Core Viewpoint - Sunshine Insurance's subsidiary, Sunshine Life Insurance, has signed a fund contract with Sunshine Hengyi and China Merchants Bank Qingdao Branch, marking a significant step in its plan to invest 20 billion RMB in a pilot fund project [1][2] Group 1: Investment Strategy - The investment through private equity funds and long-term equity investments by insurance capital can help stabilize profit fluctuations and enhance investor confidence, achieving the goal of "long money, long investment" [1][5] - Sunshine Hengyi has completed its registration and is controlled by Sunshine Asset Management, with a registered capital of 10 million RMB [2] - The insurance sector is increasing its allocation to equity investments, with the latest data showing a rise in the proportion of equity assets held by life and property insurance companies [2] Group 2: Market Impact - The implementation of the new IFRS 9 accounting standards will cause stock market fluctuations to directly impact profit statements, making long-term equity investments more appealing for insurance capital [3] - Insurance capital tends to favor stable, high-dividend stocks in sectors like industrials, utilities, and energy, which are seen as primary targets for investment [4][5] - The increased allocation of insurance capital to equity investments is expected to stabilize the market and enhance investor confidence, contributing to a healthier market environment [6]

Core Insights - Institutional funds are increasingly entering the market, with significant movements from insurance and trust sectors towards equity assets [2][3][4] Group 1: Insurance Sector Developments - Sunshine Insurance announced a substantial investment of 20 billion yuan in a pilot fund project, marking a significant step in their equity asset allocation strategy [2][3] - Multiple insurance companies have established private fund management firms this year, indicating a broader trend of insurance capital accelerating its layout in equity assets [3][4] - The establishment of Sunshine Hengyi Private Fund Management Company and its subsequent fund contract signing with Sunshine Life and China Merchants Bank highlights the growing involvement of insurance capital in equity investments [3][4] Group 2: Trust Sector Trends - Trust funds are also increasingly investing in equity markets, with a notable 55.56% increase in the issuance of equity trust products in October compared to the previous month [4][5] - The shift towards equity products is driven by a decline in risk-free interest rates and a growing focus on "fixed income plus" products among trust companies [4][5] - Trust companies are diversifying their investment portfolios to include REITs, convertible bonds, and gold ETFs, reflecting a strategic pivot towards equity assets [4][5] Group 3: Market Outlook - Fund managers express a positive outlook for the medium to long-term performance of equity markets, driven by institutional and retail asset reallocation [6] - The ongoing structural market dynamics in A-shares and Hong Kong stocks are expected to continue, supported by favorable policies and the rapid development of key industries in China [6] - Increased market activity and optimism among long-term investors are seen as strong indicators for sustained growth in equity assets [6]

Core Insights - The article highlights significant developments in the insurance industry, including regulatory updates, company dynamics, and emerging trends in insurance products and services. Regulatory Dynamics - Seven departments support the development of specialized agricultural insurance for the silk industry [4] - The Ministry of Finance welcomes qualified German insurance companies to expand their business in China [8] - The Ministry of Finance has allocated a budget of 45.6 billion for agricultural insurance premium subsidies for 2026 [9] - The central bank maintains the 1-year and 5-year LPR at 3.0% and 3.5% respectively [10] - The Financial Regulatory Bureau reports that the balance of funds utilized by insurance companies reached 37.46 trillion, a 12.6% increase from the beginning of the year [11] Company Dynamics - Sunshine Life plans to invest 20 billion in establishing a pilot fund [23] - Sunshine Life has reduced its stake in Huishang Bank by 11.438 million shares [24] - China Life Insurance provided insurance coverage of nearly 83 trillion for strategic emerging industries in the first three quarters [29] - New China Life has been approved to increase its capital in New China Asset Management (Hong Kong) [30] - Dongwu Property Insurance's Beijing branch has been approved to commence operations [31] Industry Trends - The insurance asset management sector has seen a 10.6% year-on-year increase, managing over 33 trillion in funds [46] - The net profit of PICC Health surged by 200% in the first three quarters [47] - Sixteen insurance companies issued over 600 billion in bonds to supplement capital [49] - The insurance industry is experiencing a shift towards more flexible and innovative insurance products, including a new "per day" drone insurance product launched in Jiangsu [67] - The insurance sector is increasingly focusing on long-term care insurance and products tailored for the elderly [18][19] Personnel Changes - Huang Zhiwei has been approved as the chairman of China Merchants Jinhe Life Insurance [33] - The former general manager of Bank of China Samsung Life, Qiu Zhikun, is now acting chairman [34] - Zhang Yaohui has been appointed as the deputy general manager of Zhonghui Mutual Insurance [37] Product and Service Innovations - New China Life launched a celebratory version of its whole life insurance product, emphasizing dual growth advantages [64] - The 2026 Beijing Inclusive Health Insurance offers a 10% discount on medication purchases for policyholders [65] - Jiangsu has introduced a pioneering "per day" insurance product for drones, enhancing risk management in the low-altitude economy [67]

