□ 1月生产指数为50.6%，高于临界点，制造业生产保持扩张 □ 1月高技术制造业PMI为52.0%，连续2个月位于52.0%及以上较高水平，行业发展态势持续向好。装备 制造业PMI为50.1%，保持在扩张区间 □ 1月主要原材料购进价格指数和出厂价格指数分别为56.1%和50.6%，分别比2025年12月上升3.0个百分 点和1.7个百分点。其中，原材料购进价格指数创2024年6月以来新高，出厂价格指数是近20个月来首次 升至临界点以上 □ 1月制造业企业生产经营活动预期指数为52.6%，继续高于临界点 □ 1月服务业业务活动预期指数为57.1%，比2025年12月上升0.7个百分点，连续2个月环比上升，表明服 务业企业对近期市场发展信心有所增强 ◎记者 陈芳 从制造业PMI的分项指标看，企业生产增势有所放缓，但整体仍保持扩张态势，市场需求承压运行，新 订单指数和新出口订单指数均回落。 数据显示：1月生产指数为50.6%，高于临界点，制造业生产保持扩张；新订单指数为49.2%，较2025年 12月下降1.6个百分点；新出口订单指数为47.8%，较2025年12月下降1.2个百分点。 对于需求回落的原因，中国 ...

（来源：北京商报） 2025年全年，保险行业交出了怎样的答卷？2月1日，北京商报记者了解到，金融监管总局近日公布的数 据显示，行业累计实现原保险保费收入6.12万亿元，同比增长7.43%。人身险板块无疑是拉动增长的主 力引擎，全年人身险公司原保费收入达4.36万亿元，同比增长8.91%。其中，寿险业务以3.56万亿元的 收入和11.4%的同比增速一马当先。相较而言，人身险公司和财产险公司的健康险业务在2025年的整体 表现略显平淡，未能突破万亿元保费大关。 中国保险行业协会近日披露的数据显示，在政策支持和市场需求的双重驱动下，健康险近十年年均复合 增长率超过20%，在售医疗保险产品超过1.1万个。在业内人士看来，尽管政策层面持续发力，如《关 于推动健康保险高质量发展的指导意见》出台，意在引导产品创新与服务深化，但市场需求的进一步激 发仍需时间。 视线转向财产险市场，财险公司2025年保费增长幅度仍较小。2025年财险行业累计原保费收入1.76万亿 元，同比增长3.92%，较2024年增速略有下降。主力险种车险和近年来备受关注、政策频出的非车险， 原保费收入分别为9409亿元和8161亿元，同比分别增长2.98 ...

本报记者 周尚伃 从推荐频次看，2月份，紫金矿业、万华化学、中国太保均获3家券商推荐；中际旭创、北新建材、兆易创新、中国中免等 个股获2家券商推荐。其中，推荐紫金矿业的券商有华泰证券、中国银河、光大证券，推荐万华化学的券商有中泰证券、光大 证券、太平洋证券，推荐中国太保的券商有中泰证券、太平洋证券和平安证券。 值得关注的是，浙商证券将紫金矿业选定为2026年行业年度金股。对此，浙商证券金属行业负责人沈皓俊表示，紫金矿业 是全球黄金与铜资源龙头企业。多重因素影响下，去年以来，金铜价格迎来主升浪，受益于巨龙铜矿等持续投产增量，该公司 有望实现量价齐升，叠加锂价筑底反弹，第三成长曲线有望持续贡献增量，推动业绩增长，当前估值水平处于行业低位。 对于2月份A股市场的整体走势，券商分析师普遍持审慎乐观态度。中国银河证券策略首席分析师杨超认为，春节前流动性 仍相对充裕，市场可能迎来核心做多期。预计2月上旬至春节前，市场资金仍将在科技和有色等板块加速轮动，业绩亮眼的标 的将成为焦点。 中信证券首席A股策略分析师裘翔表示，站在A股视角，从资源热到周期热，涨价线索的全面演绎可能贯穿2026年一季 度。周期板块的底层共性是利润率修 ...

Group 1: Core Insights - The insurance industry is projected to achieve premium income of approximately 6.12 trillion yuan in 2025, representing a year-on-year growth of 7.4% [1] - Property insurance premiums reached about 1.47 trillion yuan, with a year-on-year increase of 2.6%, while life insurance premiums were around 4.65 trillion yuan, growing by 9% [1] - Health insurance premiums led the growth among property insurance companies, with a year-on-year increase of 11.31%, while motor vehicle insurance premiums grew the slowest at 2.98% [2] Group 2: Business Segment Performance - In property insurance, health insurance and accident insurance saw significant growth, while motor vehicle insurance remains the largest segment, accounting for 53.55% of total property insurance premiums [2] - The growth in health insurance is attributed to structural opportunities arising from medical reform, with property insurance companies focusing on mid-range medical insurance [2][3] - Life insurance companies experienced an overall premium income growth of 8.91%, with life insurance premiums increasing by 11.41%, while health insurance premiums saw a slight decline of 0.41% [4] Group 3: Market Dynamics - The decline in health insurance premiums for life insurance companies is influenced by high market penetration of critical illness insurance and competition from inclusive insurance products [5] - The adjustment of product structures and the emphasis on wealth management and risk protection features have helped life insurance companies maintain growth despite a low interest rate environment [4] - The shift towards diversified and high-quality business structures in property insurance is seen as a positive signal for the industry's future [3]

