南方财经2月9日电，港股保险股普涨，中国人寿、中国平安、中国太平、中国太保均涨超4%。 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%。东吴证券指出，上市险企2026年"开门红"表现亮眼，当前"存款搬家"趋势延续，保险产品预定 利率仍高于银行存款，相对吸引力仍然明显，对全年新单保费增长持乐观预期，同时新单中分红险占比 预计进一步提升，利好险企负债成本持续改善。 方正证券：关注大权重、经营边际改善且股息率较高 的中国平安，投资弹性较大、业绩创新高的新华保险，业绩有望超预期的中国太平、中国人寿，业绩稳 健增长中国太保、中国人保，基本面延续改善的中国财险、众安在线等。 ...

——26年信贷市场工作会议召开，监管体系持续完善 证券分析师 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2026年2月9日 1 证券研究报告 金融行业周报 重点聚焦 行业数据 • 2026年信贷市场工作会议召开，明确信贷资源重点流向 • 明确RWA监管框架，强化虚拟资产风险管理 • 国家金融监督管理总局发布《银行保险机构许可证管理办法》 • 本周银行、证券、保险、金融科技指数分别变动+1.70%、-0.65%、-0.71%、-0.57% • 银行：公开市场操作实现净回笼7560亿元，SHIBOR利率回落 • 证券：周度股基日均成交3.2万亿元 • 保险：十年期国债到期收益率环比上周下行0.10bps 核心观点 26年信贷市场工作会议召开，监管体系持续完善 1、2026年信贷市场工作会议召开，明确信贷资源重点流向。1月30日，中国人民银行召开2026年信贷市场工作会议，总结2025年工作，部署 落实结构性货币政策 ...

Core Viewpoint - The insurance stocks in China have seen a significant rise, driven by strong performance in the insurance premium market, particularly through the bancassurance channel, indicating a positive outlook for the industry [1] Group 1: Stock Performance - China Life (601628) increased by 5.4%, reaching HKD 35.52 [1] - Ping An (601318) rose by 4.89%, reaching HKD 73 [1] - China Pacific Insurance (601601) grew by 4.77%, reaching HKD 40.38 [1] - New China Life (601336) saw a 3.39% increase, reaching HKD 62.5 [1] Group 2: Premium Growth - In January 2026, 79 life insurance companies achieved a total new premium scale of CNY 212.6 billion, marking a year-on-year growth of 27.6% [1] Group 3: Market Insights - According to research from Kaiyuan Securities, the advantages of insurance products in terms of yield, low volatility, and health protection have become more prominent due to the concentration of excess savings during the pandemic [1] - Yangtze River Securities noted that the stable stock market and expectations of steady interest rates could lead to improved interest spreads, benefiting the industry [1] - Continued strong growth in new premium income is expected to accelerate the recovery of interest spreads, enhancing profitability and driving ongoing improvements in industry valuations [1]

Core Viewpoint - The Hong Kong insurance stocks experienced a collective surge, with significant gains observed across major companies in the sector [1] Group 1: Company Performance - China Life and Ping An Insurance both rose over 5% [1] - China Taiping increased by 4.8% [1] - China Pacific Insurance saw a rise of 4.5% [1] - China Insurance, New China Life, and China Property & Casualty Insurance all gained over 3% [1] - AIA Group experienced an approximate increase of 3% [1]

Core Viewpoint - The Hong Kong insurance stocks experienced a collective surge, with major companies like China Life and Ping An rising over 5%, driven by favorable market conditions and strategic positioning in the insurance sector [1] Group 1: Market Performance - China Life's stock price increased by 5.22% to 35.460 [2] - Ping An's stock price rose by 5.03% to 73.100 [2] - China Taiping's stock price went up by 4.79% to 25.820 [2] - China Pacific's stock price increased by 4.46% to 40.260 [2] - Other notable increases include China People's Insurance at 3.50%, New China Life at 3.39%, and China Property & Casualty at 3.22% [2] Group 2: Industry Insights - CITIC Securities' report indicates that with a large number of deposits maturing, savings-type insurance products are expected to meet the demand for stable long-term value growth due to their high returns and long terms [1] - The report anticipates that leading insurance companies will capitalize on improved bancassurance value rates, leading to rapid growth in new policies and new business value (NBV) [1] - The asset side is expected to benefit from a spring rally in the equity market, enhancing profits, while stable interest rates will support long-term returns for insurance funds [1] Group 3: Future Projections - Huaxi Research predicts that listed insurance companies will continue to see rapid growth in net profit attributable to shareholders through 2025, although Q4 may face some pressure from investment impacts [1] - The report highlights a high level of enthusiasm for the insurance sector in Q1 2026, driven by the "opening red" period and the transformation of savings-type insurance products, which will alleviate pressure from interest rate spreads [1] - Recommended stocks include Ping An for its improved fundamentals and high dividend yield, New China Life for its asset flexibility and high dividend yield, and China Life for its asset flexibility [1]

长江证券则表示，一方面股市慢牛以及利率中枢企稳预期下，利差改善幅度有望更加乐观，同时行业估 值也将由于对资产端敏感的特性而多重受益；另一方面，若新单保费增速持续强势，利差也将加速修 复，强化盈利能力改善逻辑，带动行业估值持续改善。 消息面上，根据财新报道，同业交流数据显示，2026年1月，79家人身险公司合计在银保渠道实现新单 规模保费2126亿元，同比增长27.6%。开源证券发布研报称，疫情期间居民超额储蓄集中到期，保险产 品在收益率、低波动和康养保障方面的优势突出，同时头部险企报行合一后加大银保渠道投入，带来银 保渠道开门红高增。 智通财经APP获悉，内险股再度走高，截至发稿，中国人寿(02628)涨5.4%，报35.52港元；中国平安 (02318)涨4.89%，报73港元；中国太保(02601)涨4.77%，报40.38港元；新华保险(01336)涨3.39%，报 62.5港元。 ...

