Bei Jing Shang Bao·2026-01-06 11:18Core Viewpoint - The A-share insurance sector has shown remarkable performance at the beginning of 2026, continuing the strong trend from 2025, with major companies experiencing significant stock price increases [3][4]. Group 1: A-share Performance - As of January 6, 2026, major A-share insurance companies such as Xinhua Insurance and China Pacific Insurance saw stock price increases exceeding 5%, while China Life and Ping An rose over 2% [1][3]. - On the first trading day of 2026, all five major A-share listed insurance companies recorded gains of over 5%, with Xinhua Insurance leading at an increase of 8.87% and China Pacific at 7.52% [3]. - The stock prices of Xinhua Insurance and China Pacific reached historical highs, while Ping An closed at 72.36 yuan per share, marking a five-year peak [3]. Group 2: Industry Fundamentals - The insurance industry has shown solid growth, with total premium income reaching 5.76 trillion yuan in the first eleven months of 2025, reflecting a year-on-year increase of 7.56% [3]. - Life insurance companies experienced a premium income growth of 9.1%, while property insurance companies saw a 3.9% increase, indicating a stable development trajectory for the industry [3]. Group 3: Market Drivers - Analysts attribute the strong performance of insurance stocks to a combination of policy benefits, improved earnings, valuation recovery, and favorable capital allocation [4]. - Recent regulatory changes aimed at encouraging long-term investments by insurance funds have alleviated market concerns regarding investment restrictions, facilitating a systematic valuation recovery for the sector [4]. - The current market sentiment, risk appetite, and liquidity are favorable for the stock market, benefiting the equity allocation of insurance funds [4][5]. Group 4: Future Outlook - The insurance sector is expected to continue its upward trend in 2026, supported by a favorable liquidity environment and the potential for double-digit growth in new business value (NBV) [5]. - The easing of policies has provided insurance companies with enhanced operational support, contributing to performance improvements [5]. - The characteristics of insurance stocks make them attractive for passive investment, further solidifying their position in the market [5].