2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！经过多领 域、多视角的综合评估，一批杰出的保险公司和机构脱颖而出，斩获殊荣。 友邦人寿获评"年度卓越品牌保险公司" 中邮保险获评"年度社会责任保险公司" 集团奖项 中国人寿获评"年度卓越保险集团" 中国平安获评"年度最具品牌价值保险集团" 中国太保获评"年度最具社会责任保险集团" 公司奖项 中国人寿寿险获评"年度卓越寿险公司" 人保寿险获评"年度卓杰出寿险公司" 平安产险获评"年度卓越财产险公司" 新华养老保险获评"年度卓越成长保险公司" 水滴保获评"年度卓越保险中介机构" 大童保险服务获评"年度卓越保险中介机构" 车车科技获评"年度卓越保险科技公司" 元保获评"年度卓越保险科技公司" 业务奖项 太平人寿获评"年度卓越消保奖" 交银人寿获评"年度卓越消保奖" 中国人寿寿险获评"年度卓越ESG实践奖" 人保财险获评"年度卓越ESG实践奖" 建信人寿获评"年度卓越数字化服务奖" 信美相互获评"年度卓越数字化服务奖" 招商信诺获评"年度优秀服务奖" 瑞华保险获评"年度优秀服务奖" 太保寿险获评"年度卓越康养服务奖" 大家人寿获 ...

Summary of Key Points from Conference Call Records Industry Overview - The stock market experienced a decline on February 2, 2026, with the Shanghai Composite Index closing at 4015.75 points, down 2.48% [1] - The Shenzhen Component Index fell to 13824.35 points, a decrease of 2.69% [1] - The ChiNext Index reported a drop to 3264.11 points, down 2.46% [1] - The brokerage index decreased by 1.34%, while the insurance index fell by 1.58% [1] - Total stock trading volume for the day was 25,847.66 billion yuan, with the SW Securities II sector accounting for 423.44 billion yuan, representing 1.64% of the total trading volume [1] - The margin trading balance from the previous trading day was 27,152.51 billion yuan [1] - The yield on 10-year government bonds was measured at 1.8200% [1] Company Announcements - **Yalian Development**: Mr. Cai Min resigned from his position as Vice General Manager on February 2, 2026, and will not hold any position in the company or its subsidiaries thereafter [1] - **Jinlong Co., Ltd.**: Mr. Wang Tianguang resigned from his roles as Director and Vice Chairman of the Board, and will not hold any position in the company or its subsidiaries thereafter [2] - **CITIC Securities**: Announced a cash dividend distribution of 0.29 yuan per share (including tax), totaling 4,297,958,580.41 yuan (including tax) based on a total share capital of 14,820,546,829 shares [2] - **Southwest Securities**: Received approval from the CSRC to publicly issue corporate bonds with a total face value not exceeding 14 billion yuan, valid for 24 months from the date of approval [2] - **Xiangyi Rongtong**: Agreed to guarantee credit business contracts with Jiangsu Bank Hangzhou Branch, with a maximum debt amount of 200 million yuan, including principal and related interest and fees [2] Important News - **Central Bank**: On February 2, 2026, the People's Bank of China conducted a 7-day reverse repurchase operation of 750 billion yuan at a fixed rate of 1.40%, with both the bidding and winning amounts being 750 billion yuan [3] - **Ministry of Finance**: Issued a temporary method for the deduction of input tax on long-term assets, effective from January 1, 2026 [4] - **National Bureau of Statistics**: The manufacturing PMI for January was reported at 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a return to contraction [5] - The non-manufacturing business activity index for January was 49.4%, also down by 0.8 percentage points, reflecting a decline in overall non-manufacturing activity [5]

