（於中華人民共和國註冊成立的股份有限公司） 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。 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 ...

北京商报讯（记者 李秀梅）9月18日，中国平安人寿保险股份有限公司（以下简称"平安人寿"）公告， 平安资管受托平安人寿资金，投资于中国太保H股股票，于9月11日达到中国太保H股股本的10%，根据 香港市场规则，触发平安人寿举牌。 上月，平安人寿已经完成了一次对中国太保H股的举牌。 ...

Core Viewpoint - The insurance sector continues to experience a decline, with major companies like China Life Insurance, China Property & Casualty Insurance, China Pacific Insurance, and New China Life Insurance reporting significant drops in stock prices due to pressure on third-quarter earnings amid high investment base [1] Group 1: Market Performance - China Life Insurance (01339) fell by 4.57% to HKD 6.47 [1] - China Property & Casualty Insurance (02328) decreased by 3.82% to HKD 17.35 [1] - China Pacific Insurance (02601) dropped by 3.4% to HKD 30.64 [1] - New China Life Insurance (01336) declined by 2.81% to HKD 43.6 [1] Group 2: Industry Analysis - Recent weak performance in the insurance sector is attributed to high investment base pressures affecting third-quarter earnings [1] - The long-term value reassessment logic is still in play, driven by a combination of bottoming long-term interest rates and increased equity allocation enhancing investment efficiency [1] - The dual impact of lowering preset interest rates and cost reduction from integrated operations is expected to lead to ongoing interest margin recovery [1] Group 3: Future Outlook - If the equity market maintains its current momentum in September, some insurance companies may manage to achieve positive growth despite high base pressures [1] - Long-term trends indicate that the transformation of dividend insurance will enhance risk appetite on the liability side, supported by regulatory benefits such as solvency relaxation [1] - The insurance industry's equity allocation center is expected to rise, improving long-term investment returns and alleviating pressure from interest margin losses [1] - Liability costs are anticipated to continue declining due to dynamic adjustments in preset interest rates and structural optimization efforts [1]

Group 1 - The insurance sector continues to decline, with major companies like China Life Insurance, China Pacific Insurance, and New China Life Insurance experiencing significant drops in stock prices [1] - Recent performance of the insurance sector is weak due to high investment base pressures on Q3 earnings reports, but there is a long-term value reassessment logic in play [1] - The current environment suggests a potential for recovery in interest spreads, driven by a combination of long-term interest rates hitting a bottom and adjustments in liability costs [1] Group 2 - Looking ahead to Q3, if the equity market maintains its current momentum, some insurance companies may manage to achieve positive growth despite high base pressures [2] - Long-term trends indicate that the transformation of dividend insurance and regulatory benefits may enhance the risk appetite of the liability side, potentially leading to improved long-term investment returns [2] - Liability costs are expected to continue declining due to dynamic adjustments in preset interest rates and structural optimizations [2]

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. has experienced a decline in stock price recently, with significant net outflows of funds, despite a year-to-date increase in stock price [1][2]. Financial Performance - As of June 30, 2025, China Pacific Insurance reported a net profit of 27.885 billion yuan, representing a year-on-year growth of 10.95% [2]. - The company has a cumulative dividend payout of 119.281 billion yuan since its A-share listing, with 30.015 billion yuan paid out in the last three years [3]. Stock Market Activity - On September 18, 2023, the stock price of China Pacific Insurance fell by 2.01%, closing at 35.18 yuan per share, with a trading volume of 1.221 billion yuan and a turnover rate of 0.50% [1]. - The stock has increased by 6.61% year-to-date but has seen declines of 7.76% over the past five trading days, 11.83% over the past 20 days, and 3.77% over the past 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 23.33% to 87,600, while the average circulating shares per person increased by 31.77% to 81,698 shares [2]. - Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 219 million shares, a decrease of 33.3827 million shares from the previous period [3]. Business Overview - China Pacific Insurance operates as a comprehensive insurance group, primarily through its subsidiaries, providing life and property insurance products and services [2]. - The revenue composition includes 50.17% from property insurance, 47.56% from life and health insurance, 1.35% from other and offsetting items, and 0.92% from asset management [2]. Industry Classification - The company is classified under the non-banking financial sector, specifically in the insurance industry [2]. - It is associated with various concept sectors, including family doctor concept, low price-to-earnings ratio, and state-owned enterprises [2].

