中资金融股方面，中国银行涨0.43%，收报4.72港元；建设银行涨0.5%，收报8.12港元；工商银行 涨0.77%，收报6.57港元；中国平安涨0.62%，收报73.45港元；中国人寿涨1.37%，收报35.52港元。 石油石化股方面，中国石油化工股份涨1.69%，收报5.42港元；中国石油股份涨1.64%，收报9.31港 元；中国海洋石油涨2.67%，收报24.64港元。 蓝筹股方面，腾讯控股跌1.61%，收报551港元；香港交易所跌0.33%，收报417.2港元；中国移动跌 0.13%，收报78.4港元；汇丰控股涨0.72%，收报140.3港元。 香港本地股方面，长实集团涨0.21%，收报46.72港元；新鸿基地产跌1.9%，收报129港元；恒基地 产涨0.06%，收报32.8港元。 新华社香港2月10日电 香港恒生指数10日涨155.99点，涨幅0.58%，收报27183.15点。全日主板成交 2340.4亿港元。 国企指数涨74.42点，收报9242.75点，涨幅0.81%。恒生科技指数涨33.43点，收报5451.03点，涨幅 0.62%。 ...

Core Viewpoint - The cautious entry of insurance funds into the gold market, despite the potential for significant investment, reflects a careful strategy rather than the anticipated aggressive buying behavior [1][5][10]. Group 1: Policy and Market Entry - The pilot program for insurance funds to invest in gold was officially launched on February 7, 2025, allowing ten insurance companies, including major players like China Life and PICC Property and Casualty, to participate [3][7]. - Six out of the ten approved insurance companies have completed the membership process with the Shanghai Gold Exchange, marking their entry into direct gold investment [1][3]. - Initial transactions were completed by several companies, with China Life and PICC Property and Casualty executing the first trades shortly after gaining membership [3][4]. Group 2: Investment Strategy and Behavior - Despite the theoretical investment limit of nearly 200 billion yuan, actual investments by insurance companies remain low, indicating a cautious approach to gold investment [5][8]. - Many insurance firms are still in a trial phase, with some reporting minimal gold investment proportions, reflecting a strategy of "testing the waters" rather than aggressive accumulation [5][6]. - The overall sentiment among insurance companies is one of prudence, as they navigate the complexities of gold investment amidst market volatility and high prices [6][10]. Group 3: Challenges and Professional Barriers - The investment in gold presents challenges due to its volatile nature and the need for specialized knowledge, which many insurance companies currently lack [8][9]. - Regulatory requirements impose strict limits on the proportion of total assets that can be allocated to gold, further constraining investment strategies [7][9]. - There is a recognized need for insurance companies to enhance their professional capabilities in gold market analysis and risk management to effectively engage in gold investments [8][9]. Group 4: Long-term Perspectives - Long-term, insurance companies are beginning to recognize the strategic value of gold in their asset allocation, particularly as a hedge against inflation and market volatility [10][11]. - The shift towards including gold in investment portfolios is seen as a response to the limitations of traditional fixed-income assets in the current low-interest-rate environment [10][11]. - Future expectations suggest that insurance companies may gradually increase their gold investment ratios, although current market conditions and high prices necessitate a cautious approach [12].

（文章来源：证券日报） 证券日报网讯 2月10日，中国人寿在互动平台回答投资者提问时表示，公司一直以来坚持资产负债匹配 原则和长期投资、价值投资、稳健投资理念，把握市场机会做好跨周期投资布局。具体情况请关注公司 定期报告。 ...

