Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index breaking through 4100 points and achieving a historical 16 consecutive days of gains, driven by sectors such as commercial aerospace, controllable nuclear fusion, brain-computer interfaces, humanoid robots, and resource stocks [1][11]. Group 1: Market Trends - The current market rally is attributed to concentrated inflows from previously cautious funds, with a notable focus on thematic stocks and small-cap stocks rather than traditional allocation strategies [3][13]. - Short-term market sentiment remains high, with no signs of weakening emotional indicators, suggesting that the upward trend in thematic and small-cap stocks may continue until after the Two Sessions [3][13]. - The market is currently characterized by a high level of trading activity, with a significant increase in transaction volume, indicating strong investor confidence [16]. Group 2: Sector Recommendations - Analysts recommend focusing on sectors with high cost-performance ratios, particularly those benefiting from external demand recovery, such as gaming, duty-free, batteries, engineering machinery, and agricultural chemicals [4][14]. - The commercial aerospace sector is highlighted as a key area for investment, with expectations of continued upward momentum despite potential short-term profit-taking pressures [19]. - The resource sector, particularly traditional manufacturing, is advised for increased allocation, with a focus on enhancing pricing power [3][13]. Group 3: Future Outlook - February is anticipated to be a favorable period for the market, with historical data suggesting that significant trading volumes often lead to sustained upward trends [16]. - The market is expected to enter a phase of basic performance evaluation after the annual report disclosures in January, which may provide opportunities for investors to capitalize on growth potential [17]. - The overall sentiment indicates that the upward potential in the market outweighs the risks, with a focus on sectors that align with long-term growth trends, such as AI and semiconductor industries [20].

发债方面，1月4日，国家金融监督管理总局北京监管局接连发布两则批复，分别同意中华联合人寿 保险股份有限公司和长城人寿保险股份有限公司在全国银行间债券市场公开发行资本补充债券，合计发 行规模不超过15.7亿元。1月9日，国家金融监督管理总局深圳监管局发布批复，同意招商仁和人寿在全 国银行间债券市场公开发行规模不超过23亿元的永续债。 本报记者 杨笑寒 近日，国家金融监督管理总局深圳监管局批复同意招商局仁和人寿保险股份有限公司（以下简 称"招商仁和人寿"）在全国银行间债券市场公开发行无固定期限资本债券（以下简称"永续债"），发行 规模不超过23亿元（含，下同）。 近年来，险企资本补充规模持续维持在高位。据《证券日报》记者统计，2025年，险企增资发债规 模合计达1454.72亿元。 受访专家表示，险企"补血"规模较大，主要受利率下行、偿二代二期工程实施等因素影响。 规模较2024年微增 增资和发债是险企补充资本的两种主要方式。开年以来，国家金融监督管理总局发布多项批复，同 意险企增加注册资本或发行债券。 补充渠道日益多元 值得注意的是，在险企补充资本的进程中，永续债作为新型工具，呈现发行规模持续攀升的趋势。 具体 ...

Core Viewpoint - In 2025, insurance capital has demonstrated its role as a stabilizer in the capital market, highlighted by significant investments in major banks, marking a peak in insurance capital's engagement in equity markets [2][5]. Group 1: Insurance Capital Activities - China Ping An Life Insurance Co., Ltd. disclosed its acquisition of 20% stakes in Agricultural Bank of China and China Merchants Bank H-shares, triggering regulatory requirements for disclosure [3]. - In 2025, insurance companies executed 41 equity acquisitions, the highest in nearly a decade, with over 70% of these involving H-shares [5][7]. - Ping An Life led the charge with 15 acquisitions in 2025, including multiple transactions involving Agricultural Bank and China Merchants Bank [5][6]. Group 2: Market Trends and Analysis - The insurance sector's investment strategy has shifted towards large, traditional insurance companies, moving away from smaller, aggressive firms [5]. - As of September 30, 2025, the total investment balance of the insurance industry reached 37.5 trillion yuan, with stock allocations increasing by 55.1% year-on-year [5]. - The H-share market has become a primary focus for insurance capital, with a notable presence of banks and other sectors, indicating a strategic shift towards long-term value investments [7]. Group 3: Valuation and Returns - The H-share market offers significant valuation advantages, with many acquired companies showing substantial AH price differentials, providing opportunities for insurance capital to acquire quality assets at lower prices [8]. - The dividend yields of the banks involved in acquisitions range from 1.03% to 5.15%, enhancing the attractiveness of these investments for insurance capital [8].

