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。 本公告乃本公司根據香港聯合交易所有限公司證券上市規則第13.51B(2)條的規定而作出。 根據中央紀委國家監委網站於2025年12月6日所披露的消息，本公司執行董事、副董事長、 總裁于澤涉嫌嚴重違紀違法，目前正接受中央紀委國家監委紀律審查和監察調查。本公司 經營管理和董事會運行正常。 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2025年12月7日 於本公告日，本公司董事長為丁向群女士（非執行董事），副董事長為于澤先生（執行董事），降 彩石先生、張道明先生及胡偉先生為執行董事，獨立董事為程鳳朝先生、魏晨陽先生、李偉斌先 生、曲小波先生及薛爽女士。 2328 公告 茲提述中國人民財產保險股份有限公司（「本公司」）於2025年12月2日刊發的公告。 ...

Investment Rating - The report maintains a positive outlook on the brokerage sector, indicating a potential for gradual realization of the sector's rebound logic [3]. Core Insights - The recent speech by the chairman of the China Securities Association has shifted market expectations positively for the brokerage sector, with a strong certainty of an upward adjustment in the long-term ROE central [3]. - The report highlights three main investment themes: 1. The attractiveness of the equity market will benefit wealth management and asset management businesses of brokerages, with a specific recommendation for Dongfang Securities [3]. 2. Companies benefiting from an improved competitive landscape, with key recommendations including Guotai Junan, GF Securities, and CITIC Securities [3]. 3. Valuation mismatches in Huatai Securities A+H and strong international business competitiveness in China Galaxy and CICC [3]. Market Review - The Shanghai and Shenzhen 300 Index closed at 4,584.54, with a weekly change of +1.28%. The non-bank index closed at 1,975.96, with a weekly change of +2.27%. The brokerage, insurance, and diversified financial sectors reported changes of +1.14%, +5.08%, and +0.49%, respectively [6]. - The average daily trading volume for the Shanghai and Shenzhen markets was 16,962.89 billion, with a year-to-date increase of 61.08% compared to the previous year [17]. Non-Bank Industry Data - As of December 5, 2025, the 10-year government bond yield was 1.85%, with a weekly change of +1.14 basis points. The credit spread for corporate bonds was 0.54%, with a weekly change of +3.61 basis points [11]. - The insurance sector's original premium income for the first ten months of 2025 reached 5.48 trillion, reflecting a year-on-year growth of 8% [28]. Individual Stock Highlights - In the insurance sector, notable A-share performances included China Pacific Insurance (+8.23%), Ping An (+5.09%), and China Life (+4.32%) [8]. - In the brokerage sector, the top performers included Zhongyin Securities (+7.89%) and Xingye Securities (+6.35%) [8].

公开资料显示，于泽1971年出生，1994年毕业于南开大学。自1994年进入保险业以来的履历大致可分为人 保、太平、回归人保的三段。其中，1994年7月—2006年10月在老人保、人保财险天津分公司任职；2006年 10月至—2019年12月在太平保险任职，位至太平财险总经理；2019年11月回归人保，获任人保集团党委委 员、副总裁，成为中管干部。于泽回到人保任职以来的6年时间内，人保集团先后有四任"一把手"执掌。 12月6日，据中央纪委国家监委消息，中国人民保险集团股份有限公司党委委员、副总裁于泽涉嫌严重违纪 违法，目前正接受中央纪委国家监委纪律审查和监察调查。 此前， 券商中国曾报道 《金融圈突发！财险龙头一把手被带走！股价大跌超6%……》 。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 ...

Core Viewpoint - The recent surge in the stock prices of listed insurance companies is attributed to the announcement by the National Financial Regulatory Administration regarding the adjustment of risk factors for insurance companies, effectively "unbinding" capital for insurers [9][11]. Group 1: Policy Adjustments - The core of the policy adjustment is to reduce the capital occupation cost for insurance companies through technical means, guiding funds more precisely [3][11]. - The risk factors for index components held for over three years, such as the CSI 300 and CSI Dividend Index, have been lowered from 0.2 to 0.17, while the risk factor for stocks locked for over five years on the Sci-Tech Innovation Board has been reduced from 0.4 to 0.36 [4][11]. - This adjustment allows insurance companies to release more usable capital without increasing their capital base [5][11]. Group 2: Market Implications - The regulatory intent is clear: to encourage insurers to adhere to "value investing" by lowering the holding costs of blue-chip and dividend stocks, acting as a "ballast" for the market [5][11]. - The adjustment also provides more room for insurers to support "hard technology" and "new economy" sectors, particularly favoring the Sci-Tech Innovation Board [5][11]. - The recent stock price increase reflects a perfect resonance between policy benefits and the transformation needs of insurance companies, especially in a declining interest rate environment [6][11]. Group 3: Future Outlook - The surge on December 5 may be just the beginning of a new round of asset allocation adjustments by insurers, with incremental funds gradually flowing into high-value areas of the A-share market [7][12]. - This situation presents a good opportunity for insurers to optimize their balance sheets and signifies that "patient capital" has better access to the market [7][12]. - However, the effectiveness of this policy relaxation will ultimately depend on the insurers' stock selection capabilities and risk management in a volatile market [7][12].

