Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

业绩改善预期：根据光大证券、华创证券等机构发布的研报，公司2025年前三季度归母净利润同比增长 28.9%，其中第三季度单季增速达48.7%，财险综合成本率（COR）优化至96.1%，承保盈利改善。投资 端表现稳健：截至2025年三季度末，公司未年化总投资收益率为5.4%，同比提升0.8个百分点，权益市 场回暖对投资收益形成正向贡献。 保险板块表现突出：截至2026年2月23日，港股保险板块整体上涨1.87%，形成板块联动效应，对成分 股形成支撑。恒生指数上涨：当日恒生指数上涨2.09%，市场风险偏好提升，资金向金融板块轮动。 资金面与技术面 均线突破：股价突破5日、10日及20日均线（分别位于6.768港元、6.752港元、6.696港元），收盘价 （6.97港元）接近布林带上轨（6.973港元），短期动能增强。资金流入：主力资金净流入655.25万港 元，占总成交额比例较高，显示机构资金参与度提升。 业绩经营情况 经济观察网 中国人民保险集团（01339.HK）今日股价上涨主要受所属板块表现强劲及市场情绪回暖推 动。 板块变化情况 行业与风险分析 A/H股溢价收窄：当日A股中国人保（601319.SH）下 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, driven by the growth in premium income and stable asset management [5][3]. Core Insights - The growth in premium income is expected to lead to a steady increase in the balance of insurance funds, with a projected year-end balance of CNY 38.5 trillion for 2025, reflecting a 15.7% increase from the beginning of the year [5][3]. - The report highlights a significant increase in equity allocation, with total equity and fund assets reaching CNY 5.70 trillion, up CNY 1.60 trillion from the start of the year, accounting for 15.4% of total assets [5][3]. - The bond allocation remains robust, constituting 50.4% of the total assets, indicating that bonds continue to serve as a stabilizing force for insurance companies [5][3]. Summary by Sections Premium Growth and Fund Allocation - The insurance industry is projected to see a premium growth of 7.1% year-on-year in 2025, with life insurance premiums increasing by 8.3% and property insurance premiums by 3.9% [5][3]. - By the end of Q4 2025, the allocation of stocks reached CNY 3.73 trillion, an increase of CNY 1.31 trillion from the beginning of the year, while fund assets totaled CNY 1.97 trillion, reflecting a slight decrease in the last quarter [5][3]. Asset Management Strategy - The report anticipates that the stable long-term interest rates, which are expected to range between 1.79% and 1.90%, along with a mild recovery in the equity market, will positively impact the profitability of insurance companies [5][3]. - The report recommends specific stocks, including China Ping An, China Pacific Insurance, New China Life, and China Life, as favorable investment opportunities within the sector [5][3].

Core Viewpoint - The insurance stocks in China have collectively declined, with significant drops observed in major companies, indicating potential pressure on profits due to market fluctuations and changes in capital allocation strategies [1] Group 1: Stock Performance - China Life (601628) fell by 4.14% to HKD 32.92 [1] - China Pacific Insurance (601601) decreased by 2.41% to HKD 37.26 [1] - New China Life (601336) dropped by 2.1% to HKD 58.15 [1] - China Ping An (601319) saw a decline of 3.52% to HKD 6.56 [1] Group 2: Profit Forecasts - Shenwan Hongyuan's report predicts a 22.7% year-on-year growth in net profit for A-share listed insurance companies in 2025, reaching CNY 426.4 billion [1] - The growth rate is expected to decrease by 10.9 percentage points compared to the third quarter of 2025 [1] Group 3: Market Dynamics - The narrative of "deposit migration" continues to evolve, with rumors about the scale of maturing deposits rising from CNY 10 trillion to CNY 70 trillion [1] - Bank of America reports that 70%-80% of maturing deposits are likely to remain within the banking system, with approximately CNY 1 trillion expected to flow into "non-deposit assets" [1] - If CNY 500 billion of this amount flows into insurance, it could lead to noticeable elasticity in life insurance sales [1]

Investment Rating - The industry investment rating is maintained as "Increase" [1] Core Insights - The insurance industry is experiencing significant growth in asset allocation towards core equities, with a slowdown in bond allocation pace [5] - By the end of 2025, the total investment balance of the insurance industry reached 38.5 trillion yuan, marking a 15.7% increase from the beginning of the year, the highest growth rate since 2021 [9] - The allocation of "stocks + funds" increased by 1.6 trillion yuan in 2025, with a total balance of 5.7 trillion yuan by year-end [5] - The proportion of "stocks + funds" in total investment reached 15.4% by the end of 2025, an increase of 2.6 percentage points from the beginning of the year [5] - The demand in the market remains strong, and the optimization of liability costs is expected to alleviate pressure from interest rate spreads [5] Summary by Sections Investment Allocation - By the end of 2025, the investment scale of life insurance companies was 34.7 trillion yuan, accounting for 90.1% of the industry [5] - The allocation of bank deposits decreased to 7.6%, while the bond allocation increased to 51.1% [5] - The allocation of stocks and funds reached a high level, with stocks accounting for 10.1% and funds for 5.3% of total investments [5] Market Outlook - The recent decline in the yield of ten-year government bonds to approximately 1.81% is expected to ease the pressure on the investment income of insurance companies [5] - The insurance sector's valuation remains at historical lows, with estimated PEV ranging from 0.64 to 0.86 and PB from 1.15 to 2.24 [5]