Group 1 - The recent improvement in market liquidity has driven the A-share market's rise, with a notable increase in margin trading balance by over 125 billion yuan in just half a month, leading to a more than 35% increase in trading volume [2][8] - Historical data indicates that similar market conditions have occurred six times in the past decade, with a high probability of continued strength in the A-share market over the next 10, 20, and 250 trading days following such volume increases [9][12] - However, there are signs of structural overheating, particularly in the commercial aerospace index, which has seen a significant increase in turnover rate and trading volume share, indicating a need for fundamental support for such rapid trading concentration [2][9] Group 2 - The negative impact of AI on the U.S. employment market is becoming evident, with December's non-farm payrolls falling short of expectations and a cumulative reduction of 340,000 jobs in sectors heavily affected by AI [3][15] - The ongoing concerns about a prolonged interest rate cut cycle by the Federal Reserve are alleviating fears of a second inflation wave, benefiting commodity prices as the demand-supply gap becomes more pronounced [3][23] - The geopolitical tensions are altering inventory behaviors among market participants, leading to increased stockpiling and a significant rise in copper and silver inventories since 2025 [24][27] Group 3 - Domestic policies aimed at reducing "involution" are being implemented, with industrial PPI showing a positive trend, indicating a shift from price drag to support for corporate revenues [4][35] - The recent regulatory focus on the photovoltaic industry has raised concerns about the commitment to anti-involution policies, but the overall direction remains focused on improving corporate profitability through reasonable policy guidance [4][40] - The market is expected to see improvements in corporate earnings as the anti-involution policies take effect, with a focus on preventing monopolistic practices while fostering innovation [4][42] Group 4 - The report maintains an optimistic outlook for the A-share market, suggesting that the ongoing liquidity improvements and fundamental changes will drive future performance [5][43] - Recommendations include focusing on industrial resource products that resonate with AI investments and global manufacturing recovery, as well as sectors benefiting from domestic consumption recovery [5][43]

另一方面，要发展多层次农业保险，将更多农业基础设施纳入保障范围。近年来，我国农业的生产方式 发生重大变革。高标准农田、智能温室、仓储冷链等成为现代农业的重要基础设施，家庭农场、农民合 作社等新型农业经营主体成为乡村全面振兴的重要推动力量。农业基础设施投入大、价值高，传统的农 险模式已无法覆盖现代农业生产的新型风险。未来应强化财政补贴引导，鼓励保险公司创新产品服务， 将更多农业基础设施纳入保障范围，更好满足"三农"领域日益增长的风险保障需求。 近期，太保产险完成全国首单农作物（水稻）新品种制种保险赔付，向受异常天气影响的制种农户支付 赔款约75万元。近年来，我国多地积极推动落实制种保险保障机制，体现了我国农业保险服务不断迈向 专业化、精准化。农业保险不仅关乎农民收入，也为保障粮食安全、巩固拓展脱贫攻坚成果与推进乡村 全面振兴提供了坚实保障。 此外，要创新承保、查勘、定损、理赔方式，推动农险转向科技驱动的精准理赔。"理赔难、手续繁、 到账慢"曾广受农户诟病，现如今保险机构可以利用无人机、大数据、遥感等技术手段查勘定损，有利 于投保主体能够及时、足额得到应有的赔偿。在发生损失后，人工智能可以分析损失照片、气象数据、 ...

本报记者 吴娜 法槌落下，敲定是非曲直；卷宗堆叠，承载万家灯火。在北京金融法院丁宇翔法官的审判桌上，从不缺 标的亿万元的大案。但他深知：司法的重量，从不以数字衡量。 看见数字背后的"人" 北京金融法院审理的，多是证券、期货等领域的复杂大案，涉案金额动辄数以亿计。但2023年4月，一 份标的45万元的保险合同纠纷案卷，却让丁宇翔格外牵挂。这笔钱，关乎一位重病母亲的生命续航。 张女士的人生在2019年底骤然转折，一纸"骨髓纤维化"诊断将她拖入无休的身心煎熬与沉重的经济负担 中。更令她揪心的是，治疗需提取年幼孩子的干细胞进行移植，这让她在病痛之外又添无尽心疼。 2022年，当她向所投大型保险公司申请医疗费用理赔时，保险公司却以"带病投保未如实告知"及"未在 合同约定公立医院就诊"为由，拒绝承担赔付责任。 无奈之下，张女士起诉保险公司。一审胜诉的判决曾给张女士带来一丝希望，但保险公司的上诉，又将 她拖入漫长等待的深渊。彼时的她早已身心俱疲，甚至向代理律师坦言："就算赢了，流程那么长，钱 也不一定能拿到，我真不想治了。" 庭审中，丁宇翔展现出对保险业务的熟稔，他没有局限于合同文字表面，而是直指争议核心：保险代理 人明知 ...

