Core Viewpoint - The cautious entry of insurance funds into the gold market, despite the potential for significant investment, reflects a careful strategy rather than the anticipated aggressive buying behavior [1][5][10]. Group 1: Policy and Market Entry - The pilot program for insurance funds to invest in gold was officially launched on February 7, 2025, allowing ten insurance companies, including major players like China Life and PICC Property and Casualty, to participate [3][7]. - Six out of the ten approved insurance companies have completed the membership process with the Shanghai Gold Exchange, marking their entry into direct gold investment [1][3]. - Initial transactions were completed by several companies, with China Life and PICC Property and Casualty executing the first trades shortly after gaining membership [3][4]. Group 2: Investment Strategy and Behavior - Despite the theoretical investment limit of nearly 200 billion yuan, actual investments by insurance companies remain low, indicating a cautious approach to gold investment [5][8]. - Many insurance firms are still in a trial phase, with some reporting minimal gold investment proportions, reflecting a strategy of "testing the waters" rather than aggressive accumulation [5][6]. - The overall sentiment among insurance companies is one of prudence, as they navigate the complexities of gold investment amidst market volatility and high prices [6][10]. Group 3: Challenges and Professional Barriers - The investment in gold presents challenges due to its volatile nature and the need for specialized knowledge, which many insurance companies currently lack [8][9]. - Regulatory requirements impose strict limits on the proportion of total assets that can be allocated to gold, further constraining investment strategies [7][9]. - There is a recognized need for insurance companies to enhance their professional capabilities in gold market analysis and risk management to effectively engage in gold investments [8][9]. Group 4: Long-term Perspectives - Long-term, insurance companies are beginning to recognize the strategic value of gold in their asset allocation, particularly as a hedge against inflation and market volatility [10][11]. - The shift towards including gold in investment portfolios is seen as a response to the limitations of traditional fixed-income assets in the current low-interest-rate environment [10][11]. - Future expectations suggest that insurance companies may gradually increase their gold investment ratios, although current market conditions and high prices necessitate a cautious approach [12].

行 业 及 产 业 非银金融 2026 年 02 月 10 日 预计 NBV 增速亮眼，市场波动阶 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《资、负两端均表现亮眼，3Q25A 股险企 利润大增 68%——保险行业 2025 年三季 报业绩综述》 2025/11/05 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 孙冀齐 A0230523110001 看好 ——保险行业 2025 年年报前瞻 风险提示：长端利率下行、权益市场波动、大灾频发、监管政策影响超预期。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 预计 A 股险企 2025 年归母净利润 yoy+22.7%至 4264 亿元。4Q25 资本市场 阶段性波动叠加 2H2 ...

Group 1: Macroeconomic Insights - The Japanese Liberal Democratic Party (LDP) achieved a significant victory in the recent elections, gaining over 20% more seats in the House of Representatives, which is unprecedented since World War II. This victory is expected to facilitate the implementation of loose monetary and fiscal policies, as well as a "Japan First" foreign policy [2][3] - The global manufacturing PMI rose for the sixth consecutive month in January, indicating ongoing recovery in the manufacturing sector. Developed countries showed more significant improvements compared to emerging markets, with new orders and export orders also improving [3] Group 2: Fixed Income and Market Trends - The A-share market experienced a decline due to macroeconomic fluctuations, with net outflows of financing funds exceeding 50 billion. The pricing power is shifting towards institutional funds, with a notable increase in the positions of active equity funds [4][5] - The liquidity tracking report indicated a marginal easing in the funding environment, with DR007 averaging 1.48%, down 9 basis points from the previous week. The overall net injection in the open market was -6,560 billion [5] Group 3: Real Estate and Commercial Property - The Hong Kong real estate market is showing signs of recovery, with residential prices experiencing the largest monthly increase since April 2025. The inventory of unsold new homes is decreasing, and rental prices have reached historical highs [8] - The introduction of REITs in commercial real estate is progressing rapidly, with 10 projects successfully submitted for approval. This development is expected to enhance asset liquidity and drive value re-evaluation for related companies [12] Group 4: Industry-Specific Developments - Enphase Energy reported a revenue of $343 million for Q4 2025, a year-on-year decline of 10.3%. However, the company anticipates a recovery in performance due to new product launches and favorable market conditions [19] - The domestic chemical industry is expected to see improved profitability as the price spread between raw materials and products has widened, driven by geopolitical tensions and seasonal demand [10] Group 5: Investment Opportunities - The report highlights the potential for companies like Minshi Group, which is expanding its robotics business in the U.S. and Europe, indicating a strong growth trajectory in traditional and new business segments [18] - The approval of D-allohexose enzyme preparations in China is expected to benefit Baolong Chuangyuan, a leader in functional sugars, as it accelerates the application of allulose in the market [20]

