Group 1 - The core viewpoint of the news is that the insurance industry is experiencing a significant increase in profitability, with 57 life insurance companies reporting a net profit growth of over 150% year-on-year, marking it as the "strongest profit year" [1] - The outlook for the insurance sector indicates a continuation of deposit migration, with expectations of high growth in new policies through bank insurance channels, and a trend of market share concentration among leading companies [1] - The report highlights that the dividend insurance products will test companies' long-term investment capabilities, with stricter access requirements for these products through bank insurance channels, favoring larger companies [1] Group 2 - The report mentions that the reduction in the preset interest rate and the integration of reporting and operations will limit the competitive space for smaller companies in terms of pricing and costs [1] - It is noted that the profitability of bank insurance channels is improving, with larger companies continuing to expand their efforts in this area, leveraging advantages in resource synergy, service, and brand [1] - As of February 9, 2026, the CSI 800 Securities Insurance Index rose by 1.21%, with significant increases in stocks such as China Ping An (up 2.71%) and China Life (up 2.46%) [1] Group 3 - As of January 30, 2026, the top ten weighted stocks in the CSI 800 Securities Insurance Index account for 65% of the index, including major players like China Ping An and CITIC Securities [2]

来源：长江商报 记者：徐佳 截至2025年末，我国保险业资产总额41.31万亿元，同比增长15.1%；净资产3.66万亿元，同比增长 10.2%。其中，人身险公司、财产险公司的资产总额分别为36.39万亿元、3.12万亿元。 长江商报记者注意到，2025年，人身险公司实现原保险保费收入4.36万亿元，同比增长9.1%，赔付支出 1.28万亿元。其中，寿险、意外险、健康险保费收入分别为3.56万亿元、368亿元、7699亿元。 2025年，我国保险业在深化转型中实现稳健增长。 数据显示，2025年我国保险业原保险保费收入6.12万亿元，可比口径同比增长7.4%。其中，人身险原保 险保费收入4.65万亿元。财产险方面，车险作为支柱业务保持稳定，全年保费收入达9409亿元，同比增 长2.98%，在新能源汽车产销两旺的背景下展现出持续增长潜力。 值得关注的是，2025年，全行业健康险保费收入达到9973亿元，同比增长2.04%，逼近万亿大关。 截至2025年末，保险业资产总额达41.31万亿元，同比增长15.1%。在业务发展的同时，赔付支出也保持 合理增长，全年原保险赔付支出2.44万亿元，同比增长6.2%，保险保障 ...

证券板块 券商经营环境进一步改善。交易活跃背景下业绩有望延续高增，上交所数据显示，2026 年 1 月 A 股新开户 491.58 万 户，环比增长 89%，同比 2025 年 1 月的 157.0 万户增长 213%；1 月日均股基成交额同比增长 157%至 3.6 万亿元，日 均两融余额同比增长 47%至 2.7 万亿元，IPO 向常态化恢复。预计交易层面 ETF 净流出将缓解、再融资影响可控，券 商的压制因素逐步解除，当前估值性价比极高。当前板块 PB（LF）估值 1.36 倍，处于十年 34%分位数。 投资建议：建议关注三条主线：（1）强烈推荐估值及业绩错配程度较大的优质券商，重点关注国泰海通；建议关注 AH 溢价率较高、有收并购主题的券商；建议关注短期受益于科技股上市的券商。（2）四川双马：科技赛道占优，创投业 务有望受益，布局基因治疗赛道新标的，深化生物医药产业链。公司管理基金的已投项目：屹唐股份、西安奕材、沐 曦股份（科创板已上市）、奕斯伟计算以及群核科技（港交所 IPO 申报）、邦德激光、丽豪半导体等上市进程加快；公 司参投基金已投：傅利叶已完成多轮融资，奇瑞汽车港交所已上市，慧算账向港交所递 ...

Group 1 - The core viewpoint of the article highlights a significant increase in fund account openings in January, driven by a bullish market and strong investor sentiment [1][2] - In January, the number of new fund accounts reached 546,300, representing a month-on-month increase of 123.80% and a year-on-year increase of 168.72% [2][3] - The strong performance of equity funds, with a mixed equity fund index return of 6.82% in January, has contributed to heightened investor interest in entering the market [2][3] Group 2 - The issuance data for January shows that actively managed equity funds, passive index funds, and FOF funds were particularly favored by investors [3] - A total of 43 actively managed equity funds were established in January, with a total scale of 49.5 billion yuan, accounting for 41% of the new product issuance [3] - The issuance of FOF funds also peaked, with 12 new FOF funds launched in January, totaling 19.9 billion yuan, marking the second-highest monthly issuance in history [3] Group 3 - Fund companies are increasing their product offerings to meet diverse investor needs, focusing on both high-growth sectors and undervalued industries [4][5] - Strategies include actively following high-prospect sectors for potential gains and preemptively investing in undervalued sectors for future rebounds [4] - Companies like Ping An Fund are expanding their product lines to include a variety of strategies, such as "fixed income plus," FOFs, and actively managed equity products to cater to different risk appetites [5]