本文自南都·湾财社 编辑| 柴华 美编 | 尹洁琳 日前，深圳"杰我睿珠宝"黄金兑付危机引发市场关注。据悉，该平台提现已经受限，全国投资者未结清余额超百 亿元。 财经大件事（2026年1月26日-2026年2月1日） 头条 金价震荡！黄金"牛股"跌停，股东精准"套现"1.8亿 随着现货黄金价格的剧烈震荡，A股黄金板块在经历连续大涨后出现显著分化。 其中，此前"15个交易日收获8个涨停板"的"牛股"四川黄金（001337.SZ）在发布业绩大幅预增的公告后反而跌 停，叠加公司三股东近日套现近18亿元等消息，引发市场关注。 焦点 去年广东结婚登记增长超10万对！广东婚庆行业营收普增超25% 杰我睿兑付危机持续发酵，多家同类平台小程序被暂停服务 湾财社记者注意到，在杰我睿平台出现兑付危机后，"云点当""融通金"等同类平台的小程序被相继暂停，不过"融 通金"已启动备用方式维持正常运营。 在这场黄金兑付风波中，危机核心是"预定价"模式，其本质为无实物支撑的高杠杆黄金对赌。此前已有同类平台 出现兑付困难，这类平台多无金融资质、缺乏监管，价格波动下易失控。 配送员将水仙种球当百合配送，消费者索赔300万？盒马回应 近日，有媒 ...

保险业2025年业绩出炉！ 总资产突破41万亿元 2025年，我国保险业总资产突破41万亿元大关，站上新台阶。 金融监管总局公布的数据显示，截至2025年末，我国保险业总资产达到41.31万亿元，较年初的35.91万亿元增 加5.40万亿元。 2023年以来，我国保险业总资产持续保持双位数增长。2025年年内，保险总资产已相继突破40万亿元和41万亿 元大关。 分析人士认为，保险业总资产近年增长较快，主要是受到保费收入增长、成本优化、行业资本补充增强、资本 市场回暖、资产配置结构优化等多重因素影响。 在总资产创新高的同时，保险资金运用规模也不断增长。截至2025年9月末，保险公司资金运用余额突破了37 万亿元。 全年保费增超7%，人身险提振明显 2025年，保险行业实现原保险保费收入6.12万亿元，同比增长7.43%；全年赔付支出2.44万亿元，同比增长 6.2%。 2025年初，保险行业保费曾陷入负增长，但自3月份起，随着人身险保费探底回升，保险行业原保险保费收入 重回正增长。2025年，保险业实现人身险原保险保费收入4.65万亿元，同比增长9.05%。 从人身险公司整体表现来看，2025年全年实现原保险保 ...

2025年全年，保险行业交出了怎样的答卷？2月1日，北京商报记者了解到，金融监管总局近日公布的数 据显示，行业累计实现原保险保费收入6.12万亿元，同比增长7.43%。人身险板块无疑是拉动增长的主 力引擎，全年人身险公司原保费收入达4.36万亿元，同比增长8.91%。其中，寿险业务以3.56万亿元的 收入和11.4%的同比增速一马当先。相较而言，人身险公司和财产险公司的健康险业务在2025年的整体 表现略显平淡，未能突破万亿元保费大关。 业内人士分析指出，当前保险业的增长动力，显著侧重于满足居民的长期储蓄和财富管理需求，而保障 型业务的拓展则进入攻坚期。展望未来，如何在巩固储蓄优势的同时，有效激发健康、养老等领域的真 实保障需求，突破结构性瓶颈，将是行业从规模扩张迈向高质量发展的关键命题。 2025年保费"画像"出炉 1月30日，金融监管总局发布2025年度保险业经营数据。截至2025年末，保险业总资产突破41万亿元， 同比增长15.06%；与此同时，全年累计赔付支出2.44万亿元，同比增长6.2%。 2025年，保险业原保险保费收入6.12万亿元，相比2024年的5.7万亿元同比增长7.43%，不及2024 ...

