Core Viewpoint - Hong Kong insurance stocks experienced a strong performance on August 14, with notable increases in share prices for several companies [1] Company Performance - ZhongAn Online (06060.HK) saw a rise of 4.73% [1] - Sunshine Insurance (06963.HK) increased by 4.35% [1] - China Pacific Insurance (02601.HK) rose by 3.37% [1] - China Taiping (00966.HK) experienced a gain of 3.09% [1]

Group 1 - The Hong Kong Stock Connect Non-Bank ETF (513750) has seen a significant increase of 1.78% as of August 13, 2025, and a cumulative rise of 56.70% since its low on April 10 [1] - The ETF's trading volume was active, with a turnover rate of 17.57% and total transactions amounting to 2.628 billion yuan [1] - The latest inflation data from the US showed a mild increase, with a month-on-month rise of 0.2% and a year-on-year increase of 2.7%, which is below market expectations [1] Group 2 - As of August 13, 2025, the Hong Kong Stock Connect Non-Bank ETF reached a record high in size at 14.879 billion yuan, with a year-to-date growth of over 1785.80% [2] - The ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 906 million yuan, totaling 1.720 billion yuan in net inflows year-to-date [2] - The ETF's net asset value has increased by 94.24% over the past year, ranking 37 out of 2956 index equity funds, placing it in the top 1.25% [2] Group 3 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index (931024) has its top ten weighted stocks accounting for 78.19%, with major holdings including China Ping An, AIA, and Hong Kong Exchanges [3] - Insurance stocks are viewed as having dual dividend advantages, benefiting from both high dividends and the performance of high-dividend assets in which leading insurers have invested [3] - The non-bank sector is expected to benefit from macroeconomic stability and potential interest rate cuts by the Federal Reserve, which could enhance market activity in both A-shares and Hong Kong stocks [3] Group 4 - The Hong Kong Stock Connect Non-Bank ETF (513750) is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4] - The ETF selects up to 50 listed companies that meet the non-bank financial theme from the Hong Kong Stock Connect securities range to reflect the overall performance of this sector [4]

盘前要闻 1、标普、纳指再创新高！腾讯ADR大涨超7%，点燃中概股交易激情 类型：市场 情绪影响：正面 隔夜美股标普、纳指再创新高，道指距历史高位只差临门一脚。中概股连续第二天强势大涨，纳斯达克 中国金龙指数收涨2.08%，发布财报的腾讯ADR大涨7.4%、阿里巴巴涨3.63%、网易涨3%，百度涨 3.69%。 2、时隔六年再现险企举牌险企！中国平安举牌中国太保H股，业内解读 类型：公司 情绪影响：正面 近日，中国平安增持中国太保H股约174万股，增持总金额约5583.89万港元。增持完成后，中国平安持 有中国太保H股股份占其H股总股本的比例约5.04%，达到举牌条件。业内人士表示，中国平安此次举 牌中国太保，跟举牌银行的逻辑应该是相似的，主要是财务上的考量。 3、7月末社融规模同比增长9%，M2增长8.8% 来看分析人士解读 类型：宏观 情绪影响：正面 央行数据显示，7月末，社会融资规模、广义货币(M2)、人民币贷款同比分别增长9%、8.8%、6.9%， 继续高于经济增速。分析人士表示，多因素影响下，7月信贷增速有所放缓，但贷款利率低位下行，反 映信贷供给充裕，实体经济有效融资需求得到满足。 4、两部门征求 ...

每经记者｜袁园 每经编辑｜程鹏 张益铭 继举牌招商银行H股、农业银行H股后，中国平安又出手了！只不过这次中国平安举牌的标的不是银行股，而是另一家大型上市保险公司中国太保。 8月13日，《每日经济新闻》记者从港交所披露的数据获悉，近日，中国平安增持中国太保H股约174万股，每股作价32.07港元，增持总金额约5583.89万 港元。增持完成后，中国平安持有中国太保H股股份占其H股总股本的比例约5.04%，达到举牌条件。 时隔6年，中国太保H股再次成为险企举牌的标的，不过这次换成了中国平安。港交所披露的数据显示，中国平安增持中国太保H股约174万股，每股作价 32.07港元，增持完成后，中国平安持有中国太保H股股份占其H股总股本的比例约5.04%，达到举牌条件。 公开资料显示，中国太保成立于1991年5月13日，是国内领先的综合性保险集团，拥有人寿保险、财产保险、养老保险、健康保险、农业保险和资产管理 等在内的保险全牌照，并在上海、香港、伦敦（A+H+G）三地上市。2024年，集团营业收入达4040.89亿元，同比增长24.7%；归母净利润449.6亿元，同 比增长64.9%；集团管理资产规模达3.54万亿元，较 ...

