本公告僅供參考，並不構成提呈收購、購買或認購任何證券的要約邀請或招攬，或訂立進行該 等收購、購買或認購的協議之邀請，且本公告並不旨在邀請收購、購買或認購任何證券之要 約。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、任何州以及哥倫比亞特區）發佈。 本公告及其包含的信息並不構成在美國境內購買、認購或出售證券的任何要約或要約邀請或招 攬或其組成部分。本公告中所述的證券並無亦不會根據1933年美國《證券法》（經修訂）（「《證券 法》」）進行登記，亦不得於美國境內發售或出售，惟獲豁免或毋須遵守《證券法》登記規定的交 易除外。本公告中所述的證券將根據《證券法》S規例在美國境外發售和出售。本公告中所述的 證券並無亦不會於美國境內或該等發售受到限制或禁止的其他司法管轄區境內進行公開發售。 本公告或其中包含的信息沒有招攬任何金錢、證券或其他對價，並且任何基於本公告或其包含 的信息而發出的任何金錢、證券或其他對價均不會被接受。 香港投資者須知：發行人（定義見下文）確認債券（定義見下文）擬僅供專業投資者（定義見上市 規則（定義見下文）第37章）購買，並已按此基準於香港聯合交易所有限公司上市。因此，發行 人確認，債券不適 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.75%), Gree Power Environmental (69.11%), and China Shenhua (68.06%) [1] - Alibaba-W, BeiGene, and China Pacific Insurance saw the largest increases in holdings over the last five trading days, with increases of +171.65 billion, +19.60 billion, and +15.85 billion respectively [1] - Xiaomi Group-W, Tencent Holdings, and Great Wall Motors experienced the largest decreases in holdings, with reductions of -13.16 billion, -12.81 billion, and -8.09 billion respectively [2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.959 billion shares, representing 71.75% [1] - Gree Power Environmental (01330) has a holding of 280 million shares, representing 69.11% [1] - China Shenhua (01088) has a holding of 2.299 billion shares, representing 68.06% [1] - Other notable companies in the top 20 include COSCO Shipping Energy (67.64%) and Kaisa New Energy (67.48%) [1] Recent Increases in Holdings - Alibaba-W (09988) saw an increase of +171.65 billion, with an addition of 10.836 million shares [1] - BeiGene (06160) increased by +19.60 billion, with an addition of 970.45 thousand shares [1] - China Pacific Insurance (02601) increased by +15.85 billion, with an addition of 512.87 thousand shares [1] Recent Decreases in Holdings - Xiaomi Group-W (01810) decreased by -13.16 billion, with a reduction of 2.314 million shares [2] - Tencent Holdings (00700) decreased by -12.81 billion, with a reduction of 199.52 thousand shares [2] - Great Wall Motors (02333) decreased by -8.09 billion, with a reduction of 4.667 million shares [2]

Major Events - Jinfang Pharmaceutical-B (02595) received a subscription rate of 2662.79 times for its public offering in Hong Kong, raising approximately HKD 1.67 billion from the global offering [1] - Heng Rui Pharmaceutical (01276) announced that its SHR-1501 injection has been included in the list of proposed breakthrough therapy products [1] - Shanghai Pharmaceuticals (02607) successfully passed the consistency evaluation for the generic drug Nicorandil tablets [1] - Qutech Technology (01478) plans to sell 51.08% of its stake in India for INR 5.53 billion [1] - Boleton (01333) signed a procurement contract for energy storage system equipment with Guoxia Technology [1] - Hongye Futures (03678) shareholders Suhao Huihong and Hongye Logistics collectively reduced their holdings by 5.9482 million shares [1] - Shangu Holdings (00412) responded to concerns about concentrated shareholding, stating that the company can comply with public shareholding regulations [1] - Changfei Optical Fiber and Cable (06869) experienced unusual stock price fluctuations, with its hollow core fiber business not yet significantly impacting financial data [1] - Sanhua Intelligent Control (02050) reported abnormal trading fluctuations in A-shares, confirming no undisclosed significant matters or ongoing major planning [1] Operating Performance - China Pacific Insurance (02601) reported that its life insurance premium income for the first eight months reached CNY 217.05 billion, a year-on-year increase of 13.2% [1] - Datang Renewable (01798) completed a power generation volume of 2.1691 million MWh in August, representing a year-on-year increase of 27.5% [1]

