Core Viewpoint - The insurance industry in Hong Kong has rapidly mobilized to support rescue and recovery efforts following a severe fire incident in Tai Po, demonstrating its role as an economic stabilizer and social safety net [1] Group 1: Emergency Response Actions - Multiple insurance companies, including China Life, China Ping An, and China Taiping, activated emergency response plans immediately after the fire, establishing management teams and simplifying claims processes to ensure rapid support for affected clients [2][3] - China Life's overseas branch initiated emergency claims services and proactively contacted policyholders to ensure timely assistance [2] - China Taiping Insurance (Hong Kong) quickly identified affected clients and coordinated with them to assess needs and provide support [3] Group 2: Financial Contributions - Insurance institutions have collectively donated over 60 million HKD to aid in rescue efforts, with AIA Hong Kong contributing 20 million HKD for emergency assistance and community recovery [4] - China Ping An announced a donation of 10 million HKD for emergency relief and recovery efforts, emphasizing its commitment to supporting affected communities [4] - China Taiping and Sunshine Insurance also pledged 10 million HKD each to assist in recovery efforts, showcasing the industry's solidarity with the affected population [5][6] Group 3: Reinsurance Support - Reinsurance companies, such as China Re, played a crucial role in stabilizing market confidence by providing essential support for local insurers in managing disaster-related claims [7] - China Re activated its emergency response mechanism to assist direct insurers in assessing losses and facilitating claims processes [7] - Qianhai Reinsurance established a dedicated task force to support claims services and ensure timely compensation for affected parties [8]

Core Viewpoint - The insurance industry in Hong Kong has rapidly mobilized to support rescue and recovery efforts following a severe fire incident in Tai Po, demonstrating its role as an economic stabilizer and social safety net through emergency response measures and significant financial contributions [1][4]. Group 1: Emergency Response Actions - Multiple insurance companies, including China Life, China Pacific, and Taikang Insurance, activated emergency response plans immediately after the fire, establishing management teams and simplifying claims processes to ensure rapid support for affected clients [2][3]. - China Life's overseas branch initiated emergency claims services, proactively contacting policyholders to ensure timely assistance [2]. - China Taiping Insurance quickly identified affected clients and established a claims hotline, demonstrating a commitment to rapid response and support [3]. Group 2: Financial Contributions - Insurance institutions have collectively donated over 60 million HKD to aid in rescue efforts, with AIA Hong Kong contributing 20 million HKD for emergency assistance and community recovery [4][6]. - China Ping An announced a donation of 10 million HKD for emergency relief and recovery efforts, emphasizing its commitment to supporting affected communities [4][5]. - Taikang Insurance pledged 10 million RMB for urgent relief and community rebuilding, showcasing the industry's solidarity with the affected population [6]. Group 3: Reinsurance Support - Reinsurance companies, such as China Re, played a crucial role in stabilizing market confidence by providing essential support for local insurers in managing disaster-related claims [7][8]. - China Re activated its emergency response mechanism to assist direct insurers in assessing losses and expediting claims processes, reinforcing the insurance system's resilience [7]. - Qianhai Reinsurance established a dedicated task force to support claims services and ensure timely compensation for affected areas, enhancing the overall response capability of the insurance sector [8].