王浩表示，中国信保要锚定"十五五"中期目标，2026年开拓奋进，在高质量履职上见行见效。一是 坚决扛起稳外贸政治责任，打好外贸"突围2.0"持久战；二是持续夯实核心政策性业务发展根基，打好 阵地战；三是积极为建设强大国内市场、进出口平衡发展多作贡献，打好主动战；四是做好保赔追联 动、提升资金运用效能和资信服务质量，打好攻坚战。 本报讯 记者王笑报道 1月29日至30日，中国出口信用保险公司（以下简称"中国信保"）在北京召开 2026年度工作会议暨党建工作会议。中国信保党委书记、董事长王浩发表讲话，党委副书记、副董事 长、总经理盛和泰作年度工作报告。 会议认为，"十四五"时期，中国信保坚持以习近平新时代中国特色社会主义思想为指导，持续深入 贯彻落实习近平总书记关于充分发挥出口信用保险作用的重要指示精神，圆满完成各项任务。 会议提出，做好2026年工作要坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，服务加快 构建新发展格局，着力推动高质量发展，充分发挥出口信用保险的逆周期和跨周期调节作用，全力支持 扩大高水平开放，更好助力稳外贸稳外资，更好服务高质量共建"一带一路"，更好服务金融强国建设， 更好统筹发展和安 ...

Group 1: Macro Policy Insights - The report emphasizes that recent policies are focused on stimulating domestic demand to achieve a strong start in 2026, highlighting six key areas of focus [4] - It notes that the early issuance of "two new" policies, a comprehensive fiscal and financial package, and continued support for the real estate sector indicate proactive policy measures aimed at economic growth [4] - Key short-term focuses include monitoring local GDP and CPI targets, the pace of fiscal stimulus, and the performance of real estate, exports, and infrastructure in the first quarter [4] Group 2: Industry Performance - The report identifies the top-performing industries in January, with oil and petrochemicals leading at 11.3%, followed by media at 10.8%, and non-ferrous metals at 10.4% [2] - Conversely, the worst-performing sectors include banking at -6.2%, non-bank financials at -5.0%, and agriculture at -3.7% [2] Group 3: Investment Recommendations - The report recommends several stocks for February, including China Aluminum, which is noted for its strong position in the electrolytic aluminum market, and Gree, which is expected to benefit from global household storage growth [6] - Other recommended stocks include Tonghuashun, Haiguang Information, and China Duty Free, each with specific growth drivers outlined [6] Group 4: Sector-Specific Insights - In the environmental sector, the report highlights new policies that promote industrial waste recycling and carbon emission evaluations, benefiting companies like Huicheng Environmental [14] - The agricultural sector is advised to monitor the impact of rising crude oil prices on production costs and demand, particularly for vegetable oils and rubber [16] - In the telecommunications sector, companies like Zhongji Xuchuang and Xinyi Sheng are projected to see significant profit growth due to increased demand for high-speed products and ongoing investments in infrastructure [19][22]

都匀市税务局"匀税管家"为辖区内企业上门答疑。 政策直达快享，筑牢宣传阵地 该局"匀税管家"通过税企服务群推送日常梳理的政策汇编、解读指引等内容，确保企业及时获取权威信息。同 时，将优惠条款与企业实际业务场景结合，生动解释政策适用情况，让企业看得懂、会运用。 为帮助辖区内市场经营主体更快速、精准地把握新税收动态、厘清政策要点、有效防范和化解涉税风险，都匀市 税务局以"精准辅导+快速响应+前置提醒"为抓手，在常态化为企业提供涉税管理服务的同时，打好"管家式"服务 组合拳，护航企业将合规经营融入日常、落在平常。 都匀市茂盛汽车城有限责任公司财务人员在收到税务人员发送的2026年在执行增值税税收优惠政策汇编后，通过 案例分析资料进一步了解"对住房租赁企业适用简易计税方法"的适用主体和计算方法。 该公司财务人员表示："这种推送政策、案例学习的方式，能帮助企业更好地了解最新涉税政策，并更好地享受政 策带来的红利。" 问题精准响应，搭建答疑通道 "匀税管家"对企业日常反馈的扣缴义务人发起劳务报酬发票代开申请、租赁发票简易计征税率等高频问题建立高 频涉税问题动态台账，及时整理解决方案并关联政策依据，在服务群内定期答疑。 对 ...

