证券研究报告 非银金融 行业定期报告 hyzqdatemark 2026 年 03 月 02 日 投资评级： 看好（维持） 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 板块表现： 2 月股基成交保持活跃 ——非银金融行业周报（2026/2/22-2026/2/28） 投资要点： 投资分析意见。维持非银金融板块"看好"评级。1）保险板块：近期保险股股价表 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水 润泽中华大地 保险板块 联系人 据财联社统计，截至 2 月 26 日，在逾千只有披露数据的保险资管组合类产品中，超 过 50 只产品今年以来年化回报率突破 100%。我们认为：1）2026 年开年以来，A 股市场结构性特征显著，以有色金属、煤炭、石油石化为代表的资源品板块表现强 势，头部保险资管产品收益率表现优异，体现险企在结构性行情中的优异投研能力。 2）2025 年末保险行业资金运用中，股票运用总体余额为 3.73 万亿元，同比+53.8 ...

Group 1 - The overall trading activity in the equity market remains at historically high levels, with daily transaction amounts and margin balances exceeding long-term averages, indicating a positive outlook for securities firms [2][6] - The market is currently experiencing a cautious approach to risk management, with regulatory bodies guiding a cooling of the market to prevent overheating [2][6] - Future prospects for the capital market include optimized equity financing, increased merger and acquisition activity, expansion of derivative tools, and deepening of wealth management transformations, which will broaden the business scope of securities firms and enhance revenue diversity and stability [2][6] Group 2 - The A50 ETF, A100 ETF, and A500 ETF are part of the "A series" ETFs launched by Huabao Fund, providing investors with diverse options to invest in China [2] - The A50 ETF tracks the A50 index, focusing on 50 leading companies, while the A100 ETF encompasses the top 100 industry leaders [2] - The market capitalization and performance of these ETFs are highlighted, with specific details on their listing dates and fee structures for investors [2][6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant increase in net profit for Q3, driven by enhanced investment income and one-time gains from investments [2][4] - The new business value (NBV) showed a remarkable growth of 50.8% year-on-year, supported by a rapid increase in first-year premium income and improved business quality [3] - The company’s total investment assets reached 1,770.185 billion, with an annualized total investment return of 8.6% [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 137.252 billion, a year-on-year increase of 28.3%, and a net profit attributable to shareholders of 32.857 billion, up 58.9% year-on-year [2] - The company’s net assets attributable to shareholders at the end of the period were 100.508 billion, reflecting a growth of 4.4% from the end of 2024 [2] - The annualized return on equity (ROE) was 33.1%, an increase of 12.1 percentage points year-on-year [2] Business Segment Analysis - Individual insurance and bancassurance channels both contributed to the growth in new business value, with individual insurance channel first-year premium income increasing by 48.5% year-on-year [3] - The company added over 30,000 new personnel in the first three quarters, marking a growth of over 140% year-on-year, with productivity per person increasing by 50% [3] - The bancassurance channel saw a 66.7% increase in first-year premium income, indicating strong performance in this segment [3] Investment Income Analysis - The company’s investment income for the first three quarters reached 40.413 billion, a substantial increase from 5.134 billion in the same period last year [4] - In Q3 alone, the investment income was 21.650 billion, compared to 4.168 billion in the previous year [4] - The company’s investment strategy appears to be benefiting from a gradual recovery in equity markets, enhancing its investment returns [4] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been revised upwards, with expected revenues of 144.4 billion, 146.6 billion, and 149.1 billion respectively [5] - The projected net profits for the same period are 34.7 billion, 35.3 billion, and 35.9 billion, reflecting a positive outlook [5] - The estimated earnings per share (EPS) for 2025-2027 are 11.13, 11.31, and 11.50 respectively, indicating growth potential [5]

