Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is "Buy" (maintained) [1] Core Views - The report highlights that the improvement in the cost of risk (COR) supports performance growth, with new business CSM (Contractual Service Margin) showing rapid growth [1][4] - The group's net profit for H1 2025 reached 27.89 billion, a year-on-year increase of 11.0%, showing significant improvement compared to the -18.1% year-on-year decline in Q1 [4] - The report predicts that the new business value (NBV) will grow by 11.5%, 12.1%, and 14.2% for the years 2025 to 2027, respectively [4] Financial Performance Summary - In H1 2025, the group achieved a premium income of 193.47 billion, a year-on-year increase of 13.1% [4] - The NBV for H1 2025 reached 9.54 billion, a year-on-year increase of 5.6% (non-retrospective basis), and 32.3% (retrospective basis) [4] - The total investment assets at the end of the period were 2.92 trillion, an increase of 7.0% from the beginning of the year [4] - The net profit forecast for the years 2025 to 2027 is adjusted to 50.6 billion, 56.8 billion, and 63.1 billion, respectively, with year-on-year growth rates of 12.6%, 12.3%, and 11.1% [4][8] Business Segment Insights - The life insurance segment saw a new single premium of 63 billion, a year-on-year increase of 26%, continuing the growth advantage from Q1 [4] - The property insurance segment achieved a premium income of 114.19 billion, a year-on-year increase of 0.9% [4] - The report notes a decrease in the comprehensive cost ratio for property insurance, contributing to higher profits [4] Valuation Metrics - The report provides a forecast for the price-to-earnings (P/E) ratio to be 7.55, 6.73, and 6.05 for the years 2025 to 2027, respectively [8] - The price-to-embedded value (P/EV) is projected to be 0.63, 0.58, and 0.53 for the same period [8]

Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601) with a target price of 47.5 CNY [2][7]. Core Views - The company has turned its performance growth positive, continuing to drive the transformation towards dividend insurance [2]. - The net profit attributable to shareholders for the first half of 2025 increased by 11% year-on-year to 27.9 billion CNY, with the operating profit also showing a 7.1% increase [7]. - The new business value (NBV) for the life insurance segment saw a significant increase of 32.3% year-on-year, reaching 9.5 billion CNY [7]. Financial Performance Summary - **Revenue Growth**: Total revenue is projected to grow from 404,089 million CNY in 2024 to 450,095 million CNY in 2027, with a year-on-year growth rate of 24.7% in 2024, slowing to 5.3% by 2027 [3][8]. - **Net Profit**: The net profit attributable to shareholders is expected to rise from 44,960 million CNY in 2024 to 54,567 million CNY in 2027, with a peak growth rate of 64.9% in 2024 [3][8]. - **Earnings Per Share (EPS)**: EPS is forecasted to increase from 4.7 CNY in 2024 to 5.7 CNY in 2027 [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 8.5 in 2024 to 7.0 in 2027, indicating improving valuation [3][8]. Business Segment Insights - **Life Insurance**: The life insurance segment's new business value (NBV) increased significantly, with a notable rise in the proportion of dividend insurance in new premium income, reaching 42.5% [7]. - **Property and Casualty Insurance**: The property and casualty insurance segment reported a slight increase in original premium income by 0.9% year-on-year, with a combined ratio of 96.3% [7]. - **Investment Performance**: The group’s investment assets grew by 7% year-on-year to 2.92 trillion CNY, with a focus on increasing allocations to bonds and equities [7].

瑞银发表研究报告指，中国太保上半年净利润按年增长11%，超越市场预测的2%至9%增幅；营运溢利 增长7.1%，略高于瑞银预测的增长6%。重述后上半年新业务价值按年升32%，符合预期。按可比口径 太保新业务价值增长于第二季放缓，瑞银归因于首年保费增长按季减慢所致，但表现仍属强劲。因应中 国太保近期股价上扬，瑞银将其2025年内涵价值预测上调5%，目标价从37港元上调至41港元，评级"买 入"。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has shown steady growth in insurance investments and a continuous improvement in new business value, with a 10.95% year-on-year increase in net profit attributable to shareholders in the first half of 2025 [1] - The new business value of Taibao Life Insurance reached 9,544 million yuan, a significant increase of 32.3% year-on-year, with a new business value rate of 15.0% [2] - The company is focusing on building an "insurance + health care" integrated ecosystem, enhancing operational efficiency and risk control through intelligent services [1] Financial Performance Summary - Total operating revenue for the first half of 2025 was 2,004.96 billion yuan, up 3.01% year-on-year, with total profit reaching 322.59 billion yuan, a 9.74% increase [1] - The company achieved an insurance service income of 968.31 billion yuan in the first half of 2025, reflecting a 4.0% year-on-year growth [3] - The comprehensive cost ratio for underwriting improved to 96.3%, a decrease of 0.8 percentage points year-on-year, with underwriting profit increasing by 30.9% to 35.5 billion yuan [3] Investment Strategy and Forecast - The company is increasing its direct investment in bonds and stocks, achieving a total investment return rate of 2.3% in the first half of 2025 [4] - The earnings per share (EPS) forecast for 2025 to 2027 is 4.77, 4.90, and 5.08 yuan per share, respectively, with the current stock price corresponding to P/EV ratios of 0.59, 0.51, and 0.45 [4][5] - The company maintains its earnings forecast for 2025 to 2027, indicating a stable transition strategy and solid operational results [4]

