Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - Recent market enthusiasm remains high, with Q3 brokerage performance expected to continue its growth trend. The long-term ROE central tendency is anticipated to rise. In the insurance sector, the logic of deposit migration, increased equity allocation, and improved new policy costs is confirmed, leading to greater certainty in long-term ROE improvement and accelerated valuation recovery. Overall, the cost-performance ratio for investment is gradually increasing [2][4] Summary by Sections Industry Performance - The non-bank financial index increased by 2.7% last week, with an excess return of 0.7% relative to the CSI 300. Year-to-date, the non-bank financial index is up 6.9%, but underperforms the CSI 300 by 11.0% [5][17] Market Activity - Market activity has slightly declined, with an average daily trading volume of 21,876.96 billion yuan, down 5.43% week-on-week. The average turnover rate is 2.28%, a decrease of 17.11 basis points [5][39] Insurance Sector - In August 2025, cumulative insurance premium income reached 479.99 billion yuan, a year-on-year increase of 9.63%. Life insurance premiums grew by 14.05%, while property insurance premiums increased by 4.67% [21][25] Brokerage Recommendations - The report recommends stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, along with companies like New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, and Tonghuashun based on performance elasticity and valuation [4][6] Financing Activities - In September 2025, equity financing reached 41.634 billion yuan, a month-on-month increase of 86.6%, while bond financing totaled 8.11 trillion yuan, up 8.3% [50]

Group 1 - The core point of the article highlights the performance of the Hu-Shen 300 ESG ETF (561900), which has seen a decline of 1.31% as of the midday close, trading at 0.977 yuan with a transaction volume of 508,300 yuan [1] - Major holdings in the ETF include Kweichow Moutai, which fell by 0.30%, and Ningde Times, which experienced a significant drop of 6.30% [1] - The fund's performance benchmark is the Hu-Shen 300 ESG Index return, managed by China Merchants Fund Management Co., with a return of -0.96% since its inception on July 6, 2021, and a return of 5.62% over the past month [1]

2025年9月29日，哈密金融监管分局发布批复称，《关于中国平安财产保险股份有限公司新星支公司变 更营业场所的请示》(平保产新分哈密中支发〔2025〕28号)收悉。经审查，现批复如下： 一、同意中国平安财产保险股份有限公司新星支公司将营业场所变更为：新疆新星市文汇路497号A座 101铺。 二、中国平安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。 ...

Core Viewpoint - The recent rise in domestic insurance stocks is attributed to the issuance of guidelines by the Financial Regulatory Bureau aimed at promoting the high-quality development of health insurance, which includes the reintroduction of participating long-term health insurance products after a 22-year hiatus [1] Group 1: Stock Performance - Domestic insurance stocks collectively rose, with notable increases: Xinhua Insurance up 3.11% to HKD 48.46, China Pacific Insurance up 3.02% to HKD 31.4, China Life Insurance up 3.02% to HKD 22.52, and Ping An Insurance up 1.03% to HKD 54.05 [1] Group 2: Regulatory Changes - The Financial Regulatory Bureau issued guidelines that outline the overall direction and phased goals for the development of health insurance, specifically supporting well-rated insurance companies in launching participating long-term health insurance products [1] Group 3: Market Implications - The reintroduction of participating health insurance is expected to enhance product attractiveness and stimulate growth potential in the health insurance market, especially in the context of continuously declining preset interest rates [1] - The guidelines are anticipated to enrich product offerings and improve the appeal of "product + service," potentially leading to a new wave of development opportunities for various health insurance types, while also reducing risk related to interest rate spreads for insurance companies, thereby benefiting profitability and valuation levels [1]

Core Viewpoint - The recent rise in Chinese insurance stocks is attributed to the release of regulatory guidelines aimed at promoting the high-quality development of health insurance, which includes the reintroduction of participating health insurance products after a 22-year hiatus [1][1][1] Group 1: Stock Performance - Chinese insurance stocks collectively experienced gains, with notable increases: Xinhua Insurance rose by 3.11% to HKD 48.46, China Pacific Insurance increased by 3.02% to HKD 31.4, China Life Insurance also rose by 3.02% to HKD 22.52, and Ping An Insurance saw a 1.03% increase to HKD 54.05 [1][1][1] Group 2: Regulatory Developments - The Financial Regulatory Bureau issued guidelines that outline the overall direction and phased goals for the development of health insurance, specifically supporting well-rated insurance companies in launching participating long-term health insurance products [1][1][1] - The reintroduction of participating health insurance products is expected to enhance product attractiveness and stimulate growth in the health insurance market [1][1][1] Group 3: Market Implications - Dongwu Securities noted that the return of participating health insurance products could help improve product appeal and further unlock the growth potential of the health insurance market, especially in the context of declining preset interest rates [1][1][1] - Kaiyuan Securities highlighted that the new guidelines are likely to enrich product offerings and enhance the attractiveness of "product + service" combinations, potentially leading to a new wave of development opportunities for various health insurance types, while also reducing risk related to interest rate spreads for insurance companies [1][1][1]

Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

Core Viewpoint - The release of the "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" by the China Banking and Insurance Regulatory Commission (CBIRC) is expected to benefit the long-term development of health insurance, improving the investment ecology for insurance funds in a persistently low interest rate environment. The implementation of new standards is anticipated to enhance the profitability elasticity of insurance companies as stock holdings increase [1][2]. Group 1: Policy Highlights - The policy supports the development of dividend-type long-term health insurance, allowing well-rated insurance companies to engage in this business, which has seen improvements in pricing standards and consumer protection [3]. - The introduction of "personal account-style long-term medical insurance" emphasizes the accumulation of personal funds to cover out-of-pocket expenses, aiming to alleviate financial pressure on residents' medical insurance funds [4]. - The policy encourages the development of commercial insurance payment functions to reduce the burden on basic medical insurance and support the innovation of drugs and medical devices [5]. Group 2: Industry Development Opportunities - The policy promotes data sharing and collaboration across industries to enhance the efficiency of commercial health insurance claims [6]. - Support is provided for health insurance companies to integrate health management services into their products, potentially creating a competitive advantage in the market [7][8]. - New opportunities are anticipated for long-term care insurance, with provisions for converting life insurance benefits into care expenses and addressing various care needs [9].

Core Viewpoint - The article discusses the analysis of the embedded value changes of listed life insurance companies for the first half of 2025, highlighting a 7.7% growth in embedded value, driven by various factors including expected returns and new business value creation [2][14]. Summary by Sections Embedded Value Changes - The embedded value of listed life insurance companies increased by 7.7% in the first half of 2025, with the expected return on the initial embedded value contributing 2.8%, new business value creation contributing 2.6%, investment return differences contributing 1.4%, and operational experience deviations contributing 0.83% [14][26]. ROEV Analysis - The overall Return on Embedded Value (ROEV) for listed life insurance companies was 6.3%, a decrease of 0.5 percentage points year-on-year. Companies like China Life, Ping An Life, and Taiping Life saw a decline in ROEV, while New China Life, AIA, and Sunshine Life experienced improvements [29][30]. Factors Influencing Embedded Value - The factors influencing the embedded value changes are ranked as follows: expected return on embedded value, new business value creation, investment return differences, operational experience deviations, and changes in assumptions and models [16][18]. Detailed Breakdown of Influencing Factors - **Expected Return on Embedded Value**: Averaged 2.8%, down 0.5 percentage points year-on-year, with most companies (except AIA) showing a decline [18]. - **New Business Value Creation**: Contributed 2.56%, down 0.2 percentage points year-on-year, with some companies like Ping An Life and New China Life showing improvements while others declined [18]. - **Operational Experience Deviations**: Averaged 0.83%, up 0.1 percentage points year-on-year, indicating positive impacts from actual operational experiences [23]. - **Investment Return Differences**: Averaged 1.4%, up 0.5 percentage points year-on-year, with most companies reporting positive deviations [26]. Company-Specific Insights - Sunshine Life reported the highest ROEV at 11.1%, followed by AIA at 8.6% and Ping An Life at 7.5% [30].

9月29日，平安人寿正式发布"平安六境 基业长青"平安家族办公室品牌。该品牌整合财富管理、健康守 护、养老规划、文化娱乐、家族传承与社会公益六大维度，旨在为客户提供全方位、一站式、定制化的 服务方案。平安人寿表示，将充分发挥其在保险保障与资源整合协同等方面的专业实力，依托平安集 团"综合金融+医疗养老"生态圈，打造独具优势的平安家族办公室服务体系，助力客户家业长青。为推 动家办服务落地，平安人寿成立"平安家办名人堂"，选拔来自各分支机构的200名顶尖保险康养顾问作 为一线家办服务精英 ，为客户提供定专业家办服务。 Pattle Village PINGAN . e . 0 ", 0 0 . 0 c g o o ● 0 e . ● 9 e 变业 - 行业 平安家族办公室 名人堂成员 百度协 白家 定城 际 : 10 12 19 19 JULY 平安人寿副董事长兼副总经理蔡霆、个险事业部销售支持部总监李冠如、平安家办名人堂代表及首批签 约客户代表等嘉宾出席发布活动。 ...

平安人寿副董事长兼副总经理蔡霆、个险事业部销售支持部总监李冠如、平安家办名人堂代表及首批签约客户代表等嘉宾出席发布活动。 9 月 29 日，平安人寿正式发布"平安六境 基业长青"平安家族办公室品牌。该品牌整合财富管理、健康守护、养老规划、文化娱乐、家族传 承与社会公益六大维度，旨在为客户提供全方位、一站式、定制化的服务方案。平安人寿表示，将充分发挥其在保险保障与资源整合协同等方 面的专业实力，依托平安集团"综合金融 + 医疗养老"生态圈，打造独具优势的平安家族办公室服务体系，助力客户家业长青。为推动家办服 务落地，平安人寿成立"平安家办名人堂"，选拔来自各分支机构的 200 名顶尖保险康养顾问作为一线家办服务精英 ，为客户提供定专业家办 服务。 中国平安 e PING AN @ @ a � e 0 ● @ @ � o 9 ● 专业 - 价值 平安索族办公室 名人堂成员 C 流江 金號群 北京 18 - TH 01 7 7 0 and Common ...