2月3日金融一线消息， 安顾于今日宣布，任命思勇明（Jürgen Schmitz）为安顾国际董事会董事，负责 拓展并统筹管理安顾在多个增长型市场的国际业务，全面监督亚洲市场运营，该任命待当地监管审批后 自2026年3月1日起生效。思勇明将负责制定中国、泰国、新加坡未来的发展愿景，并推动实现安顾在这 些市场的战略增长目标。 安顾国际董事会主席柯天佑（Theo Kokkalas）表示："我们高度重视我们的增长型市场。我坚信思勇明 通过其在安顾国际董事会中直接承担这些区域的整体战略职责，将对这些区域的发展发挥重大影响作 用。凭借其多年经验，尤其是在中国市场的深厚积淀，他将在新的职责范围内有力统筹并推进我们在这 些区域的各项战略举措。就我个人而言，我期待未来与他开展更直接、更紧密的合作。此外，我非常高 兴任命郑路遥接任安顾中国首席执行官。她为安顾在中国的发展所作出的贡献已充分证明其具备高级管 理能力，足以胜任这一重要职位。" 责任编辑：李琳琳 思勇明 思勇明于2006年加入慕尼黑再保险/安顾集团，过去九年一直在中国并担任安顾（中国）企业管理有限 公司（简称安顾中国）首席执行官。 履新后，思勇明的核心职责也包括监督德华 ...

Industry Overview - In December 2025, the total original insurance premium income of China's insurance industry reached 6.12 trillion yuan, with property insurance contributing 1.47 trillion yuan and life insurance contributing 4.65 trillion yuan [1] - The original insurance claims paid by the industry amounted to 2.44 trillion yuan [1] - On a comparable basis, the industry's total original insurance premium income grew by 7.4% year-on-year, while original insurance claims paid increased by 6.2% [1] Financial Performance - By the end of 2025, the total assets of China's insurance industry reached 41.31 trillion yuan, reflecting a year-on-year growth of 15.1% [1] - The net assets of the industry stood at 3.66 trillion yuan, with a year-on-year increase of 10.2% [1] Company-Level Insights - In 2025, property insurance companies reported original premium income of 1.76 trillion yuan and claims paid of 1.17 trillion yuan [1] - Breakdown of premium income by type for property insurance includes: 940.9 billion yuan for auto insurance, 142.8 billion yuan for liability insurance, 155.5 billion yuan for agricultural insurance, 227.4 billion yuan for health insurance, and 59.3 billion yuan for accident insurance [1] - Life insurance companies generated original premium income of 4.36 trillion yuan and claims paid of 1.28 trillion yuan [1] - Breakdown of premium income by type for life insurance includes: 3.56 trillion yuan for life insurance, 36.8 billion yuan for accident insurance, and 769.9 billion yuan for health insurance [1]

证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 保险行业 2025 年业绩前瞻：预计全年 NBV 高增长，Q4 净利润或受投资短期波动影响 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：长端利率趋势性下行；新单增长不及预期。 2026 年 02 月 02 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/5 2025/10/3 2026/1/31 保险Ⅱ 沪深300 相关研究 《保险行业 12 月保费：产寿 25Q4 保 费增速均有所放缓，看好寿险 2026 年 新单增长》 2026-01-31 《政策引导+行协牵头，保险业布局康 养领域进程再加速》 ◼ 我们预计上市险企 2025 年归母净利润同比较快增长，Q4 净利润或受短 期投资波动影响。1）我们预计上市险企 2025 年归母净利润普遍同比 ...

