Core Viewpoint - The application of drone surveying technology in agricultural insurance by Ping An Property & Casualty Insurance's Guangzhou branch marks a significant innovation in precision underwriting and claims processing in the agricultural insurance sector [2][3][5]. Group 1: Technology Implementation - The Guangzhou branch of Ping An Property & Casualty Insurance successfully completed a drone surveying project in Conghua District, which is the first of its kind in the area for agricultural insurance [2][5]. - The introduction of high-precision drone surveying technology aims to enhance the speed and accuracy of data collection, addressing long-standing issues in traditional agricultural insurance services [9][10]. Group 2: Strategic Goals - This initiative aligns with the national rural revitalization strategy and aims to promote high-quality development in agricultural insurance [7][19]. - The company is focused on upgrading the technological and intelligent levels of agricultural insurance services, creating a new service model unique to Ping An [8][19]. Group 3: Service Enhancement - The drone technology enables comprehensive mapping of various agricultural assets, including rice, vegetables, aquaculture, and fruits, covering all 128 townships in Conghua District [11][10]. - By utilizing advanced algorithms and AI image recognition, the technology allows for the visualization of agricultural resource distribution and facilitates accurate underwriting based on verified data [13][15]. Group 4: Future Outlook - Ping An Property & Casualty Insurance plans to continue exploring new models for precision in agricultural insurance, emphasizing the importance of digital transformation in the sector [17][19]. - The company aims to provide convenient and high-quality services to farmers through precise underwriting and claims processes, thereby contributing to the high-quality development of agricultural insurance in Guangzhou [19][20].

仲夏的崇明岛，绿浪翻滚。 陈家镇前哨桥畔的光明东滩源，追光森林叶隙的细碎金光随风跃动。在这方被东海托举的生态秘境，自 然基因链与农业新科技，在这片湿地里达成了生态契约。 早晨8点，18位学生已跟随讲解老师的脚步，在森林里辨识树叶和昆虫——这是他们当天实践的第一 课，也是对生态系统的体认。一片平平无奇的树叶，在老师的讲述下，似乎都能展开出一个小世界。 他们是来自安徽省六安市新店镇平安希望小学和上海本地学校的小学生们，此次借"青少年科技素养提 升计划——科技燃梦·科技型企业开放日"活动，来到光明东滩源智慧农业科创示范基地参观学习。 当天另一位科普老师，是一位平安人——付欣。她是平安集团副总经理兼首席财务官，此刻的她正拿着 平板电脑，教同学们用爱农宝App识别玉米的叶子。 "手上的叶子不只是因为热才发黄，而是生病了，患上了一种真菌性病害。"她告诉学生们，"除了病虫 害，洪水、台风等等灾害一旦发生，农民伯伯一年的收成都可能会损失掉。" 阳光下，她与这群少年们的身影悄然叠印——金融为民的初心，正以公益之力，在田垄间深深扎根，生 长出最质朴的希望。 一课田间：播撒科技启蒙的种子 "你们知不知道除了刚刚户外课上老师带大家了 ...

