行 业 报 告 险资配置跟踪系列（一） 2025 年核心权益资产增配显著 强于大市（维持） 行情走势图 非银行金融 相关研究报告 -15% -10% -5% 0% 5% 10% 15% 20% 25% 2025/02/24 2025/07/24 2025/12/24 非银金融 沪深300 【平安证券】行业年度策略报告-非银行金融-保险行 业 2026 年度策略：攻守兼备，乘势而上-强于大市 20251212 证券分析师 | 李冰婷 | 投资咨询资格编号 | | --- | --- | | | S1060520040002 | | | LIBINGTING419@pingan.com.cn | | 许 淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 平安观点： 证 券 研 究 报 告 行 业 动 态 跟 踪 报 告 2026 年 02 月 25 日 保险资金运用余额保持较快增长，债券增配节奏趋缓。截至 25Q4 末，保 险行业资金运用余额达 38.5 万亿元（YoY+15.7%），人身险和财产险公司 保险资金运用余额 37.1 ...

Group 1 - The total issuance scale of new funds in China has exceeded 209.4 billion yuan, with 227 new funds established as of February 24, 2026 [1] - 65 funds have raised over 1 billion yuan, with 15 funds exceeding 3 billion yuan, indicating strong market interest [1] - Insurance institutions are optimistic about the A-share market and plan to slightly increase their allocation to A-shares in 2026 [1] Group 2 - Over 93.2% of insurance asset management products have achieved positive returns this year, with nearly 20 products yielding over 10% [1] - The focus for insurance asset management institutions is expected to shift towards technology innovation and high-quality listed companies in key sectors [1] Group 3 - The private credit fund industry is facing warnings of potential defaults, with UBS predicting a default rate could reach 15% [2] - Concerns have been raised about the stability of private credit funds, particularly following redemption restrictions by Blue Owl Capital [2] Group 4 - The banking sector has seen a cold start to the year, with institutions expressing concerns over credit quality and lending trends [2] - Recent financial data indicates a rare year-on-year decline in credit issuance, raising questions about the banking sector's performance [2] Group 5 - The cancellation of export tax rebates for the photovoltaic industry is set to take effect on April 1, 2026, which may accelerate industry consolidation [3] - Companies are increasing production to maximize exports before the policy change, but there are concerns about demand in the second quarter [3] Group 6 - The global storage chip market is expected to see price increases starting in Q3 2025, driven by advancements in AI and computing power [4] - Chinese storage companies are making significant progress, positioning themselves as key players in the global market [4] Group 7 - HP reported a first-quarter revenue of $14.4 billion, a 6.9% increase year-on-year, with personal systems business revenue growing by 11% [6] - The company expects adjusted earnings per share for the fiscal year to be between $2.90 and $3.20 [6] Group 8 - Keep anticipates a narrowed loss of approximately 72 million yuan for the fiscal year ending December 31, 2025, compared to a larger loss in the previous year [6] - The company also expects to report an adjusted profit of around 25 million yuan for the same period [6] Group 9 - Huayi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [7] - The application is subject to approval from regulatory bodies, indicating potential future growth opportunities [8] Group 10 - Kaipu Cloud has terminated its major asset restructuring plan to acquire a 70% stake in Nanning Taike Semiconductor due to market changes [9] - The company has committed to not planning any major asset restructuring for at least one month following the announcement [9] Group 11 - Hualian Holdings plans to acquire 100% of Argentum Lithium S.A. for approximately $175 million, pending shareholder approval [10] - The transaction is not classified as a related party or major asset restructuring, but it carries uncertainties regarding implementation [10] Group 12 - Supor reported a slight increase in revenue for 2025, but a 6.58% decline in net profit, attributed to decreased export orders and rising sales expenses [11] - The company is focusing on cost reduction and efficiency improvements to enhance profitability [11] Group 13 - Aidi Pharmaceutical reported a revenue increase of 72.49% for 2025, but still incurred a net loss of approximately 19.73 million yuan [12] - The increase in revenue is linked to higher sales of innovative HIV drugs and the consolidation of Nanda Pharmaceutical's operations [12] Group 14 - Weidong Nano reported a revenue decline of 2.52% for 2025, with a net profit decrease of 6.12%, influenced by reduced acceptance of photovoltaic equipment [13] - The company continues to invest heavily in R&D to maintain its competitive edge in new photovoltaic technologies [13] Group 15 - U.S. stock markets saw collective gains, with the Nasdaq rising by 1.04%, driven by rebounds in software and AI-related stocks [14] - The dollar index rebounded, while gold and silver prices experienced declines after recent highs [14]

