格隆汇8月6日｜瑞银发表研究报告指，预计中国太保上半年除税后净利润按年增长8%，意味着第二季 按年跃升31%，相信是由于股票市场表现改善及利率急速下降导致债券价值增加。就税后经营利润而 言，预估上半年按年增长6%，相较于首季可能略为加快。净资产值方面，该行估计上半年较去年年底 降3.2%，按季则升7%。根据该公司对今年税后经营利润的指引，该行估计股息按年增3%至1.11元。 该行认为，包括中国太保在内的国企保险公司，很有可能在市场动荡的情况下提出回购，以显示稳定资 本市场的承诺。该行上调中国太保今明两年的除税后净利润预测11%和4%，目标价由33港元上调至37 港元，维持"买入"评级。 ...

智通财经APP获悉，8月1日,盈富基金（02800）、恒生中国企业（02828）、南方恒生科技（03033）南 向资金净流入金额位列市场前三，分别净流入29.96 亿、17.92 亿、13.11 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 信达生物(01801) | -4.26 亿 | -18.68% | 93.000（-5.10%） | | 中国太保(02601) | -3.03 亿 | -34.21% | 30.750（-2.84%） | | 药明合联(02268) | -2.56 亿 | -48.96% | 55.500（-3.81%） | | 康方生物(09926) | -2.55 亿 | -14.89% | 156.300（+1.10%） | | 三生制药(01530) | -2.24 亿 | -11.32% | 30.200（-5.92%） | | 新华保险(01336) | -2.12 亿 | -20.41% | 48.450（-3.68%） | | 中国宏桥(01378) | -2.09 亿 | -30.08% | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4][6] Core Viewpoints - The new fiscal and tax policies announced on July 31 will have a limited impact on the net profits of insurance companies, with a short-term effect estimated to be within 1% [4][6] - Insurance companies can mitigate the impact of the new VAT on newly issued government bonds through asset allocation strategies, such as shifting towards high-dividend equities [6] Summary by Relevant Sections - **Impact of New Tax Policies**: The announcement to restore VAT on interest income from newly issued government bonds starting August 8, 2025, will not significantly affect the actual revenue and profits of insurance companies due to the continued exemption from corporate income tax [4][5] - **Quantitative Analysis**: Using China Pacific Insurance as an example, the report estimates that the VAT payment on new bonds could amount to approximately 2.3 million yuan, which is about 0.51% of the net profit for the year [5][6] - **Long-term Projections**: In an extreme scenario where all bonds are new after ten years, the VAT payment could rise to 23.5 million yuan, representing 5.2% of the net profit, but the financial impact remains manageable as companies can adjust their asset allocations [5][6] - **Recommended Companies**: The report recommends companies with ideal asset-liability duration matching, such as China Life, Ping An, and China Pacific Insurance, as well as New China Life for its favorable equity returns [6]

二、接此批复文件后，中国太平洋人寿保险股份有限公司烟台市招远支公司应立即停止一切经营活动， 于15个工作日内向烟台金融监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 2025年7月28日，国家金融监督管理总局烟台监管分局发布批复称，《中国太平洋人寿保险股份有限公 司山东分公司关于撤销烟台市招远支公司的请示》（鲁太保寿〔2025〕82号）收悉。经审核，现批复如 下： 一、同意撤销中国太平洋人寿保险股份有限公司烟台市招远支公司。 ...

2025年7月29日，国家金融监督管理总局日照监管分局发布批复称，《中国太平洋人寿保险股份有限公 司山东分公司关于报送日照中心支公司莒县洛河营销服务部机构撤销的请示》（鲁太保寿〔2025〕90 号）收悉。经审核，现批复如下： 一、同意撤销中国太平洋人寿保险股份有限公司日照中心支公司莒县洛河营销服务部。 二、接此批复文件后，中国太平洋人寿保险股份有限公司日照中心支公司莒县洛河营销服务部应立即停 止一切经营活动，于15个工作日内向日照金融监管分局缴回许可证，并按照有关法律法规要求办理相关 手续。 ...

水泥(大部份已反映)：中国建材 医疗(大部份已反映)：三生制药、威高股份 保险(部份已反映)：中国平安、太保 猪肉(部份已反映)：牧原股份、温氏股份 太阳能供应链(轻微反映)：协鑫科技、通威股份、隆基绿能 餐饮外卖(轻微反映)：阿里巴巴 锂(轻微反映)：盐湖股份 化工(未反映)：华鲁恒升、恒力石化 汽车(未反映)：比亚迪、理想汽车、长城汽车 格隆汇8月5日｜瑞银发表报告，列出潜在受惠"反内卷"政策的板块和首选股名单，并关注相关板块股价 是否已反映相关因素。 ...

