股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國太平洋保險(集團)股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02601 | 說明 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | 上月底結存 | | | 2,775,300,000 | RMB | 1 RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | 0 | | 本月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | 2,775,300,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國太平洋保險(集團)股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02601 | 說明 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | 上月底結存 | | | 2,775,300,000 | RMB | 1 RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | 0 | | 本月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | 2,775,300,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所 ...

Core Viewpoint - The annual disclosure season for participating insurance policies has revealed that leading insurance companies have achieved dividend realization rates exceeding 100%, with China Pacific Life Insurance (CPIC) leading the way [1][5]. Group 1: Performance of Participating Insurance Products - CPIC's two main whole life insurance products, "Manhao Life (Heritage Version)" and "Supreme Version," have achieved dividend realization rates of 145% and 127%, respectively, while its main annuity product, "Xinxin Yearly Annuity," has a realization rate of 124% [1][5]. - The high dividend realization rates of these products indicate strong actual returns for consumers, which are critical factors in their purchasing decisions [1][2]. Group 2: Comparison with Market Rates - The dividend realization rates of CPIC's products translate to customer yields of 3.5225% for the 145% realization rate, 3.33% for the 127% rate, and 3.302% for the 124% rate, all of which are significantly higher than current bank deposit rates and many wealth management products [2][6]. - The relative attractiveness of participating insurance products is expected to increase as traditional insurance and bank product rates decline [3][6]. Group 3: Underlying Strengths of CPIC - CPIC's ability to maintain high dividend realization rates is attributed to its solid fundamentals, including its strong market position as a publicly listed company in multiple locations and a 24-year history of consistent dividend payouts [2][7]. - The company has demonstrated superior investment performance, with an average investment return rate of 5.19% over the past decade, which supports its ability to deliver on customer promises [8][9]. Group 4: Industry Trends and Future Outlook - The competition in the participating insurance sector is shifting towards value creation, with CPIC's approach serving as a model for focusing on customer needs, stable investments, and transparent information disclosure [9].

Core Viewpoint - The insurance industry is currently in the annual disclosure season for participating insurance performance, with leading companies showing a general trend of dividend realization rates exceeding 100%, particularly highlighted by China Pacific Life Insurance's strong performance [1][6]. Group 1: Dividend Realization Rates - China Pacific Life Insurance's main participating insurance products, "Manhao Life (Heritage Version)" and "Manhao Life (Supreme Version)", achieved dividend realization rates of 145% and 127% respectively, while the annuity product "Xinxin Year" reached 124%, leading the industry [1][6][7]. - The dividend realization rate reflects the actual dividends distributed to policyholders compared to the projected dividends in product brochures, making it a crucial factor for consumers when selecting participating insurance products [7][8]. Group 2: Actual Returns and Market Position - Under the same predetermined and illustrated interest rates, a higher dividend realization rate translates to higher actual returns for consumers. China Pacific Life's products, with a 145% realization rate, correspond to a customer return rate of 3.5225% [2][8]. - In a low-interest-rate environment, the relative attractiveness of participating insurance products is increasing, especially as traditional insurance and bank products see further rate reductions [4][8]. Group 3: Company Fundamentals and Long-term Stability - China Pacific Life's ability to maintain high dividend realization rates is supported by its strong fundamentals, including its robust company background, superior investment management, and transparent information disclosure [11][13]. - The company has a long history of consistent dividend payouts, dating back to its first participating insurance product launched in 2001, which positions it as a pioneer in the industry [11][12]. Group 4: Investment Performance and Strategic Positioning - China Pacific Life has demonstrated strong investment performance, with an average investment return rate of 5.19% from 2015 to 2024, outperforming its listed peers [13]. - The company engages in various national key projects, which provide stable returns and align with the long-term nature of insurance funds, enhancing its competitive edge in the participating insurance market [13][14].

Core Viewpoint - The collaboration between China Pacific Insurance (CPIC) and South China Agricultural University has led to the successful application of the "Aerospace Treasure" microbial agent technology, significantly enhancing agricultural productivity and disease resistance in Shantou, contributing to rural revitalization efforts [3][5][29]. Group 1: Agricultural Innovations - The "Aerospace Treasure" technology has resulted in an average increase of 100 pounds per mu for vegetables, a 75% effectiveness in controlling rice sheath blight, and a notable increase in lychee fruiting rates, along with a 10%-15% increase in oil orange yields [2][10]. - The core of the "Aerospace Treasure" technology is derived from space-induced Bacillus cereus PS04, which enhances photosynthesis, improves germination and fruit-setting rates, and ultimately increases crop yields [13][15][17]. Group 2: Collaboration and Impact - The partnership between CPIC and South China Agricultural University is recognized as a successful model for integrating academic research with local economic development, demonstrating the effectiveness of the "prevention-first" approach in agricultural insurance [21][22]. - The successful implementation of the "Aerospace Treasure" technology in Shantou serves as a valuable experience for building an integrated service system of "insurance, prevention, and compensation," aiming to enhance disaster prevention and reduction capabilities for farmers [28][30].

