于获得所有相关批准(包括中国大陆金融监管机构及香港联交所的批准等)并符合所有适用法律、规则及 法规后，拟参与本次H股全流通的股东所持有的部分或全部公司境内未上市股份将转换为本公司H股， 公司将向香港联交所申请该等H股于主板上市及买卖("转换及上市")。根据《阳光保险集团股份有限公 司章程》，本次H股全流通以及转换及上市无须经公司股东会审议批准。 格隆汇8月1日丨阳光保险(06963.HK)公告，公司董事会已于2025年8月1日审议并批准申请H股全流通方 案的议案，以将合计不超过351,962.5501万股(占公司股份总数的比例约为30.60%)公司境内未上市股份 转为公司H股。 ...

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 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。 茲提述中國證券監督管理委員會於2019年11月14日頒佈並於2023年8月10日修訂的《H股公 司境內未上市股份申請「全流通」業務指引》（「指引」）以及其於2023年2月17日頒佈的關於H 股在香港聯交所上市的公司申請股份全流通程序的《境內企業境外發行證券和上市管理試 行辦法》。 鑒於指引，本公司董事會已於2025年8月1日審議並批准申請H股全流通方案的議案，以將 合計不超過351,962.5501萬股（佔本公司股份總數的比例約為30.60%）本公司境內未上市股 份轉為本公司H股（「本次H股全流通」 ...

Core Viewpoint - The National Financial Supervision Administration of Baoji has approved the request for the dissolution of the Long County branch of Sunshine Property Insurance Co., Ltd. [1] Group 1 - The approval allows Sunshine Property Insurance Co., Ltd. to officially close its Long County branch [1] - Following the approval, the Long County branch must cease all business activities immediately [1] - The branch is required to return its operating license to the Baoji Financial Supervision Bureau within 15 working days and complete relevant legal procedures [1]

Group 1 - The Ba Yin Guo Leng Financial Regulatory Bureau has approved the establishment of Sunshine Life Insurance Co., Ltd. Kurle Center Branch [1] - The approved business scope for the Kurle Center Branch includes operations authorized by banking and insurance regulatory authorities or other institutions with administrative licensing power [1] - The branch is located at 46 Guangming Road, Happy Coast Leisure Shopping Center, 10th Floor, Rooms 07-11, Tie Ke Qi Township, Kurle City [1]

Key Points - The top three companies with net inflows from southbound funds are Xiaomi Group-W (01810) with 1.665 billion, Tencent Holdings (00700) with 830 million, and Alibaba-W (09988) with 747 million [1] - The companies with the highest net outflows are Pop Mart (09992) with -354 million, China Life (02628) with -351 million, and Kingsoft Cloud (03896) with -300 million [1] - In terms of net inflow ratio, Qin Port Co. (03369) leads with 78.68%, followed by Reshaping Energy (02570) with 76.94%, and Cang Port Railway (02169) with 65.01% [1] - The companies with the highest net outflow ratios include Chongqing Rural Commercial Bank (03618) at -61.37%, Bank of China Aviation Leasing (02588) at -53.31%, and Swire Properties (01972) at -45.99% [1] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 1.665 billion, representing a 12.37% increase [2] - Tencent Holdings (00700) saw a net inflow of 830 million, with an 8.94% increase [2] - Alibaba-W (09988) recorded a net inflow of 747 million, reflecting a 10.60% increase [2] - The highest net inflow was observed in CSPC Pharmaceutical Group (01093) with 654 million and a 21.81% increase [2] Net Outflow Rankings - Pop Mart (09992) experienced a net outflow of -354 million, with a -10.47% decrease [2] - China Life (02628) had a net outflow of -351 million, reflecting a -11.90% decrease [2] - Kingsoft Cloud (03896) recorded a net outflow of -300 million, with a -24.18% decrease [2] - Meituan-W (03690) also saw a significant outflow of -291 million, representing a -5.32% decrease [2] Net Inflow Ratio Rankings - Qin Port Co. (03369) leads with a net inflow ratio of 78.68% and a net inflow of 340,000 [3] - Reshaping Energy (02570) follows with a net inflow ratio of 76.94% and a net inflow of 10.53 million [3] - Cang Port Railway (02169) has a net inflow ratio of 65.01% with a net inflow of 4.3967 million [3] - Other notable companies include Meizhong Jiahe (02453) with a 61.71% net inflow ratio [3] Net Outflow Ratio Rankings - Chongqing Rural Commercial Bank (03618) has the highest net outflow ratio at -61.37% with a net outflow of -1.04 billion [3] - Bank of China Aviation Leasing (02588) follows with a net outflow ratio of -53.31% and a net outflow of -15.3728 million [3] - Swire Properties (01972) has a net outflow ratio of -45.99% with a net outflow of -29.4662 million [3]

