Group 1 - The credit bond ETF (511190.SH) closed down by 0.06% on January 26, 2026, with a net outflow of main funds (single transaction amount over 1 million yuan) amounting to 27.39 million yuan, ranking it among the top two in comparable funds [1] - The latest trading volume of the fund was 1.2245 million units, and the latest transaction amount fell below 130 million yuan, placing it among the bottom two in comparable funds [1]

Group 1 - The core point of the article highlights that the Science and Technology Innovation Bond ETF (招商551900.SH) experienced a slight increase of 0.02% on January 26, 2026, despite facing significant net outflows of 14.46 million yuan from major funds (transactions over 1 million yuan) [1][1][1] - The latest trading volume for the fund was reported at 354,100 units, with the total transaction amount falling below 100 million yuan, placing it at the lower end compared to similar funds [1][1][1]

与此同时，该基金最新成交量为4921.89万份，最新成交额达5918.63万元，居可比基金末位。 2026年1月26日，稀有金属ETF基金（561800.SH）收涨3.06%，主力资金（单笔成交额100万元以上）净 流出565.52万元，居可比基金前2。（数据来源：Wind） 与此同时，该基金最新成交量为4921.89万份，最新成交额达5918.63万元，居可比基金末位。 2026年1月26日，稀有金属ETF基金（561800.SH）收涨3.06%，主力资金（单笔成交额100万元以上）净 流出565.52万元，居可比基金前2。（数据来源：Wind） ...

Investment Rating - The report assigns an "Overweight" rating for the health insurance industry, indicating a positive outlook for the sector in the next 6 to 12 months [11]. Core Insights - The report highlights the importance of the health insurance sector in supporting China's health strategy, with multiple institutions collaborating to enhance product offerings and data capabilities [5][6]. - The shift from passive reimbursement to proactive engagement in commercial health insurance is emphasized, with the establishment of standardized terms and drug payment lists to stabilize market expectations [5]. - The report notes that the commercial health insurance sector is expected to see significant growth, particularly in the area of innovative drug payments, with a projected total compensation amount of approximately 14.7 billion yuan for innovative drugs in 2025 [5]. Summary by Sections Industry Overview - The health insurance industry is experiencing a transformation, with a focus on high-quality development and collaboration among various institutions [5]. - The total market capitalization of the industry is reported at 34,888.11 billion yuan, with the same figure for circulating market capitalization [3]. Market Trends - The report indicates that commercial medical insurance is entering a phase of refinement, with efforts to standardize product designs and payment lists to enhance industry competitiveness [5]. - The establishment of a new data infrastructure for health insurance is being prioritized to improve risk management and operational efficiency [5]. Company Strategies - Major insurance companies are diversifying their health insurance offerings, with each company focusing on different operational models to enhance their service ecosystems [10]. - The report identifies key players such as China Life, China Ping An, and China Pacific Insurance, highlighting their unique approaches to health insurance and the integration of health management services [10]. Investment Recommendations - The report suggests a continued focus on leading insurance companies, including China Life, China Pacific, and AIA, as they are expected to benefit from the ongoing developments in the health insurance sector [5].

Core Viewpoint - The introduction of innovative agricultural insurance products, such as the "fattening pig income insurance," aims to stabilize farmers' income against market fluctuations and natural disasters, enhancing the resilience of the agricultural sector in China [1][2]. Group 1: Agricultural Insurance Innovations - The "fattening pig income insurance" combines pig futures prices with actual output to provide a comprehensive income protection scheme for farmers, addressing both price and quantity risks [2]. - This insurance product represents an evolution from the previous "insurance + futures" model, which primarily focused on price risk, to a model that directly safeguards farming outcomes [2]. - The insurance is designed to help farmers like Li Bin, who have experienced significant financial stress during market downturns, by providing a safety net that allows for better planning and management of farming operations [2]. Group 2: Support for Fruit Farming - China Pacific Insurance has launched 11 specialized insurance products for the fruit industry in Guangdong, providing 2.5 billion yuan in risk coverage for various fruits, including lychee and longan, covering over 830,000 acres [3]. - The company has developed a comprehensive risk management approach, including weather index insurance and blockchain traceability systems, to enhance the resilience of the fruit supply chain [3][4]. - The collaboration between insurance providers and agricultural enterprises has improved risk management precision and expanded the coverage of insurance services, enabling farmers to adopt proactive risk control measures [4]. Group 3: Overall Impact on Agriculture - In 2025, China Pacific Insurance offered nearly 5,000 agricultural insurance products, providing 1.3 trillion yuan in risk coverage to over 5.73 million farming households [4]. - The ongoing exploration of the "insurance +" model aims to support high-quality agricultural development and rural revitalization, focusing on refined management and diversified collaboration [4].

