Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown strong performance this week, with the introduction of fee reduction measures by the Shanghai and Shenzhen stock exchanges for 2026, leading to an increase in market trading activity and maintaining historical highs. It is expected that the performance in 2025 will continue to grow significantly, suggesting that investors should pay attention to the sector's future allocation value [2][4] - In the insurance sector, the third-quarter reports have confirmed the logic of deposit migration, increased equity allocation, and improved new policy costs. The certainty of ROE improvement has further increased, and valuations are expected to accelerate in recovery. The overall cost-effectiveness of allocation is gradually improving, indicating that the sector is undergoing a revaluation [2][4] - Recommendations include Jiangsu Jinzhong for stable profit growth and dividend rates, China Ping An for stable dividends and high dividend yield, and China Pacific Insurance for its strong business model and market position. Additionally, stocks such as New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings are recommended based on performance elasticity and valuation levels [4] Summary by Sections Market Performance - The non-bank financial index increased by 2.1% this week, with an excess return of +0.1% relative to the CSI 300. Year-to-date, the non-bank financial index has risen by 12.1%, with an excess return of -6.2% compared to the CSI 300 [5] - The average daily trading volume in the two markets reached 19,651.66 billion yuan, up 11.63% week-on-week, with a daily turnover rate of 1.99%, an increase of 16.24 basis points [5][41] Insurance Sector Insights - In November 2025, the cumulative insurance premium income reached 57,629 billion yuan, a year-on-year increase of 7.56%. Life insurance income was 41,472 billion yuan, up 9.06% year-on-year, while property insurance income was 16,157 billion yuan, up 3.88% [22][23] - The total assets of the insurance industry reached 40.65 trillion yuan in November 2025, with a month-on-month increase of 0.15% [26][27] Brokerage and Investment Business - The brokerage business has seen a recovery in trading activity, with the average daily trading volume exceeding the 2024 average. The industry is expected to gradually recover profitability in the brokerage business as commission rates stabilize [41] - In November 2025, equity financing reached 506.49 billion yuan, a month-on-month increase of 1.0%, while bond financing reached 7.06 trillion yuan, up 7.6% [52] - The asset management business saw a rebound in new issuance, with 43.97 billion units issued in November 2025, an increase of 4.4% month-on-month [54]

Investment Rating - The report maintains a positive outlook on the insurance and brokerage sectors, indicating an "Overweight" rating for the industry [1]. Core Insights - The report highlights the expected improvement in the performance of the securities industry in December 2025, with a projected increase in investment returns and a significant rise in equity financing [3]. - The insurance sector is anticipated to undergo a systematic value reassessment, with specific recommendations for leading companies such as China Life, Ping An, and China Pacific Insurance [3]. - The report emphasizes the potential for cross-border investment opportunities due to the appreciation of the RMB against the USD, which could benefit brokerage firms [3]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,657.24, with a weekly increase of 1.95%. The non-bank index rose by 2.09%, while the brokerage, insurance, and diversified finance sectors reported increases of 1.58%, 2.97%, and 2.66%, respectively [6]. Non-Bank Industry Key Data - As of December 26, 2025, the average daily trading volume in the A-share market was 18,437.18 billion RMB, reflecting a month-on-month decrease of 5.10% [17]. - The margin financing and securities lending balance reached 25,454.30 billion RMB, up 36.5% from the end of 2024 [17]. - The report notes that the total equity financing in December 2025 was 508.4 billion RMB, a 72% increase month-on-month [3]. Non-Bank Industry News and Key Announcements - The Financial Regulatory Bureau released a plan for the high-quality development of digital finance in the banking and insurance sectors, outlining 33 tasks [18]. - The People's Bank of China published the "China Financial Stability Report (2025)," emphasizing the need for policies that support long-term investments in the A-share market [19]. - The National Development and Reform Commission initiated a venture capital guidance fund expected to reach a scale of one trillion RMB, aimed at supporting strategic emerging industries [21]. Individual Stock Highlights - In the insurance sector, notable A-share performances included Ping An (3.51%) and China Pacific Insurance (3.14%) [8]. - In the brokerage sector, the top performers included Zhongyin Securities (9.96%) and Industrial Securities (5.96%) [8].

