Core Viewpoint - The collaboration between Botai Car Union and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to transform the insurance landscape in the smart mobility era [1]. Group 1: Strategic Cooperation Details - The companies will create a new service paradigm by integrating AI and data while ensuring data security, leveraging their technological and insurance expertise to enhance user value and satisfaction [2]. - They will build a leading safety ecosystem through the integration of driving behavior risk perception systems with Ping An's customer operation systems, aiming to establish a new "car-insurance linkage" model [2]. - The partnership will explore innovative embedded insurance solutions and provide comprehensive travel solutions by merging their ecological resources, focusing on diverse travel scenarios [2].

非银金融 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2025-02 2025-06 2025-10 非银金融 沪深300 相关研究报告 《偏股基金新发同比明显增长，公募 强化基准约束—行业周报》-2026.1.25 《逆周期调节呵护"慢牛"，券商和 保险业务开门红 — 行 业 周 报 》 -2026.1.18 《衍生品监管透明化，规模限制有望 放松利好头部券商—衍生品监管政策 点评》-2026.1.18 （1）本周日均股基成交额 3.71 万亿，环比+7.7%，2026 年 1 月市场日均股基成 交额 3.65 万亿，同比+157%；2026 年 1 月新成立股票和混合类基金份额 812 亿， 环比+66%，同比+187%。开年首月基金新发和交易量均显著扩张。（2）1 月 30 日证监会召开资本市场"十五五"规划上市公司座谈会，证监会主席吴清强调：全 力巩固资本市场稳中向好势头，聚焦持续深化资本市场投融资综合改革、提高制 度包容性适应性，抓紧推出深化创业板改革，提高再融资制度便利性、灵活性和 吸引力。（3）截至 1 月末，已披 ...

证券研究报告 固收 "看股或商品做债"为何不灵了？ 吴靖*，PhD 研究员 SAC No. S0570523070006 wujing018437@htsc.com +(86) 10 6321 1166 欧阳琳* 研究员 SAC No. S0570525070010 ouyanglin@htsc.com +(86) 10 6321 1166 2026 年 2 月 01 日│中国内地 利率周报 华泰研究 张继强 研究员 zhangjiqiang@htsc.com +(86) 10 6321 1166 仇文竹* 研究员 SAC No. S0570521050002 qiuwenzhu@htsc.com +(86) 10 6321 1166 吴宇航 研究员 SAC No. S0570521090004 SFC No. BXH064 SAC No. S0570124070133 zhuyimin@htsc.com 朱逸敏* 联系人 +(86) 10 6321 1166 报告核心观点 近日，传统"看股或商品做债"策略失效，背后源于两大力量交织：一是大 宗商品价格剧烈波动，其通胀效应与经济影响背离，对债市压制有限；二是 ...

Core Viewpoint - The collaboration between Botai Che Lian and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to transform the insurance landscape in the smart mobility era through AI and data-driven innovations [1][2]. Group 1: Strategic Cooperation - The framework agreement establishes a partnership to create a new service paradigm that combines AI and data, enhancing user value and satisfaction while ensuring data security [1]. - The collaboration will build a leading safety ecosystem that integrates driving behavior risk perception with Ping An's customer operation system, leveraging Botai's technology in multimodal interaction and cloud platforms [1]. Group 2: Market Opportunities - The partnership seeks to explore embedded insurance financial innovations and provide comprehensive travel solutions by deeply integrating both parties' ecological resources [2]. - The initiative aims to foster a new ecosystem characterized by technology empowerment, cross-industry integration, and collaborative development, seizing market opportunities for upgrading the smart transportation ecosystem [2].

Core Viewpoint - The collaboration between Botai Che Lian and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to enhance the insurance ecosystem for smart mobility, transitioning from basic services to personalized, all-scenario empowerment [1][2] Group 1: Strategic Cooperation - The companies will co-create a new service paradigm that integrates AI and data, ensuring data security while leveraging their technological and insurance expertise to enhance user value and satisfaction [1] - They will build a leading safety ecosystem that links vehicles and insurance, combining Botai's technology in multi-modal interaction and cloud platforms with Ping An's customer operation system to create a new model for vehicle-insurance interaction [1] Group 2: Expanding Smart Mobility Services - The partnership will deeply integrate their ecological resources to merge driving safety with insurance services, providing comprehensive travel solutions and exploring embedded insurance financial innovations [2] - This collaboration aims to foster a new ecosystem characterized by technology empowerment, cross-industry integration, and collaborative development, seizing market opportunities to upgrade the smart transportation ecosystem [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 PATEO CONNECT Technology (Shanghai) Corporation 博 泰 車 聯 網 科 技 ( 上 海 ) 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司 ） （股份代號：2889） 自願性公告 與中國平安財產保險股份有限公司訂立框架合作協議 – 1 – 該框架合作協議是雙方為加強合作而訂立的框架性協議，對雙方均不具有強 制約束力。在具體業務合作過程中，將以框架合作協議約定內容為指導，簽署 具體合作協議。截至本公告日期，本公司已在框架合作協議下與平安財險生態 夥伴公司訂立具體合作協議並開展業務。 有關平安財險的資料 平安財險是一家依中國法律合法成立並有效存續的股份有限公司，是一家以 從事保險業為主的企業。據董事作出一切合理查詢後所知、所悉及所信，平安 財險及其最終實益擁有人均為獨立於本公司及其關連人士的第三方。 訂立框架合作協 ...

