Core Viewpoint - The A-share market in China has shown a continuous upward trend at the beginning of the year, with major indices reaching new highs, particularly the Shanghai Composite Index which closed at 4083 points, marking a 1.5% increase [1]. Market Performance - On January 6, the Shanghai Composite Index closed at 4083 points, up by 1.5% - The Shenzhen Component Index rose by 1.4% to 14022 points - The ChiNext Index increased by 0.75% to 3319 points - The total trading volume in the Shanghai and Shenzhen markets was approximately 280.66 billion yuan, an increase of about 26.02 billion yuan compared to the previous trading day [1]. Sector Performance - Almost all industry sectors in the A-share market experienced gains on the same day - The insurance sector led the gains with an increase of 4.22%, outperforming all other sectors - The insurance sector has accumulated a rise of over 11% for the week, significantly surpassing the performance of the Shanghai Composite Index during the same period [1]. Individual Stock Performance - All A-share insurance stocks showed positive performance, with New China Life Insurance's stock price increasing by over 6% [1]. Future Outlook - Analysts predict that the Chinese insurance industry will perform well in 2025, with expectations of strong market demand in 2026 - The attractiveness of insurance products is believed to remain high due to interest rates being higher than bank deposits, which may lead to a favorable performance for related listed companies [1]. Insurance Industry Data - According to the National Financial Regulatory Administration, the insurance industry achieved a cumulative original insurance premium income of approximately 5.76 trillion yuan in the first eleven months of 2025, reflecting a year-on-year increase of over 7% [2].

Core Viewpoint - The insurance sector is experiencing a strong performance at the beginning of 2026, driven by a bull market, favorable policies, improved industry fundamentals, and positive institutional outlooks, leading to significant stock price increases and historical highs for several companies [1][3][4]. Group 1: Market Performance - The insurance industry index rose by 3.29%, with major listed insurance companies in A-shares collectively seeing gains [1]. - Multiple insurance stocks reached historical highs on January 6, 2026, including China Ping An, New China Life, and China Pacific Insurance [1]. - The total market capitalization of the five major listed insurance companies reached approximately 3.89 trillion yuan, an increase of about 128.8 billion yuan from the previous trading day [1]. Group 2: Key Drivers - The bull market is identified as a key driver for the insurance stock performance, with strong earnings elasticity and valuation recovery potential in an upward market [3]. - Recent policy adjustments by the National Financial Regulatory Administration, including changes to risk factors and asset-liability management, are expected to enhance the investment capacity of insurance companies [3][4]. - The insurance sector's fundamentals are improving, with expectations for premium income in 2026 to exceed forecasts, driven by a favorable liability environment [4]. Group 3: Financial Metrics - In the first eleven months of 2025, the insurance industry reported original premium income of 5.76 trillion yuan, a year-on-year increase of 7.6%, with life insurance premiums growing by 9.2% [5]. - The total assets of the insurance industry surpassed 40 trillion yuan, with net assets reported at 3.68 trillion yuan [6]. Group 4: Future Outlook - The insurance sector is expected to maintain its upward trend in 2026, supported by strong demand for protection and savings products, as well as ongoing policy support [7][8]. - However, potential risks include the pace of valuation recovery and the sustainability of the liability side, which will depend on product structure optimization and agent channel reforms [8]. - Long-term, the industry is shifting from a "scale-driven" model to a "value growth" model, with leading companies showing resilience due to asset-liability matching advantages [9].

Core Viewpoint - The insurance sector is experiencing a strong performance driven by a bull market, favorable policies, improved industry fundamentals, and institutional support for valuation recovery [2][3][5]. Group 1: Market Performance - In the first two trading days of 2026, the insurance industry index rose by 3.29%, with all five major listed insurance companies in A-shares showing positive performance [1]. - Several insurance stocks reached historical highs, with China Ping An (601318.SH) hitting a peak of 234.59 yuan per share, marking a record since its listing [2][1]. - The total market capitalization of the five major listed insurance companies reached approximately 3.89 trillion yuan, an increase of about 128.8 billion yuan from the previous trading day [1]. Group 2: Driving Factors - The bull market is identified as a key driver for the insurance stock performance, with expectations of market growth enhancing the earnings elasticity and valuation recovery potential of the insurance sector [3]. - Recent policy adjustments by the National Financial Regulatory Administration, including changes to risk factors for insurance companies, are expected to lower capital constraints and expand investment opportunities [3]. - The improvement in the industry fundamentals is also a significant factor, with expectations of a strong performance in insurance premiums for 2026, driven by liability cost optimization and a shift in product structure [4]. Group 3: Financial Metrics - In the first eleven months of 2025, the insurance industry reported a total premium income of 5.76 trillion yuan, reflecting a year-on-year growth of 7.6%, with life insurance premiums growing by 9.2% [4]. - The total assets of the insurance industry surpassed 40 trillion yuan, with net assets reported at 3.68 trillion yuan [4]. Group 4: Future Outlook - The insurance sector is expected to maintain its upward trend in 2026, supported by strong demand for protection and savings products, as well as ongoing policy support [5]. - However, potential risks include the pace of valuation recovery and the sustainability of liability-side improvements, which need to be monitored closely [5].

