证券代码：601601 证券简称：中国太保 公告编号：2024-045 中国太平洋保险（集团）股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 10 月 14 日 至 2024 年 10 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2024年10月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次：2024 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的 ...

Group 1: Company Strategy and Development - The company focuses on sustainable growth through reform and innovation, enhancing governance and long-term competitiveness [3] - Emphasis on serving the real economy with a focus on technology finance and green finance, achieving over CNY 50 billion in technology insurance premiums in the first half of the year [3] - The company has established a pension management system with over CNY 730 billion in pension assets under management [3] Group 2: Financial Performance - The company reported a net profit growth of 37.1% year-on-year in the first half of the year, driven by strong investment performance [13] - The comprehensive cost ratio for property insurance improved to 97.1%, a decrease of 0.8 percentage points year-on-year [9] - The company achieved a core solvency ratio of 121%, an increase of 4 percentage points from the previous year [11] Group 3: Market Position and Product Development - The company aims to increase the proportion of participating insurance products to over 50% in response to market demand [10] - The company has launched over 30 innovative green insurance products, with green insurance premium income exceeding CNY 340 billion in the first half of the year [12] - The company is enhancing its product offerings in the pension sector, with 15 high-quality pension projects established in 13 cities [3] Group 4: Risk Management and Sustainability - The company has implemented a comprehensive climate risk management framework, focusing on enhancing risk assessment capabilities and developing climate insurance products [12] - The company is actively managing its investment portfolio to address climate risks, with a focus on carbon management and ESG governance [12] - The company has established a unified credit risk management framework to mitigate risks associated with credit products [15]

特此公告。 中国太平洋保险（集团）股份有限公司董事会 证券代码：601601 证券简称：中国太保 公告编号：2024-044 重要提示 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。 中国太平洋保险（集团）股份有限公司 保费收入公告 于 2024 年 1 月 1 日至 2024 年 8 月 31 日期间，本公司子公司中国 太平洋人寿保险股份有限公司累计原保险保费收入为人民币 1,917.29 亿元，同比增长 1.5%，本公司子公司中国太平洋财产保险股份有限公 司累计原保险保费收入为人民币 1,422.35 亿元，同比增长 7.7%。 上述累计原保险保费收入数据未经审计，提请投资者注意。 2024 年 9 月 12 日 注： 1、原保险保费收入数据根据中华人民共和国财政部《企业会计准则第 25 号—原保险合同》（财会〔2006〕 3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号）编制。 2、中国太平洋财产保险股份有限公司累计原保险保费收入为包含其子公司太平洋安信农业保险股份有限公 司的合并数据。 ...

证券代码：601601 证券简称：中国太保 公告编号：2024-043 重要提示 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。 中国太平洋保险（集团）股份有限公司 关于参加 2024 年上海辖区上市公司投资者 集体接待日活动的公告 为进一步加强与投资者的互动交流，中国太平洋保险（集团）股 份有限公司（以下简称"公司"）将参加由上海上市公司协会与深圳市 全景网络有限公司联合举办的"2024 年上海辖区上市公司投资者集体 接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net/html/143790.shtml），或关注微信公众号：全景 财经，或下载全景路演 APP，参与本次互动交流，活动时间为 2024 年 9 月 13 日（周五）14:00-16:30。届时公司董事会秘书和投资者关 系团队将在线就公司经营状况、公司治理、发展战略和可持续发展等 投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与。 特此公告。 中国太平洋保险（ ...