2026年保险业开门红，在业内人士惶惶不安，满是焦虑和不安的状态下，交了一份响当当的成绩单：原保费收入减去 赔付，算滚动12个月，接近3.7万亿，这些都是保险公司必须投出去的钱。 长期来看，保险公司配置15%-20%的股票比较合适，原因： 来源：金融翻译官巴图鲁 面对今年扑面而来的50万亿到期存款，各大金融机构都蓄势待发，准备用盆接。银行理财是国民第一大理财工具，但 转移到银行理财的资金，对股市的贡献不能说没有，只能说几乎没有：权益类配置比例还不到2%，投向的公募也以债 券居多。 但保险公司会对A股产生极大的影响，而且是长期的影响，是越来越重的影响。保险公司会买比较多的股票，有些已 经买了20%的股票和债券基金，有些买的不多，但也有10%。 ①高股息股的红利股（以银行、电力为代表）股息率显著高于债券的利率； ②15%-20%的股票配置比例不算高，即便股市有剧烈波动，对保险公司影响也不大，而且，正是因为股市涌入越来越 多的保险资金，这种真正的长期资本、耐心资本，才是A股波动性降低的压舱石； 假设保险公司平均股票资产配置比例是17%，今年必须投37000亿，A股就会涌入6290亿增量的长期资本，量级不可谓 不大。 ...

增资和发债是险企补充资本的两种主要方式。开年以来，国家金融监督管理总局发布多项批复，同意险 企增加注册资本或发行债券。 发债方面，1月4日，国家金融监督管理总局北京监管局接连发布两则批复，分别同意中华联合人寿保险 股份有限公司和长城人寿保险股份有限公司在全国银行间债券市场公开发行资本补充债券，合计发行规 模不超过15.7亿元。1月9日，国家金融监督管理总局深圳监管局发布批复，同意招商仁和人寿在全国银 行间债券市场公开发行规模不超过23亿元的永续债。 增资方面，1月7日，国家金融监督管理总局上海监管局发布批复，同意安盛环球再保险（上海）有限公 司增加注册资本3417.9万元。 今年以来，险企密集"补血"的趋势延续。近年来，在利率下行和偿二代二期工程实施的背景下，险企偿 付能力承压，"补血"规模持续处于高位。 近日，国家金融监督管理总局深圳监管局批复同意招商局仁和人寿保险股份有限公司（以下简称"招商 仁和人寿"）在全国银行间债券市场公开发行无固定期限资本债券（以下简称"永续债"），发行规模不 超过23亿元（含，下同）。 近年来，险企资本补充规模持续维持在高位。据《证券日报》记者统计，2025年，险企增资发债规模合 ...

运营商财经网讯 日前，国内知名财经媒体——运营商财经网独家打造的"2025年度十大杰出寿险公司董事长榜"名单正式 发布！长城人寿董事长白力成功提名上榜！ 运营商财经网副总编刘平表示，长城人寿在行业调整变化中，一把手白力推动公司减少路径依赖，积极 响应国家政策，将战略定位升级为"中国家庭风险保障服务商"。 直观从数据来看，去年前三季度，长城人寿总资产规模已突破1600亿元，达到1659.16亿元。 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 近年来，长城人寿积极探索差异化发展模式，发展"家庭风险保障服务"，展现了中小寿险公司对转型的 不懈努力。在白力的带领下，长城人寿在负债端和战略规划上，进行了一系列主动调整，打造稳字当头 的哑铃型策略。 ...

来源：市场资讯 （来源：华泰证券策略研究） 在经历一个月的悲观区间盘整后，港股情绪指数上周五正式落入恐慌区间。历史上进入该区间后未来1 月上涨概率大幅提升。除此之外，当前市场面临海外流动性宽松预期升温、资金面流入再加速、盈利预 期上修的三因素共振，且AH情绪比较再度进入港股悲观、A股乐观的极端值。后续港股或重演追涨行 情，从11月底的布局期逐渐进入收获期。 情绪突破"恐慌"区间，布局性价比大幅上行 2023年底以来进入"恐慌区间"布局港股未来1个月胜率100%。2026年1月9日，港股情绪指数回落至 28.6，时隔四个月再次落入恐慌区间（<30）。2020年至今情绪指数共21次落入恐慌区间，首次进入30 天后恒指平均上涨概率76%，平均/中位数上涨幅度均为3%；2023年10月底至今的七次信号胜率更是达 到100%，平均恒指上涨幅度4%。若完全参考2023年以来经验，恒指未来1个月在27000点以上，但目前 期权市场隐含恒指在1月底、2月底上涨到27000点的概率仅为25%、39%，存在正向预期差。 流动性、资金面和盈利预期等多因素共振上行 交易拥挤度视角下，食品饮料、公用事业、汽车、银行、消费者服务拥挤度较 ...