- 96 110 . . in for 老屋 太平 CPic L s . C / w 8 - t 2025年是"7.8全国保险公众宣传日"活动举办的第十三年。中国太保寿险山东分公司根据行业协会及总公司部署要求，积极开展"爱和责任 保险让生活更美 好"2025年"7.8全国保险公众宣传日"主题活动，通过绿色健步走+科普市集+公益行动的创新形式，将金融知识送到百姓身边，用脚步丈量责任，用行动传递 温度。 科普市集：金融知识零距离 在各地行业协会组织的宣传活动现场，中国太保宣传服务展台成为市民"打卡点"。 在济南泉城公园，中国太保寿险山东分公司、济南中心支公司联合济南源申康复医院，一起展示"保险+健康"服务生态；在淄博，员工走进孝妇河湿地公 园，向市民宣传金融安全知识，揭露"代理退保"骗局，帮市民捂紧"钱袋子"；在菏泽，由20余人组成的"太保惠民服务方阵"参加市大剧院启动仪式，并在现 场设置"党员服务岗"，用案例解析新《反洗钱法》；在威海，"太保蓝"闪现幸福门，用方言向市民讲解新《反洗钱法》要点，让普法更接地气；在临沂，员 工深入社区、商圈，为外卖员、保洁人员等特殊群体普及防诈骗知识，并设立"便民服务点"提供清凉降 ...

来自长江养老、中国太保寿险、交通银行、海富通基金等机构的业界代表，分别从保险、银行、基金等视角分享了实 践经验与前瞻思考，为行业发展贡献多元智慧。 论坛下半场由兰州大学《西北人口》副主编吴继煜主持。来自社科院、华东政法大学、南开大学、北京大学、兰州大 学、西华大学等多位高校学者及硕博士研究生分享了在养老金融与银发经济领域的最新研究成果，内容覆盖"政策引 导+市场创新"推动养老金融助力银发经济、从法律规制角度呼吁完善企业年金受托人制度、家庭养老资产由生存型向 投资型转型的趋势、负债与收入风险对老龄家庭投资行为的影响等多个方向。 作为本次论坛的承办方，长江养老积极搭建"产、学、研、用"深度融合的交流平台，力求汇聚各方智慧，打破专业界 限、打通行业壁垒，从底层的人口基础出发，融合学术、金融和产业思维，共同探讨人口老龄化背景下养老金融的创 新路径与银发经济的发展模式。根据养老金融长期发展需要，长江养老在会上正式启动了面向全国高校的首届"长江 养老杯"大学生养老金融模拟投资大赛，旨在持续推动学术界与产业界的有效对接、深度融合，积极服务国家养老保 障体系建设。 未来，长江养老将继续秉持"专业、可信赖、有情怀"的服务理念， ...

Core Viewpoint - The insurance industry is facing intensified regulatory scrutiny, with China Pacific Insurance (CPIC) being penalized for compliance issues, reflecting broader challenges in the sector regarding growth and governance [2][3]. Regulatory Penalties - On July 11, the National Financial Regulatory Administration announced penalties totaling 10.74 million yuan against CPIC's subsidiaries, including 4.72 million yuan for CPIC Property Insurance and 3.53 million yuan for CPIC Life Insurance, due to violations such as improper use of approved insurance terms and inaccurate reporting [5][6]. - The penalties stem from historical compliance issues, with CPIC stating that all related problems had been rectified prior to the penalties being issued [6][7]. Industry Challenges - The penalties highlight ongoing issues within the insurance industry, where some companies have previously prioritized market share over compliance, leading to various irregularities in pricing, expense management, and data reporting [6][7]. - The current regulatory environment is characterized by a significant increase in enforcement actions, with approximately 1,100 fines issued to around 600 institutions in the first half of 2025, totaling about 190 million yuan [8]. Financial Performance - CPIC's financial performance is under pressure, with a reported 1.79% decrease in revenue to 93.72 billion yuan and an 18.13% drop in net profit to 9.63 billion yuan in the first quarter of 2025 [8][9]. - For the first five months of 2025, CPIC Life Insurance reported a 10.2% increase in original insurance premium income to 134.79 billion yuan, while CPIC Property Insurance saw only a 0.5% increase to 92.38 billion yuan, indicating a significant slowdown in growth [9]. Management Changes - Recent leadership changes at CPIC Property Insurance, including the appointment of Yu Bin as chairman, raise questions about how the company will navigate the dual challenges of slowing performance and compliance governance [9].

