Core Viewpoint - Taibao Zhiyuan has completed the registration as a private fund manager, marking a significant step for China Pacific Insurance in participating in the long-term stock investment pilot program for insurance funds [2][6]. Group 1: Company Overview - Taibao Zhiyuan (Shanghai) Private Fund Management Co., Ltd. was established on May 21, 2025, and completed its registration on June 23, 2025 [4][5]. - The company is wholly owned by Taiping Asset Management Co., Ltd., which is controlled by China Pacific Insurance (Group) Co., Ltd. [6][7]. - The registered capital of Taibao Zhiyuan is 10 million yuan, with a fully paid-up capital of 10 million yuan [5][6]. - The company has 5 full-time employees, including key management personnel with extensive experience in the finance and investment sectors [6][7]. Group 2: Investment Strategy and Fund Details - Taibao Zhiyuan has launched the Taibao Zhiyuan No. 1 Private Securities Investment Fund with a target scale of 20 billion yuan, aimed at long-term stock investments [2][10]. - The fund is part of a broader initiative where insurance companies are allowed to establish private securities funds, primarily targeting the secondary market for stocks [9][10]. - The long-term stock investment pilot program, approved by the National Financial Regulatory Administration, has a total scale of 52 billion yuan, with Taibao Life Insurance allocated 20 billion yuan for this purpose [10].

编者按： 自2023年中央金融工作会议谋划科技、绿色、普惠、养老、数字金融发展蓝图，到今年3月国务院 出台专项指导意见，做好金融"五篇大文章"引发金融业广泛共鸣。本报推出"做好'五篇大文章' 金 融业作答进行时"专栏，记录行业的行动和思考，淬炼可复制的创新样本，求解亟待突破的实践难 题。敬请垂注。 6月14日，台风"蝴蝶"二次登陆广东雷州沿海，仅几分钟后，吴川水产养殖户梁先生就收到了中国太保理赔款 到账短信。"围网刚被冲垮，赔款就到账了！这笔钱能马上抢修塘基、补投鱼苗，鱼塘总算有救了！" "蝴蝶"掠过，灾痕犹在，中国太保已将一笔笔"希望赔款"精准送达田间地头。这正是中国太保发挥专业优势, 多元化推进产品创新和服务赋能，不断提升保险服务的覆盖面、便利性、可得性，着力写好普惠金融大文章的 缩影。 在金融为民的时代考卷上，中国太保正以"普"与"惠"的笔触，让金融"活水"精准"滴灌"民生需求，将保险保障 的触角延伸至社会发展的神经末梢，直达实体经济的关键环节，用心用情用智书写普惠金融的太保样本。 提升民生保障，做好普惠保险"领跑员" "从来没想到过死亡离我这么近，住院治疗8个月，'沪惠保'为我赔付了近8万元，切实减轻 ...

Group 1: Core Insights - The report highlights the integration of big data and AI in providing comprehensive talent compensation data analysis and management solutions, covering over 1 billion talent data points and serving more than 30,000 corporate clients [1][13][16]. Group 2: Sample Distribution - Company size distribution shows that 28.3% of companies have fewer than 100 employees, 23.9% have 100-500 employees, 7.8% have 500-1000 employees, and 40.2% have over 1000 employees [2][29]. - The majority of companies are privately owned, accounting for 96.3%, while state-owned and listed companies represent a smaller share [2][32]. - Major company headquarters are concentrated in first-tier cities like Shanghai, Beijing, and Shenzhen, with East, North, and South China being the primary regions [2]. Group 3: Human Resource Indicators - The salary increase rate for the technology finance sector is projected to be 0.2% for 2024, with a decrease of 0.2% over the past 12 months and a forecast of 0% for 2025 [4][38]. - The turnover rate in the technology finance sector is expected to be 18.3% in 2024, down from 27.6% in 2023, indicating an improvement in employee retention [5][51]. - The average starting salary for 2024 graduates is 9,222 yuan, with higher salaries for those with advanced degrees, particularly in IT and finance roles [5][53]. Group 4: Labor Demand - Recruitment trends indicate a decrease in hiring volume to 5,799 in Q2 2025, a 43.6% decline, while recruitment salaries have increased by 1% [7]. - In the past month, Xi'an has seen the highest recruitment volume and salaries, while some cities have experienced declines in hiring [8]. - Popular job functions include credit business, consulting services, and investment management, with significant salary increases in market operations and data analysis roles [8]. Group 5: Benefits Insights - 90% of companies have a per capita benefits budget exceeding 600 yuan, with specific data available for key holidays like Spring Festival and Mid-Autumn Festival [9]. Group 6: Popular Position Salaries - In first-tier cities, popular positions such as financial product managers and risk management specialists have clear salary data across different percentiles, with algorithm positions reaching an annual total cash income of 372,860 yuan at the 90th percentile [10].

