Core Viewpoint - The insurance sector experienced a 1.1% increase on February 4, with China Pacific Insurance leading the gains, while the overall market indices also showed positive movement [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up 0.85% [1] - The Shenzhen Component Index closed at 14156.27, up 0.21% [1] Group 2: Individual Stock Performance - China Pacific Insurance (601601) closed at 44.73, with a gain of 1.71% and a trading volume of 287,300 shares, totaling a transaction value of 1.275 billion yuan [1] - New China Life Insurance (601336) closed at 81.55, up 1.34% with a trading volume of 145,900 shares [1] - Ping An Insurance (601318) closed at 67.40, gaining 1.23% with a trading volume of 877,400 shares [1] - China Life Insurance (601628) closed at 48.70, up 0.81% with a trading volume of 147,900 shares [1] - China Reinsurance (601319) closed at 9.09, gaining 1.00% with a trading volume of 704,700 shares [1] Group 3: Capital Flow - The insurance sector saw a net inflow of 318 million yuan from institutional investors, while retail investors experienced a net outflow of 28.0153 million yuan [1] - The capital flow for major stocks showed that Ping An Insurance had a net inflow of 281 million yuan from institutional investors, but a net outflow of 265 million yuan from speculative investors [2] - China Pacific Insurance had a net inflow of approximately 36.6 million yuan from institutional investors, while retail investors saw a net outflow of about 61.9 million yuan [2]

在黑龙江省东部勃利县福利村，这片黑土地上的村落曾长期面临产业单一的困境。全村300余户农户年 均种植大豆3000亩，原料资源丰富，但缺乏加工环节，大豆只能以原粮低价出售，附加值极低；同时， 周边养殖户对豆饼饲料需求旺盛，却难寻稳定供应渠道，产业发展陷入"种得出、卖不出，有需求、无 供给"的僵局。中国人寿黑龙江分公司驻村工作队进驻后，精准锚定本地资源禀赋，决定盘活村里闲置 房产，打造绿色生态豆油加工厂，构建"种植-加工-销售"的产业闭环。 "以前大豆收下来，一斤只能卖两块多，现在加工成豆油，一斤能卖到十块，附加值翻了好几倍！"村民 李大叔看着流水线产出的金黄豆油，笑得合不拢嘴。如今，他种植的10亩大豆全部供应给加工厂，年收 入较之前增加了近3000元。截至2025年底，加工厂已实现产值近270万元，不仅带动本村20余名村民就 近就业，豆饼还供应周边养殖场，形成"大豆种植-豆油加工-豆饼喂饲"的产业链，辐射带动3个乡镇的 种植户和养殖户共同增收。 2026年是"十五五"开局之年，做好"三农"工作至关重要。2月3日，中央一号文件发布，对锚定农业农村 现代化、扎实推进乡村全面振兴进行了部署，并提出实施常态化精准帮扶。 ...

本报讯 记者赵萌报道 近日，中国人寿（601628）集团成员单位广发银行在京召开2026年工作会议，深 化落实中国人寿集团2026年工作会议，总结2025年工作，部署下一步重点任务。 会议强调，"十五五"时期是广发银行改革攻坚、转型破局的关键窗口期。全行上下要抓住和用好难得的 发展机遇，坚定信心、乘势而上，努力成为集团高质量发展的中坚力量和综合金融的重要依托、服务粤 港澳大湾区主力银行。突出价值创造这一鲜明导向，发挥背靠国寿、根植湾区两大特色优势，着力锻造 协同创新、跨境服务、风险管控、科技支撑四项专业能力。 会议要求，广发银行要按照集团"333战略"和2026年工作要求，坚持稳中求进、提质增效，坚定不移推 动高质量发展。要突出政治引领，在强化党的建设上开创新局面；突出价值创造，在推动高质量发展上 展现新作为；突出特色发展，在打造核心竞争优势上实现新突破；突出改革创新，在培育发展动能上激 发新活力；突出风险防控，在统筹发展与安全上取得新成效。 ...

