新疆首款公共数 据产品正式发 布！广东数字援 疆再出亮点_南 方+_南方plus 日前，全疆首单 公共数据产品采 购意向签约仪式 在喀什市空天信 息产业园举行。 喀什地区气象服 务中心与中国人 民财产保险股份 有限公司喀什市 支公司就气象数 据产品达成采购 意向，标志着新 疆首款公共数据 产品正式发布并 迈入市场化应用 阶段，为喀什打 造向西开放数字 高地按下"加速 键" 。 据了解，各级党 政机关、企事业 单位依法履职或 提供公共服务过 程中产生的公共 数据，是国家重 要的基础性战略 资源。为加快公 共数据资源开发 利用，充分释放 公共数据要素潜 能，2024年10 月，中共中央、 国务院发布《关 于加快公共数据 资源开发利用的 意见》，要求破 除公共数据流通 使用的体制性障 碍、机制性梗 阻，激发共享开 放动力，优化公 共数据资源配 置，释放市场创 新活力，充分发 挥数据要素乘数 效应。 融"气象数据产 品，并于第十五 届新疆喀什·中 亚南亚商品交易 会期间完成发布 和签约。 仪式上，喀什市 气象局与新疆空 天信息科技有限 公司签署战略合 作协议。双方将 聚焦气象数据深 度开发、市场化 在广东省对口支 援 ...

Core Points - The article discusses the impact of Typhoon "Jianyu" on Hainan Province, particularly focusing on the response of the insurance industry, specifically the People's Insurance Company of China (PICC) in Hainan [1] - PICC Hainan quickly mobilized its resources to address the disaster, emphasizing their commitment to rapid claims processing and customer support [1] Group 1: Company Response - PICC Hainan initiated a comprehensive response to the severe weather conditions caused by Typhoon "Jianyu," which began affecting the region on August 24 [1] - The company organized claims personnel to conduct on-site assessments and damage evaluations, ensuring a swift response to affected clients [1] - The first agricultural insurance claim related to Typhoon "Jianyu" was processed by PICC's Sanya branch, with a payout of 54,450 yuan to a local banana farmer [1] Group 2: Impact on Agriculture - The typhoon caused significant damage to crops in Hainan, particularly banana plantations in Sanya, where many trees were uprooted or broken [1] - The rapid claims processing by PICC is crucial for supporting local farmers affected by the natural disaster, helping them recover from the losses incurred [1]

转折出现在今年7月底，陈先生的车险进入新一年度的续保周期。他从人保财险南京市分公司经办业务 经理牛翔亮那里了解到，该公司进一步优化了车险和附加投保的个人非车险投保流程。车主买车险时， 如果同时提出个人充电桩责任风险的保障需求，可直接购买新能源车个人充电桩责任随车个非产品，就 能同时拥有车辆和充电桩双重保险保障。此举大大简化出单流程，缩短投保耗时。 陈先生当即表示一并投保，"只要多花几百元，一旦出事能赔几十万元，且投保很方便，难题轻松解 决。" 人保财险全国首单新能源车个人充电桩责任随车个非产品业务在宁落地 联动车险助力车主"丝滑"投保 南报网讯（记者 曹丽珍） "给这样的创新服务点赞！"浦口区的陈先生忍不住竖起大拇指。本月初，他 通过人保财险南京市分公司续保了新一年度的新能源车车险。这份保单是全国范围内人保财险落地的首 单新能源车个人充电桩责任随车个非产品（即车险附加针对个人投保的非车保险产品）业务。 陈先生的新能源车买了近3年，为何这次续保的车险能让他如此感慨？原来，他买车后没有第一时间安 装充电桩，新车开了近半年后才在小区里装了充电桩，便想找保险公司咨询相关充电桩保险产品。 "我刷短视频时看到，有的充电桩 ...

、证券研究报告 | 行业周报 2025 年 08 月 25 日 非银行金融 美联储降息或已在路上，流动性驱动市场走强格局将持续-非银周观 点 近期市场交易定价反应了公募考核新规基准回补效应、去产能、高层会议经 济定调及美国关税及美国降息预期提升等政策影响，市场明显放量，两融波 动新高，银行、保险板块高位波动，券商、多元金融有所走强。交易节奏而 言，经济数据走弱下流动性驱动市场走强的趋势或有望延续，可能要重点聚 焦关注内部问题、居民存款搬家持续效应及美国经济可能衰退引发的降息效 应，中期具体或要看包括四中全会等重磅会议。需要高度重视券商及金融 IT 板块走强趋势，并购线建议重点关注以信达证券、首创证券、浙商证券、国 联民生、中国银河等为代表个股；具有估值扩张空间的公司，推荐关注综合 能力强、风险资本指标优化、受益 ETF 发展的东方证券、华泰证券、中金公 司等；同时从赔率弹性角度，建议逢低关注布局金融 IT 板块，建议重点关注 财富趋势、同花顺、九方智投（2025 年中报预告净利润中枢为 8.5 亿元，子 公司方德证券在港展业；控股旗下九方智擎入驻"模速空间"，抢滩 AI 创新 高地，股价历史高位区间）等；互金 ...

