Core Viewpoint - Goldman Sachs reports that domestic insurance stocks have generally announced third-quarter earnings forecasts, with many companies' profits for the first three quarters significantly exceeding expectations, even surpassing full-year market predictions. The initial performance of third-quarter earnings is believed to be largely reflected in stock prices, and future investor focus is expected to shift towards revenue and dividend guidance [1] Group 1 - Major insurance companies are set to release their third-quarter earnings at the end of the month, with Goldman Sachs expecting an improvement in the risk-return profile of domestic insurance stocks [1] - The forecast indicates that the profit performance for the first three quarters will surpass market expectations, and the new business value is projected to maintain double-digit growth through 2026 [1] - Goldman Sachs maintains a "buy" rating on China Ping An (02318), China Taiping (02601), and China Pacific Insurance (02328) [1]

Core Insights - Morgan Stanley's report highlights the comparative analysis of the insurance markets in India and China during the quarterly earnings season, indicating that China's insurance sector shows strong performance with positive earnings forecasts from three major players, leading to an upward revision in market consensus [1] Group 1: Investment Themes - The company reiterates three key investment themes: 1. Preference for state-owned enterprises, favoring companies like LIC and China Life over private firms; 2. Sector rotation, looking for attractive re-entry points in India's non-life insurance sector; 3. Considering opportunities in China's non-life insurance sector [1] Group 2: Market Performance - The report notes that Chinese insurance stocks are correlated with earnings expectation revisions, currently trading at a consensus forecast price-to-earnings ratio of 7 times for the fiscal year 2025, with a dividend yield of 4%, indicating attractive valuations [1] - Companies like China Life have reported strong net profits for the first nine months of the year, contributing to the positive outlook for the sector [1]

Core Insights - Ping An Bank has been upgraded to "AA" in the latest MSCI ESG Ratings, reflecting its strong performance in environmental, social, and governance (ESG) criteria [1][2][3] Group's ESG Strategy - The upgrade from "BB" to "AA" over the past five years highlights Ping An Bank's leadership in ESG within the global banking sector and the successful execution of the Group's ESG strategy [2][4] - Ping An has integrated sustainable development into its corporate strategy, maintaining its leadership in the "Multi-Line Insurance & Brokerage Industry" in the Asia-Pacific region for three consecutive years [4] Key Achievements of Ping An Bank - By the end of June 2025, the Bank's green loan balance reached RMB 251.746 billion, supporting various sectors including energy efficiency and environmental protection [6] - In 2024, the Bank conducted 50 emergency drills and provided an average of 35 hours of training to employees, significantly enhancing data security awareness [6] - The Bank invested RMB 88.44 million in nearly 8,000 training sessions in 2024, with employees averaging 92 hours of training, and female employees making up 55.5% of the workforce [6] - Consumer rights protection is prioritized, with a 12% year-on-year decrease in customer complaints in 2024 and a 100% resolution rate [6] - The Bank's MSME loan portfolio grew to RMB 499.524 billion by the end of June 2025, serving over 970,000 customers, with new MSME loans issued increasing by 33.6% year-over-year [6] Future Outlook - Ping An will continue to focus on a customer-centric approach and deepen its technology-driven "integrated finance + health and senior care" strategy [6][7] - The Group aims to enhance its governance and risk management framework while promoting green and low-carbon development [6][7]

Core Viewpoint - Morgan Stanley highlights the comparative analysis of the insurance markets in India and China during the quarterly earnings season, noting strong performance from Chinese insurers while Indian private insurers show mixed results [1][2] Group 1: Investment Themes - Preference for state-owned enterprises over private ones, with a focus on LIC and China Life [1] - In the non-life insurance sector, preference for India over China, seeking attractive re-entry points in India while considering exit points in China [1] - Reevaluation of underperforming stocks that show emerging value, such as China Ping An, which is currently trading at 6 times the forecasted 2026 P/E ratio with a dividend yield of 6% [1] Group 2: Market Performance and Valuation - Chinese insurance stocks are trading at 7 times the consensus forecast P/E for 2025, with a dividend yield of 4%, indicating attractive valuations [2] - Companies like China Life have announced strong net profit expectations for the first nine months, surpassing full-year market consensus, leading to anticipated upward revisions in earnings and dividend forecasts [2] - Ongoing policy support is expected to enhance product profitability and diversify revenue sources [2]