Group 1 - The report addresses the cost-effectiveness of convertible bonds in the current market environment for "fixed income +" products, highlighting the challenges faced by traditional low-price strategies due to scarcity and high valuations [6][7][11] - Historical backtesting shows that the "pure bond + convertible bond" combination has consistently outperformed the "pure bond + dividend" combination since 2020, with a notable annualized return of 5.87% for convertible bonds compared to 1.06% for dividend combinations as of October 10, 2025 [6][8][28] - The scarcity of low-priced convertible bonds is evident, with only 10 bonds priced below 110 yuan and less than 20% below 120 yuan as of October 15, 2025, indicating limited operational space for traditional low-price strategies [11][12] Group 2 - The report recommends shifting the focus of convertible bond allocation towards equity-oriented convertible bonds, which have shown better adaptability in various market conditions, particularly in a slow bull market [16][20][30] - Historical performance indicates that equity-oriented convertible bonds provide significant excess returns during upward market trends while maintaining manageable volatility [20][28] - A dynamic Delta management strategy is proposed to optimize risk-return profiles by adjusting the Delta exposure based on market trends, enhancing performance during market upswings and controlling drawdowns during downturns [23][26][30]

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoints of the Report - The current momentum of convertible bonds comes from the equity market. In a slow - bull equity environment, the trend of convertible bonds remains unchanged, but the upward momentum has shifted from the first stage of rapid growth driven by both the underlying stock and valuation to the second stage of slow and volatile growth. This week's significant decline in valuation is likely a short - term low point. In the long run, convertible bonds are still relatively high - quality assets, and the market outlook remains positive, with more trading opportunities. The bond - selection strategy should not be overly aggressive [5][8] Group 3: Summary by Directory 1. Convertible Bond Viewpoint: Valuation Adjustment Does Not Alter the Slow - Bull Market - Since late June, convertible bonds have risen with equities but experienced a significant pullback this week. The sharp compression of valuation led to underperformance compared to the underlying stocks, with the 100 - yuan premium rate compressed by over 4 percentage points. The adjustment was expected, but the magnitude was large. In an environment where fixed - income investors seek returns from equities due to declining pure - bond yields, the valuation of convertible bonds has continuously broken previous highs. High valuations do not cause trend - changing disturbances in a bull market but increase volatility during corrections. During this adjustment, there were signs of redemptions in secondary bond funds, while primary bond funds remained relatively stable, and ETFs continued to see net inflows [5][8] - This week, equities continued to rise with increasing trading volume. The margin trading balance exceeded 2.2 trillion yuan, and the securities ETF had the largest net inflow. Driven by the "Artificial Intelligence +" policy, semiconductors and communication equipment (AI computing power chain) led the gains, and lithium - battery stocks led the rise due to strong performance from leading companies. While the market rose, volatility increased. The corrections on Tuesday and Wednesday cooled down the rapidly rising market, which is overall beneficial and lays a foundation for the slow - bull market [5][8] 2. Convertible Bond Review: Equity Volatility and Valuation Decline During the Week 2.1 Market Overall Performance: Equity Volatility and Consolidation, Technology Sector Leading the Gains - From August 25th to August 29th, the market showed a mixed performance. The Shanghai Composite Index rose 0.84%, the Shenzhen Component Index rose 4.36%, the CSI 300 rose 2.71%, the CSI 1000 rose 1.03%, the ChiNext Index rose 7.74%, the STAR 50 rose 7.49%, and the Beijing Stock Exchange 50 fell 1.63%. In terms of industries, communication, non - ferrous metals, and electronics led the gains. The average daily trading volume increased significantly by 397.513 billion yuan to 2.98 trillion yuan [11] - The top ten convertible bonds in terms of gains last week were Weidao, Chongda, Jing23, Jincheng, Saili, Lingyi, Hongtu, Zhenghai, Yanggu, and Zhonglu convertible bonds. In terms of trading volume, Dayuan, Outong, Saili, Lingyi, Zhongqi, Dongjie, Jing23, Zhenghai, Chongda, and Dongshi convertible bonds were relatively active [11] 2.2 Both the Underlying Stock and Valuation Are Weak, with Smaller Declines in Large - Cap and AA+ Convertible Bonds - This week, convertible bonds were significantly affected by equity market volatility and declined. The average daily trading volume continued to rise to 100.704 billion yuan. The CSI Convertible Bond Index fell 2.58%, the parity center decreased by 0.8% to 111.2 yuan, and the conversion premium rate center decreased by 3.0% to 18.7%. In terms of style, large - cap and AA+ convertible bonds had smaller declines this week, while high - priced and low - rated convertible bonds had larger declines [16]