责任编辑：袁浩 会议要求，广发银行要按照集团"333战略"和2026年工作要求，坚持稳中求进、提质增效，坚定不 移推动高质量发展。要突出政治引领，在强化党的建设上开创新局面；突出价值创造，在推动高质量发 展上展现新作为；突出特色发展，在打造核心竞争优势上实现新突破；突出改革创新，在培育发展动能 上激发新活力；突出风险防控，在统筹发展与安全上取得新成效。 会议强调，"十五五"时期是广发银行改革攻坚、转型破局的关键窗口期。全行上下要抓住和用好难 得的发展机遇，坚定信心、乘势而上，努力成为集团高质量发展的中坚力量和综合金融的重要依托、服 务粤港澳大湾区主力银行。突出价值创造这一鲜明导向，发挥背靠国寿、根植湾区两大特色优势，着力 锻造协同创新、跨境服务、风险管控、科技支撑四项专业能力。 本报讯 记者赵萌报道 近日，中国人寿集团成员单位广发银行在京召开2026年工作会议，深化落实 中国人寿集团2026年工作会议，总结2025年工作，部署下一步重点任务。 ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that over 20 A-share listed brokerages have released positive earnings forecasts for 2025, with many expected to double their profits. Major firms like CITIC Securities and Guotai Junan are projected to achieve net profits exceeding 100 billion CNY [13][14]. - The insurance sector is seeing increased investment in pension and technology innovation, with a significant shift towards equity investments due to declining interest rates and new accounting standards. By the end of 2024, insurance equity investment assets are expected to reach 1.92 trillion CNY, a year-on-year increase of nearly 13% [40][41]. Summary by Sections 1. Securities Business Overview and Weekly Review - As of January 30, 2026, more than 20 A-share listed brokerages have issued earnings forecasts for 2025, with most reporting year-on-year profit growth. Notably, CITIC Securities is expected to achieve a net profit of 300.51 billion CNY, a 38.46% increase [13][14]. - The report anticipates a favorable performance for the securities industry in 2025, driven by a recovery in both primary and secondary markets [13]. 2. Insurance Business Overview and Weekly Review - Insurance capital is increasingly directed towards pension and technology sectors, with significant investments in healthcare and elderly care. By the end of 2025, the market size of China's health and elderly care industry is projected to reach 9.8 trillion CNY [41][42]. - Major insurance companies are establishing specialized health management subsidiaries to enhance service offerings and customer retention, aiming to create a second growth curve through a "product + service" model [42]. 3. Market Liquidity Tracking - The report notes that the central bank conducted a net injection of 530.5 billion CNY in the open market during the week of January 26-30, 2026, indicating a proactive approach to managing liquidity in the financial system [47].

Core Viewpoint - China Life Insurance Group is actively engaging in initiatives to enhance consumer welfare and stimulate domestic demand through various insurance products and services, aligning with national policies aimed at improving living standards and economic growth [1][4]. Group 1: Consumer Welfare Initiatives - China Life launched the "Guangzhou Mama Love Plan" to provide affordable insurance coverage, significantly reducing out-of-pocket medical expenses for individuals like a local breakfast shop owner [2]. - The company has been involved in long-term care insurance projects, offering services such as home visits for elderly care, thereby alleviating the burden on families [3]. - In 2025, the total claims paid by China Life's life insurance company exceeded 100.4 billion yuan, while the property insurance company paid out over 72 billion yuan in claims, demonstrating its commitment to consumer protection [3]. Group 2: Investment in Consumer Services - China Life is focusing on enhancing service consumption by investing in senior living communities and health-related projects, such as the "Guangzhou Jia Garden" senior community, which aims to cater to the growing silver economy [4]. - The company has established a 10 billion yuan investment fund targeting the silver economy, indicating a strategic move to meet the diverse needs of the aging population [4]. Group 3: Green and Sustainable Consumption - China Life's subsidiaries are promoting green consumption through innovative financial products, such as low-carbon credit cards and zero down payment options for electric vehicles, integrating financial services into sustainable consumer practices [5]. - The company has introduced specialized insurance for high-risk flower cultivation, providing over 50 million yuan in risk coverage to local farmers, thus supporting the agricultural sector [6]. Group 4: Enhancing Travel and Tourism - China Life has developed a comprehensive service ecosystem for tourism in Hainan, integrating financial services with travel needs, which has led to a 62% increase in credit card spending at duty-free shops [7]. - The company is also innovating in the hospitality sector by transforming traditional hotels into wellness destinations, promoting a shift from sightseeing to health-oriented travel experiences [7]. Group 5: Overall Economic Impact - China Life's initiatives are contributing to a robust domestic consumption environment, with significant increases in travel and spending during holidays, reflecting a shift in consumer preferences towards quality and experience [8]. - The company aims to enhance the resilience of the economic cycle by providing comprehensive financial services that support employment, income, and consumption, thereby contributing to the overall economic development of China [8].