Core Insights - Morgan Stanley highlights the comparative analysis of the insurance markets in India and China during the quarterly earnings season, noting strong performance in China's insurance sector with positive earnings forecasts from three major players, while India's private insurers show mixed results [1][2] Group 1: Investment Themes - Preference for state-owned enterprises over private firms, specifically favoring LIC and China Life [1] - Focus on attractive re-entry points in India's non-life insurance sector while considering exit points in China's non-life insurance sector [1] - Reevaluation of underperforming stocks that show emerging value, such as China Ping An, which is currently trading at a 6x P/E ratio for the 2026 fiscal year with a dividend yield of 6% [1] Group 2: Market Performance and Valuation - Chinese insurance stocks are trading at a 7x P/E ratio for the 2025 fiscal year with a dividend yield of 4%, indicating attractive valuations [2] - Companies like China Life have announced strong net profit expectations for the first nine months, surpassing the overall market consensus for the year [2] - Anticipation of further upward revisions in earnings and dividend forecasts, providing catalysts for stock prices, supported by ongoing policy backing to enhance product profitability and diversify revenue sources [2]

Report Industry Investment Rating No information provided in the report. Core Viewpoints - Listed insurance companies have implemented new accounting standards (IFRS 17 and IFRS 9) since 2023, while non - listed ones will implement them in 2026. It is estimated that after the remaining insurance companies implement the new standards in 2026, the re - classification scale of financial assets of affected insurance companies may account for about 20% [3][62]. - After the implementation of the new standards, more insurance assets may be classified into the FVTPL category, increasing the profit volatility of insurance companies. Insurance companies are more cautious about bank capital bonds and increase the allocation of ultra - long bonds. The proportion of insurance funds invested in bonds is rising [3][5][63]. Summary According to the Table of Contents 1. New Accounting Standards Gradually Implemented - IFRS 9 adjusts the classification of financial assets from "four - category" to "three - category": FVTPL, FVOCI, and AC. More assets may be classified into FVTPL, making insurance company profits more volatile. Insurance companies have an incentive to allocate more assets to AC or FVOCI [9][10]. - IFRS 17 changes the discount rate for traditional insurance reserves. Insurance companies can use the OCI option to reduce profit fluctuations, which may lead to significant differences in net profit under the old and new standards [12]. - From the operating data of insurance companies that have implemented the new standards in advance, there is an increase in net profit and a decrease in net assets [16]. - Among bond - issuing insurance companies, the financial investment of those that have implemented the new standards accounted for 74.4% of the total as of the end of 2024. It is estimated that the proportion of financial asset re - classification of the remaining insurance companies in 2026 may be about 20% [3][62]. 2. Changes in Insurance Institution Behavior 2.1 Insurance Asset Allocation Observation - As of the end of Q2 2025, the balance of insurance funds in use was 36.23 trillion yuan, with life insurance companies accounting for 90% [23]. - The proportion of bonds in the asset allocation of life and property insurance is increasing. As of the end of Q2 2025, the bond proportion of life insurance increased from 41% to 52%, with a balance of 16.9 trillion yuan; that of property insurance increased from 21% to 40%, with a balance of 0.95 trillion yuan [25]. - The investment proportion of life and property insurance in stocks is relatively stable, but the growth rate has accelerated since Q1 last year. In Q2 this year, the cumulative year - on - year growth rates of stock investment were 47.9% and 42.8% respectively [31]. 2.2 Insurance Secondary Market Observation 2.2.1 Bank - to - Bank - As of the end of August 2025, the total bond custody scale of insurance institutions in CCDC and SHCHE was 5033.311 billion yuan. Interest - rate bonds accounted for 77.9%, with local bonds accounting for 49.3% [34]. - Insurance has been increasing its allocation of local bonds. As of the end of August this year, the net increase in local bond custody was 3776 billion yuan, approaching last year's level. Insurance has been reducing its holdings of commercial bank bonds since March last year [39][58]. 2.2.2 Exchange - As of the end of September, the scale of corporate bonds held by insurance in SSE and SZSE was 931.8 billion yuan and 181.6 billion yuan respectively. After Q2 this year, the allocation of credit bonds by insurance has increased [52]. 3. Understanding the Impact of the New Standards - Insurance institutions will further increase their demand for ultra - long bonds due to stable premium income growth, the "Second - Generation Solvency" regulations guiding the passive allocation of fixed - income assets, and increased liability - side volatility under the new insurance contract standards [55]. - Under the new financial tool accounting standards, insurance will be more cautious about bank secondary and perpetual bonds that do not pass SPPI and are included in FVTPL [58]. 4. Summary - In 2026, after the remaining insurance companies implement the new accounting standards, the re - classification scale of financial assets of affected insurance companies may account for about 20% [3][62]. - After the implementation of the new standards, insurance company profits may become more volatile. Insurance will be more cautious about bank capital bonds and increase the allocation of ultra - long bonds. The proportion of bonds in insurance asset allocation is rising [5][63].

