二、中国人民人寿保险股份有限公司乐平市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22日，国家金融监督管理总局景德镇监管分局发布批复称，《关于中国人民人寿保险股份有 限公司乐平市支公司变更营业场所的请示》(人保寿险赣景发〔2025〕126号)材料收悉。经审核，现批 复如下： 一、同意中国人民人寿保险股份有限公司乐平市支公司将营业场所变更为：江西省景德镇市乐平市东风 北路南方翡翠城二期2号楼105-205、106-206铺。 ...

二、中国人民健康保险股份有限公司九江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。 2025年12月23日，国家金融监督管理总局九江监管分局发布批复称，《关于中国人民健康保险股份有限 公司九江中心支公司变更营业场所的请示》(赣人保健康发〔2025〕152号)收悉。经审核，现批复如 下： 一、同意中国人民健康保险股份有限公司九江中心支公司将营业场所变更为：江西省九江市八里湖新区 茅山头路66号浙商大厦6层(602-609室)。 ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [12]. Core Insights - The current valuation of A/H shares in the insurance sector reflects ongoing concerns about "interest spread losses" in the medium to long term. However, under a new analytical framework, the insurance industry's interest spread is expected to improve continuously in the medium to long term. The recent strong growth in liabilities and the "deposit migration" logic suggest that the stabilization and expansion of interest spreads may accelerate, leading to a quicker recovery in valuations. The report continues to favor the insurance sector, recommending specific stocks such as New China Life, Ping An Insurance, China Life, and China Pacific Insurance [2][9]. Summary by Sections Regulatory Changes - The report discusses the background of new regulations, highlighting changes in the external environment, policies, and accounting standards that necessitate new asset-liability management requirements. The "National Ten Measures" for insurance in 2024 emphasizes the need for stronger asset-liability linkage supervision. Additionally, the implementation of new accounting standards in 2026 will significantly impact the effects of interest rate fluctuations on assets and liabilities, raising the bar for asset-liability management [6][7]. New Regulatory Requirements - The new regulations introduce long-term assessments with clear quantitative indicators. For property insurance companies, three regulatory indicators must be met: a coverage ratio of settled funds ≥ 100%, an income coverage ratio ≥ 100%, and a liquidity coverage ratio under stress scenarios ≥ 100%. For life insurance companies, four indicators are required: an effective duration gap not exceeding ±5 years, a comprehensive investment income coverage ratio ≥ 100%, a net investment income coverage ratio ≥ 100%, and a liquidity coverage ratio under stress scenarios ≥ 100% [8][17]. Long-term Outlook - The report expresses optimism about the long-term healthy development of the insurance industry and the potential for valuation recovery. It notes that the current valuation of A/H shares still reflects concerns about medium to long-term "interest spread losses." However, with the anticipated improvement in interest spreads and the strong growth in liabilities, the process of stabilization and expansion is expected to accelerate, leading to a faster recovery in valuations [9][2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report addresses the asset allocation characteristics of dividend - paying insurance and the impact of its transformation on the bond market [4][10] - In 2025, the transformation of dividend - paying insurance became an industry trend, with significant growth in scale. The income of ordinary dividend - paying insurance of six listed insurance companies in the first half of 2025 reached 157.7 billion yuan, a year - on - year increase of 12%, and its proportion in total life insurance income rose from 15% at the end of 2024 to 16.3% [5][11] - The rapid expansion of dividend - paying insurance meets the needs of both clients and insurance companies. For clients, it offers "certainty of guaranteed return + elastic dividend expectation"; for insurance companies, it helps prevent interest spread losses and reduces the impact of investment asset prices on financial statements [5][14][15] - Compared with ordinary life insurance, the asset allocation logic of dividend - paying insurance is more return - oriented, increasing the allocation of high - volatility assets [5] - The growth rate of insurance companies' bond allocation scale may slow down marginally, and their preference for equities will continue. In terms of specific bond types, insurance companies may increase trading demand for ultra - long - term treasury bonds and allocation demand for secondary perpetual bonds while maintaining the allocation of ultra - long - term local government bonds [5][20][22] 3. Summary by Directory 3.1 Dividend - paying Insurance Transformation Initiation - In 2025, major listed insurance companies placed dividend - paying insurance at the core of their products, driving it to dominate new business. The income of dividend - paying insurance of six listed insurance companies in the first half of the year increased significantly [11] - Each major insurance company has taken measures to promote dividend - paying insurance. For example, China Ping An focused on dividend - paying products, and China Pacific Insurance optimized its product structure with increased dividend - paying insurance new - policy premium [12] 3.2 Reasons for the Rapid Increase in Dividend - paying Insurance Scale - Client side: In the context of low - interest rates and expected stock market improvement, the "certainty of guaranteed return + elastic dividend expectation" of dividend - paying insurance meets clients' demand for more elastic returns [5][14] - Insurance company side: It can prevent interest spread losses and reduce the impact of investment asset price fluctuations on financial statements [5][15] 3.3 Differences in the Asset Allocation Logic of Dividend - paying Insurance - Accounting mechanism: Dividend - paying insurance uses the "floating fee method" for measurement, allowing its liability - side price to be linked to the asset - side. It has a return smoothing mechanism, giving its account a higher risk tolerance [5][16][17] - Business transformation: Higher and stable investment returns are crucial for attracting customers, fulfilling dividend promises, and promoting successful transformation [17] 3.4 Impact on the Bond Market - Overall bond demand: The growth rate of insurance companies' bond allocation scale may slow down marginally, and their preference for equities will continue. In the first three quarters of 2025, the proportion of equity assets in insurance companies' new investments increased from 10.4% in 2024 to 39.9%, while the proportion of bonds decreased from 72.2% to 57.1% [20] - Specific bond types: Insurance companies may increase trading demand for ultra - long - term treasury bonds and allocation demand for secondary perpetual bonds while maintaining the allocation of ultra - long - term local government bonds [22]

