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]

Core Insights - The report titled "2025-2031 China Catastrophe Insurance Industry Market Competition Landscape and Investment Potential Assessment" provides a comprehensive analysis of the catastrophe insurance industry in China, covering market development environment, operational status, competitive landscape, key enterprise performance, and future trends and investment forecasts [1] Group 1: Industry Overview - The report consists of twelve chapters, starting with an introduction to the catastrophe insurance industry and its overall operational status [1] - It includes a detailed analysis of the current state of the catastrophe insurance market and its competitive structure [1] Group 2: Global Development Analysis (2020-2024) - The report discusses the global catastrophe insurance industry's development from 2020 to 2024, including the types, principles, and functions of catastrophe insurance [3] - It provides insights into the global natural disaster trends and losses during this period, as well as the operational status of the global catastrophe insurance market [3] Group 3: China Development Analysis (2020-2024) - The report analyzes the development of the catastrophe insurance industry in China, identifying existing problems and providing suggestions for improvement [4] - It examines the economic performance of the catastrophe insurance sector, including underwriting and claims analysis [4] Group 4: Market Analysis (2020-2024) - The report evaluates the market development of catastrophe insurance in China, including regulatory conditions and intermediary development [4] - It also analyzes market equilibrium, demand, supply, and product coverage levels [4] Group 5: Competitive Landscape (2020-2024) - The report outlines the competitive landscape of the catastrophe insurance industry in China, including structural analysis and competitive strategies of key enterprises [6] - It features a SWOT analysis of major companies in the industry, such as China People's Insurance Company, China Pacific Insurance Company, and Ping An Insurance Company [7][9] Group 6: Future Trends and Investment Forecast (2025-2031) - The report forecasts the development trends of the catastrophe insurance industry in China from 2025 to 2031, including market demand and pricing trends [8] - It assesses the investment environment and potential returns in the catastrophe insurance sector for the upcoming years [8]

第一节 财产保险的内涵和职能 一、财产保险的含义 二、财产保险的特征 三、财产保险是一种社会的经济补偿制度 四、财产保险的职能和作用 第二节 农村财产保险介绍 一、农村财产保险的定义 二、农村财产保险的类型 三、财产保险的特点 四、农村财产保险发展历程 第三节 附加险介绍 一、附加农村牲畜死亡保险 二、附加人身意外死亡保险 三、附加人身意外伤残保险 四、附加意外暂停工作保险 五、附加住院保险 六、附加农村旅游，娱乐责任保险 本研究报告数据主要采用国家统计数据，海关总署，问卷调查数据，商务部采集数据等数据库。其中宏 观经济数据主要来自国家统计局，部分行业统计数据主要来自国家统计局及市场调研数据，企业数据主 要来自于国家统计局规模企业统计数据库及证券交易所等，价格数据主要来自于各类市场监测数据库。 报告目录： 第一章 农村财产保险相关概述 第二章 2020-2024年国农村财产保险所属行业的发展分析 智研咨询发布的《2025-2031年中国农村财产保险行业市场运行格局及未来趋势研判报告》共十二章。 首先介绍了农村财产保险行业市场发展环境、农村财产保险整体运行态势等，接着分析了农村财产保险 行业市场运行的现状，然后 ...

Core Viewpoint - The insurance industry has experienced significant capital inflows and profitability over the past 16 years, but there is a stark divide between companies that distribute dividends and those that do not, indicating a polarization in operational performance [2][3][14]. Group 1: Dividend Distribution in the Insurance Industry - From 2009 to 2024, the insurance industry has cumulatively distributed dividends amounting to 214.4 billion, with a total of 231 dividend distributions [7]. - The cumulative profit of the insurance industry over the same period is 606.4 billion, with a notable increase from 4 million in 2009 to 27.4 billion in 2024 [9]. - Only 35 out of 89 companies that have increased capital have distributed dividends, highlighting that 54 companies have not distributed any dividends despite significant capital inflows [10][11]. Group 2: Capital Inflows and Profitability - The insurance industry has seen a total of 325.3 billion in new shareholder capital over the past 16 years, with 249 instances of capital increases [8]. - The 35 companies that have distributed dividends accounted for 54% of the total new capital inflows, while the 54 companies that have not distributed dividends accounted for 46% of the inflows but have collectively incurred losses of 31.5 billion [13]. - The profitability of the 35 dividend-distributing companies reached 637.9 billion, surpassing the total profit of the entire industry, while the other 54 companies reported cumulative losses [13][14]. Group 3: Performance of Leading Companies - Among the companies with over 10 dividend distributions, notable performers include PICC Property and Casualty, Ping An Property & Casualty, and Taikang Property, with five companies having cumulative dividends exceeding their total shareholder contributions [17]. - The top ten companies in terms of cumulative dividends from 2009 to 2024 have been identified, showcasing the leaders in the industry [15][17]. - The industry is characterized by two camps: leading companies that have transitioned into a profit-sharing phase and others that continue to struggle with capital increases without returns [14].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人民財産保險股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,343,471,470 RMB | | 1 | RMB | | 15,343,471,470 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 15,343,471,470 RMB | | 1 | RMB | | 15,343,471,470 | | 2. 股份 ...

Core Viewpoint - The insurance sector is experiencing a decline in stock prices due to the formal initiation of a mechanism for adjusting the guaranteed interest rates of insurance products, leading to significant shifts in product offerings and business strategies among major insurance companies [1] Group 1: Stock Performance - As of the report, major insurance stocks have seen notable declines: Xinhua Insurance down 4.17% to HKD 48.2, China Life down 3.52% to HKD 21.95, China Pacific Insurance down 3% to HKD 30.7, and China Property & Casualty Insurance down 0.37% to HKD 16.26 [1] Group 2: Regulatory Changes - The China Insurance Industry Association has released data indicating that the research value for the guaranteed interest rate of ordinary life insurance products is now 1.99%, a decrease of 14 basis points from the previous period [1] - This value has remained below the current guaranteed interest rate by more than 25 basis points for two consecutive quarters, triggering the dynamic adjustment mechanism for life insurance guaranteed interest rates [1] Group 3: Business Implications - Dongwu Securities reports that the reduction in guaranteed interest rates will lead to a continued decrease in the liability costs of new business for insurance companies, while the gradual dilution of new business against existing business will improve the average cost of existing policies [1] - Following the adjustment of guaranteed interest rates, the minimum return on participating insurance products is only 25 basis points lower than traditional insurance, making them more attractive to customers due to their floating return design [1] - It is anticipated that the structure of new business will accelerate its shift towards participating insurance, and the increased proportion of participating insurance will further alleviate the rigid cost pressures faced by insurance companies [1]