一、同意中国平安财产保险股份有限公司古浪支公司营业场所变更为：甘肃省武威市古浪县古浪镇新苑 社区昌松路469号古浪文创中心四层404室。 二、中国平安财产保险股份有限公司甘肃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10月20日，国家金融监督管理总局武威监管分局发布批复称，《中国平安（601318）财产保险股 份有限公司甘肃分公司关于变更古浪支公司营业场所的请示》(平保产甘分发〔2025〕95号)收悉。经审 核，现批复如下： ...

二、平安养老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。 2025年10月17日，青海金融监管局发布批复称，《关于平安养老保险股份有限公司青海分公司变更营业 场所的请示》（平保养青分发〔2025〕43号）收悉。经审核，现批复如下： 一、同意平安养老保险股份有限公司青海分公司将营业场所变更为：青海省西宁市城西区五四西路66号 5号楼5楼1056室。 ...

Core Viewpoint - Goldman Sachs reports that domestic insurance stocks have generally announced third-quarter earnings forecasts, with many companies exceeding expectations for the first three quarters and even surpassing full-year market predictions. The initial performance impact of the third-quarter results is believed to be largely reflected in stock prices, and future investor focus will shift to revenue and dividend guidance [1] Group 1: Earnings Performance - Many domestic insurance companies have reported third-quarter earnings that are significantly higher than expected [1] - The preliminary performance for the first three quarters is anticipated to exceed market expectations [1] Group 2: Future Outlook - Goldman Sachs expects the risk-return profile of domestic insurance stocks to have improved [1] - The new business value is projected to maintain double-digit growth through 2026 [1] Group 3: Stock Ratings - Goldman Sachs maintains a "Buy" rating on China Ping An, Taikang Life, and China Pacific Insurance [1]

Group 1 - Former Vice President of GF Securities, Li Qian, has joined Ping An Securities as the proposed General Manager, marking a significant personnel change that enhances Ping An's executive team and reflects its talent strategy [1][2] - Li Qian holds a PhD in Economics from Renmin University of China and has extensive experience across banking and securities, having held key positions in both sectors [1][2] - This move is indicative of the increasing competition for talent within the financial industry, potentially leading to an evolution in the competitive landscape among leading brokerage firms [2] Group 2 - Public funds have shown increased enthusiasm for participating in private placements, particularly in technology leaders like Cambrian and Shenghong Technology, indicating a strategic shift towards technology investments [3][4] - Cambrian's recent private placement raised approximately 3.985 billion yuan, with participation from 13 institutions, while Shenghong Technology raised about 1.9 billion yuan with 10 institutions involved [4][5] - The surge in private placements reflects institutional recognition of the long-term value in technology sectors, potentially boosting market interest and capital inflow into these areas [3][4] Group 3 - Public funds have distributed over 188.1 billion yuan in dividends this year, with a notable increase in both the number of distributions and total amount compared to the previous year [4][5] - The increase in dividends is seen as a strategy by fund managers to reward investors, which may enhance market confidence, particularly for dividend-focused and bond funds [4][5] - This trend of increased dividends could provide liquidity to the market while also impacting fund net values and long-term investment strategies [4][5] Group 4 - CICC has established a new industrial investment fund in Suzhou with a capital contribution of 1 billion yuan, focusing on equity investments in unlisted companies [6][7] - This initiative highlights the deepening collaboration between leading brokerages and industrial capital, aiming to enhance investment influence in advanced manufacturing sectors [6][7] - The fund's establishment is expected to drive capital attention towards local high-end equipment industries, fostering structural vitality in the market [6][7]