随后，试点险企逐步启动布局。2025年3月，中国人寿、平安人寿、太保人寿、人保财险率先成为上海 黄金交易所会员，拿下投资黄金的"入场券"，并陆续完成首笔黄金交易。但是相比于10家机构获批试点 业务，当前仅有6家试点险企跻身上海黄金交易所会员，这意味着仍有4家试点险企尚未入会。 有业内人士表示，黄金是具有风险复杂度和专业门槛的投资品种，其定价受国际政治经济因素影响较 多，黄金无法直接产生可预期的利息收入，只能通过价格上涨获利，需要耐心观察并把握交易时机。另 一方面，逐步建设完善黄金投资相关的投研和交易能力还需要一个过程。 封面图片来源：每经媒资库 每经记者|袁园 每经编辑|张益铭 2026年初，国际黄金价格在快速冲高后大幅回落，现货金价自5500美元/盎司高位"急刹车"，极端波动 引发市场对避险资产稳定性的重新审视。在此背景下，保险资金投资黄金试点的推进节奏与策略选择受 到关注。 2月10日，中国人寿董秘在互动平台上就投资人关注的黄金业务试点情况进行了回复。中国人寿表示， 黄金投资是公司积极参与的创新品种投资之一，公司坚持长期主义的投资理念，以中长期配置为目的， 稳健审慎开展相关投资工作。 2025年2月7日， ...

行 业 及 产 业 非银金融 2026 年 02 月 10 日 预计 NBV 增速亮眼，市场波动阶 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《资、负两端均表现亮眼，3Q25A 股险企 利润大增 68%——保险行业 2025 年三季 报业绩综述》 2025/11/05 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 孙冀齐 A0230523110001 看好 ——保险行业 2025 年年报前瞻 风险提示：长端利率下行、权益市场波动、大灾频发、监管政策影响超预期。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 预计 A 股险企 2025 年归母净利润 yoy+22.7%至 4264 亿元。4Q25 资本市场 阶段性波动叠加 2H2 ...

2026年2月2日，喀什金融监管分局发布批复称，《关于中国人寿财产保险股份有限公司疏勒县支公司变 更营业场所的请示》(国寿财险喀发〔2026〕3号)收悉。经审核，现批复如下： 一、同意中国人寿财产保险股份有限公司疏勒县支公司将营业场所变更为：新疆维吾尔自治区喀什地区 疏勒县张骞路14院翰林世家小区8号商住楼113号商铺。 二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年2月2日，喀什金融监管分局发布批复称，《关于中国人寿财产保险股份有限公司疏勒县支公司变 更营业场所的请示》(国寿财险喀发〔2026〕3号)收悉。经审核，现批复如下： 一、同意中国人寿财产保险股份有限公司疏勒县支公司将营业场所变更为：新疆维吾尔自治区喀什地区 疏勒县张骞路14院翰林世家小区8号商住楼113号商铺。 二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Core Insights - The report analyzes the factors influencing bond fund returns in Q4 2025, highlighting the impact of credit strategies on yields [7] - It identifies a recovery in credit bond allocation sentiment compared to Q3, with a notable preference for mid-term credit varieties [12][34] - The report emphasizes the importance of leveraging strategies and the contribution of credit downgrades to overall portfolio returns [23][27] Group 1: Performance of Bond Funds - The average return rate for bond funds in Q4 2025 was 0.55%, a significant improvement from -0.32% in Q3 [12] - Credit bond allocation's contribution to returns increased, with a correlation coefficient of 0.0027 in Q4, up from 0.0024 in Q3 [12] - Mid-term bonds (3-5 years) showed a strong contribution to portfolio returns, with a U-shaped relationship between return rates and the average remaining maturity of heavy holdings [17][20] Group 2: Bond Fund Holdings Overview - By the end of Q4 2025, the total scale of credit bonds held by bond funds reached 5.27 trillion yuan, an increase of 303.2 billion yuan from the previous quarter [34] - The proportion of credit bonds in bond fund holdings rose to 63.21%, up from 61.00% in the previous quarter [34] - The average yield of heavy holdings in various bond categories generally declined, indicating a shift in investment strategy towards more liquid varieties [2][3] Group 3: Credit Bond Strategy Analysis - The report notes an increase in the frequency of holdings in government and financial bonds, while credit bond holdings decreased, suggesting a strategy shift towards more liquid assets [2] - The average remaining maturity of heavy credit bond holdings slightly lengthened, indicating a flexible adjustment in duration structure [2] - The report categorizes heavy credit bond holdings by yield ranges, identifying specific opportunities for investment based on implied ratings [4][8]