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 71.84%, Green Power Environmental (01330) at 69.15%, and China Shenhua (01088) at 68.07% [1] - The latest holding ratio rankings for the top 20 companies show significant ownership levels, with companies like Kaisa New Energy (01108) and COSCO Shipping Energy (01138) also exceeding 67% [1] - The recent five trading days saw Alibaba-W (09988) leading in increased holdings with a rise of 143.50 billion, followed by Yingfu Fund (02800) with an increase of 41.59 billion [1][2] Group 2 - The companies with the largest decreases in holdings over the last five trading days include Meituan-W (03690) with a reduction of 12.14 billion, Great Wall Motors (02333) with a decrease of 8.01 billion, and Xiaomi Group-W (01810) with a drop of 7.57 billion [2] - Other notable companies experiencing significant reductions in holdings include Tencent Holdings (00700) and Li Auto-W (02015), with decreases of 4.65 billion and 4.06 billion respectively [2] - The data reflects a dynamic trading environment, with substantial shifts in investor sentiment towards various companies within the Hong Kong market [2]

Core Viewpoint - The insurance industry plays a crucial role in mitigating economic risks, maintaining social stability, and enhancing livelihood security, as evidenced by the performance of listed insurance companies in their semi-annual reports [1] Group 1: Service to the Real Economy and Public Welfare - The life insurance sector is continuously enriching inclusive insurance products and services, providing essential support for healthcare, protection against loss, and elderly care [2] - China Life has engaged in over 200 major illness insurance projects and 70 long-term care insurance projects, while also launching innovative health insurance products [2] - China Pacific Insurance has increased its investment in the second pillar pension management assets to 678.3 billion yuan, a 5.1% increase from the beginning of the year [2] Group 2: Technology and Green Investments - China Pacific Insurance has increased its technology investment balance to 119.7 billion yuan, while New China Life has established a venture capital fund focused on new infrastructure and strategic emerging industries [3] - China Life has made significant investments in green sectors, including a major IPO in the renewable energy sector, while China Pacific has developed a green investment management system [3] Group 3: Market Stability through Investment - Several listed insurance companies have actively responded to calls for insurance capital to enter the market, enhancing equity allocation and investment capabilities [4] - New China Life has optimized its asset structure and participated in long-term capital market pilot reforms, establishing funds focused on high-quality listed companies [4] Group 4: A-share Market Investment Growth - China Insurance has increased its A-share investment assets by 26.1% by mid-year, with a focus on long-term investment value and stable dividend returns [5] Group 5: Investment Strategy for the Second Half of the Year - China Life remains optimistic about the A-share market, focusing on sectors such as technology innovation and advanced manufacturing for investment opportunities [6] - The company plans to maintain a flexible allocation strategy in fixed income while optimizing equity allocation towards high-dividend stocks [6] Group 6: Cost Reduction and Risk Management - The insurance industry is optimizing product structures and accelerating the development of floating yield dividend insurance products to mitigate interest rate risk [7] - New China Life has established a leadership group to promote the transformation of dividend insurance, achieving significant results in premium growth [8] Group 7: Asset-Liability Management - New China Life is enhancing its asset-liability matching capabilities by diversifying its fixed income portfolio and reducing reinvestment risks [9] - China Life has successfully narrowed the effective duration gap of its new business to 1.5 years, demonstrating effective interest rate risk management [9][10]

