中國平安保險（集團）股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 章 程 （本章程根據《保險公司章程指引》、《上市公司章程指引》、《上海證券 交易所股票上市規則》（「《上證所上市規則》」）以及《香港聯合交易所有 限公司證券上市規則》（「《聯交所上市規則》」）等制定） -1- 中國平安保險（集團）股份有限公司 章程修改記錄 | 作出章程修改決 | 監管機關的 | 序號 | 章程制定 | 會議名稱 | 備註 | 議的時間 | 批准文件文號 | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 章程制定 | 1988 | 年 | 2 | 月 | 公司創立時股東簽署 | 銀復〔1988〕113 | 號 | 1 | 第 | 1 | 次修訂 ...

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 關於完成註冊資本變更及公司章程修訂的公告 兹提述(i)中國平安保險（集團）股份有限公司（「本公司」）日期為2021年8月26日有關回購A 股股份的公告；(ii)本公司日期為2022年8月29日有關回購公司A股股份實施結果的海外監管公告； (iii)本公司日期為2024年7月16日有關擬註銷已回購A股股份的公告；(iv)本公司日期為2025年3 月19日有關註銷已回購A股股份、減少註冊資本並修訂公司章程的公告；(v)本公司日期為2025 年5月13日有關2024年度股東週年大會、2025年第一次A股類別股東會及2025年第一次H股類別 股東會的投票結果的公告；(vi)本公司日期為2025年5月13日有關註銷回購股份並減少註冊資本 通知債權人的海外監管公告；(vii)本公司日期為2025年9月2日有關實施已回購A股股份註銷暨股 本變動的公告；及(viii)本公司日期為2025年9月3日的翌日披露報表。本公司 ...

Core Insights - The development of inclusive insurance in China is being positively influenced by national policies, but it still faces challenges such as structural mismatches between supply and demand, insufficient commercial sustainability, and adaptability issues in service capabilities [2][4] Group 1: Industry Challenges - Inclusive insurance is in its early stages, with a significant gap between risk demand and supply, estimated at 5.8 trillion yuan, indicating that about 62% of the risk demand remains unmet [4] - The target groups for inclusive insurance often have weak insurance awareness, small asset scales, and low risk resistance capabilities, leading to inadequate risk protection [4] Group 2: Company Initiatives - Ping An Property & Casualty Insurance has provided insurance coverage for 1.61 million small and micro enterprises, amounting to 189 trillion yuan, and has developed over 8,200 products tailored to various industries [2] - The company aims to enhance product pricing models and leverage technology to reduce operational costs, thereby improving the management of insurance services [2][3] Group 3: Recommendations for Development - It is suggested to enhance overall protection levels for inclusive groups through policy guidance, particularly in high-risk sectors like manufacturing and transportation [4] - The establishment of industry-standard insurance clauses for small and micro enterprises is recommended to address the complexity and accessibility issues in purchasing insurance [5]

Core Viewpoint - The Hong Kong stock market is experiencing an upward trend, driven by a softening of trade tensions and positive expectations for the fourth quarter [1] Group 1: Market Performance - The Hang Seng China Enterprises ETF (159960) rose by 2.07%, with notable increases in stocks such as NetEase-S (09999) up by 5.36%, SMIC (00981) up by 5.14%, and ZTO Express-W (02057) up by 4.70% [1] - The top ten weighted stocks in the Hang Seng China Enterprises Index (HSCE) account for 55.33% of the index, including Alibaba-W (09988) and Tencent Holdings (00700) [2] Group 2: Economic Indicators - Trade tensions have eased, with Trump indicating that "such high tariffs are unsustainable" [1] - Short-term market fluctuations are expected due to a lack of incremental positive news, but there are anticipated marginal positive factors that could drive the market up [1] Group 3: Future Outlook - The fourth quarter is expected to see a "first suppress then rise" trend for the Hong Kong stock market, with potential drivers including continuous innovation in China's tech sector and a low probability of high tariffs being implemented [1] - The upcoming Fourth Plenary Session of the Communist Party discussing the "14th Five-Year Plan" is expected to boost risk appetite [1] - The expectation of continued interest rate cuts by the Federal Reserve is likely to lead to sustained capital inflows, improving fundamentals and profit expectations, which could drive a slow bull market trend [1]