前二十大仓位一览 来源：中文投资网 根据最新披露的13F文件显示，伯克希尔·哈撒韦Berkshire Hathaway在沃伦·巴菲特卸任CEO前的最后一 个季度（2025年Q4）依然是股票净卖方。公司继续大幅减持苹果（AAPL）和美国银行（BAC），几乎 清仓亚马逊（AMZN），同时显著增持雪佛龙（CVX）和Chubb（CB），并新建纽约时报（NYT）小 额仓位。截至季度末，公司股票投资组合总市值约为2741.6亿美元。 这是95岁的巴菲特在正式卸任CEO后留下的最后一份持仓成绩单。他于2026年初将CEO职位交棒给Greg Abel，而公司的现金储备在第三季度末已膨胀至创纪录的3816亿美元，因市场的高估值令巴菲特始终难 觅合适的"象级"并购机会。 PART.01 前五大重仓股为： Apple Inc.（22.6%） American Express（20.46%） Bank of America（10.38%） The Coca-Cola Company（10.20%） Chevron Corporation（7.24%） 从行业分布来看，金融板块以40.92%的占比高居首位，科技板块以24.64%位列第 ...

Core Insights - The insurance industry is closely monitoring the trends and developments in auto insurance as companies release their solvency reports for Q4 2025, revealing significant data on average premiums [1][7] - Over 58 insurance companies have disclosed their average auto insurance premiums, with a notable decrease in premium differences compared to previous years [2][8] - More than 50% of the insurance companies reported a decline in average premiums for 2025, indicating a stabilization in the overall premium landscape [3][10] Group 1: Average Premium Data - The average auto insurance premium reported ranges from 841.99 yuan to 5900 yuan, with most companies falling between 1000 yuan and 3000 yuan [2][8] - The disparity in average premiums among insurance companies is decreasing, with all companies previously exceeding 6000 yuan now below that threshold [2][8] - A total of 31 insurance companies experienced a decline in average premiums compared to the previous year, reflecting a trend towards stabilization [3][10] Group 2: New Energy Vehicle Insurance - The market is particularly focused on the trends in new energy vehicle insurance due to previous challenges in pricing and coverage [4][11] - Major insurance companies have begun to achieve profitability in new energy vehicle insurance, indicating a shift in the market dynamics [5][11] - The introduction of L3 conditional autonomous driving vehicles is expected to present new challenges in risk assessment and pricing models for auto insurance [12] Group 3: Future Challenges and Innovations - The transition to L3 autonomous driving will complicate risk evaluation, as new factors such as hardware reliability and software security must be considered [12] - Future pricing for new energy vehicle insurance is anticipated to become more intelligent, allowing for differentiated rates based on various factors [6][12] - Insurance companies are advised to prepare for the upcoming changes by innovating products, enhancing service efficiency, and diversifying collaboration models [6][12]

Market Performance - Japanese and South Korean stock markets reached historical highs, with the Nikkei 225 index touching 58,000 points, up approximately 1.2% [1] - The KOSPI index in South Korea opened with a 1% increase, surpassing the 6,000 points mark for the first time [1] Company Highlights - Samsung Electronics' stock rose about 1%, reaching a new historical high, with a market capitalization nearing $1 trillion. Analysts from Morgan Stanley, Citigroup, and Macquarie have collectively raised their target prices, predicting a strong price cycle for DRAM and NAND lasting at least two years, with net profits expected to grow tenfold from 2025 to 2028 [1] - SK Hynix's market capitalization is approximately $480 billion, with a slight increase of about 0.2% [2] - South Korean automotive stocks also performed well, with Kia Motors rising over 12% and Hyundai Motors increasing nearly 6% [3] Currency and Economic Policy - The Japanese yen experienced significant depreciation, with a drop of over 1% against the US dollar on February 24, leading to increased pressure on the yen's value [6] - Concerns regarding further interest rate hikes were communicated by Japanese Prime Minister Fumio Kishida to Bank of Japan Governor Kazuo Ueda, as investors reassess the central bank's monetary policy path [8] - The likelihood of a rate hike by the Bank of Japan in April is increasing, but the country faces challenges such as economic contraction, rising inflation, and declining real wages [8]

