较25Q3增长2.7%，延续稳健增长，债券及银行存款占比有所提升，权益类资产中股票持平、基金与长 股投占比略有下降。截至25Q4末，股票+基金+长股投比例达23.0%，较上年末提升2.6pct，对应规模合 计增加1.97万亿元，其中2025Q4单季新增约997亿元。分项来看，股票及基金规模合计5.7万亿元，占比 15.4%，全年新增1.60万亿元，四季度新增1,101亿元。1）债券：人身险与财产险公司合计配置债券占 比50.4%，较上年末/25Q3分别+0.9pct、+0.1pct，Q4单季增配幅度明显低于往年同期（23Q4、24Q4债券 占比分别环比提升1.2、1.1pct），利率震荡下险资阶段性放缓长久期债券增配节奏。2）股票：占比 10.1%，较25Q3基本持平，较上年末提升2.5pct；规模较25Q3及上年末分别增长1135亿和1.31万亿。四 季度配置增量有限，一方面受季节性因素影响，Q4保费流入占全年比重约10%，新增资金规模相对较 小；另一方面，权益市场震荡背景下，预计部分险企择机兑现浮盈。3）基金：占比5.3%，较25Q3下降 0.2pct，较上年末小幅提升0.1pct；规模较25Q3减少34 ...

购买《保险新时代2024》 央行：5年期和1年期LPR均维持不变 2月24日，央行公布新一期贷款市场报价利率（LPR）：1年期LPR为3.0%，5年期以上LPR为3.5%，均 与上月持平。LPR自2025年5月下降以来，已连续9个月保持不变。 国家金融监管总局：2025年我国农业保险保费收入1555.5亿元，累计提供风险保障5.3万亿元 港股保险板块全线下挫，国寿寿险跌超6% 2月24日，港股保险股全线下跌，截至收盘，国寿寿险跌6.07%，报32.48港元；新华保险跌5.79%，报 57.00港元；阳光保险跌5.63%，报4.02港元；中国太保跌4.53%，报36.64港元；中国人保跌4.28%，报 6.71港元；中国太平跌4.44%，报23.66港元。 2025年全国法院受理保险纠纷39.2万件，同比增长21.3% 2月24日，最高人民法院民二庭庭长王闯在最高人民法院新闻发布会上表示，2025年，全国法院审结金 融类案件270.7万件，同比增长1.7%，全国法院受理保险纠纷39.2万件，同比增长21.3%。各地法院通过 多元化解纷、发布示范判决等方式，依法维护保险消费者合法权益。 2025年险企董监高薪酬分 ...

证券研究报告 | 2026年02月24日 2025 年四季度保险业资金运用情况点评 压实固收底仓，增持权益有空间 |  行业研究·行业快评 | |  | 非银金融·保险Ⅱ  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 孔祥 | 021-60375452 | kongxiang@guosen.com.cn | 执证编码：S0980523060004 | | 证券分析师： | 王京灵 | 0755-22941150 | wangjingling@guosen.com.cn | 执证编码：S0980525070007 | 事项： 国家金融监督管理总局发布保险业 2025 年 4 季度资金运用情况及相关数据。截至 2025 年四季度末，我国 保险资金运用余额达 38.5 万亿元，同比增长 15.7%。 国信非银观点：2025 年四季度，保险资金权益占比创近四年新高（占行业规模比例为 9.7%，不含公募基 金基金占比），债券配置维持高位（占行业规模 48.6%），存款与非标持续压降。在长端利率中枢下移与 "资产荒"延续的背景下，险企主动 ...

| 代码 名称 | 最新价 | 涨跌额 | 涨跌幅 へ | | --- | --- | --- | --- | | 800700 恒生科技指数 | | 5270.70 -114.65 -2.13% | | | 800100 国企指数 | 9007.86 | -189.52 | -2.06% | | 800000 恒生指数 | | 26590.32 -491.59 -1.82% | | 数跌2.06%，恒生科技指数盘中一度跌至2.7%，最终收跌2.13%。 2月24日，关税恐慌再现、以及地缘政治紧张，受美股大跌影响，港股马年第三个交易日三大指数大幅下挫，恒生指数跌1.82%，国企指 盘面上，大金融股(银行、保险、券商)全天表现弱势，保险股跌幅尤其明显，中国银河、中金公司领衔中资券商股下跌；春节挡票房同 比大幅下滑，影视板块跌幅较大，旅游观光股、光伏股、有色金属股纷纷走低。另一方面，半导体储存概念股逆势上扬，兆易创新大涨 近12%领衔，港口及海运股、油气股全天活跃。 | | | | 油气生产商 | 能源储存装 | 消费性电讯设 -1.81% | 生物技术 -2.39% | | 服装 -1.19% | | --- ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

