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 ...

Core Viewpoint - The company is enhancing agricultural insurance services by integrating risk reduction measures, focusing on proactive prevention, and supporting food security initiatives in response to climate challenges. Group 1: Agricultural Risk Reduction Initiatives - The company is implementing a comprehensive agricultural risk reduction service system, transitioning from traditional compensation to a full-chain approach that includes prevention, damage reduction, and quick compensation [1] - A total of 40 agricultural risk reduction service centers have been established nationwide in collaboration with local governments and research institutions to provide disaster warnings, agricultural training, and emergency response [2] - The company has developed a risk reduction service platform that utilizes multi-source data for risk identification, prediction, and intervention, significantly reducing costs and chemical usage for farmers [5] Group 2: Technological Empowerment and Services - The company has launched the "Stable Agriculture" risk reduction service system, which integrates weather, remote sensing, and pest data to enhance risk management capabilities [5] - Services include real-time weather forecasts from 3,213 national meteorological stations, satellite monitoring, and AI pest identification to provide comprehensive surveillance [5] - The company is actively conducting weather modification operations to protect crops, with significant efforts in regions like Yunnan, where nearly 90,000 acres of economic crops were safeguarded [5][7] Group 3: Commitment to National Food Security - The company is aligning its strategies with national policies aimed at enhancing food production capacity and ensuring reasonable pricing for essential agricultural products [1] - The focus on integrated services aims to contribute to rural revitalization and the construction of a strong agricultural nation [8]

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].

中国财险(02328)发布公告，有关选举李玲女士为公司职工董事，任期自国家金融监督管理总局核准公 司2024年度股东周年大会对公司《公司章程》的修订及李玲女士的董事任职资格之日起至公司第六届董 事会任期届满时止。于本公告日，李玲女士的董事任职资格尚待国家金融监督管理总局核准。于2025年 12月26日，李玲女士获董事会选举为董事会审计委员会委员。李玲女士的董事会审计委员会委员任期与 其董事任期一致。 ...

智通财经APP讯，中国财险(02328)发布公告，有关选举李玲女士为公司职工董事，任期自国家金融监督 管理总局核准公司2024年度股东周年大会对公司《公司章程》的修订及李玲女士的董事任职资格之日起 至公司第六届董事会任期届满时止。于本公告日，李玲女士的董事任职资格尚待国家金融监督管理总局 核准。于2025年12月26日，李玲女士获董事会选举为董事会审计委员会委员。李玲女士的董事会审计委 员会委员任期与其董事任期一致。 ...

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 ) 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26日 於本公告日，本公司董事長為丁向群女士（非執行董事），執行董事為張道明先生、降彩 石先生及胡偉先生，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。 (股份代號: 2328) 選舉董事會專業委員會成員 茲提述中國人民財產保險股份有限公司（「本公司」）日期為2025年8月5日的公告，內容 有關（其中包括）選舉李玲女士為本公司職工董事，任期自國家金融監督管理總局核准本 公司2024年度股東周年大會對本公司《公司章程》的修訂及李玲女士的董事任職資格之日 起至本公司第六屆董事會（「董事會」）任期屆滿時止。於本公告日，李玲女士的董事任 職資格尚待國家金融監督管理總局核准。 於2025年12月26日，李玲女士獲董事會選舉為董事會審計委員會委員。李玲女士的董 ...