战略布局：聚焦三大核心战略 聚焦"大康养""人工智能+""国际化"三大核心战略，全力推进股票投资试点落地实施……6月11日下午，中 国太保2024年度股东大会在上海召开。会议现场，公司管理层围绕公司布局、险资入市、投资布局、市值 管理等市场关心的热点进行了回应。 中国太保管理层在会上表示，当前市场环境下，利率中枢持续下行，保险资金配置压力较大，加大权益配置成 为必然之举。"近年来中国经济结构转型持续推进，传统产业持续升级改造，战略性新兴产业持续发展，中国 资产估值与发达国家市场相比处于相对低位，我们始终相信中国经济长期向好的基本面没有改变，中国资本市 场长期向好的基础十分稳固。" 具体而言，公司将通过实施"大康养"战略，完善产业布局，构建养老金融、商业健康险和康复医疗、机构养 老、居家照护等全周期服务链，推动康养服务与保险主业协同共生，打造大保险生态。通过实施"人工智能 +"战略，加大AI对公司经营的全面赋能，全面提升创新驱动力和运营效能，同时探索开拓AI领域风险减量管 理市场，培育打造新的业务增长极。通过实施"国际化"战略，紧跟中国企业出海步伐提升服务能级，稳步推进 海外服务网络建设、跨境保险合作、国际化人 ...

证券代码：601601 证券简称：中国太保 公告编号：2025-029 中国太平洋保险（集团）股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 6 月 11 日 (二) 股东大会召开的地点：上海市徐汇区田林路 201 号中国太平洋保险（集 团）股份有限公司 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 其中：A 股股东人数 1,077 境外上市外资股股东人数（H 股） 1 其中：A 股股东持有股份总数 4,726,232,532 境外上市外资股股东持有股份总数（H 股） 1,261,260,078 份总数的比例（%） 其中：A 股股东持股占股份总数的比例（%） 49.127493 境外上市外资股股东持股占股份总数的比例（%） 13.110346 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，采用现场投票和网络投票相结合 ...

证券代码：601601 证券简称：中国太保 公告编号：2025-029 中国太平洋保险（集团）股份有限公司 2024年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,078 | | --- | --- | | 其中：A 股股东人数 | 1,077 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,987,492,610 | | 股股东持有股份总数 其中：A | 4,726,232,532 | | 境外上市外资股股东持有股份总数（H 股） | 1,261,260,078 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 62.237839 | | 份总数的比例（%） | | | 其中：A 股股东持股占股份总数的比例（%） | 49.127493 | | 境外上市外资股股东持股占股份总数的比例（%） | 13.11034 ...

上海市徐汇区淮海中路999号 上海环贸广场写字楼一期17层 邮编:200031 17/F, One ICC, Shanghai ICC 999 Huai Hai Road (M) Shanghai, 200031 P.R. China T +86 21 2412 6000 F +86 21 2412 6150 北京市金杜律师事务所上海分所关于 中国太平洋保险(集团)股份有限公司 2024年度股东大会的 法律意见书 致: 中国太平洋保险(集团)股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受中国太平洋保险（集团）股份有 限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公司股 东会规则》(以下简称《股东会规则》)等中华人民共和国境内(以下简称中国境内,为本法 律意见书之目的,不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有 效的法律、行政法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了 公司于 2025年６月 11 日召开的 2024 年度股东大会（以下简称 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that the performance pressure in Q2 is limited, with expectations for improved new business performance and further reductions in the cost of new liabilities due to anticipated interest rate cuts in Q3 [1] Group 1: Market Conditions and Fund Flows - A-share listed insurance companies are significantly underrepresented compared to the CSI 300 index, with public fund regulations expected to drive incremental capital inflows [1] - As of the end of Q1, the allocation of equity funds in the non-bank sector is underweight by 9.68% compared to the CSI 300 index, second only to banks [1] Group 2: New Liability Costs and Product Transformation - The cost of new liabilities has decreased significantly, with some insurance companies optimizing their existing liability costs [2] - The NBV (New Business Value) and VIF (Value of In-Force) yield performances for major insurers show a year-on-year decline, indicating effective risk management of interest spread losses [2] - The transformation of participating insurance products has exceeded expectations, with major insurers elevating this strategy to a strategic level [3] Group 3: Insurance Capital Market Participation - The implementation plan for promoting long-term capital market participation highlights the role of insurance capital as a key player, with sustainable growth in insurance fund utilization expected [4] - The upper limit for equity allocation for insurance capital has been unexpectedly relaxed, allowing for a total equity allocation scale of 9.29 trillion yuan, an increase of 505.5 billion yuan from previous regulations [4] - The reduction of investment risk factors for stock investments further opens up the equity allocation limits for insurance capital [4]

