关税恐慌再现、以及地缘政治紧张，受美股大跌影响，港股马年第三个交易日三大指数大幅下挫，恒生 指数跌1.82%，国企指数跌2.06%，恒生科技指数盘中一度跌至2.7%，最终收跌2.13%。 具体盘面上，权重科技股全线下跌拖累大市走低，其中，美团跌超4%，腾讯盘中刷新阶段新低，小 米、阿里巴巴、京东皆有跌幅；大金融股(银行、保险、券商)全天表现弱势，尤其是保险股跌幅尤其明 显，中国人寿大跌6%，新华保险跌5.79%，中国银河、中金公司领衔中资券商股下跌；春节挡票房同比 大幅下滑，影视板块跌幅较大，濠赌股、机器人概念股、光伏股、苹果概念股、内房股、有色金属股纷 纷走低。 另一方面，半导体储存概念股逆势上扬，兆易创新大涨近12%领衔，集运欧线早盘一度大涨13%，港口 及海运股全天活跃，此外，AI应用"双雄"智谱、MINIMAX-WP表现强势。(格隆汇) ...

腾讯音乐-SW跌5.702%，商汤-W跌5.776%，泡泡玛特跌6.039%，中国人寿跌6.073%，中国生物制药跌 6.579%，翰森制药跌6.703%，金蝶国际跌7.956%。 来源：滚动播报 ...

证券研究报告 金融行业周报 ——1月人民币贷款余额增速回落、交易所优化再融资举措 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24日 1 核心观点 央行公布26年1月金融统计数据、沪深北交易所优化再融资举措 1、央行公布2026年1月金融统计数据。2月13日，央行发布2026年1月金融统计数据。1月末，新增人民币贷款4.71万亿元， 同比少增4200亿元，余额同比增速 6.1%，其中企（事）业单位贷款是主要支撑，住户贷款增长偏弱。社会融资规模增量达 7.22万亿元，超出市场预期，同比多增1662亿元，社融余额同比增速8.2%，对实体经济发放的人民币贷款仍是社融主力， 企业债券和政府债券融资同比明显多增。M2同比增长9.0%，M1同比增长4.9%，M0同比增长2.7%，整体货币环境保持宽松， 为稳增长提供了有力支撑。 2、央行发布《2025年第四季度中国货币政策执行报告》。2月10日，央行 ...

【环球网保险综合报道】2025年，A股上市险企股价呈现出上行趋势，保险Ⅱ(申万）（801194.SI）全年涨幅达 到26.42%。行情向好的背后，行业基本面持续稳健。 据国家金融监督管理总局披露，2025年，保险业原保险保费收入突破6.12万亿元，首次站上6万亿台阶，较上年 同期增长7.4%。2025年前三季度，A股五大上市险企（中国人寿、新华保险、中国平安、中国太保、中国人 保）合计实现归母净利润4260亿元，同比增长33.5%，刷新历史纪录。 东吴证券研报提到，在当前"存款搬家"背景下，储蓄型保险产品需求旺盛，继续看好2026年负债端增长，预计 银保渠道仍是拉动增长的主动力，同时预计2026年分红险新单保费占比进一步提升，负债成本持续优化。 在中国企业资本联盟副理事长柏文喜看来，2026年，银保渠道"战略C位"将持续强化，市场份额向头部集中。 随着网点扩张赋能增长，头部险企通过深化银行客户综合金融服务，预计2026年银保渠道仍将是新单增长主引 擎。与此同时，个险渠道将继续朝着专业化、职业化方向深度转型，中介渠道"清虚提质"加速整合。 他进一步指出，在产品方面，分红险成为市场主流，其"固收+浮动"特性契合当 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

【东吴非银】春节假期行业大事与投资观点更新 1、保险：监管披露25年行业各类数据，大型公司经营优势显著 1）保险行业资产突破41万亿，偿付能力充足率下降。 2025年末行业总资产41.3万亿元，较年初增长15.1%。 年末人身险公司综合与核心偿付能力充足率分别为169%、115%，较年初下降21pct、9pct，主要受利率上行导致的 afs债券公允价值下降影响，预计部分保险公司有再融 【东吴非银】春节假期行业大事与投资观点更新 1、保险：监管披露25年行业各类数据，大型公司经营优势显著 股票+基金合计占比15.3%，较年初大幅提升2.9pct。 3）投资观点：继续看好以平安、国寿等为代表的头部保险。 ①新单保费"开门红"持续确认，平安、国寿领先同业，头部集中趋势明确。 ②资产端股市表现稳健，若10年期国债收益率持续上行，则利好保险股固收投资和利差修复。 1）保险行业资产突破41万亿，偿付能力充足率下降。 2025年末行业总资产41.3万亿元，较年初增长15.1%。 年末人身险公司综合与核心偿付能力充足率分别为169%、115%，较年初下降21pct、9pct，主要受利率上行导致的 afs债券公允价值下降影响， ...

