(本文来自第一财经) 南向资金今日净卖出6.35亿港元，中国移动、紫金矿业、中芯国际分别遭净卖出11.47亿港元、8.43亿港 元、5.53亿港元。净买入方面，腾讯控股、中国人寿、长飞光纤光缆净买入额位列前三，分别获净买入 10.24亿港元、5.11亿港元、3.55亿港元。 ...

证券之星消息，1月27日保险板块较上一交易日上涨2.23%，中国人寿领涨。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。保险板块个股涨跌见下表： | 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 | | 6.671Z | 6.75% | -5.42 Z | -5.49% | -1.25 Z | -1.26% | | 601336 新华保险 | | 2.17亿 | 7.76% | 9753.73万 | 3.49% | -3.14亿 | -11.25% | | 601601 中国太保 | | 1.56亿 | 6.10% | 9015.50万 | 3.52% | -2.47 Z | -9.62% | | 601319 中国人保 | | 7597.37万 | 7.64% | 3701.80万 | 3.72% | -1.13亿 | -11.37% | ...

Market Overview - The Hong Kong stock market showed a positive trend with the Hang Seng Index rising over 1%, closing at 27,126.95 points, an increase of 1.35% or 361.43 points, with a total turnover of 254.37 billion HKD [1] - The Hang Seng China Enterprises Index increased by 1.07% to 9,244.88 points, while the Hang Seng Tech Index rose by 0.5% to 5,754.72 points [1] Blue-Chip Stocks Performance - China Life (02628) led the blue-chip stocks, rising by 5.97% to 34.1 HKD, contributing 22.99 points to the Hang Seng Index [2] - A report from Citigroup anticipates a historic opportunity for life insurance stocks due to wealth reallocation, as retail investors seek higher reinvestment yields [2] - Other notable blue-chip performances include AIA (01299) up 4.09%, CSPC Pharmaceutical (01093) up 3.54%, while Hang Lung Properties (00101) and Hansoh Pharmaceutical (03692) faced declines of 4.51% and 4.37% respectively [2] Sector Highlights Technology Sector - Major tech stocks mostly rose, with Alibaba increasing nearly 3% and Tencent rising over 1% [3] - AI-related stocks saw significant gains, with MINIMAX surging by 26.48% and Kingsoft Cloud up by 9.74% [3][4] Insurance Sector - The insurance sector performed well, with China Life and AIA showing strong gains [5] - Reports indicate that 80% of new insurance policies this year are dividend insurance, reflecting strong demand for wealth management products [5] Precious Metals Sector - The precious metals sector experienced a downturn, with several stocks like Zhenfeng Gold and China Silver Group declining significantly [6][7] Notable Corporate Developments - Zijin Mining announced a major acquisition of Canadian company United Gold for 5.5 billion CAD (approximately 28 billion RMB), which will expand its asset base significantly [8] - Harbin Electric (01133) projected a net profit of approximately 2.65 billion RMB for the fiscal year 2025, a substantial increase from 1.686 billion RMB in the previous year [11] - Ying Si Intelligent (03696) entered a strategic cooperation agreement with Qilu Pharmaceutical for drug development, valued at over 931 million HKD [10]

Investment Rating - The report assigns an "Overweight" rating to the non-bank financial sector, indicating that the sector is expected to outperform the broader market index (CSI 300) by at least 10% over the next six months [4]. Core Insights - The report highlights the recent decline in the non-bank financial index, which fell by 1.5%, underperforming the CSI 300 by 0.9 percentage points. The brokerage and insurance indices also experienced declines of 0.6% and 4%, respectively, with the insurance index showing a significant drop [4]. - The implementation of the new public fund performance benchmark guidelines is expected to stabilize product styles and enhance internal management mechanisms within the industry. This is anticipated to catalyze performance disclosures and improve market sentiment [4]. - The insurance sector is experiencing a slight decrease in the preset interest rate, now at 1.89%, but this is not expected to reach the adjustment threshold. The report suggests that the long-term interest rate will remain stable, enhancing product design sustainability [4]. Summary by Sections Market Review - The report notes that the average daily trading volume for stock funds was 34,429 billion yuan, a decrease of 15.8% from the previous week. The margin financing balance slightly decreased by 0.3% to 2.72 trillion yuan, while the stock pledge market value increased by 3% to 3.17 trillion yuan [4][16]. Brokerage Insights - The new public fund performance benchmark guidelines, effective from March 1, are expected to stabilize fund management practices and enhance long-term performance assessments. The report emphasizes the importance of monitoring deviations from benchmarks to protect investor interests [4]. - Recent earnings forecasts from listed brokerages indicate a significant improvement in performance driven by market elasticity, suggesting potential positive catalysts for the sector [4]. Insurance Insights - The report indicates that the insurance sector is seeing a trend of increasing confidence as major insurers are launching products with higher preset interest rates to attract funds from the banking sector. This is expected to boost sales during the "opening season" [4]. - The report also highlights that the active trading in the A-share market, driven by favorable policies and economic recovery expectations, is enhancing market sentiment towards the insurance sector [4]. Investment Recommendations - For brokerages, the report suggests focusing on opportunities related to mergers and acquisitions, wealth management transformation, and enhancing return on equity (ROE). It recommends investing in large brokerages with strong capital and stable operations [4]. - In the insurance sector, the report advises monitoring large comprehensive insurers with competitive advantages, especially in the context of high-quality development under stringent regulatory frameworks [4].

