Group 1 - The issuer of the bond is China National Railway Group Co., Ltd., and the total issuance scale is 10 billion yuan for the "2026 Third Phase China Railway Construction Bond" [4][29] - The bond is divided into two types: a 10-year bond with a scale of 5 billion yuan and a 30-year bond with a scale of 5 billion yuan, totaling 10 billion yuan [21][29] - The bonds will be issued at a fixed interest rate, with the 10-year bond's interest rate being the Shibor benchmark rate plus a basic spread ranging from -0.3% to 0.7%, and the 30-year bond's interest rate ranging from 0.1% to 1.1% [21][29] Group 2 - The main underwriter for this bond issuance is Guotai Junan Securities Co., Ltd., which is responsible for managing the underwriting team and coordinating the issuance process [5][31] - The bonds will be publicly issued to institutional investors through a bidding system on the Shenzhen Stock Exchange [22][31] - The bonds will be registered and held by the Shenzhen branch of the China Securities Depository and Clearing Corporation and the Central Government Bond Registration and Clearing Co., Ltd. [24][30] Group 3 - The bonds will have a maturity date of February 5, 2036, for the 10-year bond and February 5, 2056, for the 30-year bond [27] - The bonds will be issued at par value of 100 yuan, with a minimum subscription unit of 10 million yuan [24][29] - The bonds will be guaranteed by the Railway Construction Fund, providing an irrevocable joint liability guarantee [29]

中国人寿 紫金矿业 中芯国际 中国移动 华虹公司 中国人寿 分时图 日K线 周K线 月K线 48.34 -1.38 -2.78% 3.40% 2.27% 1.13% 0.00% 1.13% 2.27% 3.40% 48.03 48.59 49.16 49.72 50.28 50.85 51.41 09:30 10:30 11:30/13:00 14:00 15:00 0 21万 41万 62万 2月2日港股市场，北水成交净买入19.07亿港元，其中港股通(沪)成交净买入27.38亿港元，港股通(深)成交净卖出8.3亿港元。 北水净买入最多的个股是腾讯(00700)、小米集团-W(01810)、中国人寿（601628）(02628)。北水净卖出最多的个股是华虹半 导体(01347)、紫金矿业（601899）(02899)、石药集团(01093)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 26.52 乙 | 34.69 Z | 61.21亿 | | HK 09988 | | | -8.16 亿 | ...

证 券 研 究 报 告 保险行业周报（20260126-20260130） 推荐（维持） 平安再度增持国寿 H，全年行业保费 6.12 亿元 本周行情复盘：保险指数上升 5.55%，跑赢大盘 5.47pct。保险个股表现分化， 太平+9.96%，友邦+8.79%，国寿+8.73%，太保+8.48%，新华+8.40%，平安 +4.46%，阳光+3.67%，人保+2.91%，财险+2.27%，众安-1.54%。十年期国债 到期收益率 1.81%，较上周末-2bps。 本周动态： （1）每经网：香港联交所披露，平安人寿于 1月 22日在场内以每股均价32.0553 港元，增持中国人寿 1189.1 万股 H 股，涉资约 3.81 亿港元。增持后最新持股 数目为 6.81 亿股，持股比例由 8.98%上升至 9.14%。 （2）智通财经：香港联交所披露，1 月 20 日，阳光人寿减持徽商银行 H 股 1169.4 万股，平均每股作价 3.2896 港元，涉及资金 3846.86 万港元。减持后最 新持股数目为 2.41 亿股，持股比例由 7.92%下降至 6.93%。 （3）证券日报：近日中国人寿接连发布两则公告，宣 ...

