香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sunshine Insurance Group Company Limited 6963 於2025年10月22日舉行之2025年第一次臨時股東會之投票結果 茲提述陽光保險集團股份有限公司（「本公司」）日期為2025年9月30日的通告及通函（「通 函」）。除另有界定外，本公告所用詞彙與通函所界定者具有相同涵義。 臨時股東會已於2025年10月22日（星期三）於中國上海市松江區佘苑南路358弄召開。本公 司在任董事13人，全部董事均出席了臨時股東會。 臨時股東會之投票結果 於臨時股東會日期，有權出席並可於臨時股東會上對決議案進行表決的總股份數為 10,997,772,500股。概無股東根據上市規則須就相關議案放棄投票，且概無股份賦予股東 權利出席臨時股東會並須根據上市規則第13.40條所載者於會上放棄投票贊成所提呈議 - 1 - 案。概無股東於通函中表示有意於臨時股東會上就任何所提呈議案投反對票或放棄表 ...

寿险经营稳中有进，财险盈利不断增强 2025年上半年，公司业务保持稳健增长，实现总保费收入，保险服务收入分别为808.1、324.4亿元，同 比分别+5.7%、+3.0%;集团内含价值1,284.9亿元，较期初+11.0%。截至报告期末有效客户数达3011.6 万。寿险NBV 40.1亿元，可比口径同比+47.3%，寿险EV 1062.0亿元，较期初+13.8%。合同服务边际余 额CSM为560.8亿元，较上年末+10.3%，个险总保费153.4亿元，同比+12.1%，银保总保费354.4亿元， 同比+4.2%，其他业务总保费收入46.6亿元，同比+14.9%。财险业务结构持续优化，原保险保费收入 252.7亿元，同比+2.5%;其中非车险保费占比50.6%，同比+4.5pct，家用车保费在车险中占比65.3%，同 比+3pct，承保综合成本率98.8%，同比-0.3pct，实现承保利润2.9亿元，同比+0.9亿元，承保盈利能力改 善明显，在费用率下降2.8pct带动下承保利润有所恢复。 智通财经APP获悉，太平洋证券发布研报称，维持阳光保险(06963)"买入"评级，预计公司2025-2027年 营业收入为 ...

太平洋证券发布研报称，维持阳光保险(06963)"买入"评级，预计公司2025-2027年营业收入为953.68、 1003.25、1069.74亿元，归母净利润为60.95、65.50、71.52亿元，每股净资产为5.74、6.11、6.51元。上 半年公司寿险NBV快速恢复，分红险与利率下调共同推动价值率提升;产险业务费用率改善带来承保端 修复;投资端保持稳健、资本充足。随着渠道改革和产品结构优化持续推进，公司利润有望继续改善。 投资端保持稳健，资本实力支撑增长 截至2025年6月末，集团投资资产规模达到5,918.6亿元，上半年实现总投资收益107.0亿元，年化总投资 收益率为4.0%，年化综合投资收益率为5.1%，净投资收益率为3.8%。固收类金融资产投资占比69.4%， 其中债券投资占比总投资资产53.3%;权益类金融资产投资占比21.8%，其中股票投资占比14.1%。公司 持续加强资产配置和风险管理，报告期内政府债券投资比例+3.1pct，所持境内债券信用评级95.1%为 AAA。集团核心偿付能力充足率和综合偿付能力充足率分别为171%、233%。阳光人寿和阳光财险核心 偿付能力充足率分别为155 ...

Investment Rating - The report maintains a positive investment outlook for the non-bank financial sector, highlighting strong performance expectations for Q3 earnings across various companies [5][36]. Core Insights - The report emphasizes that the Q3 performance of the equity market is expected to solidify the earnings of leading insurance companies, with the Shanghai Composite Index showing a Q3 increase of 12.73% [1]. - Companies like China Pacific Insurance and New China Life are projected to see significant profit growth, with net profits expected to rise by 40%-60% and 45%-65% respectively for the first three quarters of 2025 [2][5]. - The report notes that the overall performance of the securities sector is also expected to improve, driven by active trading and increased business income from wealth management and investment transactions [3][5]. Summary by Sections Market Review - The report indicates a mixed performance in the non-bank sector, with the insurance index rising by 3.65% while the securities sector saw declines [9][10]. Securities Sector - The report highlights that the brokerage business remains robust, with a total trading volume of 10.87 trillion yuan in the week ending October 17, 2025, despite a 15.86% decrease from the previous week [17]. - The report also notes a significant increase in margin trading balances, which rose by 52.53% year-on-year [17]. Insurance Sector - The report indicates that major insurance companies are expected to report strong premium growth, with New China Life's premiums expected to increase by 19% year-on-year [33]. Liquidity Tracking - The report discusses the liquidity situation, noting a net withdrawal of 4.979 billion yuan in the week due to central bank operations, with mixed movements in interest rates [28]. Industry News and Company Announcements - The report includes various company announcements, such as significant profit forecasts from major players like Dongwu Securities and New China Life, indicating a positive outlook for the sector [33][36]. Investment Recommendations - The report suggests focusing on key insurance companies such as Sunshine Insurance, China Taiping, and major securities firms like CITIC Securities and Huatai Securities for potential investment opportunities [5][37].

