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。 一、同意中国平安财产保险股份有限公司酉阳支公司将营业场所变更为：重庆市酉阳县桃花源街道桃花 源大道北段8号2幢（附8号2-16、2-17、2-18号）。 2025年11月4日，国家金融监督管理总局黔江监管分局发布批复称，《关于中国平安财产保险股份有限 公司酉阳支公司变更营业场所的请示》（平保产渝分文〔2025〕138号）收悉。经审核，现批复如下： ...

2025年11月4日，黔南金融监管分局发布批复称，《中国平安财产保险股份有限公司黔南中心支公司关 于罗甸支公司变更营业场所的请示》（平保产黔分黔南中支发〔2025〕6号）收悉。经审核，现批复如 下： 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。 一、同意中国平安财产保险股份有限公司罗甸支公司将营业场所变更为：贵州省黔南布依族苗族自治州 罗甸县龙坪镇河滨大道与玉都大道西南侧安邦华城二期小区23B号楼2层1号左侧部分区域。 ...

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。 2025年11月4日，黔南金融监管分局发布批复称，《中国平安财产保险股份有限公司黔南中心支公司关 于独山支公司变更营业场所的请示》（平保产黔分黔南中支发〔2025〕7号）及说明解释材料收悉。经 审核，现批复如下： 一、同意中国平安财产保险股份有限公司独山支公司将营业场所变更为：贵州省黔南布依族苗族自治州 独山县百泉镇东环南路西、虹桥路南小上海花园二期4栋2层2号右侧部分区域。 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,110.96, up by 175.55 points or 0.68% as of November 5, 16:00 Eastern Time [1] - The index reached a high of 26,191.15 and a low of 25,911.87 during the trading session, with a trading volume of 34.24 million [1] Major Blue-Chip Stocks Performance - Most large-cap stocks saw an increase, with HSBC Holdings closing at HKD 110.275, up 1.92% from the previous close [2] - Tencent Holdings closed at HKD 632.153, reflecting a 0.5% increase compared to the Hong Kong market close [2] Stock Price Movements - Tencent Holdings (00700) remained unchanged at HKD 629.000, with an ADR price of HKD 632.153, indicating a rise of HKD 3.153 [3] - Alibaba Group (09988) decreased by HKD 0.500 to HKD 158.500, with an ADR price of HKD 160.176, showing an increase of HKD 1.676 [3] - HSBC Holdings (00005) saw a slight increase of HKD 0.200, closing at HKD 108.200, with an ADR price of HKD 110.275, up HKD 2.075 [3] - Other notable movements include a decrease in stock prices for companies like Xiaomi Group (01810) and AIA Group (01299) [3]

Core Viewpoint - The A-share market is experiencing increased volatility, with a focus on style rebalancing as several well-known balanced fund managers have proactively adjusted their holdings in anticipation of market changes [1] Group 1: Investment Opportunities - Fund managers are identifying investment opportunities in sectors such as engineering machinery, chemicals, and non-ferrous metals, with some products in these sectors at the bottom of their price ranges [1][4] - Notable companies like China Ping An, Wanhua Chemical, XCMG, Sany Heavy Industry, and Luoyang Molybdenum have been added to the heavy stock lists or continuously increased in holdings by various fund managers [1][2] - The resource sector, particularly non-ferrous metals, has attracted significant attention, with funds increasing their positions in companies like Zijin Mining and Huaxi Nonferrous [3] Group 2: Fund Manager Actions - China Ping An has gained favor among several balanced and growth fund managers, with total holdings in various funds reaching significant values, such as 794 million yuan and 358 million yuan [2] - Fund managers like Zhou Weiwen have increased allocations to non-ferrous metals, engineering machinery, and chemicals, anticipating revenue growth as overseas demand recovers [4] - The mechanical sector has also seen increased interest, with funds like Morgan Emerging Power adding XCMG to their top holdings [2] Group 3: Market Trends and Strategies - The recent shift towards value and cyclical stocks is seen as a response to the high valuation of technology growth stocks, leading to a balanced investment strategy to mitigate risks [1][7] - ETFs tracking various indices have seen significant net inflows, indicating a market trend towards lower valuation and dividend-paying assets [6] - The market is expected to undergo a style switch, with institutions likely to adjust their portfolios in November to prepare for the upcoming spring market [6][7]