Group 1 - The core viewpoint of the news is the performance and characteristics of the Hong Kong Dividend ETF (工银, 159691), which has shown a slight increase in scale despite a decrease in shares this year [1][2]. - As of February 9, 2023, the fund's latest share count is 6.251 billion, with a total scale of 8.709 billion yuan, reflecting a 4.27% decrease in shares and a 3.24% increase in scale since the end of 2022 [1]. - The fund has a management fee rate of 0.45% per year and a custody fee rate of 0.07% per year, with its performance benchmark being the adjusted return of the CSI Hong Kong Stock Connect High Dividend Select Index [1]. Group 2 - The current fund managers are Liu Weilin, He Shun, Zhao Xu, and Jiao Wenlong, with Liu Weilin managing the fund since its inception and achieving a return of 40.69% [2]. - The top holdings of the fund include China National Offshore Oil Corporation (14.55%), China Shenhua Energy (9.65%), and China Pacific Insurance (8.90%), among others, with significant market values for each [3]. - The fund's recent trading activity shows a cumulative transaction amount of 9.096 billion yuan over 27 trading days this year, with an average daily transaction amount of 3.37 million yuan [1].

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector as market trading has slightly declined but remains at historical highs. In the insurance sector, the long-term outlook is optimistic due to improved return on equity (ROE) and valuation recovery potential, suggesting a positive allocation strategy for insurance stocks [2][4] - The report continues to recommend stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which exhibit strong profitability and market positions. Additionally, it highlights companies like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 0.6% this week, with an excess return of +0.7% relative to the CSI 300, ranking 20th out of 31 sectors. Year-to-date, the non-bank financial index is down 1.1%, with an excess return of -1.4% compared to the CSI 300, ranking 29th out of 31 [5] - The average daily trading volume in the two markets was 24,066.54 billion yuan, down 21.43% week-on-week, with a daily turnover rate of 2.36%, down 60.83 basis points [5][35] Insurance Sector Insights - In December 2025, the cumulative insurance premium income reached 61,194 billion yuan, reflecting a year-on-year increase of 7.43%. Life insurance premiums increased by 8.91%, while property insurance premiums rose by 3.92% [20][21] - The total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan, representing 88.09% of the total [25][26] Brokerage and Investment Business - The brokerage business is experiencing a gradual recovery in profitability, with the average daily trading volume exceeding the 2025 average. The report notes that the commission fee rates are stabilizing, which is expected to support the profitability of the brokerage sector [35][41] - In January 2026, the equity financing scale rebounded to 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [45] Asset Management and Fund Issuance - The report indicates a recovery in the issuance of collective asset management products, with January 2026 seeing a new issuance of 9.104 billion units, up 40.1% from the previous month. The new fund issuance also increased to 1,094.51 billion units, reflecting a 41.3% month-on-month rise [47][49]

党的二十届四中全会擘画了"十五五"发展宏伟蓝图，对加快高水平科技自立自强、引领发展新质生产力作出科学部署，为做好金融"科技大文章"明确了行动 方向。人保财险各级党组织坚决贯彻党中央决策部署，落实人保集团党委工作要求，以守正创新的金融实践，推动保险保障精准覆盖"实验室—生产线—大 市场"创新全链条。 党建引领强化源头保障， "这种科研项目虽然应用前景好，但技术难度高，不确定性大。投保后，我们推进项目研发的信心和底气都更足了。"雄安新区某科创企业的负责人拿到概念 验证与小试综合保险保单后如此表示。近年来，人保财险聚焦创新起步阶段，在雄安新区、江苏、安徽、湖北等地同步签发首批概念验证与小试保险、中试 验证保险。截至2025年末，全系统为AI诊断、医疗健康等前沿领域科创项目提供风险保障超67亿元，以明确的风险兜底推动一批原始创新成果萌发落地。 党建共建聚焦产业转化， 支撑"从1到100"的跨越发展 为推动科技成果跨越产业化的"死亡之谷"，实现从实验室零星样品走向规模化生产的"从1到100"跃升，人保财险各级推动服务模式转型，对接重点实验室与 产业园区，通过联学联建开拓服务前沿阵地，共同突破成果转化的风险瓶颈。 "技术 ...