Core Viewpoint - The insurance and securities sectors are experiencing significant growth, with the Securities Insurance ETF up over 15% and the Insurance Securities ETF up over 11% year-to-date, driven by strong performances from major companies in the industry [1][2]. Group 1: ETF Performance - The Securities Insurance ETF tracks the CSI 300 Non-Bank Financial Index, with 61.4% of its components being securities and 37.7% being insurance [3]. - The Insurance Securities ETF follows the CSI 800 Securities Insurance Index, with 73.8% of its components in securities and 25.6% in insurance [4]. Group 2: Industry Outlook - According to a recent report by CICC, the life insurance industry is expected to enter a golden development period by 2026, with a more positive trend in liabilities, shifting the investment logic from "seeking revaluation of existing businesses" to "valuing growth capabilities" [4]. - The current surge in the insurance sector is attributed to the expansion of asset under management (AUM) and the recovery of interest rate spreads, enhancing the certainty of investment returns [4]. - The insurance sector is seen as being in a critical window for performance and valuation recovery, supported by favorable policy and market conditions, with leading companies strengthening their advantages [4]. Group 3: Securities Firms - West Securities believes that there is a mismatch between profitability and valuation in the brokerage sector, indicating potential for future recovery [4]. - Guojin Securities highlights four themes for 2026: increased market activity from resident deposit migration, enhanced resilience and reduced volatility in capital markets, opportunities in direct financing for innovative enterprises, and ongoing mergers and acquisitions in the brokerage industry [5]. - Huatai Securities notes that the market remains active with daily trading volumes around 1.7 trillion yuan and financing balances stabilizing at 2.48 trillion yuan, indicating a favorable environment for brokerage value recovery [6].

一、同意中国人民财产保险股份有限公司个旧支公司大屯营销服务部将营业场所变更为：云南省红河哈 尼族彝族自治州个旧市大屯街道昆河公路旁商铺。 二、中国人民财产保险股份有限公司红河州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18日，红河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红河州分公司关于 中国人民财产保险股份有限公司个旧支公司大屯营销服务部变更营业场所的的请示》(红人保财险发 〔2025〕138号)收悉。经审核，现批复如下： ...

