Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [20]. Core Insights - The insurance sector index rose by 2.41%, outperforming the broader market by 2.49 percentage points. Individual stock performances varied, with Ping An up by 3.1% and China Life down by 0.22% [1][2]. - Four insurance companies have been approved to issue bonds totaling up to 14.2 billion yuan, which is expected to enhance their capital positions [2]. - The report anticipates continued growth in the insurance sector in 2025, although performance may face pressure in 2026 due to investment factors. Long-term improvements in life insurance costs are expected to drive valuation recovery [4]. Summary by Sections Market Performance - The insurance index increased by 2.41%, with notable stock performances including Ping An (+3.1%) and China Life (-0.22%). The 10-year government bond yield is at 1.84%, down by 1 basis point from the previous week [1]. Recent Developments - Regulatory approval was granted for four insurance companies to issue bonds totaling 14.2 billion yuan, including China Life and China Pacific Life [2]. - China Life reported total premiums exceeding 700 billion yuan as of November 30, 2025 [4]. Investment Recommendations - The report suggests a focus on life insurance companies, with PEV valuations indicating potential for growth. Recommended stocks include China Life (0.87x), Ping An (0.77x), and China Pacific (0.62x) [4]. - The recommended order for investment is China Life H, China Pacific, China Property & Casualty, and China Taiping [4]. Earnings Forecasts - Earnings per share (EPS) estimates for 2025E show China Pacific at 5.68 yuan, China Life at 6.34 yuan, and New China Life at 12.62 yuan, all rated as "Recommended" [5].

要聚焦主责主业，在服务国家大局中展现新作为。紧紧围绕会议部署的"八个坚持"重点任务，特别是与 金融保险密切相关的领域，丰富保险产品服务供给，发挥保险长期资金优势，积极服务扩大内需和建设 强大国内市场、服务创新和培育新动能、服务绿色转型和民生保障、服务对外开放和"一带一路"，支持 香港国际金融中心建设，助力港澳更好融入国家发展大局。要坚守风险底线，在服务大局与稳健经营中 体现担当。牢记"安全第一、稳慎经营、高质量发展"的要求，守住不发生重大风险的底线，实现高质量 发展与高水平安全的统一。要深化改革开放，在激发内生动力中实现新突破。持续完善公司治理，深化 市场化体制机制改革，着力推动数智化转型，积极探索产品、服务、模式创新，培育差异化竞争优势。 要强化战略引领，高标准编制"十五五"规划，谋划好高质量发展新篇章。 来源：共享太平 12月15日，中国太平保险集团召开会议传达学习中央经济工作会议精神、全国金融系统工作会议精神， 结合实际研究贯彻落实措施。集团董事长尹兆君主持会议并讲话，集团领导班子、经营班子成员，股权 董事，驻集团纪检监察组负责人，集团各部门和境内及港澳子公司主要负责人参加会议。 这次中央经济工作会议， ...

Investment Rating - The report indicates a positive outlook for the insurance sector, recommending specific companies such as China Pacific Insurance, China Ping An, China Life (H), and China Taiping, while also recommending New China Life Insurance [4][17]. Core Insights - The financial industry experienced a mixed performance, with the non-bank financial index rising by 0.81%, outperforming the CSI 300 index by 0.89 percentage points. The insurance sector showed a notable increase of 2.36%, while the banking sector declined by 1.77% [2][11]. - The central economic work conference emphasized a proactive fiscal policy, which is expected to benefit the insurance sector by increasing infrastructure asset supply and improving credit risk perceptions [14][15]. - The report highlights the potential for valuation recovery in the brokerage sector, driven by regulatory changes that align public fund interests with long-term investor returns [18][19]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index rose by 0.81%, with the insurance sector outperforming the CSI 300 index by 2.44 percentage points [2][11]. - The banking sector underperformed, with a decline of 1.77%, attributed to macroeconomic policy expectations [3][21]. 2. Insurance Sector Data Tracking - The insurance sector's premium income showed steady growth, with life insurance and property insurance premiums increasing by 9.6% and 4.0% year-on-year, respectively [17][26]. - The report notes that the 10-year government bond yield decreased to 1.84%, which is favorable for the insurance sector's investment strategies [31]. 3. Brokerage Sector Data Tracking - The brokerage sector's PB valuation stands at 1.37x, indicating potential for valuation recovery as earnings improve [19][42]. - Regulatory changes in public fund sales are expected to enhance the industry's focus on long-term investor interests [18][19]. 4. Banking Sector Data Tracking - The banking sector's PB valuation is at 0.54x, suggesting it remains undervalued [21][25]. - The central economic work conference's focus on domestic demand and flexible monetary policy is expected to support the banking sector's growth [22][23].