Regulatory Developments - The Financial Regulatory Bureau has approved AIA Life and Netherlands Global Life to establish an insurance asset management company in Shanghai [1] - The "Action Plan to Support the Construction of Shanghai International Financial Center" aims to further attract insurance institutions to Shanghai [1] Industry Trends - The pilot reform for long-term investment of insurance funds has progressed, with an additional 22.5 billion yuan expected to be invested by New China Life and China Life in a private equity fund [2] - In 2025, 403 new life insurance products have been launched, with participating insurance accounting for 37% of the total, indicating a shift towards this product type due to its fixed and floating income mechanism [3] - A new round of insurance product interest rate adjustments has begun, with a recent product launch featuring a 1.5% interest rate, down from the previous 2% cap [4] Company Performance - China Pacific Insurance reported a premium income of 134.79 billion yuan from January to May 2025, a year-on-year increase of 10.2% [5] - ZhongAn Online reported a total premium income of approximately 13.91 billion yuan for the same period, reflecting a 13% year-on-year growth [5] - Fuzhou Life Insurance has been officially established, with plans for its vice president to potentially become the president, indicating a strategic move in the insurance market [6]

Core Viewpoint - The China Securities Index for non-bank financial themes has shown a decline in the short term but has experienced significant growth year-to-date, indicating a mixed performance in the financial sector [1][2]. Group 1: Index Performance - The CSI Non-Bank Financial Theme Index fell by 2.62% to 3445.53 points, with a trading volume of 18.869 billion yuan [1]. - Over the past month, the index has increased by 8.98%, and over the last three months, it has risen by 6.39%, with a year-to-date increase of 21.74% [1]. Group 2: Index Composition - The index comprises up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of this sector within the Hong Kong Stock Connect [1]. - The top ten weighted companies in the index include China Ping An (14.86%), AIA Group (14.77%), Hong Kong Exchanges and Clearing (14.3%), China Life (8.75%), China Pacific Insurance (6.66%), and others [1]. Group 3: Industry Representation - The index exclusively represents the financial sector, with a 100% allocation to financial companies [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Core Viewpoint - The insurance industry is rated as "outperforming the market" by Guolian Minsheng Securities, with expectations for positive trends in both the liability and asset sides, leading to improved investment returns and valuation recovery for insurance companies [1] Group 1: Stock and Performance Analysis - From January 2, 2025, to May 30, 2025, the insurance index increased by 0.1%, while the CSI 300 index decreased by 2.4%, indicating that the insurance index slightly outperformed the broader market [1] - Individual stock performance varied significantly, with China Pacific Insurance, China Life Insurance, New China Life Insurance, China Ping An, China Taiping, and China People’s Insurance showing price changes of +21.9%, +9.5%, +1.2%, +1.2%, +1.0%, and -8.7% respectively [1] - In Q1 2025, listed insurance companies showed strong performance on the liability side, with positive growth in life insurance NBV and improved COR for property insurance, although net profit and net asset performance on the asset side varied due to differences in investment strategies and asset classifications [1] Group 2: Life Insurance Sector Insights - The focus on the life insurance sector is primarily on NBV performance and interest spread risk, with short-term demand for insurance products slowing, leading to growth pressure on new single premiums [2] - However, measures such as the implementation of "reporting and pricing integration" in individual channels, potential further reductions in product preset interest rates, and active adjustments in product structures are expected to support a positive growth trend in NBV [2] - The liability cost is anticipated to improve significantly as the industry shifts towards dividend insurance products and adjusts preset interest rates in line with market rates [2] Group 3: Property Insurance Sector Insights - The low interest rate environment has prompted regulators to guide property insurance companies to enhance underwriting profitability, leading to noticeable improvements in COR [3] - The implementation of "reporting and pricing integration" in auto insurance is expected to extend to non-auto insurance, further improving COR in the property insurance sector [3] - The increasing share of new energy vehicle insurance is seen as a key area for future reforms, with expectations for reduced claims ratios and improved COR as policies are implemented [3] Group 4: Asset and Liability Management - The importance of matching assets and liabilities has increased due to the downward trend in long-term interest rates and the implementation of new standards, leading to greater volatility in insurance company profit statements [4] - To stabilize net profit and net assets, insurance companies are expected to increase allocations to bonds and high-dividend stocks [4] - Increasing the proportion of bonds will help extend asset duration and reduce the duration gap between assets and liabilities, while high-dividend stocks will enhance investment returns and mitigate the impact of declining investment yields [4]

