责任编辑：杨喜亭 中国再保表示，近年来，中国再保稳健推进国际化发展步伐，国际业务占比持续提升，再保险风险 分散功能不断强化，积极参与全球风险治理，融入国际保险再保险市场。公司将以此为契机，紧紧围绕 建设世界一流综合性再保险集团的战略目标，聚焦主责主业，加强科技赋能，深化全球管控，走好中国 特色金融发展之路，服务好高水平对外开放，为金融强国建设作出应有贡献。 金融监管总局表示，下一步，将指导中国再保对照《国际保险集团监管共同框架》进一步完善风险 管理制度，不断提升经营管理水平和国际竞争力。 6月20日，金融监管总局发布公告表示，根据国际保险监督官协会（IAIS）发布的《国际保险集团 监管共同框架》，开展了我国国际保险活跃集团的评估认定工作。经评估，认定中国再保险（集团）股 份有限公司（以下简称"中国再保"）为国际活跃保险集团（IAIG）。 《金融时报》记者了解到，国际活跃保险集团是国际保险监督官协会认定的、资产规模和国际业务 占比达到一定标准和要求的保险集团。国际保险监督官协会提出并不断优化IAIG监管共同框架，旨在 增强全球监管一致性，监测市场趋势，保持全球保险市场稳定。目前，全球共有59个IAIG成员单位。 ...

Core Insights - The approval of foreign insurance asset management companies in China reflects the ongoing high-level opening of the financial sector and the tangible results achieved [1][2][4] Group 1: Regulatory Developments - The China Banking and Insurance Regulatory Commission (CBIRC) has approved the establishment of insurance asset management companies by AIA and Dutch Global Life, indicating a commitment to foreign investment in the Chinese market [2][3] - Since 2018, over 30 new measures have been introduced to lower the entry barriers for foreign investment in the banking and insurance sectors, enhancing cooperation opportunities [4] Group 2: Company Strategies - AIA's new asset management company aims to create a product system that covers multiple industries and asset classes, aligning with the long-term investment strategy in the Chinese market [2] - Dutch Global Life plans to complement its existing business in China by establishing an insurance asset management company, leveraging its international experience and diverse investment strategies [3] Group 3: Market Trends - Nearly half of the world's 40 largest insurance companies have entered the Chinese market, with 80% of national banks enhancing governance through foreign strategic investors [1] - The collaboration between foreign and domestic institutions is expected to enrich the types of institutions and services available, better meeting diverse financial needs [1][4] Group 4: International Engagement - The recognition of China Re as an internationally active insurance group highlights the country's efforts to enhance its risk management capabilities and international influence [5] - Recent significant investments by foreign institutions, such as AIA's over 12 billion yuan stake in China Post Life, signal strong confidence in China's long-term economic growth potential [5]

Core Viewpoint - The Ministry of Finance's recent notification aims to guide insurance funds towards long-term stable investments and enhance the long-cycle assessment of state-owned commercial insurance companies, addressing the issue of short-term investment tendencies in the industry [1][2]. Group 1: Changes in Assessment Mechanism - The assessment method for "return on net assets" has been adjusted from a combination of "3-year cycle indicator + annual indicator" to "annual indicator + 3-year cycle indicator + 5-year cycle indicator," with respective weights of 30%, 50%, and 20% [2][3]. - The adjustment is expected to alleviate the pressure on investment managers from short-term performance fluctuations, encouraging a focus on stable long-term returns [3][4]. Group 2: Impact on Investment Behavior - The notification is seen as a key measure to promote investment behavior that transcends cyclical fluctuations, emphasizing the importance of long-term capital and enhancing asset allocation capabilities [4][8]. - Insurance companies are encouraged to increase their equity market investments, particularly in light of new accounting standards that have increased the volatility of investment returns [3][8]. Group 3: Addressing Investment Barriers - The insurance sector faces three main barriers to market entry: the mismatch between long-cycle investments and short-cycle assessments, solvency pressures limiting equity investment enthusiasm, and the volatility of profits and net assets due to stock investments [6][7]. - Recent policy initiatives aim to alleviate these barriers, including a comprehensive implementation of long-cycle assessments for state-owned insurance companies and adjustments to risk factors for stock investments [6][7]. Group 4: Strategic Investment Directions - The notification emphasizes the need for state-owned insurance companies to enhance asset-liability management and align investment strategies with long-term stability and risk control [8][9]. - Companies are expected to focus on high-quality investment opportunities, including infrastructure REITs, green bonds, and sectors like artificial intelligence and biomedicine, to support the real economy [8][9].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國再保險（集團）股份有限公司 (「本公司」) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 第 1 頁 共 11 頁 v 1.1.1 FF301 備註： | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01508 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,679,416,700 | RMB | | 1 RMB | | 6,679,416,700 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 6,679,416,700 | RMB | | 1 RMB | ...