Core Viewpoint - The insurance industry in China has shown resilience and progress in the first half of 2025, with significant growth in asset utilization and premium income, while maintaining a stable solvency capacity [1][10]. Group 1: Asset and Premium Growth - As of the end of Q2 2025, the total investment balance of insurance companies exceeded 36 trillion yuan, reaching 36.23 trillion yuan, a year-on-year increase of 17.4% [2]. - The original insurance premium income for the first half of 2025 was 3.7 trillion yuan, reflecting a growth of 5.1% compared to 2024, indicating a recovery in the life insurance sector [2]. - The number of new insurance policies issued in the first half of 2025 reached 524 billion, marking an 11.1% increase year-on-year [2]. Group 2: Investment Strategies - Bonds remain the primary investment for insurance funds, with a bond investment balance of 17.87 trillion yuan as of Q2 2025, where life insurance companies hold 16.92 trillion yuan, accounting for 51.9% of their total investments [3]. - Stock investments have also gained traction, with insurance companies' stock investments surpassing 3 trillion yuan, showing a quarterly increase of 8.9% [3]. - The shift towards equity investments is seen as a long-term strategic choice, driven by the need for higher returns in a low-interest-rate environment [3][4]. Group 3: Claims and Coverage - Claims and benefits paid by insurance companies reached 1.3 trillion yuan in the first half of 2025, a 9% increase, indicating a deepening of the insurance protection function [5]. - Health insurance and long-term care insurance have emerged as the main contributors to claims growth, driven by an aging population and rising healthcare costs [6]. - The insurance industry has demonstrated its commitment to social responsibility through rapid response to claims during natural disasters, showcasing its role in public welfare [7]. Group 4: Solvency and Regulatory Environment - The overall solvency adequacy ratio for the insurance industry was 204.5% at the end of Q2 2025, significantly above regulatory requirements [8]. - Among 60 life insurance companies, six maintained an AAA rating, with solvency ratios exceeding 200%, indicating strong capital strength and risk management capabilities [8]. - The regulatory environment remains challenging, with some smaller companies facing solvency pressures, necessitating improvements in capital management and risk strategies [10].

➢ 分类评价制度修订发布，叠加风险控制指标计算标准新规实施，有望推动行 业持续做优做强。2024 年 9 月证监会修订发布《证券公司风险控制指标计算标 准规定》，新规已于 2025 年 1 月 1 日实施。新规在计算各券商风险资本准备、 表内外资产总额等指标时，将根据上年证券公司分类评价结果调整系数，支持合 规稳健的优质证券公司提升资本使用效率。我们认为此前风险控制指标计算标准 新规和本次证券公司分类评价制度修订实施，均有助于健全证券公司服务实体经 济激励约束机制，持续推动行业回归本源、做优做强。在此过程中，业务规模大 且经营效率高的头部券商、部分业务条线具备特色的中小券商，以及在权益类自 营和资管业务等领域具备先发优势的证券公司有望受益。 非银行业周报 20250824 重视非银板块表现的可持续性 2025 年 08 月 24 日 ➢ 阳光保险发布中报，人身险负债端质效改善，NBV 高增驱动价值抬升。阳 光保险 1H25 实现总保费收入 808.1 亿元，同比+5.7%；归母净利润 33.9 亿元， 同比+7.8%；年化加权平均 ROE5.7%，同比+0.5pct；内含价值 1,284.9 亿元， 较上年末 ...

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) 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8月21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。 關於召開2025年中期業績說明會的公告 中國人民財產保險股份有限公司（「本公司」）擬於 2025 年 8 月 27 日在香港聯合交 易所有限公司網站(www.hkexnews.hk)披露本公司 2025 年中期業績，並與本公司控股 股東中國人民保險集團股份有限公司聯合於 2025 年 8 月 28 日 15:00-17:00 通過網絡 直播方式召開 2025 年中期業績說明會（「業績說明會」）。投資者屆時可登錄上證 路演中心（http://roa ...