Group 1 - China Pacific Insurance (Group) Co., Ltd. (stock code: 02601.HK) was increased in shareholding by Ping An Insurance (Group) Company of China, Ltd. on August 11, 2025, acquiring 1,741,400 shares at an average price of HKD 32.0655 per share, totaling approximately HKD 55.839 million [1][2] - Following this transaction, Ping An Insurance's total shareholding in China Pacific Insurance rose to 140,088,600 shares, increasing its ownership percentage from 4.98% to 5.04% [1][2]

Core Viewpoint - Insurance companies are actively increasing their stakes in listed companies, with a notable rise in the number of equity investments this year, indicating a strong willingness to enhance equity asset allocation [3][4][6]. Group 1: Recent Activities - On August 13, China Pacific Life Insurance Co., Ltd. announced that it and its affiliates have increased their stake in Guangdong Dongyangguang Pharmaceutical Co., Ltd. by acquiring H-shares [3]. - As of August 13, the total number of equity stakes taken by insurance funds this year has reached 27, significantly higher than the 20 instances recorded for the entire previous year [5][6]. Group 2: Investment Trends - The majority of the 27 instances of stake increases this year were driven by active buying, with only 2 instances being triggered by passive factors, reflecting a strong intent among insurance funds to increase their holdings in listed companies [5][6]. - The main methods of stake acquisition include competitive trading and secondary market purchases, primarily funded by self-owned capital and insurance liability reserves [5]. Group 3: Regulatory Environment - Recent regulatory changes have established actionable assessment standards for the proportion and stability of insurance funds entering the A-share market, promoting a long-term assessment mechanism [6]. - Adjustments to solvency rules by the National Financial Regulatory Administration have reduced the risk factors for stock investments, encouraging insurance funds to increase their market participation [6]. Group 4: Equity Asset Allocation - The proportion of equity assets held by insurance companies is gradually increasing, with the overall equity investment accounting for approximately 20.6% of total fund utilization as of the first quarter of this year [7]. - Regulatory guidelines specify that the equity asset balance must not exceed certain percentages of total assets based on the solvency ratio, allowing for significant room for future increases in equity allocations [7][8]. Group 5: Company-Specific Insights - China Ping An Life Insurance Co., Ltd. reported a solvency ratio of 227.92% as of the first quarter, allowing for an equity investment limit of 30%, with its equity assets accounting for 23.26% of total assets [8]. - China Post Life Insurance Co., Ltd. had a solvency ratio of 194.59% at the end of the second quarter, with equity assets making up 17.08% of total assets, indicating substantial potential for future equity allocation [8].

Core Viewpoint - The insurance sector is actively increasing its equity asset allocation, with significant potential for future growth in this area [1][4]. Group 1: Insurance Companies' Activities - China Pacific Life Insurance Co., Ltd. announced its recent acquisition of shares in Guangdong Dongyangguang Pharmaceutical Co., Ltd., holding approximately 605.86 million shares, which represents 5.38% of the latter's H-share capital [2]. - As of August 13, 2023, the total number of equity stakes acquired by insurance capital reached 27 this year, significantly higher than the 20 instances recorded in the previous year [2]. - The majority of these acquisitions were driven by proactive buying, indicating a strong willingness among insurance companies to increase their holdings in listed companies [2]. Group 2: Regulatory Environment - Recent regulatory changes have established actionable assessment standards for the proportion and stability of large state-owned insurance companies' investments in A-shares, promoting a long-term assessment mechanism [3]. - Adjustments to solvency rules have reduced the risk factors associated with stock investments, encouraging insurance capital to increase market participation [3]. Group 3: Equity Asset Allocation - The proportion of equity assets in insurance companies is gradually increasing, with equity investments accounting for approximately 20.6% of total investment assets as of the first quarter of this year [4]. - Regulatory guidelines dictate that the equity asset balance must not exceed certain thresholds based on the solvency ratio, allowing for a structured approach to equity investment [4]. Group 4: Future Outlook - Analysts believe that there is still considerable room for insurance companies to increase their equity asset allocation, as many companies are currently below their investment limits [5]. - The current capital market environment and accounting standards suggest that insurance capital is likely to continue expanding its equity asset holdings in the future [5].

北京商报讯（记者胡永新）8月13日，中国太平洋保险（集团）股份有限公司发布的保费收入公告显示，公司于2025年1月1日至2025年7月31日期间，公司子 公司中国太平洋人寿保险股份有限公司累计原保险保费收入为1859.62亿元，同比增长9%，公司子公司中国太平洋财产保险股份有限公司累计原保险保费收 入为1286.28亿元，同比增长0.8%。 证券代码:601601 中国太平洋保险（集团）股份有限公司 保费收入公告 于 2025年 1 月 1 日至 2025 年 7 月 31 目期间,本公司子公司中国 太平洋人寿保险股份有限公司累计原保险保费收入为人民币 1,859.62 亿元,同比增长 9.0%,本公司子公司中国太平洋财产保险股份有限公 司累计原保险保费收入为人民币 1,286.28 亿元,同比增长 0.8%。 证券简称:中国太保 公告编号:2025-041 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。 上述累计原保险保费收入数据未经审计,提请投资者注意。 特此公告。 中国太平洋保险(集团)股份有限公司董事会 20 ...

（文章来源：证券日报） 证券日报网讯 8月13日晚间，中国太保发布公告称，于2025年1月1日至2025年7月31日期间，本公司子 公司中国太平洋人寿保险股份有限公司累计原保险保费收入为人民币1，859.62亿元，同比增长9.0%， 本公司子公司中国太平洋财产保险股份有限公司累计原保险保费收入为人民币1，286.28亿元，同比增 长0.8%。 ...

中国太保（601601）(02601)发布公告，于2025年1月1日至2025年7月31日期间，中国太平洋保险(集团) 股份有限公司(本公司)子公司中国太平洋人寿保险股份有限公司累计原保险保费收入为人民币1859.62亿 元，同比增长9.0%，本公司子公司中国太平洋财产保险股份有限公司累计塬保险保费收入为人民币 1286.28亿元，同比增长0.8%。 ...