平安人寿此次举牌是2025年以来险资举牌潮的一个缩影。数据显示，2025年险资举牌次数超过30次，远 超往年。在无风险利率下行和"资产荒"的背景下，以银行、保险为代表的高股息、经营稳健的央国企， 成为了险资眼中的"香饽饽"。 去年，平安系资金就先后举牌中国太保（601601）H股和中国人寿H股。 2025年8月11日，根据香港交易所公告，平安人寿以每股32.0655港元的均价买入中国太保H股约174万 股，共持股1.4亿股，占港股流通股的比例达5.04%，触及举牌，总股本占比1.46%。 南方财经全媒体记者 林汉垚 近日，香港联交所披露的权益信息显示，中国平安人寿保险股份有限公司（以下简称"平安人寿"）于1 月22日以每股均价32.0553港元，增持中国人寿（601628）H股1189.1万股，涉资约3.81亿港元。此次增 持后，平安人寿对中国人寿H股的持股比例由8.98%升至9.14%，持股总数增至约6.81亿股。 这已不是平安人寿首次买入中国人寿股票，早在2025年8月，平安人寿便已触及对中国人寿H股5%的举 牌线。此后，其加仓步伐从未停歇，持股比例从5%一路攀升至如今的逾9%。 保险股正被重新视作"另类 ...

Macro Dynamics - The first APEC Senior Officials' Meeting in 2026 will be held in Guangzhou from February 1 to 10, marking the first formal event of APEC China Year [2] Energy Sector - By the end of 2025, China's total installed power generation capacity is expected to reach 389 million kilowatts, a year-on-year increase of 16.1%. Solar power capacity will reach 120 million kilowatts, up 35.4%, while wind power capacity will reach 64 million kilowatts, up 22.9% [3] Financial Institutions - China Construction Bank announced the appointment of Tang Shuo as the new vice president, with the approval from the National Financial Regulatory Administration [8] - Ping An Life increased its stake in China Life H-shares to 9.14%, acquiring 11.891 million shares at an average price of HKD 32.0553 per share, totaling approximately HKD 381 million [9] Market Data - On January 28, the A-share market showed mixed results, with the Shanghai Composite Index rising by 0.27% and the Shenzhen Component Index increasing by 0.09%. The total trading volume was approximately CNY 29,654.1 billion, an increase of about CNY 704.29 billion from the previous trading day [10] - As of January 27, the financing balance on the Shanghai Stock Exchange was CNY 1,365.541 billion, a decrease of CNY 12.58 billion from the previous trading day, while the Shenzhen Stock Exchange's financing balance was CNY 1,331.408 billion, down CNY 8.96 billion [11] - The Hong Kong stock market closed with the Hang Seng Index up 2.58% and the Hang Seng Tech Index up 2.53%, with significant gains in gold and real estate stocks [12] Company Dynamics - The wholesale price of Feitian Moutai has risen to approximately CNY 1,600 per bottle, an increase of CNY 35 from the previous day, marking a 7% rise from the recent low of CNY 1,495 [14] - ASML announced a restructuring of its technology and IT departments, potentially resulting in a net reduction of 1,700 jobs, primarily in the Netherlands and some in the United States [15] - Industrial Fulian expects a net profit attributable to shareholders of CNY 35.1 billion to CNY 35.7 billion for 2025, representing a year-on-year increase of 51% to 54% [16] - Hainan Mining is planning to acquire control of Fengrui Fluorine Industry through a combination of share issuance and cash payment, with stock trading suspended starting January 29, 2026 [17]

Core Viewpoint - The deep integration of technology and finance is essential for driving innovation and achieving high-level technological self-reliance in China, necessitating a financial ecosystem that aligns with innovation-driven development strategies [1][2]. Group 1: Technology and Financial Integration - The construction of a technology finance service system in China has begun to take shape, characterized by a multi-faceted approach involving policy support, market operations, and regulatory guidance [1]. - The new wave of technological revolution, represented by artificial intelligence, has restructured the operational logic and value creation models in the financial industry, forming a chain of "technology empowerment - efficiency improvement - ecological optimization" [1]. - The banking sector is witnessing a shift from "experience-driven" to "data-driven" financial services, exemplified by the China Construction Bank's "Tianyan" intelligent risk control system, which covers 98% of its retail credit business and has reduced credit card fraud loss rates by 52% year-on-year [1]. Group 2: Market Dynamics and Challenges - In the capital market, the collaboration between the Shenzhen Stock Exchange and Huawei has led to the development of a regulatory model that enhances information disclosure quality and audit efficiency, addressing information asymmetry in the capital market [2]. - There exists a mismatch between the operational logic of traditional financial systems and the inherent characteristics of technology innovation, as tech companies often have light assets, high risks, and long cycles, leading to low financing accessibility [2]. - The lack of risk-sharing mechanisms and differentiated risk pricing tools further suppresses the willingness of financial capital to enter the technology innovation sector [2]. Group 3: Recommendations for Financial Ecosystem Improvement - A multi-tiered financing service system should be established, including innovative intellectual property financing models and a national-level intellectual property assessment center to standardize patent valuation [3]. - A risk mitigation system should be developed, including innovative risk pricing tools and the establishment of a risk compensation fund for technology companies, supported by both central and local governments [3]. - Optimizing the technology finance development ecosystem requires a systematic approach involving policy guidance, market operations, and regulatory support, with a focus on institutional innovation and technology empowerment [4].