Core Viewpoint - The narrative of "deposit migration" has gained traction again, particularly with a significant amount of high-interest fixed deposits maturing in 2026, which may lead to asset reallocation towards financial markets in a low-interest environment [1][4] Group 1: Deposit Maturity and Trends - Since 2022, the annual scale of maturing fixed deposits has reached new highs, with an annual increase of 4-7 trillion yuan; the total maturing fixed deposits in 2026 are estimated to be around 57-60 trillion yuan, with a year-on-year increase of 5-8 trillion yuan [6][7] - The proportion of personal fixed deposits in state-owned banks accounts for 67% of total fixed deposits in these banks, and 50% of personal fixed deposits across all banks, which can be used to extrapolate data for the entire banking system [6] Group 2: Resident Behavior and Preferences - Despite low interest rates, many residents are likely to continue choosing fixed deposits, insurance, or early loan repayments after their deposits mature, as income expectations remain constrained and preserving value is a core concern for most savers [10][11] - The proportion of residents' fixed deposits is expected to be 73.4% in 2025, an increase of 0.8 percentage points from 2024; the trend of early loan repayments is also significant, with personal housing loan reductions projected at 630 billion yuan, 490 billion yuan, and 670 billion yuan from 2023 to 2025 [10] Group 3: Investment Behavior Post-Maturity - The proportion of funds from maturing fixed deposits that will be reinvested into equity assets is expected to be relatively limited, as the current maturing deposits are primarily from low-risk preference funds that have already been filtered [13][14] - Historical data from Japan during the 1995-1996 period supports this view, where despite a peak in maturing deposits and low interest rates, residents increased their holdings in cash and low-risk assets rather than high-risk assets [14][16] Group 4: Observations on Financial Asset Allocation - The current trend of deposit migration began in Q3 2023 and is expected to continue until Q4 2025, with the proportion of deposits in residents' financial assets decreasing from 88% to 53-54% [19] - The remaining space for deposit migration is estimated to be around 1-2 percentage points, with the potential low point for the proportion of deposits in financial assets projected to be between 52% and 53% [19][20] Group 5: Broader Financial Market Considerations - For the equity market, deposits are just one potential source of liquidity; attention should also be given to disposable income after consumption and investments in non-financial assets, as well as allocations in insurance and bond-like assets [23] - The earning potential of bonds and insurance assets is expected to decline significantly by 2025, while the equity market may see improved earning potential, prompting high-net-worth individuals to adjust their asset allocations accordingly [23]

[Table_Page] 宏观经济研究报告 2026 年 2 月 8 日 证券研究报告 [Table_Title] 广发宏观 存款的流向 [Tabl e_Author] 分析师： 郭磊 分析师： 钟林楠 SAC 执证号：S0260516070002 SFC CE.no: BNY419 SAC 执证号：S0260520110001 021-38003572 010-59136677 guolei@gf.com.cn zhonglinnan@gf.com.cn 请注意，钟林楠并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 报告摘要： ⚫ 近期存款搬家叙事再度升温，其中一个叙事逻辑是 2026 年有较多高息定存到期，在低利率环境下，这些定存 到期后会进行资产再配置，流向金融市场。本篇将就这一叙事做出一些拆解和探讨。 在前期报告《居民活动收支表的构建、分析与运用》中，我们曾对存款搬家叙事做了初步讨论： 从逻辑上讲，从存款搬家看股市或债市流动性是一个相对狭义的视角，它仅考虑了存款资产用于投资股票或债 券的规模，但实际上居民可支配收入+贷款获得的总收入扣掉消费、非 ...

来源：中保新知 实际上，"开门红"的火热此前已有"预告"——元旦过后，市场即有消息称，元旦假期累计实现新单保费 规模突破700亿元，其中多家险企银保渠道新单保费"涨幅惊人"。再之前，银保在2025年已强势重返人 身险行业第一大渠道。 经历了两个相对低迷的"开门红"后，银保渠道在2026开年打了个翻身仗。中保新知日前获悉，1月寿险 业银保渠道期交保费1030亿元，同比增长34%；趸交保费1096亿元，同比增长24%。 不过从机构端看，残酷的现实同样赤裸，忧喜依然同在。 TOP10险企座次在2025年大洗牌后，"老七家"和非银外资险企继续攻城略地。1月，"老七家"银保渠道 期交保费总额425亿元，同比大增88%，市场份额从2023年的23%上升至41%，有3家同比增速翻倍；非 银外资险企银保渠道期交保费规模也取得同比33%的增速。而另一边，银行系险企同比小幅增长4%但 出现分化，小型中资险企增速整体"告负"。 01 "老七家"市场份额升至四成 延续过去两年表现，寿险"老七家"（中国人寿、平安人寿、新华保险、太平人寿、太保寿险、人保寿 险、泰康人寿）银保渠道保费继续狂飙。 今年1月，7家实现期交保费总额425亿元， ...