Group 1 - The core viewpoint of the news is that China Life Insurance expects a significant increase in net profit for the first three quarters of 2025, with estimates ranging from 156.8 billion to 177.7 billion yuan, and a projected net profit for Q3 between 115.9 billion and 136.8 billion yuan, reflecting a year-on-year growth of 75% to 106% [1] - The company is actively promoting long-term capital market entry and increasing equity investment, with a notable investment scale of 970.8 billion yuan in stocks and funds in the first half of the year, a 36% increase compared to the same period in 2024 [1] - The insurance sector is experiencing improvements on both the asset and liability sides, with low valuations and public fund holdings, which are expected to support the recovery of insurance stock valuations [1] Group 2 - The company anticipates a steady growth in new business value (NBV) for the year, with a downward adjustment in the preset interest rate accelerating the transformation of dividend insurance, which will further improve liability costs [1] - The current valuation of the insurance sector and public fund holdings remain at historical lows, indicating potential for future growth [1] - China Ping An is also mentioned as having a strong performance due to the gradual resolution of real estate risks and robust growth in bancassurance [1]

Core Viewpoint - The event "Guarding the Money Bag, Building a Safe Dream" aims to enhance public awareness of financial consumer rights and combat telecom network fraud, emphasizing the need for broad societal participation and support [1][4]. Group 1: Event Overview - The anti-fraud promotional event took place on October 17 at the Lize Digital Financial Technology Demonstration Park in Fengtai District, guided by various governmental and financial institutions [1]. - Key leaders from the National Financial Supervision Administration, Beijing Municipal Government, and other organizations highlighted the urgency and importance of fraud prevention during their speeches [1]. Group 2: Activities and Initiatives - The event featured a skit titled "Anti-Fraud Family Mobilization" and a consumer protection song, along with the establishment of an anti-fraud volunteer team [2]. - In 2024, under the guidance of the Financial Supervision Administration, Ping An Group plans to conduct over 30,000 activities, reaching more than 1.5 billion consumers [2]. - Ping An is also enhancing its volunteer service organization, with 500,000 volunteers across 33 regions and nearly 1,200 volunteer activities planned for the first half of 2025 [2]. Group 3: Regional Anti-Fraud Framework - Fengtai District has developed a unique "Five Threes" anti-fraud prevention system, which has significantly reduced telecom fraud cases by nearly 60% year-on-year [3]. - The "Five Threes" framework includes organizing community meetings, conducting thorough inspections, and categorizing groups to enhance fraud prevention efforts [3]. - The event marks a shift from isolated anti-fraud efforts to a collaborative community approach, establishing a more systematic and professional anti-fraud strategy [3]. Group 4: Impact and Future Directions - The event successfully raised awareness of fraud prevention and consumer rights among participants, creating a valuable learning platform for residents [4]. - The innovative collaboration model among police, financial institutions, and media serves as a replicable anti-fraud promotional model for the entire city, strengthening the anti-fraud network [4].

Core Viewpoint - The insurance sector has shown a mixed performance, with the insurance index rising by 3.73%, outperforming the broader market by 5.95 percentage points. Individual insurance stocks have varied in performance, with notable gains from major players like PICC and Xinhua Insurance, while others like AIA and ZhongAn have seen declines [1][2]. Weekly Dynamics - China Pacific Insurance expects a net profit growth of 40%-60% year-on-year for the first three quarters [2]. - Xinhua Insurance anticipates a parent net profit of approximately 299.86 to 341.22 billion yuan, reflecting a year-on-year increase of 45%-65% [2]. Premium Insights - China Pacific Insurance reported a cumulative premium of 392.4 billion yuan for January to September, a year-on-year increase of 6.2%, with life insurance premiums at 232.4 billion yuan (up 10.9%) and property insurance premiums at 160 billion yuan (up 0.1%) [4]. - Xinhua Insurance's cumulative life insurance premium reached 172.7 billion yuan, a year-on-year increase of 18.6% [4]. - ZhongAn Online reported a cumulative premium of 26.9 billion yuan, reflecting a year-on-year increase of 5.6% [4]. Market Trends - September marked a transition in the predetermined interest rate from the "2.5 era" to the "2.0 era," impacting the attractiveness of insurance products and leading to short-term demand shocks [5]. - Despite short-term pressures on new business growth, there is an expectation of positive effects from cost improvements and sustained growth in new business value (NBV) [5].