瑞银发表研究报告指，中国太保上半年净利润按年增长11%，超越市场预测的2%至9%增幅；营运溢利 增长7.1%，略高于瑞银预测的增长6%。重述后上半年新业务价值按年升32%，符合预期。按可比口径 太保新业务价值增长于第二季放缓，瑞银归因于首年保费增长按季减慢所致，但表现仍属强劲。因应中 国太保近期股价上扬，瑞银将其2025年内涵价值预测上调5%，目标价从37港元上调至41港元，评级"买 入"。 ...

Core Insights - The five major A-share listed insurance companies reported a total net profit attributable to shareholders of 178.19 billion yuan for the first half of 2025, representing a year-on-year increase of 3.7% [1] - The overall performance of A-share listed insurance companies showed a "four increases and one decrease" trend in net profit, with notable growth in new business value for life insurance and a decline in comprehensive cost ratios for property insurance [2] Group 1: Financial Performance - China Ping An achieved the highest net profit of 68.05 billion yuan, while China Life reported a net profit of 40.93 billion yuan, up 6.9% year-on-year [2] - China Pacific Insurance's net profit reached 27.88 billion yuan, growing by 11%, and China People's Insurance's net profit was 26.53 billion yuan, increasing by 16.9% [2] - New China Life Insurance saw the highest growth rate in net profit at 14.8 billion yuan, with a year-on-year increase of 33.5% [2] Group 2: New Business Value - The new business value for life insurance companies showed significant improvement, with China Life's new business value increasing by 20.3% year-on-year to 28.55 billion yuan [2] - China Ping An's new business value for life and health insurance grew by 39.8%, with a new business value rate increasing by 9 percentage points [2] - New China Life achieved a new business value of 6.18 billion yuan, up 58.4%, while China Pacific Insurance's new business value reached 9.54 billion yuan, growing by 32.3% [3] Group 3: Property Insurance Performance - China People's Insurance's property insurance comprehensive cost ratio was 95.3%, the best level in nearly a decade [4] - China Ping An's overall comprehensive cost ratio was 95.2%, down 2.6 percentage points year-on-year, indicating strong profitability [4] - China Pacific Insurance's comprehensive cost ratio was 96.3%, a decrease of 0.8 percentage points from the previous year, reflecting improved underwriting profits [4] Group 4: Investment Strategies - Insurance companies increased their equity market investments, with China Life's public market equity scale increasing by over 150 billion yuan by mid-year [5] - China People's Insurance reported a 26.1% growth in A-share investment assets compared to the beginning of the year, with an increase in total investment asset proportion by 1.2 percentage points [5] - The focus on optimizing equity investment strategies aims to balance absolute and relative returns, as well as short-term and long-term gains [6]

Core Insights - The five major A-share listed insurance companies achieved a net profit attributable to shareholders of 178.19 billion yuan in the first half of 2025, representing a year-on-year growth of 3.7% [1] - The overall performance of A-share listed insurance companies showed a "four increases and one decrease" trend in net profit, with notable growth in new business value for life insurance [2] Group 1: Net Profit Performance - China Ping An reported the highest net profit of 68.05 billion yuan, while China Life achieved a net profit of 40.93 billion yuan, up 6.9% year-on-year [2] - China Pacific Insurance's net profit increased by 11% to 27.88 billion yuan, and China Property & Casualty Insurance saw a 16.9% rise to 26.53 billion yuan [2] - New China Life Insurance recorded the highest growth rate in net profit at 33.5%, reaching 14.8 billion yuan [2] Group 2: New Business Value Growth - The new business value for life insurance across listed companies showed significant improvement, with China Life's new business value rising by 20.3% to 28.55 billion yuan [2] - China Ping An's new business value for life and health insurance grew by 39.8%, with a new business value rate increasing by 9.0 percentage points [2] - China Property & Casualty Insurance's new business value rate improved by 4 percentage points, driven by a focus on optimizing business structure and reducing costs [3] Group 3: Property Insurance Performance - The comprehensive cost ratio for China Property & Casualty Insurance was 95.3%, the best level in nearly a decade [4] - China Ping An's overall comprehensive cost ratio was 95.2%, down 2.6 percentage points, attributed to effective cost control measures [4] - China Pacific Insurance's comprehensive cost ratio improved to 96.3%, with a decrease of 0.8 percentage points year-on-year [4] Group 4: Investment Strategies - Insurance companies increased their equity investment, with China Life's public market equity scale growing by over 150 billion yuan by mid-year [6] - China Property & Casualty Insurance reported a 26.1% increase in A-share investment assets, enhancing its total investment asset proportion [6] - Companies are focusing on balancing absolute and relative returns, as well as short-term and long-term gains in their investment strategies [7]

