股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 中國太平保險控股有限公司 | | | | 呈交日期: | 2025年11月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 由於本公司是於香港註冊成立的公司，因此「法定/註冊股本」之概念並不適用於本公司。 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00966 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股 ...

Core Viewpoint - Major insurance companies in China are focusing on the "Five Major Financial Articles" and planning key work for the "14th Five-Year Plan" period, emphasizing the political and people-oriented nature of financial work [1][2]. Group 1: Company Strategies - China Life is in a critical phase of deepening reforms and promoting high-quality development, aiming to become a world-class financial insurance group [1]. - China Ping An is committed to a comprehensive financial strategy that integrates banking, insurance, securities, and funds, focusing on meeting the growing needs of the people for a better life [1][2]. - China Taiping is planning to develop its "14th Five-Year" development plan, aligning with central financial work meeting spirits and focusing on high-quality development [2][3]. Group 2: Financial Services Focus - China Ping An aims to serve key areas such as small and micro enterprises, agriculture, and people's livelihood needs, ensuring financial services flow to critical sectors [2]. - China Taiping emphasizes the importance of developing inclusive insurance products and services, supporting technology innovation, advanced manufacturing, and green development [3]. Group 3: Risk Management and Compliance - China Taiping is enhancing risk awareness and compliance management, focusing on proactive and targeted risk prevention measures [3]. - The companies are committed to leveraging insurance funds as long-term capital to stabilize the capital market and support economic development [3].

Core Insights - China Taiping is actively promoting the high-quality development of the silver economy through a comprehensive approach that includes the integration of healthcare and wellness services, aligning with the "Healthy China" strategy [1][2] Group 1: Business Model and Strategy - China Taiping employs a diversified business model combining "heavy assets, light assets, and medium assets" to achieve comprehensive coverage across regions, focusing on differentiated services such as medical care, wellness experiences, and travel-related services [1] - The company has established a collaborative development model that integrates "insurance protection, industrial investment, and ecosystem services" to enhance the quality of elderly care services [2] Group 2: Technological Integration - The development of a smart elderly care management system is underway, facilitating the digital transformation of care communities and enhancing service efficiency and quality through smart devices and data platforms [2] - A standardized service system has been created, encompassing nearly a hundred basic services and dozens of value-added services, aimed at meeting the diverse needs of the elderly [2] Group 3: Project Implementation and Impact - The first heavy asset elderly care community in Chengdu, "Furong Renjia," has been established with a total investment of approximately 2.1 billion yuan, capable of serving around 3,400 elderly individuals [3] - Since its operation began in July 2024, the community has received over 12,000 experience stays and has served more than 95,000 meals, showcasing its role as a benchmark project for elderly care services in Southwest China [3] Group 4: Future Directions - China Taiping plans to continue focusing on the development of smart elderly care products and deepen the integration of "elderly care + healthcare," "elderly care + tourism," and "elderly care + insurance" to enhance service quality [3]

Transaction Overview - Taiping Life (a subsidiary of China Taiping) signed an agreement with China Railway Construction Corporation on October 31, 2025, to sell all minority stakes in four target companies for a total price of RMB 6.5 billion [1] - The equity transfer includes 7.47% of China Railway Construction Investment (RMB 1.891 billion), 17.27% of China Railway Kunlun (RMB 1.773 billion), 10.86% of China Railway Eleventh Bureau (RMB 1.655 billion), and 8.49% of China Railway Construction (RMB 1.182 billion) [1] Financial Impact - The group is expected to recognize a profit of approximately RMB 300 million from the transaction, and after completion, Taiping Life will no longer hold equity in the aforementioned companies, with proceeds allocated for general working capital [2] Target Companies' Financials - The combined net assets of the target companies are approximately RMB 98.49 billion for 2024, with operating profits of RMB 11.11 billion and RMB 5.55 billion for 2023 and 2024, respectively [3] Transaction Completion - The transaction has met all preconditions and has been completed, in compliance with the disclosure standards required by listing rules [4]

