Core Viewpoint - Ping An Life has increased its stake in China Life's H-shares, surpassing the 10% threshold, indicating a strategic move to build a substantial high-dividend financial asset pool in the Hong Kong market [1][4]. Group 1: Investment Actions - Ping An Life's investment in China Life's H-shares reached 10.12% after acquiring approximately 1,089.50 million shares at an average price of 33.2588 HKD per share [4]. - This is not the first time Ping An has increased its stake in a peer company; it previously acquired shares in China Pacific Insurance and China Life in August 2025, triggering initial stake notifications [2][3]. - The company has been actively buying shares in major banks, including Agricultural Bank of China, with its stake rising from 5% to 20.10% by the end of 2025 [5][6]. Group 2: Investment Strategy - Ping An's investment strategy focuses on asset-liability matching, ensuring that investments align effectively with its liability business [1][7]. - The company employs a "three criteria" principle for investments, assessing reliability, growth potential, and sustainable dividends [7]. - Analysts suggest that the motivations behind Ping An's stake increases can be categorized into two types: seeking stable dividend cash flows and targeting companies with strong return on equity (ROE) [7].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, driven by the growth in premium income and stable asset management [5][3]. Core Insights - The growth in premium income is expected to lead to a steady increase in the balance of insurance funds, with a projected year-end balance of CNY 38.5 trillion for 2025, reflecting a 15.7% increase from the beginning of the year [5][3]. - The report highlights a significant increase in equity allocation, with total equity and fund assets reaching CNY 5.70 trillion, up CNY 1.60 trillion from the start of the year, accounting for 15.4% of total assets [5][3]. - The bond allocation remains robust, constituting 50.4% of the total assets, indicating that bonds continue to serve as a stabilizing force for insurance companies [5][3]. Summary by Sections Premium Growth and Fund Allocation - The insurance industry is projected to see a premium growth of 7.1% year-on-year in 2025, with life insurance premiums increasing by 8.3% and property insurance premiums by 3.9% [5][3]. - By the end of Q4 2025, the allocation of stocks reached CNY 3.73 trillion, an increase of CNY 1.31 trillion from the beginning of the year, while fund assets totaled CNY 1.97 trillion, reflecting a slight decrease in the last quarter [5][3]. Asset Management Strategy - The report anticipates that the stable long-term interest rates, which are expected to range between 1.79% and 1.90%, along with a mild recovery in the equity market, will positively impact the profitability of insurance companies [5][3]. - The report recommends specific stocks, including China Ping An, China Pacific Insurance, New China Life, and China Life, as favorable investment opportunities within the sector [5][3].

公开资料显示，杨铮自1994年7月加入平安，曾任平安人寿董事长、平安健康险董事长、平安产险总经理、平安银行东区事业部副总经理、平 安产险总经理助理兼北区事业部总经理、平安产险上海分公司总经理、平安人寿临时负责人等职务。 平安人寿表示，杨铮在担任公司董事长期间主导推动公司"渠道+产品"战略落地显效，对杨铮任职期间所作的贡献表示感谢。杨铮到龄退休 后，根据平安人寿《公司章程》的规定，由副董事长蔡霆代为履行董事长职责。 数据显示，2025年前三季度，平安人寿代理人渠道新业务价值同比增长23.3%，代理人人均新业务价值同比增长29.9%，银保渠道新业务价值 同比增长170.9%，产能持续提升。银保渠道、社区金融服务及其他等渠道，贡献了平安人寿新业务价值的35.1%。截至2025年三季度末，平安 人寿总资产超过5.8万亿元。 日前，中国平安人寿保险股份有限公司（下称"平安人寿"或"公司"）宣布，杨铮退休后返聘任职期满，拟卸任公司董事长、董事等相关职务。 副董事长兼副总经理蔡霆代行董事长职责。 平安人寿表示，目前公司正有序推进董事长的聘任工作，后续将按照相关法律法规规定和监管要求及时履行信息披露义务。 南方财经全媒体记者 ...