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - Recent market activity remains high, with brokerage firms expected to continue high growth trends in Q3, enhancing their investment value. Insurance companies have also reported significant increases in investment income due to a recovering capital market, leading to substantial profit growth. This supports the logic of deposit migration, increased equity allocation, and improved new policy costs, indicating a higher certainty of long-term ROE improvement and potential valuation recovery [2][6] - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, alongside others like New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on their performance elasticity and valuation levels [6] Summary by Sections Market Performance - The non-bank financial index decreased by 1.3% this week, with a relative excess return of +0.9% compared to the CSI 300, ranking in the middle of the industry [7] - Year-to-date, the non-bank financial index is up by 6.0%, with a relative excess return of -8.7% against the CSI 300, ranking lower in the industry [7] Company Announcements - New China Life expects a net profit of 29.986 billion to 34.122 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45% to 65% [8] - Dongwu Securities anticipates a net profit of 2.748 billion to 3.023 billion yuan for the same period, also reflecting a 50% to 65% increase year-on-year [8] Financial Data Tracking - The average daily trading volume in the two markets is 21,928.50 billion yuan, down 15.76% week-on-week, with a daily turnover rate of 2.34%, down 36.82 basis points [7][41] - Margin financing balance has increased to 2.46 trillion yuan, up 0.48% week-on-week [48] Investment Business - The equity market has shown overall fluctuations, with the CSI 300 index down 2.22% and the ChiNext index down 5.71% [46] - The brokerage firms' investment assets are approximately 10%-30% in equities and 70%-90% in bonds, necessitating close monitoring of market changes [46] Financing Activities - In September, equity financing reached 41.634 billion yuan, up 86.6% month-on-month, while bond financing totaled 8.11 trillion yuan, up 8.3% [53]

Investment Rating - The report maintains a positive outlook on the insurance sector and recommends long-term investment in quality bank stocks [1][3]. Core Insights - The financial sector's performance this week shows a mixed trend, with the non-bank financial index down by 1.34%, while the banking sector saw an increase of 4.89%, outperforming the CSI 300 index by 7.12 percentage points [1][9]. - The insurance sector experienced a notable increase of 3.65%, driven by positive earnings forecasts from New China Life, which projected a 45% to 65% increase in net profit for the first three quarters of 2025 [1][11]. - The report emphasizes the growth potential of the insurance industry, attributing it to supply-side reforms and the benefits from rising equity assets [1][12]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index decreased by 1.34%, while the banking sector increased by 4.89%, with state-owned banks leading the gains [1][9]. - The insurance sector outperformed the CSI 300 index by 5.87 percentage points, with New China Life's earnings announcement boosting overall market confidence [1][11]. 2. Insurance Sector Analysis - New China Life's earnings forecast led to a 12.58% increase in its stock price over five trading days, contributing to a six-day rally in the insurance sector [1][11]. - The report highlights the potential for the insurance sector to benefit from structural changes in the economy and improved asset performance [1][12]. 3. Brokerage Sector Analysis - The brokerage sector saw a decline of 3.13%, with a price-to-book (PB) ratio of 1.44x, indicating potential undervaluation [2][15]. - The report notes that the recent revisions to corporate governance standards by the CSRC could enhance the sector's governance and performance [2][15]. 4. Banking Sector Analysis - The banking sector's performance was strong, with a 4.89% increase, driven by a flight to quality amid market uncertainties [1][18]. - The report suggests focusing on banks with high growth potential and stable performance for both short-term and long-term investments [1][21].

Investment Rating - The report maintains a positive investment outlook for the non-bank financial sector, highlighting strong performance expectations for Q3 earnings across various companies [5][36]. Core Insights - The report emphasizes that the Q3 performance of the equity market is expected to solidify the earnings of leading insurance companies, with the Shanghai Composite Index showing a Q3 increase of 12.73% [1]. - Companies like China Pacific Insurance and New China Life are projected to see significant profit growth, with net profits expected to rise by 40%-60% and 45%-65% respectively for the first three quarters of 2025 [2][5]. - The report notes that the overall performance of the securities sector is also expected to improve, driven by active trading and increased business income from wealth management and investment transactions [3][5]. Summary by Sections Market Review - The report indicates a mixed performance in the non-bank sector, with the insurance index rising by 3.65% while the securities sector saw declines [9][10]. Securities Sector - The report highlights that the brokerage business remains robust, with a total trading volume of 10.87 trillion yuan in the week ending October 17, 2025, despite a 15.86% decrease from the previous week [17]. - The report also notes a significant increase in margin trading balances, which rose by 52.53% year-on-year [17]. Insurance Sector - The report indicates that major insurance companies are expected to report strong premium growth, with New China Life's premiums expected to increase by 19% year-on-year [33]. Liquidity Tracking - The report discusses the liquidity situation, noting a net withdrawal of 4.979 billion yuan in the week due to central bank operations, with mixed movements in interest rates [28]. Industry News and Company Announcements - The report includes various company announcements, such as significant profit forecasts from major players like Dongwu Securities and New China Life, indicating a positive outlook for the sector [33][36]. Investment Recommendations - The report suggests focusing on key insurance companies such as Sunshine Insurance, China Taiping, and major securities firms like CITIC Securities and Huatai Securities for potential investment opportunities [5][37].