Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The report highlights a slight decrease in the preset interest rate research value for ordinary life insurance products, now at 1.89%, with limited downward adjustment potential for the year [4]. - The "New Year Sales" for insurance products are robust, driven by deposit migration and improved competitiveness of dividend insurance, leading to significant growth in new premium income for leading insurance companies [4]. - Long-term interest rates are stabilizing, enhancing the investment yield elasticity for insurance companies, with increased allocations towards equity investments in high-dividend financial stocks [4]. Summary by Sections Investment Highlights - The preset interest rate for ordinary life insurance products has decreased by 1 basis point to 1.89%, with a gradual decline observed since Q4 2024 [4][5]. - The "New Year Sales" period shows strong performance, with leading insurance firms experiencing substantial growth in new premium income, particularly in dividend insurance [4]. - The stability of long-term interest rates around 1.8% is expected to support a steady increase in net investment returns for insurance companies [4]. Market Trends - The report notes a significant increase in market trading sentiment, which is expected to create investment opportunities within the non-bank financial sector [3]. - The insurance sector is witnessing a shift towards dividend insurance products, which are becoming the main sales drivers, reflecting a preference for products that offer both guaranteed and variable returns [4]. Investment Recommendations - The report suggests continued attention to the transformation of life insurance liabilities and the potential for demand release as consumer awareness of insurance products increases [4]. - It emphasizes the importance of large listed insurance companies with strong competitive advantages, particularly in the context of the current low valuation environment [4].

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 ...

北京商报讯（记者 李秀梅）1月28日，北京商报记者注意到，香港联交所日前披露，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，平安人寿在中国人寿H股的持股数目增至6.81亿股，持股比例升至9.14%。 | 表格序号 | 大股东/董事/最高行政人员名称 作出披露的 买入 / 卖出或涉及的股 每股的平均价 | | | 持有权益的股份数目 占已发行的 有关事 | | | --- | --- | --- | --- | --- | --- | | | 原因 份数目 | | | (请参阅上述 * 注解) 有投票权股 (日 / | | | | | | | 份百分比 | | | | | | | (%) | | | CS20260127E00086 | 中国平安人寿保险股份有限公司 1101(L) | 11,891,000(L | HKD 32.0553 | 680.564.000(L) | 9.14(L)22/01 | ...