Core Viewpoint - The recent adjustment in the regulatory responsibilities of insurance institutions in China indicates a shift towards localized supervision, with a significant increase in the number of insurance entities under local regulatory bodies, while the Financial Regulatory Authority focuses primarily on insurance groups and their subsidiaries [1][2][3]. Group 1: Regulatory Changes - As of June 30, 2025, the number of insurance entities regulated by the Financial Regulatory Authority decreased from 116 to 65, primarily focusing on insurance groups and their subsidiaries [2]. - The adjustment reflects a broader trend of localizing regulatory responsibilities, with local regulatory bodies now overseeing a larger number of insurance institutions [4][5]. - The Financial Regulatory Authority convened a special meeting with local regulatory agencies to discuss these changes [1]. Group 2: Impact on Local Regulatory Bodies - Local regulatory bodies, particularly in major cities like Beijing and Shanghai, have seen a significant increase in the number of insurance entities they oversee, with Beijing's count rising from 24 to 39 and Shanghai's from 24 to 36 [4][5]. - The increase in regulatory responsibilities has led to heightened pressure on local regulatory bodies, necessitating stronger management accountability from insurance company executives [5]. Group 3: Specific Changes in Insurance Institutions - The total number of insurance institutions listed as of June 30, 2025, is 238, a decrease of one from the end of 2024, with notable changes including the removal of Tianan Insurance and the addition of Suzhou Dongwu Insurance [6]. - Several types of insurance institutions, such as insurance asset management companies and health insurance companies, have shifted from being regulated by the Financial Regulatory Authority to local regulatory bodies [6][7]. - A total of 21 out of 35 insurance asset management companies have transitioned to local regulatory oversight, while 14 remain under the Financial Regulatory Authority [7].

申万宏源发布研报称，预计3Q25 A股上市险企合计归母净利润yoy+26.7%至1864.86亿元。受益于权益 市场亮眼表现，截至10月15日，已有1家上市险企发布业绩预增公告，1-3Q25新华保险（601336）归母 净利润预计yoy+45%-65%至93.06-134.42亿元，在超高基数的基础上表现持续超预期。整体来看，预计 1-3Q25 A股上市险企归母净利润合计yoy+14.3%至3646.78亿元，同比增速较1H25进一步提升10.6pct； 其中，3Q25单季度A股上市险企合计利润增速yoy+26.7%至1864.86亿元，表现亮眼。 细分公司来看，预计1-3Q25归母净利润表现新华保险(yoy+54.2%)、中国人寿(yoy+18.1%)、中国太保 (yoy+14.1%)、中国人保(yoy+13.6%)、中国平安(yoy+4.3%)；其中，预计3Q25单季度归母净利润增速表 现新华保险(yoy+78.1%)、中国平安(yoy+26.3%)、中国人寿(yoy+24.6%)、中国太保(yoy+20.2%)、中国 人保(yoy+8.1%)。 申万宏源主要观点如下： 人身险：受益于预定利率调降预期，预 ...