Core Insights - Sunshine Life Insurance, a subsidiary of Sunshine Insurance, has signed a fund contract with Sunshine Hengyi and China Merchants Bank Qingdao Branch, marking a significant step in launching a pilot fund project with an investment of 20 billion yuan [1] - Multiple insurance capital-backed private equity funds have been established this year, focusing on the secondary market and aiming for medium to long-term stable asset appreciation, thus facilitating the long-term investment reform of insurance funds [1][2] - The establishment of these funds is expected to enhance the interaction between insurance capital and the capital market, leveraging the advantages of insurance funds as long-term investors [1][4] Fund Establishment and Management - Sunshine Hengyi has completed its business registration and is in the process of signing contracts and filing for the pilot fund, which is expected to have a total scale of 20 billion yuan, fully subscribed by Sunshine Life Insurance [1][2] - As of now, seven insurance capital-backed private equity fund companies have been established, including those from Taikang Insurance, China Pacific Insurance, and China Life Insurance [2] - The funds are primarily focused on large-cap blue-chip stocks and high-dividend targets, with a strategy that emphasizes long-term capital attributes and stable returns [2][3] Investment Strategy and Focus - The investment scope of the proposed private equity fund includes equity assets, fixed income assets, and cash management tools, with a focus on stocks from the CSI 300 Index and related ETFs [3] - The investment philosophy of these funds includes a focus on high-dividend assets, stable operations, and sectors aligned with national development strategies, such as high-end manufacturing and artificial intelligence [3][4] - The insurance capital-backed private equity funds are expected to adopt a long-term holding strategy to optimize asset-liability matching and reduce market volatility impacts on profit statements [4][5] Regulatory and Market Context - The establishment of these funds aligns with the regulatory push for increasing long-term capital inflows into the market, as outlined in the implementation plan by several financial authorities [3][4] - The pilot fund initiative has already seen three batches of funds totaling 222 billion yuan, expanding the scope of participating institutions beyond large insurance companies [3][4] - The long-term investment strategy is aimed at supporting the healthy development of the capital market and enhancing the stability of insurance companies' investment capabilities [5]

Core Viewpoint - The 19th Shenzhen International Financial Expo highlights optimism regarding China's economic future, driven by new technological revolutions and internal economic adjustments [1] Economic Cycle Analysis - The difficulties affecting China's economy, such as issues in the real estate sector, are diminishing, while new growth drivers like artificial intelligence are strengthening [1] - The ongoing deepening of reform and opening-up policies continues to release positive forces for economic recovery [1] - The challenging phase of the Chinese economy is approaching its end [1] Technological Revolution Perspective - A new technological revolution, characterized by advancements in artificial intelligence and biomedicine, is progressing rapidly [1] - Unlike previous technological and industrial revolutions where China was a bystander, it is now a participant and leader in this new wave [1] - The new economy is expected to significantly influence and dominate China's future development [1] Long-term Strategic Focus - Emphasizing the importance of self-improvement and addressing internal challenges is crucial for enhancing competitiveness [1] - The future will favor those who strengthen themselves and effectively resolve their issues [1] - A brighter future is anticipated for entities that can elevate their competitiveness in the face of global changes [1]

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 陽光人壽 陽光人壽的業務範圍包括人壽保險、健康保險、意外傷害保險等各類人身保險業務；上 述業務的再保險業務；國家法律、法規允許的保險資金運用業務；證券投資基金銷售業 務；經保險監督管理機構批准的其他業務。 基金管理人 陽光恆益（青島）私募基金管理有限公司乃一家在中國註冊成立的有限責任公司，由陽光 資管設立並全資擁有，主要從事私募證券投資基金管理服務。 6963 關連交易 擬投資試點基金之進展 訂立基金合同 茲提述陽光保險集團股份有限公司（「本公司」）日期為2025年5月16日的公告（「該公告」）及 本公司日期為2025年5月27日之通函（「通函」），內容有關（其中包括）本公司附屬公司陽光 人壽擬出資人民幣200億元投資基金管理人（擬由本公司附屬公司陽光資管擬發起設立）發 起設立的試點基金份額之關連交易。除另有界定外，本公告所 ...

