证券代码：601601 证券简称：中国太保 公告编号：2025-042 本公司将于 2025 年 8 月 29 日在上海证券交易所网站 （www.sse.com.cn） 披露本公司 2025 年半年度报告。为了便于广大投资者更全面深入地了解 本公司 2025 年上半年的业绩和经营情况，本公司将于 2025 年 8 月 29 日 题进行交流。 重要提示 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 关于召开2025年中期业绩说明会的公告 重要内容提示： ? 会议召开时间：2025 年 8 月 29 日（星期五）15:30-17:00 ? 会议召开方式：网络直播 一、业绩说明会类型 五、联系人及咨询办法 本公司投资者关系部 二、业绩说明会召开的时间、地点 （一）会议召开时间：2025 年 8 月 29 日 15:30-17:00 （二）会议召开方式：网络直播 （三）网络直播接入方式：投资者可通过链接（https://webcast.roads howchina.cn/UHNNM0FrOG5Tc ...

Core Viewpoint - The current bull market in A-shares is supported by state funds and insurance capital, igniting retail investor sentiment, with various stages of investor confidence observed [1][2]. Group 1: Market Dynamics - The A-share market has undergone significant transformation, including corporate governance reforms and increased dividend buybacks, leading to a more favorable investment environment [1]. - The Shanghai Composite Index reached a ten-year high of 3766.21 points on August 20, with trading volumes remaining high, indicating increased market activity [4]. - Retail investors have become the main drivers of the bull market, with significant potential for further market entry, as Chinese households hold substantial excess savings [3][4]. Group 2: Retail Investor Behavior - Retail investors show a preference for small and mid-cap stocks, with higher ownership ratios in indices like the CSI 1000 and CSI 500 compared to foreign investors [6]. - The CSI 1000 index has a significant margin trading exposure, indicating its sensitivity to market performance and liquidity conditions [6]. Group 3: Institutional Investment - Insurance capital has significantly increased its direct investment in stocks, with an estimated 1 trillion yuan invested over the past year, indicating a strong commitment to the A-share market [8]. - Recent regulatory changes have allowed insurance funds to increase their equity asset allocation, further boosting their market presence [8]. Group 4: Foreign Investment Trends - Foreign investors are gradually correcting their underweight positions in Chinese equities, with increased interest from hedge funds and long-term investors [10]. - Notable inflows of long-only foreign capital have been observed, indicating a shift in sentiment towards Chinese stocks [10][11]. Group 5: Fund Issuance and Performance - The issuance of public funds is expected to rise as the stock market recovers, creating a positive feedback loop for liquidity in the A-share market [12]. - Despite a slow start in fund issuance this year, recent performance improvements have led to a higher number of new fund launches [12]. Group 6: Wealth Management and Asset Allocation - Wealth management firms are likely to gradually increase their equity market allocations as bond yields remain low, indicating a shift in investment strategy [13][14]. - There is a growing acceptance among clients for products with higher volatility and better returns, suggesting a potential increase in equity exposure [14].

Core Viewpoint - Insurance capital continues to show enthusiasm for equity market allocation, with a total of 30 instances of capital raising this year, including 6 in A-shares and 25 in H-shares, primarily in banking and insurance sectors, as well as utilities, energy, biomedicine, and technology [1] Group 1: Investment Strategy - China Pacific Insurance adheres to a "value investment, long-term investment, stable investment, and responsible investment" philosophy, implementing a refined "barbell" asset allocation strategy that increases long-term interest rate bonds while also adding equity and alternative investments to enhance long-term returns [2][3] - The company has actively increased its equity holdings during market downturns, such as the low market phase before September 24, 2024, and the significant drop on April 7 this year, thereby acting as a stabilizer in the stock market [2] - The establishment of the Taibao Zhanxin M&A Fund with a target size of 30 billion yuan and the Taibao Zhiyuan Private Securities Investment Fund with a target size of 20 billion yuan supports the company's long-term investment strategy [2] Group 2: Asset Allocation Logic - The company has developed a strategic asset allocation methodology centered on solvency and risk appetite, balancing short-term profit fluctuations with long-term net value growth [3] - In equity investments, the focus is on a dividend value strategy, optimizing the structure of equity investment portfolios while exploring innovative high-quality assets in fixed income, such as ABS and public REITs [3][6] - The company is expanding its investment varieties and channels, including gold investments and swap facilities, to enhance the efficiency and quality of insurance capital utilization [3] Group 3: Market Outlook and Challenges - The company views the Chinese equity market positively, citing better intrinsic returns from equity assets compared to fixed income, with the dividend yield of the CSI 300 index at 2.8% and the Hang Seng index at 3.2% [6] - The ongoing low interest rate environment presents challenges, with a predicted downward trend in mid- to long-term interest rates, leading to difficulties in obtaining stable returns due to a shortage of quality assets [11][12] - The company recognizes multiple strategic opportunities, including participation in emerging industries like new energy and AI, and aims to leverage its large-scale, long-term capital to optimize asset allocation [12]