中经记者 慈玉鹏 北京报道 2026年，居民定期存款大规模到期，有机构预测规模将超过50万亿元。《中国经营报》记者采访了解 到，在存款利率下行的大背景下，2026年"开门红"期间，保险产品成为银行重点推荐的理财产品，主要 为分红险和年金险，受到客户欢迎，成为银行抢客"利器"。部分产品年化利率或达到3%以上，具体根 据市场情况或有变动。 另外，此前一个银行网点只能和1家主合作保险公司与3家辅合作保险公司合作，相当于只能卖这4家的 保险产品。而2024年5月，监管取消了该限制，打开了合作大门。 均属于长期投资 从产品特点看，一位北京地区银行人士告诉记者，分红险和年金险均有一定封闭期，至少存完第二年方 可取出。像分红险，一般都是交3年，第4年回本，而年金险的话，一般最快也是第5年回本。该类产品 均是长期投资，属于终身型理财产品。 上述北京地区银行人士告诉记者，从收益看，一般分红险要比年金险高。而从流动性看，如果客户有现 金流需求，则更适合年金险。年金险分为两种，一种是快返型年金险，基本第五年就开始返回年金加分 红；一种是养老型年金，即等到客户退休之后每年返回固定金额。而分红险（增额人寿险），一般是前 3年每年投入金 ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up by 0.27% and the Shenzhen Component Index up by 0.09%, while the ChiNext Index fell by 0.57% [1] - Over 3600 stocks in the three markets closed lower, with significant gains in sectors like non-ferrous metals, oil and gas, and coal, while solar equipment and biopharmaceuticals faced declines [1] Sector Performance - The weakening US dollar and geopolitical risks led to significant gains in precious metals and oil and gas sectors, while semiconductor and real estate sectors also performed well [2] - Resource sectors attracted substantial capital inflows, with non-ferrous metals leading the way, while previously popular sectors like electric equipment and defense faced capital outflows [3][4] Capital Flow Analysis - The top five sectors for capital inflow included non-ferrous metals (net inflow of 343.73 billion), basic chemicals, building materials, coal, and oil and petrochemicals, indicating a strong preference for resource and cyclical industries [4] - Conversely, the sectors experiencing the most capital outflow were electric equipment, defense, pharmaceuticals, food and beverage, and automotive [4] Stock Performance - The top five stocks for capital inflow were dominated by non-ferrous metals and technology, with China Aluminum and Tongling Nonferrous Metals seeing significant gains [5] - Major outflows were observed in consumer and financial stocks, with Kweichow Moutai experiencing a net outflow exceeding 31 billion [5] Market Dynamics - On January 28, 85 stocks hit the daily limit up, with non-ferrous metals accounting for 41% of these, indicating a strong sector concentration driven by resource and policy factors [6][7] - The market showed a high level of event-driven trading, with significant interest in non-ferrous metals due to global supply chain restructuring and domestic policy support [6][7] Precious Metals Insights - International gold prices surged, reaching a historical high of 5300 USD/oz, with the precious metals index rising by 6.76% [9] - The increase in gold prices was attributed to a significant decline in the US dollar index, which fell to 95.77, the lowest since February 2022, making gold more attractive as a non-dollar asset [10][11] Geopolitical and Economic Factors - Geopolitical tensions and concerns over the US dollar's credibility have driven investors towards gold as a safe-haven asset, reflecting heightened global risk aversion [11] - Central banks' continued purchases of gold and expectations of interest rate cuts by the Federal Reserve have further boosted demand for gold ETFs and institutional allocations [12] Domestic Market Trends - Domestic gold prices also rose, with mainstream gold jewelry brands exceeding 1600 CNY/g, driven by strong market demand [13] - The oil sector's rise was primarily due to geopolitical supply disruptions, reflecting a systemic response to both geopolitical risks and a weakening dollar [13]

蓝筹股方面，腾讯控股涨2.31%，收报621港元；香港交易所涨2.04%，收报439.2港元；中国移动涨 3.06%，收报80.9港元；汇丰控股涨2.23%，收报137.5港元。 责任编辑：袁浩 香港本地股方面，长实集团涨1.63%，收报46.2港元；新鸿基地产涨3.57%，收报124.7港元；恒基 地产涨3.57%，收报31.32港元。 中资金融股方面，中国银行涨3.55%，收报4.67港元；建设银行涨3.35%，收报8.03港元；工商银行 涨3.62%，收报6.59港元；中国平安涨1.79%，收报70.95港元；中国人寿涨3.17%，收报35.18港元。 新华社香港1月28日电 香港恒生指数28日涨699.96点，涨幅2.58%，收报27826.91点。全日主板成交 3615.23亿港元。 石油石化股方面，中国石油化工股份涨3.61%，收报5.45港元；中国石油股份涨4.99%，收报9.25港 元；中国海洋石油涨4.85%，收报24.66港元。 国企指数涨267.36点，收报9512.24点，涨幅2.89%。恒生科技指数涨145.44点，收报5900.16点，涨 幅2.53%。 ...

在寿险个险渠道深度调整的当下，平安人寿高才队伍取得这一亮眼成绩，背后是公司对行业转型发展的 深度战略思考。陈兵辉认为，寿险行业进入黄金发展期，代理人发展必须要走职业化、专业化道路，队 伍建设必须要回归以客户为中心、以人才为核心的原点。 上证报中国证券网讯（记者 何奎）2025年4月，为贯彻落实保险业新"国十条"，金融监管总局印发《关 于推动深化人身保险行业个人营销体制改革的通知》，推动个人代理渠道转型升级。同年6月，寿险巨 头平安人寿启动"保险康养顾问·高才计划"试点，成为业内关注的标杆项目。 近日，平安人寿总部个险事业部队发及培训部总经理兼人力发展团队总经理陈兵辉接受上海证券报记者 专访时直言，试点至今已招募到600余名高才精英，人才数量符合预期，人才质量更为可喜。"截至今年 1月中旬，'高才'人均价值保费超同期新人数倍。" 来源：上海证券报·中国证券网 只要最优、只做最优 往年收入达到40万元以上、招募采用配额制……，平安人寿高才计划设计了多个招募"硬要求"，一举打 破行业惯有的"人海战术"发展思路，极高的招募门槛也展示出公司高才队伍只要最优、只做最优的战略 规划。 设计较高的招募门槛，正是基于高才计划的 ...

