Group 1 - The core objective of the financial publicity week activity is to enhance public financial literacy and strengthen consumers' risk prevention capabilities, thereby creating a healthy financial environment and protecting consumer rights [1][3] - The activity focuses on common financial risks such as illegal fundraising and financial fraud, aiming to raise residents' awareness and help them identify financial traps through easy-to-understand explanations [3] - The event included a presentation by the deputy manager of the first business department, introducing a special insurance discount program "Rong Yao You Bao" tailored for veterans, highlighting the company's social responsibility as a financial state-owned enterprise [3] Group 2 - The first business department distributed financial knowledge promotional materials to residents during the event, which received positive feedback from the community [3]

在营业网点，悬挂并张贴"保障金融权益助力美好生活"的活动口号与宣传海报。同时，在网点均设 立"金融周"教育宣传专区，配备专业人员为来访客户提供咨询服务，并集中摆放宣传材料，营造浓厚的 学习氛围，使金融知识宣传常态化、阵地化。 针对金融服务相对薄弱的贫困村屯，人保财险德惠支公司特别组织宣传小队开展上门服务。宣传人员深 入村屯中，亲手递送精心制作的《金融健康检测表》及活动宣传折页。这种面对面的交流方式，不仅有 效传递了风险防范知识，更切实打通了金融教育的"最后一公里"，让金融知识与风险提示直达基层群 众。 此次活动，人保财险德惠支公司不止于普及金融知识，更以实际行动践行金融服务优化升级，积极发挥 金融对消费的助力作用。"风险提示送上门"的服务模式，既为乡村客户带去实用指引，也进一步拉近了 服务距离，让金融服务更有温度、更接地气。（李智霖） 编辑：穆皓 转自：新华财经 为强化消费者权益保护，提升公众金融知识素养，中国人民财产保险股份有限公司德惠支公司积极响应 上级公司号召，在县域地区深入开展"人保县域行，风险提示送上门"金融教育宣传周活动。活动将专业 的金融知识与风险提示送到百姓身边，以实际行动守护人民群众的美好生 ...

Core Viewpoint - The China People's Property Insurance Company Tonghua Branch is actively enhancing financial literacy, insurance knowledge, and anti-money laundering awareness among residents through community engagement activities, thereby strengthening financial security for the public [1][3][5] Group 1: Financial Literacy and Community Engagement - The company has established a "Consumer Protection Pioneer Team" to conduct activities in the border area, focusing on financial knowledge dissemination, insurance service inquiries, and anti-money laundering promotion [1][5] - A financial health assessment questionnaire was conducted in collaboration with the Yucai Community, which included a new module on anti-money laundering to identify residents' knowledge gaps in financial security [3] - The event featured a knowledge-sharing session where the manager explained various types of insurance, their functions, and important considerations when purchasing insurance, addressing residents' concerns about claims processes and policy details [3][5] Group 2: Strengthening Community Relations - The activities not only raised awareness of financial and insurance knowledge but also improved residents' risk prevention and self-protection capabilities, fostering a sense of financial responsibility [5] - The company aims to continue these community initiatives, innovating service formats and content to enrich the financial knowledge promotion system, which includes insurance, fraud prevention, and anti-money laundering [5]

