Investment Rating - The report maintains a "Recommended" rating for the insurance sector, indicating an expectation of the industry index outperforming the benchmark index by more than 5% in the next 3-6 months [20]. Core Insights - The total cash dividends for the five major listed insurance companies in 2024 reached CNY 90.789 billion, reflecting a year-on-year increase of 20.2% [2]. - The report highlights that the dividend growth for listed insurance companies in 2024 varies, with New China Life Insurance showing the highest growth rate at 197%, driven by a 201% increase in net profit attributable to shareholders [3]. - The report notes a general decline in the dividend payout ratio among listed insurance companies in 2024, attributed to the inclusion of significant unrealized gains in net profit, leading to a cautious adjustment of dividend ratios [3]. - The report emphasizes that the investment performance of the insurance sector in 2024 will largely depend on equity market performance and the expected adjustments in interest rates [4]. Summary by Sections Market Performance - The insurance index increased by 0.46% during the week, underperforming the broader market by 0.77 percentage points [1]. - Individual stock performances varied, with AIA up by 3.15% and ZhongAn down by 3.61% [1]. Dividend Policies - The report discusses the dividend policies of listed insurance companies, noting that Ping An and China Pacific Insurance base their dividends on operating profit, excluding short-term investment fluctuations [3]. - The estimated dividend payout ratios for Ping An and China Pacific Insurance are 41.6% and 33%, respectively, based on their operating profits [3]. Valuation Metrics - The report provides price-to-earnings (PE) and price-to-book (PB) ratios for major insurance companies, with China Ping An rated as "Strong Buy" and China Life Insurance, New China Life, and China Property & Casualty rated as "Recommended" [9]. - The report lists the highest dividend yields among A and H shares, with New China Life leading at over 5% [4]. Future Outlook - The report anticipates that the overall performance of the insurance sector in 2024 will be influenced by equity market trends and the growth of new business value (NBV) [4]. - The report suggests that investment strategies may favor Ping An, China Pacific Insurance, and China Property & Casualty due to their stable dividend policies [4].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2] Core Insights - The average duration gap in the insurance industry is approximately -7 years, with a trend of widening expected post-2024, particularly in the life insurance sector [5][21] - Large insurance companies generally maintain a duration gap around -5 years, while small to medium-sized insurers exhibit a widening gap, indicating a disparity in asset-liability management [5][21] - The report emphasizes the importance of managing duration gaps to mitigate interest rate risks and reinvestment risks, especially in a low-interest-rate environment [5][21] Summary by Sections 1. Introduction: Duration Gap in Insurance Asset-Liability Matching - Duration gap refers to the difference between asset duration and liability duration, categorized into various types [9] - The report highlights the increasing duration gap due to the issuance of long-term savings products by life insurers [9][10] 2. Calculation of Duration Gap and Industry Data Statistics - The average duration gap for life insurance companies from 2020 to 2022 was -6.67 years, -6.57 years, and -6.28 years, respectively [21] - The report identifies a trend where over 65% of companies have seen their duration gaps widen, with many experiencing an increase of over 2 years [23][26] 3. Significance and Measures for Duration Gap Management - Effective duration gap management is crucial for balancing asset-liability management in insurance companies [5] - Suggested measures to narrow the duration gap include increasing allocations to long-term bonds, developing long-term equity investments, and adjusting product structures to enhance liability duration [5][21] 4. Investment Recommendations - The report suggests focusing on companies like New China Life, Ping An, AIA, China Life, China Pacific, and PICC, which are well-positioned to benefit from the dual dividend attributes of insurance stocks [5][21]

