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！ 来源：中信证券研究 文|裘翔 张铭楷 陈峰 高玉森 陈泽平 刘春彤 年初的躁动缘于跨年踏空资金的集中密集入场，"人心思涨"是大背景，一些前期谨慎资金的追涨加速了 行情演绎，但躁动主要发生在主题板块以及量化影响较大的小票，而非配置型资金布仓方向。从当前的 量价和风偏指标来看，短期市场热度偏高，但情绪指标还没有转弱迹象，预计主题、小票轮动的震荡上 行格局可能还会延续到两会前后，直至内需预期的上修，市场才会回到基本面驱动状态。不过，抛开短 期的市场躁动，站在全年维度，真正具备持续入场体量的配置型资金今年对权益组合降低波动的诉求是 更高的，需要考虑的是这部分可持续的"大钱"（而不是年初踏空资金）会持续流向的方向。在配置上， 建议资源和传统制造定价权提升逻辑打底，增配非银金融，兼顾反共识品种降低组合波动。 年初的躁动缘于跨年 踏空资金的集中密集入场 1）"人心思涨"是躁动的大背景，而一些前期谨慎资金的追涨加速了行情演绎。此轮躁动的性质与诸 如"超额储蓄/定存到期再配置"的流动性宏大叙事关系不大，躁动只是因为去年底还是有不少资金相对 谨慎，尤其是部 ...

存储定新锚，债市困"供需" 证券研究报告/固收专题报告 2026 年 01 月 11 日 分析师：吕品 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 分析师：严伶怡 执业证书编号：S0740525070001 Email：yanly@zts.com.cn 1、《对冲交易 01：金属与人民币走 强的背后》2026-01-06 2、《2025 年债市启示录：框架的贫 穷》2025-12-30 开年以来，股债行情分化明显，权益迎来"开门红"，债市遇到"开门黑"，继续 打碎了过去大家熟悉的"季节性"。但季节性没有消失，只是转移。因为权益"春 季躁动"的季节性还在，但本应该属于债市的"季节性"平移到了权益，来源于各 类存款类机构年末到年底的到期行为。 1）供需问题逐渐框架化 请务必阅读正文之后的重要声明部分 报告摘要 此外，"新老登"的讨论日新月异，但已经少有人再讨论地产，A 股市场的核心驱 动力已经发生根本性变化。十年前（2015 年）地产产业链的市值是存储产业链的 4 倍，当前存储产业链的市值已反超为：地产链的 3 倍。 相关报告 随房地产绝对额下降，其对经济的波动贡献已 ...

赵永刚在致辞中表示，中国太保始终胸怀"国之大者"，积极应对中国超3亿老年人口带来的结构性挑 战，推动"大健康"向"大康养"战略升级，着力构建覆盖养老、健康、康复等多板块的立体生态，打造 了"防、诊、疗、复、养"贯通的全生命周期服务闭环，致力于将一系列康养服务，凝聚成"可触摸、可 感知、可体验"的品牌生态——让中国太保的大康养战略，不止于蓝图，更成为千家万户身边的温暖存 在。此次媒体开放日，正是中国太保集中展示"大康养"战略布局与实践，深化共识与理解、凝聚智慧与 合力、传递信心与愿景的重要行动。 媒体开放日期间，中国太保先后举行欢迎交流会、主题分享会、头脑风暴会、家园文化体验等系列丰富 多彩的活动。在"大康养战略之太保实践"主题分享会现场，来自中国太保旗下养老与健康各板块负责人 详细分享了太保家园、源申康复、百岁居、青青成长、蓝医保、太医管家等太保大康养生态的专业能力 与多元服务。马欣表示，下一步将推动各服务主体依托自身优势，由"全"至"专"，形成各有所专、各有 所长的服务特色，全力深化康养服务与保险主业的场景融合，实现价值共创。 转自：新华财经 椰风送爽，山海迎宾。日前，中国太保举办以"遇山海 见未来"为主题 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes actively addressing population aging and advancing the construction of a healthy China, marking a golden development period for the health and wellness industry driven by policy support and demand [1] Group 1: Strategic Framework - China Pacific Insurance (CPIC) has established the "1234" strategic framework focusing on building an integrated health and wellness ecosystem as a strategic direction [2] - The new strategy emphasizes the synergy between insurance investment and health services, implementing three core strategies: growth symbiosis, scenario integration, and value co-creation [2] - Growth symbiosis focuses on medical insurance collaboration, improving pension layouts, and seizing policy opportunities to enhance health insurance and pension financial services [2] Group 2: Health Insurance Market - CPIC aims to capture growth opportunities in the health insurance market by focusing on personal account medical insurance and the combination of employee benefits and health services [2] - The company is closely monitoring national policies for long-term care insurance and upgrading product service combinations to optimize health insurance product layouts [2] Group 3: Pension Financial Development - CPIC is committed to enhancing the three pillars of pension security, strengthening the first pillar's investment capabilities, expanding the second pillar's customer coverage, and optimizing the third pillar's product-service combinations [3] - The company promotes synergy between the second and third pillars to enhance pension finance and health service capabilities [3] Group 4: Specialized Health Services - CPIC is transitioning its health services from a comprehensive to a specialized approach, developing distinctive service features based on the strengths of each entity [4] - The company has established a full-service chain from prevention to rehabilitation, including various health services such as online medical consultations and home care [4] - Future efforts will focus on deepening the integration of health services with the main business, enhancing customer engagement, and optimizing operational costs [4] Group 5: Future Outlook - As the "Big Health" strategy progresses, CPIC will continue to enhance the integration of health services with its insurance business, improving service quality and professional capabilities [5] - The company aims to explore new paths and models for the development of the health and wellness industry, contributing to the construction of a healthy China and addressing population aging [5]