南方财经全媒体记者 林汉垚 | 53 | 077866124888475477 | 101.51 | 516.10 | 109,009.001 | 9,000.00 | L. IU | ne'se | | --- | --- | --- | --- | --- | --- | --- | --- | | 34 | 日本财产保险(中国)有限公司 | 258.16 | 283.45 | 22,895.30 | 4,604.43 | 1.38 | 67.85 | | 35 | 东京海上日动火灾保险(中国)有限公司 | 401.22 | 410.72 | 49,391.66 | 2,304.99 | 1.32 | 96.05 | | 36 | 爱和谊日生同和财产保险(中国)有限公司 | 408.43 | 487.31 | 62,946.51 | 3,648.92 | 1.32 | 97.53 | | 37 | 安盟财产保险有限公司 | 318.76 | 318.76 | 148.652.34 | 658.28 | 1.19 | 96.83 | | 38 | 富德财产保险股份有限公司 | 419.16 | 419.16 ...

Core Viewpoint - The development of technology insurance is essential for supporting China's technological innovation strategy, requiring both long-term investment and comprehensive risk management [1][4]. Group 1: Policy and Strategic Importance - The central financial work conference has prioritized technology finance, emphasizing the need for a robust technology insurance policy framework to support major technological breakthroughs [1][3]. - The Guangdong branch of PICC recognizes that developing technology insurance is not only a political responsibility but also a strategic choice to seize industrial transformation opportunities [1][4]. Group 2: Product Development and Innovation - PICC Guangdong has established a technology insurance center and set up branches in 12 innovation hubs, focusing on key industries such as electronic information and artificial intelligence [4]. - The company has developed a comprehensive product system combining standardized products with customized solutions to provide tailored risk protection for various stages of innovation [4][6]. Group 3: Achievements and Impact - Since the beginning of 2024, PICC Guangdong has provided risk coverage exceeding 850 billion yuan for various technology activities in the Guangdong-Hong Kong-Macao Greater Bay Area, with a growth rate of over 34% [4]. - The coverage rates for high-tech enterprises and specialized new enterprises have reached 27.93% and 40.16%, respectively, contributing to the deepening of technology finance practices in Guangdong and nationwide [4]. Group 4: Risk Management and Support Services - The company has launched the first "comprehensive insurance for pilot testing" in the province, covering risks from laboratory to pilot testing stages, including public health emergencies and policy changes [6]. - PICC Guangdong has introduced the first "low-altitude aircraft comprehensive insurance" in the country, addressing unique risks associated with new flying vehicles [5]. Group 5: Digital Transformation and Ecosystem Building - The company is embracing digital transformation by developing various risk management platforms, enhancing the technological content of its insurance services [8]. - PICC Guangdong is leading the establishment of a technology insurance service center in the Greater Bay Area, aiming to create a comprehensive service platform that integrates insurance protection, resource matching, and data sharing [10][11].

【#人保财险回应总裁被曝失联#】 12月2日晚间，中国人民财产保险股份有限公司在港交所发布公告， 就其H股中国财险前一交易日的异常波动作出回应。 公告显示，人保财险已注意到12月1日中国财险股 价及成交量出现不寻常波动，同时关注到市场传言提及公司有关高管人员信息，公司正在核实中。目前 公司没有知悉导致出现上述不寻常波动的原因。值得注意的是，人保财险在公告中说明，截至该公告 日，公司副董事长仍为于泽。（南都） ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.68%, Green Power Environmental (01330) at 69.12%, and Da Zhong Public Utilities (01635) at 69.03% [1] - Alibaba-W (09988), Meituan-W (03690), and Pop Mart (09992) saw the largest increases in holding amounts over the last five trading days, with increases of +3.329 billion, +1.319 billion, and +1.060 billion respectively [1] - The largest decreases in holding amounts were observed in Zijin Mining (02899) at -861 million, SMIC (00981) at -815 million, and Lenovo Group (00992) at -430 million [1][2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 100.87 billion shares, 72.68% holding ratio [1] - Green Power Environmental (01330): 2.80 billion shares, 69.12% holding ratio [1] - Da Zhong Public Utilities (01635): 3.68 billion shares, 69.03% holding ratio [1] - Other notable companies include Haotian International Construction Investment (01341) at 68.75% and China Shenhua (01088) at 67.00% [1] Recent Increases in Holdings (Last 5 Trading Days) - Alibaba-W (09988): +3.329 billion, +21.6752 million shares [1] - Meituan-W (03690): +1.319 billion, +13.7526 million shares [1] - Pop Mart (09992): +1.060 billion, +4.9058 million shares [1] - Other companies with significant increases include ZTE Corporation (00763) and China Merchants Bank (03968) [2] Recent Decreases in Holdings (Last 5 Trading Days) - Zijin Mining (02899): -861 million, -26.2640 million shares [2] - SMIC (00981): -815 million, -12.1252 million shares [2] - Lenovo Group (00992): -430 million, -43.6821 million shares [2] - Other companies with notable decreases include China Mobile (00941) and China Pacific Insurance (02328) [2]