Core Viewpoint - The company emphasizes the importance of disaster prevention and risk management, showcasing its proactive measures in response to Typhoon "Danas" to protect clients' lives and property [1][6]. Group 1: Emergency Response Measures - Upon receiving the typhoon warning, the company activated its emergency plan, coordinating manpower and resources to enhance risk warning and customer collaboration [1]. - A total of 426 personnel in the claims department were on standby, with 311 rescue vehicles deployed in the auto insurance sector and 12 preservation sites established in key areas [1]. - The company identified 143 flood-prone areas and completed visits to alert vehicle owners to move their cars, while also forming a rain intensity monitoring mechanism with industry partners [1]. Group 2: Client Disaster Prevention Services - As of July 7, the company conducted 102 on-site visits for key corporate property insurance clients and issued risk reports, while establishing communication groups for 18 engineering insurance clients with identified hazards [3]. - The company sent disaster prevention guidelines to 1,773 corporate property insurance targets and 215 engineering insurance projects through SMS, phone calls, and WeChat [3]. - In the agricultural insurance sector, 72 contracts for greenhouse early harvesting were implemented to minimize disaster losses, with full coverage of early warning notifications through village committees and farmers' WeChat groups [3]. Group 3: Technological Empowerment - Utilizing the "Eagle Eye DRS" risk control platform, the company accurately identified core areas affected by the typhoon and provided customized disaster prevention guidelines to high-risk enterprises [3]. - A professional risk control team conducted on-site inspections in vulnerable industries such as aquaculture and logistics in coastal areas, employing drones for dam inspections and infrared devices for electrical hazard detection [3]. - The company encouraged clients to download the "Car Owner" and "Enterprise Treasure" apps for self-service claims and one-click rescue applications, issuing over 12.56 million disaster prevention alerts and guidelines through various platforms [3]. Group 4: Commitment to Risk Reduction - The company’s management stressed that the value of insurance lies not only in post-disaster compensation but also in pre-disaster prevention, urging all levels of the organization to prioritize early warning and service [6]. - Multiple information exchange channels have been established for real-time updates on typhoon and flood prevention efforts, with management personally overseeing operations to ensure professional and efficient assistance to clients [6].

Core Conclusions - Northbound capital in Q2 2025 actively increased positions in both traditional economy sectors and new tracks, with significant additions in non-ferrous metals, transportation, public utilities, non-bank financials, and construction decoration [1][8] - The main sectors for increased positions in new tracks include pharmaceutical biology (with a focus on innovative drugs) and communication (including overseas computing power) [1][8] - The sectors that saw reductions include food and beverage, home appliances, and machinery equipment, indicating a shift from core assets to traditional economy and from old tracks to new tracks [1][8] Industry Analysis 1. Absolute Holdings - In Q2 2025, significant reductions were observed in companies such as BOE Technology Group (-38.39%), Luxshare Precision (-38.29%), Wuliangye (-30.22%), and Haier Smart Home (-29.19%) [2][44] - Conversely, notable increases were seen in Zijin Mining (+27.09%), Ping An Bank (+35.42%), and Heng Rui Medicine (+45.66%) [2][44] 2. Sector Performance - The highest market values held by Northbound capital were in the following sectors: electric power equipment (279 billion), banking (254.8 billion), electronics (230.1 billion), food and beverage (191 billion), and pharmaceutical biology (159.8 billion) [3][11] - In the upstream sector, most industries saw a decline in holdings, with only non-ferrous metals experiencing an increase [2][14] - In the midstream manufacturing sector, machinery equipment saw a decrease of 111.29 billion, while communication increased by 105.17 billion [2][15] 3. Consumer Sector - The consumer sector experienced significant reductions, with food and beverage down by 282.57 billion and home appliances down by 224.77 billion [3][20] - In contrast, the media sector increased by 7.28 billion, and pharmaceutical biology saw an increase of 92.59 billion [3][20] 4. Financial and Real Estate Sector - All segments within the financial and real estate sectors saw increases, with banking up by 280.76 billion and non-bank financials up by 152.80 billion [3][24] 5. Support Services - In support services, only the computer and environmental sectors saw reductions, while public utilities and transportation experienced increases [3][26]

证券研究报告 | 2025年07月09日 非车险"报行合一"点评 重塑非车险生态，利好承保利润提升 |  行业研究·行业快评 | | |  | 非银金融·保险Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 孔祥 | 021-60375452 | | kongxiang@guosen.com.cn | 执证编码：S0980523060004 | | 联系人： | 王京灵 | 0755-22941150 | | wangjingling@guosen.com.cn | | 事项： 近日，国家金融监督管理总局下发《关于加强非车险监管有关事项的通知（征求意见稿）》（以下简称"《通 知》"），首次明确"非车险"定义，同时标志着非车险"报行合一"或将正式实施。 国信非银观点：近年来，非车险业务持续扩容，在财产险总保费中的占比已从 2019 年的 37.1%攀升至 2024 年的 47.4%，贡献接近半数财险保费规模。然而高速发展伴随恶性竞争加剧，部分机构为抢占份额，通过 拆分保额、更改标的使用性质变相降费，或虚列"会议费"" ...

