Core Viewpoint - Recent changes in the office locations of Ping An Life Insurance employees and adjustments in product and channel strategies have attracted market attention, indicating a shift in operational focus and compliance with regulatory requirements [3][4]. Group 1: Office Relocation - Following the relocation of some Ping An Bank employees from Shanghai to Shenzhen last year, Ping An Life Insurance has announced that part of its Shanghai headquarters staff will also move to Shenzhen [3]. - The company stated that this move aligns with legal requirements and aims to enhance management and team collaboration efficiency, supporting business transformation [3]. - Employees from the Shanghai headquarters' functional departments are required to return to the Shenzhen headquarters, while those from the Shanghai branch are exempt from this requirement [3]. Group 2: Product and Channel Optimization - Ping An Life Insurance is optimizing its product offerings and sales channels among its subsidiaries, including Ping An Health Insurance and Ping An Pension Insurance [4]. - Certain health insurance products will be removed from Ping An Life's sales channels, and the "e行销" platform will no longer offer specific medical insurance products, marking the beginning of a self-operated medical insurance era for Ping An Life [5]. - Ping An Life primarily focuses on traditional life insurance, annuities, dividend insurance, and universal life products, while Ping An Health Insurance specializes in medical and disease insurance [5]. Group 3: Pension Insurance Adjustments - Starting from July 2025, Ping An Pension Insurance will transfer its individual pension business to Ping An Life Insurance, ceasing the sale of certain short-term combination products [5][6]. - Customers have been notified that their existing pension policies will not be affected, but they will need to consult Ping An Life for any future insurance service needs [6]. - This transition is in response to new regulations from the National Financial Regulatory Administration, which mandates the discontinuation of short-term health insurance products [7].

Group 1 - The core point of the article is that Ping An Life has confirmed that some employees working in different locations will need to relocate back to the Shenzhen headquarters for centralized office work, in line with legal requirements and company operational needs [2] - The company emphasizes that the relocation is aimed at enhancing management, improving team collaboration efficiency, and supporting business transformation [2] - Ping An Life assures that all processes will be legal and compliant, while also focusing on humanistic care to protect the legitimate rights and interests of every employee [2] Group 2 - The "dual headquarters" model of Ping An Group has been in place for a long time, with some employees of Ping An Bank also relocating from Shanghai to Shenzhen last year [2] - During the 2024 mid-term performance release, Ping An Bank's Secretary Zhou Qiang stated that the relocation is primarily to strengthen management, reduce risks, and enhance efficiency [2] - Zhou Qiang acknowledged the need for improved management transparency and communication efficiency regarding the relocation process [2]

【大河财立方 记者 席韶阳 通讯员 王筱】9月14日，以"数智驱动开放共赢"为主题的2025年中国国际服 务贸易交易会（服贸会）金融服务专题在北京首钢园举行，平安产险在活动现场举行创新成果发布及战 略合作签约仪式。 本次会议上，平安产险还宣布与瑞典保赔协会（The Swedish Club）签署合作协议，为中国远洋船东提 供全面保障。同时，公司与教育部留学服务中心共同推出面向留学人员的海外公益救助保险产品，为出 境学生提供包括医疗、救援与意外保障在内的综合服务。 平安产险表示，未来将继续携手各界伙伴，优化服务品质、拓宽服务边界、深化产品创新，以实际行动 支持国家经济高质量发展和中国式现代化建设。 责编:陶纪燕 | 审校:李金雨 | 审核:李震 | 监审:古筝 此次发布的创新成果覆盖多个前沿领域。在绿色交通方面，平安产险联合中央财经大学、交通运输部研 究院推出《保险助力绿色交通发展蓝皮书》，系统梳理新能源汽车、低空经济、绿色航运、轨道交通等 五大场景的保险支持路径和实践。 在低空经济这一新兴领域，平安联合中再产险、西北工业大学发布行业白皮书，剖析当前风险治理难点 和保险创新方向。截至目前，该公司已承保无人机超过 ...