Core Viewpoint - The current low interest rate environment is driving a significant shift in consumer behavior, with a notable increase in demand for insurance products as alternatives to traditional bank deposits, particularly as a large volume of fixed-term deposits is set to mature by 2026 [1][4][9]. Group 1: Market Dynamics - Approximately 32 trillion to 50 trillion yuan in fixed-term deposits are expected to mature by 2026, creating a pressing need for banks to attract these funds while consumers seek higher-yield, lower-risk alternatives [1][4]. - The insurance sector is experiencing a resurgence in the bank insurance channel, with new premium growth exceeding 15% year-on-year in 2025, significantly outpacing the overall growth of life insurance premiums [1][2]. - The share of new premiums from the bank insurance channel has risen to about 63%, establishing it as the dominant source of premium income [1]. Group 2: Consumer Behavior - Consumers are increasingly interested in insurance products such as dividend insurance and annuities, driven by low deposit rates and the desire for guaranteed returns [3][5]. - The appeal of dividend insurance products lies in their ability to lock in interest rates, providing a sense of security for consumers amid fluctuating market conditions [5][8]. Group 3: Banking and Insurance Collaboration - The collaboration between banks and insurance companies is characterized by a mutual need: banks seek to enhance their intermediary income while insurance companies look for new growth avenues amid declining individual insurance sales [6][7]. - The trend of banks selling insurance is seen as a strategic response to the low interest rate environment, allowing banks to optimize their liabilities and maintain customer relationships [7][8]. Group 4: Future Outlook - The ongoing shift in consumer wealth management needs is expected to lead to further innovation in bank-insurance partnerships, with a focus on customer-centric solutions [8][9]. - The depth of future bank-insurance cooperation will depend on the ability to provide differentiated products and services that address customer needs in an uncertain market [9].

Core Insights - The article discusses the increasing trend of banks promoting insurance products, driven by the ongoing "deposit migration" and the urgent need for banks to boost their intermediary business revenue [2][6] - The insurance industry is witnessing a competitive landscape in the bancassurance channel, with significant growth in premium income, particularly among leading insurance companies [3][6] Group 1: Industry Trends - In 2025, the bancassurance channel for life insurance is expected to see an overall premium growth rate of approximately 10%, with leading insurers outperforming the industry average [3] - The "old seven" life insurance companies (including Ping An Life and China Life) achieved over 40% growth in bancassurance premiums, with Ping An Life leading at a remarkable 163% year-on-year increase [3][6] - The total premium income of the insurance industry surpassed 6 trillion yuan in 2025, marking a 7.4% year-on-year growth, with life insurance companies contributing significantly [6] Group 2: Competitive Landscape - There is a clear division among bank-affiliated insurance companies, with some experiencing significant growth while others face declines; for instance, Everbright Life Insurance saw a 111% increase, while others like China Merchants Life faced negative growth [4][5] - Foreign and joint venture insurers, although smaller in size, are achieving impressive growth rates by focusing on high-net-worth clients and long-term value services [5] Group 3: Strategic Developments - The removal of restrictions on the number of insurance companies a single bank branch can partner with has expanded product selection and improved matching with customer needs [7] - Insurers are actively enhancing their bancassurance channel strategies, with predictions indicating that new business value growth will be primarily driven by this channel in 2026 [8][11] - Major insurers are establishing extensive partnerships with banks, with China Life collaborating with over 100 banks and other companies also expanding their banking partnerships [9][11]

"阿姨，这笔存款到期后可以看看保险产品，长期收益更佳。"近期，类似的对话正在全国各大银行网点 高频上演，成为低利率时代下金融市场的一道鲜明景观。 成交数据印证了这股热度，北京市丰台区一家股份制银行客户经理在推荐分红型保险产品时称："仅去 年12月中旬到今年1月9日，我们北京市分行就成交了50亿元保费，这个数据很罕见。" 双向奔赴 据业界测算，2026年约有32万亿元至50万亿元定期存款集中到期。对银行而言，在存款利率走低的背景 下，如何承接巨量到期资金成为当务之急；对存款人而言，寻找收益率更高且风险较低的替代产品是现 实需求；对保险公司而言，在个险渠道保费增速趋缓的背景下，寻找新的业务增长点势在必行。 于是，三方需求形成了奇特交汇，推动险企银保渠道保费持续增长。记者独家获取的同业交流数据显 示，2025年全年，银保渠道新单规模保费同比增长超15%，增速远超人身险公司原保费8.91%的同比增 速，部分头部险企该保费更是同比大增160%。尤为引人注目的是，保险行业银保渠道新单保费占比已 攀升至约63%，占据了渠道保费的绝对主导地位。 据记者走访调查，今年以来，这一趋势进一步强化，保险重回银行代销"C位"。 存款主 ...