智通财经APP获悉，香港联交所最新数据显示，1月21日，平安资产管理股份有限公司增持中国人寿 (02628)1420万股，每股作价33.0322港元，总金额约为4.691亿港元。增持后最新持股数目约为6.70亿 股，最新持股比例为9.00%。 ...

中国人寿在公告提到，合伙企业专注于养老产业领域投资，采取轻重资产结合模式，围绕存量养老不动产项目并购以及新增养老不动产项目拓展两条主线。 【环球网财经报道 记者 冯超男】进入2026年，作为耐心资本的险资在助力产业升级方面持续发力。 日前，中国人寿宣布，与关联方分别成立汇智长三角（上海）私募基金合伙企业、北京国寿养老产业股权投资基金二期，意在以资本为纽带，为养老产业、 科技创新领域引入长期稳定的资金支持。 事实上，中国人寿这一系列举动，是近年来保险公司加力股权投资的延续。中国企业资本联盟副理事长柏文喜表示，对于险资而言，低利率环境下，传统固 收类资产收益率持续走低，股权投资成为提升投资收益的重要抓手。且股权投资基金存续期通常10-15年，与保险资金长期负债特性高度匹配。此外，险资 具有体量大、期限长、来源稳的特点，与股权投资基金"投早、投小、投长期、投科技"的特征天然契合。基于此，险资通过资本纽带深度参与战略性新兴产 业，推动新质生产力发展。 不仅如此，历经多年发展，险资在股权投资领域已从谨慎试探转向系统化布局，成为一级市场重要的资金供给方。 中国人寿出资参设两大股权基金，聚焦养老、科技创新 1月23日，中国 ...

险资在一级市场频频出手。 近日，中国人寿保险股份有限公司（601628.SH）公告显示，拟投资设立一只养老产业基金、一只科创 基金，认缴出资额合计约125亿元。 其中，中国人寿拟出资84.915亿元与关联方成立北京国寿养老产业股权投资基金二期（有限合伙）（以 下简称"国寿养老基金二期"），专注于养老产业领域投资；联合多方发起设立汇智长三角（上海）私募 基金合伙企业（有限合伙）（以下简称"汇智长三角基金"），认缴金额40亿元，重点投向人工智能、集 成电路和生物医药三大领域中的科技创新企业。 近年来，中国人寿正在加大力度发掘符合政策导向和未来产业方向的科技创新、战略性新兴产业投资机 会，已投资多家具有高精尖技术的明星公司。 对于此次大手笔布局，中国人寿相关负责人对《中国经营报》记者表示，一切以公司公告为准。 重点布局养老产业上下游 据公告，中国人寿拟与关联方国寿启远（北京）养老产业投资管理有限公司（以下简称"国寿启远"）于 2026年9月30日前订立合伙协议，成立国寿养老基金二期，合计认缴出资总额为85亿元，其中，中国人 寿认缴出资额为84.915亿元，国寿启远认缴出资额为850万元。国寿股权投资有限公司（"国寿 ...

