非银金融行业周报：1月基金新发显著增长，头部券商业绩预告符合预期-20260201

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - In January 2026, the market transaction volume and new fund issuance showed significant year-on-year improvement, benefiting the fundamentals of the securities IT and brokerage sectors. Investment banking, asset management, and overseas expansion are expected to further enhance the ROE of leading brokerages. The insurance sector has also achieved a strong start in both individual and bank insurance channels, with a bullish trend in the equity market, indicating a high certainty of growth and high ROE, which is likely to attract additional funds [3][4] Summary by Sections Brokerage Sector - In January 2026, the average daily stock fund transaction volume was 3.71 trillion, up 7.7% month-on-month and 157% year-on-year. The newly established stock and mixed funds totaled 81.2 billion, up 66% month-on-month and 187% year-on-year. The performance forecast of leading brokerages aligns with expectations, with a total net profit of 118.05 billion for 22 listed brokerages, up 54% year-on-year [3][4] - The stock market's trading activity has significantly increased at the beginning of 2026, benefiting brokerage and securities IT companies. The current valuation and institutional holdings in the brokerage sector remain low, with past year performance stagnating, indicating a positive outlook for the spring market [3][4] Insurance Sector - In December 2025, the total premium income for the life insurance sector increased by 8.9% year-on-year, with the overall insurance industry achieving a premium income of 6.12 trillion, up 7.4% year-on-year. The life insurance sector's premium income reached 4.36 trillion, with growth rates of 11.4% for life insurance, -0.4% for health insurance, and -9.9% for accident insurance [4] - The insurance sector is well-prepared for the new year, with favorable conditions for dividend insurance and a positive outlook for individual insurance channels. The stabilization of long-term interest rates and a favorable equity market are expected to improve net assets and profitability for insurance companies [4] Recommended Stocks - Recommended stocks include China Life, China Pacific Insurance, and Ping An; in the brokerage sector, Guangfa Securities, Guotai Junan, Huatai Securities, and CICC are highlighted. Other recommended stocks include CITIC Securities and Guosen Securities, along with Jiangsu Jinzu, Hong Kong Exchanges, and Jiufang Zhitu Holdings [5]