"漏铝堪称全球难题，一旦发生，一分钟内就可能引发爆炸。"在位于广东省清远市的广东豪美新材股份 有限公司（以下简称"豪美新材"）熔铸车间内，700摄氏度的铝液顺着管道注入熔铸井。现场工人紧盯 着液面下降速度说："液位突然骤降，就意味着出现泄漏。此时，池底会发出异响，因为铝液与冷却水 接触后，瞬间蒸发成气体，体积会膨胀1000多倍。在铸井狭小的空间里，蒸汽与空气中的氧气发生化学 反应，随时可能爆炸，极易造成严重的生产损失和人员伤亡。" 作为国内顶尖的铝型材制造企业，豪美新材每年铸造的铝型材多达27万余吨，汽车轻量化铝型材、建筑 用铝型材、工业用铝型材、高性能系统门窗四大主要产品，遍布全球各个角落。据该公司旗下豪美精密 制造有限公司相关负责人介绍，漏铝是全球铝材行业在高温熔铸工艺中难以规避的重大风险隐患。 "豪美新材最大的风险点就在熔铸车间。"上述负责人介绍说，对此，政府主管部门和企业都高度重视， 投入了大量精力强化安全防控。然而，由于企业所处行业的特殊性，市场上大多数保险公司不敢承保， 即便承保也设置了极为苛刻的赔付条件。 半年前，转机出现。平安产险广东分公司风控工程师在深入豪美新材调研时发现，人员管控和设备监控 ...

Core Viewpoint - During the "7.8 National Insurance Publicity Day," Ping An Pension Insurance Co., Ltd. actively engaged in financial knowledge dissemination and public service, emphasizing the theme "Love and Responsibility, Insurance Makes Life Better" [1] Group 1: Corporate Responsibility and Community Engagement - Ping An Pension Insurance's Zhejiang branch organized a significant walking event at the Hu Gong Museum, focusing on responsibility education and distributing materials to prevent illegal fundraising [2] - The Shanghai branch conducted a walking event at the Mao Mountain New Fourth Army Memorial Hall, where employees learned about historical struggles and paid tribute to revolutionary martyrs [2][4] Group 2: Financial Knowledge Promotion - The Guangdong branch's volunteer team visited Huayang Street to educate parents and shop staff about insurance, particularly targeting the elderly with personalized explanations [5] - The Hebei branch conducted community outreach to raise awareness about illegal fundraising, anti-money laundering, and fraud prevention through practical examples [6] - The Ningbo branch held a financial education event at Ningbo Engineering College, focusing on common scams affecting students and teaching risk identification skills [6][8] Group 3: Public Welfare Initiatives - The Guangdong branch organized a blood donation event, highlighting the importance of blood for patients and encouraging community participation in altruistic activities [7] - The Hunan branch visited a children's welfare institution, providing art supplies and teaching anti-fraud knowledge while engaging children in interactive activities [7][10] Group 4: Overall Impact - Through a variety of activities, Ping An Pension Insurance not only spread financial knowledge and promoted red culture but also contributed to social welfare, demonstrating its commitment to corporate social responsibility [9]

Core Viewpoint - Ping An Pension Insurance Co., Ltd. is conducting a series of financial knowledge dissemination and risk prevention activities nationwide, themed "Love and Responsibility: Insurance Makes Life Better," aimed at enhancing public financial literacy and risk awareness [1][9]. Group 1: Financial Knowledge Dissemination - The Anhui branch of Ping An Pension Insurance is engaging with corporate clients by distributing financial knowledge brochures and providing detailed explanations about insurance coverage, significance, and claims processes, helping employees understand the positive role of insurance in their lives [2]. - The Guizhou branch organized an event that attracted over 60 corporate employees, where they learned about basic financial knowledge through interactive methods, indicating a strong desire for financial education among participants [2]. - The Henan branch focused on educating the public about illegal financial activities, including illegal fundraising and online fraud, using case studies to enhance citizens' risk identification and prevention capabilities [2][4]. Group 2: Community Engagement - The Hubei branch conducted financial knowledge lectures and fraud prevention case presentations in a community setting, providing residents with essential insurance knowledge and legal consultation services [5]. - The Shanxi branch collaborated with other insurance companies to host financial education activities in a community, utilizing games and quizzes to engage residents in learning about insurance [5]. - The Guizhou branch visited a local primary school to educate students on common fraud tactics and the dangers of campus loans, fostering a correct consumption mindset among young learners [5]. Group 3: Employee Training and Compliance - The Anhui branch emphasized the importance of compliance and integrity among employees through training sessions focused on financial ethics and discipline, using case studies to reinforce the message [6][8]. - The training included watching a warning education film to enhance employees' awareness of discipline and integrity in their professional conduct [6]. Group 4: Future Initiatives - Ping An Pension Insurance plans to continue its multi-dimensional financial education practices to build a robust financial safety net for the public, contributing to a better quality of life [9].

