Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The bank wealth management market has seen a significant recovery in product issuance post the 2026 Spring Festival, with 1,252 new products launched from February 24 to March 8, 2026, marking a 56.89% increase compared to the previous period [2][13] - The public fund market has experienced a notable decline in both the number and scale of new fund issuances, with only 17 new funds raised during the reporting period, totaling 14.915 billion yuan, reflecting a 73.4% drop in quantity and a 74.4% decrease in total scale compared to the previous period [3][23] - The insurance market has shown signs of recovery, with 29 new insurance products launched, a 26.09% increase from the previous period, driven by stable demand for conservative investment options and a shift towards dividend-type products [5][37] Summary by Sections Bank Wealth Management Products - The issuance of bank wealth management products has returned to normal levels, with fixed-income products dominating the market, accounting for 97.76% of new issuances [14][16] - The market structure remains characterized by a focus on medium to long-term products, with 33.79% of new products having a duration of 1 to 3 years [17] - The concentration of issuance is high, with wealth management companies accounting for 75.16% of new products, indicating a stable market landscape [18] Fund Products - The new fund market has cooled significantly, with a drastic reduction in both the number of new funds and the total amount raised, indicating a shift in market activity [23][31] - Equity funds dominated in number, with 8 out of 17 new funds being equity or mixed funds, but their total scale was lower compared to bond funds, which raised 71.92 billion yuan [30][32] - The market is increasingly concentrated among leading fund companies, with a few institutions contributing to the majority of new fund issuances [33] Insurance Products - The insurance market has seen a rise in new product launches, particularly in annuity insurance, which accounted for 65.52% of new products, reflecting a growing preference for stable cash flow products [39][47] - The structure of new insurance products has shifted towards a balance between traditional and dividend-type products, with both types seeing increased issuance [42][43] - The absence of new universal insurance products indicates a tightening regulatory environment and a focus on more competitive traditional and dividend products [42][47]

证 券 研 究 报 告 多资产配置研究 资产配置快评 2026 年 03 月 17 日 【资产配置快评】2026 年第 11 期 Riders on the Charts: 每周大类资产配置图 表精粹 投资摘要： Winning isn't everything, but wanting to win is. —Vince Lombardi 原油市场爆发价格战，新兴市场出现系统性金融风险 华创证券研究所 证券分析师：郭忠良 相关研究报告 《资产配置快评 2026 年第 10 期：Riders on the Charts：每周大类资产配置图表精粹》 2026-03-10 《资产配置快评 2026 年第 9 期：Riders on the Charts：每周大类资产配置图表精粹》 2026-03-03 《两会前瞻与美伊冲突——总量"创"辩第 122 期》 2026-03-02 《资产配置快评 2026 年第 8 期：Riders on the Charts：每周大类资产配置图表精粹》 2026-02-24 《资产配置快评 2026 年第 7 期：Riders on the Charts：每周大类资产配置图表精粹》 ...

Investment Rating - The report maintains a "Recommended" rating for Sunshine Insurance (06963.HK) [1] Core Views - The company achieved a net profit attributable to shareholders of 6.31 billion yuan in 2025, representing a year-on-year increase of 15.7%. The embedded value reached 120.78 billion yuan, up 4.3% year-on-year, while the new business value surged by 48.2% to 7.64 billion yuan. The combined ratio (COR) for property and casualty insurance was 102.1%, an increase of 2.4 percentage points year-on-year. The net, total, and comprehensive investment returns were 3.7%, 4.8%, and 6.1%, respectively, with year-on-year changes of -0.5 percentage points, +0.5 percentage points, and -0.4 percentage points [1][3][7] Financial Performance Summary - In 2025, the company reported total revenue of 94.81 billion yuan, with a year-on-year growth rate of 5.03%. The net profit attributable to shareholders is projected to grow to 6.54 billion yuan in 2026, reflecting a 3.7% increase [3][8] - Earnings per share (EPS) for 2025 is estimated at 0.55 yuan, with a price-to-earnings (P/E) ratio of 6.3 times. The price-to-book (P/B) ratio stands at 0.7 times [3][8] Business Segment Insights - Sunshine Life achieved total premiums of 102.6 billion yuan in 2025, a year-on-year increase of 27.5%. New business premiums rose by 47.3% to 45.1 billion yuan, primarily driven by a 69% increase in bank insurance new business [7] - The property and casualty insurance segment reported original premiums of 47.9 billion yuan, with a slight year-on-year increase of 0.1%. Non-auto insurance contributed significantly with a 4.5% growth [7] Investment Strategy - The report suggests that despite a decline in pre-tax profit due to underwriting financial losses, the company benefited from a one-time impact of tax policy changes, leading to stable net profit growth. The outlook for 2026 remains positive, with expectations for continued flow from bank insurance channels and improved profitability in the property and casualty segment following the cessation of financing guarantee business [7][8]