Macro Dynamics - In September, the bond market issued a total of 81,027.8 billion yuan in various bonds, including 14,904.9 billion yuan in government bonds, 8,519.1 billion yuan in local government bonds, 11,741.0 billion yuan in financial bonds, 13,407.3 billion yuan in corporate credit bonds, 365.7 billion yuan in credit asset-backed securities, and 31,627.8 billion yuan in interbank certificates of deposit [2] - In September, China's foreign exchange market had a total transaction volume of 26.87 trillion yuan (approximately 3.78 trillion USD), with the interbank market accounting for 22.44 trillion yuan (approximately 3.16 trillion USD) [3] - In the first three quarters, the revenue of large-scale internet and related service enterprises in China reached 14,420 billion yuan, showing a year-on-year growth of 2.8% [4][5] Financial Institutions - China Taiping announced the sale of minority stakes in four companies for a total consideration of 6.5 billion yuan [8] - Hangzhou Bank received approval to issue capital instruments not exceeding 40 billion yuan [9] Market Data - On October 31, A-shares saw a collective decline, with the Shanghai Composite Index down 0.81%, the Shenzhen Component down 1.14%, and the ChiNext Index down 2.31% [11] - The financing balance in the two markets decreased by 7.392 billion yuan, with the Shanghai Stock Exchange reporting a balance of 12,535.78 billion yuan and the Shenzhen Stock Exchange reporting 12,196.92 billion yuan [12] Company Dynamics - China National Petroleum Corporation announced the resignation of Zhou Song as the chairman of the supervisory board [14] - InSai Group decided to terminate a major asset restructuring plan due to changes in the external environment [15] - Tianqi Co., Ltd. signed a strategic cooperation framework agreement with Foxconn Automotive to deploy at least 2,000 embodied intelligent robots over the next five years [17] - Li Auto announced a recall of 11,411 units of the MEGA 2024 electric vehicle due to potential safety hazards [18] - Qingyue Technology is under investigation by the China Securities Regulatory Commission for suspected false financial reporting [19]

Group 1 - The core point of the article is that China Taiping (00966.HK) announced a share transfer agreement with China Railway Construction Corporation (CRCC), where Taiping Life will transfer its entire stake in four target companies for a total cash consideration of RMB 6.5 billion [1] - The agreement follows previous investment agreements made on December 18, 2019, where Taiping Life invested a total of RMB 6.5 billion in the target companies [1] - After the capital increase, Taiping Life holds approximately 7.47%, 17.27%, 10.86%, and 8.49% stakes in China Railway Investment, China Railway Kunlun, China Railway No. 11 Bureau, and China Railway Construction, respectively [1] Group 2 - Within 72 months after the capital increase, CRCC may negotiate with Taiping Life to repurchase the increased shares based on fair and reasonable principles [1]

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） 須予披露交易 出售持有的四家標的公司少數股權 茲提述本公司日期為2019年12月18日及2023年1月13日的公告（「該等公告」），內容有關太 平人壽（本公司的非全資附屬公司）對四家標的公司的原建議增資，及修訂各投資協定中有 關後續重組的釐定期限。除另有界定者外，本公告所用詞彙與該等公告所界定者具有相同涵 義。 背景 誠如該等公告所披露，於2019年12月18日，太平人壽、中鐵建股份與標的公司訂立四份投資 協定。根據投資協定及補充協議項下的條款及條件，太平人壽以現金方式向標的公司投資合 共人民幣65.0億元。增資完成後，太平人壽分別持有中鐵建投、中鐵昆侖、中鐵十一局和中 鐵建設經擴大股權約7.47%、17.27%、10.86%、8.49%。另外，在太平人壽增資日後72個月內， 經中鐵建股份、標的公司及太平人壽協商後，中鐵建股份可按公平合理的原則以後續重 ...

Group 1 - The meeting emphasized the importance of studying and implementing the spirit of the 20th Central Committee's Fourth Plenary Session as a major political task for the current and future period [1] - The China Taiping Insurance Group is required to enhance political awareness and develop specific work plans to ensure comprehensive training and understanding of the session's spirit across all levels of the organization [1][2] - Leadership at all levels is expected to take the initiative in learning and applying the session's principles, fostering a strong atmosphere of study and implementation throughout the organization [1][2] Group 2 - The meeting outlined a focus on key tasks from the session, emphasizing the need to align with the main responsibilities and effectively utilize the insurance industry's roles in supporting technological innovation, advanced manufacturing, green development, and small and medium enterprises [2] - The company is tasked with increasing the supply of inclusive insurance products and services while contributing to the stability of the capital market by leveraging insurance funds as a stabilizing force [2] - There is a call for heightened risk awareness and proactive risk management strategies to prevent and mitigate financial risks [2]

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 ...