ESG评价国标发布，保险业ESG有了明确的"评分标准"。近日，由中国人 民银行指导、中央国债登记结算有限责任公司起草的《债券发行人环境、社会和治理评价框架》国标发 布。 据21世纪经济报道记者梳理，在5家险企披露的2024年ESG报告中，所有险企的年度总碳排放下行趋势 明显，降幅最高达12.5%；5家险企的绿色投资规模达1万亿元。与之形成对比的是客户服务领域的隐 忧，新华保险投诉总量同比激增71.52%，险企中人身险公司投诉量占比达62.4%。 业内人士向21世纪经济报道记者表示，险企不仅需要优化自身碳管理，更需通过绿色投资引导实体经济 转型，在平衡环境效益与社会责任中寻找可持续发展新路径。随着ESG大考进入倒计时，险企需要在保 持碳减排成效的同时，尽快补齐ESG披 ...

Core Insights - The Brand Finance 2026 Global Brand Value 500 report was released on January 20, 2026, in Davos, Switzerland, highlighting the performance of various brands globally [1][5]. Group 1: Chinese Brands Performance - A total of 68 Chinese brands made it to the list, with the insurance sector showing strong performance, featuring 7 insurance companies [1][5]. - The top Chinese insurance brands included Ping An (32nd), China Life Insurance (104th), and China People's Insurance (145th) [1][5]. - Among the 7 insurance brands, 6 experienced an increase in brand value, with China People's Insurance seeing a significant growth of 12%, reaching a brand value of $16.82 billion and moving up 5 places to rank 145th globally [1][5]. Group 2: Brand Rankings and Values - Notable rankings include Douyin at 6th with a brand value of $153.54 billion, State Grid at 10th with $102.44 billion, and ICBC at 12th with $90.88 billion [2][6]. - Other significant brands include China Construction Bank (14th), Bank of China (17th), and Agricultural Bank of China (19th), all maintaining strong brand values and ratings [2][6]. - The report indicates that the brand strength scores and ratings for these companies reflect their competitive positioning in the market, with many achieving AAA or AA ratings [2][6].

证券之星消息，1月21日保险板块较上一交易日下跌1.03%，中国人保领跌。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601628 | 中国人寿 | 47.92 | -0.77% | 18.57万 | 8.95 Z | | 601601 | 中国太保 | 43.90 | -0.79% | 37.81万 | 16.67亿 | | 601318 | 中国平安 | 65.85 | -1.13% | 93.54万 | 266619 | | 601336 | 新华保险 | 79.80 | -1.31% | 16.73万 | 13.41亿 | | 61319 | 中国人保 | 9.17 | -1.71% | 70.81万 | 6.5317 | | 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 ...

Core Insights - China Pacific Insurance (CPIC) reported a total premium income of RMB 258.115 billion for its life insurance subsidiary, CPIC Life, for the period from January 1, 2025, to December 31, 2025, representing a year-on-year growth of 8.1% [1] - The property insurance subsidiary, CPIC Property, recorded a total premium income of RMB 203.561 billion during the same period, showing a slight year-on-year increase of 0.2% [1] - Combined, both subsidiaries achieved a total premium income of RMB 461.676 billion in 2025, reflecting a year-on-year growth of 4.43% [1]

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - The current preset interest rate for ordinary life insurance products is 1.89%, a slight decrease from the previous value of 1.90%, indicating a narrowing decline in the preset interest rate research values over recent quarters [4]. - The report highlights that the long-end interest rates have stabilized since 2025, with a gradual upward trend established in the second half of 2025, suggesting a positive outlook for the industry [4]. - The report emphasizes the implementation of a dynamic adjustment mechanism linking preset interest rates to market rates, which is expected to guide companies in prudent pricing and asset-liability management [4]. - The likelihood of a "buy-stop" season in 2026 is considered low, as the preset interest rate research value is close to the maximum allowable rate for current products, making significant adjustments unlikely [4]. Summary by Sections Industry Overview - The report notes that the preset interest rate research values have shown a decreasing trend, with recent declines of 21bps, 14bps, 9bps, and 1bps, indicating a gradual stabilization [3]. - The financial regulatory authority has issued guidelines to link preset interest rates with market rates, which is expected to enhance the industry's pricing strategies [4]. Market Trends - The report indicates that the 5-year LPR remains at 3.5%, the 5-year fixed deposit benchmark rate at 1.3%, and the 10-year government bond yield at 1.85%, all showing stability compared to the previous quarter [4]. - The report suggests that the insurance sector has experienced a positive cyclical recovery since December of the previous year, with expectations for improved performance and valuation recovery [4]. Investment Recommendations - The report recommends continued attention to key players in the insurance sector, including China Life, China Pacific Insurance, Ping An Insurance, New China Life, China Property & Casualty Insurance, and AIA Group, as they are expected to benefit from the anticipated market conditions [4].