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 2026 年 02 月 01 日 资金面因素逐步出清，看好非银板 块投资价值 看好 ——非银金融行业周报（2026/1/26-2026/1/30） 证 券 研 究 报 告 相关研究 《25 年业绩高增态势确立，融资保证金比 例旨在引导回归价值投资——券商板块跟 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 踪》 2026/01/15 《高弹性标签助力板块"破圈"，看好资负 ...

傅帆称，未来将通过三个层面的变革，让智能化深度融入保险的核心价值。其中，试点AI原生分支机 构是重要举措之一，其核心目标是重构生产力与组织的协同范式。他介绍称，中国太保正以首批AI原 生分公司试点为突破口，重塑业务流程，实现从人力驱动到人机协同的跨越，向数字融合的更高阶段跃 升。 重构生产力与组织的协同范式。 "数字化转型不是选择题，而是企业生存和发展的必答题。"中国太保董事长傅帆在近日举办的首届中国 太保科技创新大会上表示。 "在'十五五'期间，保险业不仅要追求保费规模和资产体量的领先，更要在服务实体经济质效、防范化 解风险能力、提高全球竞争力上实现质的飞跃。"在傅帆看来，在当前全球正经历由深层次人工智能驱 动的新变革背景下，提升AI应用能力正是实现上述目标的重要抓手，因此"人工智能+"也被中国太保列 为三大战略之一。 此次大会上发布的《2025年AI应用白皮书》，也进一步勾勒出"AI+保险"的未来图景。白皮书展望称， 保险行业正站在技术驱动的变革风口，AI将推动行业从三条路径实现演变：客户维度，从"信息差"转 向"全生命周期陪伴"，通过AI交互入口和情感智能，提供个性化陪伴式服务；产业维度，从"传统边 界 ...

2026 年 2 月 1 日 春季行情有望延续 投 资 2026 年 2 月份投资策略报告 投资要点： S0340523110001 电话：0769-22119276 邮箱：zenghao@dgzq.com.cn | 邮箱：zenghao@dgzq.com.cn 上证指数 4117.95 深证成指 14205.89 | 涨跌幅 3.76% 5.03% 证 券 研 究 | | --- | --- | | 收盘点位 | | | 沪深 300 4706.34 | 1.65% | | 创业板指 3346.36 | 4.47% | | 北证 50 1531.55 | 6.33% | | 科创 50 1509.40 | 12.29% | | 资料来源：东莞证券研究所，iFinD 上证指数月线走势 | 报 | | 告 | | | 资料来源：东莞证券研究所，Wind | | 上证指数月线走势 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 月度策略/A 股市场 分析师：费小平 资料来源：东莞证券研究所，Wind SAC 执业证 ...

Core Viewpoint - The construction of a financial power is essential for the rise of a nation, as emphasized by Xi Jinping in various meetings, marking it as a strategic goal for China's long-term development [1][2]. Financial System Development - Since the reform and opening up, China's financial industry has evolved from a centralized model to a modern financial system, providing strong support for economic development without major financial crises [2]. - China is recognized as a financial power, with significant indicators such as the largest banking assets and foreign exchange reserves globally, but it still lacks the competitiveness of a financial strong power [2]. Challenges in Financial Competitiveness - The financial sector's inefficiency is evident in three main areas: suboptimal financial function positioning, inadequate service to the real economy, and weak international influence [2][3]. - Historical and systemic reasons contribute to the current lack of competitiveness, including a banking-dominated structure and mismatched institutional supply with market needs [3]. Enhancing Financial-Economic Relationship - Understanding and improving the relationship between finance and the economy is crucial for enhancing competitiveness, as financial services must effectively support real economic development [5][6]. Promoting High-Quality Financial Development - Encouraging competition within the financial sector is essential, with a focus on allowing new entrants and reducing unreasonable restrictions to enhance efficiency [7][8]. - A unified and open financial market is necessary to optimize resource allocation and improve service quality [8]. Adapting Financial Structure - The financial structure must align with economic development strategies, transitioning from a bank-dominated system to a dual-peak model that balances banking and market financing [9][10]. - There is a need to break down barriers preventing long-term capital from entering the market, which can enhance capital market vitality [10]. Financial Sector Opening - High-level financial openness is a characteristic of a financial strong power, requiring alignment with international standards and regulations to enhance competitiveness [11][12]. - Current foreign investment in China's financial sector is low, indicating significant potential for growth and integration into the global market [11]. International Financial Governance - Enhancing international financial governance capabilities is vital for national financial sovereignty, especially in the context of shifting global economic power dynamics [13]. - China must actively participate in international financial governance and promote the internationalization of the Renminbi to strengthen its global financial influence [13].