Central Bank and Foreign Exchange Reserves - As of July 2025, China's foreign exchange reserves stood at $32,922 billion, a decrease of $252 billion from June, marking a decline of 0.76% [1] - The central bank has increased its gold reserves for the ninth consecutive month, reaching 7,396 million ounces (approximately 2,300.41 tons), with a month-on-month increase of 6,000 ounces (approximately 1.86 tons) [1] - The gold reserve balance increased by $10 billion to $243.985 billion, accounting for 7.41% of the foreign exchange reserves, up 0.09 percentage points from the previous month [1] Banking Sector Performance - Five banks, including Ningbo Bank and Hangzhou Bank, reported double-digit growth in both operating income and net profit for the first half of 2025 [1] - Ningbo Bank's total assets reached 3.47 trillion yuan, growing by 11.04% year-on-year, while Hangzhou Bank's total assets were 2.24 trillion yuan, up 5.83% [1] - As of June 2025, the total assets of Qilu Bank and Qingdao Bank were in the range of 700 billion to 800 billion yuan, and Changshu Bank's total assets exceeded 400 billion yuan, reaching 401.251 billion yuan [1] Retail Banking Developments - China Merchants Bank's retail assets under management (AUM) surpassed 16 trillion yuan, making it the first joint-stock commercial bank in China to achieve this milestone [2] - The bank's AUM growth accelerated, with the first 5 trillion yuan taking 9 years, the second 5 trillion yuan taking 5 years, and the latest 5 trillion yuan achieved in just over 3 years [2] - The bank's asset custody scale exceeded 24 trillion yuan, and its asset management scale approached 4.5 trillion yuan [2] Corporate Governance Changes - 18 listed banks have announced the cancellation or advancement of the dissolution of their supervisory boards, following a trend initiated by several state-owned banks [4] - This change is attributed to the implementation of the new Company Law in 2024 and regulatory guidance, indicating a shift in corporate governance practices [4] - The supervisory board's functions will be primarily taken over by the audit committee of the board of directors and employee directors, raising the governance standards for companies [4] Credit Card and Asset Management Innovations - China Bank will include litigation fees related to overdue credit card accounts in the billing statements starting September 14, 2025 [3] - The fees will cover various costs such as litigation, arbitration, and legal fees, with a pilot program starting in Shanghai [3] - Gansu Bank has sold non-performing assets to local asset management companies, with the latest sale valued at 14.922 billion yuan, resulting in a projected financial impact of 1.26 billion yuan [3] Insurance Sector Performance - 147 non-listed insurance companies reported a net profit exceeding 29 billion yuan in the first half of 2025, a significant increase from the previous year [4] - The number of loss-making insurance companies decreased from 30 to 21, with notable profits from companies like Taikang Life and Zhongyi Insurance [4] - Taikang Life's net profit surged by 164% year-on-year, reaching a historical high, while Zhongxin Insurance turned a profit after previous losses [4] Dividend Distribution by Major Insurers - Five major listed insurers announced a total cash dividend distribution of 907.89 billion yuan for 2024, reflecting a year-on-year increase of 20.21% [5] - China Insurance and New China Life announced significant cash dividends, with New China Life's total cash dividends for 2024 increasing by 197.6% compared to 2023 [5] Financial Technology Developments - Lexin's Q2 revenue reached 3.59 billion yuan, a 15.6% increase from the previous quarter, with a profit of 670 million yuan, marking a 116.4% year-on-year increase [9] - The company reported improved asset quality, with a decrease in various risk indicators for four consecutive quarters [9] - Yika's subsidiary in Japan achieved significant milestones, including registration for credit card business and compliance with global security standards [10]

