2月26日，港股整体延续近期下跌趋势，截至收盘，恒指、恒科指分别重挫1.44%、2.87%。大型互联网 龙头集体回调，阿里巴巴-W跌超3%，腾讯控股、美团-W跌超2%，小米集团-W跌逾1%。香港大盘 30ETF（520560）场内价格收跌1.98%，下探上市以来新低。 | 分时 $日 1分 5分 15分 30分 · 综合屏 F9 前复权 超级量加 面线 工具 @ (2 > | | 香港大盘30ETF 1 | | 520560 | | --- | --- | --- | --- | --- | | 520560.SH(香港大盘30ETF] 2025/11/17 收0.976 幅-0.71%(-0.007) 开0.904 高0.985 低0.974 四 | | | | 0.018 -1.98% | | MAS 0.9841 MA10 0.9811 MA20 0.9811 2025/10/13-2026/02/26(91日)▼ | | | | | | | | | 15:59:59 闭击 | T+0 随 元 (1) | | 1005- | 1.006 | 净值击势 | 华宝福投资管生中国[雷雷上市]30 | | | ...

Market Performance - During the Spring Festival, developed markets saw a general rise, with MSCI Global up by 1.1%, MSCI Developed Markets up by 1.2%, and MSCI Emerging Markets up by 0.8%[3] - The US 10Y Treasury yield increased significantly, while Japanese yields decreased the most[3] Profit Expectations - US stock earnings expectations were revised upward, with S&P 500 2026 EPS forecast increased from +12.7% to +12.9%[4] - Hong Kong's earnings expectations remained flat, with Hang Seng Index 2026 EPS forecast at +11.1%[4] - Eurozone earnings expectations were revised down from -3.1% to -3.0%[4] Economic Indicators - The Citigroup Economic Surprise Index for the US decreased, influenced by lower-than-expected Q4 GDP growth and uncertainties surrounding tariffs[5] - The European Economic Surprise Index increased, driven by significant growth in German economic output[5] Industry Insights - The lithium carbonate market is expected to tighten due to Zimbabwe's ban on lithium concentrate exports, impacting global supply significantly[13] - In 2025, China imported 1.19 million tons of lithium concentrate from Zimbabwe, translating to a production of 148,800 tons of lithium carbonate[14] Real Estate Market - In Q4 2025, only 19% of cities showed signs of bottoming out in the real estate market, with over 90% of key cities experiencing a year-on-year decline in new home transactions[17] - New home prices are expected to continue declining, with first-tier cities facing a clearing cycle exceeding 23 months[20] Banking Sector - Large banks saw a significant increase in short-term loans, while small banks experienced a slowdown in credit growth, with large banks' short-term loans increasing by 4,197 billion yuan[35] - The overall loan amount decreased by 4,893 billion yuan year-on-year, with large banks and small banks seeing declines of 2,130 billion yuan and 2,763 billion yuan, respectively[38] Company Coverage - Samsung Medical's revenue is projected to reach 14.804 billion yuan in 2025, with a growth rate of 1.4%[40] - The company is expected to maintain a target price of 32.4 yuan, reflecting a 24X PE valuation for 2026[40]

原标题："中保"观察 | 从头部险企健康险理赔"结构"，看实际保障力度被低估 来源：中保新知 今年过年不送礼，送礼就要送健康。关于健康的祝福，已成为挂在每一个人嘴边的口头禅。马年春节前 后，健康保障、健康管理也已经成为宏观经济与民生领域的热点话题。 其一是北京市医保局、金融监管总局北京监管局等九部门于2月联合印发《北京市支持商业健康保险高 质量发展的若干措施》，从产品创新、数据共享到医保商保协同，全方位为商业健康险高质量发展保驾 护航；其二是马年央视春晚上，健康AI应用"蚂蚁阿福"的高调亮相，也在加速推动健康管理进入全民视 野。 在政策与科技的双轮驱动下，大众对健康的关注热情持续攀升。那么，作为重要的健康保障工具，商业 健康险的发展现状如何，行业理赔力度怎样？近期金融监管总局披露的保险业务数据，以及人身险公司 相继出炉的年度理赔报告，或是解读商业健康险发展、观测理赔服务的重要窗口。 01 业务增速放缓 最新数据显示，2025年商业健康险保费为9973亿元，同比增幅2.04%，距离业内期待的万亿保费规模仅 一步之遥。剖析商业健康险"万亿"大关期待落差的原因，有业内人士直言，这背后主要受人身险公司健 康险业务小幅 ...

