Core Insights - China Taiping reported a solid performance for the first half of the year, with a net profit attributable to shareholders of HKD 6.764 billion, representing a year-on-year increase of 12.2% driven by improved insurance services [1] Business Segment Performance - The three main business segments of China Taiping exhibited differentiated growth, with life insurance continuing to serve as a stabilizing force, generating a profit of HKD 8.278 billion, up 5.5% year-on-year [2] - The domestic property insurance segment showed remarkable performance, achieving a profit of HKD 686 million, a significant increase of 84.9%, with a combined cost ratio of 95.5%, improving by 1.5 percentage points year-on-year [2] - The reinsurance segment also recorded substantial growth, with a profit of HKD 872 million, up 74.8%, maintaining a favorable combined cost ratio of 93.8% [2] - In the life insurance sector, the transformation towards dividend insurance has been effective, accounting for 87.1% of the first-year premium income for long-term insurance, leading to a new business value growth of 22.8% [2] Pension Business Growth - China Taiping's pension business saw significant growth, with total premium contributions from strategic partners reaching HKD 37.398 billion, and new pension contributions amounting to HKD 34.384 billion [3] - The second pillar annuity management asset balance increased by 11.5% compared to the end of the previous year, while the personal pension premium income surged by 84.5% [3] - The company has established 77 health and wellness communities across 28 provinces and 63 cities, contributing to new premium income of HKD 8.980 billion [3] Investment Performance - The net investment income for the first half of the year was HKD 25.268 billion, reflecting a year-on-year growth of 3.1%, primarily due to increased dividend and fund distribution income [4] - Fixed income assets accounted for 84.5% of the investment portfolio, an increase of 1.7 percentage points from the previous year, with high credit quality bonds making up 99.8% of domestic bond investments [4] - Real estate debt financial products represent a minimal portion of total assets at 0.8%, with a focus on high credit ratings and strong repayment capabilities from financing entities [4]

Core Insights - China Pacific Insurance (00966) reported a slight increase in insurance service revenue and a notable growth in net profit for the first half of 2025, indicating a stable performance in a challenging market environment [1] Financial Performance - Insurance service revenue reached HKD 55.964 billion, a year-on-year increase of 0.2% [1] - Insurance service profit amounted to HKD 12.316 billion, up 9.5% year-on-year [1] - Net profit attributable to shareholders was HKD 6.764 billion, reflecting a 12.2% increase [1] - Basic earnings per share rose to HKD 1.744, an increase of HKD 0.206 year-on-year [1] New Business Value - New business value (NBV) for China Pacific Life reached HKD 6.778 billion, a significant year-on-year growth of 22.9% [1] - The intrinsic value of China Pacific Life was HKD 223.591 billion, up 8.1% year-on-year [1] - The comprehensive cost ratio for reinsurance improved to 94.3%, a 1.5 percentage point enhancement compared to the previous year [1] - The net investment return in RMB terms was reported at 4.6% [1] Segment Performance - In RMB terms, the core subsidiary, China Pacific Life, achieved insurance service revenue of RMB 27.17 billion, a 3.7% increase year-on-year [2] - Insurance service profit for China Pacific Life was RMB 9.77 billion, up 0.6% year-on-year [2] - Original premium income reached RMB 115.06 billion, reflecting a 5.4% increase [2] - The new business value for the first half of 2025 was RMB 6.18 billion, a 22.8% increase year-on-year [2] Distribution Channels - Individual insurance new business value was RMB 4.07 billion, up 22.4% year-on-year, with a new business value rate increase of 3.5 percentage points to 22.7% [2] - Bank insurance channel new business value reached RMB 1.92 billion, a 23.8% increase year-on-year, with a new business value rate increase of 1.8 percentage points to 20.0% [2] - The 13-month renewal rates for individual and bank insurance were high at 98.9% and 98.5%, respectively [2] Asset Growth and Ecosystem Expansion - As of June 30, 2025, total assets exceeded HKD 1.87 trillion, an 8.1% increase from the end of 2024 [4] - Contract service margin reached HKD 213.186 billion, a 2.6% increase from the end of 2024 [4] - Total equity grew to HKD 136.434 billion, reflecting an 11.5% increase from the end of 2024 [4] - The company expanded its "self-owned + cooperative" health and wellness community to 77 locations, covering 28 provinces and 63 cities, generating new single premium income of HKD 8.98 billion [4]

智通财经APP讯，中国太平(00966)公布2025年中期业绩显示，截至2025年6月30日，业绩期内保险服务 收入559.64亿港元，同比增长0.2%;保险服务业绩123.16亿港元，同比增长9.5%;股东应占溢利净额(除税 后归属母公司净利润)达到67.64亿港元，同比增长12.2%;每股基本盈利1.744 港元，同比增加0.206港 元。 其中，太平人寿新业务价值(NBV)达到67.78亿港元，同比增长22.9%;太平人寿内涵价值2235.91亿港 元，同比增长8.1%;产再险综合成本率为94.3%，同比优化1.5个百分点;期内人民币口径下净投资收益为 4.6%。 太平人寿NBV同比增近23% 分红险占比大幅优化 业绩期内，在人民币口径下，核心子公司太平人寿保险服务收入达到271.7亿元，同比增3.7%;保险服务 业绩达到97.7亿元，同比增0.6%;原保费达到1150.6亿元，同比增5.4%，内涵价值达到2039.0亿元，较 2024年底增加6.5%。新业务价值达到61.8亿元，同比增22.8%。 分业务来看，个险新业务价值达到40.7亿元，同比增22.4%，新业务价值率提升3.5个百分点至22.7% ...