港股保险股震荡走强，中国太平(00966.HK)涨超6%，新华保险(01336.HK)涨超5%，中国再保险 (01508.HK)涨超4.5%，中国人寿(02628.HK)涨超4%，中国太保(02601.HK)、中国平安(02318.HK)、众安 在线(06060.HK)均涨2.8%。 ...

Core Viewpoint - The article highlights the increasing enthusiasm of insurance capital entering the capital market, exemplified by China Pacific Insurance's establishment of two large-scale funds totaling 500 billion yuan, indicating a significant trend in the insurance sector's investment strategies [3][4][12]. Fund Establishment - China Pacific Insurance has launched two funds: the Taibao Zhanxin M&A Fund with a target size of 300 billion yuan and the Taibao Zhiyuan No. 1 Private Securities Investment Fund with a target size of 200 billion yuan [4][7]. - The Taibao Zhanxin M&A Fund aims to focus on the reform of state-owned enterprises and the construction of a modern industrial system in Shanghai, emphasizing mergers and acquisitions as a key strategy [8][9]. - The Taibao Zhiyuan No. 1 Fund is designed to invest in the secondary market, responding to national calls for expanding insurance institutions' participation in private securities investment funds [10]. Market Trends - Since 2022, various policies have been introduced to encourage insurance capital to enter the market, making insurance funds a significant source of long-term capital, especially in the primary market [4][12]. - The insurance sector's participation in M&A funds has surged, with a reported increase of over 60% year-on-year in 2024 [9]. Financial Performance - In 2024, China Pacific Insurance reported a revenue of 404.09 billion yuan, a year-on-year increase of 24.74%, and a net profit of 46.44 billion yuan, up 66.39% [13]. - The group's total investment income reached 120.39 billion yuan, reflecting a substantial year-on-year growth of 130.5%, highlighting the importance of investment as a growth driver [13]. Policy Support - Recent regulatory changes have facilitated insurance capital's entry into equity investments, with significant policy shifts allowing higher investment limits in venture capital funds [14]. - By the end of 2024, the scale of insurance capital participating in equity investments is expected to reach 1.92 trillion yuan, with indirect equity investments through funds and products amounting to 950 billion yuan [14]. Investment Challenges - Despite the growing interest, insurance capital has stringent requirements for fund management scale, past performance, and investment focus, making it challenging for many funds to secure investment [15]. - The article suggests that as policies continue to loosen, more insurance funds are likely to enter the primary market, providing additional capital to the sector [15].

Group 1: Major Contracts and Financial Performance - China Railway Group (00390.HK) recently won multiple major engineering contracts with a total bid amount of approximately RMB 91.2 billion, accounting for about 8.52% of the company's revenue under Chinese accounting standards for 2021 [1] - China People's Insurance Group (01339.HK) reported a total insurance premium income of RMB 452.46 billion from January to August 2022, representing a year-on-year growth of 9.89% [2] - China Coal Energy (01898.HK) announced that its coal sales volume in August reached 25.96 million tons, a year-on-year increase of 1.3%, while coal production was 10.92 million tons, up 22.3% year-on-year [3] Group 2: Share Buybacks and Stake Increases - Bohai Bank (09668.HK) announced that several employees plan to voluntarily purchase at least 25 million H-shares using their own funds, reflecting confidence in the bank's long-term business development [4] - China Communications Construction (01800.HK) disclosed that its controlling shareholder has cumulatively increased its stake by approximately 264.47 million H-shares, representing 1.64% of the company's total issued shares [5] - Shougang Holding (00697.HK) reported that its major shareholder has entered into an agreement to sell 728 million shares to Beijing Guoguan Investment Holdings, which will acquire about 10% of the company's total issued shares [6] Group 3: Market Activities and Corporate Actions - Jianye Real Estate (00832.HK) announced plans to repurchase shares in the open market based on market conditions [7] - China Pacific Insurance (02601.HK) reported cumulative original insurance business income of RMB 290.9 billion from January to August [8] - China Property & Casualty Insurance (02328.HK) reported a premium income of RMB 340.25 billion from January to August, reflecting a year-on-year growth of 9.8% [9]

