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。 ( 在中華人民共和國註冊成立之股份有限公司 ) (股份代號: 2328) 持續關連交易 與人保再保簽署再保險框架協議 於2025年12月31日，本公司與人保再保簽署了再保險框架協議。根據本協議，本公司同意 向人保再保分出保費並收取手續費，及人保再保同意向本公司分出保費並收取手續費。 2. 訂約方 3. 有效期 一年，自 2026 年 1 月 1 日至 2026 年 12 月 31 日。 序言 於2025年12月31日，本公司與人保再保簽署了再保險框架協議，以延續本公司與人保再保 現有業務合作關係，確保雙方再保險業務在本協議的框架下依法合規進行。 再保險框架協議 1. 簽訂日期 2025年12月31日 4. 合作事項 根據本協議，本公司同意不時向人保再保分出保費，並人保再保同意不時向本公司分出保 費。訂約一方通過向訂約對方收取約定的保費，以再保人身份承擔訂約對方的風險，並向 訂約對方支付手續費。再保險業務 ...

中国经济网北京12月31日讯 国家金融监督管理总局网站昨日公布的阿坝监管分局行政处罚信息公开表显示，中国人民财产保险股份有限 公司壤塘支公司编制虚假承保、理赔资料。 国家金融监督管理总局阿坝监管分局对中国人民财产保险股份有限公司壤塘支公司罚款15万元，梁万林（时任中国人民财产保险股份有 限公司壤塘支公司经理）警告并罚款2万元。 以下为原文： | 序号 | 当事人名称 | 行政处罚决定书文号 | 主要违法违规 行为 | 行政处罚内容 | 作出决定机关 | | --- | --- | --- | --- | --- | --- | | 1 | 梁万林(时任中国人民 财产保险股份有限公司 | | | 警告并罚款2万元 | | | | 壤塘支公司经理) | 阿金监罚决字〔2025〕1号 | | | | | 2 | 中国人民财产保险股份 有限公司壤塘支公司 | | | 罚款15万元 | | (责任编辑：华青剑) ...

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。 ( 在中華人民共和國註冊成立之股份有限公司 ) (股份代號: 2328) 持續關連交易 與人保香港簽署再保險框架協議 於 2025 年 12 月 31 日，本公司與人保香港簽署了再保險框架協議。根據本協議，本公司 同意向人保香港分出保費並收取手續費，及人保香港同意向本公司分出保費並收取手續 費。 根據上市規則的相關規定，人保香港屬本公司的關連人士，與人保香港簽署再保險框架協 議構成本公司的持續關連交易。由於再保險框架協議涉及的分出再保險交易的保費上限和 手續費上限及分入再保險交易的保費上限和手續費上限所適用的最高百分比率均超過 0.1%但低於 5%，根據上市規則第 14A 章，分出再保險交易和分入再保險交易只需遵守申 報、年度審閱及公告的規定，並可獲豁免遵守獨立股東批准的規定。 序言 於2025年12月31日，本公司與人保香港簽署了再保險框架協議，以繼續鞏固本公司與人保 香港現有業務合作關係，促進雙方各 ...

Group 1 - The Tianshan Victory Tunnel, the longest highway tunnel in the world, officially opened on December 26, marking the full completion of the G0711 Urumqi to Yili Highway, significantly reducing travel time from Urumqi to Korla from 7 hours to 3.5 hours, enhancing transportation efficiency across the Tianshan region [1] - The Urumqi-Yili Highway Phase II project is a major infrastructure initiative within the core area of the "Belt and Road" Silk Road Economic Belt, facing high construction difficulties due to complex geological conditions and frequent natural disasters [1] - PICC (People's Insurance Company of China) collaborated with China Communications Construction Company Xinjiang to create a comprehensive insurance plan for the Urumqi-Yili Highway Phase II project, providing a total risk coverage amount of 8.628 billion yuan [1] Group 2 - The insurance plan covers three core areas: material loss, third-party liability, and construction equipment, addressing risks from natural disasters such as storms and earthquakes, as well as specific construction risks like tunnel excavation and bridge rotation [2] - The third-party liability coverage includes property damage, personal injury, and litigation costs, extending protection to visitors and the public, while also innovatively covering scenarios like blasting operations and environmental pollution [2] - PICC established a full-process service mechanism for underwriting and claims, including pre-risk assessment, ongoing risk monitoring, and a streamlined claims process to ensure rapid response and timely compensation [2][3] Group 3 - As of December 2025, the project has paid out a total of 12.559 million yuan in claims, effectively alleviating financial pressure on construction units and ensuring the smooth progress of the project [3]

