消息面上，2026年以来，银行超50万亿元的天量高息定期存款到期，资金流向成为市场热议的话题。东 海证券指，受存款搬家催化，以及权益市场提振带动分红险保险竞争力提升，2026保险"开门红"销售火 热，头部险企新单保费增速亮眼。该行预计，在居民稳健理财需求持续释放、银保渠道产能进一步兑现 的支撑下，"开门红"期间行业整体保费规模将保持高增态势，头部险企凭借渠道与产品优势，保费增长 动能将持续领先行业。 华创证券指出，着眼短期，预计上市险企2025年业绩预增可期，或主要受投资端业绩驱动。把握中期， 2026年上半年基数压力相对较小，权益市场活跃+负债端欣欣向荣，有望驱动业绩超预期。放眼长远， 当前长端利率企稳趋势明显，利差损压力大幅减轻，该行认为PEV估值或有望向1x修复，居民挪储或带 动NBV强劲增长，或驱动部分优质龙头险企PEV估值提升至1x以上。 内险股震荡走高，截至发稿，新华保险（601336）(01336)涨3.48%，报65.4港元；中国太保（601601） (02601)涨3.48%，报39.9港元；中国平安（601318）(02318)涨3.03%，报73.1港元；中国人寿（601628） (02 ...

华创证券指出，着眼短期，预计上市险企2025年业绩预增可期，或主要受投资端业绩驱动。把握中期， 2026年上半年基数压力相对较小，权益市场活跃+负债端欣欣向荣，有望驱动业绩超预期。放眼长远， 当前长端利率企稳趋势明显，利差损压力大幅减轻，该行认为PEV估值或有望向1x修复，居民挪储或带 动NBV强劲增长，或驱动部分优质龙头险企PEV估值提升至1x以上。 智通财经APP获悉，内险股震荡走高，截至发稿，新华保险(01336)涨3.48%，报65.4港元；中国太保 (02601)涨3.48%，报39.9港元；中国平安(02318)涨3.03%，报73.1港元；中国人寿(02628)涨1.02%，报 35.54港元。 消息面上，2026年以来，银行超50万亿元的天量高息定期存款到期，资金流向成为市场热议的话题。东 海证券指，受存款搬家催化，以及权益市场提振带动分红险保险竞争力提升，2026保险"开门红"销售火 热，头部险企新单保费增速亮眼。该行预计，在居民稳健理财需求持续释放、银保渠道产能进一步兑现 的支撑下，"开门红"期间行业整体保费规模将保持高增态势，头部险企凭借渠道与产品优势，保费增长 动能将持续领先行业。 ...

A股市场保险股拉升，其中， 中国太保涨近6%， 中国平安涨超4%， 新华保险涨超3%创历史新高， 中 国人寿涨超3%， 中国人保涨近3%。 ...

证券保险ETF鹏华紧密跟踪中证800证券保险指数，中证800证券保险指数是在中证800指数的基础上， 选择证券保险行业内对应的证券作为指数样本，为投资者提供更多样化的投资标的。 数据显示，截至2025年12月31日，中证800证券保险指数(399966)前十大权重股分别为中国平安、东方 财富、中信证券、国泰海通、中国太保、华泰证券、中国人寿、广发证券、招商证券、新华保险，前十 大权重股合计占比64.71%。 消息面上，分红险已成为银行客户经理推荐的主力产品。业内人士表示，2026年开年以来，头部保险公 司的主打产品均已切换为分红险。这类产品采用"保证收益+浮动分红"的模式，既能降低保险公司的刚 性负债成本，又能为投保人提供获得更高收益率的可能性。 华创证券表示，分红险持续深化带动结构改善，银保渠道网点拓张赋能新单增长，"报行合一"细化有望 持续贡献价值率增量，预计2026年上市险企合计新业务价值增速或在15%+的水平。 截至2026年1月29日 13:50，中证800证券保险指数(399966)强势上涨1.25%，成分股华林证券上涨 4.79%，中国太保上涨4.35%，中国平安上涨3.69%，新华保险，中国人 ...