Group 1: Export Control Measures - The Ministry of Commerce of China has announced a ban on the export of all dual-use items to military users in Japan, as well as any other end-users that may enhance Japan's military capabilities, in accordance with the Export Control Law of the People's Republic of China [1] Group 2: Stock Market Performance - On January 6, the Shanghai Composite Index achieved a record of 13 consecutive days of gains, marking the longest streak in its history [2][9] - The index rose by 1.50% on January 6, with over 4,100 stocks increasing in value and a trading volume exceeding 2.8 trillion yuan [14] Group 3: Monetary Policy - The People's Bank of China emphasized the continuation of a moderately loose monetary policy during its work meeting held on January 5-6, aiming to enhance financial services for high-quality economic development and stabilize market expectations [4][11] Group 4: Market Sector Analysis - The brain-computer interface sector has seen significant growth, with multiple stocks reaching their daily limit up, including Sanbo Brain Science and Weisi Medical [14] - The non-ferrous metals and chemical sectors also performed strongly, with Zijin Mining's A-share market capitalization surpassing 100 billion yuan, achieving a historical high [14]

港交所披露易最新信息显示，平安人寿于2025年12月31日增持1401.25万股招商银行H股股份之后，于当 日达到该行H股股本的20%，根据香港市场规则，触发举牌。 在此之前，平安人寿曾在1月10日、3月13日、6月17日分别举牌招行H股，所持该行H股数量占其H股总 数分别突破5%、10%、15%。 以此统计，2025年合计7家上市银行被险资举牌。其中，招行H股、农行H股、郑州银行H股均获四度举 牌;邮储银行H股被三度举牌。 四度举牌招行H股 据披露易信息，早在2025年1月10日，平安人寿就首次举牌招行H股，所持该行H股数量达到该行H股股 本的5%。 2025年3月13日，平安人寿又耗资近3亿港元，在场内增持606.75万股招行H股，持股占比突破该行H股 总数的10%，构成二度举牌。 2025年6月17日，再度增持629.55万股招行H股股份之后，平安人寿所持招行H股总数已达该行H股股本 的15%，构成第三次举牌。 披露易最新消息显示，平安人寿于2025年12月31日继续增持1401.25万股招行H股股份，达到该行H股股 本的20%，完成第四次举牌。 以此计算，2025年1月10日至12月31日，平安人寿合 ...

2026.01. 06 ▲ 1.50% ▲1.40% ▲0.75% A股三大指数延续开年强势,市场呈现"普涨、放量、风格均衡"特征。受益于保险、证券等 大金融板块大涨,上证指数再刷新逾十年新高,录得13连阳,深证成指受益于科技与消费板 块联动,涨幅紧随其后,创业板指因成长股稳定贡献,保持温和上涨态势。 4101 家上涨 1 21 8家下跌 涨跌停比 44:2 市场呈现"科技领涨、多点开花"鲜明格局。脑 机接口概念爆发,掀起涨停潮,半导体、智能驾 驶、商业航天等同样表现活跃,券商、保险、有 色金属、化工涨幅靠前。美容护理、元件、家居 用品有所调整。 两市成交额 万亿元 ▲9.3% 两市成交额持续放量,创阶段性新高。是政策 利好、资金面宽松、板块轮动及市场情绪共振 的综合结果。科技、金融、周期、消费等板块均 能获得资金关注,显示市场风格从"单一赛道" 向"均衡配置"转变。 资金情绪 主力资金净流出 . 5 0亿元 55.22% 上 证 指 数 4083.67 a see a see a money and the see a many of the season and the many of 天你冲了还是撤了 ...

