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3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: 中國太平洋保險(集團)股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02601 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | 第 1 頁 共 10 頁 v 1.1. ...

Core Viewpoint - Major listed insurance companies in China have reported strong performance for 2024, boosting confidence in the industry's transformation during a complex external environment [2] Financial Performance - China Pacific Insurance (CPIC) achieved operating revenue of 404.09 billion yuan in 2024, a year-on-year increase of 24.7% [2] - The net profit attributable to shareholders exceeded 40 billion yuan for the first time, reaching 44.96 billion yuan, a significant increase of 64.9% year-on-year [2] - The operating profit attributable to shareholders was 34.43 billion yuan, up 2.5% year-on-year, while the group's embedded value was 562.07 billion yuan, growing by 6.2% [2] Life Insurance Segment - CPIC's life insurance segment reported premium income of 261.08 billion yuan, a 3.3% increase year-on-year, with new business value rising by 57.7% to 17.28 billion yuan [3] - The new business value margin improved by 8.6 percentage points to 21.9% [3] - The net profit for the life insurance segment surged by 83.4% to 35.82 billion yuan [3] Non-Life Insurance Segment - CPIC's property insurance segment achieved premium income of 203.54 billion yuan, a 6.8% increase year-on-year, with non-auto insurance premiums growing by 10.7% [3] - The net profit for the property insurance segment increased by 12.2% to 7.38 billion yuan [3] Transformation and Strategy - CPIC's life insurance business is undergoing a "Long Voyage Transformation," focusing on multi-channel development and enhancing value contribution [4] - The 13-month policy continuation rate for individual life insurance customers reached 97.4%, up 1.7 percentage points year-on-year [4] - The company is implementing a six-strategy framework for 2025, focusing on customer, regional, product, channel, operational, and digital strategies [6] Innovation and Development - CPIC is exploring innovative areas such as new energy vehicle insurance, with 17% of auto insurance premiums coming from this segment [7][8] - The company is enhancing its risk management capabilities and optimizing its non-auto insurance structure [9] - CPIC has initiated three major strategies: "Great Health and Elderly Care," "AI+," and internationalization, to drive high-quality development [10][11]

Investment Rating - The report maintains a "BUY" rating for the company, indicating a potential return of over 15% over the next 12 months [14]. Core Insights - The company reported a strong performance in Life OPAT, with a year-on-year increase of 6.1% to RMB 27.6 billion, surpassing forecasts. Group OPAT rose 2.5% YoY to RMB 34.4 billion, and net profit increased significantly by 64.9% YoY to RMB 45.0 billion, exceeding profit alerts by 55%-70% [1]. - The company achieved a notable 57.7% increase in NBV on a like-for-like basis, despite revising down long-term investment return assumptions by 50 basis points to 4.0% [1][9]. - The report highlights the insurer's effective asset/liability management and strong fundamentals, positioning it favorably against peers [1]. Financial Performance - For FY24, net profit is projected at RMB 46.4 billion, with EPS expected to be RMB 4.67. The consensus EPS for FY25 is RMB 4.29, indicating a slight downward revision from previous estimates [2][9]. - The company's P/B ratio is expected to decline from 0.8 in FY24 to 0.7 in FY25, reflecting a more attractive valuation [2][12]. - The combined ratio for P&C insurance is projected to be 98.6% for FY24, indicating a slight deterioration compared to the previous year [12]. Valuation Metrics - The target price for the company is set at HK$34.00, representing a 37.1% upside from the current price of HK$24.80 [2][10]. - The stock is trading at 0.54x FY25E P/EV and 1.05x P/B, suggesting it is undervalued relative to its embedded value [10][12]. - The report notes a significant increase in total investment income, which soared 131% YoY to RMB 120.4 billion, driven by higher dividends and fair value gains [8]. Share Performance - The company's market capitalization is approximately HK$238.6 billion, with a 52-week high of HK$33.15 and a low of HK$14.14 [3]. - Over the past month, the stock has appreciated by 7.8%, outperforming the market [5].

转自：北京日报客户端 日前，A股五大上市险企——中国人保、中国人寿、中国平安、中国太保、新华保险，2024年业绩已经 披露完毕。总体来看，2024年，五家险企合计实现归母净利润3475.71亿元，同比增长77.7%。其中，中 国人寿、中国太保、新华保险净利润均创历史新高。 具体来看，中国人保、中国人寿、中国平安、中国太保、新华保险2024年归母净利润分别为428.69亿 元、1069.35亿元、1266.07亿元、449.60亿元、262.29亿元，较上年同期分别增长88.24%、108.92%、 47.79%、64.95%、201.07%。多家险企分析认为，净利润同比大增背后，是资本市场回暖推动投资收益 提升所致。2024年，五家上市险企总投资收益率都超过了5%。 中国人寿副总裁 刘晖：2024年的投资业绩的确比2023年同比提升了3个百分点，创下近年来的新高，在 权益市场低迷的时候也能够坚定地入市，仅在2024年全年净加仓超过1000亿元，权益投资收益取得了很 好的增长。 新华保险董事长 杨玉成：拟向全体股东派发2024年末期现金股利每股1.99元，全年合计拟派发现金股利 78.9亿元，比去年派息金额增加 ...

