Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Core Viewpoint - UBS estimates that AIA's new business value (VNB) will grow by 17% and 19% in 2025 based on fixed and actual exchange rates respectively, indicating a year-on-year growth of 14% and 16% in Q4 [1] Group 1: Business Performance - The growth in VNB for Hong Kong is expected to slow down in Q4, following a 40% increase in Q3, but remains solid due to strong demand for the GlobalFlexi savings plan and sales momentum extending from September to October after regulatory changes [1] - Although a decline in VNB is anticipated for the brokerage channel, the agency and bank insurance channels are expected to perform well in Q4 [1] Group 2: Financial Projections - UBS has raised its earnings per share forecast for 2025 by 11% to reflect strong market performance in the second half of the year [1] - The target price for AIA has been increased from HKD 88 to HKD 106, maintaining a "Buy" rating [1]

Core Viewpoint - UBS estimates that AIA's new business value (VNB) will grow by 17% and 19% in 2025 based on fixed and actual exchange rates respectively, indicating a year-on-year growth of 14% and 16% in Q4 [1] Group 1: Business Performance - The growth in VNB for Hong Kong is expected to slow down in Q4, following a 40% increase in Q3, but remains solid due to strong demand for the GlobalFlexi savings plan and continued sales momentum from regulatory changes in September extending into October [1] - Although a decline in VNB is anticipated for the brokerage channel, the agency and bank insurance channels are expected to perform well in Q4 [1] Group 2: Financial Projections - UBS has raised its earnings per share forecast for 2025 by 11% to reflect strong market performance in the second half of the year [1] - The target price for AIA has been increased from HKD 88 to HKD 106, maintaining a "Buy" rating [1]

关于友邦保险 2026年2月1日，中国上海——友邦人寿保险有限公司（以下简称"友邦人寿"）携手中国儿童少年基金会 （以下简称"中国儿基会"）正式启动"爱的平方——2026友邦儿童教育金公益计划"。2026年2月1日至3 月31日期间，客户为子女配置相应的友邦财富险产品，友邦人寿将按保费的一定比例进行公益捐赠，资 金将汇入"友爱未来·共建美好"公益项目，专项用于支持困境女童助学金，助力她们顺利完成学业、实 现人生梦想。 此次公益计划创新融合了家庭保障规划与企业社会责任，让每一份保单都承载一份爱心，鼓励更多家庭 在为孩子储备教育金的同时，也能参与到公益行动中，将爱心传递给困境女童，点亮她们的求学之路。 自1992年重返中国内地以来，友邦人寿始终积极履行企业社会责任，长期关注人才培养、弱势群体帮 扶、乡村振兴与应急救灾等领域。携手中国儿基会实施"友爱未来·共建美好"项目以来，友邦人寿的公 益足迹已覆盖云南、四川、湖北、河北、河南、江苏、广东、深圳、重庆、山东、安徽和天津等12个省 市，累计捐赠超500万元，惠及困境女童9915人次，用实际行动践行金融企业的社会担当。 友邦人寿副总经理兼首席客户官、首席健康业务官张敏 ...

Core Viewpoint - AIA Life Insurance Company has launched the "Square of Love - 2026 AIA Children's Education Fund Public Welfare Program" in collaboration with the China Children and Teenagers' Fund, aiming to support underprivileged girls' education through a portion of premiums from specific insurance products [1][3]. Group 1 - The program runs from February 1 to March 31, 2026, where customers purchasing designated AIA wealth insurance products will contribute to a public welfare donation based on a percentage of their premiums [1]. - The funds will be allocated to the "Building a Better Future Together" project, specifically to provide scholarships for girls in difficult circumstances, helping them complete their education and achieve their dreams [1][3]. Group 2 - This initiative integrates family financial planning with corporate social responsibility, encouraging families to save for their children's education while also participating in charitable actions to support underprivileged girls [3]. - Since its return to mainland China in 1992, AIA Life has actively fulfilled its corporate social responsibility, focusing on talent development, assistance for vulnerable groups, rural revitalization, and emergency disaster relief [3]. - AIA Life has donated over 5 million yuan, benefiting 9,915 underprivileged girls across 12 provinces and cities, demonstrating the company's commitment to social responsibility [3]. Group 3 - AIA Life's executives emphasize the importance of education in changing the destinies of underprivileged girls and express a commitment to continue investing in public welfare, making finance more compassionate [3]. - The launch of the "Square of Love" program marks a new step in AIA's journey of corporate social responsibility, with plans to collaborate with more partners and focus on key support groups, particularly the elderly and children [3].

1月6日，上海纵横无界汽车有限公司落户徐汇区，注册资本5亿元。这家公司是奇瑞汽车新成立的 全资子公司，运营奇瑞旗下高端越野品牌"纵横"。 业内认为，奇瑞在上海加大投资，有利于招募顶尖的汽车营销与数字化人才，也有利于与全球一线 供应链及金融机构对接，进一步拓展高端消费市场和推动全球化布局。 据统计，2026年截至1月25日，有78家注册资本不低于1亿元的企业诞生，业务主要涉及金融、资本 市场服务、科技推广和应用服务、软件和信息技术服务、新能源等领域。同时，上海新设企业注册资本 合计589.08亿元，新设企业平均"身价"为265.17万元。 记者 陈玺撼 2026年首个工作日，上海各区的行政服务大厅里，前来咨询办理企业登记注册的人络绎不绝。上海 市场监管部门最新公布的数据显示，2026年截至1月25日，上海新设企业23346户，同比增长20.2%，迎 来"开门红"。 查看存量企业数，也能感受到上海对创业者、投资者的持久魅力。截至2026年1月25日，上海存量 企业300.07万户，平均每千人拥有企业120.98户，较2025年1月底增长3.5%，相当于每8.3个人中就有1 位"创始人"。 外部环境越复杂多变，不确 ...

