Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprise Dividend ETF (159333) has shown a positive performance with a year-to-date return of 45.84% under the management of Yang Kun since its inception on August 21, 2024 [2] Fund Overview - The fund was established on August 21, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of December 11, 2024, the fund's total shares stood at 390 million, with a total size of 558 million yuan [1] - The fund's performance benchmark is the China Securities Hong Kong Stock Connect Central State-Owned Enterprise Dividend Index return (adjusted for valuation exchange rate) [1] Performance Metrics - The fund's shares decreased by 9.51% from 431 million shares at the end of 2024 to 390 million shares, while the total size increased by 8.70% from 514 million yuan to 558 million yuan [1] - Over the last 20 trading days, the cumulative trading amount reached 363 million yuan, with an average daily trading amount of 18.15 million yuan [1] - Year-to-date, the cumulative trading amount for 230 trading days was 8.424 billion yuan, with an average daily trading amount of 36.63 million yuan [1] Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (6.02% of holdings) - China Nonferrous Mining (3.22%) - China Ocean Shipping (3.00%) - Orient Overseas International (2.95%) - CITIC Bank (2.67%) - China Petroleum (2.63%) - China Shenhua Energy (2.57%) - People's Insurance Group of China (2.55%) - CNOOC (2.51%) - Agricultural Bank of China (2.27%) [2]

公开简历显示，于泽生于1971年，现年54岁，1994年毕业于南开大学，获经济学学士学位。1994年至2006年，于泽在中国人民保险公司、中国人民财产保险 股份有限公司任职；2006年10月至2019年12月，于泽转投太平保险有限公司，后升至太平财险总经理。2019年12月，于泽回归人保集团，获委任为中国人保 副总裁，并在2020年4月被聘任为合规负责人、首席风险官，此后还兼任人保财险党委书记、总裁。 此前，有媒体报道称，于泽被带走调查，如今消息被证实。公开报道显示，11月28日于泽还在中国人保参加会议。 12月6日，据中央纪委国家监委网站消息，中国人民保险集团股份有限公司（以下简称"中国人保"）党委委员、副总裁于泽涉嫌严重违纪违法，目前正接受 中央纪委国家监委纪律审查和监察调查。 ...

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]

一、同意中国人民财产保险股份有限公司钟山支公司凤翔镇营销服务部将营业场所变更为：广西壮族自 治区贺州市钟山县公安镇商业街14号。 2025年12月8日，国家金融监督管理总局贺州监管分局发布批复称，《关于变更中国人民财产保险股份 有限公司钟山支公司凤翔镇营销服务部营业场所的请示》（贺人保财险发〔2025〕95号）收悉。经审 核，现批复如下： 二、中国人民财产保险股份有限公司钟山支公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Core Insights - The insurance industry is shifting focus towards participating insurance products due to declining market interest rates, with guaranteed rates for fixed income products at 2% and for participating products at 1.75%, resulting in a narrow 0.25% rate difference [2][22] - The "old seven" major insurance companies in mainland China have launched a total of 15 participating whole life insurance products this year, with Taiping Life Insurance offering the most at five products, while the others offer one to two products each [2][22] - The highest illustrated rates among these products are 3.75% for Taiping's Xinfu Xiangban Chuan Shi version and 3.9% for Xinhua's Shengshi Rongyao Qingtian version, with most others around 3.5% [2][22] Group 1: Product Performance Analysis - In the case of single premium payments, the top three products based on guaranteed cash value performance are Taiping's Xinfu Xiangban Chuan Shi version, Xinhua's Shengshi Rongyao Qingtian version, and China Life's Xin Yue Chuan Jia Qingtian version [3][23] - For five-year premium payments, the leading products in terms of guaranteed cash value are Taiping's Xinfu Xiangban Chuan Shi version, Xinhua's Shengshi Rongyao Qingtian version, and Taikang's Le Zeng Shou Qingtian version [8][10] - Under six-year premium payments, the top three products are China Life's Xin Yue Chuan Jia Qingtian version, Renbao's Fu Lu Man Tang 2025, and Taikang's Xin Xiang Shi Jia 2026 [12][14] - For ten-year premium payments, the best performing products are Taiping's Xinfu Xiangban Chuan Shi version, Renbao's Fu Lu Man Tang 2025, and Ping An's Yu Xiang Jin Yue 2026 [16][18] Group 2: Long-term Value Considerations - The performance of products with higher illustrated rates does not necessarily translate to better actual cash value, emphasizing the importance of evaluating specific numerical data [19] - Taiping Life Insurance has shown significant improvements in its product offerings, actively embracing the internet and launching numerous participating whole life insurance products, establishing a notable advantage among the "old seven" [19] - The dividend realization rates have improved for Ping An, China Life, and Taiping, with Taiping's new products demonstrating generous illustrated data, while China Life and Ping An maintain a conservative approach [19]

证券之星消息，12月11日保险板块较上一交易日下跌0.17%，中国人保领跌。当日上证指数报收于 3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。保险板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日保险板块主力资金净流出6.13亿元，游资资金净流入2.25亿元，散户资金净流 入3.88亿元。保险板块个股资金流向见下表： ...

二、中国人民财产保险股份有限公司昌宁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、同意中国人民财产保险股份有限公司昌宁支公司柯街营销服务部将营业场所变更为：云南省保山市 昌宁县柯街镇云保公路边李妍芬房屋。 2025年12月5日，保山金融监管分局发布批复称，《关于中国人民财产保险股份有限公司昌宁支公司柯 街营销服务部营业场所变更的请示》（保人保财险昌发〔2025〕3号）收悉。经审核，现批复如下： ...

二、中国人民财产保险股份有限公司腾冲支公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月5日，保山金融监管分局发布批复称，《关于中国人民财产保险股份有限公司腾冲支公司界 头营销服务部营业场所变更的请示》（保人保财险腾发〔2025〕4号）收悉。经审核，现批复如下： 一、同意中国人民财产保险股份有限公司腾冲支公司界头营销服务部将营业场所变更为：云南省保山市 腾冲市界头镇界头集镇汪生荣房屋。 ...

二、中国人民财产保险股份有限公司榆林市分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月9日，榆林金融监管分局发布批复称，《中国人民财产保险股份有限公司榆林市分公司关于 上郡路营销服务部变更营业场所的请示》（榆人保财险发〔2025〕64号）收悉。经审核，现批复如下： 一、同意中国人民财产保险股份有限公司榆林市分公司将营业场所变更为：陕西省榆林市榆阳区上郡北 路306号3层02号商铺。 ...