Core Viewpoint - China Pacific Insurance (CPIC) has announced the issuance of zero-coupon convertible bonds totaling HKD 155.56 billion, marking a record high for such bonds in the Hong Kong market and reflecting strong investor confidence in the company's long-term prospects [2][4][5]. Group 1: Zero-Coupon Convertible Bonds - Zero-coupon convertible bonds are issued at a discount to face value, allowing investors to convert them into shares at a later date, providing a potential for capital gains without annual interest payments [3][4]. - The issuance by CPIC is the largest zero-coupon convertible bond in Hong Kong history and the first negative yield convertible bond in 20 years, indicating a significant milestone for the capital market [2][5]. Group 2: Investor Interest and Market Response - Over 70% of the bonds were subscribed by long-term investors, with a conversion premium of 25%, showcasing market recognition of CPIC's fundamentals and growth potential [4][5]. - The initial conversion price is set at HKD 39.04 per share, representing a premium of approximately 21.24% over the closing price on September 10, 2025, indicating strong investor confidence [5][6]. Group 3: Strategic Intent and Use of Proceeds - CPIC plans to use the net proceeds from the bond issuance to support its core insurance business, implement strategic initiatives in health and wellness, artificial intelligence, and internationalization, and supplement working capital [5][6]. - The issuance aligns with CPIC's focus on value creation and high-quality development in a transitioning insurance industry [5][6]. Group 4: Comparison with Peers - CPIC is not the first insurer to issue zero-coupon convertible bonds this year; China Ping An issued similar bonds worth approximately HKD 117.65 billion in June, also at a premium [7][8]. - Both CPIC and Ping An's strategies reflect a broader trend among leading insurers to utilize zero-coupon convertible bonds as a low-cost financing option while minimizing equity dilution risks [8][9]. Group 5: Market Trends and Future Outlook - The issuance of zero-coupon convertible bonds is part of a larger trend in the insurance industry, where companies are increasingly turning to innovative financing methods to enhance capital structure and support strategic growth [10][14]. - The overall demand for capital among insurers is expected to remain high, with various financing methods, including bond issuance and capital increases, likely to continue [12][14].

Core Insights - The recent announcement by the China Academy of Information and Communications Technology recognized Ping An Property & Casualty's three innovative digital transformation projects in the insurance technology sector, highlighting the company's achievements in this field [1][7]. Group 1: Digital Transformation Recognition - Ping An Property & Casualty's projects were selected from 3,753 submissions, showcasing the company's innovative practices in digital transformation [1][3]. - The "Dingxin Cup" event, co-hosted by the China Academy of Information and Communications Technology and the China Communications Enterprise Association, received thousands of submissions from various industries, emphasizing the importance of digital transformation [3]. Group 2: Intelligent Operations System - The company developed an intelligent operation system for group clients, addressing industry pain points such as low service efficiency and inadequate demand matching, utilizing AI Agent and MCP technology [4]. - The intelligent operation system has successfully covered over 30,000 group clients and is being expanded from regional trials to nationwide implementation, serving as a model for industry-wide digital transformation [4]. Group 3: Customer Experience Enhancement - To improve customer experience in insurance claims, Ping An Property & Casualty created an intelligent consumer protection early warning system, integrating 34 key service nodes and achieving over 90% accuracy in early warning precision [5]. - The system's standardized product matrix and successful application practices have been rapidly replicated across more than 10 branches, providing a technology-driven innovative model for the industry [5]. Group 4: Data Security Innovations - The company, in collaboration with Ping An Technology, established a comprehensive data lifecycle protection system, integrating various technologies for dynamic monitoring and risk management [7]. - This system includes a closed-loop management mechanism for third-party data cooperation in the financial industry, offering standardized solutions that can be replicated across the sector [7].

Group 1 - Ping An Life is optimizing product and channel adjustments between Ping An Health Insurance and Ping An Pension Insurance [1][4] - Recently, there have been changes regarding the office locations of Ping An Life employees, with some moving from Shanghai to Shenzhen [2] - The company emphasizes compliance with legal regulations and the protection of employee rights during this transition [3] Group 2 - Certain products from Ping An Health Insurance will be withdrawn from Ping An Life's sales channels, marking the beginning of a self-operated medical insurance era for Ping An Life [5] - Ping An Life primarily offers traditional life insurance, annuity insurance, dividend insurance, and universal insurance, while Ping An Health Insurance focuses on medical and disease insurance [6] - Starting from July 2023, Ping An Pension Insurance will transfer its individual pension business to Ping An Life, ceasing sales of certain short-term products by July 2025 [6][8]

港交所数据显示，中国平安9月11日买入7780万股中国太保H股，交易所内交易均价为每股33.0430港 元，场外交易均价约为每股31.23港元。 ...