Core Insights - China Taiping (00966.HK) reported a net profit attributable to shareholders of HKD 6.764 billion for the six months ending June 30, 2025, representing a year-on-year increase of 12.2% primarily due to improved performance in the insurance services sector [1] Financial Performance - The profit from life insurance business reached HKD 8.278 billion, reflecting a year-on-year growth of 5.5% [1] - The profit from domestic property insurance business was HKD 686 million, showing a significant year-on-year increase of 84.9% due to enhanced insurance service performance [1] - The profit from reinsurance business amounted to HKD 872 million, up 74.8% year-on-year, driven by better insurance service performance and net investment results [1] Asset and Value Metrics - Total assets stood at HKD 187.41 billion, an increase of 8.1% compared to the end of the previous year, mainly due to a rise in total financial investments [1] - The contract service margin was HKD 213.2 billion, up 2.6% from the end of the previous year, influenced by newly recognized contracts and changes in the RMB exchange rate [1] - The total embedded value per share for shareholders was HKD 53.03, a 9.2% increase from HKD 48.57 at the end of the previous year, with Taiping Life's embedded value growing by 8.1% [1]

其中，太平人寿新业务价值(NBV)达到67.78亿港元，同比增长22.9%;太平人寿内涵价值2235.91亿港 元，同比增长8.1%;产再险综合成本率为94.3%，同比优化1.5个百分点;期内人民币口径下净投资收益为 4.6%。 中国太平(00966)公布2025年中期业绩显示，截至2025年6月30日，业绩期内保险服务收入559.64亿港 元，同比增长0.2%;保险服务业绩123.16亿港元，同比增长9.5%;股东应占溢利净额(除税后归属母公司净 利润)达到67.64亿港元，同比增长12.2%;每股基本盈利1.744港元，同比增加0.206港元。 ...

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 截至 2025 年 6 月 30 日止六個月中期業績 中國太平保險控股有限公司 公告 – 截至 2025 年 6 月 30 日止六個月中期業績 中國太平保險控股有限公司董事會公佈本公司及其附屬公司截至 2025 年 6 月 30 日止六個月未經 審核的中期財務業績如下，請一併閱覽下文管理層討論和分析： 管理層討論和分析 2025 年上半年，中國太平堅決落實中央各項決策部署，扎實推進「防風險、強管理、促發展、保 安全」走深走實，高質量發展穩步向前。業務發展穩中有進，發展質量持續向好。服務國家戰略 質效不斷提高，參與粵港澳大灣區建設不斷深入，支持香港鞏固提升國際金融中心地位力度加 大，奮力寫好「五篇大文章」。風險防控能力有效提升，風險合規管理不斷強化。戰略佈局扎實有 力，業務協同持續推進，服務運營水平不斷提高，經營管理基礎有力夯實。 股東應佔溢利持 ...

Financial Performance Highlights - China Taiping's insurance revenue increased slightly by 0.2% to HKD 55964 million[53] - Insurance service results increased by 9.5% to HKD 12316 million[53] - Net profit attributable to the owners increased by 12.2% to HKD 6764 million[53] - Total assets increased by 8.1% to HKD 1874119 million[55] - Contractual service margin increased by 2.6% to HKD 213186 million[55] Business Segment Performance (Direct Life Insurance - TPL) - TPL's insurance revenue increased by 3.7% to RMB 27170 million[75] - TPL's embedded value increased by 6.5% to RMB 203900 million[75] - TPL's new business value increased by 22.8% (restated) [75] - TPL's agency new business margin increased by 3.6 percentage points (restated) to 27.5%[105] - TPL's banca regular premiums increased by 12.7% to RMB 9690 million[124] Business Segment Performance (P&C Insurance - TPI) - TPI's insurance revenue increased by 7.9% to RMB 15780 million[147] - TPI's premium from agri-insurance increased by 33.9% to RMB 690 million[150] - TPI's combined ratio optimized by 1.5 percentage points to 95.5%[158] - TPI's profit after tax increased by 87.6% to RMB 630 million[158] Business Segment Performance (Reinsurance) - Reinsurance profit after tax increased by 77.4% to RMB 800 million[166] - Reinsurance combined ratio optimized by 2.9 percentage points to 93.8%[170]