Investment Rating - The report maintains an "Outperform" rating for the insurance industry [1]. Core Insights - The report highlights that the improvement in liability costs for life insurance companies is expected to alleviate the pressure from interest rate differentials, driven by regulatory guidance and market conditions [15][19]. - The report emphasizes the significant decline in the break-even yield for new business value (NBV) and value of in-force (VIF) across various life insurance companies, indicating a trend of improving profitability [10][14]. Summary by Sections Current Liability Costs of Life Insurance Companies - The break-even yield for NBV has marginally decreased for major life insurance companies in 2024, influenced by lower guaranteed rates and improved channel cost efficiency [10][14]. - The NBV break-even yields for major companies in 2024 are as follows: China Life (2.43%), Ping An Life (2.42%), and China Pacific Life (2.60%) [9]. - The VIF break-even yields show a mixed trend, with China Life at 2.44% and Ping An Life at 2.50% in 2024, reflecting varying performance across companies [12][14]. Future Liability Cost Trends - Regulatory initiatives are pushing for a unified commission structure across distribution channels, which is expected to lower channel costs and improve liability costs [25][29]. - The continuous reduction in the guaranteed rates for life insurance products since August 2023 is anticipated to further decrease the liability costs for new and existing policies [29][30]. - Life insurance companies are actively adjusting their product offerings, focusing on dividend products to enhance profitability and reduce fixed liability costs [36][39]. Investment Recommendations - The report recommends maintaining an "Outperform" rating for the insurance industry, citing improvements in liability costs and potential for enhanced net profit due to favorable investment conditions [45][48]. - Specific companies highlighted for investment include China Pacific Insurance, China Life, and Ping An Insurance, based on their strong fundamentals and ability to adapt to market changes [48].

Central Bank and Foreign Exchange Reserves - As of July 2025, China's foreign exchange reserves stood at $32,922 billion, a decrease of $252 billion from June, marking a decline of 0.76% [1] - The central bank has increased its gold reserves for the ninth consecutive month, reaching 7,396 million ounces (approximately 2,300.41 tons), with a month-on-month increase of 6,000 ounces (approximately 1.86 tons) [1] - The gold reserve balance increased by $10 billion to $243.985 billion, accounting for 7.41% of the foreign exchange reserves, up 0.09 percentage points from the previous month [1] Banking Sector Performance - Five banks, including Ningbo Bank and Hangzhou Bank, reported double-digit growth in both operating income and net profit for the first half of 2025 [1] - Ningbo Bank's total assets reached 3.47 trillion yuan, growing by 11.04% year-on-year, while Hangzhou Bank's total assets were 2.24 trillion yuan, up 5.83% [1] - As of June 2025, the total assets of Qilu Bank and Qingdao Bank were in the range of 700 billion to 800 billion yuan, and Changshu Bank's total assets exceeded 400 billion yuan, reaching 401.251 billion yuan [1] Retail Banking Developments - China Merchants Bank's retail assets under management (AUM) surpassed 16 trillion yuan, making it the first joint-stock commercial bank in China to achieve this milestone [2] - The bank's AUM growth accelerated, with the first 5 trillion yuan taking 9 years, the second 5 trillion yuan taking 5 years, and the latest 5 trillion yuan achieved in just over 3 years [2] - The bank's asset custody scale exceeded 24 trillion yuan, and its asset management scale approached 4.5 trillion yuan [2] Corporate Governance Changes - 18 listed banks have announced the cancellation or advancement of the dissolution of their supervisory boards, following a trend initiated by several state-owned banks [4] - This change is attributed to the implementation of the new Company Law in 2024 and regulatory guidance, indicating a shift in corporate governance practices [4] - The supervisory board's functions will be primarily taken over by the audit committee of the board of directors and employee directors, raising the governance standards for companies [4] Credit Card and Asset Management Innovations - China Bank will include litigation fees related to overdue credit card accounts in the billing statements starting September 14, 2025 [3] - The fees will cover various costs such as litigation, arbitration, and legal fees, with a pilot program starting in Shanghai [3] - Gansu Bank has sold non-performing assets to local asset management companies, with the latest sale valued at 14.922 billion yuan, resulting in a projected financial impact of 1.26 billion yuan [3] Insurance Sector Performance - 147 non-listed insurance companies reported a net profit exceeding 29 billion yuan in the first half of 2025, a significant increase from the previous year [4] - The number of loss-making insurance companies decreased from 30 to 21, with notable profits from companies like Taikang Life and Zhongyi Insurance [4] - Taikang Life's net profit surged by 164% year-on-year, reaching a historical high, while Zhongxin Insurance turned a profit after previous losses [4] Dividend Distribution by Major Insurers - Five major listed insurers announced a total cash dividend distribution of 907.89 billion yuan for 2024, reflecting a year-on-year increase of 20.21% [5] - China Insurance and New China Life announced significant cash dividends, with New China Life's total cash dividends for 2024 increasing by 197.6% compared to 2023 [5] Financial Technology Developments - Lexin's Q2 revenue reached 3.59 billion yuan, a 15.6% increase from the previous quarter, with a profit of 670 million yuan, marking a 116.4% year-on-year increase [9] - The company reported improved asset quality, with a decrease in various risk indicators for four consecutive quarters [9] - Yika's subsidiary in Japan achieved significant milestones, including registration for credit card business and compliance with global security standards [10]

