Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has demonstrated excellent underwriting performance, with a comprehensive cost ratio (COR) improving by 2.1 percentage points year-on-year to 96.1% for the first three quarters of 2025. Total investment income increased by 33% year-on-year to 35.9 billion yuan, contributing to a net profit growth of 50.5% to 40.3 billion yuan [5][7] - The company’s original premium income grew by 3.5% year-on-year to 443.2 billion yuan, maintaining a steady performance. The underwriting profit for Q3 2025 was approximately 1.85 billion yuan, a significant improvement from a loss of 2.56 billion yuan in the same period last year [7] - The company’s total investment income for the first three quarters was 35.9 billion yuan, with Q3 alone contributing 18.6 billion yuan, surpassing the total for the first half of 2025 [7] - Future underwriting performance is expected to improve due to regulatory changes and adjustments in pricing for new energy vehicles, which may enhance underwriting profits [7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 40.3 billion yuan, a 50.5% increase year-on-year. The total investment income reached 35.9 billion yuan, with a quarterly total of 18.6 billion yuan [5][7] - The company’s comprehensive cost ratio improved to 96.1%, and the annualized total investment return increased by 0.6 percentage points to 5.4% [5][7] Future Outlook - The company is expected to benefit from new regulatory measures that will lower the comprehensive cost ratio for non-auto insurance products. Additionally, the implementation of differentiated pricing for new energy vehicles is anticipated to enhance profitability [7] - Forecasted net profits for 2025-2027 are 46.8 billion yuan, 52.4 billion yuan, and 57.6 billion yuan, with year-on-year growth rates of 45.5%, 12.0%, and 9.8% respectively [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) 關於2025年投資者開放日相關報告的公告 中國人民財產保險股份有限公司（「本公司」）於 2025 年 11 月 7 日（星期五）與本公 司控股股東中國人民保險集團股份有限公司聯合舉行 2025 年投資者開放日。本次投資 者開放日以「非車險高質量發展的實踐和展望」為主題，本公司相關報告的具體内容請 見本公告附件。 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 11 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 ...

先 说 结论： 1、 2025年前三季度财险公司承保利润率为2.59%，同比提高1.04个百分点！总投资收益率3.23%，同比提高0.78个百分点。 不难看出，2025年前三季度财险公司净利润增加来自于承保端和投资端的共同发力。 "13精"数据库第405周更新公告 13精资讯-增加2025年3季度财险、寿险、再保险公司实际资本明细表 13精资讯-增加2025年3季度财险、寿险、再保险公司认可资产认可负债明细表 13精资讯-增加2025年3季度财险公司分险种、分渠道保费 13精资讯-增加最近一周保险公司被处罚数据 13精资讯-增加最近一周保险公司投连险净值数据 13 精利用最新录得数据做的研究报告之405 期： 2025年前三季度财险公司盈利能力排行榜：净利润同比增53.5%，规模创历史新高！其中承保利润率升1.04个百分点，总投资 收益率升0.78个百分点！ 3、 "13精"以承保端、投资端是否盈利作为划分标准，对财险公司承保投资双轮驱动进行组别划分。 其中，第1组是"承保端盈利、同时投资端也盈利"的公司，能够实现"双轮驱动"的盈利模式。这类公司是险企中的王者。 第2组指的是"承保端、投资端存在一盈一亏，但盈 ...