Investment Rating - The report maintains a positive outlook on the insurance industry, recommending several key companies including China Life, China Pacific Insurance, New China Life, Ping An Insurance, China People’s Insurance, China Property Insurance, and Sunshine Insurance [3]. Core Insights - The "anti-involution" policy on the liability side has shown significant effectiveness, leading to notable improvements in NBV and COR performance [3]. - Profit performance among listed insurance companies is differentiated, with a year-on-year increase in net profit of 3.7% to CNY 178.2 billion in the first half of 2025 [3][10]. - The investment performance is varied, with a steady increase in the proportion of equity allocation in the secondary market [3]. Summary by Sections 1. Profit Performance and EV Growth - In the first half of 2025, the net profit of listed insurance companies reached CNY 178.2 billion, with a year-on-year growth of 3.7% [6][10]. - The embedded value (EV) of listed insurance companies increased steadily, with growth rates ranging from 2.6% to 18.4% compared to the end of 2024 [10]. 2. Liability Side: "Anti-Involution" Policy Effectiveness - The net new business value (NBV) for the first half of 2025 reached CNY 75.42 billion, a year-on-year increase of 30.5% [3][26]. - The NBV growth rates for various companies ranged from 14.0% to 58.4% [3]. - The cost of risk (COR) improved, leading to a significant increase in underwriting profits, with a year-on-year growth of 67.9% to CNY 24.87 billion [3]. 3. Asset Side: Investment Performance Variation - The total investment assets of seven listed insurance companies grew by 7.5% to CNY 21.9 trillion, accounting for 60.3% of the industry’s total insurance fund utilization [3]. - The net investment return rate for listed insurance companies ranged from 2.8% to 3.8%, showing a decline compared to the previous year [3]. 4. Investment Analysis Opinion - The report highlights the dual factors of liability costs and long-term interest rates, which have recently shown marginal improvement, suggesting a positive outlook for the insurance sector [3].

平安全国性战略调整步伐加快，继平安银行之后， 平安人寿上海总部部分员工也将南迁深圳 ，平安人寿回应21世纪经济报道记者称旨在加强管理、提升协作效率并助力业务转型。 平安人寿表示，作为公司整体经营发展的一部分，其对总部办公地点进行了统筹安排，要求部 分在上海办公的员工回迁至深圳总部集中办公。 公司强调这一举措是"为进一步加强管理，提升团队协作效率，助力业务转型"，并承诺将保障 所有流程合法合规，切实维护员工权益。 平安的"深圳－上海"双城记 平安人寿在回应中明确指出，此次调整是根据《保险法》《公司法》及《市场主体登记管理条 例》等相关规定进行的。这些法规要求公司主要办公场所应与注册登记的住所保持一致。 选择将部分员工回迁至深圳总部，一方面是为了满足合规性要求，确保公司注册地址与实 际主要办公场所的一致性；另一方面也是顺应公司整体经营发展的需要。 事实上，平安集团的双总部办公模式由来已久。 2002年，平安将第二总部正式落户上海。平安保险入驻上海浦东时，曾引起广泛关注。当时平 安在陆家嘴金融贸易区投资20亿元建设平安金融大厦，被视为平安全国化布局的重要一步。 不过，对于此次平安人寿的"回迁"补偿方案，有部分员工在 ...

南方财经全媒体记者 孙诗卉 上海报道 平安全国性战略调整步伐加快，继平安银行之后，平安人寿上海总部部分员工也将南迁深圳，平安人寿 回应21世纪经济报道记者称旨在加强管理、提升协作效率并助力业务转型。 平安人寿表示，作为公司整体经营发展的一部分，其对总部办公地点进行了统筹安排，要求部分在上海 办公的员工回迁至深圳总部集中办公。 公司强调这一举措是"为进一步加强管理，提升团队协作效率，助力业务转型"，并承诺将保障所有流程 合法合规，切实维护员工权益。 平安的"深圳－上海"双城记 平安人寿在回应中明确指出，此次调整是根据《保险法》《公司法》及《市场主体登记管理条例》等相 关规定进行的。这些法规要求公司主要办公场所应与注册登记的住所保持一致。 选择将部分员工回迁至深圳总部，一方面是为了满足合规性要求，确保公司注册地址与实际主要办公场 所的一致性；另一方面也是顺应公司整体经营发展的需要。 事实上，平安集团的双总部办公模式由来已久。 平安银行对此解释称，主要管理团队在深圳，部分业务团队在上海，存在管理、沟通、效率等问题，是 从上海"回迁"是为了进一步加强管理，减少风险、提升效率。 对于员工安置问题，根据内部人士提供的信息 ...