中经记者 慈玉鹏 北京报道 2026年，居民定期存款大规模到期，有机构预测规模将超过50万亿元。《中国经营报》记者采访了解 到，在存款利率下行的大背景下，2026年"开门红"期间，保险产品成为银行重点推荐的理财产品，主要 为分红险和年金险，受到客户欢迎，成为银行抢客"利器"。部分产品年化利率或达到3%以上，具体根 据市场情况或有变动。 另外，此前一个银行网点只能和1家主合作保险公司与3家辅合作保险公司合作，相当于只能卖这4家的 保险产品。而2024年5月，监管取消了该限制，打开了合作大门。 均属于长期投资 从产品特点看，一位北京地区银行人士告诉记者，分红险和年金险均有一定封闭期，至少存完第二年方 可取出。像分红险，一般都是交3年，第4年回本，而年金险的话，一般最快也是第5年回本。该类产品 均是长期投资，属于终身型理财产品。 上述北京地区银行人士告诉记者，从收益看，一般分红险要比年金险高。而从流动性看，如果客户有现 金流需求，则更适合年金险。年金险分为两种，一种是快返型年金险，基本第五年就开始返回年金加分 红；一种是养老型年金，即等到客户退休之后每年返回固定金额。而分红险（增额人寿险），一般是前 3年每年投入金 ...

来源 | 独角金融 作者 | 刘银平编辑 | 付影 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在完成成立以来最大一笔增资后，横琴人寿保险有限公司（简称"横琴人寿"）董事长钱仲华在朋友圈留 下这样一句话：我的任务基本完成了。这或许意味着，这位曾临危受命、执掌公司不到两年的老将，在 带领公司完成新一轮增资后，或将退位。 钱仲华是一名27年太保老将，2023年，他在退休后被聘为横琴人寿独立董事，在首任董事长兰亚东退休 后，2024年4月，62岁的钱仲华随即被推选为公司第二任董事长。然而在其任内，横琴人寿营业收入持 续下滑，亏损局面未能扭转。直至近日，他主导完成了18.52亿元的增资，被视为其在职期间的重要收 官。 横琴人寿成立九年来，资产规模曾快速扩张，但盈利始终未能站稳。公司仅在2020年和2021年实现盈 利，自2022年起陷入连续亏损，累计亏损额已超22亿元。与此同时，高管团队近两年频繁变动。 随着增资落地与董事长可能更迭，横琴人寿再次站在转折点上。在新股东的支持下，稳定的管理层能否 形成？战略能否持续落实？这家年轻的保险公司，能否走向稳步盈利之路？ 1 63岁董事长"任务"完 ...

蓝筹股方面，腾讯控股涨2.31%，收报621港元；香港交易所涨2.04%，收报439.2港元；中国移动涨 3.06%，收报80.9港元；汇丰控股涨2.23%，收报137.5港元。 责任编辑：袁浩 香港本地股方面，长实集团涨1.63%，收报46.2港元；新鸿基地产涨3.57%，收报124.7港元；恒基 地产涨3.57%，收报31.32港元。 中资金融股方面，中国银行涨3.55%，收报4.67港元；建设银行涨3.35%，收报8.03港元；工商银行 涨3.62%，收报6.59港元；中国平安涨1.79%，收报70.95港元；中国人寿涨3.17%，收报35.18港元。 新华社香港1月28日电 香港恒生指数28日涨699.96点，涨幅2.58%，收报27826.91点。全日主板成交 3615.23亿港元。 石油石化股方面，中国石油化工股份涨3.61%，收报5.45港元；中国石油股份涨4.99%，收报9.25港 元；中国海洋石油涨4.85%，收报24.66港元。 国企指数涨267.36点，收报9512.24点，涨幅2.89%。恒生科技指数涨145.44点，收报5900.16点，涨 幅2.53%。 ...