港股保险股持续走低，新华保险(01336.HK)跌超4%，中国平安(02318.HK)、中国太保(02601.HK)跌超 3%，友邦保险(01299.HK)、阳光保险(06963.HK)等跟跌。 ...

"百善孝为先"，孝是嵌入中国人骨子里的基因，如何让父母颐养天年，是每个子女都牵挂的事情。7月 28日，阳光保险在北京重磅推出"美好人生"系列产品，产品坚守"爱与责任"的理念，完完全全以客户需 求为导向，通过系列创新性理念与定制化设计，成为市场首个涵盖父母养老健康等保障需求的综合养老 解决方案，为更多客户守护父母的"美好人生"提供安心之选。 银发经济方兴未艾，养老保险大有可为 截至2024年底，我国60岁及以上老年人口达3.1亿人，占全国总人口的22.0%，其中65岁及以上人口2.2 亿人，占全国人口的15.6%。随着我国步入深度老龄化社会，养老金融已成为国家战略中不可或缺的关 键环节，是金融业"五篇大文章"的重要组成，是实现老有所养、老有所医、老有所为、老有所学、老有 所乐、老有所安的重要途径。 保险既是金融三大支柱体系之一，又是多层次、多支柱保障体系的核心构成。保险公司在提供养老保障 方面发挥了巨大的作用，根据披露数据，具有养老属性的商业保险业务累计积累责任准备金已超过6万 亿，但是整体来看，距离我国巨大的老龄人群与市场需求，仍有巨大的缺口。如何满足老年人的养老需 求，成为摆在保险业面前的重要时代课题，关键 ...

2005年7月28日，我国保险业中第79家保险企业——阳光财险正式开业。那一年，中国汽车产量冲上570 万辆的关口，正式超越日本成为全球第二大汽车生产国。车轮上的中国，正以前所未有的加速度驶入现 代化快车道，而车轮下的风险，却仍在依赖粗放式定价的"经验法则"。 这并非孤立的图景。从"十一五"到"十四五"，中国经济的二十年堪称一部"压缩式现代化"史诗：GDP跃 居世界第二，城镇化率突破60%，中产阶层规模达4亿……当14亿人从"生存型社会"向"发展型社会"集 体迁徙，风险的形态也在裂变——从温饱时代的财产损失，到小康时代的健康焦虑，再到富裕时代的财 富传承与精神安顿。 然而，传统保险业却显露出"时代错位"：车险定价依赖"吨位论英雄"，健康险同质化泛滥，养老保障体 系青黄不接……一面是喷薄的需求，一面是僵化的供给——历史在2005年埋下伏笔：谁能重构风险管理 的逻辑，谁就握住了打开下一个二十年的钥匙。 彼时，我国入世不久便向全球开放保险市场，国际巨头们虎视眈眈，相比之下内资保险业才刚刚起步， 亟须有实力、有理想的先行者加入。 正是在这样的时代褶皱里，一家名为"阳光"的险企悄然启程。它的二十年，恰是中国从"风险盲区 ...