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. successfully issued a zero-coupon convertible bond due in 2030, raising HKD 15.556 billion, marking several records in the process [2][3] Group 1: Bond Issuance Details - The issuance is the largest zero-coupon convertible bond in Hong Kong dollars ever and the first negative yield convertible bond in nearly 20 years [2] - The bond attracted significant interest from long-term funds and international investors, achieving multiple times coverage in subscriptions [2][3] Group 2: Market Context and Investor Sentiment - The issuance reflects a growing trend among Chinese insurance companies to issue zero-coupon convertible bonds, with Ping An Group also completing a similar issuance earlier [4][5] - Long-term overseas capital is optimistic about the potential capital gains from converting these bonds into shares, driven by factors such as aging population and increasing insurance demand [5][6] Group 3: Valuation and Investment Rationale - China Pacific's H-share price-to-book ratio (PB) is at 1.04, indicating a relatively low valuation, while its embedded value ratio (P/EV) is approximately 0.53, suggesting significant room for valuation recovery [6] - The initial conversion price for the bond is set at HKD 39.04 per share, representing a premium of about 21.24% over the closing price of HKD 32.20 on September 10 [7] Group 4: Future Considerations - If the bonds are fully converted, it could increase China Pacific's share capital by approximately 12.55%, leading to potential dilution of dividend yields [9] - The company aims to use the raised funds to support its core insurance business and strategic initiatives, including "Big Health, AI+, and Internationalization" [10]

Core Viewpoint - The event "2025 Financial Education Promotion Week" was launched, showcasing a collaboration between China Pacific Insurance (CPIC) and a local rehabilitation hospital to promote financial knowledge and health technology experiences to the public [1][16]. Group 1: Financial Education Initiatives - CPIC's booth attracted significant attention, with staff distributing materials on preventing illegal fundraising, telecom fraud, and rational investment, making financial knowledge accessible and relatable to the public [2][16]. - The interactive and engaging approach of the financial education campaign effectively enhanced the public's financial literacy and risk awareness, contributing to the protection of their financial assets [2][16]. Group 2: Health Services and Technology Integration - The rehabilitation team from the local hospital provided free therapy experiences, utilizing advanced technology to address common health issues, which drew many participants [5][16]. - CPIC introduced a "video doctor" service, allowing citizens to consult with doctors online, enhancing their sense of security regarding health management [5][16]. Group 3: Engaging Activities and Community Interaction - The event featured a lively performance that creatively integrated financial consumer rights education, making the learning process enjoyable and memorable for attendees [8][16]. - Interactive games were organized to engage participants of all ages, with customized prizes and educational materials distributed to reinforce financial knowledge [10][16]. Group 4: Future Directions - CPIC plans to continue exploring the integration of insurance and services, aiming to provide richer, higher-quality, and more considerate services to enhance the quality of life for the local population [19].

Core Viewpoint - The event titled "Safeguarding Financial Rights and Supporting a Better Life" emphasizes the importance of financial safety education for graduate students, showcasing the collaboration between China Pacific Insurance and Beijing Technology and Business University [1][3]. Group 1: Event Overview - The event was organized by China Pacific Insurance's Beijing branch in collaboration with its other subsidiaries and featured participation from university leaders, insurance executives, and experts from the Beijing Anti-Fraud Center [1]. - A "Financial Safety Education Base" was inaugurated, marking a shift from one-time activities to a long-term educational platform for financial knowledge dissemination and risk case studies [4]. Group 2: Educational Initiatives - A lecture was delivered by a deputy team leader from the Beijing Public Security Bureau's Anti-Fraud Center, focusing on prevalent scams targeting students, such as "campus loans" and "fake customer service" [5]. - An interactive "Financial Knowledge Challenge" was held, allowing students to engage in games and quizzes to reinforce their understanding of financial safety in a fun environment [7]. Group 3: Social Responsibility and Collaboration - The event reflects China Pacific Insurance's commitment to financial education and corporate social responsibility, aligning with regulatory calls and fostering collaboration among academia, industry, and law enforcement [9]. - The innovative model of cooperation established a new ecosystem for financial safety education, integrating insights from academia, industry, and police to enhance students' financial safety awareness [9].