捐赠仪式现场，和田地区和喀什地区相关部门负责人、受助学校师生代表与期货公司代表齐聚一堂，各方围绕"党建 引领、金融赋能、教育兴村"展开深入交流。仪式上，银河期货产融合作部总经理王振代表发言："教育帮扶不是一时 之举，而是企业扎根社会责任的长期承诺。我们希望通过这份绵薄之力，让和田和、喀什的孩子们拥有更广阔的成长 平台。"受助学校校长对期货公司的爱心善举表达了诚挚感谢："这份帮扶不仅解决了学校发展的实际难题，更让孩子 们感受到了来自社会的温暖与关怀。我们一定会用好每一笔资金，引导学生们铭记这份爱心，以优异的成绩回报社 会、建设家乡。"现场一名学生也激动地表示："有了助学金的支持，我对未来的大学生活更有信心了。以后我一定会 努力学习专业知识，毕业后回到和田，为家乡的建设出一份力。" 此次银河期货联合永安期货、东海期货、人保财险新疆自治区分公司开展的"党建+金融+教育"的帮扶行动，是企业 将自身发展与国家战略紧密结合的生动实践。未来，银河期货将继续以社会责任为己任，持续关注乡村教育、乡村产 业等领域的发展需求，探索更多元、更长效的帮扶模式，为全面推进乡村振兴、实现共同富裕贡献企业力量，让爱心 与责任在助力乡村发展的 ...

Core Insights - China's new energy vehicle (NEV) exports reached 1.758 million units from January to September 2025, marking a year-on-year growth of 89.4%, indicating strong competitiveness and recognition in overseas markets [1] - The rapid growth of NEV exports has spurred the development of related insurance markets, with several domestic insurance companies actively pursuing opportunities in the overseas NEV insurance sector [1][4] Industry Trends - The NEV insurance market is entering an accelerated phase of expansion, primarily through pilot projects and localized approaches, with a focus on Southeast Asia and the Asia-Pacific region [5][10] - Domestic insurers are adopting various models for overseas expansion, including co-insurance or reinsurance mechanisms, partnerships with local insurance companies, and collaborations with international insurers [5][6][7] Company Strategies - China Pacific Insurance has implemented a three-step regional development strategy focusing on Hong Kong, Asia, and global markets, successfully launching its first NEV insurance policy in Hong Kong and Thailand [4] - ZhongAn Insurance has announced its first overseas NEV insurance policy, while China Re and Hyundai Insurance have signed a cooperation framework to integrate resources and share data for NEV insurance [5] Challenges and Barriers - Insurers face significant challenges in terms of technical, data, ecological, and compliance capabilities when entering overseas markets [3][9] - Key difficulties include data isolation, regulatory barriers, cultural differences, and the establishment of a reliable repair network for NEVs in foreign markets [9][10] Long-term Development Strategies - To achieve sustainable growth in overseas NEV insurance, insurers should focus on key markets where Chinese car manufacturers are investing, deepen ecological collaboration with automakers, and enhance technology output and localization [10][11]

Core Viewpoint - The implementation of the "reporting and operation integration" requirement for non-auto insurance will begin on November 1, which is seen as a significant regulatory change in the industry [2][9]. Group 1: Reporting and Operation Integration - The "reporting and operation integration" refers to the requirement that property insurance companies must issue policies and invoices only after receiving premiums, a shift from the previous practice of issuing policies before payment [3][4]. - This change aims to address two main issues: the rising accounts receivable due to the previous "non-fee issuance" practice and the potential for fraudulent premium reporting [3][4]. - The industry generally views this shift positively, as it is expected to alleviate the pressure of high accounts receivable and improve cash flow for non-auto insurance [3][5]. Group 2: Implementation Challenges - Insurance companies are currently preparing for the transition, which includes informing clients about the new "fee issuance" requirement and upgrading their systems [5]. - There are concerns regarding the initial difficulties in adapting to this new requirement, particularly for certain non-auto insurance products like cargo insurance, where determining the exact premium can be challenging [5][6]. Group 3: Payment Flexibility - The regulatory body has allowed for installment payments for large projects, with specific guidelines for premium payments exceeding a certain amount [7][8]. - The minimum installment payment is set at 200,000 yuan, and the first payment must be at least 25% of the total premium [8]. Group 4: New Product Reporting - The new regulations also emphasize the need for strict adherence to rate management and the proper use of insurance terms, preventing companies from altering agreed-upon terms through unofficial means [9]. - Companies are required to start reporting new product terms from November 1, with a complete update of all non-auto insurance products expected by the end of 2026 [9][10].

