资金流向方面，主力资金净流出3898.62万元，特大单买入2113.65万元，占比6.82%，卖出4650.52万 元，占比15.01%；大单买入7832.09万元，占比25.29%，卖出9193.84万元，占比29.68%。 中国太保今年以来股价涨7.73%，近5个交易日跌1.39%，近20日跌4.10%，近60日跌10.45%。 资料显示，中国太平洋保险(集团)股份有限公司位于中国上海市黄浦区中山南路1号,香港湾仔港湾道18 号中环广场43楼4301室，成立日期1991年5月13日，上市日期2007年12月25日，公司主营业务涉及本公 司属于综合性保险集团公司,主要通过下属的中国太平洋人寿保险股份有限公司(以下简称"太保寿险")和 中国太平洋财产保险股份有限公司(以下简称"太保产险")为客户提供全面的人寿及财产保险产品和服务, 并通过下属的太平洋资产管理有限责任公司管理和运用保险资金。主营业务收入构成为：财产保险 51.25%，人寿及健康保险46.78%，其他及抵销1.00%，资产管理0.97%。 截至9月30日，中国太保股东户数10.20万，较上期增加16.49%；人均流通股69643股，较上期减少 1 ...

Core Viewpoint - The insurance sector has shown impressive investment performance in the first three quarters of 2025, driven by a favorable stock market and increased bond yield volatility, leading to higher investment returns for insurance companies [1][2]. Investment Performance - Five listed insurance companies reported significant investment returns, with New China Life achieving an annualized return of 8.6%, while China Pacific Insurance and China Life reported non-annualized returns of 5.2% and 6.42%, respectively [1][2]. - China Life's total investment income reached RMB 368.55 billion, marking a 41.0% year-on-year increase [3]. - China Reinsurance's total investment income was RMB 862.50 billion, reflecting a 35.3% year-on-year growth [3]. Investment Strategies - Insurance companies are actively responding to the demand for long-term capital entry into the market, leveraging their patient capital advantage to steadily increase equity holdings [1][2]. - China Reinsurance has increased its long-duration bond allocation and focused on long-term growth potential in equity investments [3]. - China Pacific Insurance has maintained a disciplined asset allocation strategy, actively managing equity investments with a focus on undervalued and high-dividend stocks [3]. Alternative Investments - Alternative investments are becoming a key focus for insurance companies as part of their diversification strategies and business transformation efforts [4]. - China Reinsurance is actively promoting business transformation by investing in asset-backed plans and public/private REITs [5]. - China Ping An is also increasing its allocation to quality alternative assets to diversify and enhance its revenue sources [6]. Product Performance - A total of 1,483 insurance asset management products achieved positive returns this year, with a 93.8% success rate, and four products exceeded 100% returns [8].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].

Regulatory Dynamics - Ten departments are deepening the application of logistics data in the financial industry to optimize financing and insurance product services, addressing the financing difficulties faced by small and medium-sized enterprises [5] - As of the end of Q3, the total assets of insurance companies and insurance asset management companies reached 40.4 trillion yuan, a growth of 12.5% compared to the beginning of the year [6] - The Financial Regulatory Bureau will soon release a revised "Commercial Bank Merger Loan Management Measures" to support mergers and restructuring of various enterprises, including tech innovation companies [8] Company Dynamics - China Ping An increased its stake in China CRRC H-shares by 55.48 million Hong Kong dollars, raising its holding to 5.09% [17] - China Life has cumulatively purchased over 32.5 billion yuan in Xiong'an bonds and nearly 100 million in Xiong'an Group bonds, supporting the construction of the Xiong'an New Area [20] - China Life, in collaboration with Seven Wolves, established a private equity investment fund with a contribution of 1.6 billion yuan [21] Industry Dynamics - In the first three quarters, 70 life insurance companies achieved a net profit exceeding 460 billion yuan, surpassing the total for the previous year [42] - The insurance asset allocation has exceeded 3 trillion yuan, enhancing the "see-saw" effect between stocks and bonds [46] - The average vehicle insurance premium among 67 insurance companies was 1,836.89 yuan, with the highest being 5,700 yuan and the lowest at 880 yuan [47] Product Services - Ping An Life launched the "Yuxiang Jinyue 26" series of insurance products, aiming to meet diverse customer needs with a focus on wealth stability and growth [56] - The first agricultural cultural heritage protection insurance in Beijing was issued, providing coverage of up to 306,000 yuan for the "Jingbai Pear" cultivation area [58]