姜旭平先生已确认与本公司董事会并无不同意见，而就其退任一 事，亦无任何需要通知本公司股东和债权人的事项。姜旭平先生在任 职期间勤勉尽责、认真履职，本公司董事会对姜旭平先生为本公司所 做的贡献表示衷心的感谢！ 证券代码：601601 证券简称：中国太保 公告编号：2026-002 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2026 年 1 月 27 日 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 关于独立董事任职资格获核准的公告 本公司近日收到国家金融监督管理总局（以下简称"金融监管总 局"）《关于黄显荣中国太平洋保险（集团）股份有限公司独立董事 任职资格的批复》（金复〔2026〕43 号）。金融监管总局已核准了 黄显荣先生担任本公司独立董事的任职资格。自此，黄显荣先生接替 姜旭平先生正式担任本公司第十届董事会独立董事。同日，姜旭平先 生退任董事职务。 ...

1月26日金融一线消息，中国太保发布公告称，公司近日收到国家金融监督管理总局（以下简称"金融监 管总局"）《关于黄显荣中国太平洋保险（集团）股份有限公司独立董事任职资格的批复》（金复 〔2026〕43号）。金融监管总局已核准了黄显荣担任中国太保独立董事的任职资格。自此，黄显荣接替 姜旭平正式担任中国太保第十届董事会独立董事。同日，姜旭平退任董事职务。 1月26日金融一线消息，中国太保发布公告称，公司近日收到国家金融监督管理总局（以下简称"金融监 管总局"）《关于黄显荣中国太平洋保险（集团）股份有限公司独立董事任职资格的批复》（金复 〔2026〕43号）。金融监管总局已核准了黄显荣担任中国太保独立董事的任职资格。自此，黄显荣接替 姜旭平正式担任中国太保第十届董事会独立董事。同日，姜旭平退任董事职务。 证券代码:601601 证券简称:中国太保 公告编号:2026-002 重要提示 责任编辑：秦艺 中国太平洋保险(集团)股份有限公司董事会 2026年1月27日 责任编辑：秦艺 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 中国太 ...

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入（元） | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601336 新华保险 | | 2.60亿 | 9.33% | -5141.09万 | -1.84% | -2.09亿 | -7.48% | | 601601 中国太保 | | 1.19/Z | 4.02% | 5411.66万 | 1.83% | -1.73亿 | -5.85% | | 601319 中国人保 | | 8002.96万 | 7.30% | 792.67万 | 0.72% | -8795.63万 | -8.02% | | 601628 中国人寿 | | -5498.40万 | -3.19% | 1.53亿 | 8.91% | -9840.94万 | -5.71% | | 601318 中国平安 | | -2.37亿 | -1.81% | -4.21亿 | -3.22% | 6.58 Z | 5.03% | 证券之星消息，1月26日保险板块较上一交易日上 ...

