中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 董事會會議通知 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 香 港，2025年4月11日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 趙 永 剛 先 生；非 執 行 董 事 為 黃 迪 南 先 生、王 他 竽 先 生、陳 然 先 生、周 東 輝 先 生、謝 維 青 先 生、路 巧 玲女士 和John Robert DACEY先 生；和 獨 立 非 執 行 董 事 為 劉 曉 丹 女 士、林 婷 懿 女 士、羅 婉 文 女 士、金 弘 毅 先 生 和 姜 旭 平 先 生。 中 ...

完成首关。 作者 I 周佳丽 报道 I 投资界-解码LP 投资界-解码LP获悉，中国太保4月9日发布公告称，太保寿险与上海科创、国际集团、上 港集团、上海信托等公司合伙设立上海科创三期基金。 作为上海国资又一重磅落子，上海科创三期基金于今年1月发起设立，总认缴出资额预计 为80亿元，进一步引导长期资本、耐心资本投早、投小、投硬科技。短短三个月，上海 科创三期基金完成首关，规模约32亿元，其中太保寿险出资8亿元。 以下文章来源于解码LP ，作者周佳丽 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 这是险资活跃在创投圈的一缕缩影。翘首以盼，险资进一步"开闸"——4月8日，国家金 融监督管理总局发布通知，规定 "保险公司投资单一创业投资基金的账面余额占该基金 实缴规模的比例不得高于3 0%"。 上海科创基金首关 LP阵容出炉 上海科创基金是上海国际集团在20 17年发起设立的全国首家以服务上海科创中心建设为 核心使命的市场化母基金，引导各类资本投早、投小、投长、投硬，已成为全国领先的 科创投资标杆平台。 据了解，目前上海科创基金管理规模140亿元，通过发挥母基金引导带动作用，引领子基 金 8 0% ...

Investment Rating - The investment rating for the insurance industry is "Positive" (maintained) [1] Core Views - The insurance sector is currently facing challenges due to declining long-term interest rates and an "asset shortage," which necessitates a shift towards equity investments to enhance returns [13][22] - Regulatory changes are encouraging insurance companies to increase their equity allocations, particularly in high-dividend and long-term stock investments [68] - The report highlights the potential for excess returns in the life insurance sector, with specific recommendations for companies such as China Life, China Pacific Insurance, and Ping An Insurance [3] Summary by Sections 1. Current Status of Insurance Assets - The insurance industry is experiencing a mismatch in asset and liability durations, with average liability duration exceeding 12 years while asset duration is around 6 years, leading to significant annual mismatches [14] - The proportion of bonds in insurance investments has increased significantly, with bonds now accounting for 50.3% of total assets, while equity investments make up 20.3% [28][33] 2. Future Directions - The report suggests a strategy of extending bond durations and engaging in trading to enhance returns, while focusing on high-dividend and long-term stock investments for equity assets [42][68] - Insurance companies are advised to optimize their liability costs and durations to better align with low-interest rate environments [22] 3. Quantitative Analysis - The report estimates that the insurance industry will allocate approximately 7.7 trillion yuan in 2025, with a focus on high-dividend assets expected to reach 1.16 trillion yuan [5][50] - It is projected that annual new equity investment funds from insurance companies could range from 300 billion to 800 billion yuan [5][26] 4. Investment Recommendations - The report recommends increasing allocations to high-dividend assets and long-term stock investments, as well as diversifying into ETFs and precious metals to enhance investment returns [4][68]

Group 1 - China Pacific Insurance (CPIC) successfully won the "TIR Card Vehicle Insurance Service" project for Ruian Xinxin European International Logistics Co., enhancing its role in supporting the Belt and Road Initiative and injecting new momentum into the construction of international logistics corridors [1] - The TIR international road transport route from Ruian, Zhejiang Province, is set to officially open on December 12, 2024, providing a direct connection to Europe in approximately 8 to 12 days, significantly improving cross-border transport efficiency through standardized processes [1] - The opening of the TIR route will help local enterprises in Ruian overcome international logistics bottlenecks, shorten the "going abroad" cycle, and inject strong momentum into the region's export-oriented economic development [1] Group 2 - In recent years, CPIC has actively integrated into national strategies, responding to the Belt and Road Initiative by optimizing its global service network, providing overseas business risk protection exceeding 3 trillion yuan, and covering over 1,200 projects across more than 180 countries and regions [2] - CPIC aims to leverage this cooperation to deepen its practice of "safeguarding national strategies and serving the real economy," providing comprehensive support for the high-quality development of the TIR route while enhancing insurance service precision and response efficiency through technological empowerment [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 於2025年4月9日（交易時段後），太保壽險與上海科創、國際集團、虹橋睿智、 上 港 集 團、上 海 信 託、建 元 信 託 及 寧 和 盛 諮 詢 共 同 簽 訂 上海科創三期基 金合夥協議，擬設立上海科創三期基金。根據上海科創三期基金合夥協議， 太保壽險（作為有限合夥人）將對上海科創三期基金認繳出資人民幣8億元。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 關連交易 參與設立 上海科創三期基金 於2025年4月9日（交易時段後），太 保 壽 險 與 上 海 科 創、國 際 集 團、虹 橋 睿 智、上 港 集 團、上 海 信 託、建 元 信 託 及 寧 和 盛 諮 詢 共 同 簽 訂 上 海 ...