Core Insights - China Pacific Insurance (CPIC) has been a steadfast partner of the China International Import Expo (CIIE) since its inception, providing comprehensive insurance solutions and risk management services with a total coverage amount exceeding 1.28 trillion yuan for this year's event [1][3]. Group 1: Insurance Solutions - CPIC offers a one-stop insurance product called "CIIE Insurance," which includes 15 basic coverage products and 4 special coverage products tailored for global exhibitors, logistics providers, and service providers [5]. - The insurance coverage spans the entire event cycle from October 1 to December 31, 2025, addressing the comprehensive risk protection needs of participants [5]. - CPIC has enhanced its service offerings with pre-compensation mechanisms, escort services, and green channels to ensure rapid policy fulfillment [5]. Group 2: Event Support and Engagement - CPIC has mobilized 222 young volunteers, averaging 30 years old, to provide various services at the CIIE, including risk assessment, emergency rescue, and bilingual support [3]. - The company hosted several high-end forums during the expo, focusing on national strategies and social issues, such as the development of pension finance and the integration of the pension industry with health care [6][8]. - CPIC collaborated with Fudan University to release research findings on long-term care insurance, sharing global experiences and insights relevant to China [10]. Group 3: Strategic Initiatives - In 2025, CPIC will implement three major strategies: "Great Health and Elderly Care, Internationalization, and Artificial Intelligence+" to build a leading insurance service group with market influence and international competitiveness [13]. - The company has introduced a carbon neutrality mechanism at the CIIE, inviting participants to engage in carbon offset actions, thereby promoting green and low-carbon values [13]. - CPIC continues to innovate and enhance its comprehensive insurance and financial services, contributing to high-level openness and the construction of a new development pattern in China [13].

"财富管理既是一场'马拉松'也是一场'接力赛'。"近日，在接受上海证券报记者专访时，中国太保副总 裁苏罡直言，跑好"马拉松"意味着做好长期的财富规划、守住坚定理念；跑好"接力赛"意味着在不同的 经济周期、生命周期，做好现金流匹配和风险匹配。 中国太保是一家管理数万亿资产的综合性保险集团。苏罡从中国太保投资条线一路成长起来，先后在太 保资产、太保寿险、长江养老从事投资条线工作。作为保险资管领域的资深人士，他对宏观经济、资负 匹配、财富管理等问题有着自己的见解。 跑好"马拉松""接力赛" 财富管理与经济周期密切相关。身处不同的经济周期，意味着居民面对不同的投资机遇与挑战。 在财富管理过程中，居民还面临流动性匹配、风险匹配的难题。苏罡认为，财富积累最重要的目的是获 得可持续、可消费的现金流，而不是简单追求财富积累的最大化。针对生命周期的不同时点，要配套不 同的现金流规划。同时要重视货币的时间价值，发挥好复利在财富积累过程中的核心作用，即以长期主 义的理念去做好财富管理。 "从风险角度来看，个体与群体面临的风险是不一样的。"苏罡说，通常而言，当面临不确定性事件时， 群体的抗风险能力是要强于个体的。比如，基于大数法则， ...

Core Insights - The net profit of the property insurance industry in Q3 2025 has surpassed 700 billion, marking a significant increase driven by both investment income and underwriting profits [7][9][11] - The "Big Three" insurance companies continue to dominate, with notable profits from PICC exceeding 300 billion and Ping An exceeding 150 billion [26][28] - Insurers with a scale of around 300 billion have doubled their profits, with China Life exceeding 34 billion and others like ZhongAn and Sunshine surpassing 10 billion [31][33] - A total of 16 insurance companies turned losses into profits, with BYD Insurance achieving profitability largely due to a zero commission rate [34][38] Profit Performance - In Q3 2025, 86 property insurance companies reported a total net profit of 778 billion, an increase of approximately 271 billion or over 53% year-on-year [8][11][19] - The average investment return rate for these companies rose to 3.03%, up from 2.05% in the previous year [11][14] - The overall cost ratio for the industry has improved, with over 60% of companies reporting a decrease in their comprehensive cost ratio [14][28] Company Rankings - The top three companies, known as the "Big Three," accounted for 74% of the industry's net profit, with PICC contributing 115 billion alone [19][26] - The profit rankings show that PICC leads with 336.29 billion, followed by Ping An with 155.55 billion, and Taiping with 87.67 billion [21][22][26] - Companies with profits exceeding 10 billion include China Life, ZhongAn, Sunshine, and Dadi, reflecting a strong recovery in the industry [31][33] Losses and Challenges - Despite the overall positive performance, 8 companies reported losses, with Qianhai United being the most significant at -0.64 billion [40][41] - The losses are primarily concentrated in smaller insurance companies, which struggle with high cost ratios and insufficient premium income [44][45] - Companies like Longjiang and Rongsheng have faced continuous losses due to high comprehensive cost ratios, making it difficult to offset losses with investment income [44][45]

