◎刘禹希 记者 严晓菲 一边是港股市场持续调整，另一边是南向资金逆势"扫货"。近日，在港股市场主要股指承压之际，南向 资金连续三个交易日净买入超百亿港元，累计净买入逾500亿港元。业内人士分析认为，南向资金逆势 扫货，主要缘于对港股低估值修复机会的看好，以及对市场中长期走势的积极预期。 南向资金单日净买入超200亿港元的情形并不多见。自2025年2月以来，类似情形仅出现过12次，且往往 对市场形成支撑。例如2025年4月市场回调期间，南向资金3次单日净流入超200亿港元，其中4月9日高 达355.86亿港元，助力恒指企稳回升。 付原认为：短期来看，南向资金的持续流入有助于快速提振市场情绪，缓解离岸市场的流动性压力，被 外部冲击错杀的优质标的有望迎来超跌反弹；中长期则有望增强内地资金在港股的定价能力，缓冲海外 波动对市场的冲击。 多家机构对港股后市持积极看法。华泰证券策略首席何康在研报中表示，近期的市场调整主要源于技术 面与情绪面压力，中期来看中国资产的流动性及基本面向好趋势并未改变，待技术性指标企稳后市场有 望重拾上行趋势。 光大证券策略首席分析师张宇生在近期研报中表示，港股市场在盈利修复、流动性改善、估值低 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [4]. Core Insights - The report highlights a significant increase in new account openings in January 2026, reaching 4.9158 million, a year-on-year increase of 213% and a quarter-on-quarter increase of 89%. This trend is expected to benefit brokerage firms as funds flow from traditional banks to capital markets [4]. - The report emphasizes the need for China's financial sector to transition from being large to strong, focusing on mergers and acquisitions as a core growth engine for brokerage firms. It also notes the expansion of international business opportunities due to the ongoing internationalization of the RMB [4]. - The report discusses specific stock movements, including Huatai Securities' plan to issue HKD 10 billion in zero-coupon convertible bonds, and the restructuring of Zhongtai Securities to enhance operational efficiency [4][13]. - In the insurance sector, the report notes that Ping An Group has increased its stake in China Life (H) multiple times, reflecting confidence in the sector's value re-evaluation. The report anticipates steady growth in new business value (NBV) and an increase in equity allocation for China Life [4][11]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 1.33% during the week, while the non-bank index fell by 0.60%. The brokerage, insurance, and diversified financial sectors reported declines of 0.65%, 0.71%, and an increase of 0.43%, respectively [7]. Non-Bank Financial News and Key Stock Announcements - The report outlines regulatory updates regarding virtual currencies and asset tokenization, indicating a tightening of oversight in these areas [9]. - Specific stock announcements include Huatai Securities' bond issuance and Ping An's increased holdings in China Life, showcasing strategic moves within the sector [11][13]. Key Data Tracking - The report provides data on average daily trading volume, which reached CNY 24,068.65 billion, and highlights the significant increase in new investors, with 995,900 new accounts opened in August 2023 [23][24].

非银金融 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 非银金融 沪深300 相关研究报告 《1 月基金新发显著增长，头部券商业 绩预告符合预期 — 行 业 周 报 》 -2026.2.1 《偏股基金新发同比明显增长，公募 强化基准约束—行业周报》-2026.1.25 《逆周期调节呵护"慢牛"，券商和 保险业务开门红 — 行 业 周 报 》 -2026.1.18 1 月新开户高增超预期，银保渠道实现开门红 ——行业周报 | 高超（分析师） | 卢崑（分析师） | 张恩琦（联系人） | | --- | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | zhangenqi@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790125080012 | |  周观点：1 | 月新开户高增超预期，银保渠道实现开门红 | | 保险在个险和银保两端均实现开 ...

Investment Rating - The investment rating for the non-bank financial sector is "Positive" (maintained) [1] Core Views - The insurance sector is showing signs of improvement, with increased recognition of the industry's fundamentals by insurance companies, as evidenced by China Ping An's continued stake increase in China Life [4] - The brokerage and margin trading businesses maintain a high level of activity, with significant growth in new account openings and trading volumes in January 2026 [5][32] - The asset management and fund distribution businesses are expected to recover, supported by new regulations that have been implemented [5] - Huatai Securities has announced a plan to issue HKD 10 billion in convertible bonds, which is expected to enhance its operational capabilities [6] - The overall performance of brokerage firms is optimistic, with many firms reporting substantial profit growth [6] Data Tracking Insurance Industry Data - As of December 2025, the insurance industry's original premium income reached CNY 61,194 billion, a year-on-year increase of 7.43% [10] - The life insurance premium income was CNY 46,491 billion, up 9.05% year-on-year, while property insurance premium income was CNY 14,703 billion, an increase of 2.60% [10] Securities Industry Data - In January 2026, the average daily trading volume of A-shares was CNY 36.5 trillion, a year-on-year increase of 156.58% [13] - The margin trading balance at the end of January 2026 was CNY 2.72 trillion, up 53.06% year-on-year [13] - New public fund issuance reached 1,094.51 billion units in January 2026, with stock and mixed funds seeing significant growth [13] Industry Dynamics - Insurance capital is increasingly active in equity markets, participating in cornerstone investments in Hong Kong stocks [27] - China Insurance Group reported premium income exceeding CNY 730 billion for 2025, indicating strong operational performance [28] - China Life Group's consolidated investment income grew by double digits in 2025, reflecting robust financial health [29] - China Ping An increased its stake in China Life by 10.12%, demonstrating confidence in the sector [30] - Several automotive service providers have withdrawn from the insurance agency business, indicating competitive pressures in the market [31]

