Core Viewpoint - The insurance sector is experiencing a significant rally, driven by regulatory changes that lower investment risk factors for insurance companies, enhancing capital efficiency and supporting long-term value investment [1] Group 1: Stock Performance - As of the report, major insurance stocks have seen substantial gains: China Life (601628) up 4.4% to HKD 28, China Pacific Insurance (601601) up 4.09% to HKD 34.08, China Ping An (601318) up 2.85% to HKD 63.25, and China Property & Casualty Insurance (02328) up 0.96% to HKD 16.9 [1] Group 2: Regulatory Impact - On December 5, the Financial Supervisory Commission lowered the risk factors for insurance companies investing in related stocks, which is expected to reduce capital occupation pressure and enhance fund utilization efficiency [1] - The adjustment is anticipated to support the continuous guidance of insurance funds as "patient capital," further promoting technological innovation and empowering the real economy [1] Group 3: Industry Outlook - Donghai Securities noted that the insurance sector is currently in a historically undervalued range, suggesting a focus on large listed insurance companies with significant competitive advantages [1] - Guosheng Securities highlighted that the insurance industry will benefit from the trend of bank deposits moving, with diversified demands in pensions, healthcare, and savings expected to drive industry expansion [1] - Short-term progress in the insurance companies' New Year business is expected to boost liability performance in 2026, while the adjustment of product interest rates is likely to alleviate industry spread loss risks [1] - The "reporting and operation integration" is seen as a way to reduce internal competition and increase concentration among leading companies, indicating a positive outlook for the insurance sector's allocation value [1]

Core Viewpoint - The introduction of a new "ticket refund insurance" service for travelers on the Xiamen-Kinmen "mini three links" route aims to enhance cross-strait exchanges and provide financial security for Taiwanese travelers [3][4]. Group 1: Insurance Innovation - The "ticket refund insurance" service allows Taiwanese travelers to receive a free insurance policy each month, with a premium of 5 yuan, covering up to 100% of the ticket refund fee in cases of natural disasters, work-related issues, or accidents [3][4]. - This initiative is part of the fifth batch of policies released by Fujian Province to support Taiwanese residents, with the first phase of the service running until September 30, 2026 [3]. Group 2: Broader Support and Services - The insurance company has developed 17 measures to support the integration of cross-strait relations, including establishing key insurance institutions for Taiwanese individuals and enterprises [4]. - The company has also implemented online services to facilitate insurance transactions for Taiwanese residents, including vehicle registration and transfer [6]. Group 3: Financial Support for Infrastructure and Enterprises - The insurance company has provided over 16.6 billion yuan in risk coverage for the construction of the Xiamen-Kinmen Bridge and 14.3 billion yuan for the new Xiamen airport [6]. - In terms of industrial cooperation, the company has offered over 37.7 billion yuan in risk coverage for large Taiwanese enterprises and over 15.9 billion yuan for logistics risk in cross-strait trade [6]. Group 4: Personalized Services for Taiwanese Residents - The company emphasizes personalized service for Taiwanese residents, aiming to create a sense of belonging and warmth [7]. - The "Hui Xia Bao" program has been introduced to include Taiwanese residents in insurance coverage, alleviating medical expenses and providing health security [9].

科技赋能同样蹄疾步稳。依托雄安"云上之城"战略，公司为被誉为"雄安之眼"的城市计算中心出具"算 链保2.0"系统内首单；服务低空经济发展，为雄安智航公司签发全国首批"空链保"保单，并开发完成全 国首个低空无人机机载监测设备损失补偿保险产品。在科研端，分公司打造"投保贷"综合金融服务模 式，为"算力智能调度运营中台关键技术研发"等项目提供研发费用保障，并联合中国银行落地全国首批 概念验证保险，支持妙心生物科技公司开展AI靶点蛋白诊断技术攻关。"科研充满不确定性，但人保的 保险让我们敢投入、敢试错。"企业负责人表示。 据悉，人保财险雄安分公司自2021年成立以来，在服务绿色与科技方面，成果尤为亮眼：落地京津冀首 单专利海外布局费用损失保险、全国首单知识产权海外被侵权损失保险，护航企业"走出去"；签发全国 首单无人驾驶汽车综合保险及河北省首个数字人民币支付保单，助力数字化建设。 我们人保财险雄安分公司就是要当好经济'减震器'和社会'稳定器'，让科技与绿色在这座未来之城深度 融合、交相辉映。"分公司负责人表示，下一步将紧扣二十届四中全会精神，深化绿色保险机制创新， 拓展科技保险服务场景，推动保险功能从"事后补偿"向" ...