Core Viewpoint - The article highlights the increasing involvement of long-term capital in China's capital markets, driven by policy initiatives aimed at promoting long-term investments and enhancing the investment environment for institutional investors [1][2][5]. Group 1: Long-term Capital Initiatives - China Pacific Insurance has launched the Taibao Zhiyuan No. 1 private securities investment fund with a target size of 20 billion yuan, marking a commitment to long-term investment strategies [1][2]. - The China Securities Regulatory Commission (CSRC) has reported that social security, insurance, and pension funds have net purchased over 200 billion yuan in A-shares this year, indicating a positive cycle of long-term capital inflow and market stability [2][5]. - The approval of the first batch of new floating fee rate funds, which link management fees to fund performance, aims to encourage long-term holding by investors [3][4]. Group 2: Policy and Regulatory Changes - The CSRC has introduced a floating management fee structure that aligns the interests of fund managers and investors, promoting a focus on risk-return balance and long-term goals [3][4]. - Recent regulatory changes allow private equity funds that hold investments for over four years to reduce their lock-up periods, enhancing liquidity and investment efficiency [4]. - The government plans to expand the pilot scope for long-term insurance investments by an additional 60 billion yuan, further encouraging insurance companies to increase their market participation [5]. Group 3: Market Outlook and Recommendations - Experts suggest that the ongoing implementation of policies to facilitate long-term capital entry into the market will optimize the investment environment and address existing barriers [5]. - There is potential for growth in personal pension contributions, with recommendations to increase contribution limits and develop low-fee index products to attract more long-term capital [5].

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report indicates that the non-bank financial sector continues to benefit from a rebound in new account openings, with a year-on-year increase of 23% in May. The overall performance of the non-bank sector has outperformed the market, particularly in the insurance segment, driven by expectations of benchmark recovery and easing trade tensions [3][4] - The report anticipates that the brokerage sector will maintain good growth momentum in the upcoming interim reports, supported by low base effects and improving trading volumes. The insurance sector is expected to see a slight decline in growth rates due to elevated performance bases in the second quarter [3][4] - The report highlights specific investment opportunities in Hong Kong Exchanges and Clearing (HKEX) and Jiangsu Jinzhong Leasing, which are expected to benefit from the expansion of the Hong Kong market and high dividend yields [3] Summary by Sections Brokerage Sector - In May, the average daily trading volume for stock funds reached 14.2 trillion yuan, an increase of 8.4% month-on-month. The number of new A-share accounts opened in May was 1.5556 million, a year-on-year increase of 23%, with a cumulative total of 10.9514 million new accounts opened from January to May, reflecting a 30% year-on-year growth [3] - The report notes that the valuation and institutional holdings in the brokerage sector are currently low, and macroeconomic measures to stabilize the stock market are expected to continue, creating favorable conditions for growth [3] Insurance Sector - China Ping An announced plans to issue zero-coupon convertible bonds totaling 11.765 billion HKD, aimed at supporting its future business development and capital needs. The initial conversion price is set at 55.02 HKD per share, representing a premium of approximately 18.45% over the closing price [4] - The insurance sector is currently underrepresented in public fund allocations compared to the CSI 300 index, with favorable PB and ROE ratios. The report expects a rebound in new business value (NBV) growth in the second half of the year, although overall growth rates may decline compared to 2024 [4] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong Leasing, Hong Kong Exchanges and Clearing, and China Pacific Insurance. Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, China Galaxy Securities, and others [5]