一、同意撤销中国人民财产保险股份有限公司社旗支公司郝寨营销服务部。 二、接此批复文件后，中国人民财产保险股份有限公司社旗支公司应立即停止一切经营活动，于15个工 作日内向南阳金融监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 2025年9月17日，国家金融监督管理总局南阳监管分局发布批复称，《人保财险南阳市分公司关于撤销 社旗支公司郝寨营销服务部的请示》（宛人保财险发〔2025〕68号）收悉。经审核，现批复如下： ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - Recent market activity remains high, with Q3 performance expected to continue the trend of significant growth, suggesting a focus on leading companies and high-performing stocks within the sector [2][4] - In the insurance sector, the report confirms the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and potential valuation recovery [2][4] - Recommendations include Jiangsu Jinzhong for stable profit growth and dividend rates, China Ping An for stable dividends and high yield, and China Pacific Insurance for its strong business model and market position [2][4] Market Performance - The non-bank financial index decreased by 3.7% this week, with a year-to-date increase of 4.2%, ranking low in the industry [5] - The average daily trading volume in the market increased to 25,178.46 billion, up 8.23% week-on-week, indicating a recovery in market activity [5][37] Insurance Sector Overview - In July 2025, the cumulative insurance premium income reached 42,085 billion, a year-on-year increase of 6.75%, with life insurance contributing 31,153 billion and non-life insurance 10,933 billion [21][22] - The total assets of the insurance industry as of July 2025 were 39.59 trillion, with life insurance companies holding 34.69 trillion [26][27] Brokerage and Investment Business - The report highlights a recovery in trading activity, with the average daily turnover in the two markets showing an increase, and the margin financing balance rising to 2.40 trillion, up 2.65% [38][45] - The equity market remains volatile, with the CSI 300 index down 0.44% and the ChiNext index up 2.34% [42] Recommendations - The report recommends focusing on high-performing stocks such as New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [2][3]. Core Insights - The brokerage sector has experienced a recent adjustment, with the Shenwan Brokerage II Index declining by 3.51%, underperforming the CSI 300 Index by 3.07 percentage points. However, the sector is expected to maintain double-digit year-on-year profit growth in Q3 2025, supported by ongoing capital inflows [3][6]. - The insurance sector has seen a decline of 4.76% in the Shenwan Insurance II Index, with significant movements such as Ping An Life increasing its stake in China Pacific Insurance to over 10%. This reflects a strong positive outlook from insurance capital towards the sector [3][8]. - The report highlights the upcoming National New Conference on September 22, which is anticipated to bring new policies that could positively impact market sentiment [3][15]. Summary by Sections Market Review - The CSI 300 Index closed at 4501.92 with a slight decline of 0.44%. The non-bank index reported a drop of 3.66%, with the brokerage, insurance, and diversified financial sectors showing declines of 3.51%, 4.76%, and 0.50% respectively [6][8]. Non-Bank Industry Key Data - As of September 19, 2025, the 10-year government bond yield was 1.88%, with a slight increase of 0.65 basis points. The average daily stock trading volume reached 25,181.36 billion yuan, reflecting an increase of 8.23% week-on-week [11][14]. Non-Bank Industry News and Key Announcements - The report notes that the property insurance sector achieved a record high in underwriting profits in the first half of 2025, with premium growth of 4.2% [16]. - Ping An Life's recent acquisition of shares in China Pacific Insurance is seen as a strong signal of confidence in the insurance sector's investment value [19]. - China Pacific Insurance announced the completion of a convertible bond issuance, which is expected to enhance its capital position [20]. Investment Recommendations - For brokerages, the report recommends focusing on leading firms benefiting from improved competitive dynamics, such as GF Securities, Guotai Junan, and CITIC Securities. It also suggests considering firms with strong international business capabilities like China Galaxy and CICC [3][8]. - In the insurance sector, the report recommends China Life, China Pacific, New China Life, and Ping An, among others, due to their favorable valuation and growth prospects [3][8].

Core Viewpoint - The report highlights the performance of the top seven listed property insurance companies in the first half of 2025, emphasizing the impact of the new insurance contract standards (IF17) on profitability metrics and the significant growth in net profits across the sector [1][18]. Group 1: Overall Performance - The total premium income of the seven listed property insurance companies reached 697.8 billion yuan, reflecting a year-on-year growth of 4.3% [12]. - The combined net profit of these companies amounted to 43.66 billion yuan, representing a substantial increase of 27.2% year-on-year [13][14]. - China Life Insurance's net profit was 25.05 billion yuan, marking a 39.0% increase and accounting for 57.4% of the total net profit of the seven companies [3][14]. Group 2: Profitability Metrics - The average Return on Equity (ROE) for the seven companies was 7.7%, an increase of 0.9 percentage points compared to the previous year [16]. - The highest ROE was recorded by China Pacific Insurance at 9.0%, while the lowest was by Sunshine Insurance at 3.9% [3][16]. - The average combined cost ratio for the seven companies improved to 4.3%, up by 1.7 percentage points year-on-year [18][21]. Group 3: Profitability Drivers - The report analyzes profitability through a dual-driver model, breaking down ROE into underwriting ROE and investment ROE [7][10]. - The underwriting profit margin for the seven companies averaged 4.3%, with China Pacific Insurance leading at 4.8% [21][34]. - The average investment return rate (non-annualized) was 2.1%, with China Life Insurance achieving the highest rate at 2.6% [21][34]. Group 4: Leverage Metrics - The average insurance service income leverage for the seven companies was 1.0, with China Pacific Insurance having the highest leverage at 1.6 [24][25]. - The average investment leverage was 2.7, with China Pacific Insurance again leading at 4.2 [25][27]. - The report indicates that higher service income leverage and underwriting profit margins contribute to better performance in underwriting ROE for China Pacific Insurance [35].