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [1] Core Insights - The recent policy adjustment aims to enhance the long-term investment capabilities of insurance funds by increasing the weight of long-cycle assessments to 70%, addressing the mismatch between the nature of insurance funds and performance evaluations [2][3] - The policy is expected to release the potential for incremental capital from insurance funds, with a focus on long-term investments in dividend assets, benefiting companies like China Life, Ping An, China Pacific Insurance, China Property & Casualty, and New China Life [2][10] Summary by Sections Policy Overview - On July 11, 2025, the Ministry of Finance issued a notification to guide insurance funds towards long-term stable investments, introducing a five-year assessment cycle to enhance the performance evaluation of state-owned commercial insurance companies [2][3] - The new assessment framework includes a 30% weight for annual indicators, 50% for three-year indicators, and 20% for five-year indicators, marking a significant shift towards long-term performance evaluation [3][5] Impact on Insurance Funds - The adjustment is designed to resolve the structural contradiction of "long money short investment" by providing a system that allows insurance funds to better tolerate short-term market fluctuations [6][10] - The policy encourages insurance companies to refine their asset-liability matching strategies, emphasizing the need for detailed management of asset and liability characteristics [10] Investment Strategy - The notification promotes a shift in investment strategies from short-term gains to long-term value creation, requiring insurance companies to enhance their investment decision-making processes and risk assessment frameworks [10] - The expected increase in capital inflow from insurance funds is anticipated to inject liquidity into the market in the short term while fostering a sustained demand for dividend assets in the long term [2][10]

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for both beta and alpha resonance in the market due to upcoming mid-year performance catalysts [5]. Core Insights - The introduction of new regulations for insurance capital, promoting long-term investments, is expected to enhance the matching of assets and liabilities for insurance companies, thereby increasing their equity investment ratios and stabilizing profit margins [1]. - The performance of listed securities firms is anticipated to show robust growth in the first half of 2025, with several firms projecting significant year-on-year profit increases, driven by active market conditions and improved business operations [2]. - The China Securities Association's new self-regulatory management guidelines aim to enhance the quality of the securities industry, focusing on compliance and risk management, which is expected to support sustainable growth in the sector [3]. Summary by Sections Market Review - Major indices experienced gains, with the Shanghai Composite Index rising by 1.09% and the Shenzhen Component Index increasing by 1.78% during the week of July 7-11, 2025 [8]. Securities Sector - The total trading volume in the A-share market reached 8.80 trillion yuan, with a daily average trading amount of 1.47 trillion yuan, reflecting a 2.25% increase week-on-week and a 118.28% increase year-on-year [17]. - The IPO underwriting scale for the year reached 391.22 billion yuan, while refinancing underwriting amounted to 795.95 billion yuan as of July 11, 2025 [17]. Insurance Sector - The new regulations for insurance capital are expected to improve the long-term investment capabilities of insurance companies, enhancing their ability to provide stable returns and support economic growth [1]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 425.7 billion yuan, resulting in a net withdrawal of 226.5 billion yuan from the market, indicating tightening liquidity conditions [28]. Investment Recommendations - The report suggests focusing on leading insurance companies such as China Pacific Insurance, Sunshine Insurance, and China Life, as well as top securities firms like CITIC Securities and Huatai Securities, due to their strong market positions and growth potential [39][40].

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, indicating an expected relative increase of over 15% compared to the benchmark index within the next 12 months [13]. Core Insights - The Ministry of Finance issued a notification on July 11, 2025, to guide insurance funds towards long-term stable investments, introducing a new performance evaluation system for state-owned commercial insurance companies [3][4]. - The new evaluation model, termed "1+3+5," emphasizes long-term investment by adjusting key performance indicators, including the capital preservation and appreciation rate and return on equity (ROE) [3][4]. - The adjusted ROE now combines assessments over one year, three years, and five years, with respective weights of 30%, 50%, and 20% [4]. - The capital preservation and appreciation rate has also shifted to a similar "1+3+5" model, with weights of 50%, 30%, and 20% for the respective periods [4]. - The notification aims to enhance asset-liability management and increase stable long-term returns, with a focus on absolute return strategies rather than relative performance [5]. Summary by Sections Performance Evaluation Adjustments - The performance evaluation system for state-owned insurance companies now includes a combination of one-year, three-year, and five-year assessments for both ROE and capital preservation rates, promoting a long-term investment perspective [4][11]. Investment Strategy Implications - The new guidelines are expected to lead insurance companies to prioritize absolute returns, combining active and passive management strategies, and increasing the importance of dividend and low-cost, high-liquidity strategies [5]. - The long-term capital influx into the market is anticipated to stabilize the equity market, with insurance companies likely to increase their equity investment ratios and benefit from capital gains as the equity market develops [6]. Recommendations - The report suggests that insurance companies should enhance their equity investments to improve investment flexibility and mitigate potential "spread loss" pressures, thereby improving asset-liability matching capabilities [6].