Core Viewpoint - The five major listed insurance companies in A-shares have reported impressive results for the first three quarters of 2025, achieving a total net profit of 426.04 billion yuan, a year-on-year increase of 33.5%, surpassing the total net profit for the entire previous year [1][2][3] Investment Performance - The total net profit for the five major insurance companies includes: China Life (167.80 billion yuan, +60.5%), Ping An (132.86 billion yuan, +11.5%), China Pacific (45.70 billion yuan, +19.3%), China Property (46.82 billion yuan, +28.9%), and New China Life (32.86 billion yuan, +58.9%) [2][3] - Investment income has significantly increased due to a recovering capital market, with companies like New China Life reporting substantial growth in investment income compared to the previous year [3][4] - The annualized total investment return rates for the companies are as follows: New China Life (8.6%, +1.8 percentage points), China Life (6.42%, +1.04 percentage points), China Property (5.4%, +0.8 percentage points), and China Pacific (5.2%, +0.5 percentage points) [5] Business Structure and Strategy - The insurance companies are optimizing their liability structures, with new business value showing strong growth, all exceeding 30% year-on-year [7][8] - The shift towards dividend insurance and floating income products is a common strategy among the companies, with New China Life reporting that dividend insurance accounted for 70% of new individual channel orders in the second and third quarters [7][8] - The comprehensive cost ratios for property insurance have improved, with China Property at 97.6% (down 1.0 percentage points), Ping An at 97% (down 0.8 percentage points), and China Property at 96.1% (down 2.1 percentage points) [8][9] Regulatory Environment - The implementation of the "reporting and pricing integration" policy for non-auto insurance is expected to enhance the financial performance of insurance companies by reducing costs and improving product innovation and service quality [9]

Core Insights - The average total investment return for life insurance companies in the first three quarters of 2025 is 3.5%, an increase of 1.2 percentage points year-on-year. The comprehensive investment return is 6.1%, up by 0.2 percentage points year-on-year. The recovery of the capital market is a key factor contributing to this increase [10][12][16]. Investment Return Analysis - The simple average total investment return for life insurance companies in the first three quarters of 2025 is 3.7%, while the weighted average is 3.5% and the median is 3.0%. Eight companies have a total investment return exceeding 5% [3][18][21]. - The simple average comprehensive investment return for life insurance companies in the first three quarters of 2025 is 3.0%, with a weighted average of 6.1% and a median of 2.8%. Nine companies have a comprehensive investment return exceeding 5% [6][27]. Ranking of Investment Returns - The top ten life insurance companies by total investment return for the first three quarters of 2025 are as follows: 1. Junlong Life: 12.21% 2. Beijing Life: 6.36% 3. Xiaokang Life: 6.02% 4. Dehua Insurance: 5.70% 5. Guofu Life: 5.26% 6. Hongkang Life: 5.25% 7. Caixin Life: 5.13% 8. Xingfu Life: 5.03% 9. Dongwu Life: 4.95% 10. Great Wall Life: 4.65% [23][30]. - The top ten life insurance companies by comprehensive investment return for the first three quarters of 2025 are as follows: 1. Ping An Life: 13.39% 2. Junlong Life: 11.22% 3. Xiaokang Life: 10.92% 4. Xinhua Insurance: 10.57% 5. Great Wall Life: 6.07% 6. Taibao Health: 5.33% 7. China Life: 5.27% 8. Huagui Life: 5.23% 9. Ping An Pension: 5.05% 10. Guofu Life: 4.91% [30][44]. Factors Influencing Returns - The increase in investment returns is attributed to the recovery of the capital market, with the Shanghai Composite Index rising by 12.2% year-on-year at the end of the third quarter last year and 15.8% year-on-year at the end of the third quarter this year, significantly enhancing the returns on equity investments for life insurance companies [10][12][16]. - The difference between total investment return and comprehensive investment return is influenced by the reclassification of assets and the definitions used in calculating these returns [12][15]. Historical Context - Over the past two years, the comprehensive investment return for life insurance companies has shown a significant increase, with the total investment return for the industry reflecting a median of 3.7% and a maximum of 5.7% [37][43].

Core Points - The Hang Seng Index fell by 16.99 points, a decrease of 0.07%, closing at 25,935.41 points [1] - The Hang Seng China Enterprises Index decreased by 9.97 points, closing at 9,163.24 points, down 0.11% [1] - The Hang Seng Tech Index dropped by 32.44 points, closing at 5,785.85 points, a decline of 0.56% [1] Blue Chip Stocks - Tencent Holdings remained unchanged, closing at 629 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.47%, closing at 423.6 HKD [1] - China Mobile decreased by 0.06%, closing at 86.65 HKD [1] - HSBC Holdings increased by 0.19%, closing at 108.2 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.05%, closing at 39.52 HKD [1] - Sun Hung Kai Properties fell by 1.42%, closing at 96.85 HKD [1] - Henderson Land Development increased by 0.72%, closing at 28.04 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.22%, closing at 4.53 HKD [1] - China Construction Bank decreased by 0.37%, closing at 8.02 HKD [1] - Industrial and Commercial Bank of China increased by 0.16%, closing at 6.25 HKD [1] - Ping An Insurance fell by 0.97%, closing at 56.25 HKD [1] - China Life Insurance remained unchanged, closing at 24.7 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.71%, closing at 4.2 HKD [1] - PetroChina increased by 0.36%, closing at 8.36 HKD [1] - CNOOC decreased by 0.29%, closing at 20.34 HKD [1]

