证券之星消息，2月2日保险板块较上一交易日下跌2.14%，新华保险领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。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) | | --- | --- | --- | --- | --- | --- | | 601318 | 中国平安 | 66.02 | -1.09% | 135.45万 | 90.60亿 | | 601319 | 中国人保 | 9.06 | -1.63% | 100.51万 | 9.23亿 | | 601601 | 中国太保 | 44.36 | -2.61% | 37.33万 | 16.84亿 | | 601628 | 中国人寿 | 48.34 | -2.78% | 28.82万 | 14.10 Z | | 601336 | 新华保险 | 80.88 | -2.79% | 23.47万 | 19.347 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向 ...

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Core Viewpoint - China Life Property & Casualty Insurance Co., Ltd. has increased its registered capital from 18.8 billion RMB to 27.8 billion RMB, representing an increase of approximately 48% [1] Group 1: Company Changes - The registered capital of China Life Property & Casualty Insurance Co., Ltd. has been raised significantly [1] - Several key personnel changes have occurred within the company [1] Group 2: Company Background - China Life Property & Casualty Insurance Co., Ltd. was established in December 2006 and is represented legally by Huang Xiumei [1] - The company's business scope includes property damage insurance, liability insurance, credit insurance, and guarantee insurance [1] - The shareholders of the company include China Life Insurance (Group) Company and China Life Insurance Co., Ltd. [1]

Group 1: AI and Robotics Investment Funds - Kunshan established a 5 billion RMB AI industry fund, focusing on core hardware, computing infrastructure, and AI+ manufacturing [2] - Luoyang's industrial development fund plans to set up a 2 billion RMB humanoid robot fund, targeting investments in the entire humanoid robot industry chain [2] - A 6.6 billion RMB intelligent robot industry fund was jointly established by UBTECH and the Liuzhou government, focusing on the entire industry chain [12] Group 2: Aerospace and Space Technology Funds - Sichuan Liangshan plans to establish a commercial aerospace special fund of no less than 4 billion RMB, supporting rocket and satellite development [2] - Beijing Yizhuang Star Arrow Technology established a 1 billion RMB aerospace industry fund, focusing on reusable rockets and satellite applications [3] Group 3: Regional and Sector-Specific Funds - Urumqi's Midong District set up a 200 million RMB industrial fund to boost five key industries, including petrochemicals and new energy [3] - Jiangsu's Wuxi Huishan District launched its first S fund with a total scale of 500 million RMB, focusing on private equity secondary markets [8] - The Jiangsu province's guiding fund successfully established a 500 million RMB results transformation fund to promote technology transfer [5] Group 4: Renewable Energy and New Materials Funds - Zhejiang Zhengtai Electric plans to invest 150 million RMB in a 1 billion RMB household photovoltaic investment fund [11] - Hunan Keli Yuan plans to lead a 2 billion RMB energy storage industry fund, focusing on new energy storage projects [17] Group 5: Healthcare and Biomedicine Funds - The first CVC biomedicine sub-fund in Yangzhou was established with a total scale of 500 million RMB, focusing on medical technology [13] - Liaoning He’s Eye Hospital Group plans to invest 80 million RMB in a biomedicine fund, targeting biotechnology and healthcare projects [15] Group 6: Government and Policy Initiatives - Hangzhou Yuhang District released a new investment fund management method to enhance investment efficiency and support emerging industries [18]

Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector [5] Core Insights - The China Securities Regulatory Commission (CSRC) is expanding the types of strategic investors to enhance long-term capital engagement with listed companies, including pension funds, insurance funds, and public funds [1][2] - The report highlights a stable regulatory environment for the insurance sector, with long-term benefits expected from trends in deposit migration and increasing demand for healthcare and retirement security [3] - The securities sector is experiencing heightened market risk appetite and active trading, benefiting both IT companies and brokerages [3] Summary by Sections Industry Dynamics - Non-bank financial, securities II, insurance II, and fintech indices experienced fluctuations of +1.04%, -0.69%, +5.50%, and -5.78% respectively, while the Shanghai Composite Index decreased by -0.44% [10] - China Life Insurance led the insurance sector with an increase of +8.73% [10] Insurance - Ping An Life increased its stake in China Life H shares by purchasing 11.891 million shares at an average price of 32.0553 HKD, raising its holding to 9.14% [14] - The registered capital of China Life Property Insurance has increased from 18.8 billion RMB to 27.8 billion RMB, a growth of approximately 48% [14] - As of December, the original premium income for property insurance reached 1,470.3 billion RMB, a year-on-year increase of 2.60%, while life insurance premiums reached 4,649.1 billion RMB, up 9.05% [15] Securities - The A-share market was active in 2025, with daily average trading volume of 2.08 trillion RMB, a year-on-year increase of 70.36% [24] - The number of IPO approvals surged by 109.43% year-on-year, with fundraising amounts increasing by 208.01% [24] - Listed brokerages that have released earnings forecasts expect a net profit growth of 59%-66% year-on-year [24] Investment Recommendations - The report suggests a positive outlook for the insurance sector, despite short-term pressures on capital and sentiment, due to long-term trends in liabilities and stable interest rates [3][37] - In the securities sector, the report recommends focusing on companies like China Ping An A/H, China Life H, Guotai Junan, and Huatai Securities [3][37]