Group 1: Key Meetings and Collaborations - Shanghai Mayor Gong Zheng met with Prudential Group CEO Huakang Yao, emphasizing the importance of financial openness and collaboration in asset management and green finance [2] - The Shanghai Financial Industry Association held a successful re-election meeting, with a focus on enhancing the role of the association in supporting economic development and financial innovation [3] Group 2: Policy and Regulatory Developments - The Shanghai Municipal Financial Office convened a meeting to convey the spirit of the 12th Municipal Committee's seventh plenary session, outlining future work deployment [4] - A notice was issued regarding the 2025 Shanghai Oriental Talent Plan, inviting applications for outstanding youth projects in the financial sector [5] Group 3: Financial Support Initiatives - Shanghai encourages financial institutions to provide seamless and non-repayment loans to small and medium-sized enterprises in the software and information services sector [6][7] - The Shanghai Futures Exchange released an international version of its business rules to facilitate high-level openness in the futures market [10] Group 4: Market Developments - The first batch of Sci-Tech Innovation Bond ETFs was established, with net subscription amounts exceeding 2.9 billion yuan [8] - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced the upcoming launch of several specialized indices focusing on niche markets [9] Group 5: Financial Technology and Innovation - The Shanghai Financial Technology Innovation Regulatory Tool Workgroup announced the testing phase for six new innovative applications aimed at enhancing digital finance [11] - Shanghai Rural Commercial Bank issued a $30 million non-resident acquisition loan to support a domestic pharmaceutical company's cross-border acquisition [12] Group 6: Long-term Investment Regulations - The Ministry of Finance introduced new regulations for insurance companies to enhance long-term investment stability and sustainability [14] - The National Financial Supervision Administration released guidelines for the appropriate management of financial products to protect consumer rights [15]

Summary of Key Points Core Viewpoint - China Pacific Insurance (601601) has shown a positive stock performance, with a closing price of 38.46 CNY on July 11, 2025, reflecting a 3.55% increase from the previous week [1]. Company Announcements - The company announced a cash dividend of 1.08 CNY per share (before tax), with the record date set for July 17, 2025 [1]. - The total cash dividend distribution amounts to approximately 10.39 billion CNY, based on a total share capital of 9,620,341,455 shares [1]. - The dividend payment date is scheduled for July 18, 2025, coinciding with the ex-dividend date [1]. - Different tax policies apply to various types of shareholders, with A-share individual shareholders and mutual funds enjoying different tax benefits based on their holding periods [1]. - QFII shareholders will be subject to a 10% corporate income tax rate, resulting in a net dividend of 0.972 CNY per share [1]. - For investors in the Hong Kong Stock Connect, the same 10% withholding tax applies [1]. - GDR investors will receive their dividends through Citibank, National Association, with funds expected to arrive by July 25, 2025, London time [1].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [2][14]. Core Insights - The recent policy change aims to extend the assessment period for state-owned commercial insurance companies, promoting long-term stable investments and preventing short-term performance pressures [5]. - The adjustment in performance evaluation metrics emphasizes a balanced approach between annual and multi-year indicators, enhancing the focus on sustainable growth and risk management [5]. - The report highlights that the insurance sector is increasingly favoring high-dividend stocks, with a notable increase in equity allocations, reflecting a strategic shift towards long-term value investments [5]. Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 31,377.86 billion, with a circulating market value of 31,369.21 billion [2]. Policy Implications - The new directive from the Ministry of Finance encourages insurance funds to act as stabilizers in the market, promoting long-term investment strategies [5]. - The report notes that the new accounting standards for insurance contracts will be fully implemented by January 1, 2026, which is expected to positively influence the assessment of insurance companies [5]. Investment Strategy - The report suggests that the extended assessment period will likely reduce the negative impact of equity asset fluctuations on profit assessments, thereby increasing the tolerance for equity allocation among insurance companies [5]. - The performance of the non-bank insurance stock index has significantly outperformed the market, with an absolute return of 13.17% and a relative return of 11.14% since the beginning of 2025 [7].

Core Viewpoint - The article discusses the resurgence of dividend insurance products in the insurance industry, highlighting their advantages over traditional fixed-income products, particularly in terms of cost adjustment mechanisms and risk mitigation [1][12]. Group 1: Market Trends and Dynamics - As interest rates decline and regulatory scrutiny increases, insurance companies are focusing on dividend insurance to address the challenges of low returns and risk management [2][10]. - The market for dividend insurance is expected to see positive growth in 2024, with companies like China Ping An and Sunshine Life reporting increases in premium income [10][11]. - The proportion of dividend insurance in the product mix of major insurance companies has risen significantly, with some companies reporting that dividend insurance accounts for 65% of their individual insurance channels [9][10]. Group 2: Sales Challenges and Consumer Perception - Insurance agents are facing difficulties in selling dividend insurance due to consumer skepticism and the complexity of explaining the product's benefits and mechanisms [5][6]. - There is a notable shift in consumer expectations, with clients increasingly seeking guaranteed returns, which dividend insurance does not provide [9][11]. - The article highlights the historical context of dividend insurance, noting its previous dominance in the market and the challenges it faced due to changing consumer preferences and regulatory environments [14][15]. Group 3: Regulatory Environment and Industry Response - Recent regulatory changes have aimed to enhance transparency and reduce misleading sales practices related to dividend insurance, requiring companies to provide clearer information on dividend distribution and product performance [20][21]. - The insurance industry is encouraged to adopt a more sustainable approach to dividend insurance, balancing expected returns with actual company performance to avoid future consumer dissatisfaction [21][22]. - The article emphasizes the need for improved regulatory standards and better asset-liability management within insurance companies to support the long-term viability of dividend insurance products [22].