Core Viewpoint - The Red River Financial Regulatory Bureau has approved the relocation of the business premises for Sunshine Property Insurance Co., Ltd.'s Pingbian branch to a new address in Yuping Town, Pingbian Miao Autonomous County, Yunnan Province [1] Group 1 - Sunshine Property Insurance Co., Ltd. has received approval to change the business location of its Pingbian branch [1] - The new address for the Pingbian branch is located at 139 Kunhe Road, First Floor, Yuping Town, Pingbian Miao Autonomous County, Honghe Hani and Yi Autonomous Prefecture, Yunnan Province [1] - Sunshine Property Insurance Co., Ltd. is required to handle the necessary changes and obtain new permits in accordance with relevant regulations [1]

Core Viewpoint - The approval for the relocation of the Yangguang Property Insurance Co., Ltd. Linying Marketing Service Department has been granted by the Linyi Financial Regulatory Bureau, indicating a strategic move to enhance operational efficiency and service delivery in the region [1] Group 1 - The Yangguang Property Insurance Co., Ltd. Linying Marketing Service Department will change its business location to a new site in the urban redevelopment area of Linying County, Henan Province [1] - The approval document specifies the new address as No. 3 (7) 202, 203, Nanyuan Urban Shantytown Redevelopment Project, Linying County, Henan Province [1] - The company is required to complete the necessary procedures for the change and obtain new permits in accordance with relevant regulations [1]

Investment Rating - The report maintains an "Outperform" rating for the insurance industry [1][85]. Core Insights - The insurance sector is experiencing improvements in both liability and asset sides, benefiting from a recovery in the capital markets [1][85]. - The report highlights that the new business value (NBV) for life insurance continues to show positive growth, with varying performance in new policies across different companies [3][12]. - The property and casualty (P&C) insurance sector is seeing improvements in the combined operating ratio (COR) due to reduced disaster losses and strategic adjustments [38][56]. - The recovery in equity markets is driving an increase in net profit growth for insurance companies [68][80]. Summary by Sections Life Insurance: NBV Continues to Improve, New Policy Performance Varies - The NBV growth for listed life insurance companies in 9M2025 shows a positive trend, with year-on-year growth rates as follows: PICC Life (+76.6%), New China Life (+50.8%), Ping An Life (+46.2%), China Life (+41.8%), and Taikang Life (+31.2%) [8][17]. - In Q3 2025, the NBV growth rates for major companies were: Ping An Life (+58.3%) and Taikang Life (+29.4%), indicating a further increase compared to Q2 2025 [9][12]. - New policy premium growth varied among companies, with New China Life (+59.8%) and PICC Life (+33.8%) leading, while Ping An Life (+2.3%) showed minimal growth [17][24]. Property and Casualty Insurance: Improved COR Due to Reduced Disaster Losses - The P&C insurance sector's premium income growth in 9M2025 was as follows: Ping An P&C (+7.0%), PICC P&C (+3.5%), and Taikang P&C (+0.1%) [44][49]. - The COR for P&C insurance companies improved year-on-year, with PICC P&C at 96.1%, Ping An P&C at 97.0%, and Taikang P&C at 97.6% [61][67]. Investment: Recovery in Equity Markets Boosts Net Profit Growth - The annualized total investment return rates for 9M2025 were: New China Life (8.6%), China P&C (7.2%), and PICC (7.2%) [74][80]. - The net profit growth for listed insurance companies in 9M2025 was led by China Life (+60.5%) and New China Life (+58.9%), with all companies reporting positive growth [80][81]. Investment Recommendations - The report recommends maintaining an "Outperform" rating for the insurance industry, highlighting potential growth in NBV and improvements in COR for P&C insurance [85]. - Key stock recommendations include China P&C, PICC, New China Life, and Ping An, based on their expected performance and market positioning [85].

Core Points - The National Financial Supervision Administration of Gansu Province approved the request from Sunshine Life Insurance Co., Ltd. for the relocation of its Jiayuguan branch [1] Group 1 - Sunshine Life Insurance Co., Ltd. Jiayuguan branch will change its business location to No. 150-5, Qilian West Road, Jiayuguan City, Gansu Province [1] - The company is required to handle the relocation and license renewal procedures in accordance with relevant regulations [1]