Core Viewpoint - China Dadi Insurance Co., Ltd. has been fined over 6 million yuan due to multiple violations, including improper use of insurance terms and inaccurate financial data [2][3][4] Group 1: Penalties and Violations - The total fines imposed on Dadi Insurance and related personnel exceed 6 million yuan, with 19 individuals involved [2] - Specific fines include 473,000 yuan for Dadi Insurance and 20,000 yuan for its Jiangxi branch, totaling 493,000 yuan [2] - Additional fines of 1.15 million yuan were imposed on several senior management personnel [3] Group 2: Company Background and Financial Performance - Dadi Insurance was established in October 2003 and is the only property insurance direct insurer under China Reinsurance (Group) Corporation [2] - In 2024, the company reported insurance revenue of 51.288 billion yuan and a net profit of 459 million yuan [2] - For Q1 2025, Dadi Insurance achieved insurance revenue of 16.436 billion yuan and a net profit of 614 million yuan [2] Group 3: Compliance Issues and Responses - The penalties stem from a regulatory inspection conducted by the former China Banking and Insurance Regulatory Commission from May to July 2023, identifying violations from 2022 to March 2023 [3] - Dadi Insurance has stated that it is taking corrective measures, enhancing compliance training, and improving internal processes to address the identified issues [3] - Since 2025, excluding the recent large fine, the total penalties for Dadi Insurance have exceeded 6 million yuan, with violations including improper benefits to policyholders and inaccurate financial data [4]

Core Viewpoint - The insurance industry is experiencing a significant turnover in management, with over 50 companies undergoing leadership changes since 2025, reflecting a shift from rapid expansion to a focus on long-term operations [1][3][13] Group 1: Management Changes - As of mid-2025, more than 30 insurance companies have seen changes in their top management, including key positions such as chairman and general manager [13] - The turnover includes both strategic adjustments in leading firms and urgent replacements in companies facing risks [3][14] - The approval of over 40 executive appointments in the first half of 2025 marks a notable increase compared to fewer than 30 in the same period of 2024 [3] Group 2: Industry Challenges - The insurance sector is under pressure from declining traditional growth models, strict regulations, and concerns over interest rate margins, necessitating the search for new growth avenues [3][19] - Companies are grappling with a changing market landscape, including the impact of regulatory changes and shifts in consumer demand, which complicate their operational strategies [18][21] Group 3: Strategic Implications - Leadership changes present a "window of opportunity" for companies to restart strategic planning, optimize governance structures, and rebuild organizational culture [9][18] - The need for executives with strategic vision and integration capabilities is emphasized, as companies face the challenge of aligning with shareholder expectations and market realities [10][19] Group 4: Specific Company Examples - North Bay Insurance is set to appoint a new chairman after a nine-month vacancy, while Huatai Life has recently filled its general manager position after a three-year gap [2][9] - The frequent changes in management at smaller insurance firms reflect survival anxieties amid competitive pressures and limited operational flexibility [15][21] - Major players like China Life and China Insurance have also undergone significant leadership transitions, indicating a broader trend across the industry [19][20]