Investment Rating - The report maintains a "BUY" rating for CPIC, with a revised target price of HK$28.3, up from HK$24.8, indicating a potential upside of 37.7% from the current price of HK$20.55 [3][5]. Core Insights - CPIC reported a robust 1H24 performance, with a net profit growth of 37.1% YoY to RMB 25.1 billion, and a nearly doubled net profit of RMB 13.3 billion in 2Q24, outperforming peers in the Chinese insurance sector [2][8]. - The life insurance segment's new business value (NBV) increased by 22.8% YoY to RMB 9.0 billion in 1H24, supported by margin expansion and a favorable product mix [2][10]. - The property and casualty (P&C) segment improved its combined ratio (CoR) by 0.8 percentage points to 97.1% in 1H24, driven by a reduction in claims ratio [2][8]. Financial Performance - Group net profit for 1H24 reached RMB 25.1 billion, with life and P&C net profits growing 43.0% and 18.6% YoY, respectively [2][8]. - Total investment income surged by 46.5% YoY, with fair value gains increasing 2.93 times in 1H24, attributed to higher allocations in FVOCI equities and FVTPL assets [2][5]. - The life insurance revenue for 1H24 was RMB 137.0 billion, reflecting a 2.2% increase YoY, while P&C insurance revenue rose by 4.2% YoY to RMB 93.1 billion [8][11]. Valuation Metrics - The report's sum-of-the-parts (SOTP) valuation indicates a target price of HK$28.3, implying a price-to-embedded value (P/EV) of 0.48x and a price-to-book value (P/BV) of 0.89x for FY24E [5][7]. - The stock is currently trading at a P/EV of 0.31x and a P/BV of 0.64x, suggesting a favorable valuation compared to peers [5][7]. Growth Projections - The report anticipates sustained mid-to-high teen growth in FY24E NBV, driven by margin expansion and a shift towards participating policies [2][5]. - The number of core agents stabilized at 60,000 in 1H24, contributing to a 21.5% YoY increase in agency NBV [2][10]. - Management expects traditional and participating products to balance in the product mix, with first-year premiums projected to maintain growth despite recent declines [2][11].

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (CPIC) and identifies it as an industry favorite [4][8]. Core Insights - CPIC delivered strong performance in the first half of 2024, with net profit increasing by 37.1% year-on-year to RMB 25.1 billion, and second-quarter net profit reaching RMB 13.3 billion, reaffirming its position as an industry leader [1][11]. - The report raises the target price to HKD 28.3 from HKD 24.8, indicating a potential upside of 37.7% from the current price of HKD 20.55 [4][7]. Financial Performance Summary - **Net Profit**: For 1H24, net profit was RMB 25.1 billion, up 37.1% from RMB 18.3 billion in 1H23. In 2Q24, net profit was RMB 13.3 billion, a 99.4% increase from RMB 6.7 billion in 2Q23 [1][11]. - **New Business Value (NBV)**: NBV for 1H24 grew by 22.8% year-on-year to RMB 9 billion, with a 13.5% increase in 2Q24 compared to the previous year [2][14]. - **Investment Income**: Total investment income rose by 46.5% year-on-year, with fair value gains increasing 2.93 times, supported by a shift in asset allocation towards high-yield stocks [1][3]. Business Segments Performance - **Life Insurance**: Life insurance net profit increased by 43.0% to RMB 20 billion, driven by robust underwriting and better-than-expected investment returns [1][11]. - **Property and Casualty (P&C) Insurance**: P&C net profit grew by 18.6% to RMB 4.8 billion, with a combined ratio (CoR) improvement to 97.1% [3][11]. - **Distribution Channels**: The agency channel saw a 21.5% increase in NBV, while the bank channel's NBV rose by 26.6% [2][14]. Valuation Metrics - The report's new target price implies a price-to-earnings (P/E) ratio of 0.4x and a price-to-book (P/B) ratio of 0.9x for FY24 [4][7]. - The expected return on equity (ROE) for FY24 is projected at 12.3% [9]. Market Position - CPIC's market share in the P&C insurance sector reached 12.3% as of June 2024, reflecting a 0.3 percentage point increase year-on-year [3][11].

公司名稱: 中國太平洋保險(集團)股份有限公司 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: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. 股份分類 | 普通股 | | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601601 | 說明 | | 於上海證券交易所上市 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 6,845,041,455 RMB | | 1 | RMB | | 6,845,041,455 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | | 6,845,041,455 RMB | | 1 | RMB | | 6,845,041,455 | 本月底法定/註冊股本總額： RMB ...