据澎湃新闻，日前，平安人寿宣布，杨铮退休后返聘任职期满，拟卸任公司董事长、董事等相关职务。 平安人寿副董事长兼副总经理蔡霆代行董事长职责。平安人寿对此表示，公司不断加强公司领导班子建 设，推进公司战略落地，迈向高质量发展。目前公司正有序推进董事长的聘任工作，后续将按照相关法 律法规规定和监管要求及时履行信息披露义务。杨铮到龄退休后，根据平安人寿《公司章程》的规定， 由副董事长蔡霆代为履行董事长职责。 关键词阅读：平安人寿 杨峥 董事长 责任编辑：栎树 平安人寿网站显示，杨峥，1964年2月生，于1994年7月加入平安，曾任平安健康险董事长、平安产险总 经理、平安银行东区事业部副总经理、平安产险总经理助理兼北区事业部总经理、平安产险上海分公司 总经理、平安人寿临时负责人等职。 蔡霆，1985年10月生，现任平安人寿副董事长、副总经理。其于2014年11月加入平安，曾任平安集团首 席创新执行官办公室项目经理、平安集团战略发展中心研究助理/高级项目经理、平安集团员工服务部 副总经理（主持工作）、平安银行人力资源部总经理、平安集团副首席财务执行官、平安人寿董事长特 别助理、平安人寿总经理助理。 ...

经济观察网 基于截至2026年2月13日的公开信息，保险股票可能关注以下事件，主要涉及监管动态和个 别公司风险状况。 长生人寿在2026年2月披露的2025年第四季度偿付能力报告显示，其综合偿付能力充足率降至79.7%， 核心偿付能力充足率为64.8%，均低于监管底线（100%和50%），且净资产为-2.26亿元，陷入资不抵 债。公司预测2026年第一季度偿付能力指标可能进一步下滑（综合充足率50.3%、核心充足率 32.3%），面临监管谈话、限制分红等措施风险。 行业政策与环境 2025年保险板块整体表现强劲（保险指数全年涨31.31%），但分化加剧。头部险企如中国平安2025年 前三季度新业务价值同比增长46.2%，而部分非上市险企如长生人寿同期保险业务收入同比下滑 32.39%，净亏损5.12亿元。政策面持续优化，如2025年12月金融监管总局下调险资投资风险因子，可能 长期利好行业资产端。 以上内容基于公开资料整理，不构成投资建议。 政策监管 香港保险业监管局于2026年2月11日就风险为本资本制度修订展开公众咨询，拟对合资格基础设施投资 引入优惠资本待遇，并修订一般业务的所需资本规则，咨询期截至20 ...

Meeting Details - The first extraordinary general meeting of shareholders for 2026 was held on February 13, 2026, at the Ping An Financial Education Training Center in Shenzhen, Guangdong Province [2] - The meeting was convened by the board of directors, with Chairman Ma Mingzhe attending remotely due to other commitments, and was presided over by Executive Director and General Manager Xie Yonglin [2][3] Attendance - All 15 current directors and 5 current supervisors attended the meeting, along with the board secretary and legal witnesses from Beijing Anjie Shize (Shenzhen) Law Firm [3] Proposal Review - A proposal to amend the company's articles of association was reviewed and approved, requiring more than two-thirds of the voting rights held by attending shareholders and their proxies for approval [4] - The amendment to the articles of association will take effect only after approval from the National Financial Regulatory Administration [5] Legal Witness - The meeting was witnessed by lawyers from Beijing Anjie Shize (Shenzhen) Law Firm, who confirmed that the meeting's convening, attendance, and voting procedures complied with relevant laws and regulations [7]

Market Overview - The Hang Seng Index fell by 465.42 points, a decrease of 1.72%, closing at 26,567.12 points [1] - The total turnover on the main board was HKD 257.578 billion [1] - The Hang Seng China Enterprises Index dropped by 142.47 points, closing at 9,032.71 points, a decline of 1.55% [1] - The Hang Seng Tech Index decreased by 48.56 points, closing at 5,360.42 points, down by 0.9% [1] Blue-Chip Stocks - Tencent Holdings fell by 0.65%, closing at HKD 532 [1] - Hong Kong Exchanges and Clearing decreased by 2.13%, closing at HKD 405.2 [1] - China Mobile remained unchanged, closing at HKD 78.2 [1] - HSBC Holdings dropped by 2.72%, closing at HKD 135.7 [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.59%, closing at HKD 46.9 [1] - Sun Hung Kai Properties increased by 0.15%, closing at HKD 133.7 [1] - Henderson Land Development fell by 1.04%, closing at HKD 32.4 [1] Chinese Financial Stocks - Bank of China decreased by 1.48%, closing at HKD 4.65 [1] - China Construction Bank fell by 1.49%, closing at HKD 7.96 [1] - Industrial and Commercial Bank of China dropped by 1.38%, closing at HKD 6.41 [1] - Ping An Insurance decreased by 2.16%, closing at HKD 70.35 [1] - China Life Insurance fell by 3.67%, closing at HKD 33.08 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation dropped by 5.12%, closing at HKD 5.37 [1] - China National Petroleum Corporation fell by 4.33%, closing at HKD 9.05 [1] - CNOOC Limited decreased by 3.5%, closing at HKD 24.24 [1]

