证 券 研 究 报 告 保险行业周报（20260126-20260130） 推荐（维持） 平安再度增持国寿 H，全年行业保费 6.12 亿元 本周行情复盘：保险指数上升 5.55%，跑赢大盘 5.47pct。保险个股表现分化， 太平+9.96%，友邦+8.79%，国寿+8.73%，太保+8.48%，新华+8.40%，平安 +4.46%，阳光+3.67%，人保+2.91%，财险+2.27%，众安-1.54%。十年期国债 到期收益率 1.81%，较上周末-2bps。 本周动态： （1）每经网：香港联交所披露，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。增持后最新持股 数目为 6.81 亿股，持股比例由 8.98%上升至 9.14%。 （2）智通财经：香港联交所披露，1 月 20 日，阳光人寿减持徽商银行 H 股 1169.4 万股，平均每股作价 3.2896 港元，涉及资金 3846.86 万港元。减持后最 新持股数目为 2.41 亿股，持股比例由 7.92%下降至 6.93%。 （3）证券日报：近日中国人寿接连发布两则公告，宣 ...

上市企业：天茂集团（000627），中国平安（601318），中国人保（601319），新华保险（601336）， 中国太保（601601），中国人寿（601628） 2025年1-11月湖北省原保险保费收入共计2241.5亿元，同比增长4.97%，湖北省累计原保险保费收入不 同险种类别中寿险占比最高，为1322.01亿元，占比58.98%。 2020年-2025年1-11月湖北省累计原保险保费收入统计图 相关报告：智研咨询发布的《2026-2032年中国保险行业发展分析及投资前景预测报告》 数据来源：国家金融监督管理总局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Viewpoint - The Hong Kong non-bank sector is currently in a favorable environment characterized by "valuation trough, recovery in prosperity, and macro-friendly" conditions, making it suitable for medium to long-term allocation [1] Group 1: Sector Characteristics and Investment Logic - The CSI Hong Kong Stock Connect Non-Bank Index is a significant sub-index in the Hong Kong market, selecting no more than 50 non-bank financial stocks, with over 65% of its composition in the insurance sector [2] - Understanding the business model of the insurance industry is crucial for grasping the investment value of this index, which has a highly concentrated industry distribution [2][4] Group 2: Long-term Development Drivers and Short-term Catalysts - Three long-term drivers support the continuous growth of the insurance industry: the low insurance penetration in China compared to developed markets, the advantages of savings-type insurance products in a declining yield environment, and the ability of insurance funds to enhance investment returns through diversified asset allocation in a low-interest-rate environment [5] - In the short term, the insurance industry is experiencing positive improvements in fundamentals, with regulatory measures guiding a reasonable reduction in liability costs and an increase in the proportion of participating insurance products [6] Group 3: Market Characteristics and Valuation Analysis - The Hong Kong non-bank sector has a unique dual attribute, being highly correlated with the domestic economic recovery while also sensitive to U.S. dollar liquidity and exchange rate changes [7] - The current market environment is favorable for the Hong Kong non-bank sector, with the onset of a U.S. interest rate cut cycle and a shift towards global liquidity easing, creating good conditions for valuation recovery [7][10] Group 4: Investment Tool Selection and Allocation Value - The Guangfa CSI Hong Kong Stock Connect Non-Bank Financial Theme ETF and its linked funds are among the most focused and scarce products in the Hong Kong non-bank index market, with a scale of approximately 21.5 billion [10] - This product offers several advantages, including concentrated exposure to high-quality stocks like AIA and the Hong Kong Stock Exchange, lower historical volatility, and a semi-annual adjustment of constituent stocks to maintain structural stability and operational transparency [10] Group 5: Overall Investment Opportunity - The Hong Kong non-bank sector is poised for a dual enhancement in fundamentals and valuations, with a favorable macro environment supporting this trend [11] - Investors can efficiently allocate to this undervalued and growth-resonant financial sub-sector through the Guangfa CSI Hong Kong Stock Connect Non-Bank Financial Theme ETF and its linked funds [11]

根据港交所数据，中国平安此次以每股32.0655港元的价格购入中国太保H股约174万股，涉及资金约5583.89万港 元。此次增持后，中国平安持有中国太保H股的比例从4.99%上升至5.04%，正式跨越香港《证券及期货条例》规 定的5%持股披露门槛，构成举牌。 【环球网财经综合报道】香港交易所最新披露易信息显示，中国平安保险（集团）股份有限公司（以下简称"中国 平安"）于近日增持中国太平洋保险（集团）股份有限公司（以下简称"中国太保"）H股股份，持股比例升至 5.04%，触发香港市场举牌线。 中国平安在公告中表示，此次增持为市场化投资行为，目前暂无进一步增持计划。中国太保方面暂未对此置评。 港交所要求中国平安在后续持股变动每跨越1%时继续履行披露义务。（水手） 根据香港市场规定，投资者持有上市公司H股股份比例达到或超过5%时，须在3个交易日内向港交所提交权益申 报，并公开披露持股动向。此次举牌意味着中国平安成为中国太保H股的重要股东之一，市场关注其后续是否进 一步增持或参与公司治理。 中国平安与中国太保均为中国头部保险集团，业务涵盖寿险、财险、资产管理等领域。此次增持或反映中国平安 对保险行业长期发展的信心， ...