Core Viewpoint - The insurance sector in A-shares is expected to see a significant increase in net profit for Q3 2025, driven by strong performance in the equity market, with a projected year-on-year growth of 26.7% to 186.49 billion yuan [1] Group 1: Profit Forecasts - For the first three quarters of 2025, the total net profit of A-share listed insurance companies is expected to grow by 14.3% year-on-year to 364.68 billion yuan, with Q3 alone showing a remarkable growth of 26.7% [1] - New China Life Insurance is projected to have a net profit growth of 54.2% year-on-year, while China Life and China Pacific Insurance are expected to grow by 18.1% and 14.1%, respectively [1] Group 2: New Business Value (NBV) Insights - The expected decline in preset interest rates is anticipated to boost the NBV of listed insurance companies, with New China Life projected to grow by 49.7% year-on-year [2] - The preset interest rate for ordinary life insurance products has been lowered, which is expected to lead to a surge in product demand and support NBV growth [2] Group 3: Property and Casualty Insurance Performance - The property and casualty insurance sector is expected to show continued improvement in the combined ratio (COR) due to a low base effect, with a projected COR of 96.4% for China Property Insurance [3] - The total premium income for property and casualty insurance companies reached 1.22 trillion yuan, reflecting a year-on-year growth of 4.7% [3] Group 4: Investment Environment - The equity market has shown strong performance, with the CSI 300 index increasing by 17.9% in Q3 2025, which is expected to benefit insurance companies that are well-positioned to capitalize on growth opportunities [4] - The long-term interest rates have seen a slight increase, which may exert pressure on certain bond classifications but is overall favorable for the insurance service sector [4] Group 5: Investment Recommendations - The insurance sector is viewed positively, particularly for undervalued companies with strong Q3 performance catalysts, including China Life, New China Life, and China Pacific Insurance [5] - The recommendation emphasizes focusing on low-valuation and high-elasticity stocks within the insurance sector [5]

Investment Rating - The report indicates a stable investment outlook for the insurance industry, with expectations for continued growth driven by policy support and market demand [5][34]. Core Insights - The insurance industry in China is experiencing stable competition, with significant head effects among leading companies. Premium income from life insurance is the main growth driver, while property insurance is also seeing growth due to rising car insurance revenue and rapid health insurance growth [4][34]. - Investment returns have decreased compared to the previous year due to fluctuations in bond rates and underperformance in equity markets, despite an increase in the scale of funds utilized by insurance companies [4][5]. - The overall solvency of the industry has improved, with a decrease in the number of companies failing to meet solvency standards, although market volatility poses challenges to solvency levels [4][22]. Summary by Sections 1. Industry Overview - In the first half of 2025, the insurance industry maintained a stable competitive landscape, with premium income from life insurance companies growing by 5.38% year-on-year, driven primarily by life insurance business [15][34]. - Property insurance companies also saw a 5.10% increase in premium income, with car insurance revenue rebounding and health insurance growing rapidly [16][34]. 2. Regulatory Environment - The regulatory framework for the insurance industry has tightened, with an increase in the frequency of policy releases aimed at enhancing risk management and promoting high-quality development [8][34]. 3. Financial Performance - As of June 2025, the total assets of the reinsurance industry reached 0.86 trillion yuan, a 3.96% increase from the previous year, although some companies experienced a decline in premium income [18][34]. - The solvency ratios for insurance companies improved, with the comprehensive solvency ratio at 204.5% and core solvency ratio at 147.8% as of June 2025 [22][34]. 4. Investment and Returns - The total investment balance of the insurance industry reached 36.23 trillion yuan, a year-on-year increase of 17.39%, with fixed-income instruments remaining the primary investment category [19][34]. - Investment returns have been affected by market volatility, with a general decline in investment yield compared to the previous year [28][34]. 5. Future Outlook - The insurance industry is expected to continue its stable growth trajectory, supported by favorable policies and increasing market demand, although attention must be paid to potential market fluctuations and regulatory changes [5][34].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector [1] Core Views - The report highlights a continuation of strong growth in the brokerage sector, with a significant increase in net profits expected for the first nine months of 2025. Key metrics include a 61% year-on-year increase in new A-share accounts and a 203% increase in average daily stock trading volume in September 2025 [2][5] - The brokerage sector is currently undervalued, with a price-to-book (PB) ratio of 1.48, placing it in the 47.8th percentile over the past decade [2] - The report notes a favorable market environment supporting continued high growth in brokerage performance, with specific recommendations for leading firms and those with strong international business capabilities [2][7] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage, insurance, and diversified financial sectors reported gains of 4.42%, 0.89%, and 0.52%, respectively [5][6] Non-Bank Sector Insights - The report indicates that the insurance sector is benefiting from the implementation of a "de-involution" policy framework for non-auto insurance, which is expected to improve underwriting profitability for leading firms [2][16] - Specific investment recommendations include firms that are expected to benefit from improved competitive dynamics and those with strong earnings elasticity [2][7] Key Data Tracking - As of October 10, 2025, the average daily trading volume in the stock market was 26,034.09 billion yuan, reflecting an 18.99% increase from the previous period [14][32] - The report also tracks significant metrics such as the balance of margin financing and securities lending, which stood at 24,455.47 billion yuan as of October 9, 2025, marking a 31.2% increase from the end of 2024 [14][39]

