每经记者｜黄胜 每经编辑｜许绍航 宋思艰 记者|黄胜 编辑|许绍航 宋思艰 校对|金冥羽 2月9日，沪指高开0.93%，深成指高开1.50%，创业板指高开1.95%，传媒、CPO、光伏、有色金属等板块指数涨幅居前。 | （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） | | --- | 港股高开，恒生指数涨1.59%，恒生科技指数涨1.9%。华虹半导体涨逾4%，小鹏汽车、哔哩哔哩、百度集团、中国平安、中国人寿涨逾3%。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the insurance sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [19]. Core Insights - The insurance index decreased by 0.73% this week, outperforming the broader market by 0.6 percentage points. Individual stock performances varied, with Ping An increasing by 0.22% and China Life decreasing by 4.53% [1]. - The report highlights that the long-end interest rates remain stable, and the equity market is active, suggesting potential for significant growth in the investment sector in the first half of the year. The insurance sector is expected to achieve high double-digit growth in new policies this year [3][4]. - The report indicates that the new business value for the insurance industry is projected to maintain a double-digit growth trend, primarily driven by the transformation of dividend insurance [3]. Summary by Sections Market Performance - The insurance index's performance this week was a decline of 0.73%, with Ping An showing a slight increase of 0.22% while other companies like China Life and Zhong An experienced declines of 4.53% and 7.09%, respectively [1]. Regulatory Updates - The Financial Regulatory Bureau has revised the "Bank and Insurance Institution License Management Measures," effective June 1, 2026, which will apply to insurance institutions [2]. Premium and Claims Data - In 2025, the total premium for the auto insurance sector is expected to reach approximately 996.37 billion yuan, marking a year-on-year growth of 2.99%. Claims settled are projected to be around 622.46 billion yuan, with a growth of 4.06% [2]. Company Actions - Ping An increased its stake in China Life H shares by 10.12%, acquiring 10.89 million shares at a price of 33.2588 HKD per share, totaling approximately 362 million HKD [2]. Valuation Metrics - The report provides PEV valuations for various insurance companies, indicating that China Life has a PEV of 0.91x, while Ping An stands at 0.81x. The report suggests that PEV valuations are expected to recover towards 1x [3][4].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [4]. Core Insights - The report highlights a significant increase in new account openings in January 2026, reaching 4.9158 million, a year-on-year increase of 213% and a quarter-on-quarter increase of 89%. This trend is expected to benefit brokerage firms as funds flow from traditional banks to capital markets [4]. - The report emphasizes 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 brokerage firms. It also notes the expansion of international business opportunities due to the ongoing internationalization of the RMB [4]. - The report discusses specific stock movements, including Huatai Securities' plan to issue HKD 10 billion in zero-coupon convertible bonds, and the restructuring of Zhongtai Securities to enhance operational efficiency [4][13]. - In the insurance sector, the report notes that Ping An Group has increased its stake in China Life (H) multiple times, reflecting confidence in the sector's value re-evaluation. The report anticipates steady growth in new business value (NBV) and an increase in equity allocation for China Life [4][11]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 1.33% during the week, while the non-bank index fell by 0.60%. The brokerage, insurance, and diversified financial sectors reported declines of 0.65%, 0.71%, and an increase of 0.43%, respectively [7]. Non-Bank Financial News and Key Stock Announcements - The report outlines regulatory updates regarding virtual currencies and asset tokenization, indicating a tightening of oversight in these areas [9]. - Specific stock announcements include Huatai Securities' bond issuance and Ping An's increased holdings in China Life, showcasing strategic moves within the sector [11][13]. Key Data Tracking - The report provides data on average daily trading volume, which reached CNY 24,068.65 billion, and highlights the significant increase in new investors, with 995,900 new accounts opened in August 2023 [23][24].