2026年02月14日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报 (2026年第六期) 关注券商并购重组主线,行业迎来估值业绩双修复 市场表现: 本期(2026.2.9-2026.2.13)非银(申万)指数-1.59%,行业排 26/31,券商Ⅱ指 数-1.19%,保险II指数-2.48%; 上证综指+0.41%，深证成指+1.39%，创业板指+1.22%。 个股涨跌幅排名前五位：锦龙股份（+6.85%）、浙江东方（+4.89%）、华金资本 (+3.16%）、华南华铁（+0.98%）、永安期货（+0.92%）; 个股涨跌幅排名后五位：九鼎投资（-14.46%）、华林证券（-8.11%）、国盛证券 (-4.80%）、华鑫股份（-4.40%）、中国太保（-4.28%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块下跌 1.19%,跑输沪深 300 指数 1.55pct,跑输上证综 指数 1.60pct。当前券商板块 PB 估值为 1.34 倍。 本周,西南证券2月13日披露60亿元定增预案,成为沪深北交易所2月9日推出 优化再融资一揽子措施后,首家披露大额定增预案 ...

智通财经APP获悉，2月24日,盈富基金（02800）、腾讯控股（00700）、阿里巴巴-W（09988）南向资 金净流入金额位列市场前三，分别净流入36.79 亿、22.23 亿、21.94 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 中国太保(02601) | -2.65 亿 | -39.19% | 36.640（-4.53%） | | 长飞光纤光缆(06869) | -1.74 亿 | -4.65% | 129.200（+1.17%） | | 中金公司(03908) | -1.56 亿 | -53.15% | 21.020（-4.89%） | | 中国黄金国际(02099) | -1.49 亿 | -40.09% | 199.900（-1.14%） | | 中国宏桥(01378) | -1.41 亿 | -14.09% | 36.020（-3.43%） | | 中国太平(00966) | -1.16 亿 | -47.44% | 23.660（-4.44%） | | 紫金矿业(02899) | -1.16 亿 | -5.07% ...

（文章来源：中国证券报） Wind数据显示，截至2月24日，今年以来已披露最新净值的保险资管产品共有1602只，其中今年以来实 现区间正收益的产品占比高达93.2%。从产品类型看，权益类保险资管产品收益表现亮眼，有近20只产 品今年以来区间收益率超10%。展望后市，业内人士表示，保险资管机构将继续加强对科技创新、新质 生产力等重点领域优质上市公司的跟踪和挖掘。 ...

出发前，他通过大童保险服务顾问配置了境外旅行保险。出险后，大童好赔专家及时介入，一边协助确 认就医路径，一边远程指导他留存检查单据、完成报案流程。"好赔专家一步一步告诉我接下来怎么 做，说实话，那一刻心就稳下来了。由于伤情影响行程，部分交通和住宿计划被迫调整，原来安排好的 行程全乱了，我还担心这些钱是不是打水漂了。"张伟说。最终，从境外就医、回国后的住院治疗，到 因意外产生的行程变更费用，都被纳入理赔范围。事后复盘时，该服务顾问表示，"境外出险，客户最 需要的不是一句'能赔'，而是有人把事从头到尾接住"。 旅游保险的风险管理思路，也正在向更广泛的出行和旅居场景延伸。在云南曲靖马龙区土瓜村，旅居业 态逐步兴起，越来越多游客选择住下来，而不是"看一眼就走"。游客多了，村里热闹了，但新的问题也 随之而来。"人一多，磕磕碰碰在所难免，万一出点事，谁来担？"当地一位民宿管家小杨坦言，这是他 们最现实的顾虑。 随着覆盖公众责任、食品安全和财产损失的旅居保险方案落地，这种不安逐渐缓解。"拿到保单那天， 我第一句话就是，心里终于踏实了。"小杨说。人保财险云南曲靖分公司负责人表示，游客最关心安 全，农户最担心意外，经营主体最怕 ...

（文章来源：经济日报） 近期，北京密云法院审理一起退保纠纷，引起大众关注。一客户在保险公司业务员的诱导下购买了一份 保险，本以为是短期理财，一段时间后才发现，本金要到客户105岁时才能取出。法院最终判定，业务 员明知客户的投保需求是短期理财，却故意隐瞒核心条款，该行为构成欺诈。由此警示行业，保险公司 出售的本质是信任，若此类纠纷屡屡发生，客户投保反而需要"冒险"，影响的是行业的长远发展。行业 应规范出售保险产品的流程，诚信经营，并探索更加有效的纠纷和矛盾解决机制。消费者在购买保险 时，也要注意查看合同内容，谨慎决策。 ...