中国人寿 中国平安 中国太保 中国人寿 中国平安-R 中国平安 分时图 日K线 周K线 月K线 47.68 -0.66 -1.37% 1.51% 1.01% 0.50% 0.00% 0.50% 1.01% 1.51% 47.61 47.85 48.10 48.34 48.58 48.83 49.07 09:30 10:30 11:30/13:00 14:00 15:00 2万 15万 27万 40万 内险股集体上扬，截至发稿，中国太平(00966)涨4.38%，报25.76港元；中国人寿（601628）(02628)涨 3.22%，报34.58港元；中国平安（601318）(02318)涨2.45%，报72.45港元；中国太保（601601）(02601) 涨2.14%，报39.18港元。 消息面上，据国家金融监管总局最新披露数据显示，2025年保险业原保险保费收入约6.12万亿元，同比 增长7.43%。其中，财产险原保险保费收入约1.47万亿元，人身险原保险保费收入约为4.65万亿元。截 至2025年末，保险业总资产约41.32万亿元，较2024年末增长15.06%。 中信证券认为，证监会拟扩大战略投资者类 ...

Core Viewpoint - The insurance sector in China is experiencing a collective rise in stock prices, driven by positive forecasts for premium income and total assets in the coming years [1] Group 1: Stock Performance - Chinese insurance stocks have collectively risen, with China Pacific Insurance up 4.38% to HKD 25.76, China Life Insurance up 3.22% to HKD 34.58, Ping An Insurance up 2.45% to HKD 72.45, and China Taiping Insurance up 2.14% to HKD 39.18 [1] Group 2: Industry Forecast - According to the National Financial Regulatory Administration, the original insurance premium income for the insurance industry is expected to reach approximately CNY 6.12 trillion by 2025, representing a year-on-year growth of 7.43% [1] - Property insurance premium income is projected to be around CNY 1.47 trillion, while life insurance premium income is expected to be about CNY 4.65 trillion [1] - By the end of 2025, the total assets of the insurance industry are anticipated to be approximately CNY 41.32 trillion, reflecting a growth of 15.06% compared to the end of 2024 [1] Group 3: Strategic Investment Insights - CITIC Securities believes that the expansion of strategic investor types by the CSRC will benefit insurance capital as a major patient capital player, leading to a win-win situation for the capital market, listed companies, and investors [1] - The firm maintains that the insurance sector is in a significant opportunity period [1] Group 4: Market Trends - Dongwu Securities forecasts a strong performance for listed insurance companies in the 2026 New Year, with the ongoing trend of "deposit migration" continuing [1] - The attractiveness of insurance products remains significant as their preset interest rates are still higher than bank deposits, leading to optimistic expectations for new premium growth throughout the year [1] - It is anticipated that the proportion of participating insurance in new policies will further increase, benefiting the liability costs of insurance companies [1]

本次评选活动从多领域、多视角对保险机构各方面进行了综合评估，最终评选出多家行业佼佼者。 责任编辑：王馨茹 本次评选活动从多领域、多视角对保险机构各方面进行了综合评估，最终评选出多家行业佼佼者。 责任编辑：王馨茹 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！中国人寿 寿险获评"年度卓越寿险公司"。 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！中国人寿 寿险获评"年度卓越寿险公司"。 ...

2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！中国人寿 获评"年度卓越保险集团"。 本次评选活动从多领域、多视角对保险机构各方面进行了综合评估，最终评选出多家行业佼佼者。 责任编辑：王馨茹 本次评选活动从多领域、多视角对保险机构各方面进行了综合评估，最终评选出多家行业佼佼者。 责任编辑：王馨茹 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！中国人寿 获评"年度卓越保险集团"。 ...

Asia Pacific Equity Research 30 January 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Insurance Capital raising cycle in the sector? Initial thoughts are that sector implications should be relatively limited According to Bloomberg news today, 30 ...

2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！经过多领 域、多视角的综合评估，一批杰出的保险公司和机构脱颖而出，斩获殊荣。 友邦人寿获评"年度卓越品牌保险公司" 中邮保险获评"年度社会责任保险公司" 集团奖项 中国人寿获评"年度卓越保险集团" 中国平安获评"年度最具品牌价值保险集团" 中国太保获评"年度最具社会责任保险集团" 公司奖项 中国人寿寿险获评"年度卓越寿险公司" 人保寿险获评"年度卓杰出寿险公司" 平安产险获评"年度卓越财产险公司" 新华养老保险获评"年度卓越成长保险公司" 水滴保获评"年度卓越保险中介机构" 大童保险服务获评"年度卓越保险中介机构" 车车科技获评"年度卓越保险科技公司" 元保获评"年度卓越保险科技公司" 业务奖项 太平人寿获评"年度卓越消保奖" 交银人寿获评"年度卓越消保奖" 中国人寿寿险获评"年度卓越ESG实践奖" 人保财险获评"年度卓越ESG实践奖" 建信人寿获评"年度卓越数字化服务奖" 信美相互获评"年度卓越数字化服务奖" 招商信诺获评"年度优秀服务奖" 瑞华保险获评"年度优秀服务奖" 太保寿险获评"年度卓越康养服务奖" 大家人寿获 ...

