招商证券发布研报称，维持保险行业推荐评级。股市"慢牛"走势进一步明确，不仅有利于险企资产端收 益，亦为浮动收益型的分红险销售提供有力支撑。资负共振催化下，保险板块估值有望迎来持续修复。 1-12月财产险公司累计保费收入为17570亿，同比+3.9%(前值+3.9%)，延续稳定增长。从单月来看，12 月财产险公司保费收入为1413亿，同比+4.4%(前值+2.3%)；其中车险保费收入为977亿，同比+2.2%。 根据乘联会统计数据，12月狭义乘用车市场零售销量为226.1万，同比-14.0%，主要是全国大多数省份 置换更新与以旧换新补贴出现不同程度的深度调整，加剧了消费者的观望情绪，也为十二月车市带来了 较大的减速蓄势。12月非车险保费收入为437亿，同比+9.6%，其中农险在去年同期超低基数下增速接 近200%，责任险、健康险、意外险等各细分险种也都实现增长。后续随着行业对于非车险"报行合 一"的落实细则逐步明确，财险业务的承保盈利、风控水平和服务质量有望显著改善。 行业整体：全年保费增速稳健，资产规模实现两位数增长 1-12月保险行业累计保费收入为61194亿，同比+7.4%(前值+7.6%)，增速维持稳定 ...

Investment Rating - The report recommends a "Buy" rating for several insurance companies, including China Pacific Insurance, China Life Insurance, and China Property & Casualty Insurance [5]. Core Insights - The insurance industry is expected to see significant growth in investable funds, with estimates of 3.1 trillion yuan in 2026, driven by strong premium growth and a balanced allocation between equities and bonds [6][31]. - The secondary equity investment is projected to reach 0.9 trillion yuan in 2026, slightly lower than the previous year, while bond investments are expected to increase significantly [6][30]. - The report emphasizes the importance of dividend stocks as a key investment strategy for insurance companies, aiming to secure cash dividends to offset declining interest income [7][48]. Summary by Sections Investment Scale and Growth - In 2025, the insurance sector is estimated to have an additional investable fund of 2.3 trillion yuan, with secondary equity investments around 1 trillion yuan, marking a significant increase from previous years [12][36]. - By 2026, the total investment scale in the insurance industry is projected to reach 42 trillion yuan, with a secondary equity allocation expected to rise to 18% [30][35]. Premium and Fund Sources - The total premium for the insurance industry is expected to reach 6.9 trillion yuan in 2026, with a year-on-year growth of approximately 13% [31][34]. - New single premiums are projected to be 2 trillion yuan, reflecting a 25% increase, while renewal premiums are expected to grow by 11% to 3 trillion yuan [31][34]. Asset Allocation and Strategy - The report indicates a shift in asset allocation, with a decrease in non-standard, deposit, and alternative assets, while equities and bonds are expected to see increased investment [30][41]. - The focus on dividend stocks is highlighted as a strategy to stabilize cash flow and reduce profit volatility, with an anticipated annual increase in high-dividend stock allocations of 300 to 500 billion yuan [7][55]. Market Dynamics - The report notes that the insurance sector's secondary equity position reached a historical high of 16% by the end of 2025, driven by favorable market conditions and policy support [12][20]. - The anticipated regulatory changes in asset-liability management are expected to further influence investment strategies within the insurance industry [6][30].