Group 1 - The core viewpoint of the news is that the Hong Kong insurance stocks have collectively risen, driven by positive market sentiment and favorable regulatory changes [1] - China Taiping increased by nearly 4%, China Life by 2.3%, and other major insurers like China Ping An and China Taibao saw gains of nearly 2% [2] - Guosheng Securities reported that the insurance industry will benefit from the trend of bank deposits moving to insurance products, with diverse demands in retirement, healthcare, and savings expected to drive industry expansion [1] Group 2 - Short-term progress in the insurance companies' performance is expected to boost the liability side for 2026, with a significant reduction in the scheduled interest rates alleviating the risk of industry spread losses [1] - UBS highlighted that the recent notification from the National Financial Regulatory Administration to adjust risk factors for insurance companies encourages long-term patient capital, which is beneficial for market sentiment [1] - UBS reiterated China Ping An as the industry’s top pick with a "buy" rating and a target price of 70 HKD, citing attractive risk-reward dynamics [1]

Core Viewpoint - The Hong Kong insurance sector experienced a collective rise, driven by positive market sentiment and favorable regulatory changes, indicating a strong outlook for the industry in both the short and long term [1] Group 1: Market Performance - On December 12, major Hong Kong insurance stocks saw significant gains, with China Taiping rising nearly 4%, China Life up 2.3%, and China Ping An, China Taibao, and AIA increasing by nearly 2% [1] - The stock prices and their respective changes include: - China Taiping: 18.500, +3.76% - China Life: 27.440, +2.31% - China Taibao: 33.380, +1.95% - AIA: 78.750, +1.88% - China Ping An: 62.600, +1.79% - China Pacific Insurance: 16.830, +0.54% - China People's Insurance: 6.770, +0.15% [2] Group 2: Industry Outlook - Guosheng Securities reported that the insurance industry will benefit from the trend of bank deposits moving to insurance products, with diverse demands in retirement, healthcare, and savings expected to drive industry expansion [1] - The smooth progress of the insurance companies' "opening red" is anticipated to boost the liability performance in 2026 [1] - The adjustment of product reservation interest rates is expected to significantly alleviate the risk of industry interest spread losses, while the "integration of reporting and operations" is promoting a reduction in internal competition and increasing concentration among leading companies [1] Group 3: Regulatory Impact - UBS highlighted that the recent notification from the National Financial Regulatory Administration, which adjusts risk factors for insurance companies, reinforces the policy direction encouraging long-term patient capital, thus enhancing market sentiment [1] - The recent rise in Chinese government bond yields and the steepening yield curve are seen as beneficial for insurance companies in the long run [1] - UBS reiterated its preference for China Ping An as the top choice in the industry, maintaining a "buy" rating with a target price of 70 HKD, citing attractive risk-reward dynamics [1]

Market Overview - The Hong Kong stock market indices showed a mixed performance with the Hang Seng Index rising by 0.87%, the Hang Seng China Enterprises Index increasing by 0.75%, and the Hang Seng Technology Index up by 1.13% during the week of December 1 to December 5, 2025 [4][9] - The Hang Seng Index's current Price-to-Earnings (PE) ratio is 11.87, which is around the 70th percentile since January 1, 2007, while the Price-to-Book (PB) ratio stands at 1.28, approximately at the 58th percentile during the same period [6][11] Key Economic Indicators - The U.S. PCE price index increased by 0.3% month-on-month in September, with the core PCE price index rising by 0.2%, aligning with expectations [4] - The probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 86.2%, which is expected to positively impact liquidity in the Hong Kong stock market [4] Investment Recommendations - The report suggests focusing on sectors such as non-ferrous metals, price-increasing chemical products, and AI infrastructure due to favorable market conditions [4] Capital Flow Analysis - Net inflow of southbound funds amounted to HKD 11.349 billion last week, a decrease of HKD 8.491 billion compared to the previous week [6][13] - The top five net purchases by southbound funds included Xiaomi Group (HKD 4.596 billion), Tracker Fund of Hong Kong (HKD 2.606 billion), Meituan (HKD 2.100 billion), ZTE Corporation (HKD 0.641 billion), and Li Auto (HKD 0.392 billion) [6][17] - The top five net sales were Tencent Holdings (HKD 3.811 billion), SMIC (HKD 1.376 billion), ASMPT (HKD 0.439 billion), Kuaishou Technology (HKD 0.285 billion), and China Pacific Insurance (HKD 0.129 billion) [6][17]

本报讯 （记者王宁）近日，在上海期货交易所、绿春县人民政府和绿春县乡村振兴局的大力支持和指导下，安粮期货与人 保财险上海市分公司、人保财险云南省分公司联合开展的云南省绿春县天然橡胶"保险+期货"项目结项。 近两年，天然橡胶"保险+期货"项目共覆盖绿春县橡胶种植面积近20万亩，累计项目金额超过4900万元，产生赔付约117万 元，惠及胶农1万余户，不仅为胶农提供了稳定的收入保障，更在全县范围内构建起了一道"价格下跌有保障"的橡胶产业防护 网。 项目执行期间，在人保财险的精心组织下，安粮期货与人保财险团队人员奔赴红河州，深入产区与胶农进行沟通交流，并 开展了天然橡胶"保险+期货"培训会，引导胶农加深对"保险+期货"的认识，提升胶农风险管理意识。同时，安粮期货党委与绿 春县农业农村和科学技术局机关支部签署了《党建帮扶共建协议》，双方明确将通过支部联建活动、产业培训等多种形式深化 合作，推动党建与业务深度融合，以创新驱动激活乡村振兴内生动力。 安粮期货相关人士表示，未来安粮期货将继续秉持"服务实体经济"的初心，持续推进"保险+期货"项目落地，将风险管理 的专业能力转化为农户看得见、摸得着的收益保障，让金融创新成果从" ...

