Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry [4][48]. Core Insights - The report highlights a significant increase in new account openings, with 4.9158 million new accounts in January 2026, representing a year-over-year increase of 213% and a quarter-over-quarter increase of 89% [4]. - The report emphasizes the ongoing shift of funds from traditional banks to capital markets and non-bank financial institutions, driven by the expiration of 70 trillion yuan in one-year or longer deposits and a decline in net interest margins [4]. - The report discusses the need for China's financial sector to transition from being large to strong, focusing on mergers and acquisitions as a core growth engine for brokerages [4]. - The report notes that the international business landscape for brokerages is expanding due to the deepening process of RMB internationalization and the demand for cross-border wealth management and investment banking services [4]. - The report mentions that Ping An Group has increased its stake in China Life (H) multiple times, reflecting a strong confidence in the insurance sector [4][12]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,643.60 with a decline of 1.33%, while the non-bank index closed at 2,030.92 with a decline of 0.60% [8]. - The brokerage, insurance, and diversified financial indices reported declines of 0.65%, 0.71%, and an increase of 0.43%, respectively [8]. Non-Bank Industry News and Key Announcements - The report outlines regulatory updates regarding virtual currencies and asset tokenization, indicating a tightening of oversight in these areas [10]. - Ping An Group's recent acquisitions of shares in China Life (H) are detailed, showcasing a strategic investment approach [12]. - Huatai Securities plans to issue 10 billion HKD in zero-coupon convertible bonds to support overseas business development [14]. Investment Analysis Recommendations - The report suggests focusing on brokerages with strong comprehensive capabilities, recommending stocks such as Guotai Junan A+H, GF Securities A+H, and CITIC Securities A+H [4]. - For insurance, the report recommends China Life (H), New China Life, Ping An, China Pacific Insurance, and China Property & Casualty Insurance, highlighting the systemic value reassessment opportunities in the insurance sector [4].

Core Viewpoint - The article emphasizes the growing attractiveness of the Hong Kong insurance market for mainland investors, highlighting the significant growth in insurance premiums and the advantages of Hong Kong insurance products over mainland offerings [2][5][7]. Group 1: Insurance Market Trends - In the context of declining interest rates, insurance has become a favored asset class, with the insurance sector index in A-shares achieving a 3-year return of 51.75%, compared to the 31.01% return of the securities index [2]. - The total net profit of the five major listed insurance companies in A-shares reached 426 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 33.5% [3]. - The Hong Kong insurance market saw a surge in new policies, with a premium of 173.7 billion HKD in the first half of 2025, reflecting a year-on-year growth of 50.5% [5]. Group 2: Investment Preferences of Mainland Investors - Approximately 55% of the assets of new middle-class individuals in China are allocated to real estate, while 31% are held in banks, prompting a shift towards higher-yielding investments such as Hong Kong insurance [3]. - The article notes that 29% of new insurance policies in Hong Kong were purchased by mainland visitors, indicating a strong interest from this demographic [5]. Group 3: Advantages of Hong Kong Insurance Products - Hong Kong insurance products offer greater flexibility and higher investment returns compared to mainland products, with a significant portion of new policies being denominated in USD (79.8%) [7]. - The expected return rates for Hong Kong's participating insurance policies can reach up to 7%, significantly higher than the 2% maximum for similar products in mainland China [7][10]. - Hong Kong's critical advantage lies in its ability to provide policies that can be settled in multiple currencies, enhancing their appeal to investors [7]. Group 4: Market Dynamics and Future Outlook - The article predicts that by 2026, the "new three treasures" of Hong Kong—insurance, stocks, and overseas expansion—will stand out as key investment opportunities [4]. - The Hong Kong stock market has seen a notable increase in IPO activity, with 286.3 billion HKD raised in 2025, making it the top global destination for IPO financing [15]. - The average daily trading volume in the Hong Kong stock market increased by 90% in 2025, indicating heightened market activity and investor interest [16].