Core Viewpoint - The implementation of the new Company Law in China has led insurance companies to abolish their supervisory boards, transitioning towards a more streamlined and efficient governance model [1][4]. Group 1: Changes in Governance Structure - China People's Property Insurance Company announced it will not establish a supervisory board, with the relevant powers transferred to the audit committee of the board of directors [1]. - Several insurance institutions, including listed companies and foreign insurance firms, have announced the dissolution of their supervisory boards this year [1]. - On July 30, China Pacific Insurance Group also confirmed it will no longer have a supervisory board, delegating those responsibilities to the audit and related party transaction control committee [1]. Group 2: Legal Framework and Implications - The revised Company Law, effective from July 1, 2024, allows state-owned companies to set up an audit committee within the board to exercise the powers of a supervisory board, eliminating the need for a supervisory board [3]. - The Financial Regulatory Bureau issued a notice in December 2024, clarifying that financial institutions can establish an audit committee within the board to perform the supervisory functions as per the new Company Law [4]. Group 3: Professional Oversight and Challenges - The audit committee, typically composed of independent directors, is expected to enhance financial oversight and compliance compared to traditional supervisory boards [4]. - However, independent directors may face challenges such as information asymmetry and insufficient time to fulfill their supervisory roles effectively [4]. - The cancellation of supervisory boards raises questions about maintaining oversight functions and balancing decision-making efficiency with power checks, which will need to be explored in practice [5].

Core Viewpoint - The silver economy is recognized as a stable and significant industry, essential for constructing a new economic development framework, driven by the growing elderly population and their evolving consumption needs [1][2]. Policy and Market Development - In January 2024, the State Council issued the first policy document specifically addressing the silver economy, outlining 26 measures to enhance the welfare of the elderly [2]. - The silver economy in China is projected to reach 7 trillion yuan (approximately 1 trillion USD) in 2024, accounting for 6% of GDP [2]. - As of 2023, there are 74,000 elderly service enterprises in China, indicating rapid growth in the sector [2]. Challenges in the Industry - The elderly care industry is still in its early development stage, facing challenges such as insufficient supply of products and services, and a lack of market segmentation to meet diverse needs [3]. - The demand for personalized elderly care services is high, but the industry struggles with standardization, particularly in home care services, which are highly individualized [3]. Innovation and Solutions - Innovation in service delivery is crucial for addressing the challenges in the elderly care system, with a focus on problem-oriented approaches and service-driven supply [4]. - The development of elderly financial services is seen as a key area for promoting high-quality growth in both finance and elderly care sectors [4]. - The number of pilot cities for long-term care insurance has expanded from 15 to 49, with over 180 million participants, highlighting the growing importance of this insurance model [4]. Industry Trends and Future Directions - The insurance industry is increasingly investing in elderly care, with major companies accelerating their involvement in elderly communities and home care services [5]. - The integration of AI and technology in elderly care is anticipated to enhance service delivery and address the needs of the aging population [5].

Core Viewpoint - The 13th "7·8 National Insurance Publicity Day" emphasizes the theme "Love and Responsibility: Insurance Makes Life Better," showcasing the insurance industry's commitment to public service and community engagement [1] Group 1: Innovative Promotion Methods - Insurance institutions are adopting new media and cross-industry collaborations to create immersive promotional experiences, enhancing public engagement with insurance concepts [2] - The China Insurance Industry Association launched a series of thematic posters to visually represent the industry's trustworthy and warm image [2] - Various companies, such as China Life and PICC, are conducting diverse consumer rights protection activities and community outreach programs to foster a strong promotional atmosphere [2][3] Group 2: Community Engagement and Service - The "Five Entering" initiative (entering communities, rural areas, schools, enterprises, and business circles) is being actively implemented by insurance companies to provide tailored services to the public [4] - Companies like China Taiping and Ping An are setting up consultation points and volunteer teams to offer financial knowledge and risk reduction services directly to the community [4][5] Group 3: Knowledge Dissemination - A key focus of the publicity day is to simplify insurance knowledge for the public, making it more accessible and relatable [6] - PICC's live broadcasts have attracted over 430,000 likes, highlighting the effectiveness of using digital platforms for knowledge dissemination [6] - Various companies are conducting financial knowledge lectures and community activities to enhance public understanding of insurance [6] Group 4: Risk Reduction Initiatives - Insurance companies are actively engaging in risk reduction services, integrating them into daily operations to demonstrate their social responsibility [7] - For instance, during severe weather events, companies like PICC have mobilized resources for risk assessment and public safety, showcasing their proactive approach [7] - The "7·8 National Insurance Publicity Day" serves as a platform for the insurance industry to illustrate its role in safeguarding lives and promoting community well-being [7]