工商资料显示，2026年2月11日，平安人寿发生注册资本变更，其注册资本由338亿元人民币增至360亿 元人民币。 截至2025年9月末，平安人寿核心偿付能力充足率和综合偿付能力充足率分别为134.52%和185.68%，处 于充足水平。 《中国经营报》记者注意到，早在2025年4月，平安人寿发布公告称，该公司全体股东拟向平安人寿增 资约199.99亿元。据公告，平安人寿各股东按照现有持股比例（以现金方式同比例）认购新增股份，如 果有股东放弃认购新增股份，则对其放弃认购的股份，统一由股东中国平安（601318.SH，02318.HK） 以现金方式认购。增资扩股完成后，平安人寿的注册资本从338亿元增加至约360亿元。 偿付能力方面，截至2025年9月末，得益于增资扩股、利润留存、持有至到期核算的债券重新分类、无 固定期限资本债券发行共同影响，平安人寿核心资本增速较快，实际资本较2024年年末亦有所增长；同 期最低资本受境外权益类资产价格风险影响亦有所上升。 （文章来源：中国经营报） ...

Core Insights - The insurance industry in China has shown strong resilience, with total assets reaching 41.3 trillion yuan by the end of 2025, marking a 15.1% increase from the beginning of the year, surpassing the banking sector's 8.0% growth [1][4] - The original insurance premium income has historically exceeded 6 trillion yuan for the first time, totaling 6.1 trillion yuan in 2025, reflecting a year-on-year growth of 7.4% [2][4] - However, there is a structural differentiation in profitability and capital replenishment within the industry, as evidenced by a slight decline in the core solvency ratio of life insurance companies [1][5][6] Asset Growth - By the end of 2025, the total assets of the insurance industry reached 41.3 trillion yuan, with life insurance companies contributing significantly to this growth, accounting for 88.1% of total assets [4] - Life insurance companies' total assets reached 36.4 trillion yuan, growing by 15.4% from the beginning of the year, contributing approximately 89.5% to the industry's asset increase [4] - Property insurance companies showed more stable performance, with total assets of 3.1 trillion yuan, growing by 7.5% [4] Premium Income and Claims - The insurance sector achieved a record premium income of 6.1 trillion yuan in 2025, with a total of 1.168 billion new policies issued, reflecting a 12.6% year-on-year increase [2] - Claims and benefit payments amounted to 2.4 trillion yuan, representing a 6.2% increase, demonstrating the industry's role as a risk compensation "shock absorber" [2] - Life insurance business contributed approximately 4.65 trillion yuan in premiums, with a year-on-year growth of 9.1%, while property insurance premiums reached 1.47 trillion yuan, growing by 2.6% [2] Solvency and Capital Pressure - As of the end of 2025, the average comprehensive solvency ratio for insurance companies was 181.1%, with a core solvency ratio of 130.4%, indicating overall solvency above regulatory requirements [5][6] - Life insurance companies faced declining core solvency ratios, with comprehensive solvency at 169.3% and core solvency at 115.0%, down from 190.5% and 123.8% respectively at the end of 2024 [6] - To strengthen capital bases, 21 insurance companies were approved for capital increases totaling 41.272 billion yuan, and 23 companies issued bonds to supplement capital amounting to 104.2 billion yuan [6] Structural Optimization - Agricultural insurance has become a key service for national strategy, with premiums exceeding 155 billion yuan in 2025, providing risk coverage for over 125 million farming households [3] - The industry is experiencing a structural optimization in the protection sector, with a focus on diversifying asset allocation to enhance resilience [4]

海外監管公告 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。 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作 出。 茲載列中國平安保險（集團）股份有限公司在上海證券交易所網站刊登的 「中國平安保險（集團）股份有限公司2026年第一次臨時股東會法律意見 書」，僅供參閱。 承董事會命 盛瑞生 公司秘書 中國深圳，2026 年 2 月 13 日 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執行 董事為謝吉人、楊小平、何建鋒及蔡潯；獨立非執行董事為吳港平、金李、王廣謙、洪 小源、宋獻中及陳曉峰。 AnJie Broad 安办山治 杰出 所以安心 Dedicated to Excellence 致：中国平安保险（集团）股份有限公司 关于 中国平安保险(集团)股份有限公司 2026年第一次临时股东会的 法律意见书 编号: AJFS2026SZ (20260213) 北京安杰世泽(深圳)律师事务所(以下简称 ...