Core Viewpoint - The 2025 Financial Street Forum focuses on "Innovation, Transformation, and Reshaping of Global Financial Development," emphasizing the need for a resilient, inclusive, and sustainable global financial system driven by technological advancements and industry changes [1] Group 1: Technological Empowerment in Insurance - Sunshine Insurance actively embraces technological advancements to enhance service quality for the real economy and improve public welfare [1] - The company utilizes an integrated "air, land, and sea" inspection technology, deploying drones for precise surveying of disaster-affected agricultural areas, facilitating efficient claims processing [2][3] - The "Sunshine Tianyan Risk Map" system monitors natural disaster information, providing timely disaster warnings and risk management services to clients [3][4] Group 2: Innovations in Risk Management - From January to August of the current year, Sunshine Insurance sent over 2 million weather disaster warnings to clients through the "Sunshine Tianyan Risk Map," helping them prepare for potential disasters [4] - The company employs advanced technologies like drones and 3D modeling for risk assessment in major projects, enhancing safety measures and risk management [4][5] Group 3: Enhancing Elderly Care Services - Sunshine Insurance has developed the Sunshine Family Community in Shanghai, integrating smart designs and elder-friendly features to ensure a safe and comfortable living environment for seniors [6][7] - The company is launching a "Sunshine Home Care Service System" in 2024, focusing on home health, safety, and living, utilizing technology to enhance service quality [7] Group 4: Streamlined Claims Process - The "Sunshine Car Life Assistant" app allows clients to initiate claims and conduct video inspections, significantly improving the efficiency of the claims process [8] - The "Sunshine Flash Claim" service has been upgraded to provide a seamless online claims experience, emphasizing speed and convenience for clients [8] Group 5: Commitment to Technological Innovation - Sunshine Insurance has consistently prioritized technology investment, leading to significant advancements in digital transformation and the establishment of a technology-driven operational model [10][11] - The company has developed its own AI model, "Sunshine Zhengyan GPT," to enhance customer service and operational efficiency [11][12] - Sunshine Insurance is actively participating in industry collaborations to promote innovation and the integration of data intelligence in the insurance sector [12]

Core Points - Sunshine Insurance (06963) announced that on October 24, 2025, it was informed that the China Securities Regulatory Commission (CSRC) has received the company's application for the implementation of H-share full circulation [1] - As of the date of this announcement, the details of the H-share full circulation implementation plan have not yet been finalized [1]

Core Viewpoint - Sunshine Insurance (06963.HK) has submitted a filing application for the implementation of full circulation of its H-shares to the China Securities Regulatory Commission (CSRC), which has been accepted as of October 24, 2025 [1]. Related Events - Sunshine Insurance (06963.HK) has been included in the FTSE Index following an increase in its holdings, indicating strong market performance and potential growth [2]. - The acceptance of the H-share full circulation filing by the CSRC is seen as a significant catalyst for the company, enhancing its market position and investor confidence [2].

Core Viewpoint - Sunshine Insurance (06963) has announced that the China Securities Regulatory Commission (CSRC) has received its application for the implementation of H-share full circulation as of October 24, 2025, although the details of the implementation plan have not yet been finalized [1] Group 1 - The company has submitted a filing to the CSRC regarding the H-share full circulation [1] - The implementation plan for the H-share full circulation is still under development and has not been finalized as of the announcement date [1]

Sunshine Insurance Group Company Limited 6963 內幕消息公告 中國證監會接收本公司H股全流通備案申請 本公告乃由陽光保險集團股份有限公司（「本公司」）根據香港法例第571章證券及期貨條例 第XIVA部（「內幕消息條文」）及香港聯合交易所有限公司（「香港聯交所」）證券上市規則 （「香港上市規則」）第13.09(2)(a)條而作出。 茲提述本公司日期為2025年8月1日的公告（「該公告」），內容有關本公司擬參與H股全流 通。除另有界定外，本公告所用詞彙與該公告所界定者具有相同涵義。 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。 本次H股全流通以及轉換及上市尚須履行境內金融監管機構、香港聯交所要求的其他相關 程序。本公司股東及有意投資者於買賣本公司證券時務請審慎行事。 承董事會命 陽光保險集團股份有限公司 聯席公司秘書 舒高勇 香港，2025年10月27日 於本公告日期，本公司董事會由執行董事張維功先生、李科先生 ...

