非银金融 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2025-02 2025-06 2025-10 非银金融 沪深300 相关研究报告 《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 《衍生品监管透明化，规模限制有望 放松利好头部券商—衍生品监管政策 点评》-2026.1.18 （1）本周日均股基成交额 3.71 万亿，环比+7.7%，2026 年 1 月市场日均股基成 交额 3.65 万亿，同比+157%；2026 年 1 月新成立股票和混合类基金份额 812 亿， 环比+66%，同比+187%。开年首月基金新发和交易量均显著扩张。（2）1 月 30 日证监会召开资本市场"十五五"规划上市公司座谈会，证监会主席吴清强调：全 力巩固资本市场稳中向好势头，聚焦持续深化资本市场投融资综合改革、提高制 度包容性适应性，抓紧推出深化创业板改革，提高再融资制度便利性、灵活性和 吸引力。（3）截至 1 月末，已披 ...

Group 1: Market Outlook - The current market environment is characterized by ample liquidity, with structural highlights in the fundamentals indicated by high-frequency economic tracking and company performance forecasts[3] - The equity market is expected to continue its upward trend, with a focus on sectors benefiting from both domestic and external demand, particularly in technology manufacturing and cyclical industries[3] Group 2: Recommended Stocks - Beijing Junzheng (300223.SZ) has a total market value of RMB 66.2 billion, with a TTM PE of 208.6 and PB of 5.3, driven by the upward cycle in storage and L3 autonomous driving catalyzing automotive electronics[3] - Jingfang Technology (603005.SH) has a market cap of RMB 20.1 billion, TTM PE of 58.9, and PB of 4.4, benefiting from the expansion of automotive CIS demand, with a projected net profit growth of 44.41%-52.32% in 2025[3] - Haiguang Information (688041.SH) has a market value of RMB 607.3 billion, TTM PE of 256.6, and PB of 27.7, positioned to benefit from the AI wave and domestic substitution trends[3] - Hehe Information (688615.SH) has a market cap of RMB 40.6 billion, TTM PE of 91.1, and PB of 14.5, with accelerated profit growth driven by AI and overseas market expansion[3] - Jinfeng Technology (002202.SZ) has a market value of RMB 103.4 billion, TTM PE of 42.8, and PB of 3.0, with improving profitability in wind turbine manufacturing and green methanol projects[3] - Luoyang Molybdenum (603993.SH) has a market cap of RMB 55.74 billion, TTM PE of 29.6, and PB of 7.4, with copper prices expected to rise, benefiting from volume and price increases[3] - Zhongman Petroleum (603619.SH) has a market value of RMB 17.2 billion, TTM PE of 33.7, and PB of 4.0, with high growth potential amid rising oil prices[3] - Beixin Building Materials (000786.SZ) has a market cap of RMB 48.6 billion, TTM PE of 15.7, and PB of 1.8, with expected recovery in gypsum board profitability[3] - China Duty Free (601888.SH) has a market value of RMB 190.3 billion, TTM PE of 56.2, and PB of 3.4, with anticipated recovery in operations due to strategic partnerships[3] - China Pacific Insurance (601601.SH) has a market cap of RMB 414.6 billion, TTM PE of 8.5, and PB of 1.6, with stable growth in liabilities and high dividend yield[3]

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 2026 年 02 月 01 日 资金面因素逐步出清，看好非银板 块投资价值 看好 ——非银金融行业周报（2026/1/26-2026/1/30） 证 券 研 究 报 告 相关研究 《25 年业绩高增态势确立，融资保证金比 例旨在引导回归价值投资——券商板块跟 本期投资提示： 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 中庚基金 使用。1 踪》 2026/01/15 《高弹性标签助力板块"破圈"，看好资负 ...

傅帆称，未来将通过三个层面的变革，让智能化深度融入保险的核心价值。其中，试点AI原生分支机 构是重要举措之一，其核心目标是重构生产力与组织的协同范式。他介绍称，中国太保正以首批AI原 生分公司试点为突破口，重塑业务流程，实现从人力驱动到人机协同的跨越，向数字融合的更高阶段跃 升。 重构生产力与组织的协同范式。 "数字化转型不是选择题，而是企业生存和发展的必答题。"中国太保董事长傅帆在近日举办的首届中国 太保科技创新大会上表示。 "在'十五五'期间，保险业不仅要追求保费规模和资产体量的领先，更要在服务实体经济质效、防范化 解风险能力、提高全球竞争力上实现质的飞跃。"在傅帆看来，在当前全球正经历由深层次人工智能驱 动的新变革背景下，提升AI应用能力正是实现上述目标的重要抓手，因此"人工智能+"也被中国太保列 为三大战略之一。 此次大会上发布的《2025年AI应用白皮书》，也进一步勾勒出"AI+保险"的未来图景。白皮书展望称， 保险行业正站在技术驱动的变革风口，AI将推动行业从三条路径实现演变：客户维度，从"信息差"转 向"全生命周期陪伴"，通过AI交互入口和情感智能，提供个性化陪伴式服务；产业维度，从"传统边 界 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [2] Core Insights - The report discusses the upcoming capital injection into large state-owned insurance companies, which is expected to enhance the strength of leading insurers amid industry consolidation [5] - It highlights that the estimated capital injection scale is around 200 billion yuan, which will significantly improve the solvency ratios of the involved companies [5] - The report emphasizes the importance of monitoring the pricing of the capital increase and its impact on book value per share (BVPS) and embedded value per share (EVPS) [5] Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 37,190.62 billion yuan, with the same amount for circulating market capitalization [2] Capital Injection Details - The report anticipates that the capital injection will be approximately 200 billion yuan, which will account for about 16.5% of the expected net assets of China Life, China Ping An, and China Taiping by the end of 2026 [5][8] - The solvency ratio is expected to improve by approximately 23 basis points due to this capital injection [5][8] Investment Recommendations - The report suggests that investors should focus on the pricing of the capital increase and its effects on BVPS and EVPS [5] - It reiterates the investment value of the insurance sector, highlighting companies such as China Taiping, China Ping An, China Life, New China Life, and China Pacific Insurance as key focuses [5]

