（文章来源：证券日报） 证券日报网讯 2月10日，中国人寿在互动平台回答投资者提问时表示，公司一直以来坚持资产负债匹配 原则和长期投资、价值投资、稳健投资理念，把握市场机会做好跨周期投资布局。具体情况请关注公司 定期报告。 ...

随后，试点险企逐步启动布局。2025年3月，中国人寿、平安人寿、太保人寿、人保财险率先成为上海 黄金交易所会员，拿下投资黄金的"入场券"，并陆续完成首笔黄金交易。但是相比于10家机构获批试点 业务，当前仅有6家试点险企跻身上海黄金交易所会员，这意味着仍有4家试点险企尚未入会。 有业内人士表示，黄金是具有风险复杂度和专业门槛的投资品种，其定价受国际政治经济因素影响较 多，黄金无法直接产生可预期的利息收入，只能通过价格上涨获利，需要耐心观察并把握交易时机。另 一方面，逐步建设完善黄金投资相关的投研和交易能力还需要一个过程。 封面图片来源：每经媒资库 每经记者|袁园 每经编辑|张益铭 2026年初，国际黄金价格在快速冲高后大幅回落，现货金价自5500美元/盎司高位"急刹车"，极端波动 引发市场对避险资产稳定性的重新审视。在此背景下，保险资金投资黄金试点的推进节奏与策略选择受 到关注。 2月10日，中国人寿董秘在互动平台上就投资人关注的黄金业务试点情况进行了回复。中国人寿表示， 黄金投资是公司积极参与的创新品种投资之一，公司坚持长期主义的投资理念，以中长期配置为目的， 稳健审慎开展相关投资工作。 2025年2月7日， ...

2026年2月2日，喀什金融监管分局发布批复称，《关于中国人寿财产保险股份有限公司疏勒县支公司变 更营业场所的请示》(国寿财险喀发〔2026〕3号)收悉。经审核，现批复如下： 一、同意中国人寿财产保险股份有限公司疏勒县支公司将营业场所变更为：新疆维吾尔自治区喀什地区 疏勒县张骞路14院翰林世家小区8号商住楼113号商铺。 二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年2月2日，喀什金融监管分局发布批复称，《关于中国人寿财产保险股份有限公司疏勒县支公司变 更营业场所的请示》(国寿财险喀发〔2026〕3号)收悉。经审核，现批复如下： 一、同意中国人寿财产保险股份有限公司疏勒县支公司将营业场所变更为：新疆维吾尔自治区喀什地区 疏勒县张骞路14院翰林世家小区8号商住楼113号商铺。 二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Group 1 - Shanxi Fenjiu team defeated Zhejiang Fangxingdu team with a score of 78:59, advancing to the finals of the CBA Club Cup [1][7] - The match was significantly impacted by the injury of Zhejiang's key player, Sun Minghui, who left the game early in the first quarter [3][7] - Shanxi's players, particularly foreign players Nate and Diallo, demonstrated strong offensive capabilities, contributing to a substantial lead by halftime [3][9] Group 2 - Shanxi's head coach, Pan Jiang, praised the team's execution of game plans and effective defense against Zhejiang's scorers, highlighting the players' determination [9]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector as market trading has slightly declined but remains at historical highs. In the insurance sector, the long-term outlook is optimistic due to improved return on equity (ROE) and valuation recovery potential, suggesting a positive allocation strategy for insurance stocks [2][4] - The report continues to recommend stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which exhibit strong profitability and market positions. Additionally, it highlights companies like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 0.6% this week, with an excess return of +0.7% relative to the CSI 300, ranking 20th out of 31 sectors. Year-to-date, the non-bank financial index is down 1.1%, with an excess return of -1.4% compared to the CSI 300, ranking 29th out of 31 [5] - The average daily trading volume in the two markets was 24,066.54 billion yuan, down 21.43% week-on-week, with a daily turnover rate of 2.36%, down 60.83 basis points [5][35] Insurance Sector Insights - In December 2025, the cumulative insurance premium income reached 61,194 billion yuan, reflecting a year-on-year increase of 7.43%. Life insurance premiums increased by 8.91%, while property insurance premiums rose by 3.92% [20][21] - The total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan, representing 88.09% of the total [25][26] Brokerage and Investment Business - The brokerage business is experiencing a gradual recovery in profitability, with the average daily trading volume exceeding the 2025 average. The report notes that the commission fee rates are stabilizing, which is expected to support the profitability of the brokerage sector [35][41] - In January 2026, the equity financing scale rebounded to 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [45] Asset Management and Fund Issuance - The report indicates a recovery in the issuance of collective asset management products, with January 2026 seeing a new issuance of 9.104 billion units, up 40.1% from the previous month. The new fund issuance also increased to 1,094.51 billion units, reflecting a 41.3% month-on-month rise [47][49]