Group 1 - The core viewpoint of the article emphasizes the launch of the "Three Have" query system by Xinhua Insurance Beijing Branch to protect consumer rights and create a harmonious financial consumption environment under the guidance of the Beijing Financial Supervision Bureau [1][4][17] - The "Three Have" query system integrates information about institutions, products, and personnel, allowing consumers to quickly verify the legitimacy of financial activities [3][4] - The system categorizes qualifications to standardize the insurance market from the source, effectively preventing misleading sales practices [3][4] Group 2 - The system provides diverse information to meet consumer needs, combining industry standards with unique features for personalized choices [3] - Xinhua Insurance Beijing Branch is actively promoting the "Three Have" query system through offline educational activities to enhance understanding and showcase the company's service brand [10][17] - Future plans include expanding promotional methods to ensure more consumers are aware of and utilize the "Three Have" system, contributing to a well-ordered financial consumption environment [17]

Core Viewpoint - The silver economy is recognized as a stable and significant industry, essential for constructing a new economic development framework, driven by the growing elderly population and their evolving consumption needs [1][2]. Policy and Market Development - In January 2024, the State Council issued the first policy document specifically addressing the silver economy, outlining 26 measures to enhance the welfare of the elderly [2]. - The silver economy in China is projected to reach 7 trillion yuan (approximately 1 trillion USD) in 2024, accounting for 6% of GDP [2]. - As of 2023, there are 74,000 elderly service enterprises in China, indicating rapid growth in the sector [2]. Challenges in the Industry - The elderly care industry is still in its early development stage, facing challenges such as insufficient supply of products and services, and a lack of market segmentation to meet diverse needs [3]. - The demand for personalized elderly care services is high, but the industry struggles with standardization, particularly in home care services, which are highly individualized [3]. Innovation and Solutions - Innovation in service delivery is crucial for addressing the challenges in the elderly care system, with a focus on problem-oriented approaches and service-driven supply [4]. - The development of elderly financial services is seen as a key area for promoting high-quality growth in both finance and elderly care sectors [4]. - The number of pilot cities for long-term care insurance has expanded from 15 to 49, with over 180 million participants, highlighting the growing importance of this insurance model [4]. Industry Trends and Future Directions - The insurance industry is increasingly investing in elderly care, with major companies accelerating their involvement in elderly communities and home care services [5]. - The integration of AI and technology in elderly care is anticipated to enhance service delivery and address the needs of the aging population [5].

Core Viewpoint - The 13th "7·8 National Insurance Publicity Day" emphasizes the theme "Love and Responsibility: Insurance Makes Life Better," showcasing the insurance industry's commitment to public service and community engagement [1] Group 1: Innovative Promotion Methods - Insurance institutions are adopting new media and cross-industry collaborations to create immersive promotional experiences, enhancing public engagement with insurance concepts [2] - The China Insurance Industry Association launched a series of thematic posters to visually represent the industry's trustworthy and warm image [2] - Various companies, such as China Life and PICC, are conducting diverse consumer rights protection activities and community outreach programs to foster a strong promotional atmosphere [2][3] Group 2: Community Engagement and Service - The "Five Entering" initiative (entering communities, rural areas, schools, enterprises, and business circles) is being actively implemented by insurance companies to provide tailored services to the public [4] - Companies like China Taiping and Ping An are setting up consultation points and volunteer teams to offer financial knowledge and risk reduction services directly to the community [4][5] Group 3: Knowledge Dissemination - A key focus of the publicity day is to simplify insurance knowledge for the public, making it more accessible and relatable [6] - PICC's live broadcasts have attracted over 430,000 likes, highlighting the effectiveness of using digital platforms for knowledge dissemination [6] - Various companies are conducting financial knowledge lectures and community activities to enhance public understanding of insurance [6] Group 4: Risk Reduction Initiatives - Insurance companies are actively engaging in risk reduction services, integrating them into daily operations to demonstrate their social responsibility [7] - For instance, during severe weather events, companies like PICC have mobilized resources for risk assessment and public safety, showcasing their proactive approach [7] - The "7·8 National Insurance Publicity Day" serves as a platform for the insurance industry to illustrate its role in safeguarding lives and promoting community well-being [7]