Core Viewpoint - Southbound funds increased their holdings in China People's Insurance Group (01339.HK) by 967,000 shares on February 12, despite a net reduction of 12.77 million shares over the past five trading days [1] Group 1: Southbound Fund Activity - Over the last 20 trading days, Southbound funds have reduced their holdings on 15 occasions, resulting in a total net reduction of 28.26 million shares [1] - Currently, Southbound funds hold 2.509 billion shares of China People's Insurance Group, accounting for 28.74% of the company's total issued ordinary shares [1] Group 2: Company Overview - China People's Insurance Group is a holding company primarily engaged in providing insurance products [1] - The company and its subsidiaries are involved in various insurance sectors, including property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, and pension insurance [1] - Property insurance offerings include products for both corporate and individual clients, such as vehicle insurance, agricultural insurance, property insurance, and liability insurance [1] - Health insurance products encompass health and medical insurance [1] - Life insurance products include participating, whole life, annuity, and universal life insurance [1] - The Hong Kong insurance segment covers property insurance operations in Hong Kong [1] - Pension insurance includes corporate annuities and occupational annuities [1]

Core Viewpoint - The insurance asset management institutions are transitioning from passive investors in ABS to active managers, focusing on real estate and green assets that align with their characteristics [1][2][3]. Group 1: Transition of Insurance Asset Management Institutions - Insurance asset management institutions have shifted their role from merely buying products to both buying and managing products in the ABS market [2][4]. - Five insurance asset management institutions, including China Pacific Asset Management and China Insurance Asset Management, have been approved to pilot ABS and REITs business, leading to multiple product launches [2][4]. - The dual role of managing and investing allows these institutions to better control project risks and enhance asset operation [3][4]. Group 2: Focus on Real Estate Assets - Real estate has become a primary focus for the underlying assets in ABS, with a significant portion of products being real estate-related [5]. - By 2025, it is expected that the number of real estate ABS products will increase significantly, reflecting a deeper engagement in this sector [5]. - The regulatory environment is encouraging the growth of holding-type real estate ABS, which is expected to become a key component of the multi-tiered REITs market [5]. Group 3: Green Asset Integration - The ABS projects are increasingly aligned with the national "dual carbon" strategy, emphasizing green attributes [6]. - Projects like the Tianhe Fuhua ABS, which involves distributed photovoltaic power stations, have received the highest green asset certification [6]. - Future strategies will focus on high-quality underlying assets from large state-owned enterprises and local government enterprises, with an emphasis on holding-type real estate ABS and mid-to-long-term REITs [6].

2026年2月11日，文山金融监管分局发布批复称，《中国人民财产保险股份有限公司文山州分公司关于 中国人民财产保险股份有限公司文山支公司开化镇营销服务部营业场所变更的请示》(文人保财险发 〔2026〕1号)收悉。经审核，现批复如下： 一、同意中国人民财产保险股份有限公司文山支公司开化镇营销服务部将营业场所变更为：云南省文山 壮族苗族自治州文山市新平街道新平坝立交桥(百生园小区南门旁)。 二、中国人民财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Core Viewpoint - The company, People's Insurance Company of China (PICC), is launching a series of services during the 2026 Spring Festival to ensure a warm and safe travel experience for customers, focusing on travel protection and urban support [1]. Group 1: Service Initiatives - PICC has set up over 500 "Warm Stations" nationwide to assist travelers during the peak travel season, providing services such as quick claims consultation, free vehicle safety checks, and essential supplies [2][4]. - The "Immediate Claims" service simplifies the claims process for vehicle damage under 2,000 yuan, allowing for compensation before repairs without the need for on-site inspections or accident reports [6]. - A dedicated online claims team will be available during the holiday to ensure efficient responses for online claims, with 24/7 service support [6][7]. Group 2: Community Support - The company is implementing a "Four Warm" service initiative aimed at healthcare workers, police officers, corporate clients, and elderly or disabled families, offering specialized support and services [9]. - "Care Stations" will be established for delivery workers and sanitation workers, providing amenities such as hot water and rest areas, along with safety packages to show appreciation for their hard work during the holiday [9]. - Continuous upgrades to service points will enhance accessibility for elderly clients and foreign nationals, ensuring comprehensive insurance services and community support [9].

Core Viewpoint - Southbound funds have reduced their holdings in China People's Insurance Group (01339.HK) by 6.541 million shares on February 11, with a total net reduction of 16.814 million shares over the past five trading days and 35.9961 million shares over the last 20 trading days [1] Group 1: Shareholding Changes - Southbound funds have reduced their holdings in China People's Insurance Group for 5 out of the last 5 trading days, totaling a net reduction of 16.814 million shares [1] - Over the past 20 trading days, southbound funds have reduced their holdings for 16 days, resulting in a cumulative net reduction of 35.9961 million shares [1] - As of now, southbound funds hold 2.508 billion shares of China People's Insurance Group, accounting for 28.74% of the company's total issued ordinary shares [1] Group 2: Company Overview - China People's Insurance Group is a holding company primarily providing insurance products [1] - The company and its subsidiaries are engaged in various insurance sectors, including property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, and pension insurance [1] - Property insurance includes products for both companies and individuals, such as motor vehicle insurance, agricultural insurance, property insurance, and liability insurance [1] - Health insurance encompasses health and medical insurance products [1] - Life insurance includes various life insurance products, such as participating, whole life, annuity, and universal life insurance [1] - Hong Kong insurance involves property insurance operations in Hong Kong [1] - Pension insurance includes corporate annuities and occupational annuities [1]