Core Viewpoint - The insurance industry maintains a recommended rating, supported by a "slow bull" market trend that benefits both asset returns for insurance companies and sales of floating income-type dividend insurance [1] Group 1: Life Insurance Companies - In 2023, life insurance companies achieved a cumulative premium income of 43,624 billion, with a year-on-year growth of 8.9%, slightly down from 9.1% [3] - December's premium income for life insurance companies was 2,152 billion, showing a year-on-year increase of 6.0%, with life insurance premiums at 1,683 billion, up 10.1% [3] - The strong performance in life insurance is expected to continue into 2026, particularly in the bancassurance channel, where new single premiums are anticipated to double [3] Group 2: Property Insurance Companies - Property insurance companies reported a cumulative premium income of 17,570 billion in 2023, with a stable year-on-year growth of 3.9% [4] - December's premium income for property insurance was 1,413 billion, with a year-on-year increase of 4.4%, and auto insurance premiums at 977 billion, up 2.2% [4] - Non-auto insurance premiums in December reached 437 billion, showing a significant year-on-year growth of 9.6%, driven by low base effects from the previous year [4] Group 3: Overall Industry Performance - The total premium income for the insurance industry in 2023 was 61,194 billion, reflecting a year-on-year growth of 7.4% [5] - By the end of December, the total assets of the insurance industry reached 413,145 billion, a 15.1% increase from the beginning of the year, while net assets grew by 10.2% to 36,640 billion [5] - Investment recommendations include China Ping An, New China Life, China Life, and China Taiping, with a focus on the long-term investment value of China Property Insurance [5]

Investment Rating - The report recommends a "Buy" rating for several insurance companies, including China Pacific Insurance, China Life Insurance, and China Property & Casualty Insurance [5]. Core Insights - The insurance industry is expected to see significant growth in investable funds, with estimates of 3.1 trillion yuan in 2026, driven by strong premium growth and a balanced allocation between equities and bonds [6][31]. - The secondary equity investment is projected to reach 0.9 trillion yuan in 2026, slightly lower than the previous year, while bond investments are expected to increase significantly [6][30]. - The report emphasizes the importance of dividend stocks as a key investment strategy for insurance companies, aiming to secure cash dividends to offset declining interest income [7][48]. Summary by Sections Investment Scale and Growth - In 2025, the insurance sector is estimated to have an additional investable fund of 2.3 trillion yuan, with secondary equity investments around 1 trillion yuan, marking a significant increase from previous years [12][36]. - By 2026, the total investment scale in the insurance industry is projected to reach 42 trillion yuan, with a secondary equity allocation expected to rise to 18% [30][35]. Premium and Fund Sources - The total premium for the insurance industry is expected to reach 6.9 trillion yuan in 2026, with a year-on-year growth of approximately 13% [31][34]. - New single premiums are projected to be 2 trillion yuan, reflecting a 25% increase, while renewal premiums are expected to grow by 11% to 3 trillion yuan [31][34]. Asset Allocation and Strategy - The report indicates a shift in asset allocation, with a decrease in non-standard, deposit, and alternative assets, while equities and bonds are expected to see increased investment [30][41]. - The focus on dividend stocks is highlighted as a strategy to stabilize cash flow and reduce profit volatility, with an anticipated annual increase in high-dividend stock allocations of 300 to 500 billion yuan [7][55]. Market Dynamics - The report notes that the insurance sector's secondary equity position reached a historical high of 16% by the end of 2025, driven by favorable market conditions and policy support [12][20]. - The anticipated regulatory changes in asset-liability management are expected to further influence investment strategies within the insurance industry [6][30].