二、请自批复之日起10日内持原《中华人民共和国保险许可证》到国家金融监督管理总局阿克苏监管分 局办理换证手续。 一、同意中国人民财产保险股份有限公司温宿县佳木营销服务部营业场所变更为新疆阿克苏地区温宿县 佳木镇绿园村六组056号。 2025年12月23日，国家金融监督管理总局阿克苏监管分局发布批复称，《关于中国人民财产保险股份有 限公司温宿县佳木营销服务部营业场所变更的请示》(阿苏人保财险发〔2025〕125号)收悉。依据《保 险公司分支机构市场准入管理办法》的相关规定，经审核研究，现批复如下： ...

Summary of China Pacific Insurance Conference Call Company Overview - **Company**: China Pacific Insurance (中国人保) - **Focus**: Insurance services, particularly in the automotive and non-motor insurance sectors, with a growing emphasis on new energy vehicles (NEVs) and overseas expansion. Key Points Industry and Market Dynamics - **Integration of Reporting and Operations**: The company is advancing the "reporting and operations integration" strategy, which includes strict cost control measures [2][3] - **Impact of New Energy Vehicles**: The claim rate for NEVs has decreased, positively affecting auto insurance. NEVs account for approximately 20% of total premiums, although their claim rate is still double that of traditional fuel vehicles [2][5] - **Non-Motor Insurance Growth**: Rapid growth in accident and health insurance, as well as corporate property insurance, is attributed to improvements in personal non-motor business and reforms in social insurance payment methods [2][7] Financial Performance - **Cost Ratio Improvement**: The comprehensive cost ratio for property insurance decreased by 2.1 percentage points in 2025, driven by stricter cost management and a reduction in disaster frequency [3] - **Profitability Outlook**: Non-motor insurance profitability is expected to continue improving, although uncertainties from disasters remain a concern [8] Strategic Initiatives - **Overseas Expansion**: The company is focusing on serving NEV enterprises and Chinese companies' overseas interests, with operations already in Hong Kong and Thailand, and plans to expand into Europe and South America by 2030 [2][10] - **Individual Insurance Growth**: The company anticipates at least double-digit growth in individual insurance business for 2026, with a strong performance expected from bancassurance channels [11][13] Product Development and Market Position - **Focus on NEVs**: The company aims to maintain and enhance its market share in the NEV sector, leveraging differentiated pricing and risk assessment strategies [6][5] - **Health Insurance Innovations**: The introduction of dividend-type health insurance is expected to support sales in the health insurance market, enhancing product attractiveness [19][20] Investment Strategy - **Asset Allocation**: The company currently has about 12% of its assets in equity markets, with plans to increase this allocation based on market opportunities [26] - **Debt Cost Management**: The current liability cost is stable, with new policies having a cost below 2.5%. The overall liability cost is approximately 3.2% [22] Challenges and Risks - **Market Volatility**: The company acknowledges potential volatility in the market and the impact of disasters on claims, necessitating cautious optimism regarding future profitability [8][3] - **Regulatory Environment**: The company is adapting to regulatory changes that may affect its investment strategies and operational frameworks [29][30] Future Outlook - **Long-term Strategy**: The company is committed to a long-term dividend policy, aiming for stable growth in dividends and maintaining a minimum payout ratio of 30% for the group and 40% for subsidiaries [31][32] - **"14th Five-Year Plan" Initiatives**: The company will implement strategic measures focusing on high-quality development and international influence during the "14th Five-Year Plan" period [33] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market dynamics, and financial outlook.

【保险板块震荡走强 中国太保涨近3%创历史新高】智通财经12月25日电，早盘保险板块震荡走强，中 国太保涨近3%，创历史新高，中国平安涨超3%，创2021年3月以来新高，新华保险、中国人保涨超 2%。 转自：智通财经 ...

中国人保 中国人民保险 分时图 日K线 集团周K线 月K线 9.38 0.29 3.19% 3.19% 2.09% 1.10% 0.00% 1.10% 2.09% 3.19% 8.80 8.90 8.99 9.09 9.19 9.28 9.38 09:30 10:30 11:30/13:00 14:00 15:00 9万 82万 154万 227万 中国人民保险集团(01339)发布公告，由2025年12月24日起，高恬女士接替欧励智先生获委任为根据香 港联合交易所有限公司证券上市规则第19A.13(2)条及公司条例(香港法例第622章)第16部规定，代表本 公司在香港接受送达法律程序文件及通知的代理人。 ...