Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The issuance of H-share convertible bonds is a strategic move to further international capital layout and support the implementation of three core strategies: "Great Health and Wellness," "Artificial Intelligence+," and "Internationalization" [6][7] - The net proceeds from the bond issuance will be used to support the insurance main business, the three core strategies, and to supplement working capital [7] - The company aims to enhance its cross-border service capabilities and global asset allocation through this internationalization strategy, leveraging Hong Kong as a key hub [7] Summary by Relevant Sections Company Overview - Total share capital is 9,620.34 million shares, with a market price of CNY 38.14 and a market capitalization of CNY 366,919.82 million [4][3] Financial Performance - The forecasted net profit attributable to the parent company for 2025 is CNY 39,734 million, reflecting a year-on-year decrease of 11.6% [5] - The earnings per share (EPS) for 2025 is projected to be CNY 4.13, with a net asset return rate of 13.0% [5][10] Convertible Bond Details - The convertible bond issuance is sized at HKD 15.556 billion, maturing on September 18, 2030, with a conversion price of HKD 39.04, representing a premium of approximately 21.2% over the closing price on the issuance date [7][8] - If fully converted, the bonds would result in approximately 398 million new shares, accounting for about 4.14% of the existing share capital [7][8] Capital Adequacy - As of the end of the first half of 2025, the comprehensive solvency adequacy ratio is 264%, and the core solvency adequacy ratio is 190% [7][8] - The issuance of convertible bonds is expected to enhance the solvency ratios by approximately 7.02 percentage points post-conversion [7][8] Profit Forecast - The projected net profit for 2026 and 2027 is CNY 42,084 million and CNY 44,257 million, with year-on-year growth rates of 5.9% and 5.2% respectively [10]

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. successfully issued HKD-denominated convertible bonds with a financing scale of HKD 15.556 billion, reflecting strong market confidence in the company's fundamentals and long-term development prospects [1] Group 1 - The issuance achieved several records: it is the first offshore convertible bond for a state-owned financial enterprise listed both domestically and internationally, the largest zero-coupon convertible bond in history, the first negative yield HKD convertible bond in nearly 20 years, and the largest overseas refinancing project in the Asia-Pacific financial sector since 2025 [1] - Over 70% of the bonds were subscribed by long-term investors, with a conversion premium rate of 25%, indicating robust demand and confidence in the company's strategic direction [1] Group 2 - The funds raised will primarily support the insurance core business and the company's three strategic developments: "Great Health and Elderly Care," "Artificial Intelligence+," and "Internationalization" [1] - The fundraising effort demonstrates the company's commitment to focusing on its core responsibilities and strategic priorities, emphasizing value creation and long-term growth in a new development phase for the insurance industry [1]

Core Insights - China Pacific Insurance (CPIC) is enhancing its role from a "risk bearer" to a "risk manager" and "guardian of a better life" through digital transformation and technology integration [1] - The theme of the current service trade fair is "Digital Intelligence Leading, Service Trade Renewing," showcasing the importance of digital technology in the insurance sector [1] Group 1: Digital Transformation and Innovation - CPIC is leveraging big data governance and the integration of financial and digital technologies to accelerate digital labor applications, resulting in a 1.9 times increase in customer engagement conversion rates [1] - China Life Insurance has reduced its overall claim processing time to 0.34 days, with over 80% of claims services being conducted online, enhancing service efficiency and customer experience [2] - China Reinsurance is focusing on climate risk management and will showcase its innovative product "Climate Vision" at the fair, highlighting its role in national climate risk governance [3] Group 2: Insurance Services and Coverage - CPIC is providing insurance coverage totaling 307.6 billion yuan for the service trade fair, expected to cover 400,000 participants, with a focus on special risks associated with the renovation of industrial heritage sites [4] - CPIC has established a specialized risk engineering team to conduct multiple rounds of risk assessments on various aspects of the exhibition, including structural characteristics and safety measures [5] - CPIC is also offering excess carbon emission insurance to compensate for additional carbon emissions incurred during disaster recovery efforts, supporting the "zero carbon" initiative [5]