Group 1: Macro Policy Insights - The report emphasizes that recent policies are focused on stimulating domestic demand to achieve a strong start in 2026, highlighting six key areas of focus [4] - It notes that the early issuance of "two new" policies, a comprehensive fiscal and financial package, and continued support for the real estate sector indicate proactive policy measures aimed at economic growth [4] - Key short-term focuses include monitoring local GDP and CPI targets, the pace of fiscal stimulus, and the performance of real estate, exports, and infrastructure in the first quarter [4] Group 2: Industry Performance - The report identifies the top-performing industries in January, with oil and petrochemicals leading at 11.3%, followed by media at 10.8%, and non-ferrous metals at 10.4% [2] - Conversely, the worst-performing sectors include banking at -6.2%, non-bank financials at -5.0%, and agriculture at -3.7% [2] Group 3: Investment Recommendations - The report recommends several stocks for February, including China Aluminum, which is noted for its strong position in the electrolytic aluminum market, and Gree, which is expected to benefit from global household storage growth [6] - Other recommended stocks include Tonghuashun, Haiguang Information, and China Duty Free, each with specific growth drivers outlined [6] Group 4: Sector-Specific Insights - In the environmental sector, the report highlights new policies that promote industrial waste recycling and carbon emission evaluations, benefiting companies like Huicheng Environmental [14] - The agricultural sector is advised to monitor the impact of rising crude oil prices on production costs and demand, particularly for vegetable oils and rubber [16] - In the telecommunications sector, companies like Zhongji Xuchuang and Xinyi Sheng are projected to see significant profit growth due to increased demand for high-speed products and ongoing investments in infrastructure [19][22]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.97%, Green Power Environmental (01330) at 68.68%, and Haotian International Construction Investment (01341) at 66.96% [1] - Tencent Holdings (00700), Pop Mart (09992), and Yangtze Optical Fibre and Cable (06869) saw the largest increases in holding amounts over the last five trading days, with increases of +2.954 billion, +1.333 billion, and +1.183 billion respectively [1] - Conversely, China Mobile (00941), Zijin Mining (02899), and Alibaba-W (09988) experienced the largest decreases in holding amounts, with reductions of -2.026 billion, -1.856 billion, and -1.609 billion respectively [2] Group 1: Top Holding Ratios - China Telecom (00728) has a holding of 9.851 billion shares, representing 70.97% [1] - Green Power Environmental (01330) has a holding of 0.278 billion shares, representing 68.68% [1] - Haotian International Construction Investment (01341) has a holding of 7.430 billion shares, representing 66.96% [1] Group 2: Recent Increases in Holdings - Tencent Holdings (00700) increased by +2.954 billion, with a change of +4.9354 million shares [1] - Pop Mart (09992) increased by +1.333 billion, with a change of +5.8896 million shares [1] - Yangtze Optical Fibre and Cable (06869) increased by +1.183 billion, with a change of +13.9887 million shares [1] Group 3: Recent Decreases in Holdings - China Mobile (00941) decreased by -2.026 billion, with a change of -2.5982 million shares [2] - Zijin Mining (02899) decreased by -1.856 billion, with a change of -4.69103 million shares [2] - Alibaba-W (09988) decreased by -1.609 billion, with a change of -0.98507 million shares [2]

Group 1 - Trump and Modi reached a trade agreement to reduce tariffs on Indian goods from 25% to 18% and cancel an additional 25% tariff on Indian purchases of Russian oil. India committed to purchasing over $500 billion worth of U.S. goods in sectors including energy, technology, agriculture, and coal [2] - SpaceX announced the completion of its acquisition of xAI, with SpaceX valued at approximately $1 trillion and xAI at around $250 billion, resulting in a combined valuation of $1.25 trillion [2] Group 2 - The U.S. Labor Statistics Bureau will not release the January non-farm employment report due to a partial government shutdown, and the December job openings report will also be postponed [4] - U.S. stock markets saw all three major indices rise, with the Dow Jones up 1.05%, S&P 500 up 0.54%, and Nasdaq up 0.56%. Notable tech stocks like Intel rose nearly 5%, while Nvidia fell over 2% [5][6] - The Nasdaq Golden Dragon China Index fell 0.65%, with significant declines in Chinese stocks such as XPeng down 8.2% and BYD down 6.7% [5] Group 3 - The U.S. dollar index increased by 0.64%, while the offshore and onshore RMB showed slight fluctuations [8] - Gold and silver experienced significant volatility, with spot gold dropping over 4% and silver declining nearly 7%. WTI crude oil futures fell by approximately 4.71% [6][8] Group 4 - The Chinese manufacturing PMI for January rose to 50.3, indicating continued expansion, driven by improvements in employment and new orders [22] - Citigroup raised its GDP forecast for Hong Kong to 3.2% for the year, reflecting a more stable recovery in major industries [24]

证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 保险行业 2025 年业绩前瞻：预计全年 NBV 高增长，Q4 净利润或受投资短期波动影响 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：长端利率趋势性下行；新单增长不及预期。 2026 年 02 月 02 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/5 2025/10/3 2026/1/31 保险Ⅱ 沪深300 相关研究 《保险行业 12 月保费：产寿 25Q4 保 费增速均有所放缓，看好寿险 2026 年 新单增长》 2026-01-31 《政策引导+行协牵头，保险业布局康 养领域进程再加速》 ◼ 我们预计上市险企 2025 年归母净利润同比较快增长，Q4 净利润或受短 期投资波动影响。1）我们预计上市险企 2025 年归母净利润普遍同比 ...