Core Viewpoint - The insurance industry maintains a recommended rating, supported by a "slow bull" market trend that benefits both asset returns for insurance companies and sales of floating income-type dividend insurance [1] Group 1: Life Insurance Companies - In 2023, life insurance companies achieved a cumulative premium income of 43,624 billion, with a year-on-year growth of 8.9%, slightly down from 9.1% [3] - December's premium income for life insurance companies was 2,152 billion, showing a year-on-year increase of 6.0%, with life insurance premiums at 1,683 billion, up 10.1% [3] - The strong performance in life insurance is expected to continue into 2026, particularly in the bancassurance channel, where new single premiums are anticipated to double [3] Group 2: Property Insurance Companies - Property insurance companies reported a cumulative premium income of 17,570 billion in 2023, with a stable year-on-year growth of 3.9% [4] - December's premium income for property insurance was 1,413 billion, with a year-on-year increase of 4.4%, and auto insurance premiums at 977 billion, up 2.2% [4] - Non-auto insurance premiums in December reached 437 billion, showing a significant year-on-year growth of 9.6%, driven by low base effects from the previous year [4] Group 3: Overall Industry Performance - The total premium income for the insurance industry in 2023 was 61,194 billion, reflecting a year-on-year growth of 7.4% [5] - By the end of December, the total assets of the insurance industry reached 413,145 billion, a 15.1% increase from the beginning of the year, while net assets grew by 10.2% to 36,640 billion [5] - Investment recommendations include China Ping An, New China Life, China Life, and China Taiping, with a focus on the long-term investment value of China Property Insurance [5]

Summary of the Conference Call on China Life Insurance Company Overview - The conference call focused on China Life Insurance, discussing its recent performance and outlook for 2026, particularly in the context of its H-shares and A-shares reaching new highs [1][2]. Key Points and Arguments 1. Performance Metrics - January 2026 saw a significant increase in new policy premiums, with double-digit growth reported. However, renewal premiums experienced a slight decline due to the expiration of certain products [2][3]. - Overall premium growth remains positive, with a notable increase in the proportion of participating insurance products compared to the previous year [3]. 2. Distribution Channels - The individual insurance (个险) channel contributed over 50% of new policies, while the bancassurance (银保) channel accounted for approximately 25%. The remaining 25% came from other channels [3]. - The bancassurance channel primarily offers whole life insurance products, with a significant portion being participating insurance [5][6]. 3. Product Structure and Value Rate - The product mix includes a variety of participating and whole life insurance products, with the proportion of participating products expected to rise significantly this year [6][8]. - The value rate of products has improved compared to last year, attributed to a decrease in the preset interest rate and a more favorable economic environment [8][24]. 4. Strategic Partnerships and Network Expansion - China Life has strengthened partnerships with major state-owned banks and regional banks, focusing on high-capacity outlets (星级网点) that contribute significantly to premium income [10][11]. - The number of high-capacity outlets has increased significantly, with over 2,000 outlets generating premiums exceeding 1 million [11][12]. 5. Market Outlook and Competitive Landscape - The company is optimistic about maintaining growth in the first quarter and throughout the year, despite competitive pressures from other major players in the market [17][21]. - The market share of leading companies in the bancassurance sector has been increasing, but further growth may be challenging due to the competitive landscape [17][19]. 6. Investment Strategy and Asset Allocation - The company is adjusting its investment strategy in response to the increasing share of participating insurance products, which affects the asset-liability matching strategy [30][31]. - The current equity allocation is approximately 17-18%, with a slight preference for participating accounts over traditional accounts [36][37]. 7. Financial Performance and Challenges - The company reported a slight loss in the fourth quarter, attributed to market volatility and investment strategies. However, this is not expected to impact long-term performance [42][43]. - The overall investment yield for new fixed-income assets is around 2.4-2.5%, while the yield for existing assets is approximately 3.2% [58][59]. Additional Important Information - The company is focused on maintaining a balance between growth and risk management, particularly in light of regulatory pressures and market conditions [20][21]. - There is an emphasis on enhancing the quality of partnerships with banks to ensure sustainable growth in the bancassurance segment [15][20]. This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of China Life Insurance's current status and future outlook.