证券板块 券商经营环境进一步改善。交易活跃背景下业绩有望延续高增，上交所数据显示，2026 年 1 月 A 股新开户 491.58 万 户，环比增长 89%，同比 2025 年 1 月的 157.0 万户增长 213%；1 月日均股基成交额同比增长 157%至 3.6 万亿元，日 均两融余额同比增长 47%至 2.7 万亿元，IPO 向常态化恢复。预计交易层面 ETF 净流出将缓解、再融资影响可控，券 商的压制因素逐步解除，当前估值性价比极高。当前板块 PB（LF）估值 1.36 倍，处于十年 34%分位数。 投资建议：建议关注三条主线：（1）强烈推荐估值及业绩错配程度较大的优质券商，重点关注国泰海通；建议关注 AH 溢价率较高、有收并购主题的券商；建议关注短期受益于科技股上市的券商。（2）四川双马：科技赛道占优，创投业 务有望受益，布局基因治疗赛道新标的，深化生物医药产业链。公司管理基金的已投项目：屹唐股份、西安奕材、沐 曦股份（科创板已上市）、奕斯伟计算以及群核科技（港交所 IPO 申报）、邦德激光、丽豪半导体等上市进程加快；公 司参投基金已投：傅利叶已完成多轮融资，奇瑞汽车港交所已上市，慧算账向港交所递 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry [4][48]. Core Insights - The report highlights a significant increase in new account openings, with 4.9158 million new accounts in January 2026, representing a year-over-year increase of 213% and a quarter-over-quarter increase of 89% [4]. - The report emphasizes the ongoing shift of funds from traditional banks to capital markets and non-bank financial institutions, driven by the expiration of 70 trillion yuan in one-year or longer deposits and a decline in net interest margins [4]. - The report discusses the need for China's financial sector to transition from being large to strong, focusing on mergers and acquisitions as a core growth engine for brokerages [4]. - The report notes that the international business landscape for brokerages is expanding due to the deepening process of RMB internationalization and the demand for cross-border wealth management and investment banking services [4]. - The report mentions that Ping An Group has increased its stake in China Life (H) multiple times, reflecting a strong confidence in the insurance sector [4][12]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,643.60 with a decline of 1.33%, while the non-bank index closed at 2,030.92 with a decline of 0.60% [8]. - The brokerage, insurance, and diversified financial indices reported declines of 0.65%, 0.71%, and an increase of 0.43%, respectively [8]. Non-Bank Industry News and Key Announcements - The report outlines regulatory updates regarding virtual currencies and asset tokenization, indicating a tightening of oversight in these areas [10]. - Ping An Group's recent acquisitions of shares in China Life (H) are detailed, showcasing a strategic investment approach [12]. - Huatai Securities plans to issue 10 billion HKD in zero-coupon convertible bonds to support overseas business development [14]. Investment Analysis Recommendations - The report suggests focusing on brokerages with strong comprehensive capabilities, recommending stocks such as Guotai Junan A+H, GF Securities A+H, and CITIC Securities A+H [4]. - For insurance, the report recommends China Life (H), New China Life, Ping An, China Pacific Insurance, and China Property & Casualty Insurance, highlighting the systemic value reassessment opportunities in the insurance sector [4].

行业研究丨深度报告丨投资银行业与经纪业 [Table_Title] 轮动对比视角复盘，当前非银子行业如何择时选 股？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 历史上 A 股牛市中保险及券商表现如何？不同类型牛市下表现何异？节奏及持续性如何？站 在当前如何展望？我们梳理了 2012 年以来几次 A 股上涨周期中保险及券商指数涨跌及行业相 对表现，并进一步梳理一级行业月度涨跌轮动以探究行情节奏，最后结合当前时点进行分析展 望。我们认为当前估值上非银进入配置性价比区间，择时应合理配合政策及监管节奏增配，配 置上推荐高弹性保险与金融 IT。 分析师及联系人 [Table_Author] SAC：S0490519080007 SFC：BUV596 吴一凡 盛晓双 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 投资银行业与经纪业 cjzqdt11111 [Table_Title 轮动对比视角复盘，当前非银子行业如何择时 2] 选股？ [Table_Summary2] 历史 ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [11]. Core Insights - The insurance sector is expected to benefit from a stable interest rate environment and a slow bull market, leading to improved interest spreads and valuations. If new premium growth remains strong, profitability is likely to improve, further enhancing sector valuations. The report recommends specific stocks including New China Life, Ping An, China Life, and China Pacific Insurance [3][10]. Summary by Sections Insurance Market Outlook - Historical data indicates that the insurance index typically shows positive returns in the five trading days before the Spring Festival, with a success rate of approximately 71.4%. The report anticipates a potential repeat of this trend in 2026, as the conditions appear favorable for premium growth [8][9]. Premium and Profitability Analysis - The report projects that the life insurance market could reach a scale of 4.8 trillion yuan, with a year-on-year growth rate of about 10%. The asset side is expected to benefit from a strong stock market performance, while the focus should be on long-term profitability improvements driven by policy and market changes [9][10]. Long-term Valuation Recovery - The insurance industry's ability and willingness to allocate equity will significantly increase in the foreseeable future, leading to improved interest spreads and enhanced policy profitability. The report emphasizes the importance of long-term perspectives on profitability improvement, suggesting that the sector has substantial room for valuation recovery [10].

