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]

Core Insights - China Taiping (00966) reported its mid-year results for 2025, showing a slight increase in insurance service revenue and significant growth in net profit and new business value [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, reflecting a year-on-year growth of 9.5% [1] - Net profit attributable to shareholders (after tax) was HKD 6.764 billion, up 12.2% year-on-year [1] - Basic earnings per share increased to HKD 1.744, an increase of HKD 0.206 compared to the previous year [1] Business Metrics - New business value (NBV) for Taiping Life reached HKD 6.778 billion, representing a year-on-year growth of 22.9% [1] - The intrinsic value of Taiping Life was HKD 223.591 billion, up 8.1% year-on-year [1] - The comprehensive cost ratio for reinsurance was 94.3%, improving by 1.5 percentage points year-on-year [1] - The net investment return in RMB terms was 4.6% during the period [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） 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].

智通财经8月14日讯（编辑 冯轶）今日港股保险股迎来拉升行情。 截至发稿，阳光保险(06963.HK)涨超7%、中国太保(02601.HK)、中国财险(02328.HK)双双涨超5%，中国人寿(02628.HK)等大型险企也明显跟涨。 综合来看，由于今年以来险资持续加大权益市场配置，叠同期A股及港股表现强势，保险股也开始受到资金持续关注。 | 물을 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 = | ﺪ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 06963 | 阳光保险 | 4.190 | +0.280 | +7.16% | 481 | | 2 | 01508 | 中国再保险 | 1.650 | +0.110 | +7.14% | 700 | | 3 | 02328 | 中国财险 | 18.330 | +0.900 | +5.16% | 407 | | 4 | 02601 | 中国太保 | 36.120 | +1.740 | +5.06% | 347 | | 5 | 01336 | 新华保险 | 51.300 | +2.120 | +4 ...

Group 1 - The Huai Bei Financial Regulatory Bureau approved the request from Taiping Property Insurance Co., Ltd. Anhui Branch regarding the change of business location for its Huai Bei Center Branch [1] - The new business location is set to be at No. 52, Liyuan Road, Xiangshan District, Huai Bei City, Anhui Province, specifically in the eastern half of unit 201 of the Jindian Garden community [1] - Taiping Property Insurance Co., Ltd. is required to handle the change and obtain the new license in accordance with relevant regulations [1]

Group 1 - The insurance sector experienced significant gains on the 14th, with China Pacific Insurance and New China Life Insurance rising over 5%, while Ping An Insurance and China Life Insurance increased by more than 3% [1] - In the Hong Kong market, Sunshine Insurance surged over 8%, and China Pacific Insurance rose nearly 7%, with New China Life Insurance and China Life Insurance both increasing over 5% [1] - Year-to-date, insurance capital has been actively acquiring shares, with Ping An Insurance purchasing 1.7414 million shares of China Pacific Insurance at an average price of HKD 32.0655 per share, totaling over HKD 55.83 million, resulting in a 5.04% stake in China Pacific Insurance [1] Group 2 - The insurance industry has received positive news on the liability side, with the predetermined interest rate for life insurance being lowered from 2.5% to 2% [2] - Short-term effects of the interest rate cut may lead to a temporary halt in certain products, while long-term benefits include encouraging insurance companies to optimize product structures and increase the development of dividend and universal insurance products [2] - The ongoing relaxation of policies for insurance capital entering the market has led to frequent acquisitions of bank stocks by insurance companies, which is expected to enhance investment returns and strengthen the stability of the investment side of insurance companies [2]