11月27日至28日，由省委金融办、省发展改革委、省民政厅、省金融监管局联合主办，陕西丝路金 融研究院协办的2025年陕西省"险资入陕"交流观摩活动在西安举办。 11月28日，险资机构投资团队分赴西安市丝路科学城、集成电路创新中心、陕西空天动力创新中 心、曲江文旅产业园区、龙腾半导体项目基地、西安财金投资管理公司等重点园区与企业实地考察，深 入了解项目融资需求，推动产投合作加快落地。 保险资金作为天然的"耐心资本"，具有规模大、期限长、来源稳等显著优势，在服务国家战略、支 持实体经济和保障国计民生中发挥着重要作用。省委金融办相关负责人表示，将联合省发展改革委、省 民政厅、陕西金融监管局等部门，持续加大工作力度，进一步畅通资本与项目合作渠道，推动保险资金 与陕西优质项目深度对接，为谱写陕西新篇、争做西部示范注入强劲金融动能。（记者：孙丹） 在2025年陕西省"险资入陕"交流大会上，政府有关部门负责人、险资机构代表以及省内高端制造、 能源化工、文化旅游等重点领域的产业园区、重点企业和上市后备企业负责人共计300余人参会。人保 资本保险资产管理公司、中保投资公司、太平洋资产管理公司等头部险资机构专家围绕保险资金支持 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The non-bank financial sector has shown a decline in trading volume, with the commercial real estate REITs pilot program progressing steadily [1] - The insurance industry has surpassed a total asset value of 40 trillion yuan, indicating robust growth [5][23] - The report highlights the performance of various sub-sectors within non-bank finance, with insurance leading in growth [11] Summary by Sections Non-Bank Financial Sub-Sector Performance - In the recent five trading days (November 24-28, 2025), all sub-sectors of non-bank finance underperformed compared to the CSI 300 index, with insurance up by 0.21%, securities by 0.75%, and multi-financial by 1.63% [10] - Year-to-date, the insurance sector has increased by 14.41%, while multi-financial has risen by 6.76% [11] Securities Sector - Trading volume has decreased month-on-month, with the average daily trading amount for November at 22,411 billion yuan, a 12.90% decline from the previous month but a 4.61% increase year-on-year [15] - The China Securities Regulatory Commission (CSRC) has released a consultation draft for the commercial real estate REITs pilot program, aiming to enhance the market [18][21] Insurance Sector - As of Q3 2025, the total assets of insurance companies reached 40.4 trillion yuan, a 12.5% increase from the beginning of the year [23] - The insurance sector's premium income for the first three quarters was 5.2 trillion yuan, reflecting an 8.5% year-on-year growth [23] - The report indicates a strong cyclical characteristic in the insurance industry, with expectations for improvement in both liabilities and investments as the economy recovers [27] Multi-Financial Sector - The trust industry is experiencing a stable transition, with total assets reaching 29.56 trillion yuan in 2024, a 23.58% year-on-year increase [30] - The futures market saw a trading volume of 6.03 billion hands in October 2025, with a transaction value of 61.22 trillion yuan, indicating a 4.56% year-on-year growth [35] Industry Ranking and Key Company Recommendations - The report ranks the non-bank financial sectors as follows: insurance > securities > other multi-financial [46] - Key recommended companies include China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [46]

Macro Economic Overview - Manufacturing and construction sectors show signs of low-level recovery, while the service sector is weakening, as indicated by the November PMI data [3][5] - The PMI for manufacturing increased by 0.3 percentage points to 50.0%, with improvements in new orders and export orders [3][4] - The construction PMI improved by 0.5 percentage points to 49.6%, supported by the acceleration of special bond issuance [5][6] Corporate Profit Trends - In the first ten months of 2025, the cumulative profit of large-scale industrial enterprises increased by 1.9% year-on-year, down from 3.2% [8][9] - October saw a significant decline in profits, with a year-on-year drop of 5.5%, attributed to a high base effect and rising costs [9][10] - The profit structure indicates a shift, with midstream profits increasing while upstream profits are declining [11][41] Investment Strategies - The report suggests early positioning for the upcoming spring market rally, with December being a crucial macroeconomic window [14][15] - Growth style is expected to continue, with a focus on technology and cyclical sectors [19][27] - The report highlights the potential of small-cap stocks, particularly in a liquidity-rich environment [18][22] Sector-Specific Insights - The real estate sector is seeing a shift towards infrastructure REITs, with a notable performance in affordable housing REITs [3][5] - The coal mining sector is experiencing price stability, with coal prices expected to remain firm [3][5] - The pharmaceutical sector is advancing rapidly in clinical trials for PD-1/VEGF dual antibodies, with four candidates entering registration trials [3][5] ETF and Index Performance - The report discusses the core investment value of the China Securities 2000 Enhanced Strategy ETF, emphasizing its growth potential and resilience [20][21] - The index is characterized by high growth and elasticity, particularly benefiting from liquidity easing and stimulus policies [21][22] Financial Engineering and Asset Allocation - The report recommends a multi-asset allocation strategy favoring short-term bonds, undervalued convertible bonds, and gold assets [55][56] - The bond market is expected to experience upward pressure on yields, with a shift in asset allocation from safe-haven assets to risk assets [43][48]