Core Viewpoint - The article emphasizes the growing attractiveness of the Hong Kong insurance market for mainland investors, highlighting the significant growth in insurance premiums and the advantages of Hong Kong insurance products over mainland offerings [2][5][7]. Group 1: Insurance Market Trends - In the context of declining interest rates, insurance has become a favored asset class, with the insurance sector index in A-shares achieving a 3-year return of 51.75%, compared to the 31.01% return of the securities index [2]. - The total net profit of the five major listed insurance companies in A-shares reached 426 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 33.5% [3]. - The Hong Kong insurance market saw a surge in new policies, with a premium of 173.7 billion HKD in the first half of 2025, reflecting a year-on-year growth of 50.5% [5]. Group 2: Investment Preferences of Mainland Investors - Approximately 55% of the assets of new middle-class individuals in China are allocated to real estate, while 31% are held in banks, prompting a shift towards higher-yielding investments such as Hong Kong insurance [3]. - The article notes that 29% of new insurance policies in Hong Kong were purchased by mainland visitors, indicating a strong interest from this demographic [5]. Group 3: Advantages of Hong Kong Insurance Products - Hong Kong insurance products offer greater flexibility and higher investment returns compared to mainland products, with a significant portion of new policies being denominated in USD (79.8%) [7]. - The expected return rates for Hong Kong's participating insurance policies can reach up to 7%, significantly higher than the 2% maximum for similar products in mainland China [7][10]. - Hong Kong's critical advantage lies in its ability to provide policies that can be settled in multiple currencies, enhancing their appeal to investors [7]. Group 4: Market Dynamics and Future Outlook - The article predicts that by 2026, the "new three treasures" of Hong Kong—insurance, stocks, and overseas expansion—will stand out as key investment opportunities [4]. - The Hong Kong stock market has seen a notable increase in IPO activity, with 286.3 billion HKD raised in 2025, making it the top global destination for IPO financing [15]. - The average daily trading volume in the Hong Kong stock market increased by 90% in 2025, indicating heightened market activity and investor interest [16].

Investment Rating - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown resilience, with various sub-sectors outperforming the Shanghai and Shenzhen 300 Index recently [9][10] - The report highlights the ongoing regulatory tightening on virtual currencies by eight government departments, which may impact market dynamics [16] - The insurance sector is expected to see significant growth in new business value (NBV) and profitability in 2026, driven by favorable market conditions and product demand [23][33] - The securities industry is undergoing transformation, with potential new growth points emerging from market recovery and supportive policies [21] - The trust industry is entering a stable transition phase, while the futures market continues to maintain high transaction volumes [40][41] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors of non-bank financials outperformed the Shanghai and Shenzhen 300 Index in the last five trading days [9] - The multi-financial sector rose by 0.49%, while the securities and insurance sectors fell by 0.63% and 0.73%, respectively [9] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - February trading volume decreased month-on-month, with average daily stock trading at 28,613 billion yuan, a 17.64% decline from the previous month but a 40.43% increase year-on-year [14] - The margin balance reached 26,809 billion yuan, up 49.43% year-on-year [14] - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026 [21] 2.2 Insurance - The insurance sector is projected to see a significant increase in NBV, with expectations of a 50% year-on-year growth in net profit for 2025 [23] - The total premium income for life insurance is expected to reach 52,696 billion yuan in 2025, reflecting an 8.5% year-on-year increase [27] - The "insurance + health care" model is gaining traction, with ongoing developments in commercial health insurance [30] 2.3 Multi-Financial - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a 20.11% year-on-year increase [34] - The futures market recorded a transaction volume of 9.51 billion contracts and a transaction value of 90.81 trillion yuan in December 2025, marking a 45.17% and 58.55% year-on-year growth, respectively [41] 3. Industry Ranking and Key Company Recommendations - The non-bank financial sector is currently undervalued, providing a safety margin for investors [21] - The insurance sector is favored due to its recovery potential and improving liability side, while the securities sector is expected to benefit from market recovery and policy support [21] - Recommended companies include China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [21]