Investment Rating - The report maintains an investment rating of "Outperform" for the non-bank financial sector, indicating a positive outlook for the industry [2]. Core Insights - The report highlights that over 20 A-share listed brokerages have released performance forecasts for 2025, with most expected to achieve year-on-year profit growth, and several are projected to double their profits [13][14]. - The insurance sector is increasingly focusing on pension and technology innovation investments, with significant capital being allocated to these areas, indicating a shift towards building a health and pension ecosystem [40][41]. Summary by Sections 1. Securities Business Overview and Weekly Review - As of January 30, 2026, more than 20 A-share listed brokerages have issued performance forecasts for 2025, with most reporting positive year-on-year growth in net profit. Notably, major brokerages like CITIC Securities and Guotai Junan are expected to exceed 10 billion CNY in net profit [13][14]. - The report anticipates a favorable performance for the securities industry in 2025, driven by a recovery in both primary and secondary markets, as well as a rebound in margin financing [13]. 2. Insurance Business Overview and Weekly Review - Insurance capital is increasingly directed towards diverse equity investments, with the total equity investment assets reaching 1.92 trillion CNY by the end of 2024, marking a nearly 13% year-on-year increase [40]. - Major insurance companies are establishing funds to invest in the pension and technology sectors, with China Life investing approximately 125 billion CNY in two equity funds focused on the pension industry and technology innovation [41]. 3. Market Liquidity Tracking - The report notes that the central bank conducted a net injection of 530.5 billion CNY into the market during the week of January 26-30, 2026, indicating a proactive approach to managing liquidity [47].

同壁财经讯，企查查数据显示，根据《中国人寿保险股份有限公司研发中心2026-2027年安全测试方向 现场技术服务项目中标结果公示》，杭州迪普科技股份有限公司于2026年2月3日公告中标中国人寿保险 股份有限公司研发中心采购项目，中标金额为219.95万元。 相关上市公司：迪普科技(300768.SZ) 同壁财经小贴士： 迪普科技（300768.SZ）2024年营业收入为11.55亿元，营业收入增长率为11.68%，归属母公司净利润为 1.61亿元，归属母公司净利润增长率为27.26%，净资产收益率为4.95%。 2025年上半年公司营业收入为5.51亿元，营业收入增长率为9.59%，归属母公司净利润为0.52亿元，归 属母公司净利润增长率为0.17%。 同壁财经小贴士： 迪普科技（300768.SZ）2024年营业收入为11.55亿元，营业收入增长率为11.68%，归属母公司净利润为 1.61亿元，归属母公司净利润增长率为27.26%，净资产收益率为4.95%。 2025年上半年公司营业收入为5.51亿元，营业收入增长率为9.59%，归属母公司净利润为0.52亿元，归 属母公司净利润增长率为0.17%。 目前 ...

Investment Rating - The industry investment rating is "Recommended" for the insurance sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [4][24]. Core Insights - The insurance industry achieved a total premium income of 61,194 billion yuan in 2025, reflecting a year-on-year growth of 7.4%. The growth rate has slightly decreased compared to the previous month [7][6]. - Life insurance premiums reached 35,557 billion yuan, with a year-on-year increase of 11.4%. Health and accident insurance also showed growth, while the overall premium growth rate for life insurance has been gradually declining [7][6]. - The total assets of the insurance industry reached 41.3 trillion yuan by the end of December 2025, marking a year-on-year increase of 15.1% [7][6]. - The report anticipates that the new business for life insurance will see rapid growth due to the dual benefits of high deposit flow and the expansion of bank insurance channels [7][6]. Company Summaries - **China Pacific Insurance (601601.SH)**: Expected EPS for 2025E is 5.68 yuan, with a PE ratio of 7.21 and a PB ratio of 1.41. The stock is rated as "Recommended" [3]. - **China Life Insurance (601628.SH)**: Expected EPS for 2025E is 6.34 yuan, with a PE ratio of 11.79 and a PB ratio of 2.18. The stock is rated as "Recommended" [3]. - **Ping An Insurance (601318.SH)**: Expected EPS for 2025E is 8.02 yuan, with a PE ratio of 7.48 and a PB ratio of 1.14. The stock is rated as "Strongly Recommended" [3]. - **China Property & Casualty Insurance (02328.HK)**: Expected EPS for 2025E is 2.07 yuan, with a PE ratio of 6.54 and a PB ratio of 1.09. The stock is rated as "Recommended" [3].

从资金流向上来看，当日保险板块主力资金净流入6.9亿元，游资资金净流出1.18亿元，散户资金净流出5.73亿元。保险板块个股资金流向见下 表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601318 中国平安 | | | 6.47亿 | 9.43% | -1.12 Z | -1.63% | -5.36亿 | -7.80% | | 601336 新华保险 | | | 5732.65万 | 3.55% | 2205.59万 | 1.37% | -7938.24万 | -4.91% | | 601628 中国人寿 | | | 1619.42万 | 1.68% | 2616.98万 | 2.71% | -4236.40万 | -4.39% | | 601601 中国太保 | | | 650.30万 | 0.36% | -9417.22万 | -5.17% | 8766.92万 | 4.81% | | ...