本报（chinatimes.net.cn）记者吴敏 北京报道 近日，《华夏时报》记者从知情人士处获悉，横琴人寿第二任董事长钱仲华提出离职并已获董事会批 准。而这距离其2024年7月正式履职不足两年。 钱仲华本人也曾在其微信朋友圈发布感言，称"横琴人寿的增资工作已经全部完成，2026年的开门红工 作也顺利展开，我的'任务'基本完成了"。让外界不禁揣测其去职的深层逻辑。 对于董事长离职详情以及影响等问题，本报记者曾致电横琴人寿方面采访，截至发稿，尚未获得对方回 应。 钱仲华所言"已完成的任务"，首要所指无疑是横琴人寿在2025年底落下帷幕的18.52亿元增资。这次增 资不仅将该公司注册资本提升至49.89亿元，更关键的是彻底重塑了股权版图。 横琴人寿成立于2016年，初期股权结构为五家股东各持股20%，其中既有珠海本地国资背景的铧创投 资，也有亨通集团等民营企业，在设计上体现了"混合所有制"与股权制衡的理念。然而，这种平衡近年 来被彻底打破。 2024年3月，横琴人寿进行第二次增资，大股东铧创投资单独出资7.5亿元，持股比例从32.9%跃升至 49%，突破了保险公司单一股东持股不超过三分之一的上限，成为控制类股东 ...

Core Viewpoint - The market is experiencing clear industry differentiation, with a notable contrast between the steadily rising cyclical "five flowers" and the weakening high dividend yield sector, reflecting the competition for funds driven by technological growth prospects and domestic demand policy stimulation [1]. Group 1: Industry Analysis - The cyclical industries such as non-ferrous metals, chemicals, and building materials have seen a company adjustment ratio of 200%, 171%, and 250% respectively, indicating a positive outlook due to fiscal infrastructure efforts and demand-side stimulus [2]. - The non-bank sector has a company adjustment ratio of 1200%, highlighting the importance of short-term insurance premium growth and mid-term investment income enhancement for performance [2]. - In the technology sector, the adjustment ratios for electric new energy, telecommunications, and electronics are 133%, 163%, and 130% respectively, with a focus on clear performance growth trends in satellite navigation, commercial aerospace, storage devices, optical modules, and circuit boards [2]. Group 2: Economic Perspectives - The core of the physical re-inflation logic is based on three perspectives: price increases must be accompanied by liquidity activation, supply clearing due to anti-involution, and demand-side stimulation [1].

Core Viewpoint - ST Yilianzhong expects a net profit attributable to shareholders of 30 million to 45 million yuan for 2025, marking a turnaround from losses in the previous year, primarily due to non-recurring gains [1] Financial Performance - The expected net profit for 2025 is influenced by non-recurring gains estimated between 75 million to 85 million yuan [1] - The gains are attributed to the reversal of previously accrued liabilities based on a civil judgment and significant fair value changes in the equity of a subsidiary, Haibao Life Insurance [1] Business Strategy - The company continues to focus on human resources, social security, medical insurance, and health sectors, aiming to create comprehensive solutions and a product and technology service system [1] - During the reporting period, the company has been solidifying its core business foundation, optimizing its business structure, and actively promoting the integration of AI with public welfare sectors [1] - The company is also advancing innovations in human resources, medical insurance, and healthcare applications [1]

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 聪明投资者 来源：雪球 沃尔特·施洛斯是美国最杰出的价值投资者之一，他被同门师兄、好友沃伦·巴菲特称为"超级投资者"。 1934年，施洛斯在华尔街找到了第一份工作——跑单员。他曾师从价值投资开山鼻祖本杰明·格雷厄姆，1946年开始为老师工作，直到1955年自立 门户，成立沃尔特J·施洛斯合伙人公司。 在47年管理合伙公司期间，他为客户赢得了20%的年复合回报率（扣费前）。而同期标普500指数经历了起起伏伏的牛熊跌宕， 巴菲特曾这样评价他："沃尔特知道如何识别那些售价远低于其价值的证券，这就是他所做的一切。他持有的股票数量比我多得多，而且对企业的 内在本质远没有我感兴趣。我似乎对沃尔特没什么影响力，这正是他的优点之一。" 沃尔特·施洛斯说，"我们就是买便宜的股票，没别的。" 这是沃尔特·施洛斯的故事。一个在近半个世纪里持续跑赢市场，却从未试图借此成名的人。 他没有登上头条，也没有写出畅销书。他既没有经营对冲基金，也没有在CNBC亮相。事实上，你甚至可能在街头与他擦肩而过，却永远不会 ...