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： ...

Core Insights - The report emphasizes the continuous influx of incremental funds into the market, highlighting investment opportunities in the non-bank financial sector [1][7] - The industry rating remains at "Buy," indicating a positive outlook for the sector [2] Group 1: Market Performance - As of February 6, 2026, the Shanghai Composite Index closed at 4065.58 points, down 1.27%, while the Shenzhen Component Index fell 2.11% [12] - The average daily trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, reflecting a 3.38% decrease [7] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with a marginal improvement in long-term interest rate spreads [18] - China Ping An Group increased its stake in China Life H shares, indicating positive industry trends [18] - The first quarter of 2026 is anticipated to show better-than-expected performance for some insurance companies due to a low base in the first half of 2025 [18] Securities Sector - A significant increase in new accounts was observed in January 2026, with 491.58 million new A-share accounts opened, a 213% year-on-year increase [19] - The balance of margin trading reached a historical high, providing strong support for interest income in the securities industry [22] - The Hong Kong IPO market is active, with 384 companies applying for listings as of February 6, 2026, and a daily trading volume of 2202 billion yuan in January, a 94% year-on-year increase [24][28] Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and New China Life (A/H) [18] - In the securities sector, recommended stocks include Guotai Junan (AH), CICC (H), and Huatai Securities (AH) due to their potential for performance improvement [7][18]

Group 1 - China Ping An increased its stake in China Life by 10.12% after acquiring 10.895 million H-shares, triggering relevant market rules [1] - The insurance sector is seeing increased investment from insurance capital due to low valuations, decreasing liability costs, and stable governance, which are essential for long-term returns [1] - Since last year, China Ping An has repeatedly increased its holdings in peer companies, indicating recognition of the long-term development prospects and investment value of leading insurance firms [1] Group 2 - The insurance sector is expected to have significant upward valuation potential due to strong market demand and improving liability costs, with a forecasted recovery in long-term interest rates [2] - Analysts suggest that the insurance industry has entered an upward cycle in terms of both volume and price, benefiting from factors like strong demand for savings and favorable regulatory policies [2] - Insurance capital is increasingly favoring stocks with stable operations, good liquidity, and high dividend yields, while also focusing on sectors aligned with national development strategies [3] Group 3 - The number of equity stakes taken by insurance capital is projected to reach 41 by 2025, reflecting a strategy to enhance investments in quality stocks for high dividends and long-term capital appreciation [3] - The "fixed income plus" investment strategy is expected to be adopted by insurance companies, aiming to increase equity investments while bolstering long-term fixed income assets [3]

Group 1 - China Ping An increased its stake in China Life by 10.12% after acquiring 10.895 million H-shares, triggering relevant regulations in the Hong Kong market [1] - The insurance sector is seeing a trend where insurance capital is increasingly investing in undervalued stocks with stable governance and good business models, which helps alleviate the "asset shortage" and improve long-term investment returns [1] - Since last year, China Ping An has repeatedly increased its holdings in peer companies, with its stake in China Pacific Insurance rising from 5.04% to 11.28%, also triggering multiple regulatory events [1] Group 2 - Analysts expect the insurance sector's valuation to have significant upside potential due to strong market demand and improving liability costs, with a forecasted recovery in long-term interest rates supporting investment returns [2] - The insurance industry is entering an upward cycle in terms of both volume and price, driven by factors such as strong demand for savings and pension products, as well as regulatory changes affecting product pricing [2] - Insurance companies are expected to adopt a "fixed income plus" investment strategy, increasing their equity investments while enhancing their long-term fixed income assets [3]

香港联交所最新资料显示，2月3日，Ping An Asset Management Co., Ltd.增持中国人寿(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7.49亿股，最新持股比例 为10.06%。 ...

香港联交所最新资料显示，2月3日，Ping An Asset Management Co.,Ltd.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7.49亿 股，最新持股比例为10.06%。 ...

关注投资家，⭐，您会收到最新推送 作者 | 母基金研究中心 来源 | 母基金研究中心 近日，中国人寿保险股份有限公司（下称"中国人寿"）披露公告称，拟投资设立一只养老产业基金和一 只长三角科创基金，认缴出资额合计近125亿元。 其中，中国人寿将与关联方国寿启远于2026年9月30日前订立合伙协议，共同设立北京国寿养老产业股 权投资基金二期（有限合伙），基金认缴出资总额达85亿元。 长期资金来源一直是制约我国创投发展的关键问题，募资市场目前仍然缺少真正的"长钱"。母基金研究 中心认为，创业投资是一种长期投资，从最初介入初创企业到实现退出，一般需要5-7年，这就需要大 量长期资本的支持。参照国际经验，VC/PE 的资金来源主要是养老金等保险资金、大学捐赠基金和各 种家族财富，而国内这方面资金并未成为主流，甚至渗透率只有 2%—3%左右。 不过，近年来，在国家政策推动下，长期资金进入一级市场正在出现积极变化。 2025年4月8日，国家金融监督管理总局发布《关于调整保险资金权益类资产监管比例有关事项的通知》 （以下简称《通知》），提高了险资投资创业投资基金的集中度比例。 《通知》中规定，"保险公司投资单一创业投资基金 ...

Core Viewpoint - China Ping An increased its stake in China Life Insurance by purchasing approximately 10.89 million H-shares at an average price of about HKD 33.26 per share, totaling around HKD 362 million, raising its holding to 753 million shares, which is 10.12% of the company, triggering a mandatory disclosure [1] Group 1 - China Ping An's acquisition of H-shares indicates a strategic move to enhance its influence in China Life Insurance [1] - The transaction reflects a significant investment, with a total amount of approximately HKD 362 million involved [1] - Following the purchase, China Ping An's shareholding in China Life Insurance has increased to 10.12%, which is a notable threshold for regulatory disclosure [1]

Regulatory Insights - In 2025, the original insurance premium income is approximately 6.12 trillion yuan, representing a year-on-year growth of 7.43%. Property insurance premium income is about 1.47 trillion yuan, while life insurance premium income is around 4.65 trillion yuan [1] - By the end of 2025, the total assets of the insurance industry are approximately 41.32 trillion yuan, an increase of 15.06% compared to the end of 2024 [1] Corporate Dynamics - China Life reported a consolidated premium income of 887.4 billion yuan in 2025, reflecting a year-on-year increase of 7.4%. The group's consolidated operating revenue reached 1.28 trillion yuan, up 11.3%, with investment income of 401.1 billion yuan, a growth of 17.6% [2] - China Pacific Insurance achieved premium income exceeding 730 billion yuan in 2025, with claims paid amounting to 473 billion yuan and a total insurance liability of 36.48 trillion yuan [3] Financial Personnel - Wang Gang has been appointed as the chairman of Lujiazui Guotai Life Insurance, with approval from the Shanghai Financial Regulatory Bureau [4]