信心比黄金更重要！ 展望后市，券商机构认为，中国股票市场具备较多有利条件，包括地缘叙事和科技叙事的变化，以及中国 资产本身的估值优势和宏观政策发力的空间，中国资产相比全球股市更具韧性。 汇金公司明确了自己是资本市场上的"国家队"，发挥着类"平准基金"作用。央行表示，必要时向汇金公司 提供充足的再贷款支持。 汇金公司有关负责人就2025年4月7日公告答记者问表示，将继续发挥好资本市场"稳定器"作用，有效平 抑市场异常波动，该出手时将果断出手；下一步，汇金公司将坚定增持各类市场风格的ETF，加大增持力 度，均衡增持结构；汇金公司具有充分信心、足够能力，坚决维护资本市场平稳运行。 重磅政策出台、类"平准基金"发力、"国家队"行动、地方国资出手、险资发声、上市公司掀起增持回购 潮……关键时刻，多方力量正在形成合力，坚决维护中国资本市场稳定运行。 受一系列利好举措刺激，4月8日A股三大指数强势反攻，截至收盘，沪指涨1.58%，深成指涨0.64%，创 业板指涨1.83%。港股亦明显回暖，恒生指数收涨1.51%，恒生科技指数收涨3.79%。 瑞银估计，在2025年期间，除了"国家队"（包括汇金公司、中国证金及国家外汇管理局 ...

Core Viewpoint - Cai Qiang, a significant figure in the insurance industry, has resigned from China Pacific Insurance (Group) Co., Ltd. and will take on a new role as Regional Executive President at Prudential Group, overseeing markets in Malaysia, Indonesia, and Vietnam [2][6]. Group 1: Background and Career Transition - Cai Qiang, born in July 1967, has extensive experience in the insurance sector, having worked his way up from an individual insurance marketer to regional director at AXA Insurance Group [6]. - He served as the CEO of AIA China, where he implemented two five-year plans that tripled new business value and transformed the marketing system [6]. - In April 2021, Cai was appointed CEO of China Pacific Life Insurance, becoming the first "external brain" in the company's history, tasked with navigating significant industry changes [6][7]. Group 2: Transformation Initiatives - Under Cai's leadership, China Pacific Life launched the "Long Voyage Action" plan, focusing on five core strategies: professional marketing, value insurance, product-service systems, corporate governance, and cultural transformation [7]. - The plan aimed to shift from a "people-driven" model to a "talent-driven" approach, optimizing the agent workforce from 539,000 to 210,000 over four years [7]. Group 3: Performance Metrics - The monthly average income of insurance agents increased significantly during Cai's tenure, with figures rising from 4,638 yuan in 2021 to 16,700 yuan in 2024, reflecting a growth of 30.4% year-on-year [8]. - The new business value for China Pacific Life reached 10.962 billion yuan in 2023, a 19.1% increase, and is projected to grow to 13.258 billion yuan in 2024, marking a 20.9% increase [8].

《通知》主要内容包括：一是上调权益资产配置比例上限。简化档位标准，将部分档位偿付能力充足率对 应的权益类资产比例上调5个百分点，进一步拓宽权益投资空间，为实体经济提供更多股权性资本。二是 提高投资创业投资基金的集中度比例。引导保险资金加大对国家战略性新兴产业股权投资力度，精准高效 服务新质生产力。三是放宽税延养老比例监管要求。明确税延养老保险普通账户不再单独计算投资比例， 助力第三支柱养老保险高质量发展。 《通知》的发布是优化保险资金资产配置的重要举措，有利于促进保险业做好金融"五篇大文章"，更好发 挥长期资金和"耐心资本"优势。下一步，金融监管总局将持续完善保险资金运用监管政策，助力经济社会 发展。 多家保险机构表示，坚定看好中国资本市场发展前景，将发挥险资长线优势，做好真正的"耐心资本"。此 外，中国太保还公告筹划回购公司A股股份。 中国太保 4月8日盘中公告，坚信中国经济长期向好的基本面没有改变，坚定看好中国资本市场发展前 景。公司坚持"价值投资、长期投资、稳健投资、责任投资"理念，看好中国权益市场长期配置价值，发挥 保险资金长期投资优势，做市场真正的耐心资本。 中国太保表示，已于4月7日增持了宽基交易 ...

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a potential increase in stock prices relative to benchmark indices by over 15% [6][18]. Core Insights - The recent notification from the National Financial Supervision Administration optimizes the regulatory policy for insurance funds, increasing the equity investment ratio by 5% for certain solvency levels, which is expected to enhance the flexibility of equity investments and support capital market development [3][4]. - The theoretical potential for equity allocation among major listed insurance companies is significant, with a total potential increase of approximately 47,504 billion yuan across the sector [5][8]. - The adjustment in regulatory requirements is anticipated to facilitate long-term capital entering the market, thereby promoting stable development in the capital market and allowing insurance companies to benefit from market growth [6][7]. Summary by Sections Regulatory Changes - The notification simplifies the standards for solvency ratios and increases the upper limits for equity asset allocation for companies with solvency ratios in the ranges of [150%,200%), [250%,300%), and above 350% by 5% [3][8]. - It also raises the concentration ratio for venture capital investments and relaxes the regulatory requirements for tax-deferred pension accounts, enhancing investment flexibility [3]. Financial Metrics - As of the end of 2024, major listed insurance companies have total assets of 67,695 billion yuan (China Life), 129,578 billion yuan (Ping An), and others, with solvency ratios ranging from 186.0% to 281.0% [4][5]. - The theoretical increase in equity investment capacity for China Taiping, China Re, and China Pacific is estimated at 1,417 billion yuan, 883 billion yuan, and 867 billion yuan respectively, totaling approximately 3,168 billion yuan [4][7]. Investment Recommendations - The report suggests that the insurance sector, particularly leading companies with larger investable assets and robust investment capabilities, will benefit significantly from the regulatory changes [6][7]. - It emphasizes the importance of monitoring market conditions and suggests a focus on companies like China Taiping, China Re, and others for potential investment opportunities [6][7].