Core Viewpoint - The A-share market is experiencing a phase of adjustment after a rapid rise, with potential for a slow bull market supported by favorable factors. The current market favors growth styles, with emerging opportunities in low-priced stocks [2]. Group 1: Energy and Basic Materials - Coal prices are in a state of fluctuation, with January prices for thermal coal, coking coal, and coke rising by 2%, 4%, and 2% respectively. The coal industry maintains stable profitability and cash flow, with a current dividend yield of 5.3% [9]. - Oil prices have shown a 14% increase month-on-month in January, but a year-on-year decrease of 11%. Geopolitical risks are rising, impacting oil supply and prices [10]. - The prices of non-ferrous metals have seen significant increases, with lithium carbonate prices rising by 35% in January. The demand is supported by AI applications and the proliferation of new energy [11]. Group 2: Industrial Products - The AI industry chain remains highly prosperous, with strong domestic demand for engineering machinery and a projected 18% increase in domestic excavator sales by 2025. The photovoltaic industry is also seeing price recoveries [3]. - The automotive sector is facing a projected 6% decline in sales by November 2025, with a focus on opportunities related to overseas markets and smart driving [3]. Group 3: Consumer Products - Traditional consumer sectors are experiencing a decline, with sales of washing machines, refrigerators, and air conditioners dropping by 27%, 37%, and 36% year-on-year in December 2025. The effectiveness of consumption support policies is under observation [4]. - The average purchase price of live pigs remains stable at 14 yuan/kg, with a total pig stock of 429.67 million heads by the end of 2025, indicating a relatively abundant supply [4]. Group 4: Technology - The domestic AI application landscape is seeing significant developments, with multiple domestic large models being released. The semiconductor industry remains robust, with global sales increasing by 30% year-on-year in November [5]. - The gaming industry is recovering, with 1,771 game licenses issued in 2025, indicating a positive trend [5]. Group 5: Financials - The stock market sentiment has improved significantly, with insurance premium income rising by 7% year-on-year in December 2025. The average daily trading volume of A-shares exceeded 30 trillion yuan in January [5].

Core Viewpoint - The high dividend sector showed signs of recovery in January, driven by strong demand for dividend assets from insurance companies and the performance of cyclical high dividend stocks like oil, petrochemicals, and steel [2][4]. Market Overview - The overall market risk appetite continued to decline in January, with the full A ERP falling below one standard deviation of the past five-year average, indicating a challenging environment for market risk premium recovery [1][3]. - The volatility in cyclical stocks has impacted the market's profit-making ability, leading to a potential "small plateau" in investor risk appetite [3]. High Dividend Strategy - The configuration value of high dividend stocks has marginally increased compared to the previous month, suggesting a focus on stable high dividend stocks with defensive attributes and some potential high dividend varieties [1][3]. - The high dividend strategy's cost-effectiveness has improved, with the current full A ERP positioned at a historically significant level, requiring fundamental recovery or strong capital support for a breakthrough [3]. Sector Investment Opportunities - **Insurance**: The market sentiment remains strong, with expectations for continued positive performance in the insurance sector [5]. - **Oil and Petrochemicals**: Geopolitical tensions have raised concerns about global oil supply risks, leading to a rebound in oil prices. The Brent crude oil price forecast for 2026 has been raised to $65 per barrel [5]. - **Construction Materials**: The construction sector is expected to improve post-Spring Festival, with price increases in fiberglass, waterproof materials, and gypsum boards anticipated [5]. - **Utilities**: The electricity supply side is expected to stabilize, with coal prices remaining steady, indicating a bottoming out of electricity stock valuations [6]. - **Transportation**: The logistics sector is seeing a slight uptick in activity, particularly in road freight, as the Spring Festival travel season approaches [6]. - **Banking**: Banks are actively increasing lending, with profit margins expected to improve, particularly in light of a manageable impact from the real estate sector [7]. - **Real Estate**: The Hong Kong residential market has seen significant growth, with transaction volumes and prices rebounding, indicating a recovery trend [7]. - **Consumer Staples**: Leading companies in the consumer staples sector are expected to maintain stable cash flows and increase dividend payouts, benefiting from structural upgrades and international expansion opportunities [8].