Core Viewpoint - The A-share space concept stocks have shown strong performance, with several companies experiencing significant gains on January 27, indicating a positive market sentiment towards the space industry [1]. Group 1: Stock Performance - Aerospace Microelectronics (航宇微) saw a rise of 10.80%, with a total market capitalization of 17.1 billion [2]. - Triangle Defense (三角防务) increased by 10.25%, bringing its market value to 21.3 billion [2]. - Western Materials (西部材料) rose by 8.66%, with a market cap of 23.1 billion [2]. - Aerospace Technology (航发科技) experienced a 6.65% increase, with a market capitalization of 17 billion [2]. - Aerospace Control (航发控制) grew by 5.56%, reaching a market value of 33.2 billion [2]. - Raytheon Defense (雷科防务) increased by 5.55%, with a market cap of 18.8 billion [2]. - Aerospace Power (航发动力) rose by 4.50%, with a total market capitalization of 128.1 billion [2]. - Hongyuan Electronics (鸿远电子) saw a 4.04% increase, with a market value of 13.8 billion [2]. Group 2: Year-to-Date Performance - Aerospace Microelectronics (航宇微) has a year-to-date increase of 28.92% [2]. - Triangle Defense (三角防务) has risen 28.13% since the beginning of the year [2]. - Western Materials (西部材料) has a year-to-date increase of 3.98% [2]. - Aerospace Technology (航发科技) has increased by 38.81% year-to-date [2]. - Aerospace Control (航发控制) has a year-to-date increase of 18.58% [2]. - Raytheon Defense (雷科防务) has risen 13.71% since the start of the year [2]. - Aerospace Power (航发动力) has a year-to-date increase of 20.06% [2]. - Hongyuan Electronics (鸿远电子) has increased by 9.74% year-to-date [2].

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 [8][21]. Core Insights - The report highlights a significant increase in public fund holdings in the insurance sector, with the total holding rising to 2.29% in Q4 2025, reflecting a 1.19 percentage point increase from the previous quarter. This increase is attributed to improved annual performance expectations, public fund reforms, and the initiation of year-end promotional activities [3][6][7]. - The report notes that individual stock holdings within the insurance sector have generally increased, with China Ping An's holding rising to 1.20%, a substantial increase of 0.73 percentage points. Other companies like China Life and New China Life also saw increases in their holdings [6][7]. - The long-term interest rates are expected to stabilize in 2025, with a potential upward trend in 2026, which may alleviate previous concerns regarding "interest spread losses" and positively impact the valuation of the life insurance sector [6][7]. Summary by Sections Public Fund Holdings - The overall non-bank financial holdings increased by 1.19 percentage points, with the insurance sector's holdings at 2.29% and the securities sector at 0.84%. The multi-financial sector saw a decrease to 0.17% [3][4]. - The report provides a detailed breakdown of public fund holdings in major insurance companies, indicating a general trend of increased investment in the sector [9]. Market Dynamics - The report attributes the increase in public fund holdings to three main factors: reduced performance pressure due to base changes, structural market opportunities despite some adjustments, and the initiation of promotional activities by listed insurance companies [7][8]. - The anticipated performance of the insurance sector is expected to remain strong, supported by the equity market and the demand for savings products from residents [8][10]. Recommendations - The report recommends specific companies for investment, including China Taiping, China Ping An, China Life H, and China Pacific Insurance, based on their expected performance and market conditions [10].

Group 1 - Insurance stocks collectively rose, with AIA Group (01299) up 3.55% to HKD 86, China Life (601628) (02628) up 2.86% to HKD 33.1, PICC (601319) (01339) up 2.47% to HKD 6.65, Xinhua Insurance (601336) (01336) up 2.23% to HKD 61.8, and Ping An (601318) (02318) up 2.06% to HKD 69.5 [1] - Several listed insurance companies have disclosed their 2025 full-year premium income or net profit data, with Xinhua Insurance achieving a cumulative original insurance premium income of CNY 195.99 billion, a year-on-year increase of 15%, and China Pacific Insurance (601601) reporting a total premium income of CNY 461.68 billion, a year-on-year increase of 4.43% [1] - Huachuang Securities expects listed insurance companies to achieve steady premium growth in 2025, driven mainly by investment performance, despite a recent two-week adjustment in the insurance sector due to slowing growth and high valuations [1] Group 2 - Morgan Stanley recently released a report predicting that 2026 will be a year when domestic insurance stocks outperform the market again, driven by strong sales growth, better business quality, and a favorable investment environment [2] - The report indicates that regulatory policies, interest rate trends, and market investment sentiment will be key catalysts for tracking the overall industry performance, with expectations for an increase in industry valuations [2] - Morgan Stanley anticipates that AIA Group will show continuous improvement in most key indicators in the fourth quarter of last year, maintaining a healthy growth outlook for new business value [2]