宏观研究 证 券 研 究 报 告 【宏观快评】 "供强需弱"问题有所改善——1-2 月经济数 据点评 ❖ 核心观点：对于 1-2 月的经济运行，我们认为从多个维度来看，供强需求问题 或有所改善。观察视角包括工业整体的供需对比（以生产对比消费、固投、出 口的合计增速）、结构性的未来供需矛盾观察（需求投资增速差）、产销率、大 宗之外的物价变化。展望未来，我们对经济研判的核心依然聚焦中游供需分析， 在反内卷持续推进，中游出口景气偏强的判断下，依然看好中游盈利回升。 ❖ 一、供强需弱问题的观察视角 （一）整体而言：供强需弱问题在改善。整体而言，我们观察工业的当期产出 与需求。产出以工增衡量，1-2 月增速为 6.3%。需求以固投、社零、出口三大 指标衡量，1-2 月合计增速为 6.6%，即，1-2 月，需求整体增速超过供给。2025 年，全年来看，工增增速为 5.9%，固投、社零、出口合计增速为 1.3%，需求 偏离供给较多。 （二）结构来看：中游制造供需矛盾进一步缓解。我们构建的供需矛盾指标表 明，在约束投资以及需求的带动下，中游的供需矛盾在快速缓解，1-2 月，中 游滚动一年的需求增速回升至 9.6%，好于前值 ...

❖ 集团 2025 年实现归母净利润 63.1 亿元，同比+15.7%；内含价值 1207.8 亿元， 同比+4.3%；实现新业务价值 76.4 亿元，同比+48.2%；财险 COR 为 102.1%， 同比+2.4pct；实现净/总/综合投资收益率 3.7%/4.8%/6.1%，同比-0.5pct/+0.5pct/- 0.4pct。2025 年拟分配分红 0.19 元每股。 评论： 证 券 研 究 报 告 阳光保险（06963.HK）2025 年报点评 推荐（维持） 业绩稳增，保证险拖累 COR 事项： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 94,811 | 98,286 | 100,756 | 106,485 | | 同比增速(%) | 5.03 | 3.66 | 2.51 | 5.69 | | 归母净利润(百万) | 6,307 | 6,540 | 6,807 | 7,759 | | 同比增速(%) | 15. ...

证 券 研 究 报 告 中泰证券（600918）深度研究报告 推荐（首次） 区域龙头多元开拓，资本赋能成效可期 目标价：7.43 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 10,891 | 11,874 | 13,334 | 14,477 | | 同比增速(%) | -15% | 9% | 12% | 9% | | 归母净利润(百万) | 937 | 1,413 | 1,725 | 1,897 | | 同比增速(%) | -48% | 51% | 22% | 10% | | 每股盈利(元) | 0.11 | 0.18 | 0.22 | 0.24 | | 市盈率(倍) | 56.8 | 35.0 | 28.7 | 26.1 | | 市净率(倍) | 1.15 | 1.12 | 1.09 | 1.07 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 03 月 16 日收盘价 公司研究 证券Ⅲ 2026 年 03 月 ...

区域龙头多元开拓，资本赋能成效可期 目标价：7.43 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 10,891 | 11,874 | 13,334 | 14,477 | | 同比增速(%) | -15% | 9% | 12% | 9% | | 归母净利润(百万) | 937 | 1,413 | 1,725 | 1,897 | | 同比增速(%) | -48% | 51% | 22% | 10% | | 每股盈利(元) | 0.11 | 0.18 | 0.22 | 0.24 | | 市盈率(倍) | 56.8 | 35.0 | 28.7 | 26.1 | | 市净率(倍) | 1.15 | 1.12 | 1.09 | 1.07 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 03 月 16 日收盘价 公司研究 证券Ⅲ 2026 年 03 月 16 日 | | | 华创证券研究所 证 券 研 究 报 告 中泰证券（6 ...