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。 ( 在中華人民共和國註冊成立之股份有限公司 ) (股份代號: 2328) 持續關連交易 委託人保科技代運營 95518 客服業務服務合同 序言 於 2025 年 12 月 30 日，本公司與人保科技簽訂了委託人保科技代運營 95518 客服業務服務合 同，以繼續委託人保科技開展相關服務。根據本合同，人保科技將受委託代運營 95518 客服 業務，本公司向人保科技支付服務費。 委託人保科技代運營 95518 客服業務服務合同 簽訂日期：2025年12月30日 訂約方： （i）本公司；及（ii）人保科技 有效期： 自 2026 年 1 月 1 日至 2026 年 12 月 31 日。 合作事項：人保科技向本公司提供全國 95518 代運營及區域中心服務和運營等服務。其中， 全國 95518 代運營服務的具體內容包括：負責全國 95518 運營考核和管理、人員培訓等；開 發智能化服務工具，推廣應用智能化服 ...

Core Insights - The article highlights the innovative approach of the Ningbo branch of PICC Property and Casualty in integrating technology and insurance to enhance housing safety, marking a shift from reactive to proactive risk management [1][2][7] Group 1: Technological Integration - The company has developed a comprehensive risk management system that includes monitoring, early warning, and remediation, utilizing advanced technologies such as high-precision sensors and smart inspection tools [4][6] - As of the first three quarters of 2025, the company successfully prevented the collapse risk of 234 masonry structures through its technological interventions, demonstrating the effectiveness of its proactive measures [4] Group 2: Government and Enterprise Collaboration - The Ningbo branch has established a governance framework that integrates government and enterprise efforts, creating a collaborative network for housing safety management [5][6] - The insurance mechanism is embedded within the government governance chain, facilitating a coordinated approach to urban housing safety [5] Group 3: Coverage and Impact - The "City Housing Insurance" program has expanded to cover all 10 districts in Ningbo, insuring 28,800 buildings and providing risk coverage of approximately 119.1 billion yuan, benefiting over 482,500 urban households [6] - The initiative also includes rural housing insurance, ensuring protection for 1.2173 million rural households, thereby establishing a comprehensive housing safety net [6] Group 4: Future Directions - Looking ahead, the company aims to leverage advancements in AI, InSAR, and big data to enhance risk perception accuracy and expand its insurance offerings [7] - The integration of insurance with health checks and pension systems is planned to create a more sustainable and inclusive housing safety ecosystem [7]

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。 (在中華人民共和國註冊成立之股份有限公司) (股份代號: 2328) 持續關連交易 與愛保科技的 2026 年度客戶服務合作框架協議 於2025年12月29日，本公司與愛保科技簽訂了2026年度客戶服務合作框架協議，有效期 自2026年1月1日至2026年12月31日。根據本協議，愛保科技及其子公司將向本公司提供 客戶車險增值服務、線上活動相關增值服務、線上宣傳廣告投放服務等，本公司向愛保 科技及其子公司支付服務費。 根據上市規則的相關規定，愛保科技為本公司關連人士，因此，與愛保科技的 2026 年 度客戶服務合作框架協議構成本公司的持續關連交易。由於本協議所涉及的本公司向愛 保科技及其子公司支付的服務費的預計年度上限，所適用的最高百分比率超過 0.1%但低 於 ...

科技赋能，打造智慧中枢。依托"万象云"平台，人保财险开发"稳农"风险减量服务专项系统，集成气 象、遥感、病虫害等多源数据，实现风险可识别、可预测、可干预。在广东茂名荔枝产区，打造"岭南 水果防灾减损服务平台"，构建"设备投入—数据采集—智能预警—专家诊断—农服执行—效果评估"八 要素闭环。"平台上线后，每亩人工成本降25%，农药化肥用量减20%，有效减损达500元。"当地果农 欣喜地说。 服务落地，精准防控风险。围绕自然灾害与病虫害两大核心威胁，人保财险体系化开展四大类服务：一 是预警服务，接入3213个国家级气象站点，提供"实时+短期+中长期"三级预报；二是监测服务，运用 卫星遥感、无人机飞巡和AI病虫害识别模型，实现"天空地"一体化监控；三是干预服务，在云南、新 疆、甘肃等地联合气象部门开展人工影响天气作业，2025年仅在云南曲靖就实施防雹作业1974点次，保 护近90万亩经济作物；四是培训服务，通过AI咨询、线上课堂与田间指导，提升农户自主防灾能力。 "还是人保想得周全，不仅管赔，还管庄稼安全过冬！"江苏宿迁宿城王官集镇的种粮大户老王感慨。他 种的248亩小麦今年因气候原因下播较晚，又值干旱降温，一度让 ...