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 ...

Core Viewpoint - Pacific Securities maintains a "buy" rating for Sunshine Insurance (06963), projecting revenue and net profit growth from 2025 to 2027, with expected revenues of 95.368 billion, 100.325 billion, and 106.974 billion yuan, and net profits of 6.095 billion, 6.550 billion, and 7.152 billion yuan respectively [1] Group 1: Business Performance - In the first half of 2025, Sunshine Insurance achieved insurance service revenue of 32.441 billion yuan, a year-on-year increase of 3.0%, and a net profit of 3.389 billion yuan, up 7.8% year-on-year, with a weighted average ROE of 5.7%, an increase of 0.5 percentage points [1] - The company reported total premium income and insurance service income of 80.81 billion and 32.44 billion yuan respectively, reflecting year-on-year growth of 5.7% and 3.0% [2] - The value of the group's embedded value reached 128.49 billion yuan, an increase of 11.0% from the beginning of the period, with effective customer numbers reaching 30.116 million [2] Group 2: Life Insurance and Non-Life Insurance - The net new business value (NBV) for life insurance was 4.01 billion yuan, showing a year-on-year increase of 47.3%, while the embedded value (EV) for life insurance was 106.2 billion yuan, up 13.8% from the beginning of the period [2] - The total premium income from individual insurance was 15.34 billion yuan, a year-on-year increase of 12.1%, while bank insurance premium income was 35.44 billion yuan, up 4.2% [2] - The non-life insurance business saw a premium income of 25.27 billion yuan, a year-on-year increase of 2.5%, with non-auto insurance premiums accounting for 50.6% of total premiums, an increase of 4.5 percentage points [2] Group 3: Investment Performance - As of June 30, 2025, the group's investment asset scale reached 591.86 billion yuan, with total investment income of 10.7 billion yuan in the first half of the year, yielding an annualized total investment return of 4.0% [3] - The proportion of fixed-income financial assets in the investment portfolio was 69.4%, with bond investments making up 53.3% of total investment assets [3] - The core solvency adequacy ratio and comprehensive solvency adequacy ratio were 171% and 233% respectively, indicating improved solvency [3]

Core Viewpoint - Pacific Securities maintains a "buy" rating for Sunshine Insurance (06963), projecting revenue growth and profit improvement from 2025 to 2027, driven by channel reforms and product structure optimization [1] Group 1: Financial Performance - In the first half of 2025, Sunshine Insurance achieved insurance service revenue of 324.41 billion yuan, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 33.89 billion yuan, up 7.8% year-on-year [1] - The total premium income for the first half of 2025 was 808.1 billion yuan, with a year-on-year growth of 5.7%, while the embedded value of the group reached 1,284.9 billion yuan, an increase of 11.0% from the beginning of the period [2] - The new business value (NBV) for life insurance was 40.1 billion yuan, reflecting a year-on-year increase of 47.3% [2] Group 2: Business Segments - Life insurance business showed steady growth, with individual insurance premium income of 153.4 billion yuan, up 12.1% year-on-year, and bancassurance premium income of 354.4 billion yuan, increasing by 4.2% [2] - The property insurance segment saw a premium income of 252.7 billion yuan, a year-on-year increase of 2.5%, with non-auto insurance premiums accounting for 50.6% of total premiums, up 4.5 percentage points [2] Group 3: Investment and Capital Strength - As of June 30, 2025, the group’s investment assets reached 5,918.6 billion yuan, with total investment income of 107.0 billion yuan and an annualized total investment return of 4.0% [3] - The company maintains a strong capital position, with core solvency ratios of 171% and 233% for the group, indicating improved solvency capacity [3] - The investment strategy includes a 69.4% allocation to fixed-income financial assets, with 53.3% in bonds, and a 21.8% allocation to equity financial assets [3]

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].