Summary of Key Points Core Viewpoint - The report highlights the short-selling ratios and amounts for various stocks, indicating significant bearish sentiment in the market, particularly for New World Development, Li Ning, and BYD, which have the highest short-selling ratios [1][2]. Short-Selling Ratios - New World Development and Li Ning both have a short-selling ratio of 100.00%, indicating complete bearish positions [2]. - BYD has a short-selling ratio of 91.94%, suggesting strong negative sentiment towards the stock [2]. Short-Selling Amounts - Alibaba leads in short-selling amount with 7.482 billion, followed by China Pacific Insurance at 1.943 billion and Meituan at 1.420 billion [2]. - Tencent Holdings and CSPC Pharmaceutical also feature in the top five for short-selling amounts, with 1.006 billion and 0.887 billion respectively [2]. Deviation Values - China Ping An has the highest deviation value at 45.98%, indicating a significant difference between its current short-selling ratio and its average over the past 30 days [2]. - China Pacific Insurance and Lai Kai Pharmaceutical follow with deviation values of 44.30% and 39.82% respectively, suggesting notable shifts in market sentiment [2].

NO.2 零息H股可转债发行添新例，中国太保拟发155.56亿港元可转债 9月11日，中国太保公告，拟发行本金总额155.56亿港元、2030年到期的零息H股可转换债券。这是今年 继中国平安之后，又一家拟发行零息H股可转换债券的上市险企。 点评：有保险业内人士分析称，通过低成本的融资来补充资本金，是当前险资的迫切需求。除了资本补 充债和永续债以外，零息可转债也是多渠道资本补充方式之一。与资本补充债和永续债相比，可转债一 旦转股后，可以补充核心资本而非附属资本，可提升核心偿付能力充足率，具有更强的风险抵御能力。 每经编辑｜张益铭 ｜2025年9月12日 星期五｜ NO.1 央行：将加大对要素市场化配置综合改革试点地区的金融支持力度 9月11日，中国人民银行研究局局长王信在国新办例行发布会上表示，下一步，中国人民银行将围绕增 加有效金融服务供给，推动更高水平的金融开放合作，推动数智赋能金融发展等方面，加大对要素市场 化配置综合改革试点地区的金融支持力度，为建设全国统一大市场作出积极贡献。 点评：中国人民银行加强对要素市场化配置综合改革试点地区的金融支持，彰显了其促进经济结构转型 和高质量发展的决心。这一举措有助于 ...

人民财讯9月12日电，又见"保险投资保险"。港交所披露易信息显示，8月底，中国平安相继买入中国太 保H股和中国人寿H股，对两家险企H股持股比例突破8%，距离此前突破5%举牌线均不到1个月。中国 平安持续增持保险股，此举被市场解读为释放积极信号，折射出险企对自身行业基本面已筑底向好的共 识。多位上市险企高管近期表示，A股具备中长期配置价值，将稳步增加权益资产配置，不断优化权益 投资策略，增强投资业绩的稳定性。 转自：证券时报 ...

Core Viewpoint - China Pacific Insurance (China Taibao) has successfully issued Hong Kong dollar zero-coupon convertible bonds, raising a total of HKD 15.556 billion, marking a significant achievement in the financial market [1] Group 1: Issuance Details - The issuance was conducted under a zero-coupon premise, achieving a premium issuance with a conversion premium rate of 25% [1] - Long-term investors accounted for over 70% of the subscription, indicating strong market confidence [1] Group 2: Record Achievements - This issuance sets multiple records, being the largest scale of Hong Kong dollar zero-coupon convertible bonds in history [1] - It is also the first offshore convertible bond issued by a state-owned financial enterprise that is listed both domestically and internationally [1] - Furthermore, it represents the largest overseas refinancing project in the Asia-Pacific financial sector since 2025 [1]

