中国人寿 中国人寿 分时图 日K线 周K线 月K线 48.27 2.77 6.09% 6.20% 4.13% 2.07% 0.00% 2.07% 4.13% 6.20% 42.68 43.62 44.56 45.50 46.44 47.38 48.32 09:30 10:30 11:30/13:00 14:00 15:00 0 30万 60万 90万 中国人寿（601628）(02628)发布公告，公司于2025年9月25日召开2025年第一次临时股东大会，审议通 过了《关于修订〈公司章程〉的议案》。国家金融监督管理总局已经核准本公司2025年第一次临时股东 大会对《中国人寿保险股份有限公司章程》("《公司章程》")做出的修订。根据修订后的《公司章 程》，本公司的法定代表人由董事长变更为总裁。近日，本公司已完成法定代表人工商变更登记手续， 本公司法定代表人已变更为总裁利明光先生。 ...

此次在白水县开展的生猪价格"保险+期货"项目，整体运行期限约1个月，项目金额约3900万元，为当地 生猪养殖户的约2.7万余头生猪提供风险管理服务。此次项目的开展，是金融机构运用金融工具服务"三 农"、助力乡村振兴的有效探索，将生猪价格下跌风险转移到期货市场，保障了养殖户收益。 未来，海证期货将携手风险管理子公司继续发挥金融专业优势，扩大项目实施范围，因地制宜了解养殖 企业及农户的真实风险管理需求，不断创新"保险+期货"的业务模式，拓展保障品种，提升金融服务实 体经济的能力，持续为巩固脱贫攻坚成果、全面推进乡村振兴贡献海证力量。 （文章来源：期货日报网） 为助力陕西省白水县生猪产业发展，持续推进金融服务实体经济和助力乡村振兴，2025年11月，在陕西 省、市等各级财政和大商所的支持下，海证期货及其子公司上海海证风险管理有限公司联合太平洋财产 保险渭南中心支公司在陕西省白水县开展生猪价格"保险+期货"项目。 白水县位于陕西省中部，2020年2月经陕西省人民政府公告正式退出贫困县序列，标志着该县脱贫摘 帽。白水县是典型的半山半平原地区，耕地面积较少，但是适宜发展养猪业。近年来，白水县养猪业迅 速发展，已成为该县的 ...

Core Viewpoint - The A-share market experienced a strong opening on January 5, 2026, with all three major indices rising significantly, indicating a bullish sentiment among investors and a potential continuation of the upward trend in 2026 [1][3]. Market Performance - The Shanghai Composite Index closed up 1.38% at 4023.42 points, marking a 12-day consecutive rise, the longest in over 30 years [3]. - The Shenzhen Component Index and the ChiNext Index rose by 2.24% and 2.85%, closing at 13828.63 points and 3294.55 points, respectively [3]. - The STAR 50 Index saw a notable increase of 4.4%, closing at 1403.41 points [3]. Trading Activity - The total trading volume on January 5 reached approximately 2.55 trillion yuan, with the Shanghai Stock Exchange contributing 1.067 trillion yuan and the Shenzhen Stock Exchange 1.479 trillion yuan [3][4]. - A total of 4185 stocks rose, with 127 stocks hitting the daily limit up, indicating a strong profit-taking environment for investors [4]. Sector Performance - The brain engineering sector led the gains, with several stocks hitting the daily limit up, including Sanbo Brain Science and Botao Biology [3]. - Other active sectors included insurance, fourth-generation semiconductors, medical devices, and AI pharmaceuticals, all showing significant upward movement [3]. Future Outlook - Analysts predict a continued inflow of capital into the A-share market, potentially reaching 1.56 trillion yuan, which would support a slow bull market [4]. - The core logic supporting the current bull market remains unchanged, driven by ongoing policy support, a significant shift in household savings, and advancements in technological innovation [4]. - The current market is characterized as a slow bull market, which could last from 3 to 10 years, marking a golden investment period for the Chinese capital market [4].