Core Viewpoint - China Pacific Insurance (China Taibao) is experiencing a strategic shift towards dividend insurance, which is expected to drive future business growth amid a challenging interest rate environment [1] Company Overview - China Taibao's latest stock price is 37.12 yuan, with a slight increase of 0.02 yuan, representing a 0.05% rise [1] - The company reached a daily high of 37.19 yuan and a low of 36.60 yuan, with a trading volume of 890 million yuan [1] - As a significant financial enterprise in Shanghai, China Taibao operates in the insurance sector, providing life insurance, property insurance, and asset management services [1] Business Strategy - The company is accelerating its transition towards dividend insurance, with new policies in the first quarter showing a 18.2% share of new business, a substantial increase of 16 percentage points year-on-year [1] - In response to the policy of lowering the preset interest rates for life insurance, China Taibao, like other leading insurers, is positioning dividend insurance as a core growth driver for the future [1] Capital Flow - On the day of reporting, the net outflow of main capital for China Taibao was 11.1168 million yuan, with a cumulative net outflow of 59.2767 million yuan over the past five days [1]

国家金融监管总局前处长徐继华出任锦州市副市长 贵州金融监管局原局长李华涛因受贿罪一审被判10年9个月 华夏人寿被吊销业务许可证，原董事长遭终身禁业 上半年商业健康险保费收入增速仅2.3%，低于5%行业平均 惠誉称中国寿险业前景"恶化"，由增长前景放缓和盈利波动所驱动 蚂蚁集团原副总裁王晓航出任中国平安首席技术官兼平安科技总经理 中共中央政治局：宏观政策要持续发力、适时加力 人社部：个人养老金制度将探索默认投资模式 国家金融监管总局等五部门：不得面向不特定车辆开展交通安全统筹 国家金融监管总局：全力做好主汛期灾害应对和保险理赔服务工作 李云泽：险企要全力支持重大工程建设，助力特色优势产业发展 李云泽与香港保监局主席姚建华就加深化双边监管合作等议题交流 河北金融监管局：推动省级专项支持文旅产业保险落地 新疆、甘肃金融监管局迎新任副局长 重庆、宁夏、甘肃、天津金融监管局迎新任纪委书记 张龙获批担任长江财险董事长 钱芳拟出任国联人寿董事长 王岗拟接替黎作强出任陆家嘴国泰人寿董事长 靳超获批担任平安养老险总经理 王刚获批担任大家人寿副总经理 侯晋获批担任国寿寿险总助 王进出任东吴财险总精算师 苏林获批担任国寿养老审计责 ...

Core Insights - The launch of the tropical excellent fruit comprehensive insurance policy marks a significant step in supporting the agricultural sector in Sanya, Hainan, enhancing risk management for local farmers [1][2] Group 1: Insurance Details - China Pacific Insurance (CPIC) has issued a comprehensive insurance policy for tropical excellent fruits, with Sanya Yiyuan Fruit Ecological Agriculture Co., Ltd. as the insured party, covering 360 acres of papaya and providing over 2.6 million yuan in risk protection [1] - The insurance covers common damage risks such as wind disasters, heavy rain, and leaf diseases, making it the first policy of its kind in Hainan [1][2] Group 2: Agricultural Development - The "Zhongre No. 1" papaya, which is highly resistant to diseases, is part of a promotion by the Sanya Agricultural and Rural Bureau and the Sanya Papaya Association [2] - The new insurance type is part of Sanya's 2025 policy to enhance agricultural insurance, covering five main tropical fruit varieties: papaya, wax apple, dragon fruit, passion fruit, and pineapple [2] - The introduction of this insurance is expected to boost farmers' confidence in expanding production scale and enhance their ability to withstand natural disasters [2] Group 3: Government Support - The launch of the tropical excellent fruit comprehensive insurance reflects the Sanya government's increased support for the agricultural industry, establishing a risk protection barrier for the high-quality development of the tropical fruit sector [2]

Investment Rating - The report maintains a positive investment rating for the non-bank sector, suggesting a favorable outlook for both insurance and securities companies [6]. Core Insights - The reintroduction of VAT on bond interest is expected to have a limited impact on insurance companies, with a continued focus on "tax-exempt assets + high dividends" strategies in the investment sector [1]. - The overall investment style for insurance capital is expected to remain "fixed income +", but with a potential increase in equity allocation as net investment income may face pressure due to declining long-term interest rates [2]. - The non-bank sector has shown resilience, with the non-bank index outperforming the broader market in July, driven by strong performance from securities and insurance indices [3]. - Domestic policies are expected to support market recovery, with ongoing efforts to enhance the attractiveness and inclusivity of the capital market [4]. Summary by Sections Market Review - Major indices experienced a decline, with the non-bank sector showing relative strength, particularly in the insurance index, which was less affected by market fluctuations [10]. - The non-bank financial index fell by 2.40%, while the insurance index only decreased by 0.15% [10]. Securities Sector - The report highlights a robust performance in the securities sector, with significant increases in trading volumes and IPO underwriting [18]. - As of August 1, 2025, the cumulative IPO underwriting scale reached 566.81 billion, and refinancing underwriting was 8103.24 billion [18]. Insurance Sector - The insurance sector is expected to benefit from a dual enhancement of "dividends + capital gains" as policies encourage long-term capital market participation [5]. - Key insurance companies to watch include Sunshine Insurance, China Pacific Insurance, New China Life, Ping An, China Life, and China Property Insurance [44]. Investment Recommendations - The report suggests a focus on expanding equity allocations within insurance portfolios, with a positive outlook for the performance of major securities firms [43][44].