Core Viewpoint - Insurance capital continues to show enthusiasm for equity market allocation, with a total of 30 instances of capital raising this year, including 6 in A-shares and 25 in H-shares, primarily in banking and insurance sectors, as well as utilities, energy, biomedicine, and technology [1][4] Group 1: Investment Strategy - China Pacific Insurance adheres to a "value investment, long-term investment, prudent investment, and responsible investment" philosophy, implementing a refined "barbell" asset allocation strategy that balances long-term government bonds and equity investments [4][5] - The company has increased its allocation to long-term government bonds, leading the industry in this regard, while also expanding its equity and alternative investments to enhance long-term returns [4][5] - The establishment of the Taibao Zhanxin M&A Fund with a target size of 30 billion yuan and the Taibao Zhiyuan Private Securities Investment Fund with a target size of 20 billion yuan supports the company's long-term investment strategy [4][5] Group 2: Market Analysis - The company views the current equity market positively, noting that equity assets have the best allocation value among major asset classes, with a dividend yield of 2.8% for the CSI 300 Index and 3.2% for the Hang Seng Index [7][8] - The company emphasizes a cross-cycle asset allocation system and a strategy-driven management system, focusing on sustainable dividend income and long-term value growth [8][9] Group 3: Alternative Investments - In the current low-interest-rate environment, alternative assets are seen as a key direction for insurance capital, providing risk diversification in asset allocation [12] - The company is actively involved in equity investments, particularly in the context of policy-driven opportunities in the M&A market, and is focusing on real estate investments through funds targeting logistics, data centers, and renewable energy infrastructure [12][13] Group 4: Challenges and Opportunities - The insurance capital allocation environment is complex due to global political and economic changes, domestic real estate market adjustments, and investment slowdown [14][15] - Despite challenges, the company identifies strategic opportunities in emerging industries such as renewable energy and AI, leveraging its long-term capital advantages for investment [15]

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。 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） 自願公告 召 開2025年中期業績說明會 本 公 告 乃 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司（「本公司」）董 事 會（「董事會」） 自 願 作 出。 本公司將於2025年8月28日在香港聯合交易所有限公司網站 (www.hkexnews.hk)披露本公司2025年 中 期 業 績。為 了 便 於 廣 大 投 資 者 更 全面深入地 了 解本公司2025年 上半年的 業 績 和 經 營 情 況，本 公 司 將 於 2025年8月29日15:30-17:00（北 京 時 間，下 同）召 開 業 績 說 明 會，就 投 資 者 普 ...

证券代码：601601 证券简称：中国太保 公告编号：2025-042 重要提示 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 关于召开2025年中期业绩说明会的公告 重要内容提示： 一、业绩说明会类型 本公司将于2025年8月29日在上海证券交易所网站（www.sse.com.cn） 披露本公司 2025 年半年度报告。为了便于广大投资者更全面深入地了解 本公司 2025 年上半年的业绩和经营情况，本公司将于 2025 年 8 月 29 日 15:30-17:00（北京时间，下同）召开业绩说明会，就投资者普遍关注的问 题进行交流。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2025 年 8 月 29 日 15:30-17:00 1 会议召开时间：2025 年 8 月 29 日（星期五）15:30-17:00 会议召开方式：网络直播 网络直播接入方式：投资者可通过链接（https://webcast.roadshowchina. cn/UHNNM0FrOG5Tc3NHVndtZX ...