中国财险(02328)发布公告，有关选举李玲女士为公司职工董事，任期自国家金融监督管理总局核准公 司2024年度股东周年大会对公司《公司章程》的修订及李玲女士的董事任职资格之日起至公司第六届董 事会任期届满时止。于本公告日，李玲女士的董事任职资格尚待国家金融监督管理总局核准。于2025年 12月26日，李玲女士获董事会选举为董事会审计委员会委员。李玲女士的董事会审计委员会委员任期与 其董事任期一致。 ...

智通财经APP讯，中国财险(02328)发布公告，有关选举李玲女士为公司职工董事，任期自国家金融监督 管理总局核准公司2024年度股东周年大会对公司《公司章程》的修订及李玲女士的董事任职资格之日起 至公司第六届董事会任期届满时止。于本公告日，李玲女士的董事任职资格尚待国家金融监督管理总局 核准。于2025年12月26日，李玲女士获董事会选举为董事会审计委员会委员。李玲女士的董事会审计委 员会委员任期与其董事任期一致。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 ( 在中華人民共和國註冊成立之股份有限公司 ) 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2025年12月26日 於本公告日，本公司董事長為丁向群女士（非執行董事），執行董事為張道明先生、降彩 石先生及胡偉先生，獨立董事為程鳳朝先生、魏晨陽先生、李偉斌先生、曲小波先生及薛 爽女士。 (股份代號: 2328) 選舉董事會專業委員會成員 茲提述中國人民財產保險股份有限公司（「本公司」）日期為2025年8月5日的公告，內容 有關（其中包括）選舉李玲女士為本公司職工董事，任期自國家金融監督管理總局核准本 公司2024年度股東周年大會對本公司《公司章程》的修訂及李玲女士的董事任職資格之日 起至本公司第六屆董事會（「董事會」）任期屆滿時止。於本公告日，李玲女士的董事任 職資格尚待國家金融監督管理總局核准。 於2025年12月26日，李玲女士獲董事會選舉為董事會審計委員會委員。李玲女士的董 ...

- The "Hong Kong Stock Selection Portfolio" strategy is constructed based on a dual-layer selection process that combines fundamental and technical analysis. The initial stock pool is built using analyst recommendation events, such as upward earnings revisions, first-time coverage, and unexpected positive research report titles. From this pool, stocks with both fundamental support and technical resonance are selected to form the portfolio. The backtesting period is from January 1, 2010, to June 30, 2025, with an annualized return of 19.11% and an excess return of 18.48% relative to the Hang Seng Index after considering transaction costs in a fully invested state [14][16] - The "Stable New High Stock Screening" factor is constructed to identify stocks that have recently reached a 250-day high and exhibit stable price paths. The 250-day new high distance is calculated as follows: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Where $ Close_t $ is the latest closing price, and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days. A value of 0 indicates a new high, while positive values indicate a decline from the peak. Stocks are further filtered based on analyst attention (at least five buy or overweight ratings in the past six months), relative strength (top 20% in 250-day returns), price stability (evaluated using price path smoothness and 250-day new high distance averages over 120 days), and trend continuation (average 250-day new high distance over the past five days). The top 50 stocks are selected based on these criteria [23][24] - The backtesting results for the "Hong Kong Stock Selection Portfolio" show an annualized return of 19.11%, an excess return of 18.48% relative to the Hang Seng Index, and a maximum drawdown of 23.73% over the entire sample period. The information ratio (IR) is 1.22, with a tracking error of 14.55% and a return-to-drawdown ratio of 0.78 [20] - The "Stable New High Stock Screening" factor identified stocks primarily in the cyclical sector (9 stocks), followed by financials (4 stocks), technology (3 stocks), manufacturing (3 stocks), and consumer sectors (3 stocks) during the recent period. Specific stocks include Global New Material International and others [23][24]