Market Overview - On February 9, Hong Kong stocks followed the positive trend of global markets, with the Hang Seng Index rising by 467 points (1.7%) to close at 27,027 points[1] - The Hang Seng Tech Index increased by 71 points (1.3%), closing at 5,417 points, with total market turnover reaching HKD 255.1 billion[1] - Southbound capital recorded a net outflow of HKD 1.89 billion[1] Insurance Sector - In January, the new premium scale for 79 life insurance companies through bancassurance channels increased by 27.6% year-on-year[1] - China Life (2628 HK) and Ping An (2318 HK) saw their stock prices rise by 4% and 4.9%, respectively[1] - Other insurance stocks like China Taiping (966 HK), PICC (1339 HK), and China Pacific Insurance (2328 HK) increased by 3.5%-4%[1] Precious Metals - Precious metal prices rebounded, leading to stock increases for China Gold International (2099 HK), Zhaojin Mining (1818 HK), and Zijin Mining (2899 HK), which rose by 4.5%-5.6%[1] U.S. Market Insights - The U.S. economy is expected to see a slight decline in employment numbers, with the market anticipating an addition of 69,000 jobs and an unemployment rate holding steady at 4.4%[2] - The Dow Jones Index closed slightly higher, up 20 points (0.04%) at 50,135 points, while the Nasdaq and S&P 500 indices rose by 207 points (0.9%) and 32 points, respectively[2] Automotive Sector - Minth Group (425 HK) announced a joint venture with Gree Harmonic (688017 CH) in the U.S. for humanoid robot joint module design, resulting in a 7.5% stock increase[3] - Other automotive stocks like Xpeng Motors (9868 HK) and Seres (9927 HK) rose by 2.7%-2.9%, while NIO (9866 HK) fell by 0.5%[3] Pharmaceutical Developments - The Hang Seng Healthcare Index rose by 2.1%, with Innovent Biologics (1801 HK) announcing a strategic partnership with Eli Lilly (LLY US) for global R&D in oncology and immunology[3] - Innovent will receive an upfront payment of USD 350 million and could earn up to USD 8.5 billion in milestone payments[3]

Investment Rating - The report maintains a "recommend" rating for the insurance industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The insurance industry experienced a robust premium income growth in 2025, with life insurance companies achieving a nearly double-digit growth rate. The strong performance is expected to continue into 2026, particularly in the bancassurance channel, where new premium income is anticipated to double [1][6]. - Property insurance companies showed moderate growth in premium income, with a total of 17,570 billion yuan, reflecting a year-on-year increase of 3.9%. The non-auto insurance segment is expected to improve profitability due to the implementation of "reporting and operation integration" [1][6]. - Overall, the insurance industry reported a total premium income of 61,194 billion yuan in 2025, with a year-on-year growth of 7.4%. The total assets of the industry reached 4,131.45 billion yuan, marking a 15.1% increase from the beginning of the year [1][6]. Summary by Sections Life Insurance Companies - Cumulative premium income for life insurance companies reached 43,624 billion yuan, with a year-on-year growth of 8.9%. December alone saw a premium income of 2,152 billion yuan, up 6.0% year-on-year. The main driver of growth was the life insurance segment, which recorded a premium income of 16,830 billion yuan, growing by 10.1% [7]. - Health insurance premiums decreased by 5.8%, while accident insurance premiums fell by 14.4%, indicating ongoing pressure in these segments [1][7]. Property Insurance Companies - Cumulative premium income for property insurance companies was 17,570 billion yuan, with a stable growth rate of 3.9%. In December, the premium income was 1,413 billion yuan, reflecting a 4.4% increase year-on-year. The auto insurance segment generated 9,409 billion yuan, growing by 3.0% [7]. - Non-auto insurance premiums reached 8,161 billion yuan, with a notable growth of 5.0%. The agricultural insurance segment saw a dramatic increase of nearly 200% due to a low base effect from the previous year [1][7]. Overall Industry Performance - The insurance industry maintained a steady premium growth rate, with total premium income of 61,194 billion yuan, a 7.4% increase year-on-year. The total assets of the industry were reported at 4,131.45 billion yuan, up 15.1% from the start of the year [1][6]. - The report emphasizes that the "slow bull" market trend in the stock market is favorable for insurance companies' asset returns and supports the sales of floating income-type dividend insurance products [1][6].