Core Viewpoint - The insurance industry is experiencing a significant recovery in premium growth, primarily driven by the rapid development of the bancassurance channel, which has outpaced other distribution channels like individual agents and brokers [3][4][5]. Group 1: Bancassurance Channel Performance - In the first half of 2025, the bancassurance channel's premium income reached approximately 1 trillion, with a year-on-year growth of about 9%, significantly surpassing the overall industry growth and other channels [7][8]. - The new premium growth rate for the bancassurance channel among leading insurers exceeded 70%, while other channels experienced negative growth [28][31]. - The bancassurance channel has become the largest contributor to premium growth for major insurers, with companies like China Life and New China Insurance reporting new premium growth rates exceeding 100% [18][14]. Group 2: Competitive Landscape - The removal of the "one-to-three" restriction has allowed leading insurers to accelerate strategic partnerships with banks, enhancing their market presence [15][27]. - The competitive environment for smaller insurers has become increasingly challenging, as they must compete not only on product pricing but also on brand influence and reputation against larger firms [30][31]. - The disparity in new premium growth rates is stark, with leading insurers achieving a 76% growth in the bancassurance channel compared to a 15% decline for smaller firms [28][31]. Group 3: Product Strategy and Market Trends - The shift towards participating insurance products is evident, with major insurers like China Life and Taikang reporting that over 50% of their premium income from individual agent channels comes from floating income products [35]. - The focus on high-quality growth is reflected in the increasing new business value rates for leading insurers in the bancassurance channel, indicating a strategic pivot towards more profitable product offerings [33][35]. - The overall trend in the insurance industry is moving towards a higher quality of development, with an emphasis on transforming product offerings to include more dividend-based insurance products [36].

Company News - China Pacific Insurance (02601.HK) reported original insurance premium income of 217.05 billion yuan for the first eight months, a year-on-year increase of 13.2%. The original insurance premium income for Taiping Property Insurance was 142.809 billion yuan, a year-on-year increase of 0.4%. The total original insurance premium income is approximately 360 billion yuan [2] - Datang Renewable (01798.HK) achieved a cumulative power generation of approximately 23.53 million megawatt-hours in the first eight months, an increase of 13.04% year-on-year. In August, the power generation was 2.169 million megawatt-hours, a year-on-year increase of 27.5% [2] - Green Energy Technology Group (00979.HK) issued a profit warning, expecting an annual net loss of approximately 15 to 18 million Hong Kong dollars [2] - Timekeeper (02033.HK) issued a profit warning, expecting a loss attributable to shareholders of approximately 17 million Hong Kong dollars for the fiscal year 2025 [2] - Fuhong Hanlin (02696.HK) completed the administration of the first patient in Australia for the international multi-center phase II clinical study of HLX43 for the treatment of advanced non-small cell lung cancer (NSCLC) [2] - IFBH (06603.HK) entered into a foreign exchange contract with Citibank [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 848,000 shares at a cost of 550 million Hong Kong dollars, with buyback prices ranging from 636 to 664 Hong Kong dollars [3] - HSBC Holdings (00005.HK) repurchased 1.48 million shares at a cost of approximately 158 million Hong Kong dollars, with buyback prices between 106.4 and 106.9 Hong Kong dollars [3] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately 23.8 million Hong Kong dollars, with buyback prices ranging from 118.5 to 119.6 Hong Kong dollars [3] - MGM China (02282.HK) repurchased 1.2 million shares at a cost of 18.758 million Hong Kong dollars, with buyback prices between 15.50 and 15.77 Hong Kong dollars [3]