中国经济网北京12月27日讯 中国人民银行网站昨日披露中国人民银行宁波市分行行政处罚决定信息公示表（甬银罚决字 〔2025〕22-23号）。 公告显示，中国人民财产保险股份有限公司宁波市北仑支公司违反人民币流通管理规定，中国人民银行宁波市分行对其处以 警告，并处罚款3万元。宫某(中国人民财产保险股份有限公司宁波市北仑支公司经理室)对上述行为负有责任，被处警告，并处罚 款8000元。 以下为原文： | | | | | | 作出行政处 | | 公 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | । दि | 当事人名称 | 行政处罚 | 违法行为类型 | 行政处罚内容 | 同 | 作出行政处罚 | 示 | 备 | | 름 | | 决定书文号 | | | 决定机关名 | 决定日期 | 期 | 注 | | | | | | | 称 | | 限 | | | | 中国人民财 产保险股份 | 雨银罚决字 | | | 中国人民银 | | | | | 1 | 有限公司宁 | (2025) 22 | 违反人民币流通管理 | 警告,并处罚 | 行 | 202 ...

Group 1 - Major insurance companies in China, including China Life and China Pacific Insurance, have announced the abolition of their supervisory boards, marking a significant shift in corporate governance structures [1][2] - China Life's extraordinary general meeting on September 25, 2025, approved the proposal to abolish the supervisory board and amend the company's articles of association, which has been approved by the National Financial Regulatory Administration [1] - Similarly, China Pacific Insurance's extraordinary general meeting also approved the abolition of the supervisory board, with the audit and related party transaction control committee of the board of directors taking over the supervisory functions [1][2] Group 2 - Other insurance companies, such as China Insurance, Taikang Insurance Group, and China Reinsurance, have also previously abolished their supervisory boards, indicating a trend towards optimizing governance structures by replacing the supervisory board with audit-related committees [2]

责任编辑：王馨茹 12月26日金融一线消息，中国人民银行宁波市分行行政处罚决定信息公示表显示，中国人民财产保险股 份有限公司宁波市北仑支公司因违反人民币流通管理规定，被警告并处以罚款3万元。同时，宫某（时 任该支公司经理室负责人）因对上述违法违规行为负有责任，被警告并处以罚款8000元。 | | | | | 【用银川伏于【ZUZD】 LL-25 TJ | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | は | 当事人名称 | 行政处罚 | 违法行为类型 | 行政处罚内容 | 作出行政处 用 | 作出行政处罚 | 示 14 | | 름 | | 决定书文号 | | | 决定机关名 | 决定日期 | 其月 2 | | | | | | | 积 | | 限 | | | 中国人民财 产保险股份 | 南银罚决字 | 进反人民币流通管理 | 答告,并处罚 | 中国人民银 | 2025 年 12月 19 | | | 1 | 有限公司宁 | (2025) 22 | 规定。 | 款3万元 | 行 | 급 | ਣ | | | 波市北仑支 | 글 | | | 宁波市分 ...

Core Viewpoint - The company emphasizes the integration of investment in both material and human resources to enhance public welfare and service delivery, aligning with national economic policies focused on improving people's livelihoods [1]. Group 1: Policy Implementation and Community Engagement - The company has actively implemented the central government's decision to improve public service systems, particularly through the inclusion of non-emergency transport services in long-term care insurance, addressing community needs [2][3]. - A pilot program in Jiaxing County, Zhejiang Province, has been established to facilitate non-emergency transport for patients, with the company organizing community outreach to gather feedback and refine policies [3]. Group 2: Technological Innovation in Service Delivery - The company has introduced a smart long-term care service center in Huai'an, Jiangsu Province, utilizing technology to enhance service efficiency and transparency, ensuring that funds are used effectively [4][6]. - The AI-driven service assistant "Xiao Yu" has successfully answered over 200 inquiries, achieving a 100% accuracy rate in service path planning, demonstrating the integration of technology in public service [6]. Group 3: Rural Healthcare Support - The company has developed a model involving village doctors in long-term care insurance, addressing the challenges of rural healthcare and enhancing service delivery through community-based support [7][9]. - The successful implementation of this model has led to the establishment of a collaborative management system that connects village doctors with local health institutions, expanding the reach of long-term care services [9]. Group 4: Future Directions - The company aims to continue exploring and improving the elderly care service ecosystem, ensuring comprehensive coverage and effective support in alignment with national policies on aging and social security [9].