Group 1: Stock Movements and Suspensions - Companies such as 合富中国 and *ST东易 are facing stock suspensions due to significant price fluctuations, with *ST东易 starting suspension from November 14 [2] - 4连板人民同泰 is noted for a potential rapid decline in stock price, while 8连板摩恩电气 reports no major changes in operational status [2] - 华蓝集团 is planning a change in company control, leading to a stock suspension starting November 14 [2] Group 2: Mergers and Acquisitions - 利德曼 plans to acquire 70% of 先声祥瑞 for 1.733 billion yuan, entering the bioproducts sector [2] - 康达新材 has terminated its acquisition of 北一半导体 equity [2] - 国泰集团 is set to acquire 100% of 北矿爆锚 for 110 million yuan [2] Group 3: Financial Performance - 中芯国际 reported a net profit of 1.517 billion yuan for Q3, marking a 43.1% year-on-year increase [2] - 中国太保's subsidiary 太保寿险 saw a 9.9% increase in premium income for the first ten months [2] - 潞安环能's coal sales in October reached 3.78 million tons, up 3.28% year-on-year [2] Group 4: Project Developments - 中集车辆 plans to invest 100 million yuan to enhance the supply capacity of its subsidiary [3] - 吉电股份 is investing 5.698 billion yuan in the BaiCheng Phase II coal power project [3] - 佛塑科技 is forming a joint venture to establish a pilot project for battery-grade lithium sulfide [3]

Performance Highlights - Tencent Holdings (00700.HK) reported Q3 revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - Semiconductor Manufacturing International Corporation (00981.HK) achieved Q3 sales revenue of 2.38 billion USD, a quarter-on-quarter increase of 7.8% and a year-on-year increase of 9.7%. Gross margin improved to 22.0%, up 1.6 percentage points quarter-on-quarter [3] - JD Group (09618.HK) reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% to 5.28 billion yuan [4] - JD Logistics (02618.HK) recorded Q3 revenue of 55.08 billion yuan, a year-on-year increase of 24.1%, with operating profit rising by 125.3% to 1.24 billion yuan [5] - Bilibili (09626.HK) achieved Q3 net revenue of 7.69 billion yuan (1.08 billion USD), a year-on-year increase of 5%, and turned a profit with a net profit of 469 million yuan (65.9 million USD) [6] Company News - Heng Rui Medicine (01276.HK) received clinical trial approval for its drug, with similar products expected to generate global sales of approximately 11.04 billion USD in 2024 [7] - China Pacific Insurance (02601.HK) reported that for the first ten months, life insurance premium income reached 241.32 billion yuan, a year-on-year increase of 9.9% [8] - Zhong An Online (06060.HK) reported total original insurance premium income of approximately 29.82 billion yuan for the first ten months, a year-on-year increase of 5.18% [9] Buyback Activities - Yongsheng Services (01995.HK) plans to repurchase up to approximately 173 million shares, accounting for about 10% of the issued share capital [12] - Kintor Pharmaceutical (02171.HK) intends to repurchase up to approximately 25.46 million shares [13] - China Feihe (06186.HK) spent 87.86 million HKD to repurchase 20 million shares at prices ranging from 4.37 to 4.40 HKD [14]

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. reported a total original insurance premium income of 414.89 billion yuan for the first ten months of 2025, reflecting a year-on-year growth of 9.9% for its life insurance subsidiary and 0.4% for its property insurance subsidiary [1] Group 1 - The life insurance subsidiary, China Pacific Life Insurance Co., Ltd., achieved an original insurance premium income of 241.32 billion yuan, marking a 9.9% increase year-on-year [1] - The property insurance subsidiary, China Pacific Property Insurance Co., Ltd., recorded an original insurance premium income of 173.57 billion yuan, showing a modest growth of 0.4% year-on-year [1] - The combined original insurance premium income for both subsidiaries reached 414.89 billion yuan for the period from January to October 2025 [1]