Core Insights - The overall dividend realization rate of participating insurance products has significantly improved in 2024 compared to the low performance in 2023, with many products from leading companies exceeding 100% realization rates [1][2] Summary by Sections Dividend Realization Rate Improvement - The dividend realization rate, which measures the actual dividends paid against projected dividends, has shown a positive trend, with over 200 products from more than 30 insurance companies achieving rates of 100% or higher [2][4] - Leading companies like Xinhua Insurance reported that 56 out of 59 participating products had a realization rate of 100%, with an average of 152%, while 11 out of 12 new products from Ping An Life also reached 100% [2][3] Factors Driving Improvement - Strong investment returns and optimized regulatory policies are the main drivers behind the improved dividend realization rates in 2024 [4][5] - The comprehensive investment return rate for life insurance companies reached 7.45% in 2024, an increase of 4.08 percentage points year-on-year, with Xinhua Insurance achieving 8.5% [4] - Regulatory adjustments have provided larger space for leading companies, with caps on floating income product liabilities set at 3.2% for small and medium-sized insurers and 3.0% for large insurers [4][5] Regulatory Environment and Market Dynamics - Recent regulatory changes aim to prevent unhealthy competition in the industry and ensure that companies do not inflate projected dividend levels unsustainably [5][6] - The emphasis on maintaining a high dividend realization rate (≥100%) reflects the prudence of actuarial assumptions and investment management capabilities, enhancing consumer trust [7][8] - The insurance industry is shifting from a marketing-driven approach to a value-driven one, focusing on asset-liability management and long-term investment capabilities [8]

据《证券日报》记者统计，今年已有长城人寿保险股份有限公司、阳光人寿保险股份有限公司、新华人 寿保险股份有限公司（以下简称"新华保险"）等6家保险公司合计举牌上市公司数量达10家。 本报记者 冷翠华 见习记者 杨笑寒 港交所最新信息显示，近日，瑞众人寿保险有限责任公司（以下简称"瑞众人寿"）增持中信银行股份有 限公司（以下简称"中信银行"）300万股，增持后，瑞众人寿所持中信银行股份约为7.44亿股，占其已 发行有投票权股份的5%，触及举牌线。 同时，通过举牌上市银行，险资也可以与被举牌上市银行形成协同效应，促进银保业务发展。例如，新 华保险在举牌杭州银行股份有限公司（以下简称"杭州银行"）后表示，本次权益变动完成后，新华保险 将通过股权纽带加强与杭州银行的深度合作，促进和杭州银行双方的银保业务发展，提升双方的价值。 今年以来，险资举牌上市公司"热情"不减，举牌标的中银行股居多。受访专家表示，险资举牌高股息大 盘股频次增加的原因，一是应对利率中枢下行带来的冲击；二是，在新会计准则实施的背景下平滑报表 波动。展望未来，预计险资举牌时将持续关注现金流稳定、估值合理、处于成长性行业的上市公司。 展望未来，杨帆认为，险 ...

同时，危登华（时任新华人寿保险黔东南中心支公司副总经理）因未按规定使用经批准或者备案的保险 条款、保险费率，对业务人员管理不规范，支付协议规定之外的利益，被警告并罚款8.6万元；许琴 （时为新华人寿保险黔东南中心支公司营销部人员管理岗员工）因对保险代理人执业证管理不规范，被 警告并罚款0.7万元；李俊[时任新华人寿保险黔东南中心支公司副总经理（主持工作）]因未按规定使用 经批准或者备案的保险费率，被警告并罚款3万元。 3月20日消息，据国家金融监督管理总局黔东南监管分局行政处罚信息公开表显示，新华人寿保险黔东 南中心支公司因对保险代理人执业证管理不规范，未按规定使用经批准或者备案的保险条款、保险费 率，对业务人员管理不规范，支付协议规定之外的利益被警告并罚款48.6万元。 （责任编辑：何潇） ...