非银金融 行业周报|战略投资者类型拟扩大，推动耐心资本与上市公司深度对接 拟扩大战略投资者类型，推动耐心资本与上市公司深度对接。2026 年 1 月 30 日，证监会发布《关于修改〈证券期货法律适用意见第 18 号〉的决定（征求意见稿）》，在 2026 年 3 月 2 日前公开征求意见。 1）扩大战略投资者类型。意见稿围绕《关于推动中长期资金入市的指 导意见》核心思想，承接落实《关于推动中长期资金入市工作的实施方 案》，明确全国社保基金、基本养老保险基金、企业（职业）年金基金、 商业保险资金、公募基金、银行理财等机构投资者可以作为战略投资 者，以耐心资本作为战略性资源对上市公司战略投资，明确该类投资 者界定为资本投资者，将其他实业投资者界定为产业投资者。 证券研究报告 | 行业周报 gszqdatemark 2026 02 02 年 月 日 2）明确资本投资者的基本要求和最低持股比例要求。要求资本投资者 在长期持股、提名董事参与治理的基础上，深度对接上市公司产业发 展需求，通过引入战略资源、优化治理内控、促进资源整合等方式，助 力上市公司增强核心竞争力。战略投资者本次认购上市公司股份原则 上不低于 5%，持股 ...

2026 年，"十五五"规划启航，保险业继续锚定高质量发展航向。作为重要践行者，保险代理人这一职业告别了粗放式发展，在精英化赛道上深耕细作。专 业的厚度，定义着职业的高度；价值的光芒，照亮着行业的征途。环球网财经策划《保险人・微光成炬》栏目，聚焦优秀保险代理人，通过记录他们进阶的 足迹，解码行业转型的微观样本，绘就一幅属于保险人的精神图谱。 0:00 / 5:21 【环球网保险报道 记者 冯超男】保险，一端筑牢人民健康的防线，一端夯实财富增值的基石。这一领域，民生温度化作一纸纸契约，守护着千家万户，"穿 梭"于市井街巷里的烟火人间 。而保险代理人始终是背后责任承载的坚定托举者。 回顾我国人身险个险渠道三十余年的发展历程，期间行业曾靠"人海战术"驱动业务进入爆发式增长期，2019年代理人数量一度攀升至912万人的历史高点。 然而，粗放式扩张带来后遗症逐渐暴露，靠个险人力拉动保费的模式终究不可持续。近些年，个险渠道从"规模扩张"向"质量提升"转型，经过多年的"清 虚"调整，2024年末代理人数量下降到264万人。 昔日的"推销员"，如今的"风险规划师""财富守护者"，保险代理人角色的蜕变，不仅是身份的更迭，更是一 ...

Investment Performance - The January stock portfolio achieved a return of +15.42%, outperforming the Shanghai Composite Index and CSI 300 Index by 13.77 percentage points and 8.31 percentage points respectively [2] - The portfolio included one Hong Kong stock with a return of 11.04%, while the Hang Seng Index rose by 6.85% [2] - The top-performing sectors included non-ferrous metals (+23%), media (+18%), and oil and petrochemicals (+16%) [2] February Investment Strategy Outlook - The A-share market has seen increased volatility since late January, influenced by valuation levels and external factors such as precious metals and the US dollar index [3] - The strategy suggests selecting stocks with solid fundamentals and low implied expectations, while maintaining a balanced portfolio to avoid overexposure to any single sector [3] - Key indicators to monitor include the trends in precious metals, the US dollar index, and A-share market trading volume [3] February Stock Recommendations Power Equipment and New Energy - Zhongtian Technology (600522.SH) is recommended due to its leadership in optical fiber and expected benefits from increased demand driven by AI investments and a significant investment plan from the State Grid [5][6] Electronics - Helin Micro-Nano (688661.SH) is favored for its potential growth in the chip testing market, driven by increased complexity and demand for FT probes [7] Robotics - Amperelong (301413.SZ) is highlighted for its expansion in automotive sensor products and its role in the emerging field of humanoid robots [9][10] Media - Alibaba-W (09988.HK) is recommended due to its rapid growth in cloud services and AI-related products, with a significant market share in China's public cloud IaaS market [12][13] Transportation - Southern Airlines (600029.SH) is positioned to benefit from high capacity and operational efficiency, with a projected increase in passenger volume [14] New Materials - Huafeng Aluminum (601702.SH) is expected to benefit from the demand for aluminum materials in the new energy vehicle sector and the trend of "aluminum replacing copper" [16] Building Materials - China Jushi (600176.SH) is recommended as it is positioned to benefit from a market shift in electronic fabrics and the ongoing demand for fiberglass [17] Real Estate - China Merchants Shekou (001979.SZ) is favored for its strong asset structure optimization and focus on core cities, which positions it well in the current market environment [18] Non-Banking Financials - China Life (601628.SH) is expected to perform well in 2026, with strong sales and investment returns [19] North Exchange - Haixi Communications (920405.BJ) is recommended due to its expanding energy storage business and stable traditional operations [22]