Core Viewpoint - The A-share insurance sector has shown remarkable performance at the beginning of 2026, continuing the strong trend from 2025, with major companies experiencing significant stock price increases [3][4]. Group 1: A-share Performance - As of January 6, 2026, major A-share insurance companies such as Xinhua Insurance and China Pacific Insurance saw stock price increases exceeding 5%, while China Life and Ping An rose over 2% [1][3]. - On the first trading day of 2026, all five major A-share listed insurance companies recorded gains of over 5%, with Xinhua Insurance leading at an increase of 8.87% and China Pacific at 7.52% [3]. - The stock prices of Xinhua Insurance and China Pacific reached historical highs, while Ping An closed at 72.36 yuan per share, marking a five-year peak [3]. Group 2: Industry Fundamentals - The insurance industry has shown solid growth, with total premium income reaching 5.76 trillion yuan in the first eleven months of 2025, reflecting a year-on-year increase of 7.56% [3]. - Life insurance companies experienced a premium income growth of 9.1%, while property insurance companies saw a 3.9% increase, indicating a stable development trajectory for the industry [3]. Group 3: Market Drivers - Analysts attribute the strong performance of insurance stocks to a combination of policy benefits, improved earnings, valuation recovery, and favorable capital allocation [4]. - Recent regulatory changes aimed at encouraging long-term investments by insurance funds have alleviated market concerns regarding investment restrictions, facilitating a systematic valuation recovery for the sector [4]. - The current market sentiment, risk appetite, and liquidity are favorable for the stock market, benefiting the equity allocation of insurance funds [4][5]. Group 4: Future Outlook - The insurance sector is expected to continue its upward trend in 2026, supported by a favorable liquidity environment and the potential for double-digit growth in new business value (NBV) [5]. - The easing of policies has provided insurance companies with enhanced operational support, contributing to performance improvements [5]. - The characteristics of insurance stocks make them attractive for passive investment, further solidifying their position in the market [5].

分职务来看，2025年数据体现出"一把手"大幅更替、总经理人选趋于稳定的总体态势，董事长人选变动 大幅高于总经理人数。 从时间节奏来看，2025年"将帅"履新呈现出明显的"淡旺季"特征，从监管批复较内部调整计划延迟原因 推断，"一二把手"调整的高峰期多出现在"开门红"即一季度及三季度末期。 来源：观潮财经 2025年，保险业迎来人事变动又一高峰，年内共有80人次董事长/总经理级别高管履新，共涉及67家险 企的75位高管。其中，有64次职位履新获批，另有7位临时负责人、9位"一二把手"处于拟任或待批状 态。这一变动规模接近前一历史高峰，为2021年之后高管变动最频繁的一年。 从年龄结构来看，"70"后成为绝对砥柱。而从职务角度看，董事长的年龄段普遍高于总经理，"60"后的 董事长数量仍占有相当比重，但"60"后的总经理仅剩四分之一左右，新鲜血液、新思维在金融机构经营 管理中越来越受认可。从年龄段情况也可看出，相比于"接班式"不可复制的资源优势，专业度是撬动职 务上升最高效的杠杆。 01 年内80人次履新，"一把手"大规模更替 相比2024年，2025年保险行业高管变动更加频繁。据观潮财经不完全统计，2025年险 ...

来源：银瑞社 上个月底，招商局"仁和保险"品牌创立150周年暨新战略发布仪式在深圳前海举行了。 缪建民、黄志伟两人同台了。 缪建民作为招商局集团董事长，发表致辞，强调了"招商仁和人寿总资产破千亿元，综合偿付能力稳步 提升，近三年连续盈利"等要点。 而黄志伟则以招商仁和人寿董事长的身份，详细诠释了"仁和家"战略生态。 他透露了数据，截至2025年末，招商仁和人寿已完成155家"仁和家"健康驿站建设，服务覆盖超过10万 户家庭、93家企业及全国25个城市社区。 现年51岁的黄志伟，正式掌舵招商仁和人寿并不久。去年，缪建民卸任招商仁和人寿董事长、非执行董 事，而黄志伟晋升董事长，其任职资格于2025年11月获批。 瑞财经此前提过，2025年7月，招商仁和人寿换了一批高管。当时，其免去了高宏招商仁和人寿副总经 理、首席数字官（CDO）职务，免去了胡良招商仁和人寿审计责任人职务，并聘任樊雪担任招商仁和 人寿审计责任人，聘任副总经理陈宇为首席运营官。 同时，纪委书记唐健退休办理了离职，尤海峰新任公司监事。 眼下，新的高管陆续就位了。 招商仁和人寿官网最新披露，2025年10月，罗树武出任纪委书记，李佗出任总经理助理、首席 ...

Group 1 - The non-bank sector is leading the market today, with notable gains from Guotai Junan and Xinhua Insurance exceeding 6%, and Dongfang Caifu and China Pacific Insurance rising over 5% [1] - The Hong Kong Securities Index increased by 6.7%, while the CSI All Share Securities Company Index rose by 4.1%, and the CSI 300 Non-Bank Financial Index climbed by 3.9% [1] - The trading volume for the Hong Kong Securities ETF managed by E Fund reached 21.6 billion yuan, making it the top-performing stock ETF for the day [1] Group 2 - According to Founder Securities, the brokerage sector's fundamentals are expected to improve continuously by 2025, with a year-on-year net profit growth of 62% and a 44% increase in main business revenue for the first three quarters [1] - Despite the positive outlook, the sector is currently experiencing "stagnation," with valuations significantly undervalued [1] - Looking ahead to 2026, the return on equity (ROE) for brokerages is anticipated to enter an upward trend, with margin financing and derivatives business becoming key leverage points, and accelerated mergers and acquisitions among leading brokerages expected to enhance industry concentration [1]