Core Viewpoint - The adjustment of the predetermined interest rate for life insurance products is a response to the newly established dynamic adjustment mechanism, with the current research value set at 1.99% for the second quarter of 2025, indicating a downward trend in interest rates [1][2]. Group 1: Adjustment Mechanism - The dynamic adjustment mechanism for predetermined interest rates was established in January 2023, linking them to market interest rates such as the 5-year LPR and 10-year government bond rates [2]. - The current maximum predetermined interest rates are 2.5% for ordinary life insurance products, 2.0% for participating products, and 1.5% for universal life products [2]. Group 2: Expected Adjustments - Analysts predict a reduction of 25 basis points in the maximum predetermined interest rate, but some expect a more significant adjustment of 50 basis points to 2.0% due to anticipated further declines in the research value [3][4]. - Major insurance companies, including China Life and Ping An Life, have already announced adjustments to their new insurance products' maximum predetermined interest rates in response to the changes [4]. Group 3: Market Response - Several insurance companies have proactively adjusted their product offerings, with some introducing products with a predetermined interest rate of 1.75% ahead of the official announcement [5]. - The market is witnessing a shift towards participating insurance products, which are expected to become a significant focus for insurance companies, with some firms reporting that over 50% of their total life insurance premiums now come from participating products [6][7]. Group 4: Industry Trends - The insurance industry is increasingly embracing participating insurance products as a strategy to manage liability costs and enhance product competitiveness [6]. - Experts emphasize the need for a transition towards floating yield products, which can help stabilize financial performance and market expectations despite the downward pressure on traditional savings-type products [7].

Core Viewpoint - The insurance industry has rapidly activated emergency response mechanisms in response to the severe rainstorms in northern Beijing, focusing on disaster relief and ensuring the safety of people's lives and property [1][2][3][4]. Group 1: Emergency Response and Support - Insurance companies have established working groups to coordinate disaster relief efforts, ensuring adequate resources and support for affected areas [2][3]. - China Life Property & Casualty Insurance initiated a "pre-warning" mechanism to disseminate weather alerts and safety guidelines to high-risk areas [2][3]. - Ping An Insurance deployed nearly 300 claims personnel and provided essential supplies to approximately 1,000 affected villagers [3][4]. Group 2: Claims Processing and Efficiency - The insurance sector emphasizes rapid claims processing, adopting principles of "paying what should be paid, paying quickly, and reasonable pre-payment" [4][5]. - Taiping Property & Casualty Insurance opened a 24-hour claims hotline and simplified claims procedures to facilitate quick compensation [4][5]. - Multiple insurance companies established temporary claims points in affected areas to provide efficient and warm service to disaster victims [5][6]. Group 3: Risk Monitoring and Coordination - The insurance industry is actively monitoring risks and utilizing technology to oversee critical infrastructure and agricultural areas [6][7]. - Companies are coordinating with various regional branches to streamline claims processes and enhance service efficiency [7][11]. - Ongoing rescue operations are being conducted, with insurance firms committed to implementing tailored disaster response measures [7][11].