Core Viewpoint - The A-share market experienced a strong opening on January 5, 2026, with all three major indices rising significantly, marking a notable bullish trend and a potential continuation of the "slow bull" market phase for the coming years [1][3][5]. Market Performance - On January 5, the Shanghai Composite Index rose by 1.38% to close at 4023.42 points, achieving a "12 consecutive days of gains" record, the longest in over 30 years [3]. - The Shenzhen Component Index and the ChiNext Index increased by 2.24% and 2.85%, closing at 13828.63 points and 3294.55 points, respectively [3]. - The STAR 50 Index saw a remarkable increase of 4.4%, closing at 1403.41 points [3]. Trading Activity - The trading atmosphere was robust, with a total trading volume of approximately 2.55 trillion yuan across both the Shanghai and Shenzhen markets [1][3]. - The Shanghai Stock Exchange recorded a trading volume of 1.0673 trillion yuan, while the Shenzhen Stock Exchange had 1.4790 trillion yuan [3]. Sector Performance - The human brain engineering sector led the gains, with several stocks hitting the daily limit up, including Sanbo Brain Science and Botao Biology [3]. - Other active sectors included insurance, fourth-generation semiconductors, medical devices, and AI pharmaceuticals, all showing significant upward movement [3]. Individual Stock Highlights - China Satellite topped the individual stock trading volume with 19.454 billion yuan, followed closely by Sanhua Intelligent Control at 19.212 billion yuan [4]. - A total of 4185 stocks rose, with 127 hitting the daily limit up, indicating a strong profit-making effect for investors [4]. Future Outlook - According to a report from招商证券, A-share market is expected to see a net inflow of approximately 1.56 trillion yuan, providing liquidity support for a "slow bull" market [4]. - The core logic supporting the current bull market remains unchanged, driven by continuous policy support, a significant shift in household savings, and advancements in technological innovation [4]. - The current market phase is characterized as a "slow bull" or "long bull" market, potentially lasting 3-10 years, marking a significant investment period for Chinese assets [5].

Summary of Conference Call Records Industry Overview - **Insurance Industry**: The insurance sector is expected to continue its recovery in 2026, with concerns over interest margin losses easing. Regulatory adjustments have lowered the preset interest rates, and the return on universal insurance products has decreased. Investment returns for insurance stocks are projected to exceed 5%, surpassing the intrinsic value assumptions, indicating a turning point for interest margin losses [1][4]. - **Brokerage Sector**: The brokerage industry is anticipated to benefit from the migration of household deposits, increased market activity, and relaxed regulatory policies. It is expected that the return on equity (ROE) for brokerages will enter an upward cycle from 2025 to 2026, driven by wealth management, investment banking, and international derivatives [1][10]. Key Insights and Arguments - **Investment in A-shares**: Insurance companies are expected to allocate 30% of new premiums to the A-share market annually, resulting in an influx of approximately 300-400 billion yuan, which will support capital market growth and enhance investment returns [1][4]. - **Property Insurance**: The top three property insurance companies maintain a stable market share, with auto insurance being a core growth area. The penetration rate of new energy vehicles is expected to drive an increase in average premiums. China Pacific Insurance anticipates a growth rate of over 4% in auto insurance business, aligning with GDP growth [1][5]. - **Non-auto Insurance Growth**: The non-auto insurance sector is benefiting from increased health insurance coverage, with premium growth expected to approach 10% in 2026 as certain low-base businesses recover. The comprehensive cost ratio for leading insurance companies is projected to stabilize around 97% [1][7]. - **Brokerage Performance Drivers**: Key performance drivers for brokerages include robust growth in wealth management, a recovering investment banking sector, and active proprietary trading. The anticipated improvement in ROE for brokerages could reach 9% under neutral conditions and exceed 10% in optimistic scenarios by 2027 [2][14]. Additional Important Points - **Market Dynamics**: The trend of household deposits moving away from traditional savings products is creating a competitive advantage for participating insurance products, which offer higher returns compared to fixed deposits [1][4]. - **Valuation Recovery**: The insurance sector's valuation is expected to recover significantly, with a potential P/EV (price-to-embedded value) ratio reaching 1.0 in the medium term. The average insurance stock in A-shares has about 40% room for recovery based on 2026 dynamic PEV estimates [8]. - **Recommended Companies**: Key insurance companies to watch include China Ping An, New China Life, China Taiping, China Life, and China Pacific Insurance, with China Ping An being highlighted for its diversified business model and high dividend characteristics [9]. - **Banking Sector Changes**: The banking sector is expected to undergo significant changes driven by policy adjustments, improved fundamentals, and favorable funding conditions, which will support valuation recovery [16]. - **Investment Recommendations**: In the current market environment, it is advisable to focus on stable high-dividend stocks and quality core assets, including major state-owned banks and leading commercial banks [17].