Core Viewpoint - The trading volume of the Shanghai and Shenzhen Stock Connect reached a total of 375.77 billion, with Zijin Mining and CATL leading in individual stock trading volume [1][3] Group 1: Trading Volume and Key Stocks - The total trading amount for the Shanghai Stock Connect was 185.69 billion, while the Shenzhen Stock Connect totaled 190.08 billion [1] - Zijin Mining ranked first in the Shanghai Stock Connect, while CATL topped the Shenzhen Stock Connect [2][3] Group 2: Sector Performance - The non-ferrous metals sector saw the highest net inflow of main funds, amounting to 97.43 billion, with a net inflow rate of 2.92% [4][6] - Other sectors with significant inflows included industrial metals and communications, while the new energy and pharmaceutical sectors experienced notable outflows [4][6] Group 3: ETF Trading - The CSI 500 ETF from Huaxia (512500) saw a remarkable trading volume increase of 1188% compared to the previous trading day, leading the growth in ETF trading [9] - The top ETF by trading volume was the CSI 300 ETF from Huatai Baichuan (510300), with a trading amount of 401 billion [9] Group 4: Institutional Activity - Institutional buying was notable in stocks like Hongjing Technology, which saw a 7.04% increase and received 1.45 billion from three institutions [10] - Conversely, AI application stock Sanwei Communication faced selling pressure, with two institutions selling 1.18 billion [10]

Core Viewpoint - The report highlights the AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 349.31% and Beijing Jingcheng Machinery Electric (00187) at 279.42% [1][2]. - The lowest AH premium rates are recorded for Contemporary Amperex Technology (03750) at -14.34%, China Merchants Bank (03968) at -4.99%, and Heng Rui Medicine (01276) at -1.15% [1][2]. Group 2: Top AH Deviation Values - Junshi Biosciences (01877) has the highest deviation value at 22.43%, followed closely by Beijing Jingcheng Machinery Electric (00187) at 22.18% and CanSino Biologics (06185) at 21.90% [1][3]. - The lowest deviation values are observed in Changfei Optical Fiber (06869) at -50.58%, Zhejiang Shibao (01057) at -45.38%, and Nanhua Futures (02691) at -27.12% [1][4]. Group 3: Detailed AH Premium and Deviation Rankings - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) with a premium of 271.30% and Sinopec Oilfield Service (01033) at 248.51% [2]. - The bottom ten AH stocks by premium rate include WuXi AppTec (02359) with a slight premium of 0.42% and Midea Group (00300) at 6.75% [2]. - The top ten stocks by deviation also feature companies like Goldwind (02208) at 19.35% and Andeli Juice (02218) at 19.04% [3].

证券之星消息，1月28日保险板块较上一交易日下跌0.38%，中国平安领跌。当日上证指数报收于4151.24，上涨0.27%。深证成指报收于14342.9， 上涨0.09%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交重(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601336 | 新华保险 | 82.69 | 0.93% | 27.23万 | 22.51 Z | | 601601 | 中国太保 | 44.18 | -0.05% | 53.51万 | 23.75 7 | | 601628 | 中国人寿 | 48.34 | -0.33% | 26.45万 | 12.84 Z | | 601319 | 中国人保 | 9.08 | -0.55% | 98.80万 | 8.99 Z | | 601318 | 中国平安 | 64.75 | -0.86% | 199.29万 | 129.53亿 | 从资金流向上来看，当日保险板块主力资金净流出6.02亿元，游资资金净流出1.12亿元，散户资金净流入7.14亿元。保险板块个股资金 ...