Core Viewpoint - Green insurance is a crucial component of green finance, aimed at supporting the comprehensive green transformation of the economy and society through loss compensation, risk reduction, and capital guidance [1] Group 1: Policy and Development Goals - The recent implementation plan by the National Financial Regulatory Administration and the People's Bank of China outlines that insurance companies should develop targeted risk protection schemes and improve the green insurance system to enhance the quality and efficiency of green insurance business [1] - The green finance development goals for the next five years include establishing a comprehensive green finance system with strong regulations, leading standards, and a rich variety of products, significantly enhancing the professional service capabilities of banking and insurance institutions in green finance [1] Group 2: Industry Innovations and Products - The insurance industry has actively provided green insurance risk protection by focusing on key sectors and industries, developing innovative green insurance products tailored to the risk characteristics and protection needs of the new energy storage industry [2] - New green insurance products have been innovated, including forestry carbon sink index insurance and carbon trading loss insurance, with the first carbon asset loss insurance launched in Shanghai, providing risk protection for carbon asset holders [3] Group 3: Investment and Growth - The insurance industry is exploring various forms to expand investments in green projects, with significant investments made in energy infrastructure and renewable energy projects, contributing to the green and low-carbon transformation of the energy industry [3] - In 2024, China Pacific Insurance is expected to see a 27.4% year-on-year increase in green premiums and a 16.9% increase in green investments, reflecting a strong commitment to sustainable development [3] Group 4: Challenges and Recommendations - Despite the progress in supporting low-carbon transformation and green development, the insurance industry faces challenges such as weak innovation foundations and high pricing and risk control difficulties, necessitating further optimization of incentive policies and information sharing mechanisms [4]

3月24日，上海黄金交易所发布公告称，同意吸收人保财险、中国人寿、平安人寿、太保寿险成为上海 黄金交易所会员。 继获准成为上海黄金交易所会员之后，人保财险、中国人寿、平安人寿、太保寿险四家试点保险机构均 已落地黄金交易，包括竞价交易、询价交易、定价交易、大宗交易。 业内人士表示，险资投资黄金有助于优化其资产配置结构，分散风险，增厚投资收益；同时，推动黄金 市场投资者结构多元化，进一步提升黄金市场流动性和活跃度。多家试点保险机构表示，未来将秉持长 期稳健的投资理念，发挥黄金在其资产配置中的独特作用，促进险资长期稳健增值。 四家险资买金 3月25日，人保财险通过上海黄金交易所系统完成国内保险机构首笔黄金竞价交易；中国人寿在上海黄 金交易所完成国内保险机构首笔黄金询价交易；平安人寿完成国内保险机构首笔上海金定价交易；太保 寿险完成国内保险机构首笔黄金现货大宗交易。 国家金融监督管理总局2月7日对外公布《关于开展保险资金投资黄金业务试点的通知》，决定开展保险 资金投资黄金业务试点，确定10家试点保险公司。根据《通知》，试点保险公司可以中长期资产配置为 目的，开展投资黄金业务试点。试点投资黄金范围包括在上海黄金交易所主 ...

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. expresses confidence in the long-term positive fundamentals of the Chinese economy and the development prospects of the Chinese capital market [1] Group 1 - The company emphasizes its commitment to long-term, value, and prudent investments, leveraging the advantages of insurance funds for long-term investment [1] - China Pacific Insurance plans to increase investment in strategic emerging industries, advanced manufacturing, and new infrastructure [1] - The company aims to contribute to the stability of the market and support the development of new productive forces [1]

本报记者 冷翠华 一组看似矛盾的数据刚刚出炉——根据上市险企和上市银行2024年年报，去年上市险企银保收入大 多同比上涨，而上市银行代销收入却普遍同比下降，部分银行保险代销收入甚至呈现同比锐减。 业内人士认为，上述看似矛盾的数据背后，是"报行合一"政策的落地实施，以及银保业务的转型发 展。未来，银保渠道仍将是保险业非常重要的渠道，"价值银保"是险企要着力推进的重点工作之一。 具体来看，农业银行去年实现手续费及佣金净收入755.67亿元，较2023年减少45.26亿元，下降 5.7%。其中代理业务收入下降20.6%，主要是代理保险相关手续费收入减少；建设银行2024年年报显 示，手续费及佣金收入中，代理业务手续费收入144.12亿元，较2023年减少44.82亿元，降幅23.72%， 主要受保险、基金等降费政策影响；此外，招商银行去年实现代理保险保费1172.25亿元，同比增长 21.07%，不过，其代理保险收入64.25亿元，同比下降52.71%；平安银行2024年代理及委托手续费收入 54.34亿元，同比下降29.4%，主要是代理个人保险收入下降。 普华永道管理咨询（上海）有限公司中国金融行业管理咨询合伙人 ...