Core Viewpoint - In 2025, China's economy is expected to grow steadily with a GDP increase of 5%, driven by consumption and high-tech manufacturing, providing a solid macro foundation for the financial industry [1] Group 1: Financial Sector Overview - The financial sector in 2025 shows a characteristic of "steady growth with structural differentiation," with brokerage firms benefiting from increased market activity, banks maintaining resilience despite net interest margin pressure, and the insurance sector experiencing a comprehensive recovery [1] - The brokerage industry reported a significant profit increase, with 39 listed brokerages seeing a 64% year-on-year growth in net profit attributable to shareholders in the first three quarters, driven by investment income [2] - The banking sector demonstrated strong operational resilience, with a notable increase in credit issuance, particularly in Q1 where RMB loans accounted for 60% of the annual total [3] Group 2: Brokerage Industry Insights - Brokerage firms experienced a robust performance in 2025, with net profit in Q3 soaring by 117% year-on-year, and all three main revenue streams (brokerage, investment banking, and asset management) showing continued growth [2] - Leading brokerage firms outperformed smaller ones, with weighted ROE exceeding 10%, and the sector's IT and undervalued H-shares became the main drivers of growth [2] Group 3: Banking Sector Insights - The banking industry is expected to see a continuation of credit growth and structural optimization, with predictions indicating that Q1 credit issuance may reach a record high [7] - Wealth management is anticipated to enter a golden development period, with AUM growth projected to exceed 15% [7] Group 4: Insurance Sector Insights - The insurance industry is poised for a comprehensive recovery, with five A-share listed insurers reporting a 33.5% year-on-year increase in net profit in the first three quarters, driven by investment income [4] - The product structure is shifting towards dividend insurance, which has become a key driver of personal insurance transformation, with new dividend products performing well [4] Group 5: Regulatory Environment - Regulatory compliance emerged as a significant theme in 2025, with the People's Bank of China and the National Financial Regulatory Administration issuing 1,366 fines totaling 21.56 billion yuan, focusing on data quality and compliance issues [5] Group 6: Outlook for 2026 - The financial sector is expected to experience continued recovery in 2026, with brokerage firms likely to remain a core focus due to favorable policies and economic recovery [6] - The insurance sector is anticipated to enter a "golden era" of asset-liability resonance, with significant capital inflows expected to support equity markets [8]

Summary of China Pacific Insurance Conference Call Company Overview - **Company**: China Pacific Insurance (中国太保) - **Focus**: Steady operations and long-termism in both liability and investment sides, maintaining stability in key indicators throughout Q4 2025 [2][3] Key Points Industry and Market Position - **Investment Strategy**: The company emphasizes long-term asset allocation, increasing long-term interest rate bond allocation to over 40% from 10% in 2017 [2][5] - **Tax Policy Impact**: The new insurance contract tax treatment announced by the Ministry of Finance is not expected to significantly affect future effective tax rates, which are projected to remain within normal ranges for 2025 [2][4] Financial Performance - **Investment Performance**: Investment performance in 2025 will rely on accumulated asset allocation over the years, with a focus on fixed income and equity strategies [2][5][6] - **Growth Projections**: The agent channel is expected to see high single-digit growth in premium payments, while the bancassurance channel is projected to grow by 20% to 30% [2][10] Product Strategy - **Product Sales**: The company has successfully launched various products, including investment-linked insurance and dividend-type savings products, which have shown strong demand [12][13] - **Sales Strategy**: Emphasis on segmented customer management, targeting high-net-worth and mid-to-high-end clients with tailored products [9][13] Future Outlook - **2026 Strategy**: The company plans to continue its "integrated closing and opening" strategy, focusing on segmented customer management and maintaining a steady growth pace without excessive expansion [9][16] - **Long-term Trends**: The demand for savings-type insurance is expected to increase due to demographic factors such as delayed retirement and aging population [11][17] Risk Management - **Duration Management**: As of Q3 2025, the overall asset duration is over 12 years, with a duration gap of 2 to 3 years. The company will implement refined management strategies based on account types [24] Regulatory Changes - **New Standards Impact**: The implementation of new standards in 2026 will introduce regulatory measures affecting tax policies and solvency management, aligning with the company's focus on sustainable and long-term capabilities [22][23] Dividend Policy - **Dividend Strategy**: The company will continue its medium to long-term dividend policy based on surplus profit growth and current investment returns, with specific figures to be confirmed in the annual report [21] Conclusion - **Overall Strategy**: China Pacific Insurance maintains a focus on steady operations and long-term growth, with a commitment to enhancing service capabilities and optimizing product offerings to meet evolving market demands [2][19]