Summary of Key Points Core Viewpoint - As of July 14, a total of 138 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders including Green Heart Group Holdings, OK Blockchain, and Pearl River Steel Pipe [1]. Group 1: Top Performers - Green Heart Group Holdings (02999) achieved a closing price of 0.013 with a peak of 0.017, marking a 70.00% increase [1]. - OK Blockchain (01499) closed at 0.680, reaching a high of 0.690, reflecting a 48.39% rise [1]. - Pearl River Steel Pipe (01938) had a closing price of 0.335 and a peak of 0.340, resulting in a 33.33% increase [1]. Group 2: Other Notable Stocks - Weishi Jiajie (00856) saw a 32.01% increase, closing at 8.870 with a high of 11.300 [1]. - Cloud Intelligence (09678) reached a high of 520.000, closing at 510.000, which is a 20.99% increase [1]. - China Chengtong Development Group (00217) closed at 0.165 with a peak of 0.166, marking a 14.48% rise [1]. Group 3: Additional Stocks with Significant Increases - Sihuan Pharmaceutical (00460) closed at 1.380, reaching a high of 1.430, which is a 14.40% increase [1]. - Taited Pharmaceutical (03880) had a closing price of 36.950 and a peak of 37.400, reflecting a 13.85% rise [1]. - Beihai Kangcheng-B (01228) closed at 0.850 with a high of 0.960, resulting in a 12.94% increase [1].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [2][14]. Core Insights - The recent policy change aims to extend the assessment period for state-owned commercial insurance companies, promoting long-term stable investments and preventing short-term performance pressures [5]. - The adjustment in performance evaluation metrics emphasizes a balanced approach between annual and multi-year indicators, enhancing the focus on sustainable growth and risk management [5]. - The report highlights that the insurance sector is increasingly favoring high-dividend stocks, with a notable increase in equity allocations, reflecting a strategic shift towards long-term value investments [5]. Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 31,377.86 billion, with a circulating market value of 31,369.21 billion [2]. Policy Implications - The new directive from the Ministry of Finance encourages insurance funds to act as stabilizers in the market, promoting long-term investment strategies [5]. - The report notes that the new accounting standards for insurance contracts will be fully implemented by January 1, 2026, which is expected to positively influence the assessment of insurance companies [5]. Investment Strategy - The report suggests that the extended assessment period will likely reduce the negative impact of equity asset fluctuations on profit assessments, thereby increasing the tolerance for equity allocation among insurance companies [5]. - The performance of the non-bank insurance stock index has significantly outperformed the market, with an absolute return of 13.17% and a relative return of 11.14% since the beginning of 2025 [7].

Core Viewpoint - The "Gelonghui ESG Golden Award" recognizes companies excelling in sustainable development, with China Re among the 12 awarded for its commitment to ESG principles [3][4]. Group 1: ESG Awards and Recognition - The ESG Golden Award aims to create a valuable reference list of outstanding companies in the ESG field, covering all listed companies on major exchanges [3]. - China Re has consistently received high ratings in the ESG sector, achieving a Wind ESG rating of "A" and a 商道融绿 ESG rating of "A-", placing it among the top tier of insurance institutions [4]. Group 2: Environmental Initiatives - In 2024, China Re provided risk protection of 3.2 trillion yuan in support of the national "dual carbon" strategy, marking a 44.1% year-on-year increase [4]. - The company supported over 4,000 projects in wind power, solar energy, and energy storage, covering nearly 32,000 enterprises with risk protection of approximately 650 billion yuan [4]. Group 3: Social Contributions - China Re, as the chair of the "Belt and Road" reinsurance community, underwrote 64 major engineering projects in 2024, providing risk protection of nearly 80 billion yuan, a 108% increase year-on-year [4]. - The company also promoted inclusive finance, serving over 10 million small and micro enterprises and providing insurance coverage for over 200 million people, with risk protection amounting to 8.1 trillion yuan, a 20.5% increase [4]. Group 4: Governance Improvements - China Re has integrated ESG deeply into its governance structure, enhancing governance effectiveness with the establishment of a "Strategic and Sustainable Development Committee" [5]. - The company has implemented comprehensive risk management regulations for ESG risks and launched a digital strategy, establishing a data governance framework and completing 82 key projects [5]. Group 5: Overall Achievements and Future Outlook - In the past year, China Re has made comprehensive breakthroughs in ESG through institutional deepening, goal quantification, and innovative actions, receiving recognition from various institutions [6]. - The company aims to continue enhancing its sustainable development capabilities, leading in climate risk protection, reinforcing social responsibility, and improving governance systems for long-term investment value [6].

Core Viewpoint - The "Gelonghui Golden Award" ESG Excellence Company selection recognizes companies that excel in environmental, social, and governance dimensions, contributing to China's dual carbon goals and setting benchmarks for long-term value in the capital market [1][2]. Group 1: Award Winners - Twelve companies were awarded the "ESG Sustainable Development Excellence Enterprise" title, including Fourth Paradigm (06682.HK), JinJing New Energy (01783.HK), Kangqiao Yuelife (02205.HK), Ping An Good Doctor (01833.HK), AAC Technologies (02018.HK), Shoucheng Holdings (00697.HK), Tongwei Co., Ltd. (600438.SH), Yaoshi Bang (09885.HK), Zhaojin Mining (01818.HK), China Chunlai (01969.HK), China Reinsurance (01508.HK), and China Nuclear International (02302.HK) [1]. - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1]. Group 2: Evaluation Criteria - The selection process involved quantitative data analysis and evaluation by an expert panel to determine the final results [1]. - The award aims to highlight companies that actively promote green transformation and social responsibility through transparent governance [1]. Group 3: Scope of the Selection - The ESG Excellence Company selection covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]. - The initiative is designed to create a reference value ranking of outstanding companies in the ESG field within the investment community [2].