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]

Investment Rating - The report maintains a positive outlook on the brokerage sector, recommending stocks such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy [4][3][18]. Core Insights - The report highlights that the brokerage sector is expected to benefit directly from the increased attractiveness of the equity market, particularly in wealth management and asset management businesses [4][3]. - The insurance sector is anticipated to undergo a systematic value reassessment in 2026, driven by rising long-term interest rates and continued investment from insurance funds [4][3]. Market Performance - The Shanghai and Shenzhen 300 Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, up 0.68% [7][4]. - The brokerage sector index increased by 0.74%, while the insurance sector index saw a rise of 0.20% [7][4]. Key Data Points - As of November 28, 2025, the average daily trading volume in the Shanghai and Shenzhen markets was 19,147.38 billion [18][46]. - The financing balance in margin trading reached 24,720.45 billion, reflecting a year-on-year increase of 32.6% [18][49]. - The insurance industry reported a total premium income growth, with significant contributions from new business value (NBV) [4][3]. Individual Stock Highlights - In the insurance sector, notable A-share performances included China Life (0.09%) and New China Life (0.41%), while AIA Group in H-shares saw a significant increase of 4.95% [9][4]. - Among brokerages, Guosheng Securities led with a weekly increase of 3.68%, followed by Industrial Securities (3.36%) and Northeast Securities (2.45%) [9][4]. Regulatory and Market Developments - The report notes the expansion of the pilot program for optimizing brokerage account management, which now includes 20 qualified brokerages [21][4]. - The private equity fund sector reached a record high of 22.05 trillion, with a notable increase in new registrations [19][4].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].

Group 1: Investment Recommendations - Monthly stock recommendations include: XJ Electric (000400.SZ) in power equipment, Zai Jian Pharmaceutical (688266.SH) in pharmaceuticals, Chip Source Microelectronics (688037.SH) in electronics, Hehe Information (688615.SH) in computers, Changying Precision (300115.SZ) in robotics & electronics, China Life (601628.SH) in non-banking, Shentong Express (002468.SZ) in transportation, Yahua Group (002497.SZ) in new metal materials, Global New Material International (06616.HK) in building materials, and Haidar (920699.BJ) on the Beijing Stock Exchange [3] Group 2: Power Equipment - XJ Electric (000400.SZ) is recommended due to: (1) Price reductions in secondary equipment, electric meters, and distribution network equipment may have bottomed out, indicating a potential rebound in the core business; (2) Severe challenges in renewable energy consumption with expectations for significant growth in ultra-high voltage direct current projects; (3) The offshore wind sector is expected to experience high prosperity during the 14th Five-Year Plan, which may open up opportunities in the direct current equipment industry [4] Group 3: Pharmaceuticals - Zai Jian Pharmaceutical (688266.SH) is recommended because: The existing core business has four products on the market, with future products expected to accelerate growth; the III phase pipeline DLL3 is expected to solidify the core business and has high overseas potential; the II phase pipeline PD1/TIGIT may provide significant growth flexibility; future dual-antibody/multi-antibody platform products are anticipated to open up growth space [6] Group 4: Electronics - Chip Source Microelectronics (688037.SH) is recommended due to: Rapid growth in demand driven by AI for advanced processes and storage, leading to accelerated expansion of wafer fabs; as a leading domestic supplier of large wet processing equipment, it continues to make breakthroughs in coating and developing equipment, with successful industrialization of chemical cleaning equipment; the market for domestic substitutes in coating and cleaning equipment is expected to grow significantly [8] Group 5: Computers - Hehe Information (688615.SH) is recommended because: In Q3 2025, revenue grew by 27.5% year-on-year, and profit increased by 34.9% year-on-year; AI products are continuously iterated, and the TextIn xParse platform provides general document parsing services for LLM downstream tasks, which may open up B-end market space; as a global leader in OCR, the company has 189 million monthly active users for its main C-end products, and the upcoming listing in Hong Kong is expected to further expand overseas markets and release growth potential [10] Group 6: Robotics & Electronics - Changying Precision (300115.SZ) is recommended due to: The robotics business supplies leading domestic and international robot manufacturers, with significant valuation elasticity; the consumer electronics business is deeply tied to Apple, and new projects like AI glasses are expected to bring revenue growth [12] Group 7: Non-Banking - China Life (601628.SH) is recommended because: The asset-liability matching is excellent, with a focus on annuities with an actual duration of about 10 years, leading to a narrowing duration gap; the early transformation to dividend insurance sales has resulted in a 51.72% share of new single premium in Q1 2025, outperforming most peers; future dividend payment capabilities have room for growth due to the reclassification of assets [13] Group 8: Transportation - Shentong Express (002468.SZ) is recommended due to: The "anti-involution" trend in the express delivery industry is expected to strengthen, with a potential recovery in prices by 2026; as one of the leading companies in the express delivery sector, it has significant profit elasticity and may have entered a period of sustained validation [16] Group 9: New Metal Materials - Yahua Group (002497.SZ) is recommended because: The dual main businesses of lithium hydroxide and civil explosives are running concurrently, with stable contributions from the explosives business and potential rebound in lithium business; the lithium segment is expanding production in partnership with Tesla, and the African K mine is expected to contribute to performance during the lithium price bottoming period [18] Group 10: Building Materials - Global New Material International (06616.HK) is recommended due to: The pearlescent pigment industry has strong consumer attributes, with a history of double-digit growth and annual price increases; upstream high-quality natural materials are depleting, leading to a concentration of core resources in leading companies; the acquisition of Germany's Merck SUSONITY has positioned the company as an industry leader and opened up high-end market opportunities [20] Group 11: Beijing Stock Exchange - Haidar (920699.BJ) is recommended because: It is a leading domestic supplier of server slide rails, breaking industry monopolies and leading self-replacement; the company has successfully entered the higher technical barrier server market and is a qualified supplier for major server manufacturers; the focus on high-value new products in AI server liquid cooling is expected to enhance profitability [22]