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [20]. Core Insights - The report indicates that the public fund holdings in the insurance sector have decreased, influenced by performance expectations for Q3. The overall non-bank financial holdings decreased by 0.17 percentage points, with the insurance sector's holdings dropping by 0.29 percentage points [3][4]. - The report highlights that major insurance companies like China Ping An and China Pacific Insurance have seen a reduction in their public fund holdings, while only a few companies like China Life and Sunshine Insurance experienced slight increases [4]. - The anticipated performance for Q3 shows significant growth for major insurers, with China Life's net profit expected to increase by 862 million yuan, and other companies like New China Life and PICC also showing positive growth [5]. Summary by Sections Overall Industry Performance - Non-bank financial holdings decreased by 0.17 percentage points, with insurance holdings at 1.1% and a decline of 0.29 percentage points [3]. - The report notes a general reduction in individual stock holdings within the insurance sector, with China Ping An maintaining the highest holding at 0.46%, despite a decrease of 0.09 percentage points [4]. Company-Specific Insights - China Life, New China Life, and PICC are projected to show substantial growth in net profit for Q3, with increases of 862 million yuan, 104 million yuan, and respective quarterly growth rates of +2094%, +174%, +151% for the quarter [5]. - The report suggests that the performance of the insurance sector is likely to remain strong in Q4 and throughout the year, contingent on the current activity levels in the equity market [8]. Investment Recommendations - For the short term, the report recommends considering stocks with performance elasticity, specifically New China Life, China Pacific Insurance, China Life, and China Taiping [9]. - For the long term, it suggests a focus on fundamental performance and valuation, recommending China Pacific Insurance, China Financial Insurance, and China Ping An [9].

Core Insights - The overall performance of five A-share listed insurance companies in the life insurance sector shows steady growth, with many institutions reporting double-digit increases in total premiums, new premiums, and renewal premiums [1][2]. Premium Growth - In the first three quarters, China Life achieved total premiums of 669.645 billion yuan, a year-on-year increase of 10.1%, marking a historical high for the same period; Taiping Life reported 263.863 billion yuan, up 14.2%; New China Life reached 172.705 billion yuan, up 18.6%; and PICC Life reported 116.963 billion yuan, up 21.1% [2]. - China Ping An did not disclose premium income data but reported a new business value of 35.724 billion yuan for its life and health insurance, a significant increase of 46.2% [2]. New Business Value - The new business value growth is attributed to the switch in the preset interest rate for life insurance products, with the industry entering a "2.0% era" starting September 1, 2025 [3]. - The quarterly data shows a divergence in premium growth rates among listed insurance companies, with China Life, PICC Life, and China Ping An showing rapid growth rates of 52%, 46%, and 21% respectively, while New China Life and Taiping Life reported declines of -4% and 2% [3]. Product Strategy Transformation - Listed insurance companies are actively transforming their product strategies, with a significant increase in the sales proportion of dividend insurance products. For instance, China Life reported that the proportion of floating income-type business in first-year premiums increased by over 45 percentage points compared to the previous year [4]. - Taiping Life disclosed that the proportion of dividend insurance in new premium income from agents further increased to 58.6% [4]. Performance of Bancassurance Channel - The bancassurance channel has shown remarkable performance, contributing significantly to premium income and business value growth. Taiping Life's bancassurance channel achieved scale premiums of 58.31 billion yuan, a year-on-year increase of 63.3% [5]. - New China Life's bancassurance channel reported premium income of 66.941 billion yuan, up 47.7%, with first-year premiums for long-term insurance increasing by 66.7% [5]. - China Ping An reported a 170.9% year-on-year growth in new business value from its bancassurance channel, contributing 35.1% to its overall new business value [5]. Agent Workforce and Productivity - The overall number of agents remains stable, with slight declines in the number of individual insurance sales agents for major companies. China Life has 607,000 agents, Ping An has 354,000, and Taiping Life has 181,000 [6]. - Despite the slight decline, the quality of the workforce is improving, with New China Life reporting a 50% year-on-year increase in per capita productivity [6].