Summary of Key Points from Conference Call Records Industry Overview - The records primarily focus on the insurance industry, particularly the performance and trends related to dividend insurance products in 2025 and beyond [1][2][3][4][5]. Core Insights and Arguments - **Demand Dynamics**: The decline in preset interest rates for life insurance products and the significant drop in bank deposit rates have led customers to shift towards long-term savings and investment products, particularly dividend insurance [1][2][3]. - **Product Innovation**: Companies have innovated dividend insurance products in response to customer needs, with a notable increase in the number and amount of large policies sold. This trend is expected to continue [1][2][5]. - **Regulatory Influence**: The introduction of a dynamic adjustment mechanism for preset interest rates by regulators has encouraged the development of floating yield products, with dividend insurance becoming a focal point [1][3][4]. - **Sales Channel Evolution**: The individual insurance sales channel is transitioning towards a more elite and professional model, enhancing productivity and income levels. This shift favors larger companies while putting pressure on smaller firms [6][7][9]. - **Investment Importance**: The investment side of insurance companies is becoming increasingly critical, with high-yield asset allocation enhancing product competitiveness. Interest rate spreads remain a significant source of profit for life insurance companies [8][12]. - **Distribution Channel Performance**: The bancassurance channel has shown remarkable growth, particularly in regular premium policies, becoming a key driver of premium growth for many companies [14]. Additional Important Insights - **Market Concentration**: There is a clear trend towards market concentration, with leading companies gaining market share at a faster rate than smaller firms, which may struggle to maintain their business models [9][15]. - **Dividend Insurance Sales**: The performance of dividend insurance, especially those with savings characteristics, has been strong, with companies optimizing asset allocation to maintain expected return rates [10][11]. - **Regulatory Compliance**: Companies must adhere to regulatory limits on demonstration interest rates for dividend insurance, which helps manage customer expectations and ensures appropriate product sales [13]. - **Future of Health Insurance**: The health insurance sector is expected to see significant growth, driven by supportive policies and the introduction of new products like dividend critical illness insurance [16][18]. - **Group Health Insurance Trends**: Group health insurance is gaining traction, with government initiatives promoting shared costs between employers and employees, enhancing service accessibility and overall premium growth [19]. This summary encapsulates the key points from the conference call records, highlighting the dynamics within the insurance industry, particularly focusing on dividend insurance and its implications for future growth and market structure.

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 05 日 [Table_Title] 资产配置日报：股牛再出发 [Table_Title2] [Table_Summary] 1 月 5日，股市迎来新一年的首个交易日，债市则迎来交易力量的回归。开门行情之下，股债两市的喜悲却不 相通，股市强势开局，上证指数单日上涨 1.38%，新年伊始重返 4000 点之上；债市则经历大幅调整，各期限收益 率几乎全面上行。 权益市场放量上涨。万得全 A上涨 1.99%，全天成交额 2.57 万亿元，较上一交易日（12 月 31 日）放量 5015 亿元。港股方面，恒生指数上涨 0.03%，恒生科技上涨 0.09%。南向资金净流入 187.23 亿港元，其中快手 和小米集团分别净流入 15.56 亿港元和 10.19 亿港元，而腾讯控股、中国移动分别净流出 9.19 亿港元和 4.06 亿港 元。 指数突破前高，关注市场 FOMO（害怕踏空）情绪。万得全 A 强势突破 10-11 月高点，意味着前高附近的兑 现筹码基本出尽，做多资金掌握定价权，行情有望走出 10 月以来的震荡区间，形成上涨趋势。往后看 ...