Investment Rating - The report maintains a "Buy" rating for the insurance sector, expecting a robust growth in premiums for listed insurance companies in 2025 [1][4]. Core Insights - The insurance index decreased by 4.04%, underperforming the market by 3.42 percentage points, with mixed performances among individual stocks [1]. - The China Insurance Association indicated that the current standard interest rate for ordinary life insurance is 1.89% [2]. - China Taiping announced a significant profit increase for 2025, projecting a rise of approximately 215% to 225% compared to 2024, driven by improved net investment income and favorable tax policies [2]. - The health insurance sector has seen an average compound annual growth rate of over 20% in the past decade [2]. - Agricultural insurance premiums in China have surpassed 155 billion yuan, with nearly 80% coming from government subsidies [2]. Summary by Sections Premium Growth Projections - In 2025, New China Life is expected to achieve premiums of 195.9 billion yuan, a year-on-year increase of 14.9%, with a "front-high and back-stable" growth pattern anticipated [3]. - China Pacific Insurance is projected to reach total premiums of 461.7 billion yuan, a 4.4% increase year-on-year, with life insurance being the main growth driver [3]. - ZhongAn Online is expected to achieve premiums of 35.6 billion yuan, reflecting a year-on-year growth of 6.7% [3]. Market Dynamics - The report anticipates steady premium growth for listed insurance companies in 2025, primarily driven by life insurance and the expansion of distribution channels [4]. - The property insurance sector is expected to show varied performance, influenced by adjustments in non-auto insurance business [4]. Investment Recommendations - The insurance sector has experienced two weeks of adjustments, mainly due to a slowdown in growth and high valuations [4]. - The report suggests that the performance of listed insurance companies in 2025 will be primarily driven by investment returns, with a favorable outlook for the first half of 2026 [4]. - The report highlights the potential for price-to-earnings value (PEV) ratios to recover, with estimates for major life insurance companies indicating potential increases above 1x [4]. Valuation Metrics - The report provides PEV valuations for major life insurance companies, with China Life at 0.87x, New China Life at 0.86x, and Ping An at 0.77x [4]. - For property insurance, the report lists valuations with China Property at 1.15x and PICC at 1.26x [5].

Investment Rating - The insurance industry is rated as "Recommended" for the next 3-6 months, with expectations that the industry index will outperform the benchmark index by more than 5% [21]. Core Insights - The insurance sector is expected to see steady premium growth in 2025, with significant contributions from bancassurance channels and the expansion of distribution networks [4][3]. - The report highlights that the average premium growth for listed insurance companies in 2025 is projected to be robust, driven by factors such as improved investment returns and favorable tax policies [2][4]. - The report notes that the health insurance sector has experienced an average compound annual growth rate of over 20% in the past decade, indicating strong market potential [2]. Summary by Sections Market Performance - The insurance index decreased by 4.04% this week, underperforming the broader market by 3.42 percentage points [1]. - Individual stock performances varied, with notable declines in companies like China Life (-3.77%) and Ping An (-3.66%), while China Taiping showed a significant increase of 8.78% [1]. Company-Specific Insights - China Taiping is expected to see a substantial increase in its annual profit, projected to grow by approximately 215% to 843.2 million HKD in 2025, driven by enhanced net investment income and favorable tax policies [2]. - New China Life's premiums are expected to reach 195.9 billion CNY in 2025, reflecting a year-on-year growth of 14.9% [3]. - China Pacific Insurance's total premiums are projected to be 461.7 billion CNY, with a growth rate of 4.4%, supported by an 8.1% increase in life insurance premiums [3]. Investment Recommendations - The report suggests that the insurance sector has undergone two weeks of adjustments, primarily due to a slowdown in the "New Year" growth and high valuations [4]. - For the medium term, the first half of 2026 is expected to have relatively low base pressure, with an active equity market and a thriving liability side likely to drive performance beyond expectations [4]. - The report indicates that the current stabilization trend in long-term interest rates significantly alleviates pressure on interest spreads, suggesting potential for price-to-earnings value (PEV) ratios to recover towards 1x [4]. Valuation Metrics - The report provides PEV valuations for various companies, indicating that China Life is at 0.87x, New China Life at 0.86x, and Ping An at 0.77x [4]. - For property and casualty insurance, the report lists China Re at 0.60x and China Pacific at 1.09x, with a recommendation order favoring China Taiping and China Ping An [5].