中国财险(02328)发布公告，于2025年8月5日召开的本公司第四届职工代表大会(职工代表大会)第一次会 议上，职工代表大会选举李玲女士为本公司职工董事。李玲女士担任本公司职工董事的任期自国家金融 监督管理总局核准本公司2024年度股东周年大会对本公司《公司章程》的修订(本次《公司章程》修订) 及李玲女士的董事任职资格之日起至第六届董事会任期届满时止。 本公司进一步宣布，职工代表大会亦审议通过了关于职工监事周志文先生及傅晓亮先生退任的议案。根 据本次《公司章程》修订，于经修订《公司章程》生效后，本公司将不设监事会。周志文先生及傅晓亮 先生将自国家金融监督管理总局核准本次《公司章程》修订之日起不再担任本公司职工监事。 ...

格隆汇8月5日丨中国财险(02328.HK)宣布，于2025年8月5日召开的公司第四届职工代表大会第一次会议 上，职工代表大会选举李玲为公司职工董事。李玲担任公司职工董事的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》的修订及李玲的董事任职资格之日起至第六届董事会 任期届满时止。 进一步宣布，职工代表大会亦审议通过了关于职工监事周志文及傅晓亮退任的议案。根据本次《公司章 程》修订，于经修订《公司章程》生效后，公司将不设监事会。周志文及傅晓亮将自国家金融监督管理 总局核准本次《公司章程》修订之日起不再担任公司职工监事。 ...

本公司进一步宣布，职工代表大会亦审议通过了关于职工监事周志文先生及傅晓亮先生退任的议案。根 据本次《公司章程》修订，于经修订《公司章程》生效后，本公司将不设监事会。周志文先生及傅晓亮 先生将自国家金融监督管理总局核准本次《公司章程》修订之日起不再担任本公司职工监事。 智通财经APP讯，中国财险(02328)发布公告，于2025年8月5日召开的本公司第四届职工代表大会(职工 代表大会)第一次会议上，职工代表大会选举李玲女士为本公司职工董事。李玲女士担任本公司职工董 事的任期自国家金融监督管理总局核准本公司2024年度股东周年大会对本公司《公司章程》的修订(本 次《公司章程》修订)及李玲女士的董事任职资格之日起至第六届董事会任期届满时止。 ...

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) 選舉職工董事及 職工監事退任 選舉職工董事 中國人民財產保險股份有限公司（「本公司」）宣佈，於二零二五年八月五日召開的 本公司第四屆職工代表大會（「職工代表大會」）第一次會議上，職工代表大會選舉 李玲女士為本公司職工董事。李玲女士擔任本公司職工董事的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》（「《公司章程》」） 的修訂（「本次《公司章程》修訂」）及李玲女士的董事任職資格之日起至第六屆董 事會任期屆滿時止。 李玲女士的資料載列如下： 李玲，五十一歲，研究生學歷，文學碩士，現任本公司黨建群工部副總經理（主持工 作）、黨委宣傳部副部長（主持工作）。李玲女士於一九九六年參加工作，於二零零 三年加入本公司，歷任本公司辦公室綜合處處長助理、綜合文檔處副處長、教育培訓 部課程開發處副處長（主持工作）、處長、工 ...

Core Viewpoint - UBS has raised the net profit forecast for China Pacific Insurance (02328) for the years 2025 to 2027 by 11%, 5%, and 4% respectively, reflecting lower-than-expected natural disaster losses and improved stock market performance year-to-date, while also adjusting growth predictions [1] Group 1: Profit Forecast and Target Price - The target price for China Pacific Insurance has been increased from HKD 16.3 to HKD 18.7, maintaining a "Buy" rating [1] - The company is expected to see a year-on-year growth rate in total premiums, auto premiums, and non-auto premiums for the first half of the year at 3.6%, 3.4%, and 3.8% respectively, with insurance revenue growth exceeding 5% [1] Group 2: Underwriting Profitability - The estimated combined cost ratio for the first half of the year is projected to increase by 0.9 percentage points to 95.3% [1] - The auto combined cost ratio continues to benefit from adjustments in commission structure [1] - Significant improvements in health insurance and agricultural insurance are expected due to better business mix, leading to an estimated year-on-year increase of 29% in total underwriting profit for the first half of the year [1]

一、同意中国大地财产保险股份有限公司莘县支公司将营业场所变更为山东省聊城市莘县通运路046号1 幢。 2025年7月31日，国家金融监督管理总局聊城监管分局发布批复称，《关于中国大地财产保险股份有限 公司莘县支公司营业场所变更的请示》（大地财保聊发〔2025〕36号）收悉。经审核，现批复如下： 二、中国大地财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