Core Viewpoint - The A-share market showed a trend of rising and then narrow fluctuations in January, with the Shanghai Composite Index increasing by 3.76%, the Shenzhen Component Index by 5.03%, and the ChiNext Index by 4.47%. There are opportunities to explore in February as multiple brokerages have released their monthly investment portfolios covering various sectors [2]. Group 1: Stock Recommendations - Notable stocks receiving multiple recommendations include China Pacific Insurance, Zijin Mining, and Wanhua Chemical, each recommended by three brokerages. Other stocks like Zhongji Xuchuang, Beixin Building Materials, and Miao Yi Innovation received two recommendations [5]. - Miao Yi Innovation had the highest increase in January, with a rise of nearly 47%, closing at 314.88 yuan, while China Pacific Insurance experienced the largest decline, dropping over 5% to 89.37 yuan [5]. Group 2: Industry Preferences - Brokerages suggest that the spring market may see prolonged activity, with a focus on technology, consumer, and cyclical sectors. There is an expectation of a new market trend post-Spring Festival [7]. - Shenyin Wanguo believes that the spring market trend will continue, with a focus on cyclical sectors for alpha opportunities, while also suggesting a rotation towards bottom assets [7]. - Guotai Junan recommends a balanced growth strategy, focusing on technology, electric equipment, and software services, while also considering opportunities in the chemical industry due to rising raw material prices [8][9]. Group 3: Investment Strategies - Donghai Securities highlights four main investment themes for February: maintaining focus on technology and domestic demand, early positioning in service consumption sectors, monitoring sectors with potential earnings improvements, and cyclical industries with expected profit recovery [10].

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 ...

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - The life insurance premium growth turned positive in December, with a total premium income of 436.24 billion yuan for the year 2025, reflecting a year-on-year increase of 8.9% [1] - Property insurance premiums also showed improvement, with total premium income of 175.70 billion yuan for 2025, up 3.9% year-on-year [2] - The total assets of the insurance industry reached 4,131.45 billion yuan by the end of 2025, a 15.1% increase from the end of 2024 [3] - The report anticipates a significant increase in new business value (NBV) in Q1 2026, driven by high demand and the transformation of dividend insurance, which will alleviate pressure on profit margins [4] Summary by Sections Life Insurance - In December, life insurance premium income was 215.2 billion yuan, a year-on-year increase of 6.0%, marking a recovery from a previous decline of -2.4% [1] - The premium income for life insurance, health insurance, and accident insurance for 2025 was 355.57 billion, 76.99 billion, and 3.68 billion yuan, respectively, with year-on-year changes of +11.4%, -0.4%, and -9.8% [1] Property Insurance - The property insurance sector saw a total premium income of 1,413 billion yuan in December, up 4.4% year-on-year [2] - The December premium income for auto insurance was 977 billion yuan, reflecting a 2.2% increase, while non-auto insurance premiums reached 437 billion yuan, up 9.6% [2] Asset Growth - By the end of 2025, the total assets of life insurance companies were 3,639.37 billion yuan, and property insurance companies had assets of 311.74 billion yuan, representing increases of 15.3% and 7.5% respectively [3] - The net assets of the insurance industry totaled 366.40 billion yuan, a 10.2% increase from the previous year [3] Investment Recommendations - The report maintains a positive outlook for the insurance sector, suggesting that the current valuation remains low, with a price-to-earnings value (PEV) of 0.68-0.85x for January 30, 2026 [4]

Investment Rating - The report maintains an "Overweight" rating for the insurance sector, indicating a positive outlook for the industry compared to the overall market performance [3][11]. Core Insights - The China Securities Regulatory Commission (CSRC) is proposing to relax restrictions on strategic investors, which is expected to support the entry of long-term capital into the market [1]. - The proposed changes will allow various institutional investors, including public funds, commercial insurance funds, and pension funds, to participate as strategic investors in non-public offerings of listed companies [2]. - The report highlights that participation in private placements by long-term capital investors is likely to yield excess returns due to diverse sources of income, including discount gains and dividend income [3]. Summary by Sections Regulatory Changes - The CSRC's draft proposal aims to expand the types of strategic investors and clarify their classification, including social security funds and commercial insurance funds [2]. - A minimum shareholding requirement of 5% for strategic investors is established, allowing them to participate in corporate governance [2]. Investment Opportunities - The report emphasizes that the alignment of long-term capital with private placements is expected to enhance investment returns, with the potential for smoother profit fluctuations through accounting measures [3]. - The report recommends several companies in the insurance sector, including China Life, New China Life, Ping An, China Pacific Insurance, China Property Insurance, and China Re, while suggesting to pay attention to China Taiping and ZhongAn Online [3]. Valuation Metrics - The report provides a valuation table for key insurance companies, detailing metrics such as market capitalization, P/E ratios, and dividend yields, indicating the financial health and investment potential of these firms [6].