Core Viewpoint - The implementation of the new Company Law in China has led insurance companies to abolish their supervisory boards, transitioning towards a more streamlined and efficient governance model [1][3]. Group 1: Changes in Governance Structure - China People's Property Insurance Company announced it will no longer have a supervisory board following the revision of its articles of association [1]. - China Pacific Insurance Group and other insurance institutions have also decided to abolish their supervisory boards, with their supervisory functions being transferred to the audit committee of the board [2][3]. - The new Company Law allows companies to set up an audit committee within the board to exercise the powers previously held by the supervisory board, eliminating the need for a supervisory board [3]. Group 2: Implications of Abolishing Supervisory Boards - The audit committee, typically composed of independent directors, is expected to enhance financial oversight and compliance compared to traditional supervisory boards [4]. - The concentration of supervisory functions within the audit committee may reduce internal coordination complexities and improve decision-making efficiency [4]. - However, potential challenges include information asymmetry and insufficient time for independent directors to fulfill their supervisory roles effectively [4]. Group 3: Future Considerations - The transition away from supervisory boards raises questions about maintaining effective oversight and balancing decision-making efficiency with power checks [4]. - As more insurance companies adjust their governance structures in line with the new Company Law, the industry will gain insights into creating a more scientific and efficient governance system [4].

Core Viewpoint - The article highlights the challenges faced by Chinese electric vehicle (EV) manufacturers in securing affordable insurance when expanding into international markets, emphasizing the need for a comprehensive service ecosystem to support this transition [1][2][3]. Group 1: Market Trends - The export of Chinese electric vehicles is experiencing significant growth, with projected exports of 1.203 million, 1.284 million, and 1.06 million units for 2023, 2024, and the first half of 2025, respectively, representing year-on-year growth of 77.6%, 6.7%, and 75.2% [2]. - The increasing focus on localizing service systems by Chinese EV companies is raising the demand for overseas insurance services [2]. Group 2: Challenges in Insurance - Chinese EV owners abroad are facing high insurance premiums and difficulties in obtaining coverage, with examples of insurance companies refusing to insure vehicles due to concerns over parts supply and repair capabilities [3]. - Key issues identified include insufficient insurance supply, weak repair capabilities for EVs overseas, and high claims costs due to a lack of pricing experience among local insurers [2][3]. Group 3: Domestic Insurance Companies' Initiatives - Domestic insurance companies are actively seeking to support the international expansion of Chinese EVs, with strategic partnerships being formed to facilitate insurance coverage in markets like Thailand [4]. - Notable collaborations include China Pacific Insurance partnering with Mitsui Sumitomo Insurance and Zhongyi Insurance Brokerage to implement insurance solutions for Chinese EV manufacturers in Thailand [4]. Group 4: Future Directions - The article suggests that domestic insurers should focus on key markets where Chinese manufacturers are investing in factories, leveraging core technological advantages for competitive positioning [8]. - Recommendations include enhancing collaboration with automakers, sharing driving data, and developing localized insurance products to better meet market needs [8].

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to market benchmarks [2][6][7]. Core Insights - The insurance industry's fund utilization scale surpassed 36 trillion yuan in Q2 2025, with a net increase of over 1.3 trillion yuan in the quarter, reflecting strong growth driven by premium income and asset value appreciation [5][7]. - The allocation structure of insurance funds has become more pronounced, with bond and stock proportions reaching new highs, indicating a shift towards a "barbell" investment strategy [5][7]. - Regulatory measures have accelerated the entry of insurance funds into the stock market, with the stock allocation reaching a record high of 8.8% by the end of Q2 2025, supported by policy adjustments aimed at promoting long-term investments [5][7]. Summary by Sections Industry Scale - As of Q2 2025, the total market capitalization of stocks held by insurance companies is approximately 670.62 billion yuan, with a circulating market value of about 641.38 billion yuan [2]. Fund Utilization - The total fund utilization balance for insurance companies reached 36.23 trillion yuan by the end of Q2 2025, marking an 8.9% increase year-to-date and a 3.7% increase from Q1 2025 [5][7]. - The bond allocation exceeded 51%, the highest level in recent years, while bank deposits and non-standard investments were reduced [5][7]. Equity Investment - The stock balance for life and property insurance companies reached 3.07 trillion yuan, with a net increase of 640.6 billion yuan in the first half of 2025, indicating a strong commitment to equity investments [5][7]. - The report highlights a resurgence in insurance companies' stake acquisitions in peer firms, with 27 instances recorded in 2025, reflecting confidence in the sector's recovery and long-term value [5][7]. Investment Recommendations - The report suggests individual stock recommendations including China Pacific Insurance, New China Life Insurance, and Ping An Insurance, while also advising attention to China Life Insurance, China Taiping Insurance, and China Property & Casualty Insurance for their long-term investment value [7].