中国人民保险集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 重要内容提示： 投资者可于 10 月 30 日(星期四)16:00 前登陆上证路演中心网站 首页，点击"提问预征集"栏目进行提问。公司将在业绩说明会上对 投资者普遍关注的问题进行回答。 为使广大投资者更加全面深入地了解公司 2025 年第三季度业绩 和经营情况，本公司拟于 10 月 31 日（星期五）15:00-16:00 召开 2025 年第三季度业绩说明会，就投资者普遍关心的问题进行交流。 证券代码：601319 证券简称：中国人保 公告编号：临 2025-034 一、说明会类型 本次业绩说明会通过文字互动的方式召开，本公司将针对 2025 年第三季度业绩和经营情况与投资者进行互动交流，并对投资者普遍 关注的问题进行回答。 1 会议召开时间：2025 年 10 月 31 日（星期五）15:00-16:00 会议召开地点：上证路演中心（http://roadshow.sseinfo.com） 会议召 ...

中國人民保險集團股份有限公司（「本公司」）擬於2025年10月31日15:00-16:00通過文字互 動方式召開2025年第三季度業績說明會（「業績說明會」）。 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分內容 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。 1339 關於召開2025年第三季度業績說明會的公告 承董事會命 中國人民保險集團股份有限公司 丁向群 董事長 中國北京，二零二五年十月二十七日 於本公告日，本公司執行董事為丁向群女士、趙鵬先生及肖建友先生，非執行董事為徐 向先生、王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為邵善波先生、徐麗娜 女士、王鵬程先生及高平陽先生。 投資者屆時可登陸上證路演中心(http://roadshow.sseinfo.com)參加業績說明會，公司將通 過上證路演中心(http://roadshow.sseinfo.com)及時回答投資者的提問。 投資者可於2025年10月30日16:00前登錄上證路演中心網站首頁，點擊「提問預徵集」欄目 (http:// ...

规模方面，截止10月24日，港股通央企红利ETF天弘（159281）最新份额为2.78亿份，最新规模为2.85 亿元。 流动性方面，截止10月27日，港股通央企红利ETF天弘（159281）近20个交易日累计成交金额11.23亿 元，日均成交金额5614.85万元。 港股通央企红利ETF天弘（159281）成立于2025年8月20日，基金全称为天弘中证港股通央企红利交易 型开放式指数证券投资基金，基金简称为天弘中证港股通央企红利ETF。该基金管理费率每年0.50%， 托管费率每年0.10%。港股通央企红利ETF天弘（159281）业绩比较基准为中证港股通央企红利指数收 益率(经估值汇率调整)。 来源：新浪基金∞工作室 10月27日，天弘中证港股通央企红利ETF（159281）收盘涨1.07%，成交额7428.65万元。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01919中远海控0.85%21.80万291.75万00316 东方海外国际0.40%1.05万137.17万00598中国外运0.33%27.00万113.96万00857中国石油股份0.32%16.20 万109.73万00998中信银 ...

Core Viewpoint - China People's Insurance Company (CPIC) has shown a positive stock performance with a year-to-date increase of 20.16% and a recent trading volume indicating strong investor interest [1][3]. Group 1: Stock Performance - As of October 27, CPIC's stock price increased by 2.05%, reaching 8.94 CNY per share, with a trading volume of 5.34 billion CNY and a market capitalization of 395.36 billion CNY [1]. - The net inflow of main funds was 9.30 million CNY, with significant buying from large orders amounting to 135 million CNY, indicating strong institutional interest [1]. - Over the past five trading days, the stock has risen by 4.56%, and over the last 20 days, it has increased by 15.50% [1]. Group 2: Company Overview - CPIC, established on August 22, 1996, and listed on November 16, 2018, operates primarily in the insurance sector, providing various insurance products through six divisions: property insurance, health insurance, life insurance, asset management, headquarters, and others [2]. - The revenue composition of CPIC is as follows: property insurance accounts for 83.28%, life insurance for 10.22%, health insurance for 5.84%, headquarters and others for 3.93%, and asset management for 0.49% [2]. Group 3: Financial Performance - As of June 30, the number of CPIC shareholders was 130,400, a decrease of 13.66% from the previous period, while the average circulating shares per person increased by 16.38% to 282,774 shares [3]. - For the first half of 2025, CPIC reported a net profit of 26.53 billion CNY, reflecting a year-on-year growth of 16.94% [3]. Group 4: Dividend and Shareholding - Since its A-share listing, CPIC has distributed a total of 43.50 billion CNY in dividends, with 22.20 billion CNY distributed over the past three years [4]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and several ETFs, with notable changes in their holdings [4].

| 序号 | 当事人名 | 行政处罚 决定书文 | 主要违法 | 行政处罚 | 作出决定 | | --- | --- | --- | --- | --- | --- | | | 称 | | 违规行为 | 内容 | 机关 | | | | 号 | | | | | | 中国人民 人寿保险 | | 对代理人 员管理不 | | | | 1 | 股份有限 | | 到位、风 | 警告并罚 | | | | 公司廊坊 | | | 款31万元 | | | | 市中心支 | | 险排查不 到位 | | | | | 公司 | 廊金罚决 | | | | 同时，相关责任人同样被罚。罚单显示，人保寿险廊坊市中心支公司代理制业务员姜圆圆存在欺骗投保人行为，被禁止终身进入保险业；时任总经理刘金辉 因对代理人员管理不到位、风险排查不力负有责任，被警告并罚款11万元；另一位时任总经理宋红伟因可疑线索排查不到位，被警告并罚款2万元。 10月17日，国家金融监督管理总局廊坊监管分局披露的行政处罚信息公开表显示，中国人民人寿保险股份有限公司廊坊市中心支公司因对代理人员管理不到 位、风险排查不力，被罚款31万元。 此外，中国人民人寿保险股份有限公司重庆市 ...