PICC 601319.SH PICC 1339.HK PICC P&C 2328.HK CONTENTS Comprehensive Non-Auto Insurance Rectification: the Right Move at the Right Time Rational Competition Circular on Strengthening the Supervision of Non-Auto Insurance Business (Jin Fa [2025] No. 36, effective 1 Nov 2025) Focus on transformation and upgrading to avoid "involution"-style competition in non-auto insurance In recent years, the non-auto insurance segment has been struggling with spiraling expenses, inadequate premium rate and chronic underwrit ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [2] Core Insights - The "slow bull" market continues to validate the sector's revaluation, with significant growth in insurance, securities, and financial IT sectors, indicating a favorable investment environment [7][9] Summary by Sections Insurance - The insurance sector showed significant growth in Q3 2025, with net profit reaching CNY 4,260 million, a 33.5% increase year-on-year. New premium income also rose to CNY 6,002 million, up 14.9% [15] - The traditional perception of insurance investment being limited to dividends has been challenged, as high returns were achieved despite a growth-oriented equity market [9][14] - The sector's profitability is expected to improve in the medium to long term, driven by enhanced return on equity (ROE) and a focus on high-quality companies such as Xinhua Insurance and China Life [9][35] Securities - The securities sector experienced robust performance in Q3 2025, with total revenue reaching CNY 4,196.08 million, a 16.9% increase year-on-year, and net profit of CNY 1,684.50 million, up 62.8% [44] - The growth in brokerage and proprietary trading businesses was significant, with brokerage income increasing by 74.3% [58] - The report highlights the importance of focusing on leading firms with quick recovery in profitability and attractive valuations, as the industry is expected to see continued concentration [9][39] Financial IT - Financial IT companies demonstrated high profit elasticity in Q3 2025, benefiting from a strong market environment, particularly in trading-related services [9][10] - The report suggests that companies with growth logic in market share may enjoy valuation premiums in the long term [9][10] Investment Recommendations - The report recommends a balanced allocation within the non-bank financial sector, emphasizing high-elasticity companies and quality leaders. Specific recommendations include Xinhua Insurance, China Life, and China Pacific Insurance in the insurance sector, and Jiufang Zhitu, Tonghuashun, and CICC in the securities and financial IT sectors [9][35]

二、接此批复文件后，中国人民财产保险股份有限公司应立即停止该营销服务部一切经营活动，于15个 工作日内向新疆金融监管局缴回许可证，并按照有关法律法规要求办理相关手续。 三、中国人民财产保险股份有限公司要依法依规做好该支公司撤销后的客户告知、存续保单服务等善后 工作。 一、同意撤销中国人民财产保险股份有限公司乌鲁木齐市东山支公司芦草沟乡营销服务部。 中国财险 分时图 日K线 周K线 月K线 19.02 0.59 3.20% 3.26% 2.17% 1.09% 0.00% 1.09% 2.17% 3.26% 17.83 18.03 18.23 18.43 18.63 18.83 19.03 09:30 10:30 12:00/13:00 14:00 16:10 0 51万 102万 153万 2025年10月29日，新疆金融监管局发布批复称，《关于撤销中国人民财产保险股份有限公司乌鲁木齐市 东山支公司芦草沟乡营销服务部的请示》（乌人保财险发〔2025〕135号）收悉。经审核，现批复如 下： ...

Group 1 - Goldman Sachs has raised GDP growth expectations for China and India due to manufacturing and export growth [1] - The report expresses a more favorable outlook for the technology, materials, insurance, and industrial sectors this month [1] - Ratings for the energy sector and other industries have been downgraded [1] Group 2 - Goldman Sachs has released a new list of buy-rated stocks in the Hong Kong market, including AIA (01299.HK), Techtronic Industries (00669.HK), China Pacific Insurance (02328.HK), and Lenovo Group (00992.HK) among others [2] - The list features a total of 25 companies, indicating a diverse range of sectors and investment opportunities [2][3]