Group 1: Liquidity - The issuance scale of equity public funds has returned to a historical high, with new fund issuance reaching 198.2 billion units, up from 31.2 billion units previously, marking a 95% percentile in the last three years[9] - Margin financing net inflow was approximately 48.8 billion, a significant increase from the previous outflow of 253.1 billion, placing it at the 57% percentile over the last three years[13] - Southbound capital net inflow surged to 465 billion, returning to a historical high, while equity financing decreased to 38.1 billion, at the 22% percentile[25][36] Group 2: Trading Congestion - The trading heat index for the chemical industry increased by 23 percentage points to 63%, while the construction sector rose by 19 percentage points to 79%[42] - The media sector saw a decline of 30 percentage points to 55%, and the real estate sector decreased by 16 percentage points to 28%[42] - The overall trading volume for stock ETFs turned negative at -74 billion, down from a previous inflow of 45.6 billion, placing it at the 23% percentile[20] Group 3: Investor Sentiment - Retail investor net inflow in A-shares was 1430.3 billion, a decrease of 694.2 billion from the previous week, placing it at the 80% percentile over the past five years[2] - The search interest for A-shares on social media platforms has declined, indicating a decrease in market enthusiasm amid external geopolitical and liquidity disturbances[66] - The trend of public funds clustering has intensified, with a focus on value and sectors like consumption and cyclical industries[2]

证 券 研 究 报 告 【宏观快评】 多方部署"反内卷"——政策周观察第 71 期 1、"反内卷"及统一大市场：1）3 月 15 日，全国人民代表大会常务委员会工 作报告发布，提到将修改招标投标法、政府采购法、价格法，今年全国人大常 委会还将就建设全国统一大市场等议题听取审议"一府一委两院"专项工作报 告。2）3 月 13 日，国常会研究建立地方财政补贴负面清单管理机制，制定全 国统一的地方财政补贴负面清单，进一步明确地方政府禁止实施财政补贴的具 体情形。3）3 月 14 日，新华社受权发布国家发改委计划报告，提到"有序压 减钢铁、炼油等行业产能，强化铜冶炼、氧化铝、煤化工等行业产能治理，优 化乙烯、对二甲苯行业布局结构"。4）3 月 14 日，新华社受权发布预算草案 报告，提到"禁地方超越法律法规授权自行制定税收优惠政策。对阶段性税收 优惠政策到期后逐项评估，该调整的调整，该取消的取消"。 2、科技产业：1）3 月 15 日，《求是》杂志发表总书记重要文章《推动海洋经 济高质量发展》。文章提到，"推进中国式现代化，必须高效开发利用海洋，推 动海洋经济高质量发展，走出一条具有中国特色的向海图强之路"，将"编制 ...

Core Conclusions - The report highlights the dual emphasis on "technology" and "international" in the latest five-year plan, indicating a strengthened focus on technological self-reliance and open cooperation, while also prioritizing the enhancement of development efficiency and solidifying industrial foundations [3] - The analysis of policy intensity reveals an increase in the focus on "new quality productivity," "strong domestic economy," "cultural construction," "population development," "green development," and "safe China," reflecting a heightened concern for sustainable development and social stability [6][11] - The report identifies over 100 specific industry allocation clues under 15 major themes, with a focus on sectors such as innovative pharmaceuticals, deep-sea technology, the inaugural economy, catering and tourism, Hainan Free Trade Port, urban village renovation, vocational education, and cybersecurity, which show favorable valuation and profit matching [3] Frequency Statistics of Keywords in Previous Five-Year Plans - The report utilizes keyword frequency analysis to show that "development" and "construction" remain dominant themes across five-year plans, with "technology" and "international" entering the top twenty for the first time in the latest plan, indicating a shift towards practical guidance focused on enhancing development efficiency [4] - The report provides a detailed frequency count of keywords across different five-year plans, showing the evolution of policy focus over time [4] Chapter Arrangement and Length Statistics of Previous Five-Year Plans - The report analyzes the chapter arrangement and length of previous five-year plans, noting that the latest plan has improved rankings in chapters related to modern industrial systems, digital China, and foreign openness, with significant increases in chapter length for themes such as foreign openness and cultural construction [5] - The report highlights the percentage increase in chapter length for various themes, indicating a shift in policy focus and priorities [5] Policy Intensity Analysis - The report assesses the policy intensity of various themes, noting that "new quality productivity" and "strong domestic economy" have seen increases in both intensity and chapter length, reflecting a more proactive policy stance [6] - The report also indicates that "cultural construction" and "population development" have increased in policy intensity and length, emphasizing the importance of investing in human capital [11] - The report highlights the increased focus on "green development" and "safe China," indicating a strategic direction towards sustainable development and social stability [25]