Investment Rating - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown resilience, with various sub-sectors outperforming the Shanghai and Shenzhen 300 Index recently [9][10] - The report highlights the ongoing regulatory tightening on virtual currencies by eight government departments, which may impact market dynamics [16] - The insurance sector is expected to see significant growth in new business value (NBV) and profitability in 2026, driven by favorable market conditions and product demand [23][33] - The securities industry is undergoing transformation, with potential new growth points emerging from market recovery and supportive policies [21] - The trust industry is entering a stable transition phase, while the futures market continues to maintain high transaction volumes [40][41] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors of non-bank financials outperformed the Shanghai and Shenzhen 300 Index in the last five trading days [9] - The multi-financial sector rose by 0.49%, while the securities and insurance sectors fell by 0.63% and 0.73%, respectively [9] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - February trading volume decreased month-on-month, with average daily stock trading at 28,613 billion yuan, a 17.64% decline from the previous month but a 40.43% increase year-on-year [14] - The margin balance reached 26,809 billion yuan, up 49.43% year-on-year [14] - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026 [21] 2.2 Insurance - The insurance sector is projected to see a significant increase in NBV, with expectations of a 50% year-on-year growth in net profit for 2025 [23] - The total premium income for life insurance is expected to reach 52,696 billion yuan in 2025, reflecting an 8.5% year-on-year increase [27] - The "insurance + health care" model is gaining traction, with ongoing developments in commercial health insurance [30] 2.3 Multi-Financial - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a 20.11% year-on-year increase [34] - The futures market recorded a transaction volume of 9.51 billion contracts and a transaction value of 90.81 trillion yuan in December 2025, marking a 45.17% and 58.55% year-on-year growth, respectively [41] 3. Industry Ranking and Key Company Recommendations - The non-bank financial sector is currently undervalued, providing a safety margin for investors [21] - The insurance sector is favored due to its recovery potential and improving liability side, while the securities sector is expected to benefit from market recovery and policy support [21] - Recommended companies include China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [21]

Core Insights - The report emphasizes the continuous influx of incremental funds into the market, highlighting investment opportunities in the non-bank financial sector [1][7] - The industry rating remains at "Buy," indicating a positive outlook for the sector [2] Group 1: Market Performance - As of February 6, 2026, the Shanghai Composite Index closed at 4065.58 points, down 1.27%, while the Shenzhen Component Index fell 2.11% [12] - The average daily trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, reflecting a 3.38% decrease [7] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with a marginal improvement in long-term interest rate spreads [18] - China Ping An Group increased its stake in China Life H shares, indicating positive industry trends [18] - The first quarter of 2026 is anticipated to show better-than-expected performance for some insurance companies due to a low base in the first half of 2025 [18] Securities Sector - A significant increase in new accounts was observed in January 2026, with 491.58 million new A-share accounts opened, a 213% year-on-year increase [19] - The balance of margin trading reached a historical high, providing strong support for interest income in the securities industry [22] - The Hong Kong IPO market is active, with 384 companies applying for listings as of February 6, 2026, and a daily trading volume of 2202 billion yuan in January, a 94% year-on-year increase [24][28] Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and New China Life (A/H) [18] - In the securities sector, recommended stocks include Guotai Junan (AH), CICC (H), and Huatai Securities (AH) due to their potential for performance improvement [7][18]