Market Overview - The market sentiment improved significantly due to favorable news from the Central Economic Work Conference, with the Hang Seng Index rising by 1.75% and returning to 26,000 points [1] - Major technology stocks collectively increased, with NetEase rising over 4%, Tencent and Alibaba up over 2%, and other tech companies like Xiaomi, Baidu, JD.com, and Kuaishou also seeing gains [1][3] Sector Performance - **Electric Power Equipment**: Strong performance with Dongfang Electric up over 13% and other companies like Harbin Electric and Shanghai Electric also showing significant gains [1][5] - **Financial Sector**: All major financial stocks, including China Pacific Insurance and CITIC Securities, saw increases, with HSBC reaching a market value of over HKD 2 trillion [1][8] - **Precious Metals**: Gold and silver prices surged, leading to active trading in gold stocks, with China Silver Group rising nearly 6% [1][6] - **Consumer Sector**: Restaurant stocks were active, with companies like Da Shi and Haidilao seeing notable increases, driven by policies aimed at boosting consumption [10] - **Real Estate**: Property stocks rose, with Longguang Group increasing over 4%, supported by policies to stabilize the real estate market [12] Individual Stock Highlights - **NetEase**: Stock price increased by 4.20% to HKD 218.40 [4] - **Dongfang Electric**: Stock price surged by 13.59% to HKD 24.90 [5] - **China Pacific Insurance**: Stock price rose by 5.68% to HKD 34.60 [9] - **China Silver Group**: Stock price increased by 5.80% to HKD 0.730 [7] - **Xuan Bamboo Bio**: Stock price increased by 25.19% to HKD 96.90, reaching a new high [16][19] Economic Policy Impact - The Central Economic Work Conference emphasized the importance of domestic demand and consumer spending, with plans to implement measures to boost consumption and stabilize the real estate market [10][12]

Group 1 - The core viewpoint of the news is that the Hong Kong insurance stocks have collectively risen, driven by positive market sentiment and favorable regulatory changes [1] - China Taiping increased by nearly 4%, China Life by 2.3%, and other major insurers like China Ping An and China Taibao saw gains of nearly 2% [2] - Guosheng Securities reported that the insurance industry will benefit from the trend of bank deposits moving to insurance products, with diverse demands in retirement, healthcare, and savings expected to drive industry expansion [1] Group 2 - Short-term progress in the insurance companies' performance is expected to boost the liability side for 2026, with a significant reduction in the scheduled interest rates alleviating the risk of industry spread losses [1] - UBS highlighted that the recent notification from the National Financial Regulatory Administration to adjust risk factors for insurance companies encourages long-term patient capital, which is beneficial for market sentiment [1] - UBS reiterated China Ping An as the industry’s top pick with a "buy" rating and a target price of 70 HKD, citing attractive risk-reward dynamics [1]

Core Viewpoint - The Hong Kong insurance sector experienced a collective rise, driven by positive market sentiment and favorable regulatory changes, indicating a strong outlook for the industry in both the short and long term [1] Group 1: Market Performance - On December 12, major Hong Kong insurance stocks saw significant gains, with China Taiping rising nearly 4%, China Life up 2.3%, and China Ping An, China Taibao, and AIA increasing by nearly 2% [1] - The stock prices and their respective changes include: - China Taiping: 18.500, +3.76% - China Life: 27.440, +2.31% - China Taibao: 33.380, +1.95% - AIA: 78.750, +1.88% - China Ping An: 62.600, +1.79% - China Pacific Insurance: 16.830, +0.54% - China People's Insurance: 6.770, +0.15% [2] Group 2: Industry Outlook - Guosheng Securities reported that the insurance industry will benefit from the trend of bank deposits moving to insurance products, with diverse demands in retirement, healthcare, and savings expected to drive industry expansion [1] - The smooth progress of the insurance companies' "opening red" is anticipated to boost the liability performance in 2026 [1] - The adjustment of product reservation interest rates is expected to significantly alleviate the risk of industry interest spread losses, while the "integration of reporting and operations" is promoting a reduction in internal competition and increasing concentration among leading companies [1] Group 3: Regulatory Impact - UBS highlighted that the recent notification from the National Financial Regulatory Administration, which adjusts risk factors for insurance companies, reinforces the policy direction encouraging long-term patient capital, thus enhancing market sentiment [1] - The recent rise in Chinese government bond yields and the steepening yield curve are seen as beneficial for insurance companies in the long run [1] - UBS reiterated its preference for China Ping An as the top choice in the industry, maintaining a "buy" rating with a target price of 70 HKD, citing attractive risk-reward dynamics [1]

三、太平人寿保险有限公司奎屯支公司要依法合规做好该支公司撤销后的客户告知、存续保单服务等善 后工作。 一、同意撤销太平人寿保险有限公司奎屯支公司。 二、接此批复文件后，太平人寿保险有限公司奎屯支公司应立即停止一切经营活动，于15个工作日内向 伊犁金融监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 2025年12月5日，伊犁金融监管分局发布批复称，《关于撤销太平人寿保险有限公司奎屯支公司的请 示》（太平寿新〔2025〕76号）收悉。经审核，现批复如下： ...

一、同意撤销太平人寿保险有限公司沙湾支公司。 二、接此批复文件后，太平人寿保险有限公司沙湾支公司应立即停止一切经营活动，于15个工作日内向 塔城金融监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 2025年12月3日，塔城金融监管分局发布批复称，《关于撤销太平人寿保险有限公司沙湾支公司的请 示》（太平寿新〔2025〕72号）收悉。经审核，现批复如下： ...

二、太平人寿保险有限公司抚州中心支公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意太平人寿保险有限公司抚州中心支公司南丰营销服务部将营业场所变更为：江西省抚州市南丰 县傩乡大道帝景湾1号楼1层19号-22号商铺。 2025年12月5日，抚州金融监管分局发布批复称，《关于太平人寿保险有限公司抚州中心支公司南丰营 销服务部变更营业场所的请示》（太平寿抚州〔2025〕15号）及相关材料收悉。经审核，现批复如下： ...

12月8日，香港特别行政区选举事务处公布2025年立法会换届选举结果，中国太平陈沛良成功连任，当 选为第八届香港特别行政区立法会议员（保险界功能界别）。资料显示，陈沛良，现任中国太平旗下子 公司太平香港总经理、西安市政协委员。 ...