GF SECURITIES·2026-01-18 10:26Core Insights - The report highlights that new regulations in derivatives are expected to release positive signals for the non-bank financial sector, with a focus on companies likely to announce performance increases [1][5]. Group 1: Market Performance - As of January 16, 2026, the Shanghai Composite Index closed at 4101.91, down 0.45%, while the Shenzhen Component Index rose by 1.14% to 14281.08 [10]. - The average daily trading volume in the Shanghai and Shenzhen markets reached 3.47 trillion yuan, an increase of 21.50% month-on-month [5]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to continue high growth, with improvements in long-term interest rate spreads anticipated [12][16]. - As of January 12, 2026, the total scale of private equity securities investment funds by insurance capital reached 184.5 billion yuan, with 11 funds established [16]. - The report suggests focusing on companies such as China Ping An, China Life, and New China Life for potential investment opportunities [16]. Securities Sector - The China Securities Regulatory Commission (CSRC) emphasized stability and quality improvement in its 2026 work meeting, aiming to prevent market volatility and enhance internal stability [17][18]. - The CSRC's new derivatives regulations aim to standardize the market, encourage risk management, and improve the income structure of brokerage firms [25][26]. - The report indicates that the derivatives market is expected to grow significantly, with the scale of over-the-counter derivatives increasing from 0.32 trillion yuan in 2015 to 2.38 trillion yuan in 2023, reflecting a compound annual growth rate of 29% [26]. Group 3: Key Company Valuations and Financial Analysis - China Ping An (601318.SH) has a current price of 66.33 yuan, with a target value of 85.17 yuan, indicating a buy rating [6]. - New China Life (601336.SH) is rated as a buy with a current price of 82.09 yuan and a target value of 94.21 yuan [6]. - China Life (601628.SH) is also rated as a buy, with a current price of 47.52 yuan and a target value of 55.47 yuan [6].