Core Insights - The article discusses the transition of China's long-term care insurance (LTCI) from pilot exploration to comprehensive establishment in 2026, marking a significant step in addressing the urgent need for elderly care amidst an aging population [1][2] Group 1: Industry Context - China's aging population is rapidly increasing, with 1 in every 6 individuals being elderly and 1 in 6 elderly individuals being disabled or semi-disabled, resulting in a total of 45 million disabled elderly [2] - The supply of professional caregivers is severely lacking, with only 20,000 certified professionals available to meet the needs of nearly 45 million disabled elderly, highlighting a significant gap in care services [2] - The "421" family structure is becoming common, leading to nearly 100 million elderly living alone or in empty-nest situations, which weakens family care capabilities [2] Group 2: Long-Term Care Insurance Development - The LTCI pilot program has shown significant results since its initiation in 2016, expanding to 49 cities by 2020, with 12,000 designated service institutions and nearly 300 million insured individuals by 2025 [2] - The program has benefited over 3.3 million disabled individuals, reducing their financial burden by approximately 12,000 yuan annually [2] - The government has emphasized the acceleration of commercial LTCI development, aiming for a collaborative care insurance model between the government and the market [2] Group 3: Company Initiatives - China Pacific Insurance (CPIC) has actively participated in over 50% of the national LTCI pilot projects, covering 43 cities and serving nearly 80 million insured individuals, with payouts exceeding 5.3 billion yuan [3] - CPIC launched the "Long-Term Care Taibao Home Exclusive Customized Plan," integrating insurance expertise, LTCI experience, and health care resources to provide a comprehensive solution for elderly care [3][5] - The "Xin Long Care" product offers tax benefits and covers care responsibilities for specific diseases or disabilities, providing flexible financial solutions for clients [3] Group 4: Future Outlook - CPIC plans to continue enhancing its comprehensive health and care strategy, upgrading insurance solutions, and improving service levels to contribute to the high-quality development of LTCI in response to the aging population [7]

Group 1 - China Ping An increased its stake in China Life by 10.12% after acquiring 10.895 million H-shares, triggering relevant regulations in the Hong Kong market [1] - The insurance sector is seeing a trend where insurance capital is increasingly investing in undervalued stocks with stable governance and good business models, which helps alleviate the "asset shortage" and improve long-term investment returns [1] - Since last year, China Ping An has repeatedly increased its holdings in peer companies, with its stake in China Pacific Insurance rising from 5.04% to 11.28%, also triggering multiple regulatory events [1] Group 2 - Analysts expect the insurance sector's valuation to have significant upside potential due to strong market demand and improving liability costs, with a forecasted recovery in long-term interest rates supporting investment returns [2] - The insurance industry is entering an upward cycle in terms of both volume and price, driven by factors such as strong demand for savings and pension products, as well as regulatory changes affecting product pricing [2] - Insurance companies are expected to adopt a "fixed income plus" investment strategy, increasing their equity investments while enhancing their long-term fixed income assets [3]

Core Viewpoint - China Pacific Life Insurance Co., Ltd. was fined for providing benefits outside of the insurance contract to policyholders, highlighting regulatory scrutiny in the insurance sector [1][3]. Group 1: Company Actions - China Pacific Life Insurance Co., Ltd. was penalized with a fine of 65,000 yuan for violating insurance regulations [1][3]. - The company's vice president, Lü Yadong, received a warning and was fined 15,000 yuan for his role in the violation [1][3]. Group 2: Regulatory Framework - The penalties were based on violations of the Insurance Law of the People's Republic of China, specifically Articles 116 and 111 [3].