Investment Rating - The report maintains a positive outlook on the non-bank sector, particularly in insurance and securities, suggesting a "Recommended" rating for key companies in these sectors [3][41]. Core Insights - The report highlights a reduction in the preset interest rates for life insurance products, with ordinary life insurance at 2.0%, participating insurance at 1.75%, and universal insurance at 1.0%. This adjustment is expected to optimize the liability structure of insurance companies and promote a shift towards non-guaranteed income products [1][3]. - The China Securities Regulatory Commission (CSRC) is focused on stabilizing the capital market and enhancing market vitality through reforms, which is anticipated to boost investor confidence and market performance [2][3]. - The report emphasizes the positive impact of recent monetary policies, including interest rate cuts, which are expected to enhance market sentiment and support the valuation recovery of quality listed companies [3][41]. Summary by Sections Market Review - Major indices showed positive performance, with the Shanghai Composite Index up by 1.67% and the Shenzhen Component Index up by 2.33% during the week [7]. - The non-bank financial sector saw a mixed performance, with the securities index rising by 4.82% [7][8]. Securities Sector - The report notes that the total trading volume in the A-share market reached 10.66 trillion yuan, with a daily average trading volume of 1.78 trillion yuan, reflecting a 14.20% increase week-on-week [16]. - The IPO underwriting scale for the year reached 560.64 billion yuan, while refinancing underwriting amounted to 8050.88 billion yuan [16][18]. Insurance Sector - The report indicates that the life insurance premium growth rate for major companies like China Life and Ping An Life has shown positive trends, with significant increases in premium income [24][25]. - The adjustment of preset interest rates is expected to lower the liability costs for insurance companies, enhancing their financial stability [1][3]. Investment Recommendations - The report suggests focusing on key insurance companies such as China Pacific Insurance, Sunshine Insurance, and Ping An Insurance, as well as leading securities firms like CITIC Securities and Huatai Securities [41][42]. - It also highlights potential benefits for non-bank institutions from the implementation of stablecoin regulations and cross-border payment innovations [3][41].

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [2]. Core Insights - The PCE-ROCE valuation system is introduced to better reflect the true value of insurance companies under new standards, addressing the limitations of the traditional P/EV system [6][47]. - The report identifies that companies like China Pacific Insurance and China Life Insurance are significantly undervalued in the A-share market, while in the H-share market, China Pacific, China Life, and Sunshine Insurance are also notably undervalued [6][6]. - The insurance sector is characterized by dual benefits: companies possess dividend advantages, and leading firms like Ping An have strategically invested in high-dividend assets, which positively impacts their performance [6]. Summary by Sections 1. Introduction - The P/EV valuation system is under scrutiny due to a prolonged low interest rate environment, leading to a decline in the valuation levels of listed insurance companies [16][16]. - As of July 23, 2025, major insurance companies are trading at historical low P/EV ratios, indicating a potential valuation trap [16][16]. 2. PCE-ROCE Valuation System - The PCE-ROCE system incorporates comprehensive equity (CE) and return on comprehensive equity (ROCE) to provide a more accurate valuation framework [47][48]. - The system aims to mitigate the volatility associated with traditional valuation methods by integrating net assets and contract service margins [6][47]. 3. Comparison with PIEV - The PCE-ROCE system is deemed more effective in reflecting the true value of insurance companies in a low interest rate environment compared to the PIEV system, which relies heavily on long-term investment return assumptions [8][8]. - The report highlights that the PCE-ROCE system offers a balanced valuation approach by considering both net assets and contract service margins [8][8]. 4. Profitability Analysis of Listed Insurance Companies - The report evaluates the profitability of insurance policies under the new standards, focusing on contract service margins (CSM) and new business contract service margins (NBCSM) [8][8]. - A scoring system is established to assess the performance of listed insurance companies based on various profitability indicators, with AIA, PICC, and CPIC scoring the highest [8][8]. 5. Main Conclusions and Investment Recommendations - The report concludes that the insurance sector presents significant investment opportunities, particularly in companies that are undervalued and have strong dividend policies [6][6]. - Recommended companies for investment include New China Life, Ping An, AIA, China Life, China Pacific, and China People’s Insurance [6][6].