非银金融 行业周报|战略投资者类型拟扩大，推动耐心资本与上市公司深度对接 拟扩大战略投资者类型，推动耐心资本与上市公司深度对接。2026 年 1 月 30 日，证监会发布《关于修改〈证券期货法律适用意见第 18 号〉的决定（征求意见稿）》，在 2026 年 3 月 2 日前公开征求意见。 1）扩大战略投资者类型。意见稿围绕《关于推动中长期资金入市的指 导意见》核心思想，承接落实《关于推动中长期资金入市工作的实施方 案》，明确全国社保基金、基本养老保险基金、企业（职业）年金基金、 商业保险资金、公募基金、银行理财等机构投资者可以作为战略投资 者，以耐心资本作为战略性资源对上市公司战略投资，明确该类投资 者界定为资本投资者，将其他实业投资者界定为产业投资者。 证券研究报告 | 行业周报 gszqdatemark 2026 02 02 年 月 日 2）明确资本投资者的基本要求和最低持股比例要求。要求资本投资者 在长期持股、提名董事参与治理的基础上，深度对接上市公司产业发 展需求，通过引入战略资源、优化治理内控、促进资源整合等方式，助 力上市公司增强核心竞争力。战略投资者本次认购上市公司股份原则 上不低于 5%，持股 ...

Investment Performance - The January stock portfolio achieved a return of +15.42%, outperforming the Shanghai Composite Index and CSI 300 Index by 13.77 percentage points and 8.31 percentage points respectively [2] - The portfolio included one Hong Kong stock with a return of 11.04%, while the Hang Seng Index rose by 6.85% [2] - The top-performing sectors included non-ferrous metals (+23%), media (+18%), and oil and petrochemicals (+16%) [2] February Investment Strategy Outlook - The A-share market has seen increased volatility since late January, influenced by valuation levels and external factors such as precious metals and the US dollar index [3] - The strategy suggests selecting stocks with solid fundamentals and low implied expectations, while maintaining a balanced portfolio to avoid overexposure to any single sector [3] - Key indicators to monitor include the trends in precious metals, the US dollar index, and A-share market trading volume [3] February Stock Recommendations Power Equipment and New Energy - Zhongtian Technology (600522.SH) is recommended due to its leadership in optical fiber and expected benefits from increased demand driven by AI investments and a significant investment plan from the State Grid [5][6] Electronics - Helin Micro-Nano (688661.SH) is favored for its potential growth in the chip testing market, driven by increased complexity and demand for FT probes [7] Robotics - Amperelong (301413.SZ) is highlighted for its expansion in automotive sensor products and its role in the emerging field of humanoid robots [9][10] Media - Alibaba-W (09988.HK) is recommended due to its rapid growth in cloud services and AI-related products, with a significant market share in China's public cloud IaaS market [12][13] Transportation - Southern Airlines (600029.SH) is positioned to benefit from high capacity and operational efficiency, with a projected increase in passenger volume [14] New Materials - Huafeng Aluminum (601702.SH) is expected to benefit from the demand for aluminum materials in the new energy vehicle sector and the trend of "aluminum replacing copper" [16] Building Materials - China Jushi (600176.SH) is recommended as it is positioned to benefit from a market shift in electronic fabrics and the ongoing demand for fiberglass [17] Real Estate - China Merchants Shekou (001979.SZ) is favored for its strong asset structure optimization and focus on core cities, which positions it well in the current market environment [18] Non-Banking Financials - China Life (601628.SH) is expected to perform well in 2026, with strong sales and investment returns [19] North Exchange - Haixi Communications (920405.BJ) is recommended due to its expanding energy storage business and stable traditional operations [22]

中长期资金是维护资本市场平稳健康运行的"压舱石""稳定器"。夯实资本市场健康发展根基、提升金融 服务实体经济质效，离不开耐心资本"长钱长投"的定力与智慧。 中国人寿集团党委书记、董事长蔡希良指出，保险资金规模大、周期长、来源稳定，是典型的"长期资 本""耐心资本"，对于优化融资结构具有重要作用。 从中国人寿2026年工作会议披露的数据来看，集团合并总资产8.56万亿元，管理资产规模17.5万亿元， 中国人寿正充分发挥险资优势，不断优化投资策略和布局，在支持资本市场发展、服务新质生产力、助 力国家重大战略落地、增进民生福祉的进程中，以自身所"长"给出了关于"长期主义"的国寿诠释。 长，是险资入市的"长风破浪" 近年来，从新"国九条"确立"长钱长投"的顶层设计，到推动中长期资金入市工作实施方案的出台，从财 政部进一步加强国有商业保险公司长周期考核，再到金融监管总局调整保险公司相关业务风险因子等政 策红利的持续释放……国家"引长钱、促长投"，鼓励长期资金、耐心资本发展的政策正从蓝图规划加速 迈向纵深落地。 在此背景下，中国人寿以险资特有的长期属性与规模优势，率先响应、快步前行，展现出引领行业 的"长驱"之势。202 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人壽保險股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02628 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,441,175,000 | RMB | | 1 | RMB | | 7,441,175,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,441,175,000 | RMB | | 1 | RMB | | 7,441,175,000 | FF301 第 1 ...

Flash | 01 Feb 2026 15:55:03 ET │ 14 pages China Insurance China Reportedly Plans to Recapitalize Three Insurers; PICC Group H- share Could Benefit Most CITI'S TAKE According to Bloomberg (30-Jan-2026), China is considering issuing c.Rmb200bn of special government bonds to recapitalize China Life Group, PICC Group and China Taiping Group. We are not surprised as "capital replenishment for large insurers is on the agenda" was mentioned by the State Council on 7-May-2025. We believe such a move would be posit ...