Core Viewpoint - The article emphasizes the importance of safety production during winter, highlighting the need for enhanced risk management strategies, particularly through the use of liability insurance for safety (安责险) to mitigate various seasonal risks faced by enterprises [5][10]. Group 1: Importance of Safety Insurance - The rising incidence of winter safety accidents underscores the dual value of safety liability insurance, which includes risk coverage and proactive prevention [5]. - Safety liability insurance has evolved from a focus on post-incident compensation to a comprehensive risk management approach that encompasses prevention, response, and compensation [5]. - In high-risk sectors such as mining and hazardous chemicals, the coverage rate for safety liability insurance in Henan is approximately 70%, with a market share of over 40% for People's Insurance Company of China (人保财险) [5]. Group 2: Product and Service Upgrades - Safety liability insurance offers unique advantages during winter, including comprehensive coverage for personal injury, property damage, emergency rescue, and legal costs [6]. - The insurance claims process has been streamlined, with mechanisms like green channels and advance payment, exemplified by a case where a death claim of 1.2 million yuan was settled within three working days [6][7]. - Free accident prevention services are highlighted as a key tool for winter risk management, with specialized teams providing on-site services and safety inspections [7]. Group 3: Collaborative Efforts and Policy Support - A provincial supervisory mechanism for safety liability insurance has been established in Henan, creating a closed-loop system involving insurance inspections, government oversight, and enterprise rectification [9]. - Multi-departmental collaboration has led to significant results, with inspections covering numerous high-risk enterprises and identifying thousands of safety hazards [9]. - Insurance companies are adopting differentiated pricing strategies to make safety liability insurance more accessible for small and medium-sized enterprises, with premiums as low as 500 yuan for certain sectors [9]. Group 4: Technological Empowerment - Technology plays a crucial role in enhancing risk management for safety liability insurance, with the integration of IoT and big data for real-time monitoring and risk assessment [10]. - The use of AI and IoT technologies allows for targeted risk management in high-risk areas, facilitating real-time sensing, intelligent analysis, and proactive measures [10]. - The long-term vision is to transition safety liability insurance from a reactive compensation model to a proactive prevention and process control framework, contributing to a smarter safety ecosystem [10].

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [19]. Core Insights - The insurance index increased by 2.98%, outperforming the broader market by 1.03 percentage points. Individual stock performances varied, with notable increases from ZhongAn (+4.74%), Ping An (+3.51%), and China Pacific (+3.14%) [1]. - As of November 2025, the insurance industry is projected to achieve a cumulative original premium of 5.76 trillion yuan, with property insurance at 1.34 trillion yuan and life insurance at 4.42 trillion yuan [2]. - The report highlights a potential short-term upward trend in long-term interest rates, which may benefit the insurance sector. Despite anticipated performance pressure due to high investment bases in 2026, the report suggests that stabilizing interest rates and improving "spread" (investment income minus comprehensive liability costs) could drive valuation recovery [3][4]. Summary by Sections Market Performance - The insurance sector's absolute performance over the past 12 months is 33.4%, with a relative performance of 16.6% compared to the benchmark [6]. Company Valuations - The report provides PEV valuations for life insurance companies: China Life at 0.89x, Ping An at 0.86x, New China at 0.8x, and China Pacific at 0.69x. For H-shares, Ping An is at 0.74x, New China at 0.57x, and China Pacific at 0.54x [4]. - The report recommends focusing on companies with significant valuation recovery potential, such as China Life H and China Pacific [3]. Earnings Forecasts - Earnings per share (EPS) estimates for 2025E for key companies are as follows: China Pacific at 5.68 yuan, China Life at 6.34 yuan, New China at 12.62 yuan, China Pacific at 3.00 yuan, and China Property at 2.07 yuan. The report also provides PE and PB ratios for these companies, indicating a favorable investment outlook [4].