Core Viewpoint - The report highlights that prominent fund managers from Ruifeng Fund have increased their holdings in leading technology companies like Alibaba, indicating a strong belief in the potential of artificial intelligence as a major technological transformation following the internet era [1]. Fund Performance - The Ruifeng Growth Value Mixed Fund, managed by Fu Pengbo and Zhu Lin, saw a net value increase of over 50% in Q3, with A-class shares rising by 51.09%, outperforming the benchmark by 14.82%, marking the highest quarterly record since its inception in 2019 [1]. - The Ruifeng Balanced Value Three-Year Holding Mixed A Fund, managed by Zhao Feng, reported a net value growth rate of 19.29%, exceeding the benchmark return of 13.70% during the same period [3][4]. Portfolio Adjustments - The top ten holdings of the Ruifeng Growth Value Mixed Fund included stocks that doubled in price during Q3, such as Xinyi Technology, Shenghong Technology, and Cambricon, although these were reduced in the portfolio [1]. - The fund maintained a high stock asset allocation with over 90% in equities, and the top ten holdings accounted for 66% of the net value, showing a significant increase from the previous quarter [2][3]. Sector Focus - The fund managers expressed a continued positive outlook on artificial intelligence, focusing on sectors such as internet technology, optical modules, PCB, chips, and innovative pharmaceuticals [2][3]. - The report indicates that the concentration of holdings increased due to significant price rises in key stocks, particularly in the new energy and Apple supply chain sectors [3]. Investment Strategy - Zhao Feng emphasized that AI is becoming the largest technological transformation after the internet, with rapid adoption across various industries [5]. - The report notes that while there are uncertainties regarding the future returns from substantial investments in foundational models and data centers, leading internet companies are well-positioned financially to support these capital expenditures [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （於香港註冊成立之有限公司） （股份代號：966） 公告 附屬公司2025年第三季度償付能力報告 本公告乃由中國太平保險控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及香港法例第 571 章證券及期貨條例（「證券及期貨條例」）第 XIVA 部之內幕消息條文（定義見上市規則） 之規定而發出。 本公司於中華人民共和國（「中國」）成立的若干從事保險業務的附屬公司，分別為太平人 壽保險有限公司、太平財產保險有限公司、太平養老保險股份有限公司及太平再保險（中國） 有限公司（「若干附屬公司」），受國家金融監督管理總局（「金融監管總局」）監管。根 據金融監管總局發佈的風險導向償付能力體系二期（「償二代二期」）之相關規定，保險公 司需每季度披露其自身的償付能力報告摘要。 截至2025年9月30日止第三季度償付能力報告摘要將分別於中國 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （於香港註冊成立之有限公司） （股份代號：966） 本公告乃由中國太平保險控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及香港法例第 571 章證券及期貨條例（「證券及期貨條例」）第 XIVA 部之內幕消息條文（定義見上市規則） 之規定而發出。 本公司於中華人民共和國（「中國」）成立的若干從事保險業務的附屬公司，分別為太平人 壽保險有限公司、太平財產保險有限公司及太平再保險（中國）有限公司（「若干附屬公司」）， 受國家金融監督管理總局（「金融監管總局」）（原「中國保險監督管理委員會」）監管。 根據《中國人民銀行、中國保險監督管理委員會公告2015年第3號》之規定，保險公司在資 本債券存續期間，需定期披露其自身的財務報告及償付能力報表。有關償付能力報表的詳情 請參見本公司將適時在香港聯合交易所有限公司網站（www.hk ...

本报记者 冷翠华 中国平安表示，该公司将以满足人民日益增长的美好生活需要为根本目的，进一步做好金融"五篇大文章"，推动该公司长 期、可持续的高质量发展。 新华保险表示，要在党的二十届四中全会精神的指导下，践行"大保险观"，锚定"中国一流的以保险业务为核心的金融服 务集团"发展愿景，贯彻"以客户为中心、以队伍为根本、以员工为伙伴"的三大战略主线，多维发力，不断完善"保险+投资+服 务"的三端协同发展模式。 对于保险业做好金融"五篇大文章"的发力点，周瑾认为，保险应在自身的功能性价值方面发挥行业的资金融通、资产配 置、风险管理、财富规划等能力优势，经营思维从"获利"转向"赋能"，平衡经济贡献和社会贡献。 多举措谋求高质量发展 学习党的二十届四中全会精神，关键在于将会议部署转化为行业发展的具体实践。多家大型险企表示，将以会议精神为指 引，结合自身业务定位与资源禀赋，制定公司未来发展规划、明确重点工作方向，切实将政策要求转化为谋求长期可持续高质 量发展的实际行动。 近日，多家大型险企正深入学习党的二十届四中全会精神，并表示将结合自身发展实际，着力做好金融"五篇大文章"，推 动公司和行业实现长期可持续的高质量发展。 保 ...