"潜行"阳光保险 16年， 近日，阳光保险（6963.HK）一则看似不起眼的股权拟变更公告，引起外界注意。其关注核心在于，七 匹狼控股集团股份有限公司（简称：七匹狼控股）历经16年迂回"潜行"，而近半年内两次"内部"股权腾 挪，不仅直接持股增加，合计持股比例也逼近第一大股东，是否正在酝酿最后的"暴起扑杀"？ 这背后，更值得关注的是，"潜伏"阳光保险背后，七匹狼历经二十余年正搭建着一个庞大"金融帝国"。 在中国民营经济版图上，闽商，尤其是以晋江为核心的"闽派"企业家，是一个无法被忽视的传奇群体。 他们从"八山一水一分田"的贫瘠中走来，凭借"爱拼才会赢"的草根精神，借助全球化浪潮，将福建晋江 打造成了外界口中的"中国品牌之都"——孕育了安踏、七匹狼、特步、361°、匹克等众多知名企业。 不过传奇的另一面是，伴随全球化进入调整期，国内人口红利消退，消费市场风云变幻，这些企业也走 到了一个关键的十字路口，不仅面临自身转型问题，更要应对一场关乎家族甚至整个地域商帮的财富存 当像安踏、特步等巨头选择在主业上进行升级、出海并购等，七匹狼却呈现出一条不一样的路径——一 个萌芽于本世纪初，历经二十余年，涵盖参股创投基金、银行， ...

Core Insights - The 2026 talent market in mainland China is characterized by a blend of "new" and "stable," with simultaneous challenges of "employment difficulty" and "recruitment difficulty" driven by factors such as industrial upgrades, human resource distribution, and demographic changes [8][9][19] - The demand for "immediate-use" and "composite" talents is urgent, particularly in fields like AI, 5G, and industrial internet, which are driving the development of Industry 5.0 [9][10] - The employment model is shifting towards a hybrid approach of "fixed employment + flexible supplementation," focusing on core functions for long-term positions while adapting to short-term needs [21] Job Demand and Employment Models - Companies are adopting a cautious and steady recruitment strategy, focusing on emerging sectors and revenue-driven areas [9][10] - The competition for high-level technical talents in advanced manufacturing, AIGC, and carbon neutrality is intense, while the demand for sales roles remains strong [9][10] - The hybrid employment model has become a strategic standard, balancing "strategic certainty" with "environmental uncertainty" [21] Salary Trends - Overall salary growth is moderate, with traditional manufacturing sectors seeing increases of 1%-2%, while healthcare and AI sectors may exceed 10% for core positions [2][24] - The expectation for year-end bonuses has shifted towards differentiated incentives, with flexible working hours and paid learning leave becoming more attractive [26][30] - The salary increase expectations are becoming more rational, with 59% of respondents targeting a 5%-15% increase when changing jobs [30][32] Talent Mobility - The talent market is entering a "low-initiative, high-observation" phase, with 43% of respondents willing to change jobs only for better opportunities [10][33] - Job stability and attractive compensation remain core demands, with non-monetary benefits gaining importance [10][30] - The confidence to switch jobs varies significantly across different sectors, with sales and IT roles showing higher confidence due to their demand and skill applicability [33] AI Impact and Skills Adaptation - AI is deeply restructuring the workplace, leading to challenges in skill adaptation, with 55% of workers feeling that AI training does not match job requirements [12][36] - Companies need to enhance AI applications and build flexible talent systems through partnerships with educational institutions and robust training frameworks [12][13][38] Strategic Recommendations - Companies should strengthen AI applications and provide timely training to enhance employee skills and maintain competitiveness [12][13] - Building organizational resilience and talent flexibility is crucial, with a focus on long-term strategic investments in talent development [13][14] - Establishing a new collaborative system that integrates human resources, AI, and robotics is essential for fostering trust and engagement in the workplace [15][19]