二、中国人民财产保险股份有限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巫山支公司河梁营销服务部将营业场所变更为：重庆市巫山县 官渡镇龙泉街56号一层。 2025年10月17日，国家金融监督管理总局万州监管分局发布批复称，《中国人民财产保险股份有限公司 重庆市分公司关于巫山支公司河梁营销服务部变更营业场所的请示》（渝人保财险发〔2025〕134号） 收悉。经审核，现批复如下： ...

Electronic and 2025 年 10 月 26 日 时玩人分析 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 重视非银补涨机会 非银金融行业周报（2025/10/20-2025/10/24） 本期投资提示: 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 若研究报 券商：本周申万券商 II 指数收涨 2.05%，跑输沪深 300 指数 1.19pct。1) 中信证券及东方财富 9M25 业绩亮眼，验证券商三季报业绩高增预期。中信证券：9M25 净利润 232 亿元/同比 +38%，3Q25 单季净利润 94.4 亿元/同比+52%/环比+32%，单季业绩创新高。报告期公司维持 双位数扩表，成为我国 A 股市场首家总资产突破 2 万亿的龙头券商。自营业务：3Q25，公司金融 投资资 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the rebound opportunities in the brokerage segment [2][3]. Core Insights - The report emphasizes the strong performance of major brokerages such as CITIC Securities and Dongfang Wealth, with significant profit growth in Q3 2025, indicating a robust recovery in the brokerage sector [3]. - The insurance sector is expected to benefit from the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," focusing on high-quality development and risk management [3]. - The report identifies three main investment themes in the brokerage sector: strong head institutions benefiting from competitive landscape optimization, brokerages with high earnings elasticity, and firms with strong international business capabilities [3]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,660.68 with a weekly change of +3.24%, while the non-bank index closed at 2,017.91 with a change of +2.02% [6]. - The brokerage, insurance, and diversified financial indices reported changes of +2.05%, +1.85%, and +2.46% respectively [6]. Non-Bank Financial Data - As of October 24, 2025, the average daily trading volume in the stock market was 20,966.76 billion, reflecting a decrease of 29.04% compared to the previous month [15][50]. - The margin trading balance reached 24,510.45 billion, an increase of 31.5% from the end of 2024 [15][47]. Key Company Announcements - China Life Insurance expects a net profit increase of approximately 50% to 70% year-on-year for the first three quarters of 2025, driven by effective investment strategies and market recovery [37][38]. - Dongfang Wealth reported a net profit of 9.1 billion for the first nine months of 2025, marking a 51% year-on-year increase [3]. Investment Recommendations - The report recommends investing in leading brokerages such as Guangfa Securities, Guotai Junan, and CITIC Securities, as well as insurance companies like China Life and China Pacific Insurance, due to their strong fundamentals and market positioning [3].

Core Insights - The low interest rate environment is a fundamental challenge for the Chinese insurance industry, necessitating a strategic transformation in asset allocation to address pressures from interest margin losses, solvency, and liquidity [1][2][3] Group 1: Macro and Industry Changes - The global economic landscape is shifting, with the share of the US and European economies in global GDP decreasing from 62% in 2001 to 50% in 2023, while Asia's share increased from 27% to 36% [6] - The trend of de-globalization is accelerating, particularly with the US leading efforts to decouple from China, which has created significant market volatility and challenges for the industry [6] - Sustainable development has become a global consensus, with China excelling in ESG (Environmental, Social, and Governance) initiatives, leading to a positive correlation between high ESG ratings and market pricing [7] Group 2: Domestic Economic Transition - China's economic growth engine is transitioning from investment-driven to sectors like renewable energy, electric vehicles, and high-tech manufacturing, which are rapidly developing [8] - R&D expenditure in China has increased from 1 trillion yuan in 2012 to over 3.6 trillion yuan in 2024, positioning the country as a major competitor in technology [8] - The domestic low interest rate cycle is ongoing, with rates around 1.5%-1.6% nearing their lower bound, reflecting market pessimism about economic prospects [9] Group 3: Investment Opportunities in Technology - Technology sectors such as renewable energy, AI, and biotechnology are emerging as new economic growth drivers, with direct competition between China and the US [10] - The capital market in China is shifting towards a technology-driven model, with significant growth in the market capitalization of tech companies [10] Group 4: Challenges in Insurance Asset Management - The insurance industry faces significant challenges, including interest margin losses and asset-liability matching pressures, with investment yields declining by 30-50 basis points annually [11][12] - The implementation of new accounting standards has increased the volatility of investment returns, necessitating a focus on stable performance in asset allocation [12] Group 5: Strategic Transformation in Asset Allocation - The insurance asset allocation strategy is shifting from traditional categories to a more diversified and refined approach, emphasizing duration gap management and innovative non-standard assets [13][14] - To mitigate equity asset volatility, the industry is adopting a multi-faceted strategy that includes optimizing accounting matches and balancing investment styles [15] - There is a significant push towards long-term investments in high-quality technology companies, with an emphasis on enhancing research capabilities in the tech sector [16]

Core Points - China Pacific Insurance (601319) announced the appointment of Mr. Zhao Peng as the Chief Financial Officer, effective from October 17, 2025 [1] - The appointment was approved by the National Financial Regulatory Administration, confirming Zhao Peng's qualifications for the role [1] Summary by Category Company Announcement - The fifth session of the board of directors will review the proposal to appoint Zhao Peng as CFO on August 27, 2025 [1] - The company has received the approval from the National Financial Regulatory Administration regarding Zhao Peng's qualifications [1] Regulatory Approval - The National Financial Regulatory Administration has officially approved Zhao Peng's appointment as CFO [1]