Group 1 - As of the end of Q2 2025, the total market value of northbound funds reached 2.29 trillion yuan, an increase of over 2% compared to the end of Q1, with the number of shares held reaching 123.51 billion, a growth of over 3% [1] - Northbound funds showed a significant structural adjustment in industry allocation, with over 20 industries seeing an increase in holdings, accounting for more than 60% of the 31 industries tracked [3] - The social services industry has been continuously favored by northbound funds for three consecutive quarters, indicating sustained foreign interest in this sector [3] Group 2 - The retail trade industry saw the most significant increase, with a 28.69% rise in the number of shares held and a market value increase of over 45%, reaching 19.75 billion yuan [3] - The defense and military industry also received notable attention, with a 12.5% increase in holdings, and its index leading the market with over a 15% rise in Q2 [3] - In contrast, the oil and petrochemical, textile and apparel, electronics, and home appliances industries experienced a decline in holdings of over 10% [3] Group 3 - Over 1,500 individual stocks saw an increase in holdings by northbound funds, reflecting a clear value orientation [4] - The top ten stocks held by northbound funds include Ningde Times, Kweichow Moutai, and Midea Group, with holdings in Ningde Times exceeding 150 billion yuan and Kweichow Moutai over 100 billion yuan [4] - Notable increases in holdings were observed in Huaming Equipment, Rongchang Biology, and Huayou Cobalt, with Huaming Equipment's latest holding ratio at 17.45%, reflecting a more than 6 percentage point increase [4]

Group 1 - The core viewpoint of the articles highlights that northbound funds increased their holdings significantly in the second quarter of 2025, with a total market value increase of over 500 billion yuan compared to the end of the first quarter [1][2] - As of June 30, northbound funds held a total of 3,572 stocks, with a total holding volume of 1,235.11 billion shares, an increase of approximately 37 billion shares from the end of the first quarter [1] - The total market value of holdings reached 2.29 trillion yuan, reflecting an increase of 508.85 billion yuan from the previous quarter, and nearly 800 billion yuan increase in the first half of the year [1] Group 2 - In terms of industry performance, the top sectors for northbound fund holdings by market value at the end of the second quarter were power equipment, banking, electronics, food and beverage, and biomedicine, with values of 281.46 billion yuan, 254.17 billion yuan, 233.02 billion yuan, 191.56 billion yuan, and 161.09 billion yuan respectively [1] - The analysis indicates a "dumbbell" structure in the holding composition, with historically high proportions in electronics, machinery, and banking [1] - Northbound funds increased their holdings in the banking sector by 265.96 billion yuan, continuing a trend of accumulation since the second half of 2024 [1] Group 3 - UBS Securities analyst Meng Lei believes that the banking sector, characterized by stable fundamentals, is likely to continue attracting net inflows of funds [2] - The top ten stocks held by northbound funds as of the end of the second quarter included leading companies such as CATL, Kweichow Moutai, and Midea Group, with holdings exceeding 150 billion yuan for CATL and 100 billion yuan for Kweichow Moutai [2] - In the second quarter, northbound funds increased their holdings in 1,429 stocks, with the largest increase in shares for Beijing-Shanghai High-Speed Railway, which saw an increase of 440 million shares [2]