来源：市场资讯 （来源：小康金融） 本周行情复盘：保险指数上升5.55%，跑赢大盘5.47pct。保险个股表现分化，太平+9.96%，友邦 +8.79%，国寿+8.73%，太保+8.48%，新华+8.40%，平安+4.46%，阳光+3.67%，人保+2.91%，财险 +2.27%，众安-1.54%。十年期国债到期收益率1.81%，较上周末-2bps。 本周动态： （1）每经网：香港联交所披露，平安人寿于1月22日在场内以每股均价32.0553港元，增持中国人寿 1189.1万股H股，涉资约3.81亿港元。增持后最新持股数目为6.81亿股，持股比例由8.98%上升至 9.14%。 （2）智通财经：香港联交所披露，1月20日，阳光人寿减持徽商银行H股1169.4万股，平均每股作价 3.2896港元，涉及资金3846.86万港元。减持后最新持股数目为2.41亿股，持股比例由7.92%下降至 6.93%。 （3）证券日报：近日中国人寿接连发布两则公告，宣布拟投资设立一只养老产业股权投资基金和一只 长三角私募基金，直接认缴出资额合计近125亿元。 （4）智通财经：1月30日，中国证监会对《〈上市公司证券发行注册管理办法 ...

来源：中保新知 国内大型险企或首次迎来特别国债注资。 据媒体消息，中国大型保险公司将迎来2000亿元特别国债的注资，相关计划最早可能于今年一季度公 布。如果消息属实并落地，这将是我国首次通过发行特别国债向险企注资。 事实上，早在2025年5月7日国新办发布会上，金融监管总局局长李云泽就曾透露，"金融监管总局引导 行业深入推进降本增效可持续发展的基础进一步夯实，完善资本补充机制，大型商业银行资本补充工作 正在加快实施，大型保险集团资本补充已经提上日程，各地也正在多渠道有序补充中小金融机构资本 金，这些措施将进一步增强金融体系的韧性和服务高质量发展的能力"。 2025年，四大国有银行就已经先行迎来特别国债注资。如今，市场传出特别国债注资大型保险机构似乎 也并不意外。 01 特别国债开闸 有外媒消息称，中国2000亿元特别国债将用来为头部保险公司注入资本，包括中国人寿、中国人保、中 国太平等国有险企。 有业内人士表示，大型险企未来或将承担更多责任协助处置弱资质同业的风险，而监管也一直在推动包 括险资在内的中长期资金入市。 事实上，中国在2025年已经发行5000亿元特别国债为中国银行、中国建设银行、交通银行、中国邮 ...

Group 1: Market Movements - Tencent Holdings saw a net buy of 1.304 billion, while Xiaomi Group-W had a net buy of 0.277 billion and China Life Insurance 0.187 billion [1] - Major net sell-offs included Hua Hong Semiconductor at 0.651 billion, Zijin Mining at 0.464 billion, and Alibaba-W at 0.328 billion [1] - Southbound funds have recorded net buys in Xiaomi for three consecutive days, totaling 1.8348 billion HKD, while China Mobile has seen net sells for 21 consecutive days, amounting to 16.04415 billion HKD [4] Group 2: Company Updates - Tencent's AI application "Yuanbao" has launched a cash red envelope activity with a total scale of approximately 1 billion, allowing users to participate in cash rewards and tasks [6] - Xiaomi delivered over 39,000 vehicles in January, marking a 95% year-on-year increase, and plans to open six new stores in February [7] - Alibaba's Qianwen App announced a 3 billion investment to launch the "Spring Festival Treat Plan," set to go live on February 6, aiming to enhance user engagement during the holiday [7]

Core Insights - On February 2, 2026, Alibaba-W (09988), Tencent Holdings (00700), and China Mobile (00941) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 6.121 billion, 4.166 billion, and 3.225 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also led the trading volume, with transaction amounts of 3.730 billion, 2.511 billion, and 2.012 billion respectively [1] Southbound Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 6.121 billion with a net buy of -0.816 billion [2] - Tencent Holdings (00700) recorded a trading amount of 4.166 billion with a net buy of +0.880 billion [2] - China Mobile (00941) had a trading amount of 3.225 billion with a net buy of -0.134 billion [2] - SMIC (00981) had a trading amount of 2.965 billion with a net buy of -29.8693 million [2] - Other notable companies included Xiaomi Group-W (01810) with a trading amount of 2.096 billion and a net buy of +0.391 billion [2] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 3.730 billion with a net buy of +0.488 billion [2] - Tencent Holdings (00700) recorded a trading amount of 2.511 billion with a net buy of +0.424 billion [2] - SMIC (00981) had a trading amount of 2.012 billion with a net buy of -1.32 billion [2] - Other significant companies included China Mobile (00941) with a trading amount of 1.401 billion and a net buy of +0.0651447 billion [2]