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained at current prices of 29.64 RMB and 20.35 HKD respectively [1]. Core Insights - The company has demonstrated strong growth in new business value (NBV) and significant improvement in profit growth, with a 37.1% year-on-year increase in net profit for the first half of 2024 [9]. - The company is focusing on a multi-channel strategy and enhancing its value contribution capabilities, which is expected to support stable growth in NBV [9]. Financial Performance - In the first half of 2024, the company reported operating revenue of 1946.3 billion RMB, a year-on-year increase of 10.9%, and a net profit attributable to shareholders of 251.3 billion RMB, up 37.1% [9]. - The weighted average return on equity (ROE) was 9.5%, an increase of 1.9 percentage points year-on-year [9]. - The new business value reached 90.4 billion RMB, reflecting a year-on-year growth of 22.8% [9]. Business Segments Life Insurance - The core workforce has stabilized, with a monthly average of 18.3 million insurance agents, a decrease of 16.4% year-on-year, but the core workforce increased by 0.8% [7]. - The company achieved a scale premium of 1701.1 billion RMB, a slight increase of 0.3% year-on-year, supported mainly by renewal business [7]. Property Insurance - The company reported property insurance premium income of 1118.0 billion RMB, a year-on-year increase of 7.8% [8]. - The combined ratio improved by 0.8 percentage points to 97.1%, indicating better cost management and business quality [8]. Investment Returns - The net investment yield (non-annualized) decreased by 0.2 percentage points to 1.8%, while the total investment yield (non-annualized) increased by 0.7 percentage points to 2.7% [9]. - The comprehensive investment yield (non-annualized) rose by 0.9 percentage points to 3.0% [9]. Future Outlook - The company is expected to maintain good growth in NBV, supported by the ongoing transformation and enhancement of its core capabilities [9]. - Profit forecasts for 2024-2026 have been adjusted upwards to 388 billion RMB, 417 billion RMB, and 460 billion RMB respectively [9].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company's net profit for Q2 nearly doubled, with a year-on-year increase of 99.4%, reaching 134 billion yuan. The total net profit for the first half of the year was 251 billion yuan, up 37.1% year-on-year [6]. - The report emphasizes the company's strong performance in the property and casualty insurance sector, with a combined cost ratio of 97.1%, which is an improvement compared to peers [6]. - The report projects a reasonable valuation range for the company's stock at 35.83 to 41.80 yuan, based on a price-to-embedded value (PEV) of 0.6-0.7 times for 2024 [6]. Financial Performance Summary - The company's operating revenue for 2023 is projected to be 323,945 million yuan, with a year-on-year decrease of 2.47%. However, it is expected to grow by 5.20% in 2024 [7]. - The net profit for 2023 is estimated at 27,257 million yuan, reflecting a significant decline of 27.08% year-on-year, but is expected to rebound with a growth of 27.74% in 2024 [7]. - Earnings per share (EPS) for 2023 is projected at 2.83 yuan, increasing to 3.62 yuan in 2024 [7]. - The embedded value (EV) is expected to rise from 55.04 yuan in 2023 to 59.71 yuan in 2024 [7]. Business Segment Insights - In the life insurance segment, the new business value (NBV) for the first half of 2024 is reported at 90.4 billion yuan, a year-on-year increase of 22.8% [6]. - The NBV margin has improved to 18.7%, up 5.3 percentage points year-on-year, attributed to policy implementations and an increase in traditional insurance products [6]. - The property and casualty insurance segment reported a premium income of 1,118 billion yuan, with a year-on-year growth of 7.8% [6]. Investment Strategy - The company has adjusted its investment strategy by increasing allocations to bonds and stocks while reducing holdings in non-standard investments. The total investment assets have grown to 24,560 billion yuan, a 9.2% increase from the beginning of the year [6]. - The net investment income for the company is projected at 391 billion yuan for 2023, with a total investment income of 560 billion yuan, reflecting a year-on-year increase of 46.5% [6].

Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is maintained at "Buy" [2][11]. Core Views - The report highlights that the company has achieved high-quality growth on the liability side, with net profit exceeding expectations driven by dividends and bond market gains [2]. - For H1 2024, the company's net profit attributable to shareholders reached 25.1 billion yuan, a year-on-year increase of 37.1%, while operating profit was 19.7 billion yuan, up 3.3% year-on-year [2]. - The report anticipates continued improvement in the company's life insurance quality and performance, with a projected growth in new business value (NBV) of 15.6%, 12.0%, and 11.0% for 2024-2026 [2]. Financial Performance Summary - In H1 2024, the insurance service revenue was 41.8 billion yuan, down 2.4% year-on-year, with new single first-year premiums decreasing by 11.9% [2]. - The average monthly agent count was 183,000, a decrease of 16.4% year-on-year, while the average core workforce increased by 0.8% to 60,000 [2]. - The total assets of the group at the end of H1 2024 were 3.26 trillion yuan, reflecting an 11.7% year-on-year increase [3]. Investment and Profitability Metrics - The report indicates that the total investment income increased by 46.5% year-on-year, benefiting from high-dividend assets and a rising bond market [3]. - The combined ratio (COR) for the property and casualty insurance segment improved to 97.1%, a decrease of 0.8 percentage points year-on-year [3]. - The current dividend yield (TTM) stands at 3.44%, with the current stock price corresponding to a price-to-embedded value (PEV) of 0.4, 0.4, and 0.3 times for 2024-2026 [2].