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：十八 在"康养未来式"头脑风暴会环节，与会嘉宾围绕如何丰富康养生态场景、强化品牌塑造等议题碰撞智慧 火花；在家园文化体验活动中，嘉宾代表们现场沉浸式体验养生八段锦、宋代点茶、钵体疗愈、提笔 写"福"等文化项目，实地感受以太保家园为代表的康养生态场景，点赞"保险+健康+养老"模式。 "大康养"不仅是一项商业布局，更是金融向善、服务民生的必然选择。在"十五五"规划启航之际，本次 媒体开放日清晰传递了中国太保"大康养"战略的核心内容与阶段性成果，也展现出中国太保以保险力量 服务民生，助力金融强国建设的坚定决心。面向未来，中国太保将致力于建设"具有市场引领力与国际 竞争力的一流保险金融服务集团"，围绕"大康养、国际化、人工智能+"三大战略方向，系统构建融合共 生品牌生态，走好高质量发展之路。 赵永刚在致辞中表示，中国太保始终胸怀"国之大者"，积极应对中国超3亿老年人口带来的结构性挑 战，推动"大健康"向"大康养"战略升级，着力构建覆盖养老、健康、康复等多板块的立体生态，打造 了"防、诊、疗、复、养"贯通的全生命周期服务闭环，致力于将一系列康养服务，凝聚成"可触摸 ...

太保家园：作为中国太保高品质养老社区标杆品牌，太保家园已在全国13个城市落地15个项目，其中14 个社区已开业，长住人数超3,000人，全年累计接待参观超28万人次。太保家园覆盖颐养、康养、乐养 等多元业态，除日常社区服务和活动外，还为入住老人提供医疗、照护、慢病专病等医护服务。下一 步，太保将坚持"轻重结合、以轻为主"的思路，聚焦城心养老、康养刚需、专业服务，推动规模、品 质、效益与安全的均衡发展。 财经频道更多独家策划、专家专栏，免费查阅>> 源申康复：作为太保专业康复医疗服务品牌，源申康复持续完善康复医疗网络构建，目前已在厦门、济 南、广州三地落子，总规划床位约1,000张。其中厦门、济南两地源申康复医院已开业，聚焦专病专症 打造优势康复学科。与上海交通大学医学院共建康复研究院夯实科研与技术根基，联动齐鲁医院组建医 联体打通临床转诊通道，探索属地医院间的合作模式，推动"研医康"一体化发展。 作为国内领先的综合性保险集团，中国太保始终胸怀国之大者，将服务国家战略作为发展的根本遵循。 面对我国超3亿老年人口的结构性挑战，中国太保深刻认识到，"大康养"不仅是一项商业布局，更是金 融向善、服务民生的必然选择。 ...

摘要： 利安人寿无锡分公司因虚列费用、给予合同外利益等多项违规，被罚42万元，相关负责人被警 告并罚款。 国家金融监督管理总局无锡监管分局近日公布行政处罚决定，利安人寿保险股份有限公司无锡分公司因 多项违规被处以警告并罚款42万元。其主要违法违规事实包括：营销培训管理不规范、"双录"（录音录 像）管理不到位、虚列费用、虚挂中介业务、虚挂保单以及给予合同约定以外利益。 同时，时任该分公司副总经理的张学春被给予警告，并处罚款7万元。 （来源：财闻） 分公司被罚42万元，相关负责人被罚7万元。 ...

Core Viewpoint - The second Financial Meteorology Academic Annual Conference was held in Guangzhou, focusing on enhancing collaboration between the financial sector and meteorological departments to support high-quality development [1][2]. Group 1: Conference Overview - The conference aimed to build a high-level, cross-disciplinary communication platform to promote the integration of finance and meteorology, enhancing the development of both sectors [1]. - Key attendees included prominent figures from the China Meteorological Society, Fudan University, and the Chinese Academy of Engineering, indicating the event's significance [1]. Group 2: Key Themes and Discussions - The conference featured five sub-forums covering topics such as the development and application of financial meteorological indices, insurance meteorology innovations, and climate risk quantification [2]. - The first financial meteorological AI model, "Entropy Machine" (version 1.0), was launched during the conference, showcasing advancements in the field [2]. Group 3: Future Directions - The Financial Meteorology Professional Committee plans to focus on national strategies, talent development, and the transformation of precise meteorological services into practical outcomes [2].