该行上调中国财险2025至27年的除税后净溢利11%、5%及4%，以反映自然灾害损失低于预期及年初至 今股市表现改善，并重新调整增长预测。该行将该股目标价由16.3港元上调至18.7港元，续予"买入"评 级。 瑞银发表研究报告指，预计中国财险上半年总保费、汽车保费、非汽车保费的按年增长率与第一季基本 持平，分别为3.6%、3.4%及3.8%，并预计上半年保险收入增长超过5%。在承保盈利能力方面，该行估 计公司上半年的综合成本率将增加0.9个百分点至95.3%。汽车综合成本率持续受惠于佣金结构调整。在 非汽车业务方面，该行认为由于业务组合改善，健康险和农业险业务显著改善。因此估计上半年总承保 利润按年增29%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The brokerage sector is experiencing high growth in performance as indicated by preliminary reports, with increasing allocation value. The insurance sector is also expected to see a rise in new business value driven by an increase in value ratios. The equity market continues to rise, leading to favorable expectations for investment returns and profit growth. Current valuations imply a pessimistic long-term investment outlook, but the report considers current valuations to be safe, given the medium to long-term interest rate spread levels [2][4] - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which have clear advantages in business models and market positions. Additionally, it suggests focusing on New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4] Summary by Sections Industry Overview - The non-bank financial index decreased by 2.4% this week, with a relative excess return of -0.6% compared to the CSI 300, ranking 22 out of 31 industries. Year-to-date, the non-bank financial index is up by 4.0%, with a relative excess return of +1.0%, also ranking 21 out of 31 [5] - The market has seen a decline in activity, with an average daily trading volume of 18,096.34 billion yuan, down 2.11% week-on-week, and an average turnover rate of 2.12%, down 2.50 basis points [5] Brokerage Sector - The brokerage sector's performance has been weak overall, with the securities sector down 3.1% this week. The report highlights that the average daily trading volume and turnover rate are above the 2024 averages, indicating a gradual recovery in brokerage business profitability [17][39] - Margin financing balances have increased to 1.98 trillion yuan, up 2.21% week-on-week, indicating a recovery in credit business [46] Investment Business - The equity market has seen an overall decline, with the CSI 300 index down 1.75% and the ChiNext index down 0.74%. The report notes that the proportion of equity investments in brokerage assets is approximately 10%-30%, while bond investments account for 70%-90% [43][44] Insurance Sector - The insurance industry reported a cumulative premium income of 37,350 billion yuan in June 2025, reflecting a year-on-year increase of 5.31%. The report indicates that the premium income from property insurance was 9,645 billion yuan, up 5.10%, while life insurance income was 27,705 billion yuan, up 5.38% [21][22] - The total assets of the insurance industry reached 39.22 trillion yuan as of June 2025, with a quarter-on-quarter increase of 2.08% [26][27]

Investment Rating - The report maintains a positive investment rating for the non-bank sector, suggesting a favorable outlook for both insurance and securities companies [6]. Core Insights - The reintroduction of VAT on bond interest is expected to have a limited impact on insurance companies, with a continued focus on "tax-exempt assets + high dividends" strategies in the investment sector [1]. - The overall investment style for insurance capital is expected to remain "fixed income +", but with a potential increase in equity allocation as net investment income may face pressure due to declining long-term interest rates [2]. - The non-bank sector has shown resilience, with the non-bank index outperforming the broader market in July, driven by strong performance from securities and insurance indices [3]. - Domestic policies are expected to support market recovery, with ongoing efforts to enhance the attractiveness and inclusivity of the capital market [4]. Summary by Sections Market Review - Major indices experienced a decline, with the non-bank sector showing relative strength, particularly in the insurance index, which was less affected by market fluctuations [10]. - The non-bank financial index fell by 2.40%, while the insurance index only decreased by 0.15% [10]. Securities Sector - The report highlights a robust performance in the securities sector, with significant increases in trading volumes and IPO underwriting [18]. - As of August 1, 2025, the cumulative IPO underwriting scale reached 566.81 billion, and refinancing underwriting was 8103.24 billion [18]. Insurance Sector - The insurance sector is expected to benefit from a dual enhancement of "dividends + capital gains" as policies encourage long-term capital market participation [5]. - Key insurance companies to watch include Sunshine Insurance, China Pacific Insurance, New China Life, Ping An, China Life, and China Property Insurance [44]. Investment Recommendations - The report suggests a focus on expanding equity allocations within insurance portfolios, with a positive outlook for the performance of major securities firms [43][44].

Core Insights - The Invesco Great Wall Hong Kong Stock Connect Global Competitiveness C Fund (012228) has a latest net value of 0.8108 yuan, with a weekly return of -3.14%, a three-month return of 6.14%, and a year-to-date return of 17.87% [1] - The fund was established on August 12, 2021, and managed by Zhou Hanying, with a total scale of 250 million yuan as of June 30, 2025 [1] - The top ten stock holdings of the fund include Tencent Holdings, Alibaba-W, Pop Mart, Xiaomi Group-W, Giant Bio, Zijin Mining, NetEase Cloud Music, China Pacific Insurance, SMIC, and SF Holding, accounting for a total of 47.14% of the portfolio [1]