Group 1 - The core viewpoint of the article emphasizes the establishment of a financial consumer protection service station in Qixinghe Village, aimed at safeguarding the rights of rural financial consumers through a collaborative effort involving multiple stakeholders [1][3]. - The financial consumer protection service station is located in a key rural revitalization demonstration area, which allows it to serve as a model for broader implementation and guidance in the region [3]. - The service station integrates various functions, including consumer education, dispute mediation, and policy consultation, to create a comprehensive financial service platform for rural residents [3][5]. Group 2 - The service station has formed a volunteer service team consisting of an expert station manager, an industry mediator, a liaison officer, and multiple volunteers to enhance its outreach and effectiveness [3]. - The station aims to provide immediate assistance for simple procedures and facilitate follow-up for more complex issues, ensuring that financial services are accessible to all, including vulnerable groups [3][5]. - The company plans to further develop a grid-based financial education and outreach network, enhancing the presence and effectiveness of financial consumer protection services in rural areas [5][6].

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. plans to issue zero-coupon convertible bonds totaling HKD 15.556 billion, maturing in 2030, to be converted into H-shares [1] Group 1 - The company announced the issuance of zero-coupon convertible bonds on September 18, 2025, with a total principal amount of HKD 15.556 billion [1] - The bonds are set to mature in 2030 and will be convertible into the company's H-shares [1] - All preconditions for the subscription agreement of the convertible bonds have been met, and the issuance was completed on September 18, 2025 [1] Group 2 - The bonds will be listed and traded on the Hong Kong Stock Exchange starting September 19, 2025 [1] - The company will comply with the relevant filing procedures as required by the China Securities Regulatory Commission [1]

Group 1 - The company, China Pacific Insurance (601601), announced the issuance of H-share convertible bonds totaling HKD 15.556 billion [1] - All conditions precedent in the subscription agreement for the bonds have been fulfilled [1] - The H-share convertible bonds were issued on September 18 and will be listed and traded on the Hong Kong Stock Exchange starting September 19 [1]

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。 （股份代號：02601） 保費收入公告 於2025年1月1日 至2025年8月31日 期 間，中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司（「本公司」）子 公 司 中 國 太 平 洋 人 壽 保 險 股 份 有 限 公 司 累 計 原 保 險 保費收入為人民幣2,170.50億 元，同 比 增 長13.2%，本 公 司 子 公 司 中 國 太 平洋財產保險股份有限公司累計原保險保費收入為人民幣1,428.09億 元， 同比增長0.4%。 上 述 累 計 原 保 險 保 費 收 入 數 據 未 經 審 計，提 請 投 資 者 注 意。 特 此 公 告。 註： 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. 承董事會命 （於中華人民共和國註冊成立的股份有限 ...

特此公告。 中国太平洋保险（集团）股份有限公司董事会 2025 年 9 月 19 日 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 H 股可转换债券发行完成以及 在香港联合交易所有限公司上市的公告 根据本公司于 2025 年 9 月 11 日在上海证券交易所网站（www.sse.com.cn） 披露的《中国太平洋保险（集团）股份有限公司关于拟根据一般性授权发行 15,556,000,000 港元于 2030 年到期的零息 H 股可转换债券的公告》，本公司拟 发行本金总额为 15,556,000,000 港元于 2030 年到期的零息可转换为本公司 H 股 股份的债券（以下简称"H 股可转换债券"）。 H 股可转换债券认购协议中的所有先决条件均已达成，H 股可转换债券已于 2025 年 9 月 18 日完成发行，并将于 2025 年 9 月 19 日在香港联合交易所有限公 司上市和交易。后续本公司将根据中国证券监督管理委员会的相关规定及时履行 H 股可转换债券发行的相关备案程序。 证券 ...