Group 1 - The core event was the relocation ceremony of China Pacific Insurance's Guangdong branch, held in Guangzhou, attended by key executives from the company and partners [2] - The new office is located in the core business district of Tianhe, Guangzhou, and aims to enhance the company's service capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The company plans to implement its "Big Health, Big Region, Big Data" strategy to integrate deeply into the Greater Bay Area's development and provide comprehensive insurance services for residents [3] Group 2 - China Pacific Insurance's Guangdong branch reported a total premium income exceeding 9.935 billion yuan in 2024, marking a year-on-year growth of 10.5%, serving over 40.48 million customers [4] - The company is focusing on enhancing service efficiency through technology and innovation, including the use of online claims tools and exploring direct payment services in hospitals [4] - Future plans include exploring innovative models such as "Insurance + Health" and "Insurance + Elderly Care," while also providing wealth management services for high-net-worth clients [4]

Investment Rating - The report maintains a positive investment rating for the non-bank sector, particularly focusing on insurance and brokerage firms [6]. Core Insights - The report highlights a significant rebound in net profits for major listed insurance companies in 2024, driven by a recovery in equity investments, with notable profit growth percentages for companies like China Life (+108.9%) and New China Life (+201.1%) [2]. - The report emphasizes the importance of investment flexibility and the positive transformation of the liability side for insurance companies, suggesting a favorable outlook for the sector [2]. - The brokerage sector shows a mixed performance in 2024, with a general trend of recovery, although results vary significantly among firms [4][5]. Summary by Sections Market Review - The report notes mixed performance in major indices, with the non-bank financial sector showing resilience, particularly in insurance and diversified financial indices [10]. Securities Sector - The brokerage firms reported a total net profit of 517 billion yuan for the year, reflecting an 11% increase for those that disclosed early, while others showed a 15% increase [4]. - The report indicates a strong recovery in net profits for the fourth quarter of 2024, with a 97% year-on-year increase [5]. Insurance Sector - Major insurance companies are expected to see substantial growth in net profit, with New China Life projected to grow by 201.1% in 2024 [2]. - The report highlights a positive trend in the net premium income (NBV) growth for major insurers, with New China Life showing a remarkable increase of 106.8% [2]. Investment Recommendations - The report suggests focusing on companies like New China Life and China Pacific Insurance, while also keeping an eye on China Life and Ping An Insurance due to their favorable valuations and growth potential [2][6].

Core Viewpoint - China Pacific Insurance Group reported a 24.7% year-on-year increase in operating revenue and a 64.9% increase in net profit attributable to shareholders for 2024, indicating stable and positive overall business performance [1] Financial Performance - Operating revenue increased by 24.7% year-on-year - Net profit attributable to shareholders grew by 64.9% year-on-year - Embedded value rose by 6.2% year-on-year - Managed assets increased by 21.2% year-on-year [1] Strategic Initiatives - The company has officially launched three major strategies: "Great Health and Elderly Care," "AI+," and internationalization, aimed at sustainable development and high-quality growth [1] - The new management team in life insurance is focused on long-term development and has established a three-year high-quality development plan centered on customer, economic, and social value [6][9] Life Insurance Sector - New business value reached 13.258 billion yuan, a 20.9% increase year-on-year, with a new business value rate of 16.8%, up 3.5 percentage points [6] - The company plans to develop a multi-layered health and retirement insurance product system by 2025, addressing diverse customer needs [6] New Energy Vehicle Insurance - Premiums for new energy vehicle insurance reached 18.317 billion yuan, accounting for 17.03% of total auto insurance, with a growth rate of 48.55% [8] - The comprehensive cost rate for new energy vehicle insurance decreased by 4 percentage points year-on-year [8] AI+ Strategy - The "AI+" strategy focuses on exploring new business models, researching accompanying risks, and enhancing operational efficiency through digital and financial improvements [9] - The company aims to leverage AI to create new business opportunities and improve customer engagement, underwriting, claims, and compliance [9] Investment Outlook - The company anticipates a structural market in 2025, with a focus on long-term asset allocation strategies to balance short-term volatility and long-term value growth [10] - There will be an increase in investments in sectors related to artificial intelligence, robotics, and autonomous driving [10] Market Positioning - The company has engaged in shareholding activities to diversify its investment portfolio and reduce long-term volatility [11] - The Hong Kong stock market is viewed as attractive due to its relatively low valuations and stable currency [11]