内险股跌幅扩大，截止发稿，新华保险（601336）(01336)跌4.17%，报48.2港元；中国人寿（601628） (02628)跌3.52%，报21.95港元；中国太保（601601）(02601)跌3%，报30.7港元；中国财险(02328)跌 0.37%，报16.26港元。 东吴证券发布研究报告认为，预定利率的下调将推动保险公司新业务负债成本继续下降，伴随新业务对 存量的逐步稀释，存量平均成本也将逐步改善。预定利率调整后，分红险保底收益仅比传统险低25个基 点，且拥有浮动收益设计，对客户的吸引力更高，预计新单业务结构加速转向分红险，而分红险占比提 升将进一步缓解险企刚性成本压力。 消息面上，保险产品预定利率调降机制正式启动，各大保险公司紧锣密鼓地推进新老产品切换工作。中 国保险行业协会发布的最新数据显示，普通型人身保险产品预定利率研究值为1.99%，较上期下降14个 基点。这一数值已连续两个季度低于现行预定利率25个基点以上，触发了人身险业预定利率动态调整机 制。 ...

东吴证券发布研究报告认为，预定利率的下调将推动保险公司新业务负债成本继续下降，伴随新业务对 存量的逐步稀释，存量平均成本也将逐步改善。预定利率调整后，分红险保底收益仅比传统险低25个基 点，且拥有浮动收益设计，对客户的吸引力更高，预计新单业务结构加速转向分红险，而分红险占比提 升将进一步缓解险企刚性成本压力。 智通财经APP获悉，内险股跌幅扩大，截止发稿，新华保险(01336)跌4.17%，报48.2港元；中国人寿 (02628)跌3.52%，报21.95港元；中国太保(02601)跌3%，报30.7港元；中国财险(02328)跌0.37%，报 16.26港元。 消息面上，保险产品预定利率调降机制正式启动，各大保险公司紧锣密鼓地推进新老产品切换工作。中 国保险行业协会发布的最新数据显示，普通型人身保险产品预定利率研究值为1.99%，较上期下降14个 基点。这一数值已连续两个季度低于现行预定利率25个基点以上，触发了人身险业预定利率动态调整机 制。 ...

Group 1 - The latest scale of the Hong Kong Stock Connect Non-Bank ETF reached 12.707 billion yuan as of July 31, 2025, with a record high of 7.689 billion shares [1] - The ETF has seen continuous net inflows over the past 22 days, with a maximum single-day net inflow of 820 million yuan, totaling 7.468 billion yuan [1] - The ETF's net value increased by 85.25% over the past year, ranking 34th out of 2,943 index equity funds, placing it in the top 1.16% [1] Group 2 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index includes up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of these companies [2] - The top ten weighted stocks in the index account for 78.19%, with China Ping An, AIA, and Hong Kong Exchanges and Clearing each exceeding 14% [2] - China Life Insurance received a net inflow of 1.114 billion HKD from southbound funds, with a cumulative net inflow of 7.828 billion HKD over the past 20 days [2] Group 3 - In the first half of 2025, life insurance companies' original premium income grew by 5.4% year-on-year, with a second-quarter growth rate of 16.3% [3] - Property insurance companies reported a premium income of 964.5 billion yuan, also reflecting a year-on-year growth of 5.1% [3] - The insurance industry faces significant interest spread loss risks, with a need to lower new single liability costs to alleviate pressure [3] Group 4 - The "interest spread loss" pressure is identified as the core reason for the valuation pressure on insurance stocks, with potential for valuation recovery if the risk converges [4] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4]

7月30日，中国太保发布公告称，该公司董事会审议并通过了《关于中国太平洋财产保险股份有限公司 向中国太平洋保险（香港）有限公司增资的议案》，同意中国太平洋财产保险股份有限公司向其全资子 公司中国太平洋保险（香港）有限公司增资不超过港币15亿元或等值人民币。 （中国太保） ...

南方财经全媒体记者 孙诗卉 业内认为，相比监事会，审计委员会制度使监督者更加接近决策中心，具有明显的信息优势。同时，借 助于外部董事制度，提高了监督者的独立性，可以有效制衡公司内部人的决策管理，实现监督。因此， 审计委员会并不是独立的外部监督，而是内嵌在公司经营管理决策中的监督，相较于监事会而言，具有 更加便利的监督条件和制度优势。 "董监高"责任敞口催生保险新需求 随着新公司法的落地，传统"三会一层"架构正被更精简高效的治理模式取代。 7月30日，中国太保发布第十届董事会第十五次会议决议公告，宣布审议并通过了不再设立监事会相关 事项的议案。而在之前，已有四家保险公司宣布不再设立监事会。7月2日，大家保险集团发布公告，不 再设立监事会，监事会各监事已辞任；6月23日，泰康保险发布公告，公司不再设立监事会，第三届监 事会各监事自动离任；更早之前，中国人保、日本财险也已经相继宣布撤销监事会。 监事会逐步退出历史舞台 2024年7月1日，新修订的公司法正式实施。新公司法指出，国有独资公司在董事会中设置由董事组成的 审计委员会行使本法规定的监事会职权的，不设监事会或者监事；有限责任公司和股份有限公司可以按 照公司章程 ...