| (单位: | સેવ | | | | --- | --- | --- | --- | | 份) | 利息结转的 份额 | 141, 787. 34 | 435.670. 85 577, 458. 19 | | | 合计 | 801. 074. 706. 75 | 2, 935, 954, 094. 41 3, 737, 028, 801. 16 | | 44 1 | older 2 3 4 and 11 444 | | | 募集期间净认购金额3,736,451,342.97元，认购资金在募集期间产生的利息577,458.19元，募集份额 合计3,737,028,801.16份。 基金经理邓达历任中国人寿养老保险股份有限公司年金投资经理助理，平安人寿保险股份有限公司 战术投资部传统资产投资团队助理投资经理。2018年6月加入中欧基金管理有限公司，历任投资经理， 现任基金经理。 中国经济网北京2月9日讯 近日，中欧基金发布中欧盈享稳健6个月持有期混合型基金中基金 （FOF）基金合同生效公告。 (责任编辑：康博) ...

Group 1 - The top 20 stocks with significant capital inflow as of February 9 include Jiecheng Co., Xinyi Technology, and China Duty Free, with inflows of 8.37 billion, 7.39 billion, and 6.84 billion respectively [1] - Jiecheng Co. experienced a price increase of 19.93%, while Tianfu Communication saw an increase of 18.24%, indicating strong market interest in these stocks [2] - Other notable stocks include Zhongwen Online with a 20% increase and TCL Zhonghuan with a 9.98% increase, both attracting substantial capital inflow [2][3] Group 2 - The sectors represented by the top inflow stocks include cultural transmission, telecommunications, tourism, and photovoltaic equipment, highlighting diverse investment interests [2][3] - Companies like China Ping An and Zijin Mining also attracted significant inflows, with 4.76 billion and 4.65 billion respectively, indicating continued investor confidence in the insurance and non-ferrous metals sectors [2][3] - The overall trend shows a strong interest in technology and renewable energy sectors, as evidenced by the performance of companies like Industrial Fulian and Sunshine Power [3]

Group 1 - The core viewpoint of the news is that the insurance industry is experiencing a significant increase in profitability, with 57 life insurance companies reporting a net profit growth of over 150% year-on-year, marking it as the "strongest profit year" [1] - The outlook for the insurance sector indicates a continuation of deposit migration, with expectations of high growth in new policies through bank insurance channels, and a trend of market share concentration among leading companies [1] - The report highlights that the dividend insurance products will test companies' long-term investment capabilities, with stricter access requirements for these products through bank insurance channels, favoring larger companies [1] Group 2 - The report mentions that the reduction in the preset interest rate and the integration of reporting and operations will limit the competitive space for smaller companies in terms of pricing and costs [1] - It is noted that the profitability of bank insurance channels is improving, with larger companies continuing to expand their efforts in this area, leveraging advantages in resource synergy, service, and brand [1] - As of February 9, 2026, the CSI 800 Securities Insurance Index rose by 1.21%, with significant increases in stocks such as China Ping An (up 2.71%) and China Life (up 2.46%) [1] Group 3 - As of January 30, 2026, the top ten weighted stocks in the CSI 800 Securities Insurance Index account for 65% of the index, including major players like China Ping An and CITIC Securities [2]

Core Viewpoint - The Hong Kong insurance stocks have collectively risen, with major companies like China Life and Ping An increasing by over 5%, driven by favorable market conditions and growth in new business value (NBV) [1] Group 1: Market Performance - China Life's stock price increased by 5.22% to 35.460 [2] - Ping An's stock price rose by 5.03% to 73.100 [2] - China Taiping's stock price went up by 4.79% to 25.820 [2] - China Pacific's stock price increased by 4.46% to 40.260 [2] - Other companies like China People’s Insurance and New China Life also saw increases of over 3% [1] Group 2: Industry Insights - CITIC Securities' report indicates that with a large amount of deposits maturing, savings-type insurance products are expected to meet the demand for stable long-term value growth due to their high returns and long terms [1] - The leading insurance companies are expected to leverage the improvement in bancassurance value rates to enhance their market positioning, leading to rapid growth in new business and NBV [1] - The asset side is anticipated to benefit from a bullish equity market in spring, which will enhance profits, while stable interest rates will support long-term returns for insurance funds [1] Group 3: Future Projections - Huaxi Research forecasts that the net profit attributable to shareholders of listed insurance companies will continue to grow rapidly through 2025, although Q4 may face some pressure from investment impacts [1] - The high demand for new business value in Q1 2026 is expected to significantly increase year-on-year, driven by the favorable conditions at the beginning of the year [1] - The transformation towards dividend insurance is expected to alleviate pressure from interest rate spreads, further driving the valuation recovery of insurance stocks [1] Group 4: Stock Recommendations - Recommended stocks include Ping An for its improving fundamentals and high dividend yield, New China Life for its asset flexibility and high dividend yield, and China Life for its asset flexibility [1] - Other recommended stocks include China People’s Insurance and China Pacific for their stable performance, as well as ZhongAn Online for its business improvements [1]