Group 1 - The article highlights the top short-selling ratios for various companies, with JD Health-R, Anta Sports-R, and Lenovo Group-R leading the list at 100.00%, 89.98%, and 89.87% respectively [1][2] - The top three companies by short-selling amount are CSPC Pharmaceutical Group at 1.268 billion, Zijin Mining Group at 1.031 billion, and Xiaomi Group-W at 1.014 billion [1][2] - The highest deviation values in short-selling are recorded for Kuaishou-WR at 36.02%, Xiaomi Group-WR at 30.00%, and Heptagon Pharmaceuticals-B at 26.77% [1][2] Group 2 - The top ten short-selling ratios include JD Health-R at 100.00%, Anta Sports-R at 89.98%, and Lenovo Group-R at 89.87%, with Kuaishou-WR and Xiaomi Group-WR also featuring prominently [2] - The top ten short-selling amounts show CSPC Pharmaceutical Group leading with 1.268 billion, followed by Zijin Mining Group and Xiaomi Group-W [2] - The top ten deviation values indicate significant short-selling activity, particularly for Kuaishou-WR and Xiaomi Group-WR, suggesting potential volatility [2]

Group 1: Technology and AI - Alphabet (GOOGL US) is expected to maintain good visibility in its advertising business due to the gradual release of its valuation under pressure from AI search, with a projected cloud business growth rate of over 30% for the year [1] - Alibaba (BABA US) is anticipated to see a cloud business growth rate of 28%-30%, driven by strong demand in China, with significant contributions from its instant retail segment [1] - NVIDIA (NVDA US) is projected to achieve revenue exceeding 500 billion, with strong growth expected from its GB300 product line, which constitutes two-thirds of the Blackwell series [1] Group 2: E-commerce and Internet Services - Tencent (700 HK) is recommended as a top pick due to its strong investment in AI and steady growth in its core gaming and advertising businesses, with a target price of 700 [1] - Tencent Music (TME US) is expected to maintain a stable growth trajectory with a focus on subscription and non-subscription revenue streams, despite some margin pressure from new business initiatives [1] - Kuaishou (1024 HK) is projected to see significant revenue growth driven by its AI-enhanced content ecosystem, with a target price of 93 [2] Group 3: Healthcare and Pharmaceuticals - New Oxygen (SY US) is positioned well in the light medical beauty sector, with plans to expand its self-operated stores significantly by 2025, supported by a strong marketing capability and low customer acquisition costs [2] - Hansoh Pharmaceutical (3692 HK) is focusing on expanding its pipeline in oncology and other major indications, with a strong emphasis on innovative drug development [3] - BeiGene (6160 HK) is expected to exceed management's revenue guidance for 2025, driven by strong sales of its BTK inhibitor, with a projected peak sales potential of over 8 billion [4] Group 4: Energy and Materials - Saudi Aramco (ARAMCO AB) is positioned as a central player in global energy supply, with ongoing investments in hydrogen and carbon capture technologies, enhancing its long-term growth prospects [6] - MP Materials (MP US) is the only company in the U.S. with a fully scaled rare earth supply chain, benefiting from strong demand in the defense and renewable energy sectors [6] - Howmet Aerospace (HWM US) is expected to maintain a strong market position in gas turbine components, with a long order backlog supporting stable revenue growth [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 这周有哪些大事要闻？ 发布了哪些重要政策、通知？ 5.上海市金融稳定发展研究中心联合杨浦区科经委举办"金融知识进村居"主题活动 一起来快速回顾一下吧！ 领导关心 1.习近平：走好中国特色金融发展之路，建设金融强国 近日，《求是》杂志发表习近平总书记重要文章《走好中国特色金融发展之路，建设金融强国》。这篇 文章是习近平总书记2024年1月16日在省部级主要领导干部推动金融高质量发展专题研讨班上讲话的节 录。 2.上海黄金交易所与香港财库局签署合作协议 1月26日，上海黄金交易所与香港特别行政区政府财经事务及库务局在亚洲金融论坛上签署合作协议。 香港特别行政区行政长官李家超、中国人民银行副行长邹澜、上海市委常委、常务副市长吴伟、上海市 委金融委员会办公室常务副主任周小全见证协议签署。 3.在沪首批外资独资保险资管机构开业 上海金融高水平对外开放稳步前行 1月28日，友邦保险资产管理有限公司、荷全保险资产管理有限公司等两家新设外资独资保险资管机构 在沪举行集体开业仪式。上海市委常委、常务副市长吴伟出席开业仪式并致辞。上海市政府副秘书长顾 军，市委金融办、市商务委、上 ...

保险工 2026 年 02 月 01 日 相关研究 券研究报 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 目 孙冀齐 A0230523110001 sunjq@swsresearch.com 申万宏源研究微信服务号 证监会拟放松战略投资者限制 长期入市再迎政策支持 —《证券期货法律适用意见第 18 号》征求意见稿点评 证监会拟放松战略投资者限制,中长期资金入市再迎政策支持。1 月 30 日,证监会发布《关 于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三条、第四十 条、第五十七条、第六十条有关规定的适用意见 -- 证券期货法律适用意见第 18号）的决定 (征求意见稿)》(简称《征求意见稿》)，拟放松战略投资者限制。2025年 1 月 22 日，六部 门联合印发《关于推动中长期资金入市工作的实施方案》(简称 《实施方案》)，提出要允许 公募基金、商业保险资金、基本养老保险基金、企（职）业年金基金、银行理财等作为战略 投资者参与上市公司向特定对象发行股 ...