Core Viewpoint - The announcement of employee stock ownership plans (ESOPs) by Sunshine Insurance Group and Taikang Insurance Group reflects a growing trend in the insurance industry to enhance employee engagement and align interests between employees and the company [1][2]. Group 1: Employee Stock Ownership Plans Overview - Both Sunshine Insurance and Taikang Insurance have set a minimum requirement of "two years of service" for employees to participate in their ESOPs, with additional conditions varying between the two companies [2]. - Sunshine Insurance allows some flexibility for employees with over ten years of service, while Taikang Insurance requires participants to hold certain management or core technical positions and have a performance rating of "good" or above [2]. - The primary goal of these plans is to achieve a "win-win" scenario for shareholders, the company, and employees, with Sunshine Insurance emphasizing a phased implementation approach [2]. Group 2: Rights and Restrictions - Sunshine Insurance has specified that after the lock-up period, employees can dispose of their shares, with a maximum of 25% of their holdings per year, while Taikang Insurance has detailed rules for both the duration of the plan and post-plan disposal [3]. Group 3: Industry Background - The implementation of ESOPs in the insurance sector is not new, with regulatory guidance provided as early as July 2015, allowing companies that meet certain criteria to initiate such plans [4]. - Approximately ten insurance companies have already adopted similar plans, indicating a trend towards employee engagement through equity participation [4]. Group 4: Benefits of Employee Stock Ownership Plans - The core value of ESOPs lies in aligning the long-term goals of insurance companies with their operational decisions, thereby reducing short-termism and enhancing risk management mechanisms [5]. - ESOPs transform employees from mere workers into stakeholders, increasing their commitment to the company and reducing turnover of key talent [5][6]. - The market perception of a company implementing an ESOP is positive, signaling confidence in future growth and enhancing its attractiveness to clients and partners [6]. Group 5: Challenges and Controversies - Issues have arisen regarding the exit mechanisms of ESOPs, as seen in a case involving employees of Baidu Life Insurance, where disputes over unfulfilled promises led to legal action [7]. - The case highlights the importance of having a clear and enforceable exit strategy within ESOPs to prevent potential conflicts and ensure compliance with regulations [7][8]. Group 6: Recommendations for Effective Employee Stock Ownership Plans - A successful ESOP should be built on a compliant governance framework, with clear terms regarding shareholding methods, rights, and exit conditions [8]. - Companies should ensure transparency in their operations and maintain regular communication with employees regarding financial performance and governance [8]. - The ongoing evolution of ESOPs in the insurance industry aims to shift corporate strategies from growth-driven to value-driven approaches, emphasizing long-term sustainability [8].

该计划基于合法合规、自愿参与、风险自担原则，持有人为对公司业绩提升和中长期发展发挥相应作用 的高管人员、关键岗位人员、骨干员工等，包括公司创始团队成员，公司和成员公司各级班子成员、管 理人员、关键岗位人员和业务管理、科技、投资、销售等骨干员工。 该计划拟通过信托计划持有阳光保险集团股份。股份来源于股东转让、购买在公开市场发行的公司股票 和公司回购等。公司代持股计划与信托机构签署信托合同。信托机构根据信托合同及持股计划方案的规 定履行持股计划资产的受托管理义务。公司选任适格的信托公司作为持股计划的信托机构，并与其签订 信托合同。信托合同需规定当事人的权利义务、信托财产不得归入信托方固有财产、信托计划的投资、 信托费用的计提及支付方式、信托财产投资所产生的权利的行使、风险揭示、违约责任等必要条款。 认购价格方面，股份来源于股东转让的，转让价格即为认购价格；股份来源于购买在公开市场发行的， 购买价格即为认购价格；股份来源于公司回购的，除非董事会、股东会另有决议，回购价格即为认购价 格。 来源：中国银行保险报 谭乐之 公告称，员工持股计划累计持有股份不超过公司总股本的10%，单个员工所获股份不超过公司总股本的 1%。 ...

南方财经全媒体记者 林汉垚 近期，泰康、阳光等头部险企相继推出员工持股计划，以"金手铐"机制绑定核心人才。其中，泰康保险 集团将约1.28亿股库存股（占总股本4.69%）用于新一期计划，而阳光保险则推出名为"基业长青"的员 工持股计划，将于10月22日提交股东大会审议。 稳固军心应对行业压力 9月30日，泰康保险集团发布公告，披露《泰康保险集团股份有限公司核心骨干员工持股计划》主要条 款。 泰康保险集团员工持股计划委托泰康资产管理有限责任公司（以下简称"泰康资管"）以员工持股计划名 义设立"泰康保险集团股份有限公司核心骨干员工持股计划委托投资专户资产管理计划"，管理员工持股 计划。 泰康保险集团表示，员工持股计划主要有三个目的：一是建立员工与股东的利益共享和风险共担机制， 完善公司治理，实现股东、公司和员工利益的一致；二是充分调动员工的积极性和创造性，倡导长期服 务、价值创造的绩效文化，形成对核心管理人才与专业技术骨干的长效激励；确保公司长期稳健、可持 续发展，并创造优异业绩表现；三是持续发挥中长期激励和约束作用，防范公司中长期风险。 根据泰康保险集团的员工持股计划，泰康保险集团向泰康资管（代表"泰康保险集团 ...

2025年10月13日，阳光保险集团股份有限公司在优质运营、创新突破、社会贡献等指标中表现优异，根 据经观受尊敬企业组委会初步评估，入围《经济观察报》2024—2025年度受尊敬企业。 ...