Group 1 - The non-bank financial sector, particularly the insurance segment, is highlighted as a key area of focus due to expected performance driven by short-term premium growth and mid-term investment income increases [1] - The concentration of fixed deposits maturing may lead to an increase in insurance premiums, contributing to a strong start for the insurance industry [1] - A strong stock market is anticipated to enhance investment returns for insurance equity investments, while rising interest rates due to returning inflation may improve insurance yield [1] Group 2 - The securities industry is viewed as a pro-cyclical sector, with expectations of increased industry prosperity following economic work meetings and enhanced fiscal support for infrastructure projects in the "14th Five-Year Plan" [1] - Current market liquidity is characterized by significant driving features, with continued growth in ETF and margin financing, alongside expectations of foreign capital inflow due to RMB appreciation, providing support for the non-bank financial sector [1] - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies closely related to the securities market, covering brokerage, investment banking, and proprietary trading to reflect the overall performance and market dynamics of the securities industry [1]

Core Viewpoint - The insurance sector is experiencing a strong start in 2026, with major companies like Xinhua and China Pacific reaching historical highs, indicating market confidence and potential for growth [2][4]. Group 1: Market Performance - Five listed insurance companies have seen significant stock price increases, with Xinhua Insurance and China Pacific reaching historical highs, while China Life and China Ping An also achieving near five-year highs [3][4]. - The overall market sentiment is positive, as the insurance sector's performance reflects improved asset and liability management, alongside a favorable demographic trend [4]. Group 2: Interest Rate and Regulatory Changes - Analysts predict a new round of interest rate cuts in 2026, which may impact the predetermined interest rates for life insurance products [5][12]. - The introduction of a dynamic adjustment mechanism for predetermined interest rates has begun, with potential further reductions expected in 2026 [8][10]. Group 3: Investment Strategies - Insurance companies are expected to increase their investment in capital markets, with the total investment balance exceeding 37 trillion yuan, marking a historical high [15]. - The stock investment amount reached 3.6 trillion yuan, showing a year-on-year increase of approximately 1.3 trillion yuan, with a growth rate exceeding 55% [15][16]. Group 4: Product Development - The development of participating insurance products is accelerating, with premiums surpassing 700 billion yuan and a year-on-year growth of over 10% [21]. - The shift towards "guaranteed + floating return" products is becoming a focus, as these products are expected to yield better returns compared to traditional insurance products [21][27]. Group 5: Channel Adjustments - The insurance distribution channels are undergoing transformation, with a focus on enhancing the quality of individual agent channels and expanding the bancassurance channel [23]. - In the first half of 2025, the bancassurance channel generated approximately 1 trillion yuan in premium income, reflecting a growth rate of 9.4% [23]. Group 6: Regulatory Developments - New regulations regarding asset-liability management and product innovation are expected to be implemented in 2026, promoting high-quality development in the insurance industry [29][30]. - The introduction of the fourth life table and the implementation of health insurance guidelines are anticipated to drive innovation in personal insurance products [27].

成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额95.60亿港 元，中芯国际、盈富基金成交额紧随其后，分别成交87.99亿港元、68.45亿港元。以净买卖金额统计， 净买入的个股共有10只，盈富基金净买入额为68.26亿港元，净买入金额居首，该股收盘股价下跌 0.08%，快手-W净买入额为15.56亿港元，小米集团-W净买入额为10.19亿港元。净卖出金额最多的是腾 讯控股，净卖出9.19亿港元，该股收盘股价上涨0.24%，中国移动、南京熊猫电子股份遭净卖出4.06亿 港元、1.05亿港元。 今日上榜个股中，盈富基金、快手-W、小米集团-W等8只股同时上榜港股通（深）、港股通（沪）成 交活跃股， 盈富基金合计成交额68.45亿港元，成交净买入68.26亿港元，快手-W合计成交额53.10亿港 元，成交净买入15.56亿港元。腾讯控股合计成交额64.57亿港元，成交净卖出9.19亿港元。 从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有华虹半导体、 小米集团-W、中芯国际，连续净买入天数分别为5天、3天、3天。以其间净买入金额统计，净买入金额 最多 ...