Core Viewpoint - Goldman Sachs reports that domestic insurance stocks have underperformed since the end of July, with average declines of 2% in H-shares and 6% in A-shares, while the Hang Seng Index and CSI 300 Index rose by 8% and 14% respectively. This underperformance is attributed to high valuation levels following a rebound in early April and a weak profit growth outlook due to high base effects in the second half of 2024 [1] Group 1: Performance Analysis - Domestic insurance stocks have seen a decline in stock prices, with H-shares down 2% and A-shares down 6% since late July [1] - The Hang Seng Index and CSI 300 Index have increased by 8% and 14% respectively during the same period [1] - The decline in domestic insurance stocks is linked to high valuation levels and a weak profit growth outlook due to high base effects expected in 2024 [1] Group 2: Earnings Outlook - Goldman Sachs anticipates that the risk-reward profile for domestic insurance stocks is improving, with expectations that third-quarter earnings may exceed forecasts due to stock investment returns [1] - The new business value for next year is expected to achieve double-digit growth, and the profit margin for contract services is projected to reach a growth inflection point [1] Group 3: Company-Specific Projections - Among domestic insurance stocks, China Life is expected to benefit the most from market and yield changes in the third quarter, followed by China Pacific Insurance [1] - New China Life is projected to show the strongest earnings growth, although its book value and solvency ratio may lag behind peers [1] - Goldman Sachs has raised its 2025 earnings forecast for domestic insurance stocks by 2% to 20%, with China Life and New China Life seeing the largest increases of 20% and 19% respectively [1] Group 4: Rating Changes - The rating for China Pacific Insurance has been upgraded from "Neutral" to "Buy" [1] - The rating for China Taiping has been upgraded from "Sell" to "Neutral" [1]

Group 1 - China Pacific Insurance Holdings Co., Ltd. announced the appointment of Na Yanfang as an executive director and member of the nomination and remuneration committee, risk management committee, and strategic and investment committee [1] - Na Yanfang currently serves as an executive director of China Pacific Insurance Group Co., Ltd. and China Pacific Insurance Group (Hong Kong) Co., Ltd. [1] Group 2 - Na Yanfang, born in June 1973, is a member of the Communist Party of China with a doctoral degree [3] - She has a long tenure at the Supreme People's Procuratorate, having held positions such as deputy secretary of the party committee, director of the Ninth Procuratorial Division, and director of the Tenth Procuratorial Division [3] - China Pacific Insurance Group Co., Ltd. was founded in 1929 in Shanghai and is recognized as the longest-operating national insurance brand in China [3] - China Pacific Insurance Holdings Co., Ltd. was registered in February 2000 under Hong Kong company regulations and is headquartered in Hong Kong as a financial holding company [3]