短期避险情绪消化，马年A股有望迎来开门红。 A股休市期间，港股非银普遍上涨2%-5%。 两市成交量有望回升，非银板块基本面好、估值低，建议参与估值修复行情。 【广发非银】开工大吉，迎接开门红 短期避险情绪消化，马年A股有望迎来开门红。 A股休市期间，港股非银普遍上涨2%-5%。 两市成交量有望回升，非银板块基本面好、估值低，建议参与估值修复行情。 证券：一是估值低，该涨未涨，合理折价30%以上；二是业绩好，ADT大幅增长，股债双牛，Q1显著好于去年同 期；三是可期待，存款搬家、衍生品新规打开增长空间。 【广发非银】开工大吉，迎接开门红 推荐国泰、华泰、中信、东财、招商、东方、兴业等。 保险：一是负债持续高增长，截止目前新单增速普遍在40%以上，短期利好NBV持续增长，长期利好负债成本加 速下行；二是慢牛利好保险资产端，预计26上半年利润有望高速增长；三是政策呵护，提升行业集中度。 A股平安、太保、新华；H股国寿、平安、太平。 多元：推荐证券IT、渤海租赁、中国船舶租赁。 证券：一是估值低，该涨未涨，合理折价30%以上；二是业绩好，ADT大幅增长，股债双牛，Q1显著好于去年同 期；三是可期待，存款搬家、衍生品新 ...

2026年02月14日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报 (2026年第六期) 关注券商并购重组主线,行业迎来估值业绩双修复 市场表现: 本期(2026.2.9-2026.2.13)非银(申万)指数-1.59%,行业排 26/31,券商Ⅱ指 数-1.19%,保险II指数-2.48%; 上证综指+0.41%，深证成指+1.39%，创业板指+1.22%。 个股涨跌幅排名前五位：锦龙股份（+6.85%）、浙江东方（+4.89%）、华金资本 (+3.16%）、华南华铁（+0.98%）、永安期货（+0.92%）; 个股涨跌幅排名后五位：九鼎投资（-14.46%）、华林证券（-8.11%）、国盛证券 (-4.80%）、华鑫股份（-4.40%）、中国太保（-4.28%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 相关研究报告 市场层面,本周,证券板块下跌 1.19%,跑输沪深 300 指数 1.55pct,跑输上证综 指数 1.60pct。当前券商板块 PB 估值为 1.34 倍。 本周,西南证券2月13日披露60亿元定增预案,成为沪深北交易所2月9日推出 优化再融资一揽子措施后,首家披 ...

Group 1 - Hong Kong insurance stocks experienced a widespread decline, with significant drops in share prices [1] - Xinhua Insurance (01336.HK) fell by 6.03%, trading at 56.85 HKD [1] - China Life (02628.HK) decreased by 5.61%, with a current price of 32.66 HKD [1] - China Pacific Insurance (02601.HK) saw a decline of 4.12%, now priced at 36.8 HKD [1] - China Property & Casualty Insurance (02328.HK) dropped by 1.71%, currently at 16.64 HKD [1]

Core Viewpoint - The insurance sector is experiencing a significant decline, with major companies like Xinhua Insurance, China Life, China Pacific Insurance, and China Property & Casualty Insurance all reporting notable drops in stock prices. Analysts predict that the fourth quarter of 2025 will see pressure on net profit growth for listed insurance companies due to a temporary adjustment in growth sectors [1] Group 1: Stock Performance - Xinhua Insurance's stock fell by 6.03%, trading at 56.85 HKD [1] - China Life's stock decreased by 5.61%, reaching 32.66 HKD [1] - China Pacific Insurance's stock dropped by 4.12%, priced at 36.8 HKD [1] - China Property & Casualty Insurance's stock declined by 1.71%, at 16.64 HKD [1] Group 2: Profit Forecasts - Dongwu Securities forecasts that the net profit growth for listed insurance companies in Q4 will face slight pressure, primarily due to a temporary adjustment in growth sectors [1] - The report indicates that since 2025, insurance companies have maintained a high equity holding ratio, with the A-share market, ChiNext, and STAR Market indices showing changes of +1.0%, -1.1%, and -10.1% respectively [1] - The decline in stock prices will directly impact the current profit and loss due to the holdings being recorded under FVTPL [1] Group 3: Market Conditions - Shenwan Hongyuan notes that the capital market's fluctuations in Q4 2025, combined with some insurance companies significantly increasing their secondary market equity allocation in the second half of 2025, will lead to a temporary pressure on profits [1] - The firm projects that the net profit for A-share listed insurance companies will grow by 22.7% year-on-year to 426.4 billion CNY, although this represents a 10.9 percentage point decline compared to the first three quarters of 2025 [1]