Market Overview - The Hang Seng Index reached a four-year high last week, but experienced a technical pullback due to a hawkish Federal Reserve chair nomination, indicating a risk-off sentiment in global equity markets [1] - The market sentiment index moved from panic to optimism within 16 days, suggesting a shift in investor sentiment [1] - Current market volatility is expected to persist, but it is more likely to be a correction rather than a reversal of market performance [1] Earnings and Revenue Expectations - Non-financial earnings expectations have been revised upward by 0.4% over the past four weeks, while revenue expectations have been slightly downgraded by 0.1% [2] - The sectors with the most significant upward revisions in earnings expectations include non-ferrous metals (7.7%), military industry (4.0%), and electric new energy (1.8%) [2] Capital Flow - Foreign capital continues to flow into Hong Kong stocks, with net inflows reaching $2.8 billion, up from $1.95 billion the previous week [3] - Active foreign capital has seen a continuous inflow for three weeks, with a record weekly inflow of $640 million [3] - The nomination of Kevin Warsh as the next Federal Reserve chair has led to short-term volatility, but the medium-term liquidity outlook remains accommodative [3] Market Sentiment - The market sentiment index has risen to 62.1, indicating an optimistic outlook [4] - Factors contributing to this optimism include strong net inflows from southbound capital and high buying intensity [4] Investment Recommendations - Companies with earnings certainty should be considered as core holdings, while opportunities to increase allocations in technology and cyclical materials should be explored during market corrections [5] - Focus on sectors showing upward trends, such as AI-related industries, semiconductor manufacturing, and innovative pharmaceuticals [5]

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector has shown mixed performance, with the insurance industry outperforming the CSI 300 index recently, while the securities and diversified financial sectors lagged [10][11] - The report highlights a positive outlook for the insurance sector, driven by expected growth in new policies and the ongoing development of the "insurance + health care" model [24][28] - The securities sector is experiencing increased trading volumes and regulatory support, which may lead to new growth opportunities [16][22] - The diversified financial sector is transitioning to a more stable growth phase, with trust assets and futures trading volumes remaining robust [32][38] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (January 26-30, 2026), the insurance sector rose by 5.55%, while the securities sector fell by 0.70% and diversified financials dropped by 3.49% [10] - Year-to-date, the diversified financial sector has increased by 2.06%, followed by insurance at 1.24%, while the securities sector has decreased by 1.64% [11] 2. Insights on Non-Bank Financial Sub-Sectors 2.1 Securities - Trading volume has increased significantly, with an average daily trading value of 34,743 billion yuan in January, up 155.35% year-on-year [16] - The China Securities Regulatory Commission (CSRC) is proposing to expand the types of strategic investors, which may enhance market stability [20][21] 2.2 Insurance - The insurance sector's premium income for 2025 is projected at 52,696 billion yuan, reflecting an 8.5% year-on-year increase [25] - The report anticipates strong performance in new policy sales for 2026, particularly in health and pension insurance [31] 2.3 Diversified Financials - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a 20.11% increase year-on-year [32] - The futures market recorded a trading volume of 9.51 billion contracts in December 2025, with a transaction value of 90.81 trillion yuan, marking a 45.17% year-on-year growth [38] 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and diversified financials, recommending companies such as China Life, Ping An, and CITIC Securities for investment [32][46]

Investment Rating - The report does not explicitly provide an overall investment rating for the industry but includes detailed valuation metrics for various indices and sectors, indicating a mixed outlook based on historical percentiles [2][5][6]. Core Insights - The report highlights significant valuation metrics for various indices, with the CSI All Share (excluding ST) PE at 22.5x and PB at 1.9x, indicating it is at the 83rd and 50th historical percentiles respectively [2][5]. - The report identifies sectors with high PE and PB valuations, such as real estate, automation equipment, and electronics, suggesting potential investment opportunities [2][7]. - The report tracks the mid-cycle economic conditions across various industries, noting price fluctuations in the photovoltaic and battery sectors, as well as trends in consumer electronics and financial services [2][3][6]. Valuation Summary A-Share Valuation - The CSI All Share PE is 22.5x, with a PB of 1.9x, positioned at the 83rd and 50th historical percentiles [2][5]. - The Shanghai Composite Index PE is 11.7x, PB is 1.3x, at the 61st and 41st percentiles [2][5]. - The ChiNext Index PE is 42.6x, PB is 5.7x, at the 41st and 67th percentiles [2][5]. Industry Valuation - Industries with PE valuations above the 85th percentile include real estate, automation equipment, and electronics (semiconductors) [2][7]. - Industries with PB valuations above the 85th percentile include industrial metals and electronics (semiconductors) [2][7]. - The white goods industry is noted for having both PE and PB valuations below the 15th percentile, indicating potential undervaluation [2][7]. Mid-Cycle Economic Tracking - In the new energy sector, the report notes a 9.2% decline in upstream polysilicon futures prices, while downstream battery prices increased by 3.4% [2][3]. - The semiconductor sector shows a 0.5% increase in the Philadelphia Semiconductor Index, indicating positive momentum [3]. - The insurance sector reports a 7.4% year-on-year growth in premium income, although growth has slowed compared to previous months [3]. Sector-Specific Insights - The report details fluctuations in the steel and cement markets, with rebar prices down by 0.2% and cement prices down by 0.6% [3]. - In the consumer sector, pork prices have decreased by 5.2%, reflecting supply pressures ahead of the Spring Festival [3]. - The report also highlights a 50.9% year-on-year increase in new wind power installations, indicating strong growth in renewable energy [2][3].