Core Viewpoint - The insurance sector is experiencing significant growth, with a 4.28% increase in the industry index, driven by major companies like Xinhua Insurance and China Life Insurance showing substantial stock price gains [1] Group 1: Market Performance - The insurance sector (Shenwan secondary industry classification) rose by 4.28%, leading industry sectors [1] - Xinhua Insurance increased by 9.66%, China Life Insurance by 4.73%, and China Ping An by 3.47% [1] Group 2: Investment Trends - Dongguan Securities notes that the rapid growth of insurance funds, combined with a "slow bull" market and long-term market entry policies, is leading to an increased proportion of equity investments [1] - Insurance capital is deepening its layout in the equity market to share in the economic transformation and market upturn [1] Group 3: Financial Drivers - High dividend assets are providing a foundation, while growth sectors enhance yield elasticity, making equity investment a core driver of asset-side revenue growth [1] - The insurance industry is currently in a phase of "β attribute-driven valuation repair + solidifying the foundation of the liability side transformation + enhancing returns through asset-side equity efforts" [1] Group 4: Outlook on Valuation - Guotai Haitong Securities indicates that the insurance industry's liability side is seeing stable premium growth, and the reduction in the preset interest rate is beneficial for improving interest spread losses [1] - With increased equity allocation and accelerated inflow of new funds, the outlook for insurance stock valuation recovery is positive [1]

Group 1 - China Pacific Insurance's stock price reached a historical high, increasing by 4.88% to 41.89 yuan, with a trading volume of 16.47 million shares and a transaction value of 680 million yuan [1] - The total market capitalization of China Pacific Insurance in A-shares is 286.739 billion yuan, with the same amount for its circulating market capitalization [1] - The non-bank financial industry, to which China Pacific Insurance belongs, has an overall increase of 1.71%, with 42 stocks rising, including New China Life Insurance, China People's Insurance, and Huaxi Securities, which rose by 9.68%, 6.08%, and 5.94% respectively [1] Group 2 - As of August 28, the margin balance for China Pacific Insurance is 1.442 billion yuan, with a financing balance of 1.409 billion yuan, reflecting a recent increase of 75.76 million yuan, or 5.68% [1] - In the past 10 days, one institution rated the stock, with Zheshang Securities setting a target price of 54.09 yuan on August 22 [1] - The company's semi-annual report shows that it achieved an operating income of 200.496 billion yuan in the first half of the year, a year-on-year increase of 3.01%, and a net profit of 27.885 billion yuan, up 10.95%, with basic earnings per share of 2.90 yuan and a weighted average return on equity of 9.60% [1]

Investment Rating - The industry investment rating is "Outperform the Market" [7] Core Insights - The importance of bancassurance is highlighted, with China Pacific Insurance (CPIC) showing stable performance in H1 2025, outperforming the market [1] - The report indicates that the non-bank financial sector is experiencing a high-quality development phase, leading to a revaluation of value, with leading companies demonstrating greater resilience [3] - The report emphasizes the steady growth in new insurance policies driven by bancassurance, with a notable increase in new business value (NBV) [5] Summary by Sections Financial Performance - In H1 2025, CPIC reported insurance service revenue of CNY 141.82 billion (YoY +3.5%), net profit attributable to shareholders of CNY 27.89 billion (YoY +11.0%), and operating profit of CNY 19.91 billion (YoY +7.1%) [4] Life Insurance - Bancassurance has driven new policy growth, with new premium income from life insurance reaching CNY 129.09 billion (YoY +6.7%) and NBV at CNY 9.54 billion (YoY +5.6%, comparable basis +32.3%) [5] - The new premium scale from bancassurance has surpassed that of individual insurance, with bancassurance new premium income at CNY 29.04 billion (YoY +95.6%) [5][6] Property Insurance - Property insurance premium income was CNY 112.76 billion (YoY +0.9%), with a combined operating ratio (COR) of 96.3% (YoY -0.8pct) [6] - The report notes a 2.8% increase in auto insurance premium income, with new energy vehicle insurance accounting for 19.8% of the total [6] Investment Performance - The report indicates a decline in the fair value of fixed-income assets, leading to a decrease in investment returns, with net, total, and comprehensive investment returns at 1.7%, 2.3%, and 2.4%, respectively [6] Investment Recommendations - The report suggests that the optimization of business structure will help maintain stable performance in life insurance liabilities for 2025, with leading property insurance companies expected to outperform the industry [6]