消息面上，中国平安上周增持中国人寿1420万股H股，持股比例突破9%，为近年罕见的大额同业增持 动作。此举在长端利率低位震荡、险资配置压力加大的背景下，释放出对保险行业基本面筑底、估值修 复空间打开的强烈信心信号，亦反映头部险企对行业长期价值的共识正在凝聚。 东海证券指出，受存款搬家催化，以及权益市场提振带动分红险保险竞争力提升，2026保险"开门红"销 售火热，头部险企新单保费增速亮眼。预计在居民稳健理财需求持续释放、银保渠道产能进一步兑现的 支撑下，"开门红"期间行业整体保费规模将保持高增态势，头部险企凭借渠道与产品优势，保费增长动 能将持续领先行业。 数据显示，四季度市场上涨带动机构增配券商板块，公募基金（剔除被动指数基金）持仓比例由0.85% 提升至1.08%，板块仍欠配2.30PCT。保险板块配置比例从1.03%升至2.13%，欠配0.33PCT，四季度保险 指数上涨23.42%。个股方面，中国人寿持仓市值比例从0.019%提升至0.020%，中国平安、中国太保获 超配。 国泰海通非银团队认为，非银板块仍处于欠配状态，总体欠配3.08PCT。中长期增量资金加速入市，看 好四类投资机会：1）看好居民资 ...

Group 1 - The brokerage sector has been upgraded, with public fund holdings (excluding passive index funds) increasing from 0.85% to 1.08%, still under-allocated by 2.30 percentage points [1][2] - The insurance sector's allocation ratio rose significantly from 1.03% to 2.13%, under-allocated by 0.33%, with the insurance index increasing by 23.42% in Q4 [1][3] - The overall non-bank sector holdings have increased but remain under-allocated by 3.08 percentage points, with expectations of improved profitability and low valuations attracting resident funds [1][4] Group 2 - The increase in the brokerage sector's allocation is driven by a 0.97% rise in the Wind All A Index and a high trading volume of 2.45 trillion yuan in Q4, despite a 3% quarter-on-quarter decline [2] - Individual stocks such as CITIC Securities and Huatai Securities saw their market value ratios increase, indicating a shift towards equity asset allocation by residents [2] - The insurance sector is expected to benefit from continued capital inflows and a focus on undervalued assets, with specific recommendations for China Life, Ping An, and China Pacific Insurance [3] Group 3 - The multi-financial and fintech sectors saw a decrease in public fund holdings from 0.204% to 0.145%, with specific stocks like Lakala and Yuexiu Financial Holdings receiving increased allocations [3] - The investment outlook includes opportunities in financial technology and brokerage due to increased resident capital inflows, valuation recovery in the insurance sector, and expansion of digital RMB scenarios [4] - The company remains optimistic about the growth of third-party payment companies and the broadening exit channels for equity investment institutions due to an increase in IPOs [4]