证券之星消息，2月9日南向资金减持107.0万股中国人民保险集团（01339.HK）。近5个交易日中，获南 向资金减持的有4天，累计净减持567.9万股。近20个交易日中，获南向资金减持的有15天，累计净减持 2808.35万股。截至目前，南向资金持有中国人民保险集团（01339.HK）25.2亿股，占公司已发行普通 股的28.87%。 中国人民保险集团股份有限公司是一家主要提供保险产品的控股公司。该公司及其子公司主要从事财产 保险、健康保险、人寿保险、再保险、香港保险、养老保险及经营保险业务。财产保险业务主要包括为 公司及个人提供财产保险产品，包括机动车辆险、农业保险、财产保险和责任保险。健康保险业务主要 包括健康和医疗保险产品。人寿保险业务主要包括人寿保险产品，包括分红、两全、年金及万能人寿保 险产品等。香港保险业务包括在中国香港的财产保险业务。养老保险业务包括企业年金和职业年金等业 务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

南方财经全媒体记者林汉垚 近日，中国人寿、中国人保、中国太平、中国再保以及中国信保等多家大型保险相继召开2026年经营工 作会议，总结2025年经营成效并部署"十五五"开局之年的重点任务。 从各家会议释放的信息看，行业在宏观环境复杂、利率中枢下移与风险约束趋严的背景下，正进一步强 化高质量发展导向，将风险防控、提质增效与服务实体经济置于更加核心的位置；与此同时，不同机构 基于功能定位与业务结构差异，在数智化转型、国际化布局、业务结构优化及政策性功能发挥等方面呈 现出差异化路径。 高质量发展为共同主线 从整体基调看，"高质量发展"、"防风险"成为多家险企2026年经营工作的核心关键词。 中国人寿在工作会议上明确提出，2026年要全力实现经营业绩稳中有进、风险防控扎实有效等高质量发 展目标，为中国式现代化贡献国寿力量。 中国人保提出，加力推动高质量发展，构建高质量业务组合，提升高质量服务能力，拓展高质量投资， 深化提质降本增效，做好高质量市值管理，推动实现质的有效提升和量的合理增长。加力深化改革，顺 应基层改革期盼，深入推进公司治理改革、战略管控体制机制改革、赋能基层发展机制改革、客户资源 共享改革、数字化改革、 ...

中国经济网北京2月9日讯 近日，中国人保资产管理有限公司发布关于人保创业板综合指数增强型证券 投资基金延长募集期的公告。 公告称，人保创业板综合指数增强型证券投资基金（基金代码：A类：026738，C类：026739）于2025 年12月31日经中国证监会证监许可[2025]3067号文准予募集注册，并于2026年1月26日开始募集，原定 募集截止日为2026年2月6日。现决定将该基金募集期延长至2026年2月9日（含当日）。 该基金拟任基金经理刘石开历任银联商务有限公司数据分析员；长江证券股份有限公司高级产品开发经 理；海富通基金管理有限公司数量分析师、基金经理助理；财通基金管理有限公司投资经理；长城证券 股份有限公司资产管理部投资经理。2024年3月加入人保资产公募基金事业部，2024年9月19日起任基金 经理。 ...

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 相关研究 《资金面因素逐步出清，看好非银板块投 资价值——非银金融行业周报 （2026/1/26-2026/1/30）》 2026/02/01 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 2026 年 02 月 08 日 新年新开户数亮眼，中国平安再次 增持中国人寿（H） 看好 ——非银金融行业周报（2026/2/2-2026/2/6） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博 ...