Core Viewpoint - The article highlights the significant dividend distributions of the five major listed insurance companies in A-shares, emphasizing their robust financial performance and the impact of favorable national policies on their profitability and dividend plans [1][2]. Summary by Sections Dividend Overview - The total dividend amount for the five major listed insurance companies reached 638.25 billion RMB, with a projected total of 907.89 billion RMB for 2024, marking a year-on-year increase of 20.21% [2]. Individual Company Dividends - China Ping An plans to distribute a final cash dividend of 1.62 RMB per share for 2024, totaling 461.74 billion RMB, with a cash dividend payout ratio of 36.5%. This marks the 13th consecutive year of dividend growth, with cumulative dividends over the past decade reaching 3,404.51 billion RMB [2]. - New China Life Insurance intends to distribute a final cash dividend of 1.99 RMB per share, totaling 62.08 billion RMB, with an overall dividend of 78.93 billion RMB for 2024, representing a nearly 200% year-on-year increase [3]. - China Life Insurance's total dividend for 2024 is projected to grow by 51.14%, with a final cash dividend of 0.45 RMB per share, leading to a total of 183.72 billion RMB, which is 17.2% of its net profit [3]. Regulatory Changes - In December 2023, the China Securities Regulatory Commission issued guidelines to enhance the regular dividend mechanism for listed companies, encouraging clear dividend policies and increasing cash dividend frequency [4]. - The revised cash dividend rules aim to stabilize investor expectations and promote transparency, particularly for companies with low dividend payouts despite significant financial investments [4].

Group 1 - Multiple public fund institutions, including Tianhong Fund and Dachen Fund, have received approval for technology innovation index enhancement funds, which align well with the newly released technology innovation index covering all eligible listed companies on the Sci-Tech Innovation Board [1] - The technology innovation index has been actively positioned by public fund institutions, providing investors with a new tool for investing in the technology sector [1] Group 2 - The five major listed insurance companies in A-shares reported a total net profit of 347.6 billion yuan for 2024, marking a 77.7% increase year-on-year, largely driven by improved investment returns, particularly in equity assets [2] - Despite the increase in net profit, the net investment yield for these insurance companies declined year-on-year, prompting a need for strategies to maintain yield resilience through long-term bond allocation and exploring overseas asset configurations [2] Group 3 - The storage chip market is experiencing a price surge, with both domestic and international companies raising product prices, driven by strong demand from the AI sector and the rapid development of domestic AI industries [4] - The increase in storage product prices is attributed to both supply and demand factors, with the demand side being particularly robust due to the AI boom [4] Group 4 - The first mass production line for semi-solid state batteries has been launched in Guangdong, producing a large-capacity 314Ah semi-solid battery, marking a significant advancement in the new energy storage sector [4] - This production line enhances the safety performance and stability of batteries, ensuring safe operation under extreme conditions [4] Group 5 - The low-altitude tourism sector is set to benefit from new policy support, with the government encouraging the development of low-altitude tourism projects, which may lead to the rise of "City Fly" as a popular new tourism model [5] - Experts indicate that the number of domestic low-altitude tourism projects is continuously increasing, reflecting a growing interest in this sector [5] Group 6 - The humanoid robot industry is seeing a clearer production rhythm, with several companies entering the planetary roller screw market, which is crucial for the movement and control of humanoid robots [6] - The value of screws in humanoid robots is significant, accounting for about 20% of the total cost, indicating a potential competitive advantage for companies that can balance size, performance, and cost effectively [6]

Core Viewpoint - Insurance funds are increasingly allocating to equity assets, with a record number of stake acquisitions in the first quarter of 2024, indicating a strategic shift towards equity investments in response to market opportunities and low interest rates [1][2][3]. Group 1: Stake Acquisitions - Six insurance companies have announced 11 stake acquisitions this year, surpassing the total for the same period last year and setting a new quarterly record [2]. - Notable acquisitions include China Shenhua and CITIC Bank, with significant holdings reaching approximately RMB 49.36 billion for China Shenhua [2]. - The stocks targeted for acquisition primarily include banks and public utilities, with a focus on H-shares [2]. Group 2: Investment Strategy - Insurance companies are adjusting their asset allocation strategies to enhance returns in a low-interest-rate environment, emphasizing the importance of equity investments [4][5]. - China Life has increased its equity investments by over RMB 100 billion in 2024, while China Pacific Insurance has raised its equity asset allocation to 11.2% [4]. - The investment approach combines high-dividend stocks with growth stocks, aligning with national economic development trends [4][6]. Group 3: Diversification and Risk Management - Insurance companies are adopting diversified asset allocation strategies to mitigate the impact of equity market volatility on financial statements [7]. - The approval of long-term investment reform trials for insurance companies aims to facilitate the entry of long-term funds into the market, with a total of RMB 1,620 billion approved [7]. - The entry into gold investments by several insurance companies is seen as a way to optimize asset allocation and reduce risk, with gold providing a hedge against inflation and market fluctuations [8].