Fundraising Activities - In November, Source Code Capital announced the completion of a new growth fund with a total scale of $600 million, focusing on "AI+" and "Global+" investment directions [4] - Monolith completed fundraising for its dual-currency VC fund with a total scale of approximately $488 million (about 3.5 billion RMB), bringing its total asset management scale to over 10 billion RMB [6] - Hangzhou Runmiao Fund was established with an initial scale of 2 billion RMB, focusing on early-stage investments [8] - The XinKe Industry Investment Fund, initiated by Wuhan High-tech Group, has a total scale of 5 billion RMB, aimed at enhancing local industrial development [10] - CapitaLand Investment announced the completion of its CLARA II private fund with over $650 million raised, focusing on data centers and new economic infrastructure in the Asia-Pacific region [12] - Shenzhen Investment Control and Bank of Communications signed a cooperation agreement for a 2 billion RMB fund focusing on hard technology enterprises [14] - Chip Union Capital completed fundraising of 1.25 billion RMB for its main fund, targeting semiconductor and AI sectors [16] - Cainiao and China Life established a logistics investment fund with a total asset scale of over 1.7 billion RMB [18] - Lenovo announced the establishment of the Lenovo Shanghai Fund with an initial scale of 1 billion RMB, focusing on cutting-edge technology [20] - The Nanjing Jinyu Maowu Fund was established with a total scale of 1 billion RMB, focusing on AI and digital economy sectors [22] - The Henan Lihua Angel Fund was registered with a total scale of 177 million RMB, focusing on frontier technology investments [24] - Northern Light Venture Capital established a QFLP fund in Tianjin, with a registered capital of approximately 1 million RMB [26] - China Rare Earth established a private equity fund management company in Shenzhen with a registered capital of 30 million RMB [28] - The Hubei Zhongying Changjiang Fund was established with a target scale of 10 billion RMB, focusing on high-end equipment manufacturing and AI [30] - The Wuxi Baiwang AI Investment Fund was successfully registered, focusing on AI and data intelligence sectors [32] - Shanghai Jiao Tong University established a fund with a total scale of 100 million RMB, focusing on strategic emerging industries [34] - Yida Capital plans to establish a cross-border investment fund to support Guangzhou's economic development and attract international capital [36]