曾经让财险公司陷入亏损困境的新能源车险业务迎来转机。部分上市险企2025年上半年经营数据显示， 头部险企的新能源车险业务已率先实现承保盈利。 业内人士认为，前期数据积累使产品定价更合理、保费规模扩大摊薄成本、险企强化与车企合作降低赔 付成本，以及险企的精细化管理等因素，推动部分险企新能源车险业务实现盈利。随着险企定价能力提 升、维修成本降低、出险率和赔付率走低，新能源车险行业有望在未来三年迎来扭亏的拐点。 ● 本报记者 陈露 头部公司率先盈利 "新能源车险总体经营情况比较好，已经进入盈利空间。"中国太保副总裁俞斌在2025年中期业绩发布会 上表示。上半年，太保产险新能源车险服务车辆数超过530万辆，新能源车险原保险保费收入105.96亿 元，占车险保费比例19.8%。 中国精算师协会此前发布的数据显示，2024年我国保险行业承保新能源汽车3105万辆，保费收入1409亿 元，承保亏损57亿元，呈现连续亏损。 中国太保并非实现新能源车险盈利的个例。中国平安2025年半年报显示，上半年，平安产险实现承保新 能源车575万辆，同比增长49.3%，新能源车险原保险保费收入217亿元，同比增长46.2%，市场份额 27 ...

Core Viewpoint - The issuance of zero-coupon convertible bonds by Chinese insurance companies, such as China Pacific Insurance, is a strategic move to raise capital while managing share capital effectively, balancing between debt financing and share repurchase operations [1][2][4]. Group 1: Financing Details - China Pacific Insurance successfully issued H-share convertible bonds amounting to HKD 155.56 billion, achieving a premium issuance under zero coupon conditions [2]. - The initial conversion price for the convertible bonds is set at HKD 39.04 per share, with a conversion premium rate of 25% [2]. - The issuance marks several records, including being the largest zero-coupon convertible bond in Hong Kong history and the largest overseas refinancing project in the Asia-Pacific financial sector since 2025 [2]. Group 2: Capital Management Strategy - The concurrent issuance of convertible bonds and the repurchase of A-shares by companies like China Ping An is a strategic "three-win" operation, enhancing shareholder value and improving stock liquidity [4]. - The repurchase of A-shares is expected to elevate share prices and increase earnings per share, while the issuance of convertible bonds can attract more foreign investors and improve H-share liquidity [4][6]. Group 3: Long-term Strategic Goals - The funds raised from the issuance will primarily support the core insurance business and strategic developments in healthcare and technology sectors, which require substantial capital investment [6][7]. - The issuance of low-cost bonds is aimed at meeting regulatory capital requirements and supporting the long-term strategic goals of the companies [7].

Core Viewpoint - China Ping An's continuous increase in holdings of insurance stocks is interpreted as a positive signal, reflecting a consensus among insurance companies that the fundamentals of the industry have bottomed out and are improving [1][2]. Group 1: Investment Activities - As of August 28, China Ping An's subsidiaries acquired a total of 10.72 million shares of China Pacific Insurance (CPIC) H-shares at an average price of 35.6922 HKD per share, raising its stake to 8.02% [2]. - The following day, Ping An Life further increased its holdings in CPIC by acquiring 6.1 million shares, bringing its total holdings to 198 million shares and its stake to 7.14% [2]. - Overall, since August, China Ping An has invested over 3 billion HKD in CPIC H-shares [2]. - Additionally, on August 28, Ping An Life spent over 1 billion HKD to acquire 4.41 million shares of China Life H-shares at an average price of approximately 23.55 HKD, increasing its stake to 8.32% [2]. Group 2: Market Trends and Insights - As of June 30, the balance of investments in stocks and securities investment funds by life and property insurance companies reached 4.73 trillion CNY, a 25% increase compared to the same period in 2024 [4]. - The stock market investments of five A-share listed insurance companies exceeded 1.8 trillion CNY, reflecting a year-on-year increase of over 400 billion CNY, with a growth rate of 28.7% [4]. - Insurance companies have made 28 stake acquisitions in 2023, surpassing the total number of acquisitions from 2021 to 2023 [4]. Group 3: Strategic Focus - Insurance executives have indicated a commitment to increasing equity asset allocation, with a focus on long-term investment value in the A-share market [6]. - China Life's Chief Investment Officer expressed optimism about the A-share market for the second half of the year, emphasizing investment opportunities in sectors such as technology innovation, advanced manufacturing, and new consumption [6]. - The insurance asset management industry is optimistic about sectors related to the CSI 300 index, including pharmaceuticals, electronics, banking, and defense, with a focus on high-dividend and innovative assets [7].