| 成交量(万份) | 成交额(万元) | 相对当日收盘折价 (%) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | | 580.00 | 1417.52 | 6.87 | 机构专用 | 华宝证券股份有 公司上海东大名 证券营业部 | | 1280.00 | 3127.04 | 6.87 | 机构专用 | 瑞银证券有限责 公司上海花园7 路证券营业培 | | 3940.00 | 9625.42 | 6.87 | 机构专用 | 华宝证券股份有公司 公司上海东大2 | （数据来源：Wind） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2026年1月28日，矿业ETF(561330.SH)收涨7.38%，发生3笔折价大宗交易，成交价均为2.44元，较当日收盘价折价6.87%。成交额分别为1417.52万元， 3127.04万元，9625.42万元，总成交额为1.42亿元，居全市场第一。（数据来源：Wind） 矿业ETF(561330.SH)，场外联接(A：018167；C：018168)。 ...

丨证券研究报告丨 行业研究丨点评报告丨投资银行业与经纪业 [Table_Title] 2025Q4 公募基金持仓点评：保险配置比例环比 显著提升，被动持仓持续高于主动 报告要点 [Table_Summary] 基金非银板块港股配置环比持续提升，被动基金持仓市值占比高于主动型基金。1）保险配置比 例环比提升，港股主被动第一大持仓分别为中国太保 H、中国平安 H；2）港股券商配置比例环 比下降，个股仍集中于头部机构；3）多元金融持续低配，H 股持仓仍然集中于港交所。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 投资银行业与经纪业 cjzqdt11111 [Table_T 2025Q4 itle公募基金持仓点评：保险配置比例环比 2] 显著提升，被动持仓持续高于主动 [Table_Summary2] 事件描述 公募基金披露 2025 年四季度重仓持股情况。 事件评论 ...

Core Insights - Ping An Life Insurance has increased its stake in China Life H-shares to 9.14% by purchasing 11.891 million shares at an average price of HKD 32.0553 per share, totaling approximately HKD 381 million [1] - This acquisition reflects a broader trend of insurance capital increasing their stakes in various companies, with over 30 instances of such actions recorded since 2025 [2] Group 1: Investment Activities - Ping An Life has been actively acquiring shares in China Life since reaching the 5% threshold in August 2025, with its stake growing from 5% to over 9% [1] - In addition to China Life, Ping An has also made significant investments in China Pacific Insurance H-shares, acquiring approximately 1.74 million shares and reaching a 5.04% stake [3] - The company has built a high-dividend financial asset pool in the Hong Kong market, significantly increasing its holdings in major banks such as Agricultural Bank of China, China Merchants Bank, and Postal Savings Bank [4][5] Group 2: Market Trends and Strategies - The trend of insurance companies increasing their stakes in stocks is seen as a response to declining risk-free interest rates and a search for high-dividend, stable enterprises [2] - Analysts suggest that insurance stocks are being redefined as "alternative dividend assets," indicating a shift in investment strategy towards high-yielding stocks [3] - Ping An's investment strategy is guided by a "three criteria" principle, focusing on reliable operations, growth potential, and sustainable dividends [6]

平安人寿此次举牌是2025年以来险资举牌潮的一个缩影。数据显示，2025年险资举牌次数超过30次，远 超往年。在无风险利率下行和"资产荒"的背景下，以银行、保险为代表的高股息、经营稳健的央国企， 成为了险资眼中的"香饽饽"。 去年，平安系资金就先后举牌中国太保（601601）H股和中国人寿H股。 2025年8月11日，根据香港交易所公告，平安人寿以每股32.0655港元的均价买入中国太保H股约174万 股，共持股1.4亿股，占港股流通股的比例达5.04%，触及举牌，总股本占比1.46%。 南方财经全媒体记者 林汉垚 近日，香港联交所披露的权益信息显示，中国平安人寿保险股份有限公司（以下简称"平安人寿"）于1 月22日以每股均价32.0553港元，增持中国人寿（601628）H股1189.1万股，涉资约3.81亿港元。此次增 持后，平安人寿对中国人寿H股的持股比例由8.98%升至9.14%，持股总数增至约6.81亿股。 这已不是平安人寿首次买入中国人寿股票，早在2025年8月，平安人寿便已触及对中国人寿H股5%的举 牌线。此后，其加仓步伐从未停歇，持股比例从5%一路攀升至如今的逾9%。 保险股正被重新视作"另类 ...