Core Viewpoint - The insurance industry is adjusting its asset allocation strategies in response to a low interest rate environment, focusing on extending bond durations, credit downgrading, increasing equity allocations, and enhancing alternative assets [1][3][4]. Group 1: Asset Allocation Strategies - The overseas insurance industry has made four major adjustments to asset allocation: extending bond durations, credit downgrading, increasing equity allocations, and enhancing alternative assets [3][4]. - Domestic insurance companies are learning from overseas experiences to develop a diversified asset allocation strategy suitable for the domestic market, including increasing high-dividend assets through FVOCI accounts [1][3]. Group 2: Recent Investment Activities - Since August, insurance capital has frequently acquired shares in financial sector listed companies, with notable transactions including China Ping An's purchases of China Pacific Insurance H-shares [2][6]. - Insurance companies have made over 20 acquisitions of listed companies this year, marking the highest number in five years, primarily targeting high-dividend H-shares in the banking and insurance sectors [6]. Group 3: Financial Performance and Challenges - Insurance companies are striving to maintain high investment returns, with China Ping An achieving a comprehensive investment return rate of 5.8% in 2024, up 2.2 percentage points year-on-year [7]. - The average return rate of non-standard assets held by leading insurance companies has decreased from 6% in 2017 to 4.5% currently, indicating pressure to seek higher returns [8]. Group 4: Market Dynamics and Strategic Considerations - The high dividend yield of H-shares in the banking and insurance sectors, around 4%, is attracting insurance capital, especially in a low interest rate and asset scarcity environment [4][9]. - The narrowing AH share premium has prompted insurance capital to accelerate acquisitions to lock in lower holding costs before further declines [12][13]. Group 5: Risk Management and Asset Liability Matching - Insurance companies are using high-dividend stocks to mitigate risks associated with interest rate differentials and funding mismatches, as the average investment return rate has shifted down to 3%-4% [15][16]. - The phenomenon of "long money short matching" is prevalent, with many leading insurance companies facing a duration gap of 4-7 years, prompting a shift towards high-dividend H-shares as long-term assets [16][18].

在行业保费增速放缓的大背景下，渠道变革呈现出新的特点。全行业新单保费同比缩水超20%，传统代 理人渠道普遍面临压力。中国太保寿险的代理人渠道新单保费下滑15.2%，但银保渠道却异军突起，新 保业务同比飙涨130.7%，对整体保费增量的贡献度高达87%。这种结构性转变虽在短期内缓解了增长压 力，却也带来了业务利润率下降的隐忧。 2025寿险风云： 中国太保 的多重挑战与破局之路 2025年第一季度，中国 保险 市场迎来了一场悄无声息却又影响深远的结构性调整。五大A股上市险企 的财报呈现出一幅"两升三降"的营收图景，净利润分化明显。中国太保归母净利润同比大幅下降 18.1%，这一数据不仅反映了企业自身面临的经营难题，更预示着寿险行业的竞争格局或许正在重塑。 资产配置：市场波动下的能力大考 市场的风云变幻，对险企的投资能力提出了严峻考验。2025年一季度，中国太保的公允价值变动收益锐 减89%，仅剩16.55亿元，与2024年投资收益率高达5.6%的辉煌形成鲜明对比。新金融工具会计准则实 施后，资本市场的一举一动对企业损益表的影响被无限放大，主动管理能力和资产配置策略成了决定胜 负的关键因素。 在行业内部，各家险企 ...

Group 1 - The meeting between the Secretary of the Municipal Party Committee and the General Manager of China Pacific Property Insurance Jiangsu Branch highlights the importance of collaboration for local economic development [1] - The Secretary emphasized the need for both parties to deepen communication and enhance complementary advantages to achieve mutual benefits [1] - The General Manager expressed gratitude for the support from the local government and outlined the company's recent development, indicating a strong potential for cooperation in local economic and social construction [1]

证券之星消息，8月20日保险板块较上一交易日上涨1.58%，中国太保领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。保险板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601601 | 中国太保 | 40.35 | 3.28% | 28.93万 | | 11.42 Z | | 601336 | 新华保险 | 67.45 | 2.04% | 13.05万 | | 8.68亿 | | 61319 | 中国人保 | 8.58 | 1.90% | 67.61万 | | 5.72亿 | | 601318 | 中国平安 | 59.20 | 1.72% | 76.27万 | | 44.53 乙 | | 601628 | 中国人寿 | 42.20 | 0.79% | 12.41万 | | 5.1 ...