根据公告，太平养老已收到金融监管总局的批复，批准其增加注册资本3.33亿元，注册资本由30亿元增至33.33亿元。同时，同意比利时富杰保险国际股份有 限公司（以下简称"比利时富杰"）认购公司10%股权，由此，比利时富杰成为太平养老第二大股东。 【环球网财经综合报道】日前，太平养老保险股份有限公司（以下简称"太平养老"）宣布增资及变更股权获批。 实际上，早在去年5月20日，中国太平就与富杰集团在香港举行签约仪式，富杰拟向中国太平旗下太平养老投资10.75亿元，获取10%股权，双方达成在中国 养老金融领域的战略合作。 富杰集团与中国太平合作历史悠久，除此次入股太平养老外，富杰还是中国太平旗下多家子公司的股东，持有太平人寿12.45%股权、太平资产20%股权以及 太平金融服务公司12%股权。 据中国太平官方资料介绍，富杰集团（Ageas）是欧洲大型保险公司之一，2023年保费超170亿欧元，在比利时等国家处于市场领先地位，在欧洲、亚洲13个 国家布局机构，业务范围涵盖人身险、财产险、再保险以及资产管理等。 太平养老二季度偿付能力报告显示，今年上半年，其保险业务收入为14.47亿元，净利润5527.9万元。截至202 ...

Core Viewpoint - The resignation of Li Guanying from the board of Shanghai Rural Commercial Bank is linked to the adjustment of accounting standards for insurance funds, which may impact the bank's financial reporting and investment classification by China Taiping Insurance Group [2][6][12] Group 1: Resignation Details - Li Guanying resigned from his position as a non-executive director on October 17, 2023, nearly one year before his term was set to end on October 10, 2026 [6] - His resignation will not affect the legal number of board members or the normal operation of the board [2][6] Group 2: Investment Implications - Taiping Asset Management stated that investing in Shanghai Rural Commercial Bank is part of a diversified investment strategy for insurance funds, and the resignation is due to accounting adjustments [6][12] - The resignation may lead to a change in how China Taiping accounts for its investment in Shanghai Rural Commercial Bank, potentially shifting from equity method accounting to fair value measurement [12] Group 3: Market Reactions and Speculations - There are speculations in the market that Taiping Asset may plan to reduce its stake in Shanghai Rural Commercial Bank or adjust its cooperation strategy following Li Guanying's resignation [8][10] - Experts suggest that the impact of the resignation is difficult to predict and may simply be a normal personnel change rather than a significant strategic shift [8][10]

Group 1 - The core point of the article is that Taiping Pension Insurance Co., Ltd. has received approval from the National Financial Regulatory Administration to increase its registered capital by 333.333 million yuan, raising the total from 3 billion yuan to 3.333 billion yuan [1] - The capital increase will be fully subscribed by the new shareholder, Belgium Fortis Insurance International Co., Ltd., which will acquire a 10% stake in Taiping Pension, making it the second-largest shareholder [1] - Following the capital increase, the shareholding of the largest shareholder, China Taiping Insurance Holdings Company Limited, will be diluted from 99.99% to 89.99% [1]

Core Viewpoint - The Hong Kong insurance stocks experienced a collective surge, with notable increases in share prices for major companies in the sector [1] Group 1: Stock Performance - China Life Insurance led the gains with an increase of over 4% [1] - China Pacific Insurance rose by 3.5% [1] - New China Life Insurance saw a rise of 2.6% [1] - Other companies such as New China Life, Ping An Insurance, China Pacific Insurance, and AIA Group all recorded increases of over 2% [1]

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong insurance stocks, with China Life leading the gains at over 4% [1] - Major insurance companies such as China Life, New China Life, and PICC have announced significant profit increases, with net profit growth exceeding 40% year-on-year, and China Life leading with a projected increase of 50% to 70% [1] - The strong performance in equity investments is identified as a key driver behind the net profit growth of these companies [1] Group 2 - Several brokerage firms maintain an optimistic outlook on the insurance sector, anticipating a "double hit" in valuation and performance due to "asset-liability resonance" [1] - Continuous policy support from multiple departments encourages insurance capital to enter the market as long-term funds, promoting the establishment of a long-term assessment mechanism [1]

Core Insights - The core viewpoint of the article emphasizes the dominance of whole life insurance products in the market, highlighting their sustained growth in sales and premium income over recent years [2][20][26]. Group 1: Market Trends - In 2024, whole life insurance remains the top-selling product, continuing its three-year streak as the market leader, with one product exceeding 50 billion in premium income [2][20]. - The total premium income for the top five insurance products in the life insurance industry reached 1.22 trillion yuan, accounting for 38.4% of the total original insurance premium income [26][29]. - The concentration of premium income among the top five products has decreased from 48.4% in 2017 to 38.4% in 2024, indicating a trend towards diversification in product offerings [29]. Group 2: Product Performance - The number of whole life insurance products in the top five has increased significantly, with 188 products generating a total premium income of approximately 72.23 billion yuan in 2024 [22]. - The average premium income for whole life insurance products is 38.4 million yuan per product, which is the highest among all product categories [22]. - In 2024, 42 companies reported that their top premium-generating product was whole life insurance, although this number decreased by two companies compared to the previous year [20][24]. Group 3: Cash Flow Metrics - The cash flow payout to income ratio for the top five products in 2024 was 2.3%, a decrease of 0.4 percentage points year-on-year [10][39]. - The average cash flow payout to income ratio for the top seven companies was 2.1%, while smaller companies had an average of 2.4% [10][39]. - Among 323 products with payout amounts, the simple average cash flow payout to income ratio was 3.6%, with a weighted average of 2.3% [41][42].