Summary of Key Points from Conference Call Industry Overview - The focus is on the insurance sector, particularly leading companies such as Ping An and China Life, which are noted for their investment value and beta characteristics [1][2]. Core Insights and Arguments 1. **Insurance Stock Performance**: The A-share insurance index increased by 2.4%, outperforming the market, with China Life rising over 3% and H-shares of Ping An, China Life, and Taikang rising over 4% [1][2]. 2. **New Policy Premium Growth**: There is a clear trend of concentration among leading companies, with new single premium growth expected to be around 50%, with Ping An leading the industry [1][2]. 3. **Transformation of Dividend Insurance**: The acceleration in the transformation of dividend insurance is expected to optimize liability costs and alleviate pressure from interest spread losses [3]. 4. **Stable Asset Performance**: The stock market performance is stable, and the yield on 10-year government bonds is expected to rise, which is generally viewed positively by insurance companies regarding long-term bond rates. This could benefit fixed-income investments and interest spread recovery for insurance stocks [3]. 5. **Profit Growth Projections**: It is anticipated that net profits will maintain high growth in the first half of 2026, with a projected 33% year-on-year increase in net profits for listed insurance companies in the first three quarters of 2025, indicating a significant overall profit growth for the year [3]. 6. **Valuation and Public Fund Holdings**: Current valuations of insurance stocks and public fund holdings are at historical lows. The demand for allocation to insurance stocks is expected to increase in the context of public fund reforms [3][4]. Additional Important Points - The improvement in the fundamental aspects of the insurance sector suggests a positive outlook for upward valuation potential [4].

证券研究报告 | 行业点评报告 2026 年 02 月 09 日 2025 年稳健收官，2026 年开门红值得期待 保险行业 2025 年 12 月保费收入点评 总量研究/非银行金融 近日，国家金融监督管理总局公布 2025 年 1-12 月保险业经营情况，人身险公 司全年保费增速接近两位数，2026 年开门红预计表现强劲；财产险公司全年 保费中低速增长，非车险"报行合一"有望推动盈利持续改善。 ❑ 风险提示：产品吸引力下降；资本市场波动；监管收紧；经济增长不及预期。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 90 | 1.7 | | 总市值（十亿元） | 6622.4 | 5.9 | | 流通市值（十亿元） | 6453.3 | 6.4 | 行业指数 % 1m 6m 12m 绝对表现 -2.9 1.8 17.9 相对表现 0.2 -11.1 -3.0 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 非银行金融 沪深300 相关报告 1、《非银金融 25Q4 ...

香港联交所最新资料显示，2月3日，中国平安人寿保险股份有限公司增持中国人寿（601628） (02628)858.3万股，每股作价34.3596港元，总金额约为2.95亿港元。增持后最新持股数目约为7.48亿 股，最新持股比例为10.04%。 ...