金融+服务创新模式，全周期护航新质生产力。平安针对新兴领域创新产品与服务：在低空经济领域， 2025年承保工业无人机超3万台，提供风险保障超130亿元。在具身智能机器人领域，推出行业首个具身 智能综合金融解决方案。在芯片半导体领域，为广州增芯科技有限公司产线提供超960亿元风险保障。 据中国平安消息，在2月24日召开的2026年广东省高质量发展大会上，中国平安作为唯一受邀参展的金 融企业，展示了其服务广东制造业与新质生产力发展的综合金融成果。平安集团总经理兼联席首席执行 官谢永林表示，公司致力于构建全方位、多层次的金融服务体系，为广东现代化产业体系建设贡献力 量。 科技驱动风险减量，领先"鹰眼系统"赋能制造业防灾减损。平安依托自研"鹰眼系统"，通过物联网与AI 技术实现风险秒级预警与干预。2025年，累计为超3万家企业发送预警2199万次，减损超4000万元。 在大会分论坛上，平安产险作为唯一受邀保险企业发言。公司表示，截至2025年，累计服务省内科技企 业超1.5万家，提供风险保障超1.96万亿元。未来，平安将继续发挥综合金融与科技优势，为广东省高质 量发展提供更多金融支撑。 原文：参加广东省高质量发展大会 ...

1月29日，由重庆市商务委、重庆市国资委、重庆市工商联指导，重庆日报报业集团主办的《重庆ESG 创新实践绿皮书（2025）》发布会在渝举办。平安产险重庆分公司作为唯一一家保险公司入选"2025重 庆ESG先锋企业"，这标志着我司在绿色金融领域的实践获得权威认可，也为当地金融机构深化ESG转 型提供了可参照样本。平安产险重庆分公司副总经理周围受邀出席活动并代表公司领奖。 长期以来，平安产险重庆分公司将ESG理念融入业务全链条，以专业保险力量赋能地方可持续发展。 在生态保护领域，平安产险重庆分公司持续深化"金融+生态"模式，在"平安古树守护行动"统一部署 下，为重庆市铜梁区的古树木提供总额660万元的专属保障，让更多"绿色活化石"得到妥善守护。 在乡村振兴领域，平安产险重庆分公司深入落实支农惠农政策，通过创新农险产品与服务模式，进一步 扩大了农业保险的覆盖面。截至2025年，农险保费规模已达约1.72亿元，为18.5万户次农户提供风险保 障高达91.2亿元，覆盖粮食作物100万亩、经济作物93万亩及森林721万亩，有效降低了农业生产经营风 险，显著提升了乡村产业的韧性与可持续发展能力。 在科技创新领域，平安产险重 ...

蓝筹股方面，腾讯控股跌2.01%，收报512港元；香港交易所涨0.78%，收报415.4港元；中国移动跌 0.88%，收报78.6港元；汇丰控股涨1.61%，收报145港元。 香港本地股方面，长实集团涨3.04%，收报48.06港元；新鸿基地产跌0.07%，收报136.3港元；恒基 地产跌0.4%，收报34.44港元。 新华社香港2月26日电 香港恒生指数26日跌384.7点，跌幅1.44%，收报26381.02点。全日主板成交 2592.77亿港元。 中资金融股方面，中国银行跌0.64%，收报4.65港元；建设银行跌1.6%，收报8港元；工商银行跌 0.62%，收报6.42港元；中国平安跌4.64%，收报67.85港元；中国人寿跌4.1%，收报31.38港元。 国企指数跌220.46点，收报8814.29点，跌幅2.44%。恒生科技指数跌151.17点，收报5109.33点，跌 幅2.87%。 【纠错】 【责任编辑:王雪】 石油石化股方面，中国石油化工股份跌1.63%，收报5.43港元；中国石油股份跌1.46%，收报9.46港 元；中国海洋石油跌3.22%，收报24.66港元。 ...

2025年，中国宠物经济持续升温，作为产业链关键支付环节的宠物保险，交出了规模高速增长的答卷。 全行业保费规模预计突破30亿元，同比增长76.47%，连续五年实现规模翻倍。蚂蚁保平台全年理赔案 件超200万件，众安保险承保宠物超560万只，理赔超100万件，成为财险领域增速最亮眼的细分赛道。 在1.26亿只宠物、超7000万养宠人群的支撑下，宠物保险被视为下一个百亿级蓝海。但光鲜数据的背 后，是行业深陷的结构性困境：渗透率不足3%、产品高度同质化、理赔纠纷频发、医疗风控缺失、盈 利模式悬空。 012025宠物保险行业发展全景：规模爆发，格局初定 2025年是中国宠物保险行业的规模化元年，行业从早期市场培育，迈入高速增长阶段，发展特征清晰呈 现。 据经济观察报报道，2020年宠物行业保费仅5000万元，2024年增至17亿元，2025年有望突破30亿元，同 比增长76.47%。 图源：作者自制 理赔端同步爆发，2025年，蚂蚁保宠物险累计完成理赔案件超过200万次，互联网头部险企众安保险承 保宠物超560万只，理赔超100万件，头部效应初步显现。 除蚂蚁保、众安保险外，平安、太平洋等传统财险公司也加速布局，通过 ...