Core Insights - As of August 18, 199 stocks reached a 52-week high, with PACIFIC LEGEND (08547), 百心安－Ｂ (02185), and 亦辰集团 (08365) leading the high rate at 75.34%, 48.09%, and 26.56% respectively [1][2] 52-Week High Rankings - PACIFIC LEGEND (08547) closed at 0.630, with a peak of 0.640, achieving a high rate of 75.34% [2] - 百心安－Ｂ (02185) closed at 9.300, with a peak of 9.300, achieving a high rate of 48.09% [2] - 亦辰集团 (08365) closed at 0.690, with a peak of 0.710, achieving a high rate of 26.56% [2] - Other notable stocks include 飞鱼科技 (01022) at 25.00%, 远大中国 (02789) at 23.72%, and 威讯控股 (01087) at 23.61% [2] 52-Week Low Rankings - 台州水务 (01542) reached a low of 1.240, with a decline rate of -8.15% [4] - 中国万天控股 (01854) reached a low of 0.850, with a decline rate of -5.56% [4] - 中显智能齐家控股 (08395) reached a low of 0.162, with a decline rate of -4.71% [4]

Key Points - The top three companies with net inflows from southbound funds are Xinda Biopharmaceutical (01801) with 835 million, China Life (02628) with 403 million, and AIA Insurance (01299) with 373 million [1][2] - The top three companies with net outflows are the Tracker Fund of Hong Kong (02800) with -6.679 billion, Hang Seng China Enterprises (02828) with -2.584 billion, and Anta Sports (02020) with -782 million [1][2] - In terms of net inflow ratio, Canggang Railway (02169) leads with 66.05%, followed by Bosideng (03998) with 49.50%, and Zhengzhou Bank (06196) with 48.61% [1][2] - The companies with the highest net outflow ratios include Skyworth Group (00751) at -52.19%, Anta Sports (02020) at -50.20%, and Ruipu Lanjun (00666) at -44.79% [1][2] Net Inflow Rankings - The top ten companies by net inflow include: - Xinda Biopharmaceutical (01801) with 835 million and a closing price of 95.000 (+8.82%) [2] - China Life (02628) with 403 million and a closing price of 22.800 (+0.71%) [2] - AIA Insurance (01299) with 373 million and a closing price of 76.400 (+3.03%) [2] - Other notable companies include Ideal Automotive (02015) with 365 million and a closing price of 97.150 (+3.30%) [2] Net Outflow Rankings - The top ten companies by net outflow include: - Tracker Fund of Hong Kong (02800) with -6.679 billion and a closing price of 26.080 (+2.35%) [2] - Hang Seng China Enterprises (02828) with -2.584 billion and a closing price of 93.760 (+2.76%) [2] - Anta Sports (02020) with -782 million and a closing price of 90.000 (+0.22%) [2] - Other significant outflows include Alibaba (09988) with -267 million and a closing price of 123.700 (+6.09%) [2] Net Inflow Ratio Rankings - The top companies by net inflow ratio include: - Canggang Railway (02169) with 66.05% and a closing price of 1.310 (-0.76%) [3] - Bosideng (03998) with 49.50% and a closing price of 4.600 (+0.66%) [3] - Zhengzhou Bank (06196) with 48.61% and a closing price of 1.410 (-2.08%) [3] Net Outflow Ratio Rankings - The top companies by net outflow ratio include: - Skyworth Group (00751) with -52.19% and a closing price of 3.260 (+1.24%) [3] - Anta Sports (02020) with -50.20% and a closing price of 90.000 (+0.22%) [3] - Ruipu Lanjun (00666) with -44.79% and a closing price of 12.160 (+5.28%) [3]

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to market benchmarks [2][6][7]. Core Insights - The insurance industry's fund utilization scale surpassed 36 trillion yuan in Q2 2025, with a net increase of over 1.3 trillion yuan in the quarter, reflecting strong growth driven by premium income and asset value appreciation [5][7]. - The allocation structure of insurance funds has become more pronounced, with bond and stock proportions reaching new highs, indicating a shift towards a "barbell" investment strategy [5][7]. - Regulatory measures have accelerated the entry of insurance funds into the stock market, with the stock allocation reaching a record high of 8.8% by the end of Q2 2025, supported by policy adjustments aimed at promoting long-term investments [5][7]. Summary by Sections Industry Scale - As of Q2 2025, the total market capitalization of stocks held by insurance companies is approximately 670.62 billion yuan, with a circulating market value of about 641.38 billion yuan [2]. Fund Utilization - The total fund utilization balance for insurance companies reached 36.23 trillion yuan by the end of Q2 2025, marking an 8.9% increase year-to-date and a 3.7% increase from Q1 2025 [5][7]. - The bond allocation exceeded 51%, the highest level in recent years, while bank deposits and non-standard investments were reduced [5][7]. Equity Investment - The stock balance for life and property insurance companies reached 3.07 trillion yuan, with a net increase of 640.6 billion yuan in the first half of 2025, indicating a strong commitment to equity investments [5][7]. - The report highlights a resurgence in insurance companies' stake acquisitions in peer firms, with 27 instances recorded in 2025, reflecting confidence in the sector's recovery and long-term value [5][7]. Investment Recommendations - The report suggests individual stock recommendations including China Pacific Insurance, New China Life Insurance, and Ping An Insurance, while also advising attention to China Life Insurance, China Taiping Insurance, and China Property & Casualty Insurance for their long-term investment value [7].