Core Insights - The frequent price fluctuations of natural rubber have long been a key pain point restricting the stable development of the industry, particularly affecting farmers in Ximeng County, Yunnan Province, where rubber plantations are a core income source for thousands of families [1] - The "insurance + futures" financial innovation model has emerged as a precise solution to address this industry challenge, creating a risk-hedging closed loop that effectively supports agricultural production [1] Summary by Sections Project Implementation - The "insurance + futures" pilot project in Ximeng County, supported by the Shanghai Futures Exchange and implemented by Shenwan Hongyuan Futures Co., Ltd. and China People's Property Insurance Co., Ltd. Yunnan Branch, has successfully concluded, providing risk protection for 4,400 tons of natural rubber and covering over 2,000 rubber farmers [1][2] - The project achieved a compensation amount of approximately 3.5 million yuan, with a compensation rate of 111%, effectively establishing a safety net for rubber farmers and injecting strong momentum into the local rubber industry [1][2] Risk-Sharing Mechanism - The successful advancement of the project is attributed to a collaborative risk-sharing mechanism, with a total premium scale exceeding 3 million yuan, supported by special funds from the Shanghai Futures Exchange and coordinated by local government [2] - Farmers' participation in premium payments has enhanced their risk awareness, and timely compensation during adverse market price fluctuations has stabilized production enthusiasm among farmers, acting as a stabilizer for the sustainable development of the rubber industry in Ximeng [2] Future Prospects - The core of the "insurance + futures" model lies in establishing a comprehensive risk management closed loop, where farmers secure prices through insurance, insurers transfer potential payout risks to futures companies, and futures companies conduct hedging operations in the futures market [2] - The project exemplifies the critical role of the futures market in serving the real economy and managing industry price risks, with plans for further expansion of the "insurance + futures" model to more agricultural categories [3] - As financial innovation models like "insurance + futures" continue to deepen, the path for financial empowerment in rural revitalization becomes clearer, promising more farmers will benefit from financial development, contributing to a vibrant rural landscape [3]

Investment Rating - The report maintains an "Accumulate" rating for China Pacific Insurance (2328) [8] Core Views - The report suggests that short-term personnel changes will not affect the long-term operational stability of the company, with a positive outlook on the clear strategic planning for both auto and non-auto insurance, which is expected to drive continuous improvement in underwriting profitability [3][12] - The report forecasts EPS for 2025-2027 to be 2.14, 2.40, and 2.55 RMB respectively, with a target price of 22.82 HKD for 2025 [12] Financial Summary - **Insurance Service Revenue (Million RMB)**: - 2023A: 457,203 - 2024A: 485,223 (+6%) - 2025E: 507,552 (+5%) - 2026E: 532,082 (+5%) - 2027E: 559,006 (+5%) [6] - **Net Profit (Attributable to Parent) (Million RMB)**: - 2023A: 24,585 - 2024A: 32,173 (+30.9%) - 2025E: 47,582 (+47.9%) - 2026E: 53,294 (+12.0%) - 2027E: 56,609 (+6.2%) [6] - **Price-to-Earnings (PE) Ratio**: - 2023A: 13.97 - 2024A: 10.67 - 2025E: 7.22 - 2026E: 6.44 - 2027E: 6.07 [6] - **Price-to-Book (PB) Ratio**: - 2023A: 1.48 - 2024A: 1.33 - 2025E: 1.19 - 2026E: 1.05 - 2027E: 0.94 [6] Strategic Insights - The company is expected to maintain stable operations in its core business despite recent personnel changes, with the appointment of Zhang Daoming as the interim head, who has 27 years of management experience in the insurance industry [12] - The report highlights a clear strategic plan that is expected to enhance both premium income and profitability in the long term, particularly through the optimization of the auto insurance cost structure and the governance of non-auto insurance [12] - The company is actively responding to national policies to develop overseas business models, focusing on serving "Chinese enterprises" and "Chinese products," with significant progress in underwriting key projects along the Belt and Road Initiative [12]

一、同意中国人民财产保险股份有限公司沈阳市分公司金融开发区营销服务部将营业场所变更为：沈阳 市沈阳经济技术开发区沈辽西路377-3号（3门、5门车库）。 二、人保财险辽宁省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12月7日，辽宁金融监管局发布批复称，《人保财险辽宁省分公司关于中国人民财产保险股份有 限公司沈阳市分公司金融开发区营销服务部营业场所变更的请示》（辽人保财险发〔2025〕397号）收 悉。经审核，现批复如下： ...