证券研究报告 非银金融 | 保险Ⅱ 港股|首次覆盖报告 hyzqdatemark 2026 年 02 月 26 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2026 年 | 02 | 月 | 25 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 71.15 | | 一年内最高/最低（港 | | | 74.70/39.60 | | | | 元） | | | | | | | 总市值（百万港元） | | | 1,288,358.73 | | | | 流通市值（百万港元） | | | | 529,895.10 | | | 资产负债率（%） | | | | | 89.94 | | 资料来源：聚源数据 | | | | | | 中国平安(02318.HK) 投资评级： 买入（首次） ——利润数据大幅增长，寿险 NBV 持续高增 投资要点： 联系人 事 ...

Core Insights - The report indicates that insurance assets are expected to steadily increase their allocation to equities in 2026, while maintaining their duration strategy unchanged [6] - The survey conducted by the China Banking and Insurance Asset Management Association reflects the industry's expectations regarding market trends and allocation strategies for 2026 [6] Asset Allocation - In terms of major asset allocation, stocks and securities investment funds are generally favored by insurance institutions for domestic investments in 2026, with some institutions planning to slightly increase their stock investments [6] - The allocation ratios for bank deposits and bonds are expected to remain stable compared to 2025 [6] - Most insurance institutions hold a neutral outlook on the bond market for 2026, with the overall duration strategy expected to remain unchanged [6] - The yield on 10-year government bonds is anticipated to be in the range of 1.8%-1.9%, while 30-year government bonds are expected to yield between 2.2%-2.4% [6] - Over half of the insurance institutions predict that the yield center for high-grade credit bonds will be around 2.0%-2.5%, with credit spreads expected to show a fluctuating trend [6] A-Share Market Outlook - Most insurance institutions maintain an optimistic view of the A-share market for 2026, with plans to slightly increase their allocation to A-shares [6] - The sectors favored include technology, non-ferrous metals, power equipment, computers, communications, pharmaceuticals, and basic chemicals, with a focus on themes such as semiconductors, defense, AI, robotics, and high-dividend stocks [6] Overseas Investment - Hong Kong stocks are the most favored overseas investment option for insurance institutions in 2026, with half of the asset management institutions planning to slightly increase their allocation to Hong Kong stocks [6] - Gold and US stocks are also receiving considerable attention from insurance institutions [6] Company Recommendations - The report suggests that the insurance sector's equity elasticity is expected to continue improving, with a favorable long-term trend for the insurance premium difference [6] - Specific companies recommended for investment include China Ping An (A/H), China Life (A/H), China Taiping (H), New China Life (A/H), China Pacific Insurance (A/H), China People’s Insurance Group (H), and AIA Group (H) [6]

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, with notable amounts in the energy, materials, and financial sectors [1][2][3] Group 1: Stock Outflows - The stock with the highest outflow is 阳光电源, with a total of -20.02 billion yuan [1][2] - 宁德时代 follows closely with an outflow of -18.87 billion yuan [1][2] - Other significant outflows include 北方稀土 at -14.76 billion yuan and 兆易创新 at -11.52 billion yuan [1][2] Group 2: Sector Analysis - The electric equipment sector shows substantial outflows, with 阳光电源 and 宁德时代 leading [2] - The non-ferrous metals sector is also impacted, with 北方稀土 and 紫金矿业 experiencing notable outflows [2][3] - The financial sector, represented by 中国平安 and 中信证券, also shows significant fund outflows [2][3] Group 3: Additional Notable Stocks - 贵州茅台 has an outflow of -9.42 billion yuan, indicating a decline in investor interest [1][3] - 立讯精密 and 恩捷股份 also report outflows of -8.23 billion yuan and -6.35 billion yuan respectively, reflecting trends in the electronics and energy sectors [1][3] - 比亚迪, a key player in the automotive sector, shows an outflow of -5.95 billion yuan, suggesting potential shifts in market sentiment [1][3]