Investment Rating - The investment rating for the non-bank financial sector is "Positive" (maintained) [1] Core Views - The insurance sector is showing signs of improvement, with increased recognition of the industry's fundamentals by insurance companies, as evidenced by China Ping An's continued stake increase in China Life [4] - The brokerage and margin trading businesses maintain a high level of activity, with significant growth in new account openings and trading volumes in January 2026 [5][32] - The asset management and fund distribution businesses are expected to recover, supported by new regulations that have been implemented [5] - Huatai Securities has announced a plan to issue HKD 10 billion in convertible bonds, which is expected to enhance its operational capabilities [6] - The overall performance of brokerage firms is optimistic, with many firms reporting substantial profit growth [6] Data Tracking Insurance Industry Data - As of December 2025, the insurance industry's original premium income reached CNY 61,194 billion, a year-on-year increase of 7.43% [10] - The life insurance premium income was CNY 46,491 billion, up 9.05% year-on-year, while property insurance premium income was CNY 14,703 billion, an increase of 2.60% [10] Securities Industry Data - In January 2026, the average daily trading volume of A-shares was CNY 36.5 trillion, a year-on-year increase of 156.58% [13] - The margin trading balance at the end of January 2026 was CNY 2.72 trillion, up 53.06% year-on-year [13] - New public fund issuance reached 1,094.51 billion units in January 2026, with stock and mixed funds seeing significant growth [13] Industry Dynamics - Insurance capital is increasingly active in equity markets, participating in cornerstone investments in Hong Kong stocks [27] - China Insurance Group reported premium income exceeding CNY 730 billion for 2025, indicating strong operational performance [28] - China Life Group's consolidated investment income grew by double digits in 2025, reflecting robust financial health [29] - China Ping An increased its stake in China Life by 10.12%, demonstrating confidence in the sector [30] - Several automotive service providers have withdrawn from the insurance agency business, indicating competitive pressures in the market [31]

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].

行业研究丨深度报告丨投资银行业与经纪业 [Table_Title] 轮动对比视角复盘，当前非银子行业如何择时选 股？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 历史上 A 股牛市中保险及券商表现如何？不同类型牛市下表现何异？节奏及持续性如何？站 在当前如何展望？我们梳理了 2012 年以来几次 A 股上涨周期中保险及券商指数涨跌及行业相 对表现，并进一步梳理一级行业月度涨跌轮动以探究行情节奏，最后结合当前时点进行分析展 望。我们认为当前估值上非银进入配置性价比区间，择时应合理配合政策及监管节奏增配，配 置上推荐高弹性保险与金融 IT。 分析师及联系人 [Table_Author] SAC：S0490519080007 SFC：BUV596 吴一凡 盛晓双 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 投资银行业与经纪业 cjzqdt11111 [Table_Title 轮动对比视角复盘，当前非银子行业如何择时 2] 选股？ [Table_Summary2] 历史 ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [11]. Core Insights - The insurance sector is expected to benefit from a stable interest rate environment and a slow bull market, leading to improved interest spreads and valuations. If new premium growth remains strong, profitability is likely to improve, further enhancing sector valuations. The report recommends specific stocks including New China Life, Ping An, China Life, and China Pacific Insurance [3][10]. Summary by Sections Insurance Market Outlook - Historical data indicates that the insurance index typically shows positive returns in the five trading days before the Spring Festival, with a success rate of approximately 71.4%. The report anticipates a potential repeat of this trend in 2026, as the conditions appear favorable for premium growth [8][9]. Premium and Profitability Analysis - The report projects that the life insurance market could reach a scale of 4.8 trillion yuan, with a year-on-year growth rate of about 10%. The asset side is expected to benefit from a strong stock market performance, while the focus should be on long-term profitability improvements driven by policy and market changes [9][10]. Long-term Valuation Recovery - The insurance industry's ability and willingness to allocate equity will significantly increase in the foreseeable future, leading to improved interest spreads and enhanced policy profitability. The report emphasizes the importance of long-term perspectives on profitability improvement, suggesting that the sector has substantial room for valuation recovery [10].

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]

一、同意中国人寿保险股份有限公司梁河县支公司曩宋乡营销服务部将营业场所变更为：云南省德宏傣 族景颇族自治州梁河县曩宋阿昌族乡曩宋村四位一体项目商铺(一楼大门右边第三间)。 二、中国人寿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5日，梁河金融监管支局发布批复称，《中国人寿（601628）保险股份有限公司德宏分公司关 于中国人寿保险股份有限公司梁河县支公司曩宋乡营销服务部变更营业场所的请示》(国寿人险德发 〔2026〕8号)收悉。经审核，现批复如下： ...