金融行业周报（2026、01、11）：开门红催化保险板块，看好配置策略下银行股中长线收益-20260111

Group 1: Core Conclusions - The financial industry saw a weekly increase of +2.60% in the non-bank financial index, underperforming the CSI 300 index by 0.19 percentage points [1] - The insurance sector outperformed with a weekly increase of +3.58%, benefiting from strong performance in listed insurance companies [1][9] - The banking sector experienced a decline of -1.90%, underperforming the CSI 300 index by 4.69 percentage points, with all types of banks showing negative performance [1][9] Group 2: Insurance Sector Insights - The insurance sector's strong performance is driven by high growth in "opening red" earnings, indicating a solid investment logic with improving fundamentals [1][13] - The sector benefits from a dual drive of asset under management (AUM) expansion and interest rate spread recovery, with a clear trend of increasing industry concentration [1][17] - Recommended companies in the insurance sector include China Pacific Insurance, China Ping An, China Life (H), and New China Life [3] Group 3: Brokerage Sector Insights - The brokerage sector saw a weekly increase of +1.90%, with a PB valuation of 1.41x, indicating potential for valuation recovery [2][18] - Notable developments include GF Securities' plan to raise funds through H-share placement to support international business expansion [2][18] - Recommended brokerages include Guotai Junan, Huatai Securities, and CITIC Securities, focusing on those with strong fundamentals and low valuations [3][19] Group 4: Banking Sector Insights - The banking sector's PB valuation stands at 0.53x, with expectations for interest margin recovery in 2026, driven by reduced re-pricing pressure on loans [2][21] - The People's Bank of China indicated a continuation of a moderately loose monetary policy, which is expected to support the banking sector's performance [2][21] - Recommended banks include Hangzhou Bank, with additional focus on Qingdao Bank and Ningbo Bank for potential recovery opportunities [3][22]