二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国人寿财产保险股份有限公司沽源县支公司将营业场所变更为：河北省张家口市沽源县中环 西路与平定街交叉口东60米路南。 2026年1月28日，国家金融监督管理总局张家口监管分局发布批复称，《中国人寿财产保险股份有限公 司河北省分公司关于中国人寿财产保险股份有限公司沽源县支公司变更营业场所的请示》(国寿财险冀 发〔2025〕178号)收悉。经审核，现批复如下： ...

Market Overview - Southbound funds traded approximately HKD 138.285 billion today, a significant increase of about HKD 21.8 billion compared to the previous day, accounting for 39.75% of the total turnover of the Hang Seng Index, which has been below 40% for several consecutive days [2] - Despite the Hong Kong stock market accelerating downward, southbound funds saw a net inflow of approximately HKD 1.907 billion, with the Shanghai-Hong Kong Stock Connect recording a net inflow of about HKD 2.738 billion, while the Shenzhen-Hong Kong Stock Connect experienced a net outflow of approximately HKD 0.83 billion [2] Individual Stock Performance - Tencent Holdings (0700.HK) saw a significant net buy of HKD 1.304 billion, while its stock price fell by 1.24% [2][3] - Xiaomi Group-W (01810.HK) had a net buy of HKD 0.278 billion, with a stock price decline of 1.24% [2][3] - Huahong Semiconductor (01347.HK) experienced a net outflow of HKD 0.615 billion and a sharp decline of 11.24% [2][4] - Zijin Mining (02899.HK) had a net outflow of HKD 0.464 billion, with a stock price drop of 5.58% [2][4] - CSPC Pharmaceutical Group (01093.HK) saw a net outflow of HKD 0.393 billion and a decline of 4.69% [2][4] - Alibaba-W (09988.HK) experienced a net outflow of HKD 0.329 billion, with a stock price decrease of 3.49% [2][4] - SMIC (00981.HK) had a net outflow of HKD 0.162 billion, with a decline of 4.24% [2][4] Trading Activity - In the top ten active stocks on the Hong Kong Stock Connect (Shanghai), Alibaba-W had a net outflow of HKD 0.816 billion, while Tencent Holdings had a net inflow of HKD 0.880 billion [5] - On the Shenzhen Stock Connect, Alibaba-W recorded a net inflow of HKD 0.488 billion, while Huahong Semiconductor had a significant net outflow of HKD 0.554 billion [5]

蓝筹股方面，腾讯控股跌1.24%，收报598.5港元；香港交易所跌1.85%，收报424.2港元；中国移动 跌2.26%，收报78港元；汇丰控股跌1.39%，收报134.7港元。 香港本地股方面，长实集团跌2.71%，收报44.6港元；新鸿基地产跌4.3%，收报120.3港元；恒基地 产跌0.71%，收报30.9港元。 新华社香港2月2日电 香港恒生指数2日跌611.54点，跌幅2.23%，收报26775.57点。全日主板成交 3478.86亿港元。 国企指数跌236.9点，收报9080.19点，跌幅2.54%。恒生科技指数跌191.87点，收报5526.31点，跌 幅3.36%。 中资金融股方面，中国银行跌1.07%，收报4.62港元；建设银行跌1.01%，收报7.83港元；工商银行 跌1.23%，收报6.41港元；中国平安跌2.75%，收报70.7港元；中国人寿跌3.96%，收报33.5港元。 石油石化股方面，中国石油化工股份跌2.42%，收报5.25港元；中国石油股份跌3.56%，收报8.95港 元；中国海洋石油跌4.76%，收报23.22港元。 【纠错】 【责任编辑:邱丽芳】 ...