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in investor sentiment and market dynamics [1][2]. Net Inflow Summary - Alibaba-W (09988) leads with a net inflow of 1.319 billion, representing a 9.10% increase in its closing price to 154.900, up by 2.24% [2]. - ZTE Corporation (00763) follows with a net inflow of 609 million, showing a 16.20% increase in its closing price to 35.800, up by 13.94% [2]. - Meituan-W (03690) has a net inflow of 607 million, with a 6.98% increase in its closing price to 99.550, down by 2.88% [2]. - Other notable inflows include Agricultural Bank of China (01288) with 205 million (40.35% increase) and China Ping An (02318) with 142 million (12.57% increase) [2]. Net Outflow Summary - China Pacific Insurance (02328) experiences the highest net outflow of 394 million, with a 24.61% decrease in its closing price to 17.180, down by 2.72% [2]. - China Construction Bank (00939) follows with a net outflow of 360 million, reflecting a 19.06% decrease in its closing price to 8.150, down by 0.24% [2]. - Semiconductor Manufacturing International Corporation (00981) has a net outflow of 304 million, with an 11.99% decrease in its closing price to 69.450, up by 0.94% [2]. - Other significant outflows include Southern Hang Seng Technology (03033) with 164 million and China Biologic Products (01177) with 152 million [2]. Net Inflow Ratio Summary - E Fund Hang Seng ESG (03039) leads with a net inflow ratio of 100.00%, with a net inflow of 15.5 thousand and a closing price of 3.858, up by 0.47% [2]. - Shanghai Industrial Holdings (00363) has a net inflow ratio of 58.29%, with a net inflow of 15.575 million and a closing price of 15.710, up by 2.81% [2]. - China Oriental Education (00667) follows with a net inflow ratio of 53.10%, with a net inflow of 3.556 million and a closing price of 6.610, up by 4.59% [2]. Net Outflow Ratio Summary - Everbright Environment (00257) leads with a net outflow ratio of -59.58%, with a net outflow of 76.816 million and a closing price of 4.950, down by 1.39% [3]. - Kanglong Chemical (03759) follows with a net outflow ratio of -57.77%, with a net outflow of 83.838 million and a closing price of 21.880, down by 0.64% [3]. - Winner Fashion (03709) has a net outflow ratio of -51.01%, with a net outflow of 5.294 million and a closing price of 8.260, up by 0.61% [3].

Core Insights - Guangdong is accelerating the construction of modern marine ranches to create a "blue granary" and is supported by a comprehensive financial service system from China People's Property Insurance Company Guangdong Branch [1][6] - The company has provided a total of 4.885 billion yuan in risk protection for modern marine ranches from 2023 to October 2025, with over 376 million yuan in claims paid [1][2] Group 1: Risk Management and Insurance Products - The company has developed 46 types of aquaculture insurance products to address the high investment and risk associated with marine ranching, creating a multi-layered risk protection network [2][5] - An innovative "Typhoon + Price Index" insurance was launched to automatically trigger claims when wind speeds exceed level 10 or when abalone prices fall below cost, providing 673 million yuan in risk protection over the past three years [2][3] - The establishment of a "modern marine ranch insurance service station" in Zhanjiang enhances emergency support and claims efficiency, with rapid claims payments made within hours after typhoons [3][5] Group 2: Technological Integration and Risk Reduction - The company is implementing a "Insurance + Risk Reduction Services + Technology" model to shift from post-event compensation to pre-event prevention, enhancing risk management capabilities [5][6] - The upgrade of the "Yue Nong Bao" digital sea area map allows for precise identification of aquaculture boundaries, covering 52,000 acres with a positioning accuracy of 98% [5] - Collaboration with universities and reinsurance companies has led to the development of disaster loss assessment models tailored to marine risks in Guangdong [5][6] Group 3: Financial Ecosystem and Green Finance - The company has introduced an "industry + insurance + credit" model, facilitating loans backed by insurance policies to alleviate financial pressure on aquaculture operators [6][8] - A partnership with the Zhanjiang municipal government aims to establish a national modern marine ranch demonstration city, providing 524 million yuan in risk protection for seawater aquaculture [6][8] - The introduction of comprehensive insurance for marine carbon sinks and mangrove ecosystems supports ecological value realization and promotes green finance initiatives [8]