Group 1 - China Pacific Insurance Holdings Co., Ltd. has appointed Na Yanfang as an executive director and a member of the nomination and remuneration committee, risk management committee, and strategic and investment committee [1] - Na Yanfang currently serves as an executive director at China Pacific Insurance Group Co., Ltd. and China Pacific Insurance Group (Hong Kong) Co., Ltd. [1] Group 2 - Na Yanfang, born in June 1973, is a member of the Communist Party of China with a doctoral degree and has a long career at the Supreme People's Procuratorate [3] - She has held various positions including Deputy Secretary of the Party Committee, Director of the Ninth Procuratorial Division, Director of the Tenth Procuratorial Division, and Senior Procurator [3] - China Pacific Insurance Group, established in 1929 in Shanghai, is the oldest continuously operating national insurance brand in China and the only centrally managed financial enterprise headquartered overseas [3]

Group 1 - China Taiping Insurance Holdings Company Limited has announced that Na Yanfang has become an executive director and a member of the nomination and remuneration committee, risk management committee, and strategy and investment committee [1][6] - Na Yanfang also serves as an executive director of China Taiping Insurance Group Co., Ltd. and China Taiping Insurance Group (Hong Kong) Co., Ltd. [1] - The board of directors of China Taiping includes various members with specific roles in different committees, highlighting the governance structure of the company [4][6] Group 2 - Na Yanfang has a long career in the Supreme People's Procuratorate, holding positions such as deputy secretary of the party committee and head of the Ninth and Tenth Procuratorial Divisions [6] - China Taiping was founded in 1929 in Shanghai and is recognized as the longest-operating national insurance brand in China, with its headquarters currently in Hong Kong [6] - The company was registered in February 2000 under Hong Kong company regulations and was listed on the Hong Kong Stock Exchange in June 2000, making it the first overseas-listed financial holding platform under China Taiping Insurance Group [6]

Core Insights - Two insurance-related private equity funds, Renbao Qiyuan Huizhong and Taiping Private Equity, have completed their registration as private fund managers, indicating a significant development in the long-term stock investment pilot program for insurance capital in China [1][9]. Group 1: Renbao Qiyuan Huizhong - Renbao Qiyuan Huizhong (Beijing) Private Fund Management Co., Ltd. was established on August 18, 2025, and completed its registration on September 30, 2025, with a registered capital of 10 million yuan [3][4]. - The company is fully owned by China Renbao Asset Management Co., Ltd., which has been approved to participate in the second batch of long-term stock investment pilots with a scale of 10 billion yuan [5]. - The management team includes Mai Jing, the legal representative and general manager, who has extensive experience in investment management [6][7]. Group 2: Taiping Private Equity - Taiping (Shenzhen) Private Securities Investment Fund Management Co., Ltd. was established on August 29, 2025, and completed its registration on September 29, 2025, also with a registered capital of 10 million yuan [10][11]. - The company is fully owned by Taiping Asset Management Co., Ltd., which aims to respond to the long-term investment reform pilot for insurance capital [12]. - The management team is led by Liu Yang, who has held various senior positions within Taiping Asset Management [12][13]. Group 3: Industry Context - The long-term investment pilot program for insurance capital has seen three batches, with a total approved investment amount of 222 billion yuan, involving several major insurance companies [17]. - The initiative aims to gradually expand the range of participating institutions and the scale of funds, promoting the entry of long-term capital into the stock market [16][17].

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9月30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10月2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 | | 已發行股份 ...

Core Viewpoint - The National Financial Supervision Administration of Jinzhong has approved the relocation of the Tai Ping Life Insurance Company Jinzhong Branch to a new address in Jinzhong City, Shanxi Province [1] Group 1 - The new business location for Tai Ping Life Insurance Company Jinzhong Branch is set at Longhu Avenue 229, Longdu Tianyuan Building, 12th Floor, Room 1201, Yuci District, Jinzhong City, Shanxi Province [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]