行业研究丨深度报告丨投资银行业与经纪业 [Table_Title] 轮动对比视角复盘，当前非银子行业如何择时选 股？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 历史上 A 股牛市中保险及券商表现如何？不同类型牛市下表现何异？节奏及持续性如何？站 在当前如何展望？我们梳理了 2012 年以来几次 A 股上涨周期中保险及券商指数涨跌及行业相 对表现，并进一步梳理一级行业月度涨跌轮动以探究行情节奏，最后结合当前时点进行分析展 望。我们认为当前估值上非银进入配置性价比区间，择时应合理配合政策及监管节奏增配，配 置上推荐高弹性保险与金融 IT。 分析师及联系人 [Table_Author] SAC：S0490519080007 SFC：BUV596 吴一凡 盛晓双 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 投资银行业与经纪业 cjzqdt11111 [Table_Title 轮动对比视角复盘，当前非银子行业如何择时 2] 选股？ [Table_Summary2] 历史 ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [11]. Core Insights - The insurance sector is expected to benefit from a stable interest rate environment and a slow bull market, leading to improved interest spreads and valuations. If new premium growth remains strong, profitability is likely to improve, further enhancing sector valuations. The report recommends specific stocks including New China Life, Ping An, China Life, and China Pacific Insurance [3][10]. Summary by Sections Insurance Market Outlook - Historical data indicates that the insurance index typically shows positive returns in the five trading days before the Spring Festival, with a success rate of approximately 71.4%. The report anticipates a potential repeat of this trend in 2026, as the conditions appear favorable for premium growth [8][9]. Premium and Profitability Analysis - The report projects that the life insurance market could reach a scale of 4.8 trillion yuan, with a year-on-year growth rate of about 10%. The asset side is expected to benefit from a strong stock market performance, while the focus should be on long-term profitability improvements driven by policy and market changes [9][10]. Long-term Valuation Recovery - The insurance industry's ability and willingness to allocate equity will significantly increase in the foreseeable future, leading to improved interest spreads and enhanced policy profitability. The report emphasizes the importance of long-term perspectives on profitability improvement, suggesting that the sector has substantial room for valuation recovery [10].

Core Viewpoint - The article emphasizes the growing attractiveness of the Hong Kong insurance market for mainland investors, highlighting the significant growth in insurance premiums and the advantages of Hong Kong insurance products over mainland offerings [2][5][7]. Group 1: Insurance Market Trends - In the context of declining interest rates, insurance has become a favored asset class, with the insurance sector index in A-shares achieving a 3-year return of 51.75%, compared to the 31.01% return of the securities index [2]. - The total net profit of the five major listed insurance companies in A-shares reached 426 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 33.5% [3]. - The Hong Kong insurance market saw a surge in new policies, with a premium of 173.7 billion HKD in the first half of 2025, reflecting a year-on-year growth of 50.5% [5]. Group 2: Investment Preferences of Mainland Investors - Approximately 55% of the assets of new middle-class individuals in China are allocated to real estate, while 31% are held in banks, prompting a shift towards higher-yielding investments such as Hong Kong insurance [3]. - The article notes that 29% of new insurance policies in Hong Kong were purchased by mainland visitors, indicating a strong interest from this demographic [5]. Group 3: Advantages of Hong Kong Insurance Products - Hong Kong insurance products offer greater flexibility and higher investment returns compared to mainland products, with a significant portion of new policies being denominated in USD (79.8%) [7]. - The expected return rates for Hong Kong's participating insurance policies can reach up to 7%, significantly higher than the 2% maximum for similar products in mainland China [7][10]. - Hong Kong's critical advantage lies in its ability to provide policies that can be settled in multiple currencies, enhancing their appeal to investors [7]. Group 4: Market Dynamics and Future Outlook - The article predicts that by 2026, the "new three treasures" of Hong Kong—insurance, stocks, and overseas expansion—will stand out as key investment opportunities [4]. - The Hong Kong stock market has seen a notable increase in IPO activity, with 286.3 billion HKD raised in 2025, making it the top global destination for IPO financing [15]. - The average daily trading volume in the Hong Kong stock market increased by 90% in 2025, indicating heightened market activity and investor interest [16].

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 券商密集融资发展境外业务；八部门升级虚 拟货币等监管框架 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 08 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 2025/2/10 2025/6/10 2025/10/8 2026/2/5 非银金融 沪深300 相关研究 《权益市场表现亮眼，我们预计 2025 年净利润同比+50%，2026 年高基数下 同比+16%——证券行业 2025 年年报 前瞻及展望》 2026-02-03 《保险行业 2025 年业绩前瞻：预计全 年 NBV 高增长，Q4 净利润或受投资 短期波动影响》 2026-02-02 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个 ...