中长期资金是维护资本市场平稳健康运行的"压舱石""稳定器"。夯实资本市场健康发展根基、提升金融 服务实体经济质效，离不开耐心资本"长钱长投"的定力与智慧。 中国人寿集团党委书记、董事长蔡希良指出，保险资金规模大、周期长、来源稳定，是典型的"长期资 本""耐心资本"，对于优化融资结构具有重要作用。 从中国人寿2026年工作会议披露的数据来看，集团合并总资产8.56万亿元，管理资产规模17.5万亿元， 中国人寿正充分发挥险资优势，不断优化投资策略和布局，在支持资本市场发展、服务新质生产力、助 力国家重大战略落地、增进民生福祉的进程中，以自身所"长"给出了关于"长期主义"的国寿诠释。 长，是险资入市的"长风破浪" 近年来，从新"国九条"确立"长钱长投"的顶层设计，到推动中长期资金入市工作实施方案的出台，从财 政部进一步加强国有商业保险公司长周期考核，再到金融监管总局调整保险公司相关业务风险因子等政 策红利的持续释放……国家"引长钱、促长投"，鼓励长期资金、耐心资本发展的政策正从蓝图规划加速 迈向纵深落地。 在此背景下，中国人寿以险资特有的长期属性与规模优势，率先响应、快步前行，展现出引领行业 的"长驱"之势。202 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人壽保險股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02628 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,441,175,000 | RMB | | 1 | RMB | | 7,441,175,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,441,175,000 | RMB | | 1 | RMB | | 7,441,175,000 | FF301 第 1 ...

Group 1 - The core viewpoint indicates that by the end of 2025, the allocation of actively managed equity public funds in the non-bank financial sector has increased, with a total holding ratio of 1.97%, up by 0.96 percentage points from Q3 2025 [1] - In terms of sub-industry holdings, the insurance, brokerage, and diversified financial sectors have holding ratios of 1.32%, 0.58%, and 0.06% respectively, with significant increases of 0.78 percentage points, 0.15 percentage points, and 0.03 percentage points from Q3 2025 [1] - Despite the increase in public fund holdings in the non-bank financial sector, it remains underweight by 7.63 percentage points compared to the market capitalization of the CSI 300 index [1] Group 2 - As of February 2, 2026, the CSI 800 Securities and Insurance Index has risen by 0.74%, with notable increases in constituent stocks such as Guolian Minsheng (up 2.27%) and Zhongtai Securities (up 2.03%) [2] - The CSI 800 Securities and Insurance Index is designed to provide investors with diversified investment targets by selecting securities from the securities and insurance industry based on the CSI 800 Index [2] - As of January 30, 2026, the top ten weighted stocks in the CSI 800 Securities and Insurance Index account for 65% of the index, including major companies like China Ping An and CITIC Securities [2]

Flash | 01 Feb 2026 15:55:03 ET │ 14 pages China Insurance China Reportedly Plans to Recapitalize Three Insurers; PICC Group H- share Could Benefit Most CITI'S TAKE According to Bloomberg (30-Jan-2026), China is considering issuing c.Rmb200bn of special government bonds to recapitalize China Life Group, PICC Group and China Taiping Group. We are not surprised as "capital replenishment for large insurers is on the agenda" was mentioned by the State Council on 7-May-2025. We believe such a move would be posit ...