短期避险情绪消化，马年A股有望迎来开门红。 A股休市期间，港股非银普遍上涨2%-5%。 两市成交量有望回升，非银板块基本面好、估值低，建议参与估值修复行情。 【广发非银】开工大吉，迎接开门红 短期避险情绪消化，马年A股有望迎来开门红。 A股休市期间，港股非银普遍上涨2%-5%。 两市成交量有望回升，非银板块基本面好、估值低，建议参与估值修复行情。 证券：一是估值低，该涨未涨，合理折价30%以上；二是业绩好，ADT大幅增长，股债双牛，Q1显著好于去年同 期；三是可期待，存款搬家、衍生品新规打开增长空间。 【广发非银】开工大吉，迎接开门红 推荐国泰、华泰、中信、东财、招商、东方、兴业等。 保险：一是负债持续高增长，截止目前新单增速普遍在40%以上，短期利好NBV持续增长，长期利好负债成本加 速下行；二是慢牛利好保险资产端，预计26上半年利润有望高速增长；三是政策呵护，提升行业集中度。 A股平安、太保、新华；H股国寿、平安、太平。 多元：推荐证券IT、渤海租赁、中国船舶租赁。 证券：一是估值低，该涨未涨，合理折价30%以上；二是业绩好，ADT大幅增长，股债双牛，Q1显著好于去年同 期；三是可期待，存款搬家、衍生品新 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The insurance sector is expected to see a double-digit growth in asset scale by 2025, with a significant increase in equity allocation compared to the previous year [7] - The investment assets of insurance companies reached 38.5 trillion CNY by the end of Q4 2025, marking a 15.7% increase from the beginning of the year, with life insurance and property insurance companies holding 34.7 trillion CNY and 2.4 trillion CNY respectively [7] - The proportion of equity assets in insurance funds has notably increased, with stocks and funds accounting for 23% of total investments by Q4 2025, indicating room for further enhancement in equity allocation [7] Summary by Sections Investment Scale and Allocation - By the end of Q4 2025, the investment balance of insurance companies reached 38.5 trillion CNY, a 15.7% increase year-on-year, with life insurance companies accounting for 90.1% of the total [7] - The bond allocation remained stable, while the proportion of stocks and funds increased significantly, with life and property insurance companies showing respective stock and fund allocations of 15.3% and 17.1% by Q4 2025 [7] Market Performance and Trends - The insurance sector's investment assets have shown continuous double-digit growth, driven by strong demand on the liability side and an upward trend in the equity market [7] - The overall solvency ratio of the insurance industry was 181% by Q4 2025, indicating a healthy capital position and potential for increased equity investments [7] Investment Recommendations - The report suggests focusing on the insurance sector, particularly on stocks such as China Ping An, China Life, China Taiping, and AIA Insurance, which are expected to benefit from improved equity elasticity and favorable market conditions [7]

转自：新华财经 新华财经香港2月23日电（记者林迎楠）23日港股主要指数收涨，截至收盘，恒生指数上涨2.53%至 27081.91点，恒生科技指数上涨3.34%至5385.35点，国企指数上涨2.65%至9197.38点。 当日恒指开盘拉高向上，午前稍有回落，午后开市延续上涨态势，主板成交超1729亿港元。 成交额前三的个股中，腾讯控股涨3.07%，成交超118亿港元；阿里巴巴涨3.47%，成交超68亿港元；美 团涨5.26%，成交55亿港元。 编辑：郭洲洋 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 整体来看，多数板块上涨，新消费、黄金、有色金属、商业航天、新能源车企、科网、银行、券商等股 多为上涨，生物医药、石油与天然气、影视等股有涨有跌，奶制品、纸业等股多有下跌。 个股方面，智谱跌22.76%，携程集团-S涨1.73%，友邦保险涨4.07%，比亚迪股份涨4.87%，MINIMAX- WP跌13.35%，紫金矿业涨5.35%，长飞光纤光缆涨14.43%，宁德时代涨3.14%，老铺黄金涨2.66%，工 商银行涨2.34%，中国太平涨2.06%，华虹半导体涨4.51%，国泰君安国际 ...

Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

Group 1 - The core point of the article highlights that investment institutions are actively conducting research on listed companies ahead of the Spring Festival holiday, with a total of 42 insurance institutions participating in the surveys since early February [1] Group 2 - Ping An Pension Insurance leads the research frequency with 7 surveys conducted [1] - Taiping Pension Insurance follows in second place with 6 surveys [1] - Other notable participants include China People's Pension Insurance, China Life Pension Insurance, and Ruizhong Life Insurance, each conducting 4 surveys [1]