Core Viewpoint - The establishment of "insurance系" private equity funds is driven by regulatory guidance for long-term capital market entry and the actual needs of insurance companies to adapt to a low-interest-rate environment [1][2]. Group 1: Fund Establishment and Scale - Xinhua Insurance plans to invest up to 15 billion yuan in the Honghu III private equity fund, co-established by Xinhua Asset and China Life Asset [2][3]. - Since May, at least seven "insurance系" private equity funds or products have been established, indicating a surge in activity among insurance companies [3][4]. - The Honghu III fund has a total scale of 22.5 billion yuan, with Xinhua Insurance and China Life each contributing 11.25 billion yuan [3]. Group 2: Long-term Investment Strategy - The establishment of these private equity funds reflects the results of the insurance capital's "long money long investment" strategy, driven by policy support and the need for better asset allocation in a declining interest rate environment [5]. - The long-term investment pilot program initiated in 2023 allows insurance companies to set up private equity funds primarily targeting the secondary market stocks for long-term holding [5][6]. Group 3: Investment Focus and Trends - The investment focus of these funds is expected to be on high-dividend, low-volatility stable assets, with an emphasis on companies with strong governance and good business models [10][11]. - The first phase of the Honghu fund primarily invested in key industries related to national interests, while the second phase is set to focus on large-cap A+H shares [10][11]. - Other insurance companies are also expected to follow similar investment strategies, focusing on stable, high-quality listed companies [11][12]. Group 4: Regulatory and Market Context - The pilot program for long-term investment is expected to expand by 2025, with several insurance companies already approved to participate [6][7]. - The total approved scale for the three batches of long-term investment reform trials is estimated to reach 222 billion yuan, with expectations for further increases in approved scales [7].

Core Viewpoint - The "Memory Garden" created by the Taiping Blue Public Welfare Foundation at the 25th Shanghai International Elderly Care, Aids, and Rehabilitation Medical Expo has become a popular attraction, showcasing innovative approaches to addressing cognitive impairment and Alzheimer's disease through a combination of public welfare and insurance services [1][7]. Group 1: Public Welfare Initiatives - The Taiping Blue Public Welfare Foundation has spent over 39 million yuan on various public welfare projects targeting vulnerable groups, including the elderly and children, since its establishment nearly five years ago [2]. - The foundation has developed a comprehensive public welfare model focusing on early screening, intervention, friendly environment advocacy, and talent empowerment to address cognitive impairment issues [3][5]. - The "Memory Garden" features high-tech tools and services, such as AI eye movement screening and VR educational videos, demonstrating the practical application of the foundation's public welfare model [4][5]. Group 2: Alzheimer's Disease Focus - Alzheimer's disease is a significant public health issue, with approximately 57 million cases globally, and 16.99 million cases in China, accounting for 29.8% of the global total [3]. - The Taiping Blue Public Welfare Foundation has completed 185,300 initial screenings for cognitive impairment and provided specialized services to nearly 3,000 retired workers in Shanghai and over 2,000 veterans in Hangzhou [5][6]. Group 3: Insurance Products - The foundation has launched the "Guarding Memory" insurance product, the first in China to focus on comprehensive management of Alzheimer's disease, covering innovative drug costs and providing lifelong care services [7][8]. - This insurance product aims to fill the gap in the domestic single-disease insurance market and is currently available as a group insurance, with plans to introduce an individual version [7]. Group 4: Collaborative Efforts - The foundation emphasizes collaboration with various sectors, including government, enterprises, and social organizations, to create a "Public Welfare Partner Circle" that enhances resource sharing and value co-creation [10][11]. - The recent launch of the "Puyijinsheng" financial and health manual for the elderly, developed in partnership with multiple organizations, exemplifies the effectiveness of this collaborative approach [10].

证券代码：601601 证券简称：中国太保 公告编号：2025-030 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 2025 年 6 月 14 日 注： 1、原保险保费收入数据根据中华人民共和国财政部《企业会计准则第 25 号—原保险合同》（财会〔2006〕 3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号）编制。 2、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包含其子公司太平洋安信农业保险股份有限公 司的合并数据。 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 保费收入公告 于 2025 年 1 月 1 日至 2025 年 5 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 1,347.87 亿元，同比增长 10.2%，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 923.82 亿元，同比增长 0.5%。 ...

Group 1 - The core point of the article is that China Pacific Insurance (601601) reported its insurance premium income for its subsidiaries during the period from January 1 to May 31, 2025, showing growth in both life and property insurance segments [1] Group 2 - The subsidiary China Pacific Life Insurance achieved a total original insurance premium income of 134.787 billion yuan, representing a year-on-year increase of 10.2% [1] - The subsidiary China Pacific Property Insurance recorded a total original insurance premium income of 92.382 billion yuan, with a year-on-year growth of 0.5% [1] - The reported data is unaudited [1]