| 基金募集申请获中国证监会核准的文号 | | 证监许可【2025】2479号 | | --- | --- | --- | | 基金享集期间 | | 自2026年1月19日至2026年1月28日止 | | 验资机构名称 | | 安永华明会计师事务所(特殊普通合伙) | | 募集资金划入基金托管专户的日期 | | 2026年1月30日 | | 募集有效认购总户数(单位:户) | | 17.713 | | 募集期间净认购金额(单位:人民币元) | | 4.579.722.904. 77 | | 认购资金在募集期间产生的利息(单位:人 | | 822, 947, 19 | | 民币元) | | | | 有效认购份额 | | 4.579.722.904. 77 | | 募集份額(单位:份) | 利息结转的份额 | 822, 947. 19 | | 合计 | | 4.580.545.851.96 | 中国经济网北京2月2日讯 近日，工银瑞信基金发布工银瑞信盈泰稳健6个月持有期混合型基金中基 金（FOF）基金合同生效公告。 募集期间净认购金额4,579,722,904.77元，认购资金在募集期间产生的利息822,947. ...

Core Viewpoint - Long-term capital is essential for maintaining the stability and health of the capital market, with insurance funds playing a crucial role in optimizing financing structures and supporting economic development [1][2]. Group 1: Long-term Capital and Investment Strategies - China Life Group has total assets of 8.56 trillion yuan and manages assets worth 17.5 trillion yuan, emphasizing its role as a "long-term capital" provider [1]. - The company has significantly increased its net equity investment in the domestic market, exceeding 200 billion yuan in 2025, demonstrating confidence in the long-term prospects of the Chinese economy [2]. - The establishment of the Honghu Fund, the first private equity fund led by insurance capital, aims to enhance the stability of the capital market by focusing on long-term investments in quality listed companies [2][3]. Group 2: Support for New Productive Forces - China Life is actively investing in technology companies, supporting their growth from inception to maturity, thereby fostering new productive forces [4]. - The company has invested in key sectors such as semiconductors, artificial intelligence, and advanced manufacturing, with a total commitment of approximately 50 billion yuan for the Guoshou Science and Technology Fund [5]. - China Life's investment strategy includes a comprehensive equity investment logic system that aligns with national strategies and macroeconomic trends [5]. Group 3: Innovative Investment Models - The company has launched various investment plans, such as the "China Life-Hu Fa No. 1" and "Beijing Science and Technology" plans, to support the semiconductor industry and expand its investment reach [7][8]. - These initiatives aim to create a sustainable investment ecosystem that emphasizes long-term, small-scale investments in hard technology [5][6]. Group 4: Enhancing Public Welfare - China Life is committed to improving public welfare through investments in healthcare, education, and rural revitalization, with a focus on long-term benefits for society [9][10]. - The establishment of a 20 billion yuan elderly care fund and a 10 billion yuan silver industry fund reflects the company's dedication to addressing the needs of an aging population [10]. - The company has also provided significant financial support to small and micro enterprises, with loans exceeding 210 billion yuan, contributing to economic growth [10][11]. Group 5: Long-term Vision and Strategy - China Life's approach to "long" encompasses not just timeframes but also a commitment to sustainable development and alignment with national goals [12]. - The company aims to integrate its financial services with the needs of the real economy, ensuring that its investments contribute to long-term growth and stability [12].

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.90%, Green Power Environmental (01330) at 68.72%, and Haotian International Construction Investment (01341) at 67.17% [1] - The latest holding ratio rankings for the top 20 companies in Hong Kong Stock Connect show significant ownership levels, with China Telecom leading at 98.40 billion shares [1] - The largest increases in holding amounts over the last five trading days were seen in Tencent Holdings (00700) with an increase of 3.236 billion yuan, Pop Mart (09992) with 1.836 billion yuan, and China Life (02628) with 867 million yuan [1] Group 2 - The largest decreases in holding amounts over the last five trading days were recorded for the Tracker Fund of Hong Kong (02800) with a decrease of 5.224 billion yuan, China Mobile (00941) with 2.977 billion yuan, and Zijin Mining (02899) with 2.691 billion yuan [3] - The data indicates significant trading activity in the Hong Kong Stock Connect market, reflecting investor sentiment and potential shifts in portfolio allocations [1][3]