【环球网财经综合报道】86岁的刘爷爷，曾是心脏内科专家，如今却被帕金森综合征与腔隙性脑梗"困住"。每到黄昏，日落综合征还会发作：昔日沉稳的医 者，变成一个时而对着窗户呼喊救命，时而蜷缩在地上嘶吼挣扎的病人。 同样被认知症困扰的吴奶奶，却有截然不同的表现——她对陌生人充满戒备，见到摄影师执意要查对方的身份证，语气里满是不安与多疑。直到护理员轻声 安抚："小伙伴报警了，他是来取证的"，吴奶奶紧绷的神经才逐渐放松下来。 这些看似"不可理喻"的行为背后，是认知症长辈被疾病侵蚀后，独自面对世界的恐惧与无助。据估计，我国60岁及以上人群中认知障碍患者超过5300万，认 知症照护已成为严峻的社会课题。 刘女士在分享中表示，自己母亲在入住申园以前长期在香港生活，自己和妹妹每次去探望时母亲几乎不认识她们。入住申园后，原本严重营养不良的母亲在 护理公寓记忆照护团队的努力干预，在饮食起居方面有了很好的改观：自己母亲从最初呆滞的表情，到现在能够与小伙伴们亲切地打招呼、能够迈开腿自主 走路，这让她非常感激。更让她感到欣慰的是，经过申园记忆照护团队三个月的专业干预——包括个性化的营养方案、每日的情感交流与认知刺激、规律的 作息训练——母 ...

Group 1 - Shanxi Fenjiu team defeated Zhejiang Fangxingdu team with a score of 78:59, advancing to the finals of the CBA Club Cup [1][7] - The match was significantly impacted by the injury of Zhejiang's key player, Sun Minghui, who left the game early in the first quarter [3][7] - Shanxi's players, particularly foreign players Nate and Diallo, demonstrated strong offensive capabilities, contributing to a substantial lead by halftime [3][9] Group 2 - Shanxi's head coach, Pan Jiang, praised the team's execution of game plans and effective defense against Zhejiang's scorers, highlighting the players' determination [9]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector as market trading has slightly declined but remains at historical highs. In the insurance sector, the long-term outlook is optimistic due to improved return on equity (ROE) and valuation recovery potential, suggesting a positive allocation strategy for insurance stocks [2][4] - The report continues to recommend stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which exhibit strong profitability and market positions. Additionally, it highlights companies like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 0.6% this week, with an excess return of +0.7% relative to the CSI 300, ranking 20th out of 31 sectors. Year-to-date, the non-bank financial index is down 1.1%, with an excess return of -1.4% compared to the CSI 300, ranking 29th out of 31 [5] - The average daily trading volume in the two markets was 24,066.54 billion yuan, down 21.43% week-on-week, with a daily turnover rate of 2.36%, down 60.83 basis points [5][35] Insurance Sector Insights - In December 2025, the cumulative insurance premium income reached 61,194 billion yuan, reflecting a year-on-year increase of 7.43%. Life insurance premiums increased by 8.91%, while property insurance premiums rose by 3.92% [20][21] - The total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan, representing 88.09% of the total [25][26] Brokerage and Investment Business - The brokerage business is experiencing a gradual recovery in profitability, with the average daily trading volume exceeding the 2025 average. The report notes that the commission fee rates are stabilizing, which is expected to support the profitability of the brokerage sector [35][41] - In January 2026, the equity financing scale rebounded to 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [45] Asset Management and Fund Issuance - The report indicates a recovery in the issuance of collective asset management products, with January 2026 seeing a new issuance of 9.104 billion units, up 40.1% from the previous month. The new fund issuance also increased to 1,094.51 billion units, reflecting a 41.3% month-on-month rise [47][49]