Core Viewpoint - The establishment of a long-term care insurance system is a crucial measure to address the challenges of an aging population in China, with China People's Property Insurance Company (PICC) actively participating in pilot projects and developing various models for long-term care insurance [1] Group 1: Long-term Care Insurance Participation - As of June 2025, PICC has undertaken 117 long-term care insurance projects, covering 58 cities across 20 provinces [1] - PICC participates in 32 out of 49 national pilot cities for long-term care insurance, maintaining a participation rate of 65.3%, leading the industry [1] Group 2: Service Models - Jiangsu Nantong has established a "three-level" convenient service network to address the distance and technology usage issues for disabled individuals in rural areas [2] - Jiangsu Huai'an has developed a smart service center with various facilities to meet the needs of insured individuals, including an APP experience area and a monitoring center [2] - Jiangsu Nanjing has implemented a cross-regional service model allowing users to enjoy benefits based on their residence while adhering to the standards of their insurance location [3] Group 3: Management and Operations - Zhejiang Huzhou has created a digital management platform for comprehensive oversight of care services, integrating with the provincial smart medical insurance platform [4] - Shandong Yantai has established a dynamic assessment mechanism for disability, conducting unannounced inspections to ensure proper management and prevent over or under-provision of benefits [5] Group 4: Comprehensive Insurance Solutions - Zhejiang Jinhua has designed a comprehensive insurance package that includes various risk coverages related to long-term care, extending to newborn disability insurance and flexible employment insurance [6] - Hainan has provided hospitalization care for approximately 54,000 impoverished individuals, with total claims exceeding 33.35 million yuan [8] Group 5: Collaborative Development - Shandong Dezhou has innovated a collaborative model combining care insurance with supportive services, partnering with local healthcare institutions to enhance service delivery [8] - Sichuan Chengdu has developed an integrated service model that combines insurance with healthcare services, creating a multi-faceted support system for care [8] - Hebei Xingtai has initiated a village doctor management model to enhance rural care services, facilitating cooperation between village doctors and designated care service companies [8] Group 6: Future Directions - PICC aims to continue enhancing service quality and fund management while iterating on its insurance solutions to contribute to a multi-tiered social security system [9]

Core Viewpoint - The event focused on the innovation and service empowerment of meteorological industry data products, aiming to enhance the efficient circulation of meteorological data and its integration across multiple industries, thereby supporting high-quality development of the data labeling industry and expanding the data factor market [1] Group 1: Event Overview - The seminar was organized by Jiangsu Data Exchange, Nanjing Fengxin Technology Development Co., Ltd., and Jiangsu International Data Port, under the theme "Sharing Meteorological Wisdom in Jiangsu" [1] - The event aimed to promote the integration of data resources and enhance the socialized allocation of data factors, maximizing data value [1] Group 2: Industry Collaboration - The event emphasized deepening cooperation in the data insurance sector, with the company planning to strengthen regular communication with the organizing units [1] - The company aims to enhance the coverage of relevant products among technology enterprises and those undergoing digital transformation, contributing to the risk protection of key regional industries [1]

Core Viewpoint - The insurance sector continues to experience a decline, with major companies like China Life Insurance, China Property & Casualty Insurance, China Pacific Insurance, and New China Life Insurance reporting significant drops in stock prices due to pressure on third-quarter earnings amid high investment base [1] Group 1: Market Performance - China Life Insurance (01339) fell by 4.57% to HKD 6.47 [1] - China Property & Casualty Insurance (02328) decreased by 3.82% to HKD 17.35 [1] - China Pacific Insurance (02601) dropped by 3.4% to HKD 30.64 [1] - New China Life Insurance (01336) declined by 2.81% to HKD 43.6 [1] Group 2: Industry Analysis - Recent weak performance in the insurance sector is attributed to high investment base pressures affecting third-quarter earnings [1] - The long-term value reassessment logic is still in play, driven by a combination of bottoming long-term interest rates and increased equity allocation enhancing investment efficiency [1] - The dual impact of lowering preset interest rates and cost reduction from integrated operations is expected to lead to ongoing interest margin recovery [1] Group 3: Future Outlook - If the equity market maintains its current momentum in September, some insurance companies may manage to achieve positive growth despite high base pressures [1] - Long-term trends indicate that the transformation of dividend insurance will enhance risk appetite on the liability side, supported by regulatory benefits such as solvency relaxation [1] - The insurance industry's equity allocation center is expected to rise, improving long-term investment returns and alleviating pressure from interest margin losses [1] - Liability costs are anticipated to continue declining due to dynamic adjustments in preset interest rates and structural optimization efforts [1]