南方财经全媒体记者 林汉垚 国家统计局最新数据显示，2025年末，我国60岁及以上人口32338万人，占总人口的23.0%，比上年增加1307万人；65岁及以上人口22365万 人，占总人口的15.9%，比上年增加342万人。 在人口老龄化加速推进的背景下，养老产业已成为国家多层次社会保障体系建设的关键一环，亦成为拥有长期资金优势的保险机构战略转型与 生态布局的核心赛道。 "城心模式"成新选择 政策、市场驱动险企布局养老产业 养老产业兼具民生属性和市场潜力，其发展始终受到国家政策的有力牵引。 近年来，从《关于发展银发经济增进老年人福祉的意见》、《关于深化养老服务改革发展的意见》到《关于培育养老服务经营主体 促进银发 经济发展的若干措施》，一系列顶层设计密集出台，明确了鼓励社会力量参与、促进医养结合、发展银发经济的总基调。 金融方面，中央金融工作会议将"养老金融"列为五篇大文章之一。随后。国家金融监管总局发布《关于银行业保险业做好金融"五篇大文章"的 指导意见》明确，"在风险有效隔离的基础上，支持保险机构以适当方式参与养老服务体系建设，探索实现长期护理、风险保障与机构养老、 社区养老等服务有效衔接。" 与此同时 ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [5][4]. Core Insights - The report emphasizes that the intervention of stabilization funds has become a normalized and institutionalized mechanism in capital markets, which requires institutional investors to adapt their asset allocation strategies to include policy variables for long-term considerations [2][11]. - The shift from direct intervention in individual stocks to a focus on broad-based ETFs represents a strategic evolution aimed at maintaining market stability while minimizing distortions in price signals [3][52]. - The report highlights that the actions of the "national team" in stabilizing the market have led to a gradual formation of a "slow bull" market, improving the operating environment for non-bank financial sectors and enhancing long-term valuations for brokerages and insurance companies [3][12]. Summary by Sections Overseas Perspective - Stabilization funds are viewed as essential stabilizing forces in capital markets, with examples from Japan and the U.S. demonstrating their long-term operational roles rather than short-term emergency measures [2][11]. - Japan's central bank has become a major player in market interventions, with its ETF holdings reaching approximately 37 trillion yen by the end of 2025, indicating a shift to a normalized intervention strategy [14][20]. Domestic Practice - Since 2023, the central financial institutions in China have optimized their strategies by focusing on increasing holdings in broad-based ETFs like the CSI 300 and SSE 50, which has effectively reduced irrational market volatility and guided investors towards core market assets [3][12]. - The report notes that this transition from precise stock interventions to macro-guided asset combinations has laid a solid foundation for a long-term value return in the market [3][12]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Outperform": - China Ping An: EPS 7.87 (2025E), PE 8.56 (2025E) [4] - China Life: EPS 6.07 (2025E), PE 8.02 (2025E) [4] - China Pacific Insurance: EPS 5.40 (2025E), PE 8.28 (2025E) [4] - CITIC Securities: EPS 2.21 (2025E), PE 12.83 (2025E) [4] - Guotai Junan: EPS 1.53 (2025E), PE 13.08 (2025E) [4] - Industrial Securities: EPS 0.39 (2025E), PE 17.69 (2025E) [4] - Dongfang Securities: EPS 0.69 (2025E), PE 14.84 (2025E) [4]

Core Insights - The article discusses the increasing trend of banks promoting insurance products, driven by the ongoing "deposit migration" and the urgent need for banks to boost their intermediary business revenue [2][6] - The insurance industry is witnessing a competitive landscape in the bancassurance channel, with significant growth in premium income, particularly among leading insurance companies [3][6] Group 1: Industry Trends - In 2025, the bancassurance channel for life insurance is expected to see an overall premium growth rate of approximately 10%, with leading insurers outperforming the industry average [3] - The "old seven" life insurance companies (including Ping An Life and China Life) achieved over 40% growth in bancassurance premiums, with Ping An Life leading at a remarkable 163% year-on-year increase [3][6] - The total premium income of the insurance industry surpassed 6 trillion yuan in 2025, marking a 7.4% year-on-year growth, with life insurance companies contributing significantly [6] Group 2: Competitive Landscape - There is a clear division among bank-affiliated insurance companies, with some experiencing significant growth while others face declines; for instance, Everbright Life Insurance saw a 111% increase, while others like China Merchants Life faced negative growth [4][5] - Foreign and joint venture insurers, although smaller in size, are achieving impressive growth rates by focusing on high-net-worth clients and long-term value services [5] Group 3: Strategic Developments - The removal of restrictions on the number of insurance companies a single bank branch can partner with has expanded product selection and improved matching with customer needs [7] - Insurers are actively enhancing their bancassurance channel strategies, with predictions indicating that new business value growth will be primarily driven by this channel in 2026 [8][11] - Major insurers are establishing extensive partnerships with banks, with China Life collaborating with over 100 banks and other companies also expanding their banking partnerships [9][11]